Shareholders in BTA Mortgage JSC (Kazakhstan) decided not to pay dividends on common shares for 2004 and raise liabilities by $15 m

/KASE, May 23, 05/ - BTA Mortgage JSC (Almaty) with bonds circulating in official securities list of Kazakhstan Stock Exchange submitted a copy of minutes of annual shareholders meting which took place on April 29, 2005. In accordance with the agenda of the day shareholders of BTA Mortgage JSC adopted following decisions (below are excerpts from the minutes): "To make change and additions to the Charter of the Company in compliance with the draft of Amendments and additions to the Charter of BTA Mortgage JSC." "To appoint Ernst&Young Kazakhstan LLP as an auditor of the Company". "To approve financial statements of the Company for 2004" "Not to declare dividends on shares by results of 2004, net income of the Company should be used to increase reserve capital". "To approve Annual report of BTA Mortgage JSC for 2004" "To approve the decision of the Board of Directors about conclusion of a major deal over sale of claims on mortgage agreements (including mortgage certificates) by means of securitization for a total amount of up to 200,000,000 (two hundred million) US dollars." "To approve the decision of the Board of Directors about recognition of a deal with Kazakhstan Mortgage Company JSC on mortgage agreements as major deal". "To approve the decision of the Board of Directors about conclusion of a deal with Bank TuranAlem JSC and European Bank for Reconstruction and Development (the EBRD) "Funds Support", Subordination and Share Retention Deed" as the deal in which there is an interest". "Until additions and amendments are reflected in the Charter and registered in order stipulated by Kazakh legislation, information which must be published in compliance with laws of the Republic of Kazakhstan in following periodicals: "Kazakhstanslaya prvada", "Yegemen Kazakhstan", "Panorama", "Yuridicheskaya gazeta", "Zan" newspapers." "To approve the decision of the Board of Directors about recognition of a General agreement inked between BTA Mortgage JSC and Bank TuranAlem JSC about sale of a claims on mortgage agreements (including mortgage certificates) as a major deal, which is of interest." "To approve the decision of the Board of Directors about recognition of a Agreement of property trust management signed between BTA Mortgage JSC and Bank TuranAlem JSC as a deal, which of interest". "To raise liabilities of the Company for a total amount of 15,000,000,000 (fifteen billion) through second bond issuance program. To charge the President of the Company with all necessary powers needed to sign documents for state registration of the second bond program of BTA Mortgage JSS". [23-05-23]