Richard Melson

April 2006

Alfa Bank Moscow


Alfa-Bank Investor Confidence Index

Daily Brief

Monthly Market Outlook

Research Team

Alfa-Bank’s research department forms the core of the Bank’s expertise in monitoring current developments and valuating investment opportunities in Russia and the CIS.

Fixed Income and Equity Research Alfa-Bank has been active in researching Russia’s emerging financial markets for more than 11 years. Our analysts are experienced professionals whose work is based on up-to-the-minute information drawn from a vast range of both public and proprietary sources.

Our forecasts and ratings are formulated on the basis of in-house economic and mathematical models, as well as expert evaluations of both domestic and international market trends. Our reports focus on Russia’s macroeconomic indicators and the key catalysts for particular sectors and traded stocks. We deliver timely insight into the fundamentals while also covering global, political and technical factors.

Alfa-Bank, one of the Russia’s largest privately owned banks, was founded in 1990.

Alfa-Bank is present in every key sector of the financial service industry, including corporate banking, retail banking, investment banking, trade finance, insurance and asset management.

The Bank is ranked among the most reliable and dynamically developing financial institutions that combines a thorough knowledge of the specific characteristics of the Russian market with the very highest Western standards.

Alfa-Bank’s branch network has grown to 110, including subsidiary banks in Russia, Ukraine, Kazakhstan and the Netherlands.

In addition to banking, the Bank has regulated FSA and NASD brokerage subsidiaries located in London and New York.

In December 31st, 2004, the assets of the Alfa-Bank Group, subsidiaries and financial companies, grew to $7 billion. The net profit for a year 2004 was $153 million, shareholder equity was $708 million, and loan portfolios were $4.7 billion.

Alfa-Bank has announced the launch of its new retail business, operating under the "Alfa Bank Express" brand introducing state-of-the-art retail services for private individual and small business customers.

Alfa-Bank is one of the few Russian domestic banks that operate under

international auditing standards (PricewaterhouseCoopers — since 1993).

Alfa-Bank received the Operational Risk Achievement Award 2004 and

2005 for "Operational Risk Framework at a financial institution

based in an emerging market" from Operational Risk Magazine.

Alfa-Bank has won numerous awards, including Global Finance’s Best Retail Bank, Best M&A Advisor, Best Trade Finance in Russia 2004 and Best FOREX Bank in Russia 2004-2005, Best Russian Bank 2003, Euromoney’s Best M&A House in Russia 2004 and Best Bank in Russia 2002, The Banker’s Bank of the Year 2000.

Alfa-Bank has a long history of supporting charities, Russian culture and creating programs for young talent. The Bank is Trustee of the Bolshoi Theatre, member of the Corporate Club of WWF Russia (World Wide Fund for Nature) and donator to Russian Charity "Life Line"

Alfa-Bank is a member of Alfa Group Consortium

Corporate Head Office:

27 Kalanchevskaya Street

Moscow 107078

Russian Federation

Tel +7 495 929-91-91


Telex 412089 ALFARU


Alfa Capital Markets

21st Floor, City Tower

40 Basinghall Street

London EC2V 5DE

United Kindgom

Tel +44 (0) 20-7588-8500

Fax +44 (0) 20-7382-4170

Media and PR

Vice President, Head of International Media & PR

Svetlana Smirnova

Tel + 7 495 785-96-50

Fax +7 495 788-69-81

Alfa Capital Markets Inc.

540 Madison Avenue, 30 floor

New York NY 10022

United States

Tel +1 212 421-75-00

Fax +1 212 421-86-33

Financial Institutions

Head of International Banking and Financial Institutions

Maxim Topper

Tel +7 495 929-91-88

Fax +7 495 792-58-43

Amsterdam Trade Bank N.V.

475 Herengracht

Amsterdam 1017 BS

The Netherlands

Tel +31 20 556-95-56

Fax +31 20 639-15-46

Corporate Finance

Head of Corporate Finance

Managing Director

Rafael Nagapetiants

Tel +7 495 795-36-81

Fax +7 495 795-36-91

Alfa-Bank Kazakhstan

57a Masanchi Street

Almaty 480012


Tel +7 3272 92-00-12

Fax +7 3272 50-78-03

Alfa-Bank Ukraine

4/6 Desyatinnaya

Kiev 01025


Tel +38 044 490-46-00

Fax +38 044 490-46-01


Head of Equities

Dominic Gualtieri

Tel +7 495 795-36-49

Fax +7 495 745-78-97

Alfa-Bank is a member of Alfa Group Consortium

Alfa Bank news

Alfa Capital Markets (UK) has been appointed Corporate Broker to Cardinal Resources plc. Alfa Capital Markets, the London-based, FSA-regulated arm of Alfa Bank"s investment banking business, has been appointed Corporate Broker to Cardinal Resources plc., an independent oil and gas production and exploration company operating in Ukraine, with effect from 6th April 2006.

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