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JSC BTA Bank Publishes Its Recovery Assets Opening Report and The Terms & Conditions of Its Recovery Units

28.10.2010

JSC BTA Bank (“BTA” or the “Bank”) is pleased to publish its Recovery Assets Opening Report which is attached to this press release. Delivery of this Report to the Steering Committee was a condition precedent to the restructuring becoming effective. However, this condition was not capable of being satisfied in time and was waived by the Steering Committee until a date earlier this month. The Steering Committee was disbanded on completion of the restructuring and the Report is therefore being brought to the attention of the holders of the Recovery Units by means of this press release.

BTA will also soon be providing to the Trustee of the Recovery Units (the “Trustee”) its first Quarterly Recovery Assets Management Report. As noted in the Recovery Assets Opening Report, that Report does not include details of the recoveries in relation to BTA’s SME and retail loan portfolios since the Bank is still in the process of developing procedures for the calculation of such recoveries. The Bank wishes to include in its Quarterly Recovery Assets Management Reports details of such recoveries and anticipates publishing the first such Report up to 15th of November 2010.

In this context, also attached to this press release is a copy of the Terms and Conditions of the Recovery Units as issued (the “Conditions”). The Conditions are different from the draft Terms and Conditions contained in BTA’s Information Memorandum made available to creditors as part of the restructuring. However, the Information Memorandum expressly contemplated that the draft Terms and Conditions would be subject to changes agreed with the Steering Committee prior to completion of the restructuring. The changes so agreed are reflected in the Conditions and since the Conditions have not yet been published, BTA is publishing them now for the benefit of holders of the Recovery Units.

The Bank has also identified there is an inconsistency between the Conditions and a particular provision of the Trust Deed constituting the Recovery Units and is in the process of agreeing a Supplemental Trust Deed with the Trustee in order to correct this. The Supplemental Trust Deed will also make minor revisions to the Conditions themselves primarily clarifying that no payment will be made by the Bank into the Recoveries Collection Account in respect of any Recoveries unless they are realised or deemed obtained in cash or cash equivalents and the relevant Recoveries threshold is met.

BTA will issue a further press release attaching the so revised Conditions as and when the Supplemental Trust Deed is agreed with the Trustee.

Media contacts:

Kalamkas Tuleshova

Tel.: +7 (727) 266-47-99
Fax. +7 (727) 250-12-55
Email: tuleshova@bta.kz
www.bta.kz