London/Kyiv, 11 June 2008 – Baker & McKenzie announced that it has advised PrivatBank on the first ever securitization of autoloans from Ukraine, acting as a transaction counsel in connection with the securitization of autoloans portfolio of Joint Stock Company Commercial Bank “PrivatBank”, the largest commercial bank (by assets) in Ukraine. UBS Limited was the Arranger of the transaction.

The securitization was structured as a true sale of PrivatBank`s rights of claim under loan agreements with Ukrainian borrowers to Ukraine Auto Loan Finance No.1 PLC, a UK-based SPV. The purchase of the loan portfolio was funded by the SPV’s issuance of asset-backed notes in the international markets, and involves a revolving structure. The transaction closed on 29 May 2008.

The Baker & McKenzie team was led by Partners Serhiy Chorny in Kyiv and Vincent Keaveny in London. English tax matters were handled by partner James MacLachlan in London. Associates Anna Makedonska and Victoria Ischenko in Kyiv and Beata Dunn-Olejarova and James Wilson in London played a key role in the legal team.

Commenting on the news, Serhiy Chorny, Partner and head of banking & finance practice in the Kyiv office, said: “We are pleased to have assisted PrivatBank with this ground-breaking transaction in Ukraine. This transaction, following last year’s first ever securitisation of a residential mortgage loan portfolio of PrivatBank, reaffirms our leadership in providing legal support to innovative transactions in Ukraine. We are also proud that our client, PrivatBank, once again was a pioneer in introducing new products for the Ukrainian market.”