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Bank BPH unveils demerger blueprint ahead of takeover by Alior Bank

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Bank BPH unveils demerger blueprint ahead of takeover by Alior Bank

signed a demergerplan as part of Alior BankSA's planned acquisitionof BPH's core business.

Underthe plan, BPH shareholders, other than entities related to current ownerGeneral Electric Co.,will get 0.44 of a demerger share to be issued by Alior for each BPH share, subjectto adjustment related to dilution of Alior's share capital following a rightsissue offeringplanned by Alior Bank before the demerger.

Afterthe demerger, GE and related entities will remain BPH's sole only shareholdersand all other BPH shareholders will become shareholders of Alior Bank.

BPHBank's mortgage business will remain with its current parent, while the corepart of the business will be transferred to Alior Bank, which will assume allrights and obligations of BPH connected with the demerged operations.In addition, BPH will delistfrom the Warsaw Stock Exchange, while continuing to serve existing mortgage loans,but not offer new ones or taking deposits. It will be financed by GE. Thelender will have no branches but outsourcing deals will help serve BPH clientsat Alior branches.

BPH addedthat it will remain the majority shareholder of asset manager BPH PBKZarzadzanie Funduszami sp. z o.o., in which it holds a 50.14% stake, but willeventually sell that holding.

Thedemerger plan is pending the approval of Alior Bank and BPH Bank shareholdersand various Polish regulators.

As of April 29, US$1 wasequivalent to 3.82 Polish zlotys.