JSC Alliance Bank

TEXT below of Press Release by Alliance Bank Update on the Alliance Bank restructuring process 15 May 2009 Alliance Bank is pleased to announce that it has retained the services of KPMG LLP in London to conduct financial due diligence on the Bank. The financial due diligence will primarily focus on the Bank’s loan portfolio and other financial investments, as well as off-balance sheet items. KPMG will also assess the impact of potential adjustments on the bank’s financial position. Alliance Bank is also pleased to announce that a Creditors’ Coordination Committee is in the process of being established. Its proposed members are ADB (Asian Development Bank), CALYON, Commerzbank Aktiengesellschaft, DEG -Deutsche Investitions-und Entwicklungsgesellschaft mbH, JP Morgan, Sumitomo Mitsui Banking Corporation Europe Limited and Wachovia Bank N.A. Alliance Bank’s restructuring and recapitalisation plan must be agreed with its creditors and submitted to the FMSA for its approval by 15 July 2009. Alliance Bank will be arranging a conference call with all its creditors on 29 May 2009 to provide an update on the status of negotiations with the Creditors’ Coordination Committee and to discuss KPMG’s preliminary findings. In the meantime, in order to facilitate future communications and discussions with its bondholders regarding the development of the restructuring and recapitalisation plan, Alliance Bank invites bondholders to identify themselves to its financial adviser, Lazard Frères, by sending an e-mail to the following address: JSC.Alliance.bondholders@lazard.fr In accordance with Alliance Bank’s announcement dated 13 April 2009 concerning its request to creditors for a three-month standstill agreement, Alliance Bank confirms that on 11 May 2009, Alliance Bank did not pay when and where due (after the expiry of the applicable grace period) a certain senior non-Kazakhstan law governed principal obligation under an international loan facility with JSC Alliance Bank as borrower, in an amount in excess of US$10 million and payable in US dollars. The loan was placed and held with non-domestic lenders. For further information, please contact: Public Relations Tel. +7 (727) 258 40 40 E-mail: pr@alb.kz www.alb.kz