OREANDA-NEWS. On July 28, 2009 JSC Alliance Bank announced that the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and Financial Organizations (the “FMSA”) has approved an indicative restructuring and recapitalization plan of Alliance Bank by Decree No. 163 dated 21 July 2009, reported the press-centre of Alliance Bank.

The indicative plan is set out in the Memorandum of Understanding with the Creditors’ Steering Committee dated 6/7 July 2009 with respect to the restructuring of Alliance Bank’s financial indebtedness (the “MOU”) and the Memorandum of Understanding with Samruk-Kazyna National Welfare Fund (“Samruk-Kazyna”) dated 14 July 2009 with respect to Alliance Bank’s recapitalization by Samruk-Kazyna (the “SK MOU”).

The approval of the indicative restructuring and recapitalization plan by the FMSA is an important step towards the financial rehabilitation of the Bank.

In the coming months, Alliance Bank will be working on developing a detailed restructuring and recapitalization plan reflecting the options and principles set out in the MOU and the SK MOU and on agreeing the final plan with Kazakhstan authorities and Alliance Bank’s creditors.

Alliance Bank wishes to thank all of its creditors for their support and understanding and looks forward to completing its restructuring and recapitalization in the coming months.