OREANDA-NEWS. September 29, 2009. In response to questions received by Alfa-Bank regarding its position on the restructuring of debts owed by the GAZ Group, the bank considers it necessary to state the following:

— Alfa-Bank, unlike the borrower, does not associate the restructuring of the GAZ Group’s debts with the restructuring of debts owed by other Basel Group companies.

— Alfa-Bank is ready to participate in the restructuring of the GAZ Group’s debts, including those of LLC AZ GAZ, LLC Gruzovye Avtomobili — Group GAZ, OJSC Avtodizel, OJSC AZ Ural, and OJSC Russkie Mashiny. The group’s total debt to the bank is nearly RUB8 bln.

— Alfa-Bank does not consider it possible for GAZ to go bankrupt and is not planning any legal action against it because of the high social importance of the automaker and the current
difficulties in the automobile manufacturing sector.