OREANDA-NEWS. March 12, 2010. JSC Alliance Bank (the “Bank”) is pleased to announce that the Bank’s Kazakhstan restructuring proceeding have been recognised by the United States Bankruptcy Court for the Southern District of New York (the “Court”) under Chapter 15 of the U.S. Bankruptcy Code, reported the press-centre of Alliance Bank.

The Court issued an order under Chapter 15 of the U.S. Bankruptcy Code granting the Bank’s application for recognition of the Kazakhstan restructuring proceeding as a “foreign main proceeding”. This order imposes a stay on, among other things, any proceedings against the Bank or against its property in the United States and follows a successful application for recognition of the Kazakhstan restructuring proceeding in the United Kingdom on 18 December 2009.

The Bank will be issuing an announcement shortly to notify Claimants as to when it expects to commence the distribution of Entitlements to Claimants.

The Bank very much appreciates the strong support shown by its Claimants during this difficult time and looks forward to the successful completion of its restructuring.

Terms used in this press release and defined in the Information Memorandum of the Bank dated 5 November 2009 (as supplemented) are used in this press release as so defined.

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 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.