OREANDA-NEWS. December 16, 2009. JSC Alliance Bank (the “Bank”) is delighted to announce that its Restructuring Plan was approved by the requisite majority of Claimants at the Claimants’ Meeting held today in Almaty. The Restructuring Plan covers over U.S. 4.5 billion of the Bank’s financial indebtedness, reported the press-centre of Alliance Bank.

Claimants holding 94 per cent of the financial indebtedness subject to the restructuring voted in favour of the Restructuring Plan, exceeding the two thirds threshold required under Kazakhstan’s bank restructuring law.

The Restructuring Plan approved at the Claimants’ Meeting will first be submitted to the Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations for their review (which the Bank expects to do on or about 21 December 2009) after which it will be submitted to the Specialised Financial Court in Almaty for approval (which the Bank expects to do on or about 5 January 2010).

A final hearing before the Specialised Financial Court is expected to occur on or about 20 January 2010 and all Claimants are entitled to appear at this hearing. The exact time and date will be confirmed by an announcement on a Regulatory Information Service and on the Bank’s websites at www.albinvestorrelations.com and www.alb.kz.

Option Election Forms, by which Claimants (other than Claimants holding Trade Finance Debt and Perpetual Securities) will elect to be allocated into one or more Guaranteed Allocations or Preferred Options, will be made available in due course on the Bank’s websites and to Euronoteholders through the Clearing Systems.

The Bank expects that all Payable Interest will be paid to Claimants on 21 December 2009.
The Bank’s management team very much appreciates the strong support shown by the Bank’s creditors during this difficult time and looks forward to the successful completion of the Bank’s restructuring.

The Bank’s financial and legal advisers were Lazard Freres and White & Case LLP respectively.
Terms used in this press release and defined in the Information Memorandum of the Bank dated 5 November, as supplemented, are used in this press release as so defined.

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The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.