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News Article

21 December 2004

364 Day US$55,000,000 Syndicated Term Loan Facility

Alternatifbank A.S. ("ABank") is pleased to announce that the syndication of its Term Loan Facility has been closed Abu Dhabi Commercial Bank, Citibank, N.A., Commerzbank Aktiengesellschaft, Demir-Halk Bank (Nederland) N.V., HVB Group, Jordan Kuwait Bank and WestLB (together the "Mandated Lead Arrangers"). The Facility closed with a significant oversubscription from the launch amount of US$ 25 million. The Borrower has decided to take the increase resulting in the largest ever loan for ABank. The Facility was syndicated on a reasonable efforts basis.


Summary details of the transaction:
Borrower:Alternatifbank A.S.
Amount:US$ 55,000,000
Tenor:364 days
Purpose:Proceeds of the Facility will be used by the Borrower to pre-finance export contracts
Repayment:In full on final maturity
Margin:85 bps p.a.

Alternatifbank A.S. is a medium-sized Turkish commercial bank. The Bank's primary activities consist of corporate and individual banking, the latter of which is limited to deposit taking and asset management services.

As of June 30, 2004, ABank had total consolidated assets of USD 956.1 million, increased from USD 844.4 million at the end of 2003. Asset quality has improved substantially throughout 2003 and the fist half of 2004, mostly through collections, restructuring and increased provisioning, bringing the gross NPL ratio to 2 % of total loans as of June 30, 2004. At the same time, the bank's change in corporate strategy has resulted in a considerable growth in the total loan portfolio, bringing the total loan book to 44 % of the total balance sheet.

The Facility has been signed on November 29, 2004, in Istanbul. Please find below a bank list for the Facility.

Mandated Lead Arrangers Abu Dhabi Commercial Bank
Citibank N.A.
Commerzbank Aktiengessellschaft
Demir-Halk Bank (Nederland) NV
HVB Group (Bookrunner, Documentation Agent)
Jordan Kuwait Bank
WestLB

Co-Arrangers: Erste Bank (Malta) Limited
Finansbank (Holland) N.V.


Managers: Denizbank AG
Kocbank Nederland NV
Raiffeisen Zentralbank ÷sterreich Aktiengesellschaft
UBAE Arab Italian Bank S.p.A.


Participants: AKA Export Finance Bank
American Express Bank GmbH
Bank of Beirut (UK) Ltd
Banque Cantonale de Gen?ve
Baden-W?rttembergische Bank AG
N.V. De Indonesische Overzeese Bank
Union Bank of California N.A.


Facility Agent: Commerzbank International S.A.


For further information, please do not hesitate to contact:
HVB Group
Andreas Apel
Tel: + 49 89 378 42055
Fax: + 49 89 378 24568
E-mail: Andreas.Apel@HVB.de
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