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Specialised Financial Court of Almaty approves BTA Bank’s Restructuring Plan

14.12.2012

Almaty, 14 December 2012 – “BTA Bank” JSC (the “Bank”) is delighted to announce that the Specialised Financial Court of Almaty has approved the Restructuring Plan relating to KZT 1,611 billion. (U.S.$10.9 billion) of the Bank’s financial indebtedness (the “Restructuring Plan”) by an order dated 13 December 2012.

Pursuant to the Bank's previous press release, the hearing by the Specialised Financial Court of Almaty was held on 12 December 2012, rather than 19 December as originally envisioned in the expected sequence of principal events set forth in the Information Memorandum (as defined below). The Bank currently does not anticipate any further changes to the previously published timeline.

Background

As previously reported, on 5 December 2012, the Restructuring Plan was approved at the Claimants’ Meeting in Almaty by Claimants holding KZT 1,511 billion. (U.S.$10.2 billion.) or 93.8 per cent. of the total financial indebtedness subject to the Restructuring. The Restructuring Plan was also approved at the Extraordinary General Meeting of Shareholders of the Bank held on 3 December 2012 in Almaty. That meeting was attended by shareholders holding 86.7 per cent. of the Bank’s total issued share capital and the Restructuring Plan was approved by a majority of 99.4 per cent.

As a result of the Restructuring, the financial indebtedness of the Bank subject to the Restructuring will be reduced from approximately U.S.$11 billion to approximately U.S.$3.3 billion (including the remaining SK Deposits) and the maturity of such debt shall be extended to between three and 12 years. This will be achieved by the cancellation or restructuring of all outstanding Claims, in consideration of which Claimants will receive cash, shares in the Bank (or GDRs) and newly issued bonds of the Bank depending on the nature of their Claims. In addition, the lenders under the Bank’s RCTFF will novate the facility extending the maturity and improving the terms of availability.

Also Samruk-Kazyna will convert U.S.$1.2 billion out of the U.S.$1.7 billion of SK Deposits into equity of the Bank and extend a U.S.$1,592 million loan (to be denominated in Tenge) to the Bank which will be subordinated to the new bonds and the RCTFF.

After the Restructuring, the Bank’s equity capital will be restored to give it a Tier 1 capital ratio above 10 per cent. under Basel II guidelines.

Following the Restructuring, Samruk-Kazyna will own over 97 per cent. of the Bank’s share capital, compared with approximately 81.5 per cent. prior to the completion of the Restructuring.

Terms used in this press release and defined in the Information Memorandum of the Bank dated 8 November 2012, as supplemented (the "Information Memordandum"), are used in this press release as so defined.

Media contacts:

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