OREANDA-NEWS. March 31, 2010. JSC Alliance Bank (the “Bank”) is very pleased to announce the successful completion of its restructuring and the commencement of the distribution of cash, new notes and equity in the Bank to claimants on 26 March 2010. The distributions reflect the allocations made pursuant to the allocation and reallocation of claims mechanism set out in the Bank’s restructuring plan. The distribution of cash, new notes and equity to creditors was substantially completed on 30 March 2010. The Bank of New York Mellon, London Branch as the distribution agent is presently working on completing some trades that have not settled. Information about the results of the option election process and the allocation of creditors’ entitlements can be found on the Bank’s website at www.albinvestorrelations.com.

The Bank’s financial indebtedness subject to the restructuring has now been cancelled or restructured in accordance with the Bank’s restructuring plan. At the creditors’ meeting held on 15 December 2009 the restructuring plan was approved by creditors holding 95.1 percent of the designated financial indebtedness, exceeding by a large margin the two-thirds threshold required under Kazakhstan’s restructuring law. The restructuring plan restructures and/or cancels over USD 4.5 billion of the Bank’s financial indebtedness.

The FMSA approved the restructuring plan on 1 February 2010 and final approval to the restructuring plan was given by the Specialised Financial Court in Almaty on 26 February 2010. The Bank’s Kazakhstan restructuring proceedings were recognised by the United States Bankruptcy Court for the Southern District of New York under Chapter 15 of the U.S. Bankruptcy Code on 9 March 2010 following a successful application for recognition of the Kazakhstan restructuring proceedings in the United Kingdom on 18 December 2009.

The Bank’s restructuring has the following effects:

• the Bank has been recapitalised by approximately USD 3.7 billion as a result of (i) a USD 875 million injection of capital from Samruk-Kazyna through the conversion of bonds into equity and the purchase of new common shares and (ii) the cancellation of other creditors’ claims in exchange for cash, new notes and/or equity in the Bank;

• the recapitalisation provides the Bank’s business with a new, sustainable capital structure with Tier 1 and Tier 2 ratios of 6.24% and 12.0%, respectively, meeting the FMSA’s prudential requirements;

• the financial debt of the Bank has been reduced from approximately USD 4.5 billion to approximately USD 1.08 billion (excluding the Bank’s obligations with respect to the DPR notes);

• the Bank now has an adequate level of provisioning for its loan portfolio, far exceeding the industry average;

• Samruk-Kazyna has become the majority shareholder in the Bank with a 67% ownership stake with the Bank’s creditors holding the remaining 33%; and

• the strengthening of the Bank’s financial position now enables senior management to focus its efforts on further improving the operating performance of the Bank and provides additional stability to the Bank’s customers, employees and other stakeholders.

Maxat Kabashev, Chairman of the Management Board of the Bank commented:

“Alliance Bank’s balance sheet has been significantly strengthened and this is a tremendous vote of confidence in the business. Successfully completing our restructuring is a very positive development for Alliance Bank and the Kazakhstan banking sector as a whole. We are pleased with the outcome of this process.”

“Our restructuring is an extremely important step in our history and allows us to continue to operate as a going concern for the benefit of our customers, creditors and stakeholders. Our capital structure is significantly improved and our capabilities are greatly enhanced. The restructuring moreover brings us into compliance with prudential requirements. Credit goes to our customers and lenders for recognising the potential of this financial institution. We all look forward to delivering on this potential as the global economy recovers. I am very optimistic about the future of Alliance Bank.”

Alliance Bank expresses its gratitude to the creditors’ steering committee for its help. The members of the committee were Asian Development Bank, Credit Agricole Corporate and Investment Bank, Commerzbank Aktiengesellschaft, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, HSBC Bank plc, Bank of Singapore Limited, JPMorgan Chase Bank, N.A., Sumitomo Mitsui Banking Corporation Europe Limited and Wells Fargo Bank, National Association.

The Bank’s financial and legal advisers were Lazard Freres and White & Case LLP, respectively.

Further information about the Bank’s restructuring can be found on the Bank’s website at www.albinvestorrelations.com

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America. The materials do not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States of America or to conduct a public offering of securities in the United States of America.

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.