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BTA Bank Applies to The Almaty Court to Commence Restructuring; Recovery Units Accelerated

03.05.2012

“BTA Bank” JSC (the “Bank”) announces that as part of the restructuring process on May 2, 2012 it filed an application with The Almaty Specialised Financial Court to initiate the process of a financial restructuring under the laws of Kazakhstan. In connection with the application, the Bank submitted to the court a Draft Restructuring Plan prepared in consultation with the advisers to the Bank’s Steering Committee and which was approved by the National Bank of Kazakhstan.

The Steering Committee, which represents multiple classes of the Bank’s creditors, has expressed its commitment to continue working with the Bank in order to develop a restructuring plan which will be fair to all classes of creditors. The Steering Committee advisors are conducting due diligence throughout the month of May. Formal negotiations between the Bank and the Steering Committee and their advisors with respect to the terms of the restructuring are expected to commence in June.

The Bank also announces that it has received a notice of acceleration in respect of its U.S $5,221,494,216 aggregate initial Reference Amount of Recovery Units (the “Recovery Units”) from BNY Mellon Corporate Trustee Services Limited (the “Trustee”) as trustee for the holders of the Units.

This action was not unexpected by the Steering Committee and the Bank. The Steering Committee (including Recovery Unitholders) remains committed to working with the Bank to achieve a consensual restructuring solution. The Bank believes that this acceleration will not have a material impact or effect on the restructuring discussion.

Media contacts: BTA Bank
Tel.: +7(727) 266 47 99
e-mail: pr@bta.kz
www.bta.kz