Valut-Transit-Bank JSC - one more step on the way to rebirth (press-release with comments of KASE)

/KASE, October 30, 06/ - Valut-Transit-Bank JSC (Karaganda, further - Bank), bonds and shares of which are traded in Kazakhstan stock exchange's (KASE) category "B" official listing had spread today the press-release with the following contention: Quotation begin Valut-Transit-Bank JSC - one more step on the way to rebirth On October 23, 2006 the recently appointed Chairman of Board of directors of Valut-Transit-Bank JSC Steve Johnson had provided the Exchange's council of Kazakhstan stock exchange (KASE) with the plan of measurements for removing Valut-Transit-Bank JSC from the crisis, which had met its new administration. On the meeting of the Exchange Council was presented the Chairman of Agency of Republic of Kazakhstan of regulating and supervision over financial market and organizations Arman Dunayev. In his performance Mr. Johnson stressed that the main task before the new administration is the conduction of Bank's restructurization and the fastest solution of the existing problems with liquidity. During the realization of the new strategy of Bank's development, the new command of managers will base on the best examples of Western practice of corporate management and also close interaction with authoritative state bodies and Kazakhstan financial institutions. By the totals of the meeting, with the objective to provide the ability of the further Bank's development, the Exchange's council of Kazakhstan stock exchange had accepted the decision to preserve the next securities of Valut- Transit-Bank JSC in the official list of KASE, by transferring them from "A" to "B" category: - common shares KZ1C33290012 (VTBN); - preferred shares KZ1P33290118 (VTBNp); - indexed on devaluation rate of tenge to US dollar secured bonds KZ2CKY05B380 (VTBNb2; KZT1, KZT1.4 bn.; December 22, 04 - December 22, 09, semi-annual coupon indexed on inflation rate, 10.00% APR for the current period); - bonds KZPC1Y05B618 (VTBNb3; KZT1,000, KZT4.6 bn.; June 7, 05 - June 7, 10, semi-annual coupon indexed on inflation rate, 9.00% APR for the current period); - bonds KZPC2Y07B612 (VTBNb4; KZT1, KZT1.4 bn.; June 7, 05 - June 7, 12, semi-annual coupon indexed on inflation rate, 9.50% APR for the current period). Thus by the new administration of the Bank, with the support of Kazakhstan stock exchange, Government and financial institutions was made one more step on the way of removing Valut-Transit-Bank JSC from the current crisis situation. Information reference: On October 15, 2006 the prescheduled meeting of shareholders of Valut- Transit-Bank JSC had take place, on which were before time stopped the authorities of old Board of directors of the Bank and was determined its new staff (in amount of 8 people) for three years The new Board of directors of Valut-Transit-Bank JSC: Steve Johnson, Malcolm Douglas, Kamal Allabush, Inesh Ibrayeva and Malcolm Tott. To the again elected Board had also entered the independent directors: Steven Hubble, Frank Layzel and Rees Griffith. By the decision of Board of directors as the Chairman of Administration of Valut-Transit-Bank JSC was appointed Indira Sagyndykova. Quotation end Below, as specification, KASE quotes the whole wording from the protocol of meeting of Exchange's council by the given question of the agenda. Quotation begin Taking into account the social consequences of crisis state of Bank and considering the provided by its administration plan of removing Bank form the crisis and measurements of Bank's support, conducted by the government, to transfer since October 24, 2006 common (NIN - KZ1C33290012) and preferred (NIN - KZ1P33290118) shares of Valut-Transit-Bank JSC and also its bonds of the second issue (NIN - KZ2CKY05B380) and bonds of first (NIN - KZPC1Y05B618) and second (NIN - KZPC2Y07B612) issues, issued in the limits of first bonds program, from category "A" to "B" of the exchange's official listing. To oblige Valut-Transit-Bank JSC to provide the Exchange's council after month (approximately - November 24, 2006) with the intermediate report about the course of execution of the plan of measurements of removing Valut-Transit-Bank JSC from the crisis. Quotation end [2006-10-30]