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Alfa GroupAnnual Report 2008

CONTENTS

3 Statement by the Chairman of the Supervisory Board of Alfa Group Consortium

Alfa Group’s Principal Companies

Alfa Group Financial Highlights

Supervisory Board of Alfa Group

Alfa Group’s Investment Philosophy

Alfa-Bank

Alfa Capital

AlfaStrakhovanie Group

TNK-BP

A1

Rosvodokanal Group

CTC Media, Inc.

Altimo

X5 Retail Group N.V.

Sponsorship and Charity

Awards and Recognition

Contact Information

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27

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45

48 Summarised Combined Financial Statements and Independent Auditor’s Report

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Following an extended worldwide economic boom, fueled in large part by easy credit and

ever-increasing asset prices, a financial bubble – global in scope – burst in the latter part

of 2008. While the swift and coordinated policy response of the Russian government and

Russia’s sizeable reserves have helped to limit the impact of the worldwide financial crisis,

Russia has by no means escaped the carnage and the ensuing worldwide recession.

Prices for Russia’s main exports (energy and other commodities) have collapsed, capital

has flowed out of Russia as investors shunned all manner of perceived risk, and for a time,

money, if available at all, became prohibitively expensive. In the aftermath, a number of

companies and investment holdings have forfeited or are expected to lose assets through

forced sale and bankruptcy. The Russian equity markets (RTS Exchange) in 2008 posted a

72% loss – the worst performance of any major world index. To be sure, Russian markets

were quite efficient in pricing in a doomsday scenario.

Alfa Group also did not manage to side-step this worldwide battering with the value of

our publically traded companies and private holdings declining significantly, and in-line

with the markets in which we invest. Despite this turmoil Alfa Group managed to retain

all of its investments and every one of our companies honored fully all obligations to

their counterparties and partners. In the face of extraordinarily trying circumstances our

companies turned in relatively solid fundamental performance in 2008.

STATEMENT BY THE CHAIRMAN OF THE SUPERVISORY BOARD OF ALFA GROUP CONSORTIUM

“We are not bankers, nor are we oil or telecommunications or retail experts. We are investors. We do not have a business which we have been involved in all of our lives. We are people who are able to assess and anticipate certain market trends, understand which businesses will develop faster and which businesses will stagnate or decline and based on these considerations, we make competent investments. At the same time, we are not “silent” investors – we work hard on the companies we have invested in and we attract professional managers who we can trust. We know that someday we will leave these businesses and make other investments when we consider the price, time and place are right.” Mikhail Fridman

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IFRS profit (attributable to Equity Holders of the Parent Companies (i.e.

majority shareholders)) for the year 2008 as reported in Alfa Group Combined Financial

Statements was US $2.19 bln, a 31% increase over the US $1.67 bln IFRS profit reported

in 2007. 2008 profit of US $2.19 bln includes a number of one-off and accounting

gains and losses recorded in 2008 included into this US $2.19 bln figure. The main

one-off items are as follows:

• Change in the basis of accounting for investment in MegaFon as a result of the Group

obtaining significant influence over MegaFon in mid-2008 resulting in a one-off, non-

cash, accounting gain;

• Disposal by Alfa Group of Golden Telecom to VimpelCom resulting in a one-off gain;

• Impairment of goodwill relating to Alfa Group's investment in X5 and impairment in the

Group’s investment in MegaFon, resulting in one-off, non-cash, accounting losses.

Net of all one-off items, 2008 profit would have been a more modest US $1.59 bln.

Some of the highlights in 2008 and into 2009 included:

In February 2008, VimpelCom Group completed purchase of 100% of Golden Telecom,

Inc. with full integration expected by early 2009;

In May 2008, X5 Retail Group N.V. successfully raised US $1.03 bln in equity capital in

a fully-subscribed rights offering, with Alfa Group taking up its full pro-rata share of

the offering;

In June 2008, X5 Retail Group N.V. purchased 100% of Karusel, a large chain of

hypermarkets operating in Russia giving X5 Retail Group N.V. immediate and significant

presence in the fast-developing hypermarket segment of St. Petersburg and Moscow;

In October 2008, VimpelCom Group completed purchase of 49.9% of Euroset, Russia’s

largest mobile handset retail chain;

In October 2008, Altimo refinanced a US $2 bln loan with Vnesheconombank;

In November 2008, Alfa-Bank Russia purchased a controlling stake in Severnaya Kazna,

a distressed regional bank operating in the Urals region of Russia;

In January 2009, Alfa Group, together with Access-Renova signed an agreement with

BP plc resolving our disagreements with BP plc in respect of the governance,

management and strategy of TNK-BP;

In January 2009, Alfa-Bank Russia received a 10-year, unsecured RUR 10.2 bln loan from

Vnesheconombank;

In March 2009, VimpelCom Group received RUR 8 bln and US $250 mln loan from

Sberbank;

In May 2009, VimpelCom Group launched operations in Cambodia under “Beeline” brand

via its subsidiary Sotelco Ltd.;

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In July 2009, VimpelCom Group launched operations in Vietnam under “Beeline” brand

via GTEL-Mobile Joint Stock Company;

In September 2009, VimpelCom Group signed an agreement for the acquisition of a

78% stake in Millicom Lao Co., Ltd., a mobile telecom operator in Laos;

In October 2009, Altimo and Telenor ASA announced an agreement to combine their

common assets in VimpelCom Group and Kyivstar GSM to create a leading emerging

markets mobile operator, VimpelCom Ltd., and to suspend, withdraw or settle all ongoing

legal proceedings between one another;

In October 2009, Alfa-Bank Russia received an 11-year, subordinated RUR 29.3 bln loan

from Vnesheconombank;

In October 2009, Altimo refinanced a US $1.5 bln loan with Vnesheconombank;

In November 2009, Altimo and TeliaSonera announced an agreement to combine their

common assets in Turkcell and MegaFon to create a leading emerging markets mobile operator,

and to resolve all ongoing legal disputes between one another and С̧ukurova Group.

While no one knows exactly how the worldwide financial crisis will unfold, and when

investor and consumer confidence will be restored, we are certain that opportunities will

emerge from the market dislocations that are now taking place – specifically in the areas

of market consolidation and attraction of talent. Furthermore, we are adamant that our

companies use the current slowdown in business to focus on improving operational and

financial efficiencies and risk-management. We believe strongly in the future of each

of our companies as they are without exception, well managed, fundamentally sound

businesses which are leaders in their respective fields. While the excesses of the past

continue to be purged from the system and while investors, consumers and the

markets at-large continue to search for a new equilibrium Alfa Group and its

companies will persevere and protect against a deep and protracted downturn and

will capitalize on the very best opportunities which will present themselves.

Mikhail Fridman

17 November 2009

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ALFA GROUP’S PRINCIPAL HOLDINGS

Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial investment conglomerates, with interests in

oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media,

water supply and waste disposal, as well as other industrial-trade and special-situation investments. Alfa Group typically

focuses on value-oriented, longer-term opportunities, primarily in Russia and the CIS, but also invests in other markets which

form part of Alfa Group’s strategic business objectives.

Alfa-BankOne of Russia’s largest privately owned banks with significant presence in Ukraine, Kazakhstan, Belarus and the Netherlands. Wide range of financial services, including commercial and investment banking, trade finance, and asset management.

AlfaStrakhovanie GroupLeading issuer of non-obligatory insurance in Russia.

CTC Media, Inc.One of the largest commercial television broadcasters in Russia offering entertainment programming.

Rosvodokanal GroupRegional leader in water-supply and waste disposal operating in Russia and Ukraine.

VimpelComLeading wireless telecommunications service company in Russia with presence in Kazakhstan, Ukraine, Tajikistan, Uzbekistan, Georgia, Armenia, Vietnam and Cambodia. Listed on US NYSE.

MegaFon3rd largest wireless telecommunications service company in Russia.

KyivstarLeading wireless telecommunications service company in Ukraine.

PerekrestokLeading chain of supermarkets in Moscow and other population centers in Russia and the CIS.

PyaterochkaLeading food retailer in Russia with a dominant position in the high-growth discounter segment.

KaruselThe fifth largest hypermarket operator in Russia by revenue.

Turkcell*Leading wireless telecommunicatios service company in Turkey. Listed on Turkish IMKB and US NYSE.

Alfa CapitalIncludes Alfa Capital Management (“ACM”) and Alfa Capital Partners (“ACP”). ACM manages investment portfolios of publicly traded debt and equity securities. ACP manages private equity and real estate investments.

AltimoOne of the largest private investors into wireless and fixed-line telecommunications companies in Russia, the CIS and other promising emerging markets.

X5 Retail Group N.V.Largest food retailer in terms of sales in Russia. Listed on London Stock Exchange.

TNK-BPA major Russian vertically integrated oil and gas company.

А1Proprietary and for-client investment in Russia, the CIS and other developing markets.

* Investment in Turkcell is managed by Altimo and is owned by Alfa Finance Holdings S.A.

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ALFA GROUP FINANCIAL HIGHLIGHTS

millions of USD 2008 2007 2006 2005 2004

Total Assets 51,950 49,668 32,195 20,257 14,279

Cash and Cash Equivalents 4,465 3,116 1,989 974 1,218

Investments in Joint Ventures, Associated Companies and Investments Available for Sale and Repurchase Receivables related to Investments Available for Sale 13,957 17,132 10,217 6,904 3,839

Long-term Funding (1) 5,318 5,425 3,308 1,441 428

Shareholders’ Equity (2) 11,640 14,463 9,392 6,864 5,291

Profit (2) 2,190 1,669 1,664 1,417 839

Dividends Paid (2) – 19 120 150 —

2008 2007 2006 2005 2004

Return on Shareholders’ Equity 16.8% 14.0% 20.5% 23.3% 16.9%

Dividend Payout Ratio — 0.01 0.07 0.11 —

Debt to Equity Ratio (1) (2) 0.34 0.29 0.34 0.21 0.08

Debt to Total Assets Ratio (1) 0.10 0.11 0.10 0.07 0.03

Source: Annual audited IFRS financial statements of Alfa Group Consortium.

(1) Includes non-current: borrowings, customer accounts and due to banks. (2) Amount attributable to majority shareholders (excludes non-controlling interest).

Source: Derived from annual audited IFRS financial statements of Alfa Group Consortium.

(1) Debt for purposes of this calculation is equivalent to Long-term Funding. (2) Equity for purposes of this calculation is Total Shareholders’ Equity (includes non-controlling interest).

Note: Audited, combined 2009 results expected to be available in October 2010.

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SUPERVISORY BOARD OF ALFA GROUP

The Supervisory Board of Alfa Group is the main consultative body of Alfa Group.

Mikhail FridmanChairman of the Supervisory Board of Alfa Group Consortium

Mr. Fridman is an original founder of Alfa Group Consortium, one of Russia’s largest privately owned financial-

industrial conglomerates. Mr. Fridman also serves as Chairman of the Board of Directors of TNK¬BP and is

a member of the Board of Directors of VimpelCom and the Supervisory Board of X5 Retail Group N.V. Mr.

Fridman is a member of the Board of Russian Union of Industrialists and Entrepreneurs and the

International Advisory Board of the Council on Foreign Relations (USA). He graduated from the Moscow

Institute of Steel and Alloys in 1986. Mr. Fridman was born in Lvov, Ukraine in 1964.

German Khan Executive Director of TNK-BP

Mr. Khan is an original founder of Alfa Group Consortium. Mr. Khan is Executive Director and a member of

the Management Board of TNK-BP Management. Mr. Khan is also a member of the Board of Directors

of Slavneft and Alfa Finance Holdings S.A. (oil and financial assets). Mr. Khan graduated from the Moscow

Institute of Steel and Alloys. He was born in Kyiv, Ukraine in 1961. He is married and has three children.

Alexey Kousmichoff Chairman of the Advisory Committee of A1

Mr. Kousmichoff is an original founder of Alfa Group Consortium, Chairman of А1, a member of the Advisory

Committee of Altimo, and a member of the Board of Directors of Alfa Finance Holdings S.A. (oil and financial

assets). Mr. Kousmichoff is a graduate of the Moscow Institute of Steel and Alloys. Mr. Kousmichoff was born

in Kirov, Russia in 1962.

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Petr Aven President of Alfa-Bank Russia

Mr. Aven is President of Alfa-Bank Russia, where he is responsible for the Bank’s overall strategy and relations

with business and government leaders in Russia and abroad. Prior to joining Alfa-Bank Russia in 1994, Mr. Aven

was Minister of Foreign Economic Relations for the Russian Federation (1991-1992), serving as Russia’s

representative to the Group of Seven, and conducting a number of high-level trade and economic missions

to Western capitals. An economist by training, Mr. Aven spent several years at the International Institute for

Applied Systems Analysis in Laxenburg, Austria (1989-1991). Currently, he is Chairman of the Board of Directors

at AlfaStrakhovanie Group, Co-Chairman of the Board of Directors of CTC Media, and a trustee of the Board

of the Russian Economic School, the center for Economic Policy Research (CEPR) in Great Britain, and

of Eisenhower Fellowships. Mr. Aven is a member of the Board of the Competitiveness and Entrepreneurship

Council of the Russian Federation government, and a trustee of the Board of the National Association

for National Financial Reporting Standards. He is a professor at State University Higher School of

Economics. Since April 2006, he has been a member of the Board of the Russian Union of Industrialists

and Entrepreneurs. In 2007, Mr. Aven became Chairman of the Russia-Latvian Business Council. He graduated

from Moscow State University in 1977 and holds a PhD in Econometrics. Mr. Aven was born in Moscow, Russia

in 1955.

Andrei Kosogov Chairman of the Board of Directors of Alfa Asset Management and Chairman of the Advisory Committee of Altimo

Since November 2005 Mr. Kosogov is Chairman of the Board of Directors of Alfa Asset Management and Chairman

of the Advisory Committee of Altimo and since 2003 he is a member of the Board of Directors of AlfaStrakhovanie

Group. Mr. Kosogov is also a member of the Board of Directors of Alfa Finance Holdings S.A. (oil and financial

assets) and from November 2005 through June 2009 he acted as Chairman of the Supervisory Board of Alfa-

Bank Ukraine. Until May 2005 Mr. Kosogov was First Deputy Chairman of the Board of Directors of Alfa-Bank

Russia and Director of its Investment banking division. Mr. Kosogov graduated from the Moscow Power Energy

Institute in 1987. He was born in Sillamaё, Estonia in 1961.

Andrei Zemnitsky President of A1

Mr. Zemnitsky serves as President of A1 where he is responsible for overall strategic business development.

From 1998 to 2000 he was an advisor to the World Bank (IBRD), dealing with international trade in financial and

telecommunication services. From 2000 to 2002 he was a Vice-President of the Investment Banking Directorate

at the Russian Investors Company, participating in a vast number of M&A and consulting projects. In 2003

Mr. Zemnitsky served as Deputy Director of the Business Development Department at VimpelCom where he

was responsible for the development and implementation of VimpelCom’s acquisition strategy in Russia and

across the CIS. From 2003 to 2005 Mr. Zemnitsky was a Project Manager at Alfa Group Corporate Center, where

he held responsibility for the strategic and investment planning processes of the Group companies and provided

expert counsel to Alfa Group companies regarding merger and acquisition activities. From 2005 until July 2009

he served as Vice-President and Senior Vice-President in the Business Development Department at Altimo.

Mr. Zemnitsky holds a Masters Degree in Economic Theory and also is a candidate of economic science at the

State University – Higher School of Economics in Moscow. He was awarded a CFA designation in 2004 and is one

of the founders of CFA Association (Russia). He was born in Novosibirsk, Russia in 1976.

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Alexander Fain General Director of A1

Mr. Fain graduated with honours from the Moscow Institute of Chemical Engineering, Engineering Department in

1958. From 1958 until 1988 he was involved in a number of innovative engineering projects. Mr. Fain is the author

of more than 70 scientific articles, manuals, books, monographs, and patents. He also holds the honorary title

of active member of International Academy of Sustainable Development and holds a candidate’s degree and is a

professor in the field of applied mathematics. Mr. Fain is often cited by the leading Russian business periodicals

as one of the most influential businessmen in Russia. He was born in Moscow, Russia in 1936.

Lev Khasis Chief Executive Officer and Chairman of the Management Board of X5 Retail Group N.V.

In 1989 Dr. Khasis graduated from the Kuybyshev Aviation Institute, faculty of aircraft construction and in 1995

from the Financial Academy of the Government of the Russian Federation, Faculty of banking. In 2001 he

graduated from the University of the Ministry of the Interior, Faculty of law. Dr. Khasis holds a PhD in technical

sciences, law and economics. From 2001 until 2003 Dr. Khasis served as Chairman of the Board of Directors

of Trade House TsUM. From 2003 until 2004 Dr. Khasis was Chairman of the Board of Directors of Trade

House GUM. Dr. Khasis also held the position of Chief Executive Officer of JSC Samara Trading House and

Chairman of the Board of Directors of Perekrestok Group of Companies. After the merger of Perekrestok and

Pyaterochka in 2006, he was appointed CEO of X5 Retail Group N.V., Alfa Group’s retail holding company, which

includes Pyaterochka, Perekrestok and Karusel. Since February 2008 Dr. Khasis also serves as the Chairman of

the ACORT (Association of Companies of Retail Trade), and also is a founding member of investment company

Fosbourne. Dr. Khasis was born in Kuybyshev (now Samara), Russia in 1966.

Alexei Reznikovich Chief Executive Officer of Altimo

In 2002 Mr. Reznikovich joined the Supervisory Board of Alfa Group, where he was responsible for strategic asset

management. In June 2005 he was appointed Chief Executive Officer of Alfa Telecom (later re-named Altimo). In

June 2008 he was elected Chairman of the Board of Directors of VimpelCom. From 1993 to 2000 Mr. Reznikovich

worked in consulting company McKinsey & Co. In 2001 he became the founder and General Director of the internet

cafe network Cafemax (Russia). Mr. Reznikovich is a graduate of the Moscow State University, Economics Faculty

and received his MBA from both Georgetown University (USA) and INSEAD (France) in 1993. Mr. Reznikovich was

born in Moscow, Russia in 1968.

Petr Zolotarev CEO of Rosvodokanal Group

Mr. Zolotarev is CEO of Rosvodokanal Group. Previously Mr. Zolotarev served as Chairman of the Board of

Directors of JSC “GAZ”, and also served as a member of the Board of Directors of JSC “Aviacor– Aviation Works”

and JSC “Military-Industrial Company”. He also was General Director of JSC “Russian Machines”, was the

interim President of Oxidental Petroleum CIS, and was the President of YUKOS PM. From 2007 to 2009 Mr.

Zolotarev was General Director and Chairman of the Board of Directors of the Russian-Dutch tire holding Amtel-

Vredestein. He graduated from the Ordzhonikidze Moscow State Aviation Institute. Mr. Zolotarev received his

MBA in Finance at the Plekhanov Russian Academy of Economics. He attended advanced training courses at

the Centre of Advanced Training with the All-Union Academy of Foreign Trade and at the International Institute

for Management Development (Switzerland). Mr. Zolotarev was born in Moscow, Russia in 1965. He is married

and has two sons.

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Nigel Robinson Director of Corporate Development, Finance and Control – Alfa Group

Mr. Robinson joined Alfa Group in January 2000. His responsibilities include co-ordinating the financial control

and reporting of all Alfa Group companies and corporate governance for the Group as a whole. Prior to joining Alfa

Group, Mr. Robinson was Senior Manager in the Audit and Business Advisory Group at PricewaterhouseCoopers

and spent 6 years with PwC in Moscow and St. Petersburg. Mr. Robinson is a British qualified Chartered

Accountant and a member of the Institute of Chartered Accountants in England and Wales. He was born in

Corringham, England in 1967.

Vladimir Ashurkov Director of Group Portfolio Management and Control – Alfa Group

Mr. Ashurkov joined Alfa Group in 2006. His responsibilities include analysis and coordination of investment and

strategic plans of Alfa Group companies. Prior to joining Alfa Group, Mr. Ashurkov worked as Vice-President

of Strategic Development at Industrial Investors Group. In 2003–2004, he established and became the General

Director of the Russian office of one of the leading European transport and logistics consultancies, TransCare.

From 1997 to 1999, Mr. Ashurkov worked at Renaissance Capital in the Investment Banking Department. From

1999 to 2001, he served as Chief Financial Officer of St. Petersburg Seaport. From 2001 to 2003, Mr. Ashurkov

served as a President of National Container Company. In 1996 Mr. Ashurkov received his MBA at Wharton

Business School of the University of Pennsylvania. He also graduated from the Moscow Institute of Physics and

Technology, Faculty of Physical and Quantum Electronics. He was born in Moscow, Russia in 1972.

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ALFA GROUP’S INVESTMENT PHILOSOPHY

We rely on our investment philosophy to generate superior returns for our shareholders

over the long term, to promote sound corporate governance and business practices, and

to benefit our partners, counterparties, employees, the Russian consumer and society at

large.

• We are opportunistic investors.Simply stated, we are value-oriented investors. In evaluating any investment opportunity,

our investment philosophy is driven by the opportunity to purchase assets that, due to

perceived risk, low liquidity, disinterest or a lack of understanding on the part of market

participants, are undervalued.

• We believe the most attractive opportunities are in world emerging markets.Much of our past success has been the result of our comprehensive knowledge and

understanding of emerging markets, in particular, the Russian and CIS markets. We

believe there are still substantial opportunities in the world’s emerging markets and that

we are well placed to take full advantage of them.

• We typically take a longer-term view, in order to realize the full potential of ourinvestments.

We do everything necessary to develop our investments, thus making them more

attractive to a potential buyer. While we do not particularly welcome the inflexibility

of being wed to an investment for the longer term, we lower our risks by seeking

undervalued investments that provide ample down side protection and, when possible,

interim cash flows.

• We view co-operation with foreign investors and the attraction of foreign capitalas important to the development of our companies.

Foreign investors provide not only capital investment, but also the expertise which is

needed to successfully develop and realize the full value of our investments. We know

from experience that the failure to attract longer-term foreign investment will result in

under-developed assets and missed business opportunities. Also, with regard to exit

strategy, sale to foreign investors provides us with a logical and attractive means of exiting

our investments.

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• First and foremost we are investors, not business managers.Companies of Consortium are independent entities and are given fairly wide latitude

to conduct their affairs. We do, however, actively advise and take decisions on

important strategic matters that have an impact on the shareholder value of our

companies. We also continually evaluate management and measure the financial

performance of our investments.

• We are guided by the philosophy of investing in only those companies that areleaders in their respective fields of business.

We require those in which we invest to be one of the top three in their business field or

with a clear potential to become one of the top three within a reasonable period. Where we

see that our investments are not meeting this criterion, we take active measures to divest

and free up our financial and management resources for more effective investments.

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ALFA-BANK

Alfa-Bank Russia

Founded in 1990, Alfa-Bank Russia has developed rapidly to become one of Russia’s

largest privately owned banks in terms of equity, assets, branches, and retail deposits

and is overall, Russia’s sixth largest bank in terms of assets and fourth in terms of loan

portfolio. As a universal bank, Alfa-Bank Russia is present in all key sectors of the financial

industry with the following core business lines: corporate banking (including SME), retail

banking (including branch banking, consumer finance, auto and mortgage lending) and

investment banking. Alfa-Bank Russia’s clear business strategy, its analysis of market

and operational risks, combined with the ability to execute set goals and objectives, has

further strengthened its position as a leading Russian bank.

Alfa-Bank Russia’s has a mix of Western and Russian management which successfully

combines international standards of business and corporate management with deep

knowledge and expertise in the Russian market. Its franchise is supported by an extensive

distribution platform with multiple delivery channels, including in-person service through

branches and offices, and ATMs spread across Russia and the CIS, as well as remote

access through internet and phone banking.

Alfa-Bank Russia’s corporate and retail client base has grown considerably during the last

several years – by 31 December 2008 Alfa-Bank Russia served approximately 56,000

corporate and 3.5 mln retail customers, while the branch network has been extended

to 364 offices across Russia and abroad, including subsidiaries in the Netherlands and

Kazakhstan. In addition to banking, Alfa-Bank Russia has FSA, CySEC and FINRA-

regulated brokerage subsidiaries, and presence in Cyprus, London and New York.

Alfa-Bank Russia’s creditworthiness is one of the highest among Russian private

banks. Currently, Alfa-Bank Russia’s ratings are Moody’s – Ba1 with stable outlook, and

Standard & Poor’s – BB- with stable outlook. In March 2007, Alfa-Bank Russia became

the first bank in Russia to be assigned a BBB which is a bank survivability assessment by

the international rating agency Standard & Poor’s.

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As one of the top recognized brands in the Russian banking industry, in 2008 Alfa-

Bank Russia proved once again its leading position by winning numerous awards

– among which included Best Domestic Bank 2008 by Global Finance, best bank in

the ”Customer Impressions of Retail Banking in Russia” based on a survey conducted by

PricewaterhouseCoopers and Senteo GmbH and national ”Super Brand of the Year” by

Superbrands International.

In December 2008 Alfa-Bank Russia strengthened its presence in the Urals, one of

the most industrially developed regions of Russia, by acquiring a controlling stake in

the leading bank Severnaya Kazna. Severnaya Kazna’s customers, both corporate and

retail, will have access to all products offered by Alfa-Bank Russia, most of which are

unique not only in the region, but in the Russian banking market as a whole.

Key Highlights – Alfa-Bank Russia*

2008 2007 2006

Total Assets, billion US $ 27.0 22.7 15.2

Net Profit, million US $ 230.1 253.5 190.3

Total Equity, billion US $ 2.2 1.9 1.3

Loan Portfolio, billion US $ 19.2 15.0 9.5

Customer Accounts, billion US $ 12.6 12.2 7.9

Number of Branches 364 303 229

Number of Personnel 15,056 12,560 11,252

Source: Alfa-Bank Russia audited IFRS financial statements or company data.

* Includes results of Alfa-Bank Kazakhstan and ATB.

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Alfa-Bank Ukraine

Alfa-Bank Ukraine, is a privately owned bank ranking among the top-ten largest banks

in Ukraine, was registered in Ukraine in January 2001. Alfa-Bank Ukraine operates in all

key sectors of the banking sphere.

The Bank enjoys recognition as a financial institution with a solid reputation, one

that offers reliable, convenient and innovative banking services to its customers. This

combination of international business standards and deep knowledge of the Ukrainian

market gives Alfa-Bank Ukraine a unique advantage.

The Bank’s key positions in the Ukrainian banking sector were recognized by numerous

ratings and surveys. As the result of the successful development and implementation of

new retail deposit products and services, the Bank won “The Best Deposits Program”

based on a survey conducted by the International Research Agency “InMind”. Following the

results of 2008, a national rating agency “Expert-Rating” assigned the Bank the highest

possible A+ financial strength rating. The Bank has been assigned rating by international

rating agency Standard & Poor’s.

Alfa-Bank Ukraine standalone IFRS financial statements are audited by Pricewa-

terhouseCoopers.

Key Highlights – Alfa-Bank Ukraine

2008 2007 2006

Total Assets, billion US $ 3.8 2.6 1.2

Net Profit, million US $ 35.6 11.8 1.6

Total Equity, billion US $ 0.4 0.3 0.1

Loan Portfolio, billion US $ 3.1 2.3 1.0

Customer Accounts, billion US $ 1.4 0.8 0.5

Number of Branches

• Standard offices 77 39 10

Source: Alfa-Bank Ukraine audited standalone IFRS financial statements or company data.

CYPRUS

UKRAINA

BELORUSSIA

USA

GREAT BRITAN

NETHERLANDS

KAZAKHSTAN

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Amsterdam Trade Bank N.V. (“ATB”)

Amsterdam Trade Bank N.V. (“ATB”) was incorporated in October 1994 in Amsterdam,

the Netherlands, and holds a full banking license from the Dutch Central Bank. In March

2001, Alfa-Bank Russia acquired a 100% interest in ATB. ATB provides a wide range of

banking services, to a range of corporate clients with a particular focus on trade finance

involving Russia, other CIS countries and the European Union. ATB also facilitates foreign

direct investment in Russia and the CIS.

Alfa-Bank Belarus

In June 2008, a controlling stake in Mezhtorgbank, one of the leading banks in

Belarus, was acquired.

Alfa-Bank Kazakhstan

Alfa-Bank Kazakhstan was established in December 1994 and has become one of the most

reliable and progressive banks in Kazakhstan. It is a full-service bank which guarantees

high quality and timely services to corporate and individual clients. Alfa-Bank Kazakhstan

prioritises fast and high quality financial flows between Russia and Kazakhstan. The Bank,

the head office of which is located in Almaty, has a branch in Astana as well as three

representative offices in Karaganda, Ust-Kamenogorsk and Ekibastuz.

Presence of Alfa-Bank and its Affiliates

Alfa Capital Markets – London; Alfa Capital Holdings (Cyprus) Ltd. – Nicosia; Alfa Capital Markets Inc. – New York;

Amsterdam Trade Bank N.V. – Amsterdam

For more detailed information please refer to Alfa-Bank web-site: www.alfabank.com

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ALFA CAPITAL

Alfa Capital Management

Established in 1996, Alfa Capital Management (“ACM”) is one of the largest professional

companies operating on the Russian asset management market. ACM’s main lines of

business include asset management of mutual investment funds, non-state pension

funds, insurance company and corporate funds, fund-of-fund funds, and individual trust

asset management of major private investors.

Alfa Capital Management at a Glance

• Well-established and reputable partner grounded on a diversified and growing portfolio

of profitable businesses (mutual funds, pension funds, trust management, offshore

funds);

• Proven, multinational team with deep experience in both emerging and OECD

(Organization for Economic Cooperation and Development) capital markets;

• ACM product range encompasses 22 mutual investment funds (including equity, debt,

index, sector-specific, specialized funds, and a hedge fund);

• ACM manages the funds of 21 non-state pension funds and the funds of 23 insurance

companies;

• Assets under management: US $1.4 bln (at 30 November 2009);

• ACM was awarded AAA rating (maximum reliability rating) from National Rating

Agency and A++ (exceptionally high/highest level of reliability and service quality) from

the Russian Rating Agency Expert RA.

ACM’s Assets Under Management on 31 December 2008

Mutual investment funds

State funds

Institutional clients

Pension assets (without PFR (Pension Fund of Russia))

Corporate clients

Individual trust accounts

International funds

Non-state pension funds own assets

1%3%

4%

5%

8%

9% 30%

40%

For more detailed information please refer to Alfa Capital Management web-site: www.alfacapital.ru

19

Alfa Capital Partners

Alfa Capital Partners (“ACP”), a private equity and real estate investment advisory

company, established in 2003, advises funds that invest in leading companies and real

estate properties in Russia, Ukraine and the CIS. International institutional and private

investors from North America, Europe, Asia and Middle East, multilateral institutions

(EBRD, IFC) as well as Alfa Group Consortium, have committed US $655 mln in the capital

to three funds under ACP’s management.

Each of the Funds has a distinct investment strategy with a dedicated management team

of results-driven experts. Our years of experience, combined with our equity capital,

enable companies to grow and generate increased profitability.

Private Equity Fund In February 2007, ACP closed Alfa Private Equity Partners, L.P. (the “Private Equity Fund”)

with commitments of US $200 mln. The Private Equity Fund’s investment strategy is to

provide equity capital to companies which are deemed to be emerging leaders in the new

economy in Russia, Ukraine and the CIS. The Private Equity Fund made its first investment

in February 2006, acquiring a stake in Russia’s leading chain of upscale fitness clubs,

World Class. In 2007, the Private Equity Fund made three investments: entering Russia’s

fast-growing auto market through the Independence Group, launching a mortgage

business, IpoTek Bank, and acquiring a popular mid-market Russian cuisine restaurant

chain Elki-Palki.

Infrastructure Fund Alfa Capital Partners entered and was instrumental in relaunching the US $180 mln Great

Circle Fund in April 2005. Alfa Group Consortium is an investor, and ACP is the regional

manager of the Great Circle Fund. With sponsorship from the US Government’s Overseas

Private Investment Corporation, the Great Circle Fund’s mandate is to invest in maritime

transportation, transportation infrastructure and logistics in Russia, Ukraine, Central

Asia, Central and Eastern Europe, the Baltic States and Turkey.

Real Estate Fund The Marbleton Property Fund, L.P. (the “Marbleton Fund”) was set up as a joint venture

between ACP and JER Partners, a leading international real estate private equity firm

based in Virginia, USA. In June 2007, the Marbleton Fund closed with equity commitments

of US $275 mln from institutional investors in the United States, Canada and Europe.

The Marbleton Fund pursues investments in real estate opportunities in Russia,

Ukraine and the other CIS countries. In 2007, the Marbleton Fund made investments in

partnership with developers and on a standalone basis in Russia, Ukraine and Georgia

totaling approximately US $100 mln. These investments include a suburban office park

development in Moscow, the acquisition of two trade centers DIY in St. Petersburg and a

pre-IPO investment in one of the leading Georgian development companies.

For more detailed information please refer to Alfa Capital Partners web-site: www.alfacp.ru

20

ALFASTRAKHOVANIE GROUP

With more than 380 offices and branches across Russia, AlfaStrakhovanie Group today

(“Group”) is one of the largest Russian insurers with a diversified portfolio of services

comprising both comprehensive business insurance coverage and an extensive range of

retail insurance products.

Clients

AlfaStrakhovanie Group has built its relationships with customers on principles of

equal partnership and mutually advantageous cooperation. The principal customers of

the Group are top domestic banks, major ship owners and forwarders, nuclear power

plants, metal and engineering plants, as well as representative offices of the largest

foreign companies, public and governmental agencies and institutions as well as individual

clients. Today, the Group’s customers number approximately 1.5 million individuals and

more than 100,000 companies.

Products

AlfaStrakhovanie Group has an immense experience in working with enterprises and

institutions of various types and calibers. The Group provides complex individual, tailored

insurance programs for corporate customers, taking into account the business specifics

of each customer. Insurance products offered to the corporate customers include property

insurance, cargo insurance, motor insurance, health insurance for employees, liability

and financial risks insurance. The Group successfully markets a wide scope of products

to private individuals including compulsory motor third-party liability insurance, motor

insurance, property insurance, life insurance, travel insurance, mortgage insurance and

accident insurance.

Reinsurance

Alfastrakhovanie Group has long-term relations with the largest reinsurance corporations

in the world (Munich Re, Swiss Re, Hannover Re, Gen Re, Partner Re, SCOR, Lloyd’s

of London) and in Russia and can quickly and reliably reinsure almost any risk in both

the Russian and international insurance markets.

Reliability

AlfaStrakhovanie Group has the highest rating of reliability (A++) from Russian rating

agency “Expert RA”. Additionally, at the end of April 2009, AlfaStrakhovanie Group won the

award “Financial Olymp” in the category “Client Service”.

21

Key Highlights – AlfaStrakhovanie GroupOver the past few years AlfaStrakhovanie Group has strengthened its position in

the Russian insurance market:

2008 2007 2006

Premiums collected, mln US $ 761 407 320

Total Insurer’s Liability, mln US $ 526 268 117

Number of contracts concluded, in units 2,257,080 1,464,537 880,353

Structure of AlfaStrakhovanie’s Insurance Portfolio 2008

Property Insurance

Personal Insurance

Compulsory Motor Third-Party Liability Insurance

Life Insurance

Liability Insurance

Other Obligatory Insurance Except Compulsory Medical Insurance

0.1%

70.2%

15.0%

9.9%

2.6%

2.2%

For more detailed information please refer to AlfaStrakhovanie Group web-site: www.alfastrah.ru

22

TNK-BP

TNK-BP is one of the largest vertically integrated Russian oil and gas companies which

was created in August 2003, as the result of the merger of the Russian companies Tyumen

Oil Company (TNK), SIDANCO and ONACO with many of BP’s oil and gas assets in Russia.

The Company is owned and managed by BP (50%) and by Alfa Group Consortium (25%),

and Access Industries and Renova Group (25%). TNK-BP’s strategy is to build a world-

class company in Russia with a strong focus on efficiency, sustainability, renewal and

the introduction of new technologies. Another of TNK-BP’s goals is to substantially develop

its gas resources and build a successful long-term gas business. The same shareholders

also own close to 50% of Slavneft, a vertically integrated Russian oil company which is

currently managed as an independent company.

Upstream

TNK-BP controls a large and diversified exploration and production portfolio (more than

200 exploration and production licenses). The latest audit confirms that as of 31 December

2008, TNK-BP’s Total Proved Reserves 10.252 billion barrels of oil equivalent, applying

PRMS (formerly SPE) criteria. The Company’s upstream operations are located primarily in

West Siberia (Tyumen Region, including Khanty-Mansiysk and Yamalo-Nenets Autonomous

Districts), East Siberia (Irkutsk Region), and Volga-Urals (Orenburg Region). In 2008,

average daily oil production totaled 1.6 million barrels of oil equivalent per day (excluding a

50% interest of Slavneft).

Downstream

Based primarily in the European part of Russia and Ukraine, the Company’s downstream

operations cover the refining, logistics, marketing and sale of oil and oil products on

wholesale and retail markets. TNK-BP operates five refineries in Russia and Ukraine

(Ryazan, Saratov, Nizhnevartovsk, Nyagan and Lisichansk (Ukraine)) and markets products

through a retail network comprising more than 1,400 service stations operating under

TNK and BP brands. Through its retail network, TNK-BP is among the market leaders in

petroleum product sales in European Russia, including Moscow, and is a market leader in

Ukraine. The TNK brand has recently undergone a makeover resulting in a new look for

the TNK retail sites. The goal was to create a distinct identity and position the brand in such

a way as to increase customer trust and loyalty.

Health, Safety and Environment (HSE)

TNK-BP considers HSE goals simply stated are: no workplace injuries, no accidents and

mitigation of adverse impact on the environment. TNK-BP spends more than US $190 mln

annually on reducing operational injuries and mitigating the negative impact of its operations on

the environment as well as upgrading its existing infrastructure. Major initiatives have included:

• a five-year Pipeline Integrity Management program which has been in effect since 2004

to reduce the number of leaks from the Company’s pipelines;

• since 2005 a program to remediate legacy pollution and decommission old pipes has

been in place with over 1,700 hectares of land having been completely remediated and

handed over to the relevant authorities.

23

Corporate and Social Responsibility

TNK-BP is a Russian company, and it strives to be a responsible corporate citizen of

Russia and Ukraine. The Company considers it vital to contribute to a raising the level

of national competitiveness, assist the social and economic development of the regions

in which it operates and be a reliable partner to the government authorities and public

organizations in creating a stable and prosperous social environment. TNK-BP is one of

the largest Russian taxpayers. From inception through end 2008 the Company contributed

approximately US $90 bln to budgets at all levels.

TNK-BP at a Glance

• 145 producing oil and gas fields

• 1,400 service stations

• 63,000 employees in Russia and Ukraine

• 1.6 mln barrels of oil equivalent per day – production in 2008*

• 640 thous. barrels average daily refining throughput in 2008

• US $4.4 bln capital investment in 2008

• US $90 bln contributed in taxes, duties and excises to Russian budgets at all levels

from inception through end 2008

• 8.112 bln barrels of SEC proven oil and condensate reserves **

• 10.252 bln barrels of PRMS proven oil and condensate reserves **

• 82% and 146% proven reserves replacement ratios, for SEC and PRMS, respectively**

* Excluding a 50% interest in Slavneft.** On 31 December 2008.

*

24

Upstream and Refinery Assets

*Developed jointly with Gazprom Neft'.For more detailed information please refer to TNK-BP web-site: www.tnk-bp.com

Greenfield

Brownfield

Gas projects

Refinery assets

Ukraine

Volga Federal District

Central Federal District

Siberian Federal District

Northwestern Federal District

Urals Federal District

Southern Federal District

Far Eastern Federal District

25

A1

A1 is one of the leading players on the direct investments market in Russia and the CIS

making equity investments in various industries, pursuing the interests of its shareholders,

clients and partners. A1 focuses on investment projects of two types: special situations

and growth strategies. A1 has in the past, and will continue to be, an incubator for some of

Alfa Group’s most significant investments (including Alfa-Bank Russia, TNK, VimpelCom,

Perekrestok, Rosvodokanal Group). A1’s experienced management team seeks to add

value to its investments by appointing high quality management, increasing transparency,

streamlining the corporate structure, and by securing rapid positive changes and

efficiencies.

Current Projects

Eurasia Cinemas International film distribution and cinema chain Consists of the largest cinema chain in North-West Russia Kronverk Cinema (13 cinemas

in 5 cities of Russia), and a leading Turkish cinema chain, AFM with 32 cinemas in 12

cities of Turkey (shares listed on IMKB, the Istanbul Stock Exchange).

Independence Group One of the largest car dealers in Russia (Audi, BMW, Volkswagen, Land Rover, Jaguar, Volvo, Mazda, Ford, and Peugeot brands) A joint project of A1 and Alfa Capital Partners since initial investment in 2007. The short-

term plans include the establishment of alliances with other car dealers and increasing

the share of car services and spare parts sales.

Mining Investments Mining projects A1 is a portfolio investor in several publically traded mining companies including

Silver Bear Resources (Russian silver mining), Oxus Gold (Uzbekistani gold company).

Additionally, non-public mining projects include the extraction and processing of gold,

iron, chrome, platinum, tungsten, nickel and other rare-earth metals in Uzbekistan,

Tajikistan and in Cuba, Tanzania and Russia. Moreover, various recreation projects are

planned for development in the areas where these projects operate.

Belmarket A supermarket chain in Belarus In 2007 Belmarket was established to create a national chain of food stores in Belarus.

Belmarket uses the most popular soft discounter format, that is successfully used by,

the Russian discounter supermarket chain Pyaterochka (part of X5 Retail Group N.V.,

Russia’s largest food retailer in terms of sales). The International Finance Corporation

(IFC) is a co-investor in Belmarket.

26

Dynasty Cottage community in Krasnodar Region, the Black Sea coast Dynasty is a joint project undertaken with Seagate Group to construct one of the first large

villa complexes in Gelendzhik with its own infrastructure.

Other Projects

Alfa-Carbon Consulting services under the Kyoto Protocol including sale of greenhouse gas emission quotas

Avianova Development of a Russian domestic low-cost airline

IVI-93 Real estate projects in St. Petersburg

A1 Ukraine Several real estate development projects in Ukraine

Recently Completed Projects

Artel Starateley Amur

Among the top five leading producers of precious metals in Russia

41% stake sold to the Alliance Group

D DistributionAn exclusive distributor of the world-class premium spirit brands in Russia

25% stake sold to Diageo

Vladpivo One of the largest beer producers in Prymorsky Region

97% stake sold to SAB Miller

Syabar A leading beer producer in Belarus47% stake sold toHeineken N.V.

For more detailed information please refer to A1 web-site: www.a-1.com

27

ROSVODOKANAL GROUP

Rosvodokanal Group (RVK), the leading private operator of water supply and sewage in

the CIS, has been a 60-year leader in the municipal water industry in Russia. Since Alfa

Group’s investment, RVK has been reorganized into an inter-regional holding company,

which combines a national operating company, management companies operating local

water supply systems, and service engineering and construction companies of water

supply and sewage. Rosvodokanal Group has introduced an extremely promising public-

private partnership model, attractive to both municipalities and investors. RVK’s business

model allows municipalities, being the owners of the enterprises, to move quickly to free-

market operation by recruitment of effective and professional management team.

RVK currently services more than 6.1 mln people and manages water supply assets

in Orenburg, Barnaul, Kaluga and Kaluga region, Krasnodar, Omsk, Tyumen, Tver and

Lugansk region (Ukraine). RVK continues to work towards expanding its operations both

in Russian and in other CIS countries.

Rosvodokanal Group became an attractive partner for well-known international investors.

In 2008, EBRD provided RVK a rouble denominated loan facility with RUR 1.5 bln (~ US $51

mln at the CBR exchange rate at 31 December 2008) limit with maturity in 2021. Also, in

2008 RVК successfully issued RUR 1.75 bln in bonds (~ US $60 mln at the CBR exchange

rate at 31 December 2008).

Rosvodokanal Group was the first company in its industry in Russia to prepare IFRS

financial statements and to conduct an international audit of its water supply systems.

In 2008 RVK was awarded Best Utilities Company in Krasnodar by Krasnodar city

administration. Also, in 2008 two enterprises of RVK (Krasnodar Vodokanal and

OmskVodokanal) won awards in All-Russian contest held by the Ministry of Regional

Development of the Russian Federation.

US $ mln

Revenue

Profit

Total Assets

300

200

500

400

100

02006

79

254

3.7

214

6

89

2007

433

19.9

304

2008

Source: Rosvodokanal audited IFRS financial statements.

For more detailed information please refer to Rosvodokanal Group web-site: www.rosvodokanal.ru

28

CTC MEDIA, Inc.

CTC Media, Inc. is a leading independent media company in Russia and is one of the twenty

largest public broadcasters in the world. It owns and operates three national networks,

the CTC network, the Domashny network and the DTV network. The Company’s common

stock is traded on the NASDAQ (trading symbol: “CTCM”).

CTC network Domashny network DTV network*

Launched 1996 (Russia) 2005 (Russia) 1999 (Russia)

Target AudienceAll, 6-54 with focus on younger audiences

Females, 25-60 All, 18+

Programming Entertainment, serialsHealth, family, career, style, fashion, Russian films, foreign series

Detective, action, documentary, investigation, comedy

Audience Share** 11.8% 2.8% 1.8%

Potential Viewers 100 mln (appx) 64 mln (appx) 58 mln (appx)

Number of Owned and Operated Stations

20 12 4

* DTV network acquired by CTC Media, Inc. in 2008.** Average for the year 2008.

Production Companies

CTC Media, Inc. has created an in-house production and proprietary program rights

management function through the recent acquisitions of two production companies,

CostaFilm and Soho Media. By creating an in-house, proprietary program production

department, CTC Media, Inc. will retain tighter controls over programming costs while

more effectively managing the Company’s programming rights library.

29

Geographical Expansion

In 2007–2008, CTC Media, Inc. entered other CIS markets outside Russia through

acquisition of a majority effective interest in Channel 31 Group in Kazakhstan, registration

of a new broadcasting company in Uzbekistan and acquisition of a majority interest in

the broadcasting group Teledixi SRL and Music Ramil SRL in Moldova. CTC Media

Inc. continues to view the countries of the former Soviet Union as attractive strategic

opportunities. It plans to continue to execute on its expansion strategy by expanding

the reach of its brands to other markets in the CIS that are poised for robust growth and

where Russian content is a proven success with audiences.

Key Highlights – CTC Media, Inc.

2008 2007 2006

Total Operating Revenues, mln US $ 640 472 371

OIBDA, mln US $ 48* 220 174

Net Income, mln US $ 22* 136 106

Fully diluted earnings per share, US $ 0.14* 0.86 0.69

Source: CTC Media, Inc. audited US GAAP financial statements.

* OIBDA, Net Income and Fully diluted earnings per share include effect of intangible assets impairment of US $233 mln. Excluding the effects of thisimpairment OIBDA, Net Income and Fully diluted earnings per share would have been US $280 mln, US $176 mln and US $1.11, respectively.

For more detailed information please refer to CTC Media, Inc. web-site: www.ctcmedia.ru

30

ALTIMO

Altimo is one of the leading investment companies with interests in Russia, the CIS, Turkey

and South Eastern Asia, operating in the field of mobile and fixed-line communications.

Through substantial stakes in five major telecoms companies, Altimo has a presence

in 11 Eurasian markets. Together, Altimo’s investee companies service more than 160

million mobile phone subscribers.

Altimo’s Strategy

Altimo focuses on three main strategic objectives: managing its existing asset portfolio;

entering new markets; and consolidating assets to create a leading telecom company

on the emerging markets of Eurasia. Altimo works with the senior management of

the companies in which it invests to unlock each company’s full potential and to increase

the value of its assets. Altimo does not plan to exit its investments in the medium-term.

Altimo is a financial investor and normally takes substantial minority positions in

companies which do not have a controlling shareholder. This form of balanced corporate

governance allows the management of the mobile operator to operate independently and

in the interest of all shareholders of the company.

Altimo is attracted by countries with large populations, low mobile penetration rates, a

high GDP growth rate and little competition. These criteria are met in Southern, Central

and South East Asia, where Altimo is actively seeking new investment opportunities.

Our Assets

VimpelCom Group (Beeline Trademark)VimpelCom Group is one of the two largest mobile communications operators in Russia,

providing services under the Beeline trademark. VimpelCom’s GSM and 3G licenses cover

a territory with a population of about 340 mln people. Geographically it covers the whole

territory of Russia as well as the entire territories of Kazakhstan, Ukraine, Uzbekistan,

Tajikistan, Georgia and Armenia. In 2008 VimpelCom Group acquired licenses in Vietnam

and Cambodia. In November 1996, VimpelCom Group became the first Russian company to

be listed on the New York Stock Exchange (NYSE: VIP). As of September 2008, VimpelCom

Group’s total number of subscribers in Russia and the CIS was 76 mln people (registered

subscriber base as estimated by Altimo).

In September 2007 the VimpelCom Group announced a principal agreement to establish

a mobile telecommunications joint venture in Vietnam under the name of GTel Mobile. In

Q1 2008, the VimpelCom Group acquired 100% of the outstanding share capital of Golden

Telecom, a leading Russian alternative fixed-line operator.

As of 31 December 2008, Altimo owned 44% of the voting shares of the VimpelCom Group.

31

KyivstarKyivstar GSM is the leading mobile communications provider in Ukraine. Kyivstar holds

licenses for the use of mobile, municipal, long-distance and international telephone

networks, as well as licenses for the construction and servicing of its own stationary

networks and data transmission network organisation. The company uses GSM 900/1800

standards. The company’s subscriber base exceeded 24 mln people by September 2008,

with its mobile coverage reaching 99% of the Ukrainian population. As of 31 December

2008, Altimo owned 43.48% of the outstanding share capital of Kyivstar GSM.

MegaFon MegaFon is the third largest Russian GSM 900/1800/3G provider. The licensed GSM and

3G coverage of the company extends to 100% of the Russian population. The company

holds licenses to provide a wide range of mobile communications services, giving it a

major advantage over its competitors. MegaFon’s subscriber base by the end of 2008

exceeded 44 mln people. As of 31 December 2008, Altimo owned 25.1% of the outstanding

share capital of MegaFon.

Turkcell* Turkcell Iletisim Hizmetleri A.S. began operating GSM mobile communication services

on the Turkish market in 1993 and is the current market leader. Turkcell is not only

the leading operator in Turkey, but is also the second largest GSM operator in Europe by

the number of subscribers, having 62 mln subscribers as of September 2008 (including

Fintur and Astelit). Turkcell’s activities in Azerbaijan, Kazakhstan, Georgia and Moldova

through Fintur, has increased the number of subscribers in these countries to 12.8 mln

people as of September 2008. Turkcell is also the majority shareholder in Astelit, the third

largest Ukrainian mobile telephone network operator. Turkcell is quoted on the Istanbul

Stock Exchange (IMKB) and the New York Stock Exchange (NYSE) since 11 July 2000. As

of 31 March 2009, Alfa Finance Holdings S.A., a company affiliated with Altimo, owned

4.99% in Turkcell.

* Owned by Alfa Finance Holdings S.A. and managed by Altimo under a management agreement.

Total Subscribers, mln

62

24

44

76

3

34

39

55

36

Turkcell

Kyivstar

MegaFon

VimpelCom

150

200

100

50

0 2003 2004 2005 2006 2007 2008

For more detailed information please refer to Altimo web-site: www.altimo.org

32

X5 RETAIL GROUP N.V.

X5 Retail Group N.V. (“Group” or “X5”) is Russia’s largest food retailer in terms of sales. X5

uses a multi-format strategy to simultaneously develop three formats: soft discounters,

supermarkets, and hypermarkets. The Group was created on 18 May 2006 as a result

of a merger between the leading national supermarket chain Perekrestok and one of

the largest Russian soft discounter chains Pyaterochka. In June 2008 the Group acquired

Karusel hypermarket chain and immediately established a leading position in the Russian

hypermarket segment. The Group’s shares are traded on the London Stock Exchange

(LSE) under the ticker “FIVE”.

X5 Retail Group N.V. Today

The Group today is the undisputed leader in the Russian food retail market and the largest

multi-format operator with significant regional presence. As of 31 December 2008,

X5 had 1,101 company managed stores located in Moscow, St.Petersburg and other

regions of European Russia, Urals and Ukraine, including 848 soft discounter stores, 207

supermarkets and 46 hypermarkets. As at 31 December 2008, the Group’s franchisees

operated 607 stores across Russia. In 2008 the Group’s consolidated Net Retail Sales

reached US $8.3 bln – 57% higher than in 2007. X5 total net trading area exceeded

874,032 m2 as at 31 December 2008 and its number of customer visits during 2008 totaled

over 816 million. More than 52,000 people work in the Group.

Strategy and Key Goals

The Group’s key strategic objective is to become the main consolidator of the Russian

food retail market and the absolute leader of Russian retail, able to compete with

leading international chains as an equal. The strategy relies on multi-format growth

and regional expansion from organic growth and M&A transactions, with a particular

focus on the fast-growing soft discounter segment. Investments into the development

of logistics infrastructure and IT-systems upgrade support the Group’s aggressive plans

of development and strengthen its competitive position in the long-term. The Group’s

overriding goal is to provide shareholders with the best return on investment in

the industry.

33

Number of stores as of 31 December 2008 Moscow & the Moscow region – 492;

St. Petersburg & North-West – 311;

Central – 35;

Volga-Vyatsky – 54;

Sredne-Volzhsky – 29;

Privolzhsky – 12;

Urals – 141;

South – 21;

Ukraine – 6.

TOTAL — 1,101

Key Highlights – X5 Retail Group N.V.*:

2008 2007 YOY Growth

Net Sales, mln US $ 8,892 6,152 45%

Gross Profit, mln US $ 2,279 1,611 41%

EBITDA, mln US $ 803 548 47%

Number of customers, mln 816 646 26%

Number of stores 1,101 868 27%

* 2008 and 2007 numbers represent final pro-forma result for Pyaterochka, Perekrestok and Karusel.

For more detailed information please refer to X5 Retail Group N.V. web-site: www.x5.ru

34

SPONSORSHIP AND CHARITY

Serving Our Communities

Alfa Group and its companies are known for their multi-year tradition of charitable

activities and for the patronage of Russia’s historical, cultural and spiritual heritage. While

we aim to achieve leadership in all the businesses we operate, we strive not to lose sight

of the importance of giving back to the society and communities in which we do business.

Our policy is not to impose global social programs on our managers but to empower them

to decide what is right for their businesses and the local societies where they operate. So

while the challenges we address are global, such as education, culture, health, and the

environment, the emphasis given to each of these themes differs from region to region.

Through constant efforts to create the conditions for a flourishing society, we are also

laying the foundations for our own long-term success.

Humanitarian Activities

• Supermarket chain “Belmarket” (A1 project) donated financial assistance to the

veterans of World War II, schools and hospitals in different regions of Belarus.

• Cinema chain “Kronverk Cinema” (A1 project) organized charitable movie screenings

for the veterans of the World War II and disadvantaged families.

• Alfa-Bank Russia, AlfaStrakhovanie Group, TNK-BP, X5 Retail Group N.V. and

VimpelCom are partners of the Lifeline charitable program for helping severely ill

children. Foreign and Russian companies, and individuals donated more than US $6.7

million over the life of the program.

• AlfaStrakhovanie Group and VimpelCom rendered sponsor support to ”Podari Zhizn”

Fund to purchase necessary medicine for children.

• Within the “Care Time” charitable program all Karusel hypermarkets and Perekrestok

supermarkets provide a 5% discount for the veterans of World War II, retirees and

disabled people.

• Alfa-Bank Ukraine provided financial support to an orphanage in Vasilkov in the Kiev

region.

• TNK-BP rendered sponsor support to the veterans of World War II, families of the

military men killed in military conflicts and to vulnerable social groups.

• LLC “Tver Vodokanal” (subsidiary of Rosvodokanal Group) donated financial assistance

to the children’s rehabilitation center in Tver.

• LLC “Krasnodar Vodokanal” (subsidiary of Rosvodokanal Group) jointly with the

Krasnodar city administration organized a party as part of City’s Day celebration.

• Within All-Russian campaign in honour of the Soviet Union heroes Alfa-Bank Russia

rendered financial assistance to the veterans in 35 cities of Russia. Each veteran was

presented a pharmaceutical certificate for healthcare products.

35

• Alfa-Bank Russia organized a party in the Receptions House of the Ministry of Foreign

Affairs of Russian Federation as a part of the regular anniversary of the Soviet and the

American troops link-up on the Elbe in 1945.

• Within the “Christmas Miracle” charitable program Alfa-Bank Russia rendered sponsor

support to 23 orphanages and boarding schools in Russia.

• Alfa-Bank Russia, a sponsor of the charitable program “Help to Get Ready for School!”,

provided financial support to 20 orphanages in Russia.

• Within the charitable campaign “A Call to Brother-Soldier” VimpelCom and MegaFon

provided free calls to the veterans of World War II.

• VimpelCom within the Children’s Organization Program financed orphanages, boarding

schools, hospitals and 60 sponsored organizations.

• VimpelCom organized a charitable fair for disadvantaged children in Cambodia.

• Within the program aimed at overcoming the problem of social exclusion of elderly

single people, Kyivstar donated financial assistance to 11 geriatric centers in Ukraine.

• Within the “For People, for Country!” program Kyivstar provided financial assistance to

13 orphanages and boarding schools in Ukraine, and also within the frame of a social

adaptation program for disabled persons Kyivstar provided boarding schools with

sensory rooms for children suffering from cerebral palsy in seven cities of Ukraine.

• MegaFon rendered sponsor support to a rehabilitation center for disabled children in

Stavropol.

•MegaFon provided blind and visually impaired children with Braille books.

Education Support and Talent Development

• Alfa-Bank Ukraine donated financial assistance to open Chair of Information

Technologies in the Eastern-European University of Economics and Management

(EEUEM) in Cherkassy (Ukraine).

• TNK-BP has contributed US $1.6 million to the first Russian business school in

Skolkovo in the Moscow region.

• TNK-BP has contributed US $200 thousand to the Tzarskoselsky school in St.

Petersburg.

• X5 Retail Group N.V. within the framework of “Perekrestok to Schools!” program

equipped more than 659 schools in cities of Russia with 4,000 computers.

• Since 1995 Alfa-Bank Russia has financed the Alfa Chance Program. Within this

program gifted school graduates from different regions of Russia receive scholarships

to study at the best higher education institutions in Moscow and St. Petersburg.

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• Within the Alfa Fellowship program financed by Alfa-Bank Russia, young American

specialists undergo on-the-job training at private companies and state and public

institutions of Russia. The aim of this program is to promote and reinforce social and

cultural relations between Russia and the USA.

• Since 2003 Alfa-Bank Russia together with the Oxford Said Business School instituted

an award for Excellence in Foreign Investment in Russia. In 2009 McDonald’s in Russia

was the winner of this award.

• Top managers of VimpelCom within the “Third Generation” program teach students at

higher education institutions in Russia.

• VimpelCom together with “Center for Creative Leadership” established foreign

business-school “Center for Creative Leadership in Russia”. The aim of this school is

to improve business-education in Russia.

• Kyivstar provided 47 talented Ukrainian students from nine technical universities with

individual scholarships.

• Within “Beeline – Support for Schools” VimpelCom provided disadvantaged Vietnamese

students with scholarships.

Support for Culture and National Legacy

• Alfa-Bank Ukraine rendered sponsor support to the new music project “Vnochi” by

a famous Ukrainian singer and composer Svyatoslav Vakarchuk.

• Within programs “Restoration of Cultural Heritage” and “St. Petersburg’s Facades”

TNK-BP since 2004 has supported the restoration of historical buildings in

St. Petersburg.

• LLC “Orenburg Vodokanal” (subsidiary of Rosvodokanal Group) donated financial

assistance to establish a monument in honour of Orenburg soldiers killed in the

military conflicts.

• LLC “Krasnodar Vodokanal” (subsidiary of Rosvodokanal Group) rendered sponsor

support to the construction of the Orthodox Church in Krasnodar.

• Kyivstar rendered sponsor support to the National Academic Theater of Russian Drama

named after Lesia Ukrainka.

• Alfa-Bank Russia sponsored a premiere of the Mariinsky Theatre conducted by

Valery Gergiev at Sadler’s Wells Theatre in London, also Alfa-Bank Russia sponsored

a national literary Big Book Prize.

• MegaFon became an official sponsor of Russian Fashion Week 2009 in Moscow.

• Alfa-Bank Russia sponsored concerts of legendary rock groups “The Rasmus”,

“Kingdom Come”, “Alice Cooper” and “Scorpions” in Ekaterinburg and “Over The

Rainbow” in Omsk; a concert of famous opera singer Dimitri Hvorostovski in Tyumen

and Perm; a tour of Evgeny Grishkovets in Nizhny Novgorod.

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• MegaFon became a general sponsor of the “Future Depends on You. New Rules”

modern art exhibition in seven cities of Russia.

Sporting Initiatives

• JSC “OmskVodokanal” (subsidiary of Rosvodokanal Group) rendered sponsor support

to the X All-Russian Sambo Championship in Omsk.

• Kyivstar organized a Football Championship for schoolchildren from 64 cities of

Ukraine.

• JSC “OmskVodokanal” (subsidiary of Rosvodokanal Group) provided financial assistance

to the basketball team of boarding school No16 in Omsk.

• MegaFon sponsored a Mini Football Championship for orphanages and boarding

schools in Moscow.

• X5 Retail Group N.V., a General Partner of the Russian Federation of Sport and an

Official Partner of the Russian National football team, has allocated US $14 million

to the construction of new football fields, supporting youth sport schools and talented

young athletes.

• MegaFon is an official sponsor of the state-owned “Sport” TV-channel and the Russian

Hockey Federation.

• MegaFon is the official sponsor of the Russian National Football Team from 2008–

2010.

• TNK-BP contributed US $8.2 million for the sport development and support programs

in Russia.

• MegaFon sponsored All-Russian Rhythmic Gymnastics Championship in Kislovodsk.

• Donetsk Electrometallurgical Plant (A1 project) sponsored the Ice Hockey Federation

of Ukraine.

• MegaFon is an official sponsor of Winter Olympic Games 2014 and Winter Paralympic

Games 2014 in Sochi.

Environmental Protection, Health Care and Security Assurance

• As members of “Сorporate Сlub of the World Wildlife Fund (WWF) Russia” Alfa-Bank

Russia and VimpelCom regularly contribute to nature conservation initiatives. In 2009

“Asian Leopards Recruitment Program” started in the Caucasus.

• MegaFon held the “Green Subbotnik” Russia-wide environmental campaign to plant

trees, flowers and clean up litter.

• TNK-BP provided assistance to programs supporting children suffering from

developmental disabilities, and participated in activities promoting healthy lifestyle and

anti-drug campaigns.

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• MegaFon held the “Billion with Small Change” charitable campaign to finance complex

surgical operations for children suffering from cancer.

• Kyivstar held the“Give up Using Paper Bags, Save a Tree” environmental campaign to

reduce the use of paper bags.

• MegaFon held the “Cross the Street Against the Green Light” charitable campaign to

provide safety for pedestrians and drivers.

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AWARDS AND RECOGNITION

As one of the leading financial-industrial investment conglomerates in Russia, and as one

of the largest investors into emerging markets in the world, Alfa Group, its companies

and its people are recognized by prestigious independent organizations and the media as

leaders in their industries. Following is a selection of some of this recognition:

XI Avtoforum AwardIndependence Group (A1 project): “Best Auto Dealer of Premium Brands in Russia”

(2009)

20th Century Fox CIS Award Cinema Chain “Kronverk Cinema” (A1 project): 1st Place, “Global Mobilization” (2008)

Absolute Brand 2009 AwardMegaFon: “Grand Prix for Absolute Brand 2009” (2009)

Aksia Newspaper CTC Media, Inc.: 11th Place in Top-50 Dream Employers for a Young Specialist (2007); 1st

Place in Rating of Top Employers in Mass Media, Advertising and PR Sphere According to

Young Specialists (2007, 2008); 1st Place in Top Employers in Mass Media, Advertising and

PR Sphere According to Experts (2008)

All-Russian Contest “Best Housing and Utility Company”JSC “OmskVodokanal” (Subsidiary of Rosvodokanal Group): “Best Housing and Utility

Company” (2009)

Association of Managers in Russia “Business Leaders in Russia”: Mikhail Fridman, Chairman of the Supervisory Board of

Alfa Group; Petr Aven, President of Alfa-Bank Russia (2009)

“Top-1000 Most Professional Top-Managers of Russia”: (3rd Place – Communication),

Sergei Soldatenkov, CEO of MegaFon; (3rd Place – Finance), Mikhail Khabarov, CEO of

Alfa Capital Management; (6th Place – Commercial Banks), Rushan Khvesyuk, Chairman

of the Executive Board and Acting CEO of Alfa-Bank Russia; (5th Place – Communication),

Alexander Torbahov, CEO of VimpelCom; (8th Place – Retail Trade), Lev Khasis, CEO,

Chairman of the Executive Board of X5 Retail Group N.V.; (3rd Place – Insurance

Companies), Vladimir Skvortsov, CEO of AlfaStrakhovanie Group (2009)

“Top-1000 Most Professional Financial Directors of Russia”: (1st Place – Finance),

Alexander Goncharenko, CFO of Alfa Capital Management; (1st Place – Communication),

Elena Shmatova, Vice-President of Finance and CFO of VimpelCom; (2nd Place – Insurance

Companies), Vera Volkun, CFO of AlfaStrakhovanie Group (2009)

“Top-1000 Most Professional HR Directors of Russia”: (2nd Place – Finance), Irina

Krivosheeva, Executive Director of Alfa Capital Management; (4th Place – Insurance

Companies), Anna Efremova, HR Director of AlfaStrakhovanie Group; (1st Place –

Commercial Banks), Andrey Shibanov, HR Director of Alfa-Bank Russia (2009)

“Top-1000 Most Professional IT Directors of Russia”: (1st Place – Communication),

Vladimir Filippov, Vice-President of Information Technologies of VimpelCom; (5th Place –

Communication), Konstantin Yupov, Director of Information Technologies of MegaFon; (1st

Place – Retail Trade), Teimur Shternlib, Director of Information Technologies of X5 Retail

Group N.V.; (1st Place – Commercial Banks), Sergey Mednov, Director of Information

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Technologies of Alfa-Bank Russia; (1st Place – Insurance Companies), Andrey Pedorenko,

Director of Information Technologies of AlfaStrakhovanie Group (2009)

“Top-1000 Most Professional Commercial Directors/Marketing Directors”: (1st Place –

Communication), Kent McNeley, Vice-President, Chief Marketing Officer of VimpelCom;

(2nd Place – Communication), Larisa Tkachuk, Deputy Chief Marketing Officer of MegaFon;

(1st Place – Finance), Ilya Khaikin, Director of Marketing and Business Development

of Alfa Capital Management; (1st Place – Insurance Companies), Tatiana Puchkova,

Marketing Director of AlfaStrakhovanie Group; (1st Place – Commercial Banks), Viktor

Shkipin, Marketing Director of Alfa-Bank Russia (2009)

“Top-1000 Most Professional PR Directors of Russia”: (Laureate – Insurance Companies),

Anastasia Bondareva, PR Director of AlfaStrakhovanie Group; (1st Place – Retail Trade),

Yury Kobaladze, Managing Director of Corporate Relations of X5 Retail Group N.V.; (2nd

Place – Communication), Kira Kiryuhina, PR Director VimpelCom; (1st Place – Commercial

Banks), Leonid Ignat, Director of Information Policy and Public Relations of Alfa-Bank

Russia (2009)

Audi Award Independence Group (A1 project): 1st Place, “The Index of Clients’ Loyalty and the Special

Achievements in Servicing” (2008)

Banker MagazineAlfa-Bank Ukraine: “Bank of the Year” (2009)

Companion Magazine (Ukraine) Igor Litovchenko, President of Kyivstar: “Best Manager – Telecommunications” (2003);

3rd Place, “Best Top-Manager of Ukraine” (2007); 1st Place, “Best Top-Manager of

Ukraine” (2008); 1st Place, “Most Successful and Most Respected Manager of Ukraine”

(2009)

Andrew Simmons, CFO of Kyivstar: 4th Place, “Top-10 Financial Directors in Ukraine”

(2007)

Taras Parkhomenko, Marketing Director of Kyivstar: 3rd Place, “Top-10 Marketing

Directors in Ukraine” (2008)

Kyivstar: 1st Place, “Inspiring Company” (2007, 2008)

Company Magazine AlfaStrakhovanie Group: “Company of the Year” (2004, 2006)

Vladimir Skvortsov, CEO of AlfaStrakhovanie Group: “Best Manager – Financial Sector”

(2004)

TNK-BP: “Deal of the Year” (2003); “Company of the Year – Fuel and Energy Complex”

(2004, 2006, 2007)

MegaFon: “Best Telecommunication Company” (2004)

VimpelCom: “Company of the Year” (2005)

X5 Retail Group N.V.: “Company of the Year” (2008)

Corporate Lawyer MagazineJSC “TNK-BP Management”: Laureate of the “Best Legal Department” (2009)VimpelCom: 1st Place, “Best Legal Department” (2009)

Correspondent Magazine (Ukraine) Kyivstar: “Country’s Best Employers Among Telecommunication Companies” (2007); 1st

Place, “Best Employer” (2007, 2008)

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Delovoy Magazine (Ukraine) Kyivstar: 1st Place, “Top-50 Employers in Ukraine” (2008)

EFFIE AwardAlfaStrakhovanie Group, website “Odnoklassniki.ru”: “Excellent Insurance” (2008)

Euromoney Magazine Alfa-Bank Russia: “Highly Recommended Bank – Russia” (2000); “Best Bank in Russia”

(2002, 2007, 2008, 2009); “Best M&A House in Russia” (2004); “Best M&A Deal of the Year”

(2004); “Best Forex Bank in Russia” (2006)

TNK-BP: “Best Borrower” (2003); “Eurobond of the Year” (2006)

VimpelCom: “Best Borrower” (2005)

European Brand InstituteVimpelCom: “Most Valuable Russian Brand” (2009)

Financial Times Mikhail Fridman, Chairman of the Supervisory Board of Alfa Group: “Business-Leaders

of the New Europe” (2004)

VimpelCom: “Top-10 Most Valuable World’s Brands in Telecommunications” (2009)

Galitsky Contracts Publishing House and GVardia MagazineKyivstar: “Most Valuable Corporate Brands” (2009)

Global Finance Magazine Alfa-Bank Russia: “Best Russian Domestic Bank” (1999, 2000, 2001, 2002, 2003, 2008);

“Best Russian Trade Finance Bank” (2001, 2002, 2003, 2004, 2007, 2008); “Best M&A

Advisor” (2003, 2004); “Best Foreign Exchange Provider in Russia” (2004, 2005); “Best

Retail Bank in Russia” (2004); “World’s Best Internet Bank in Central & Eastern Europe”

(2008); “Best Equity Research Bank” (2008)

Rosvodokanal Group: “Best Utilities Company in Russia” (2007)

Golden Salamander AwardAlfaStrakhovanie Group: “Marketing Project 2008” (2008)

Google AwardCTC Media, Inc.: Serial “Margosha”: “Best Sitcom of the Year” (2009)

CTC Media, Inc.: Maria Berseneva, an Actress of Serial “Margosha”: “Best Actress of

the Year” (2009)

Hewlett-Packard Award TopS Business Integrator Company (Systematic Group, A1 project): HP Gold Preferred

Partner Status and HP Software Business Partner Platinum Status (2008)

HR-Brand AwardAlfaStrakhovanie Group: “Federal Project” (2009)

VimpelCom: “Key Employee” (2009)

IBM Power Systems Alfa-Bank Russia: “Innovation Award” (2008)

Independent Expert Council of Superbrands International Perekrestok Chain of Supermarkets: “Russian Consumer Market Super Brand” (2004)

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Alfa-Bank Russia: “Super Brand of the Year” (2005, 2008)

AlfaStrakhovanie Group: “Strongest Brand of the Inter-Corporate Business – B2B”

(2006)

InMind Agency and Kiev International Institute of SociologyKyivstar: “National Mobile Communications Operator” (2009); “New Quality of Mobile

Communication” (2009)

Institutional Investor Magazine Petr Aven, President of Alfa-Bank Russia: “Best Manager of Financial Services in Russia”

(2004)

Alexander Izosimov, CEO of VimpelCom: “Best Russian Top-Manager in

Telecommunications” (2005, 2007)

Lev Khasis, CEO and Chairman of the Management Board of X5 Retail Group N.V.: “Best

Manager of Retail Trade Market in Russia” (2008)

Interbrand Zintzmeyer & Lux Ag and Businessweek Russia Magazine Alfa-Bank Russia: “Best Bank in Russian Brand Rating” (2006)

Pyaterochka: “Most Valuable Brand in Russia in Retail Chains” (2006, 2007, 2008)

Beeline (Trade Mark of VimpelCom): “Most Valuable Brand in Russia in Telecommuni-

cations” (2007)

Invest-Gazeta (Ukraine) Kyivstar: “Most Dynamic Ukrainian Company” (2003)

Alfa-Bank Ukraine: 1st Place in Terms of Asset Growth (2007); 1st Place in Terms of Equity

Growth (2007); 1st Place in Terms of Loan Portfolio Growth (2007); 1st Place in Terms of

Capital Growth (2007); 4th Place in Terms of Capital Growth (2008); 2nd Place in Terms of

Deposit and Loan Portfolio Growth (2008); 2nd Place in Terms of Asset Growth (2008)

Igor Litovchenko, President of Kyivstar: “Most Successful Manager in Ukraine” (2009)

IR Magazine Awards VimpelCom: “Best Corporate Governance Award”, “Best Investment Community

Meetings and Roadshows”, “Grand Prix for Best Overall Investor Relations” (2003, 2004,

2005); “Best Annual Report” (2004); “Grand Prix for Best Investor Relations by Russian

Company” (2007); “Best IR Work in a Crisis” (2009)

Alexander Izosimov, CEO of VimpelCom: “Best Investor Relations by a CEO/CFO” (2004)

Valery Goldin, Vice-President of International and Investor Relations of VimpelCom: “Best Investor Relations Officer – Large Cap” (2004)

X5 Retail Group N.V.: “Grand Prix for Best Overall Investor Relations” (2008)

Anna Kareva, Director for Public and Investor Relations of X5 Retail Group N.V.: “Best

Investor Relations Officer” (2008)

Jaguar Award Independence Group (A1 project): 1st Place, “Top-20 of the Jaguar Dealers in Europe”

(2008); “Best Service Dealer in Russia” (2008); “Best Jaguar Brand Presentation in

Russia” (2009)

JP Morgan Chase Bank Alfa-Bank Russia: “Best Bank in Terms of the Quality of US Dollar Clearing” (2002, 2003,

2004, 2005); “Elite Quality Recognition Award” (2008); “Best Bank in Terms of the Quality

and Dynamic Development in Cashless Settlements” (2009)

Krasnodar City Administration, Duma of Krasnodar Rosvodokanal Group: “Best Utilities Company in Krasnodar” (2008)

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Land Rover Award Independence Group (A1 project): “Best Land Rover Brand Presentation in Russia”

(2008)

Mass Media Analysis and Monitoring System Mediologia Alfa-Bank Russia: “Most Frequently Quoted Russian Bank in the Mass Media” (2008,

2009)

Microsoft Corporation Award AND Project Company (Systematic Group, A1 project): Award for “Outstanding Results in

the Microsoft Product Market” (2008); Award for “Active Promotion of Microsoft Dynamics

Brand in Russia” (2009)

National Award “Financial Olymp” AlfaStrakhovanie Group: Award “Result and Success in Customer Service” (2008, 2009)

National Bank of Ukraine Alfa-Bank Ukraine: Top-10 Largest Banks in Ukraine in Terms of Assets (2007); 8th Place

in Terms of Capital and Assets (2008)

National Contest “Corporate Governance Leaders in Russia”JSC “TNK-BP Holding”: “Best Dividend Policy” (2009)

National Contest “New People, New Ideas”Denis Alexandrov, CFO of A1: “Best Financial Director” (2009)

National Contest “Top-100 Best Products in Russia”Euro-5 (Fuel Diesel of TNK-BP): Laureate of the “Top-100 Best Products in Russia”

(2009)

National Television Award “TEFI” The following awards are for CTC Media, Inc.:Television Program “Stories in Detail”: “Best Entertaining Program” (2007, 2008)

Nikolai Drozdov, a Host of Domashny Channel: “For Personal Contribution to Television

Development” (2007)

Alexander Rodnyansky, a Producer of Serial “Daddy’s Girls”: “Best Movie Producer”

(2008)

Serial “Daddy’s Girls”: “Best Sitcom of the Year” (2008, 2009)

Program “The Cleverest”: “Best TV Game Show” (2009)

Program “Thank God You Have Come!”: “Best Comedy Show” (2008)

Mikhail Shvydkoy, a Host of Domashny Channel: “Best Entertainment Program Anchor”

(2008)

Elena Perova, a Host of Domashny Channel: “Best Entertainment Program Anchor”

(2008)

Promo-Campaign “CTC is a Wonderland”: “Best Channel Branding” (2008)

Serial “Thirtysomething”: “Best Promo” (2008)

Nextep Group of Companies and Kommersant-Money Magazine AlfaStrakhovanie Group: 1st Place in Terms of Client Service Quality (2007); 1st Place in

Terms of Office Look (2008); 1st Place in Terms of Recognizing Customer Needs (2008);

1st Place in Terms of Composing an Offer (2008)

Alfa-Bank Russia: 1st Place in Terms of Client Service Quality (2008, 2009)

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Omsk Construction and Utilities Department JSC “OmskVodokanal” (Rosvodokanal Group): “Best Utilities Company in the Omsk

Region” (2007)

Rabota.Mail.Ru AwardMegaFon: “Best Russian Employee” (2009)

Retail Finance Alfa-Bank-Cosmopolitan-Visa, Co-Brand Card: “Year Creative Award” (2007)

AlfaStrakhovanie Group: “Year Creative Award” (2008)

RosBusinessConsulting Perekrestok Chain of Supermarkets: National Award “Company of the Year – Consumer

Services to Population”; “For Corporate Governance” (2003); “Company of the Year in

Consumer Trading” Award (2005)

Lev Khasis, CEO and Chairman of the Management Board of X5 Retail Group N.V.: National Award “Person of the Year – Manager of Retail Business” (2002); “Person of the

Year – Entrepreneur” (2003)

TNK-BP: “Company of the Year” Award – Fuel and Energy Complex” (2005, 2006)

Golden Telecom: “Company of the Year” Award – High Technology” (2005)

Alfa Capital Management: (Laureate) “Top-10 Mutual Funds Asset Management

Companies” (2006); Laureate of the “Company of the Year” (2007, 2009)

X5 Retail Group N.V.: “Company of the Year” (2006, 2009)

Olga Turishcheva, Marketing Director of VimpelCom: “Marketing Director” (2005)

Alfa-Bank Russia Analysts: “Best Equity Analysts” (2008)

MegaFon: “Company of the Year” Award – Services and Telecommunications” (2008)

Sberbank AwardMegaFon: “Strategic Partner of Sberbank in Russia” (2009)

SPEAR’S UK AwardAlfa-Bank Russia: “Best Bank in Russia in Terms of the Wealth Management” (2009)

Thomson Reuters Extel Survey – Focus Russia 2009Evgeny Kornilov, CFO of X5 Retail Group N.V.: “Best CFO in Terms of Investor Relations”

(2009)

Anna Kareva, Director for Public and Investor Relations of X5 Retail Group N.V.: “Best

Investor Relations Director” (2009)

Ukrainian Corporate Media Association (Annual Report Contest) Alfa-Bank Ukraine: Award for “Immaculate Structure of the Corporate Journal,

Professionalism and Considerable Contribution to the New Standards of Corporate

Journal in Ukraine” (2007)

World Brand Academy Mikhail Fridman, Chairman of the Supervisory Board of Alfa Group and Petr Aven, President of Alfa-Bank Russia: Award “For Creation of Successful Russian Brand”

(2006)

MegaFon: “Socially Responsible Company” (2008)

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CONTACT INFORMATION

Alfa-Bank RussiaPresident: Petr Aven

Acting as CEO: Rushan Khvesyuk

Address: 27 Kalanchevskaya Street, Moscow,107078, Russia

Tel.: +7 (495) 620-91-91, (495) 974-25-15

E-mail: mail@alfabank.ru

Alfa-Bank UkrainePresident: Alexander Lukanov

Chairman of the Executive Board: Viktoria Mikhalyo

Address: 4/6 Desyatynnaya Street, Kiev, 01025, Ukraine

Tel.: +38 (044) 490-46-00

Fax: +38 (044) 490-46-01

E-mail: ccd@alfabank.kiev.ua

Alfa Capital ManagementCEO: Mikhail Khabarov

Head of PR: Dmitry Nazarkin

Address: 32/1 Sadovaya-Kudrinskaya Street,

Moscow, 123001, Russia

Tel.: + 7 (495) 797-31-52

Fax: + 7 (495) 797-31-51

E-mail: info@alfacapital.ru

Alfa Capital PartnersCEO: Richard Sobel

Address: 32/1 Sadovaya-Kudrinskaya Street,

Moscow, 123001, Russia

Tel: + 7 (495) 775-18-28

Fax: + 7 (495) 775-18-27

E-mail: info@alfacp.ru

AlfaStrakhovanie GroupCEO: Vladimir Skvortsov

President: Mikhail Bershadsky

Address: 31 B Shabolovka Street, Moscow, 115162, Russia

Tel: +7 (495) 788-09-99

Fax: +7 (495) 785-08-88

E-mail: alfastrah@alfastrah.ru

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TNK-BPInterim CEO: Mikhail Fridman

Address: 1 Arbat Street, Moscow, 119019, Russia

Tel.: +7 (495) 777-77-07

Fax: +7 (495) 777-77-08

E-mail: company@tnk-bp.com

A1President: Andrei Zemnitsky

Address: 12 Krasnopresnenskaya Naberezhnaya,

Moscow, 123610, Russia

Tel.: +7 (495) 967-00-00, (495) 967-00-66

Fax: +7 (495) 967-00-76

E-mail: a-1@a-1.com

Rosvodokanal GroupСEO: Petr Zolotarev

Address: 13 2nd Zvenigorodkaya Street, Bld. 15,

Moscow, 123022, Russia

Tel.: +7 (495) 514-02-11

Fax: +7 (495) 514-02-11

E-mail: info@rosvodokanal.ru

CTC Media, Inc.CEO: Anton Kudryashov

Corporate Communications Director: Ekaterina Osadchaya

Address: 15A Pravda Street, Moscow, 125124, Russia

Tel.: +7 (495) 785-63-33

Fax: +7 (495) 642-94-51

E-mail: info@ctcmedia.ru

X5 Retail Group N.V.Chairman of the Supervisory Board: Herve Defforey

CEO and Chairman of the Management Board: Lev Khasis

Address: 28 Srednyaya Kalitnikovskaya Street, Bld.4,

Moscow, 109029, Russia

Tel.: +7 (495) 662-88-88, (495) 789-95-95

Fax: +7 (495) 662-88-88, ext. 41-265

E-mail: info@x5.ru

AltimoCEO: Alexei Reznikovich

Vice-President: Kirill Babaev

Address: 11 Savvinskaya Naberezhnaya, Moscow,

119435, Russia

Tel: +7 (495) 981-44-88

Fax: +7 (495) 981-44-48

E-mail: info@altimo.ru

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CTF Holdings LtdDirector: Franz Wolf

Head Office: 4 Irish Place, Suite 2, Gibraltar

Tel.: (350) 200 41977

Fax: (350) 200 41988

E-mail: info@ctf.ru

Manager of Corporate Relations: Natalia Dymova

Address: 11 Bolshoi Savvinskiy Pereulok, Office 351,

Floor 5, Entrance 3, Moscow, 119435, Russia

Tel.: +7 (495) 787-00-77

Fax: +7 (495) 792-52-35

E-mail: info@ctf.ru