x5 retail group nv - Alfa Group

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Alfa Group
Annual Report 2010

CONTENTS
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Statement by the Chairman of the Supervisory Board of Alfa Group Consortium
Alfa Group’s Principal Holdings
Alfa Group’s Legal Structure (Abbreviated)
Alfa Group Financial Highlights
Governance in the Alfa Group Consortium
Supervisory Board of Alfa Group
Alfa Group’s Corporate Center
Alfa Group’s Investment Philosophy
Alfa-Banking Group
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
Summarised Combined Financial Statements
and Independent Auditor’s Report
* In June 2011, Alfa Group Consortium sold its stake in CTC Media, Inc.

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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
As world economies began to settle by mid-2009, Russia benefited more than most
markets from low global interest rates and shrinking spreads, lower borrowing costs
combined with a weaker dollar, rising commodity prices and investors’ renewed risk
appetite. These factors, combined with a low base effect, pushed the RTS Exchange up
by 129% in 2009 – the 2nd best performing market in the world.
The optimism of 2009, however, proved to be short lived. What initially looked like
a continuation of the 2009 rally faded during 2010 on concerns over the slow pace of
domestic recovery, a notable acceleration in inflation, lackluster growth in real wages
and household consumption, and a mixed - and at times unstable - global picture.
Notwithstanding this, the RTS Exchange managed to rise 23% in 2010 – better than some
developing markets, but lagging others.
Looking forward, there are, however, a number of expected trends and developments which
should provide sturdy support to Russia’s economic and investment climate. Chief among
them are Russia’s intended accession to the WTO (expected mid- 2011) and the start of a
new round of planned privatization, both of which should act as an anchor for long-term
reform, and help to improve overall investment attractiveness of Russia. In particular,
WTO accession should positively impact on a number of policy initiatives including
foreign direct investment, domestic consumption and judicial reform. Additionally, while
domestic recovery is expected to be largely driven by consumption, inventory stocking
and fixed investment is expected to accelerate during 2011 and contribute to growth, after
lagging behind most other parts of the world. Also, importantly, as the Russian middle
class continues to increase in size and importance the Russian economy will become
increasingly robust and sustainable.
While no one is certain how the worldwide economic situation will develop, we can be fairly
certain the ensuing years will be characterized by volatility and fragility – particularly in

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the case of Russia which will continue to be buffeted by fears over the global environment
and the price of oil. Irrespective of how global and domestic events continue to unfold, we
are certain that opportunities will continue to emerge from the historical changes that are
now taking place in world economies and markets. During 2010 and 2011 we were busy
taking advantage of these opportunities. Highlights include:
In March 2010, Alfa-Bank Russia placed US $600 mln in Eurobonds. The issue was
oversubscribed by five times and was the first Eurobond placement of the largest privately
owned Russian banks in 2010;
In April 2010, in connection with Altimo and Telenor ASA’s intention to combine
VimpelCom Group and Kyivstar GSM assets under a common holding, the exchange offer
for OJSC VimpelCom shares and ADRs was successfully completed clearing the way for
the establishment of the newly created VimpelCom Ltd;
In June 2010, MegaFon acquired Synterra, the third largest fixed-line operator in terms
of backbone network in Russia, for US $745 mln (including debt). This transaction was
the first strategically important step towards transforming MegaFon into a universal
telecommunications operator;
In September 2010, X5 Retail Group N.V. refinanced early its 3-year US $1.1 bln syndicated
facility with a new 3-year US $800 mln equivalent dual-currency (RUB and USD) club
facility. The club facility fully meets X5’s needs for a diversified debt portfolio and provides
good flexibility in managing X5’s liquidity and debt maturities;
In October 2010, TNK-BP acquired various stakes in BP’s oil assets in Venezuela and in
infrastructure projects and gas assets in Vietnam for US $1.8 bln;
In November 2010, in accordance with its intention to expand internationally, TNK-BP
signed a cooperation agreement with the Vietnamese state corporation PetroVietnam
outlining steps for further collaboration to expand TNK-BP’s upstream and downstream
oil and gas business in Vietnam and to support PetroVietnam in its intention to develop its
upstream business in Russia;
In December 2010, X5 Retail Group N.V. purchased 100% of the business and assets of
Kopeyka discount food retail chain for RUB 51.5 bln (including RUB 16.5 bln assumed
debt). The deal strengthens X5’s number one food retail position in Russia, is an excellent
strategic fit and provides attractive value for shareholders as X5 expects to realize
significant synergies and strong upside potential in sales density, profitability and cash
flow generation at Kopeyka;
In April 2011, VimpelCom Ltd. merged with Wind Telecom S.p.A. creating the sixth largest
mobile telecommunications carrier by subscribers in the world. The combined company
will operate in 20 countries covering a population of 843 mln persons, with over 181 mln
subscribers;
In June 2011, Alfa Group sold its 25.2% stake in CTC Media, Inc. to a strategic investor for
US $1.09 bln;
In June 2011, Altimo sold a 6% stake in VimpelCom Ltd. to a strategic investor which
reduced Altimo’s voting stake in VimpelCom Ltd. to just below 25%.

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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
the Group and its companies, as always, will capitalize on the very best opportunities
which will present themselves.
On behalf of the Supervisory Board, I wish to thank all of our clients and business partners
for their unwavering trust and support. I would also like to express my appreciation to
Alfa Group’s management for their talented and continuing contributions.
Mikhail Fridman
10 June 2011

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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. The 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
the Group’s strategic business objectives.
Alfa Capital
Includes 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.
Altimo
One 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.
Alfa-Banking Group
Includes Alfa-Bank Russia, Alfa-Bank
Ukraine, banks in the Netherlands, in
Belarus and in Kazakhstan as well as
presence in Cyprus, the United States
and the United Kingdom.
AlfaStrakhovanie Group
Leading issuer of non-obligatory
insurance in Russia.
TNK-BP
A major Russian vertically integrated
oil and gas company.
CTC Media, Inc.*
One of the largest independent
commercial television broadcasters
in Russia offering entertainment
programming.
VimpelCom Ltd.
International telecommunications company. Listed on US NYSE.
Rosvodokanal Group
Regional leader in water-supply and
waste disposal operating in Russia and
Ukraine.
MegaFon
Leading wireless telecommunications service company in Russia.
Turkcell**
Leading wireless telecommunications service company in Turkey. Listed on Turkish
IMKB and US NYSE.
Pyaterochka
Leading food retailer in Russia with a dominant position in the high-growth
discounter segment.
Perekrestok
Leading chain of supermarkets in Moscow and other population centers in Russia
and the CIS.
Kopeyka
Оne of the largest soft discounter chains in Russia.
Karusel
Оne of the largest hypermarket operators in Russia.
А1
Proprietary and for-client investment
in Russia, the CIS and other developing
markets.
* In June 2011, Alfa Group Consortium sold its stake in CTC Media, Inc.
** Investment in Turkcell is managed by Altimo and is owned by Alfa Finance Holdings S.A.

ALFA GROUP’S LEGAL STRUCTURE
(Abbreviated)
Mikhail Fridman, German Khan and Alexey Kousmichoff jointly hold beneficial controlling stakes in the Group’s main
Subholdings – ABH Holdings S.A., Alfa Finance Holdings S.A., Altimo Holdings and Investments Ltd., X5 Retail Group N.V.,
A Common Holdings Ltd. (including the Rosvodokanal Group). Set out below is a summary of the Group’s main subholdings
and their main investments indicating the Group’s effective ownership and effective voting interest.
77.86%
Beneficiaries
Mikhail Fridman, German Khan, Alexey Kousmichoff (1)
2.98%
100%
Crown Finance Foundation
74.88%
100%
100%
ABH Russia Ltd.
25.00% 25.10%
TNK-BP Ltd. ОАО MegaFon
(Alfa-Bank Russia)
100%
100%
100%
96.53%
ABH Holdings S.A.
ABH Ukraine Ltd.
(Alfa-Bank Ukraine)
ABH Kazakhstan Ltd.
(Alfa-Bank Kazakhstan)
Amsterdam Trade
Bank N.V.
(Alfa-Bank Netherlands)
ZAO Alfa-Bank Belarus
(Alfa-Bank Belarus)
Minority shareholders of
ABH Holdings S.A.:
3 individuals – 22.14%
13.22%
25.20%
82.88%
92.78%
100%
(1) The controlling shareholders of Alfa Group.
(2) Managed by Altimo Holdings and Investments Ltd.
(3) Effective voting interest.
* In June 2011, Alfa Group Consortium sold its stake in CTC Media, Inc.
CTF Holdings Ltd.
71.25% 1.52% 47.86% 70.30% 100%
Alfa Finance Holdings S.A. Altimo Holdings and Investments Ltd. X5 Retail Group N.V.
Turkcell lletisim
24.99%
Hizmetleri, AS (2) VimpelCom Ltd.
CTC Media, Inc.*
OAO AlfaStrakhovanie
Аlfа Asset Management
Holdings Ltd. (BVI)
Alfa Private Equity
Holdings Ltd. (BVI)
(Alfa Capital Partners)
Minority shareholders of Alfa
Finance Holdings S.A.:
3 individuals – 22.14%
Minority shareholders of
OAO AlfaStrakhovanie:
various – 17.12%
Minority shareholders of Alfa Asset
Management Holdings Ltd. (BVI):
1 individual – 7.22%
Minority shareholders
of Altimo Holdings and
Investments Ltd.:
6 individuals – 27.23%
The above structure represents the high-level, effective ownership and operational structure of our subholdings.
Note that it does not depict the actual and complete legal structure of our subholdings.
Ventrelt Holding Ltd.
(Rosvodokanal Group)
100% 100%
(3) Owns
Owns Retail Chains
Pyaterochka,
Perekrestok,
Kopeyka and Karusel
Minority shareholders
of X5 Retail Group N.V.:
Other minorities – 52.14%
Rosvodokanal Group
A Common Holdings Ltd.
А1 Group Ltd.
Minority shareholders
of Rosvodokanal Group:
Other minorities – 29.70%

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ALFA GROUP FINANCIAL
HIGHLIGHTS
millions of USD 2010 2009 2008 (3) 2007 (3) 2006
Total Assets 59,900 48,372 51,877 49,712 32,195
Cash and Cash Equivalents
Investments in Joint Ventures, Associated
Companies and Investments Available for
Sale and Repurchase Receivables related
4,207 2,808 4,465 3,116 1,989
to Investments Available for Sale 19,014 14,849 13,853 17,132 10,217
Long-term Funding (1) 10,250 4,101 5,318 5,425 3,308
Shareholders’ Equity (2) 16,045 14,239 11,564 14,463 9,392
Profit (2) 2,034 2,341 1,852 1,669 1,664
Dividends Paid (2) 156 — — 19 120
Source: Annual audited Alfa Group IFRS combined financial statements.
(1) Includes non-current: borrowings, customer accounts and due to banks.
(2) Amount attributable to majority shareholders (excludes non-controlling interest).
(3) 2008 and 2007 statement of financial position captions and 2008 statement of comprehensive income captions were restated in the year ending
31 December 2009.
2010 2009 2008 2007 2006
Return on Shareholders’ Equity 13.4% 18.1% 14.2% 14.0% 20.5%
Dividend Payout Ratio 0.08 — — 0.01 0.07
Debt to Equity Ratio (1) (2) 0.47 0.21 0.34 0.29 0.34
Debt to Total Assets Ratio (1) 0.17 0.08 0.10 0.11 0.10
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).

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GOVERNANCE IN THE ALFA GROUP
CONSORTIUM
The Alfa Group Corporate Statute, approved by the Supervisory Board of the Alfa Group
Consortium and adopted by the Subholding Supervisory Boards, Advisory Committees,
and Boards of Directors, defines the composition and role of various decision making
bodies, decision making procedures and corporate governance policies and procedures.
Below are the main advisory and decision making bodies which operate within the Alfa
Group Consortium:
Supervisory Board of Alfa Group Consortium
The Group’s supreme consultative body that provides advice and consultation on
the strategic development of the Group as a whole as well as of its individual Subholdings.
Membership is comprised of the three beneficial shareholders of CTF Holdings Ltd.
(“CTF”), certain minority shareholders and top executives of the Group’s Subholdings and
representatives from CTF.
Subholding Advisory Committees, Boards of Directors and Supervisory Boards
Guide and co-ordinate the strategic development of the Subholding. Membership is
comprised of certain beneficial shareholders of CTF, certain minority shareholders and
top executives of the Subholding, independent directors (on certain Subholding Advisory
Committees, Boards of Directors and Supervisory Boards), and representatives from
CTF.
Subholding Executive Management Boards
Consider the most important day-to-day, operating decisions of the Subholding.
Membership is comprised predominately of top executives of the Subholding. A
representative from CTF sits on each Subholding Executive Management Board as an
observing member.

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SUPERVISORY BOARD
OF ALFA GROUP
The Supervisory Board of Alfa Group is the Group’s supreme consultative body that provides advice and consultation on
the strategic development of the Group as a whole as well as of its individual companies. The Supervisory Board comprises
11 members who represent the main companies of the Group. Supervisory Board meetings are held once every two weeks,
and serve as a forum to exchange ideas and opinions about the current developments in the world economic and political
arenas. The Supervisory Board also considers key strategic issues for the Group, including the review of major financial and
investment transactions, the critical evaluation of company performance, and the development of strong corporate governance
and control mechanisms.
The Annual Meeting of the Group is held each April at which time the Supervisory Board reviews and consults on: the results
of the yearly performance; performance-related compensation for top executives; forward-looking budgets; and the overall
strategy for each of the Group’s companies. The authority and activity of the Supervisory Board as well as of our individual
companies’ Boards is regulated by the Group Statute and corporate regulations, which are periodically reviewed and
appended.
Mikhail Fridman
Chairman 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 financialindustrial
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 ABH Holdings S.A. (holding company of Alfa-Banking Group), the
Supervisory Board of Directors of VimpelCom Ltd. and 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 of ABH Holdings S.A. (holding company of Alfa-Banking Group). 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. As Chairman of А1, Mr. Kousmichoff is
responsible for the strategic coordination and development of А1’s proprietary and for-client investment
business in Russia, the CIS and foreign markets. Mr. Kousmichoff is a member of the Advisory Committee of
Altimo as well as a member of the Board of Directors of ABH Holdings S.A. (holding company of Alfa-Banking
Group). 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, Chairman of the Board of Directors of Alfa-Banking Group, Co-Chairman of the
Board of Directors of CTC Media, Inc., and a trustee of the Board of the Russian Economic School, the center for
Economic Policy Research (CEPR) in Great Britain, and a member of the Board of Trustees of the Pushkin State
Museum of Fine Arts. He is also a member of the Board of Directors of ABH Holdings S.A. (holding company
of Alfa-Banking Group). Mr. Aven is 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 ABH Holdings S.A. (holding
company of Alfa-Banking Group) 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 Engineering Institute in 1987. He was born in Sillamaё, Estonia in 1961.
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.
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). From June 2008 until April 2010 he served as Chairman of the Board of Directors of JSC VimpelCom.
From April 2010 Mr. Reznikovich is a member of the Supervisory Board of VimpelCom Ltd. 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.

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Mikhail Khabarov
President of A1 and Chairman of the Management Board of Alfa Capital Management
From October 2010 Mr. Khabarov is President of A1 and Chairman of the Management Board of Alfa Capital
Management. From 2006 to 2010 Mr. Khabarov served as CEO of Alfa Capital Management. Previously,
Mr. Khabarov was CEO of Allianz ROSNO Asset Management, and was First Deputy CEO and CFO of ROSNO
Insurance Company. Mr. Khabarov graduated from the Moscow Institute of Steel and Alloys in 1993. In 2001
Mr. Khabarov received his MBA (Financial Management) from Pepperdine University (USA). Mr. Khabarov was
born in Zlatoust, Russia in 1971. He is married and has two daughters.
Andrei Gusev
Chief Executive Officer of X5 Retail Group N.V.
Since June 2011, Mr. Gusev is Chief Executive Officer of X5 Retail Group N.V. From 2006 to 2011, Mr. Gusev was
Director of M&A and Business Development of X5 Retail Group N.V. From 2001 to 2006, Mr. Gusev served as
Director of Investment Planning, Group Portfolio Management and Control of Alfa Group. Prior to joining Alfa
Group, Mr. Gusev served in various positions at Bain & Company, at Deloitte Touche Tohmatsu Limited and at A.T.
Kearney & Associates. In 1994 Mr. Gusev graduated with honours from the Lomonosov Moscow State University,
Faculty of Computational Mathematics and Cybernetics. In 2000 Mr. Gusev received his MBA at Wharton Business
School of the University of Pennsylvania (USA). Mr. Gusev was born in Moscow, Russia in 1972.
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 CORPORATE
CENTER
CTF Holdings Ltd (CTF), founded in 1996, is the main holding company of the Alfa Group
Consortium and fulfils the functions of the Group Corporate Center. The Corporate Center
reports directly to the Supervisory Board through the Director of Corporate Development,
Finance and Control who heads CTF and serves as Secretary of the Supervisory Board.
The primary mandate of the Corporate Center is to increase shareholder value by
managing development-related risks of the Group through the implementation and
maintenance of strong mechanisms of corporate governance and financial, strategic and
investment control within the Group. More specifically, this includes providing decision
making and implementation support to the Supervisory Board, the representation
and protection of shareholder interests as well as the provision of direct assistance to
the companies forming the Group. The Corporate Center works in the following main
areas:
•
•
•
•
•
•
•
•
•
Financial reporting, control and audit;
Representation on Advisory Committees, Boards of Directors and Supervisory Boards
of our companies;
Oversight of Internal Audit function through Audit Committees of our companies;
Representation of shareholder interests in respect of legal, financial, regulatory
matters;
Assistance to our companies in hiring key management, finance and other
personnel;
M&A, and legal tax and governance restructurings;
Finance raising;
Investment planning in our companies including methodology, monitoring and
control;
Strategic planning and budgeting.

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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 are interested in investments over which we can exercise control or significant
influence.
We typically make investments on the basis that we will have either majority or joint
control or significant influence, through share ownership board representation, or both.
Non-controlled investments are generally not attractive to us because the lack of control
makes it difficult to guide the development of these companies and maximize shareholder
value. Joint control is acceptable in cases where the joint venture partner is reliable and
brings experience or skills that complement our own, or shares funding obligations and
risks, which due to their size or nature, we wish to share.
•
We typically take a longer-term view, in order to realize the full potential of our
investments.
The fact that we typically hold controlling stakes in the companies in which we invest
makes any planned exit strategy tenuous. This is particularly true of direct, privatelyheld
investments. We therefore take this time to 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 capital
as 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.

15
•
First and foremost we are investors, not business managers.
We do not consider ourselves experts in managing and operating the companies that we
own – we leave the day-to-day management and operating decisions of our companies
to professional, competent management with industry experience. Our companies 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 are
leaders 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-BANKING GROUP
Alfa-Banking Group includes Alfa-Bank Russia which is today one of the largest privately
owned banks in Russia. It also includes Alfa-Bank Ukraine, one of the top-ten largest banks
in Ukraine. Alfa-Banking Group also comprises banks in the Netherlands, in Belarus and
in Kazakhstan as well as presence in Cyprus, the United States and the United Kingdom.
The Group offers a wide range of products and operates in all sectors of the financial
market, including corporate and retail lending, deposits, payment and account services,
foreign exchange operations, cash handling services, custody services, investment banking,
trade finance and other ancillary services to corporate and retail customers.
Johann Jonach, joined as CEO of the Alfa-Banking Group in late 2008 and is responsible
for the overall strategy and development of the Alfa-Banking Group. Alfa-Banking Group’s
business model is focused on a rapid organic growth strategy, geographical expansion,
further integration of business units and retaining of highly-qualified staff.
Alfa-Bank Russia
Founded in 1990, Alfa-Bank Russia has developed rapidly to become one of Russia’s
largest privately owned banks and is overall, Russia’s sixth largest bank in terms of
assets and sixth in terms of capital. 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. In 2010, the mass customer
business block was created as part of the corporate investment business in order
to strengthen Alfa-Bank Russia’s position in the segment of mass corporate clients
and individual entrepreneurs and promote loan products aimed at this segment.
The digital business block, which deals with developing and promoting new remote
customer service channels (for individuals) was also created in 2010.
Currently, Alfa-Bank Russia is focusing on growing its loan portfolio, paying particular
attention to attracting high-quality borrowers, as well as on efficiently restructuring
remaining troubled loans. Another priority is making the business more profitable,
in particular by diversifying revenue sources and increasing fees income. Alfa-Bank
Russia is also planning to develop new products in corporate and retail lending as
well as digital self-service channels.
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 during the last several
years – by 31 December 2010 Alfa-Bank Russia served approximately 40,000 corporate
and 5.3 mln retail customers, while the branch network has been extended to 364 offices
across Russia and abroad, including a subsidiary in the Netherlands. In addition to
banking, Alfa-Bank Russia has FSA, CySEC and FINRA-regulated brokerage subsidiaries,
and presence in Cyprus, London and New York.

17
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, Standard
& Poor’s – BB+ with stable outlook, and Fitch – 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.
As one of the top recognized brands in the Russian banking industry, in 2010 Alfa-Bank
Russia proved once again its leading position by winning numerous awards – among which
are best bank in the "Customer Experience Index" research by PricewaterhouseCoopers
and Senteo GmbH and "Best Money Bank 2010" national annual research by MMBA.
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. In 2010 the
rebranding of Severnaya Kazna Bank's branches and integration of banking products and
clients with Alfa-Bank Russia was completed.
Key Highlights – Alfa-Bank Russia
2010** 2009** 2008* 2007*
Total Assets, billion US $ 28.5 21.6 27.1 22.7
Net Profit, million US $ 553.0 77.0 230.0 253.5
Total Equity, billion US $ 3.1 2.7 2.1 1.9
Loan Portfolio, billion US $ 16.8 13.4 18.0 15.3
Customer Accounts, billion US $ 16.8 13.7 12.6 12.2
Number of Branches 364 326 364 303
Number of Personnel 15,349 13,211 12,944 12,560
Source: Alfa-Bank Russia audited IFRS financial statements or company data.
* Includes results of Alfa-Bank Kazakhstan and ATB.
** Includes results of ATB.

18
Alfa-Bank Ukraine
Alfa-Bank Ukraine, is a privately owned bank ranking among the top-ten largest banks in
Ukraine, and 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. As a member
of Alfa-Banking Group, Alfa-Bank Ukraine has access to tried and tested best practices
used by the Alfa-Banking Group. 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. The Bank has been assigned a rating by international rating agency
Standard & Poor’s.
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 aims to be the bank of choice
for financial interactions between the CIS and the European Union. In 2010, ATB made
important steps towards implementing and executing the newly established strategy with
a main focus on commercial lending, structured trade finance and treasury.
Alfa-Bank Belarus
In June 2008 Alfa-Banking Group acquired a controlling stake in Mezhtorgbank, one of
the leading banks in Belarus. The Group views the banking market in Belarus favorably and
will use the bank as a platform to develop its banking business in Belarus in the coming
years. The Bank, the head office of which is located in Minsk, has 15 representative offices
in all regions of Belarus.

19
USA
GREAT BRITAN
NETHERLANDS
BELORUSSIA
CYPRUS
UKRAINA
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-Banking Group
KAZAKHSTAN
Alfa Capital Holdings (Cyprus) Ltd. – London (branch); Alfa Capital Holdings (Cyprus) Ltd. – Nicosia; Alforma Capital Markets Inc. – New York;
Amsterdam Trade Bank N.V. – Amsterdam
For more detailed information please refer to Alfa-Banking Group web-site: www.alfabank.com

20
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 individual trust asset management of major private investors, asset
management of mutual investment funds, non-state pension funds, insurance companies,
corporate funds and fund-of-fund funds.
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,
international funds, folio (brokerage type services));
•
•
•
•
•
•
Proven, multinational team with deep experience in both emerging and OECD
(Organization for Economic Cooperation and Development) capital markets;
ACM product range encompasses 26 mutual investment funds (including equity, debt,
index, credit, sector-specific, specialized and real estate funds, and a hedge fund);
ACM manages the funds of 15 non-state pension funds and the funds of two insurance
companies;
Assets under management: US $1.56 bln (at 31 December 2010);
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;
Irina Krivosheeva, CEO of Alfa Capital Management, took the first place (finance
sector) in the rating "Top-1000 most professional top-managers of Russia" held by
Association of Managers in Russia.
ACM’s Assets Under Management on 31 December 2010
For more detailed information please refer to Alfa Capital Management web-site: www.alfacapital.ru

21
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 in
Russia, Ukraine, the CIS and Turkey. International institutional and private investors from
North America, Europe, Asia and Middle East, multilateral institutions (EBRD, IFC) as well
as Alfa Group Consortium originally committed US $701 million to three funds managed by
ACP, targeting private equity, real estate and infrastructure opportunities in the region. ACP
invests in equity and equity linked securities in companies and properties which offer the
potential for attractive risk adjusted returns and where the management, partners and coinvestors
are deemed to share a common vision and alignment of interests. The investment
period of the three funds (Alfa Private Equity Partners, L.P., The Great Circle Fund, L.P. and
Marbleton Property Fund, L.P.) has ended and ACP has no current plans to raise a new fund,
but ACP does evaluate new investments on an opportunistic basis. ACP efforts is focused
on actively managing the portfolio to derive maximum results for foreign investors and Alfa
Group Consortium. ACP employs a core team of experienced investment professionals,
supported by finance, legal and administrative personnel, who help ACP to provide financial
reporting and ensure compliance.
Private Equity Fund
Alfa Private Equity Partners, L.P. (“APEP”) is a closed end fund with US $200 million in original
commitments. APEP’s investment strategy is to provide equity capital to companies which
are emerging leaders in the new economy in Russia, Ukraine and the CIS. 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, Russian Fitness Group (includes World Class, FizKult, Reebok and
MaxiSport). In 2007, the Private Equity Fund made three investments: entering Russia’s fastgrowing
auto market through the Independence Group (in 2010 the Independence Group
acquired Avtoland in the Urals, via debt restructuring), launching a mortgage business, IpoTek
Bank (in 2009 ACP sold the investment in IpoTek Bank), and acquiring a controlling interest
in a popular mid-market Russian cuisine restaurant chain Elki-Palki. The Fund’s investment
period expired in December 2010, and ACP is now focused on maximizing the value of its
three remaining portfolio companies, with the expectation to exit them in 2012-2013.
Infrastructure Fund
The Great Circle Fund, L.P. (“GCF”) is a closed end fund which originally had US $180 mln in
funds under management, with sponsorship and leverage financing from the US Government’s
Overseas Private Investment Corporation. GCF’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. In 2009, the fund underwent a
reorganization, and an agreement was reached, by which ACP was appointed investment
manager and an affiliate was appointed General Partner. The restructuring was completed in
April 2010. The investment period of the fund ended in September 2010.
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. The Marbleton Fund closed with original equity commitments of US $321 mln
from institutional investors in the United States, Canada and Europe. The Marbleton Fund
pursues investments in real estate opportunities in Russia and the other CIS countries. In
2010, the Marbleton Fund held investments in partnership with developers and on a standalone
basis in Russia and Georgia totaling approximately US $90 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

22
ALFASTRAKHOVANIE GROUP
With more than 400 offices and branches across Russia, AlfaStrakhovanie Group today
(the “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 3.3 million individuals and
more than 323,000 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”. In 2010 AlfaStrakhovanie Group won the award “Golden Chariot”
in the category “Leading Insurance Company for Organizations and Enterprises of the
Russian Transport Industry”.

23
Key Highlights – AlfaStrakhovanie Group
Over the past few years AlfaStrakhovanie Group has strengthened its position in
the Russian insurance market:
2010 2009 2008 2007
Premiums collected, mln US $ 795 590 761 407
Total Insurer’s Liability, mln US $ 516 479 526 268
Number of contracts concluded, in units 2,256,796 2,158,821 2,257,080 1,464,537
Source: Сompany data.
Structure of AlfaStrakhovanie’s Insurance Portfolio 2010
0.6%
4.6%
11.5%
11.5%
20.5%
51.3%
For more detailed information please refer to AlfaStrakhovanie Group web-site: www.alfastrah.ru
Property Insurance
Personal Insurance
Compulsory Motor Third-Party
Liability Insurance
Life Insurance
Liability Insurance
Other Obligatory Insurance

24
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 monetize its
substantial portfolio and increase the share of gas to 20% of total production by 2020.
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
2010, TNK-BP’s Total Proved Reserves were 13.1 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 2010,
average daily oil production totaled 1.74 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 1,490 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 in Ukraine.
In 2010, TNK-BP continued to upgrade TNK retail sites in order 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 $180 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 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 2,800 hectares of land having been completely remediated and
handed over to the relevant authorities.

25
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 2010 the Company contributed
more than US $130 bln to budgets at all levels.
TNK-BP at a Glance
•
•
•
•
•
•
•
•
•
•
145 producing oil and gas fields
1,490 service stations
50,000 employees in Russia and Ukraine
1.74 mln barrels of oil equivalent per day – production in 2010*
732 thous. barrels average daily refining throughput in 2010**
US $4.1 bln capital investment in 2010
US $130 bln contributed in taxes, duties and excises to Russian budgets at all levels
from inception through end 2010
8.8 bln barrels of SEC (life of field) proven oil and condensate reserves***
13.1 bln barrels of PRMS proven oil and condensate reserves***
134% and 322% proven reserves replacement ratios, for SEC (life of field) and PRMS,
respectively***
* Excluding a 50% interest in Slavneft.
** Including a 50% interest in YANOS.
*** On 31 December 2010.

26
Upstream and Refinery Assets
Greenfield
Brownfield
Gas projects
Refinery assets
*Developed jointly with Gazprom Neft'.
For more detailed information please refer to TNK-BP web-site: www.tnk-bp.com
*
Ukraine
Volga Federal District
Central Federal District
Siberian Federal District
Northwestern Federal District
Urals Federal District
Southern Federal District
Far Eastern Federal District

27
A1
A1 is one of the leading players on the investment 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 activity focuses on creation of stable competitive companies
and establishing an effective system of corporate management. 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
Kronverk Cinema
Cinema chain in Russia and the CIS
The largest cinema chain in the North-West of Russia and the CIS consists of 17 cinemas
in Russia and Ukraine. Kronverk Cinema is the leader in St. Petersburg.
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 shortterm
plans include the establishment of alliances with other car dealers and increasing
the share of car services and spare parts sales.
Belmarket
A supermarket chain in Belarus
In 2007 Belmarket was established to create a national chain of food stores in Belarus.
Belmarket opened 49 stores by the end of 2010. The International Finance Corporation
(IFC) is a co-investor in Belmarket.
Management of Alfa-Bank Russia's Distressed Assets
One of largest privately owned banks in Russia, with full range of corporate, retail and
investment banking services
Founded in 1990, Alfa-Bank Russia has developed rapidly to become one of Russia’s
largest privately owned banks. As a universal bank, Alfa-Bank Russia is present in all
key sectors of the financial services industry, including corporate banking, retail banking,
deposits, payment and account services, foreign exchange operations, cash handling
services, custody services, investment banking, trade finance and asset management.
In 2009-2010 A1 was actively involved in management and restructuring of Alfa-Bank
Russia’s distressed assets.
Systematika Group of Companies
Elaboration and implementation of IT-solutions for Russian companies
Investment into the leading Russian IT Group developing complex business IT-solutions
for Russian companies for more than 19 years.

28
Avianova
Low-cost airline was created in cooperation with Indigo Partners, operates in 22 Russian
cities.
Mining Investments
Mining projects
A1 is a portfolio investor in publically traded mining companies including Silver Bear
Resources (Russian silver mining) and 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, Cuba
and in Russia.
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.
Alfa-Carbon
Consulting services under the Kyoto Protocol including sale of greenhouse gas emission
quotas.
2010 Significant Events
Eurasia Cinemas,
AFM cinema chain
Donetsk
Electrometallurgical Plant
Amtel-Vredestein N.V.
For more detailed information please refer to A1 web-site: www.a-1.com
A leading cinema chain
in Turkey
One of the most modern
metallurgical companies
in Ukraine
Russian-Holland tyre
company
100% stake sold to ESAS
direct investment fund
Sale to Mechel Group
Sale to Sibur Holding

29
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 publicprivate
partnership model, attractive to both municipalities and investors. RVK’s business
model allows municipalities, being the owners of the enterprises, to move quickly to freemarket
operation by recruitment of effective and professional management team.
RVK currently services more than 5.3 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 RUB 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 RUB 1.75 bln in bonds (~ US $60 mln at the
CBR exchange rate at 31 December 2008). In 2009, RVK repaid RUB 900 mln in bonds
(~ US $29.7 mln at the CBR exchange rate at 31 December 2009). In 2010, RVK repaid
RUB 579.6 mln in bonds (~ US $19 mln at the CBR exchange rate at 31 December 2010).
Also, in 2010 RVK successfully issued RUB 3.0 bln in bonds (~ US $98.4 mln at the CBR
exchange rate at 31 December 2010).
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 2010, RVK was included into Forbes rating of TOP-200 leading private companies.
Also, in 2010 three enterprises of RVK (Krasnodar Vodokanal, OmskVodokanal and
Barnaul Vodokanal) won awards in All-Russian contest held by the Ministry of Regional
Development of the Russian Federation.
500
400
300
200
100
0
US $ mln
254
4.4
245
426
2007 2008
Source: Rosvodokanal audited IFRS financial statements.
20
340
379
For more detailed information please refer to Rosvodokanal Group web-site: www.rosvodokanal.ru
30
339
429
38
2009 2010
425
Revenue
Profit
Total
Assets

30
CTC MEDIA, Inc. *
CTC Media, Inc. is a leading independent media company in Russia. It owns and operates
three Russian networks, the CTC network, the Domashny network and the DTV network
and also owns Channel 31 in Kazakhstan and a broadcasting company in Moldova with
a total potential audience of more than 150 mln people. CTC international channel was
launched in the United States (from December 2009), in Israel (from June 2010) and in
Germany (from February 2011). 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 Audience All, 6-54 Females, 25-60 All, 25–54
Programming
Sitcoms, serials,
entertainment shows,
feature films
Programs about
health, family, fashion,
documentaries, serials
entertainment shows
Detectives, actions,
criminal investigations,
situation comedies
Audience Share** 11.9% 3.1% 2.1%
Potential Viewers 100 mln (appx) 68 mln (appx) 60 mln (appx)
** Average for the year 2010.
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 manage more effectively the Company’s programming
rights library.
* In June 2011, Alfa Group Consortium sold its stake in CTC Media, Inc.

Key Highlights – CTC Media, Inc.
31
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 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. Expansion strategy is executed by expanding
the reach of its brands to other markets in the CIS and other countries where Russian
content is a proven success with audiences. Thus, CTC international channel was
launched in the United States (from December 2009), in Israel (from June 2010) and in
Germany (from February 2011).
2010 2009 2008 2007
Total Operating Revenues, mln US $ 601 506 640 472
OIBDA, mln US $ 221 164 48 220
Net Income, mln US $ 146 100 22 136
Fully diluted earnings per share, US $ 0.93 0.64 0.14 0.86
Source: CTC Media, Inc. audited US GAAP financial statements.
For more detailed information please refer to CTC Media, Inc. web-site: www.ctcmedia.ru

32
ALTIMO
Altimo is one of the leading investment companies with interests in Russia, the CIS,
Europe, Asia and Africa, operating in the field of mobile and fixed-line communications.
Through substantial managing stakes in three major telecoms companies, Altimo
has a presence in 24 world markets. Together, Altimo’s investee companies service
approximately 300 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 the world. 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 Asia and Africa,
where Altimo is actively seeking new investment opportunities.
Altimo seeks to further restructure its investment portfolio in order to create one of the
leading mobile telecoms emerging markets players. By optimizing its asset portfolio,
Altimo will ensure that it remains a prominent force in the international mobile telecoms
market.
Our Assets
VimpelCom Ltd.
In October 2009, Telenor ASA and Altimo announced an agreement to combine their
common assets in VimpelCom and Kyivstar to create a leading emerging markets mobile
operator, VimpelCom Ltd.
In April 2011, VimpelCom Ltd. merged with Wind Telecom S.p.A. creating the sixth largest
mobile telecommunications carrier by subscribers in the world.
VimpelCom Ltd. provides voice and data services through a range of wireless, fixed and
broadband technologies. VimpelCom Ltd. is headquartered in Amsterdam and has
operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia,
Kyrgyzstan, Vietnam, Cambodia, Laos, Algeria, Bangladesh, Canada, Italy, Pakistan,
Burundi, Namibia, Zimbabwe and Central African Republic covering territory with a total
population of about 843 million with over 181 mln subscribers. VimpelCom Ltd. operating
companies provide services under the "Beeline", "Kyivstar", “Djuice”, “Wind”, “Infostrada”,
“Mobilink”, “Leo”, “Banglalink”, “Telecel” and “Djezzy” brands. VimpelCom Ltd. is traded
on the New York Stock Exchange under the symbol "VIP". As of 31 December 2010, Altimo
owned 44.65% of the voting shares of VimpelCom Ltd. (24.99% since June 2011).

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VimpelCom Ltd.’s reporting structure is divided into five business units – Europe and North
America, Russia, Ukraine, the Commonwealth of Independent States (CIS), and Africa and Asia,
all of which report to the Company’s headquarters in Amsterdam.
MegaFon
MegaFon is one of the largest Russian GSM 900/1800/3G providers. 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 2010 exceeded 57
mln people. As of 31 December 2010, 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 third largest GSM operator in Europe by the number
of subscribers, having 60 mln subscribers as of December 2010 (including Fintur, Astelit
and BeST). Turkcell’s activities in Azerbaijan, Kazakhstan, Georgia and Moldova through
Fintur, has increased the number of subscribers in these countries to 15.9 mln people as
of December 2010. Turkcell's activity in Belarus through BeST has increased the number of
subscribes to 1.5 mln people as of December 2010. 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 December 2010, Alfa Finance Holdings S.A., a company affiliated with
Altimo, owned 13.22% in Turkcell.
* Owned by Alfa Finance Holdings S.A. and managed by Altimo under a management agreement.
Total Subscribers, mln
300
225
150
75
0
34
39
6
14
14
33
59
77
87 100 88
2003 2004 2005 2006 2007 2008 2009 2010
55
36
62
44
63
50
60
57
181
Turkcell
MegaFon
VimpelCom Ltd. (1)
(1) In April 2010 VimpelCom and Kyivstar were combined to create VimpelCom Ltd. Information above combines VimpelCom and Kyivstar for all years presented. Also,
in April 2011 VimpelCom Ltd. merged with Wind Telecom S.p.A. Information above combines VimpelCom Ltd. and Wind Telecom S.p.A. for 2010.
For more detailed information please refer to Altimo web-site: www.altimo.org

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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. In December 2010 the Group acquired Kopeyka soft discounter
chain to reinforce its position in the Russian soft discounter 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 2010, X5
had 2,469 company managed stores located in Moscow, St.Petersburg and other regions
of European Russia, Urals and Ukraine, including 1,392 soft discounter stores, 301
supermarkets and 71 hypermarkets, 45 convenience stores and 660 Kopeyka stores. As
at 31 December 2010, the Group’s franchisees operated 665 stores across Russia. In 2010
the Group’s consolidated Net Retail Sales reached US $11.3 bln – 29% higher than in
2009. X5 total net trading area exceeded 1,555,000 m 2 as at 31 December 2010 and its
number of customer visits during 2010 totaled over 1.2 bln. More than 90,000 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. The acquisition of Kopeyka soft discounter chain has established X5 as the
number one leader in soft discounters by sales volume, with a strong position in the
critical Moscow and Moscow region.

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Key Highlights – X5 Retail Group N.V.:
Number of stores as of 31 December 2010
(excluding franchisees)
Moscow & the Central region – 798;
St. Petersburg & North-West – 408;
Centralno-Chernozemny – 57;
Volga-Vyatsky – 92;
Sredne-Volzhsky – 91;
Privolzhsky – 77;
Urals – 193;
South – 87;
Ukraine – 6;
Коpeyka – 660.
TOTAL — 2,469
2010 2009 YOY Growth
Net Sales, mln US $ 11,280 8,717 29%
Gross Profit, mln US $ 2,629 2,108 25%
EBITDA, mln US $ 844 736 15%
Number of customers, mln 1,218 996 22%
Number of stores* 2,469 1,372 80%
Source: X5 Retail Group N.V. audited IFRS financial statements.
* Excluding franchisees.
For more detailed information please refer to X5 Retail Group N.V. web-site: www.x5.ru

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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.
• Alfa-Bank Russia, AlfaStrakhovanie Group, TNK-BP, X5 Retail Group N.V. and
VimpelCom Ltd. are partners of the Lifeline charitable program for helping severely
ill children. Foreign and Russian companies, and individuals have donated more than
US $6.9 million over the life of the program.
• AlfaStrakhovanie Group and VimpelCom Ltd. rendered sponsor support to ”Podari
Zhizn” Fund to purchase necessary medicine for children suffering from cancer.
• Within the “Magic of New Life” charitable program Karusel hypermarkets provided gift
certificates to 4,369 young parents.
• 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 and
also donated financial assistance to the veterans of World War II.
• Within the “Christmas Miracle” charitable program Alfa-Bank Russia rendered sponsor
support to 29 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 29 orphanages in Russia.

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• Within the charitable campaign “A Call to Brother-Soldier” VimpelCom Ltd. and
Kyivstar provided free calls to the veterans of World War II.
• VimpelCom Ltd. within the Children’s Organization Program financed orphanages,
boarding schools, hospitals and 60 sponsored organizations.
• Within the program aimed at overcoming the problem of social exclusion of elderly
single people, Kyivstar donated financial assistance to 10 geriatric centers in Ukraine.
• Within the “For People, for Country!” program Kyivstar provided eight boarding schools
for blind and visually impaired children in Ukraine with special equipment and audiobooks.
• Within the “Open Heart” charitable program MegaFon rendered sponsor support to
orphanages and boarding schools in Russia.
• LLC “Krasnodar Vodokanal”, LLC “Orenburg Vodokanal” and LLC “Kaluga Region
Vodokanal” (subsidiaries of Rosvodokanal Group) donated financial assistance to
disabled people, disadvantaged families, veterans of World War II, orphanages,
boarding schools and mentally challenged children in Kaluga.
• Independence Group (A1 project) rendered sponsor support to disabled children and
disadvantaged families.
• Within the “Wish Tree” charitable campaign VimpelCom Ltd. donated financial
assistance for more than 1,500 children in orphanages and boarding schools in
Russia.
• Within the “Great Victory – Eternal Memory” charitable campaign VimpelCom Ltd.
donated financial assistance to six hospitals for the veterans of wars in different cities
of Russia.
• Within the “White Cane Day” charitable campaign Alfa-Bank Russia provided blind and
visually impaired children of a boarding school in Korolev with a Braille printer, and
also organized a festive reception with Diana Gurtskaya.
• Alfa-Bank Russia rendered sponsor support for the veterans of World War II and
families affected by the summer fires in Russia.
• Within the “There Are No Somebody Else’s Children” charitable program X5 Retail
Group N.V. provided 12 adopted children with RUB 30,000 gift coupons.
Education Support and Talent Development
• Alfa-Bank Ukraine donated financial assistance to restore Chair of Information
Technologies in the Eastern-European University of Economics and Management
(EEUEM) in Cherkassy (Ukraine).
• TNK-BP has contributed US $1.0 million to the first Russian business school in
Skolkovo in the Moscow region.
• TNK-BP has contributed US $300 thousand to the Tzarskoselsky school in
St. Petersburg.

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• X5 Retail Group N.V. within the “Perekrestok to Schools!” program equipped
860 educational institutions in cities of Russia with 860 units of computer equipment.
• 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.
• 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 2010 Danone in Russia was
the winner of this award.
• Within the “Third Generation” program the best students of higher education institutions
had on-the-job training at VimpelCom Ltd.
• Kyivstar provided 33 talented Ukrainian students from eight technical universities with
individual scholarships.
• Within the “In the Name of the Life on the Earth” charitable program LLC “Kaluga
Region Vodokanal” (subsidiary of Rosvodokanal Group) donated financial assistance to
publish course books for children.
• Within the “Safe Internet” educational program VimpelCom Ltd. together with the
other mobile operators signed Charter against pornography.
• Within the “Children’s Safety in the Internet” educational program Kyivstar sponsored
“Children in the Internet” book publication, and also conducted seminars for parents
on children’s safety in the Internet.
Support for Culture and National Legacy
• Alfa-Bank Ukraine rendered sponsor support to the new music tour “Vnochi” by
Svyatoslav Vakarchuk in 15 cities of Ukraine.
• 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.
• Kyivstar rendered sponsor support to the National Academic Theater of Russian Drama
named after Lesia Ukrainka.
• MegaFon became an official sponsor of Russian Fashion Week 2010 in Moscow and
beauty contest “Miss Ekaterinburg 2010” in Ekaterinburg.
• Alfa-Bank Russia sponsored concerts of legendary rock groups “U2” in Moscow,
“Voskresenie” in Novosibirsk, “Ocean Elza” in Samara and Omsk, the opera singer
Dmitri Hvorostovsky in Irkutsk and Andrei Makarevich in Barnaul.

39
• Alfa-Bank Russia sponsored a concert of Yuri Bashmet and the Moscow Soloists
Chamber Orchestra and gala-performance of Russian ballet dancers dedicated to
Rudolf Nuriev in London. Also Alfa-Bank Russia sponsored a national literary Big Book
Prize and the “War on the Front Page” photo exhibition dedicated to World War II.
• Alfa-Bank Ukraine provided support to the VIII International young pianists contest
in the memory of Vladimir Gorovitz.
• Alfa-Bank Ukraine donated financial assistance to launch a “Public Lectures” social
project for discussions of hot topics by leading scientists and experts of Russia, Ukraine
and other countries.
• Alfa-Bank Ukraine sponsored a literary and music concert in Lviv National Academic
Opera and Ballet Theatre in the name of S.Krushelnytska.
• LLC “Tver Vodokanal” (subsidiary of Rosvodokanal Group) rendered sponsor support to
Khristorozhdestvensky Nunnery.
• AlfaStrakhovanie Group rendered sponsor support to the “Peter Konchalovsky: To the
Evolution of Russian Avant-Garde” exhibition organized by the State Tretyakov Gallery.
• MegaFon rendered sponsor support to the music contest “New Wave 2010” in Latvia
and Moscow International Film Festival in Moscow.
Sporting Initiatives
• JSC “OmskVodokanal” (subsidiary of Rosvodokanal Group) rendered sponsor support
to “Avangard” ice hockey club of the Kontinental Hockey League of Russia.
• MegaFon sponsored a Mini Football Championship for orphanages and boarding
schools in Moscow.
• X5 Retail Group N.V., a General Sponsor 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 Ice Hockey Federation of Russia and the Russian
National Hockey Team, the Kontinental Hockey League Championship and the Russian
Women’s National Ice Hockey Team.
• MegaFon is the official sponsor of the Russian National Football Team from 2008-2012
and the Russian Football Championship 2010-2012.
• TNK-BP contributed US $3.8 million for the sport development and support programs
in Russia.
• MegaFon is an official sponsor of Winter Olympic Games 2014 and Winter Paralympic
Games 2014 in Sochi.

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Environmental Protection, Health Care and Security Assurance
• As a member of “Сorporate Сlub of the World Wildlife Fund (WWF) Russia”
Alfa-Bank Russia regularly contributes to nature conservation initiatives. In 2010
“Strategy of the Amur Tiger Protection” started in Russia.
• 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.
• Kyivstar held the“Earth Day” environmental campaign to plant trees, flowers and clean
up litter and also granted 40 pine trees to the National Botanical Garden named after
N.Grishko.
• During the summer 2010 fires in Russia, VimpelCom Ltd. provided free calls and cell
phones for more than 1,000 people affected by fires, and also provided free calls to the
employees of the Ministry of Emergency Situations of Russia.
• CTC Media, Inc. rendered sponsor support to CAF fund by broadcasting free social
advertisements on-air time.

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AWARDS AND RECOGNITION
As one of the leading financial-industrial 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:
III Moscow City Contest “Best Company for Working Mothers”
X5 Retail Group N.V.: “Best Company for Working Mothers – Innovations” (2010)
VIII Russian Bonds Congress
VimpelCom Ltd.: “Best IPO Deal” (2010)
IX Russian Retail Trade Forum – Adam Smyth Institute
X5 Retail Group N.V.: “Company of the Year”; “Advertising Campaign of the Year”; “Social
Responsibility” (2010)
XI Avtoforum Award
Independence 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)
X5 Retail Group N.V.: “Retail Trade” (2010)
Absolute Brand 2009 Award
MegaFon: “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)
Anna.Aero Award
Avianova (A1 project): “Biggest New Airline” (2010)
Annual Award “Consumer Rights”
X5 Retail Group N.V.: “Own Trademark” (2010)
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 (2010)
“Top-1000 Most Professional Top-Managers of Russia”: (1st Place – Communication),
Sergei Soldatenkov, CEO of MegaFon; (2nd Place – Finance), Mikhail Khabarov, CEO of
Alfa Capital Management; (3rd Place – Commercial Banks), Rushan Khvesyuk, Chairman

42
of the Executive Board of Alfa-Bank Russia; (2nd Place – Retail Trade), Lev Khasis,
CEO, Chairman of the Executive Board of X5 Retail Group N.V.; (1st Place – Insurance
Companies), Vladimir Skvortsov, CEO of AlfaStrakhovanie Group (2010)
“Top-1000 Most Professional Financial Directors of Russia”: (1st Place – Commercial
Banks), Andrew Baxter, CFO of Alfa-Bank Russia; (1st Place – Communication), Elena
Shmatova, Vice-President of Finance and CFO of VimpelCom Ltd.; (1st Place – Insurance
Companies), Vera Volkoun, CFO of AlfaStrakhovanie Group; (1st Place – Retail Trade),
Evgeny Korilov, CFO of X5 Retail Group N.V.; (1st Place – Finance), Julia Savushkina, CFO
of Alfa Capital Management (2010)
“Top-1000 Most Professional HR Directors of Russia”: (3rd Place – Communication),
Julia Pilipenko, HR Vice-President of VimpelCom Ltd.; (1st Place – Insurance Companies),
Anna Efremova, HR Director of AlfaStrakhovanie Group; (1st Place – Commercial Banks),
Andrey Shibanov, HR Director of Alfa-Bank Russia; (4th Place – Retail Trade), Denis
Yaklakov, HR Director of X5 Retail Group N.V.; (1st Place – Finance), Yury Grigorian,
HR Director of Alfa Capital Management; (1st Place – Energy), Denis Kryanin, HR Vice-
President of TNK-BP (2010)
“Top-1000 Most Professional IT Directors of Russia”: (1st Place – Communication),
Vladimir Filippov, Vice-President of Information Technologies of VimpelCom Ltd.;
(1st Place – Finance), Sergei Ivanov, Director of Information Technologies of Alfa Capital
Management; (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 Technologies of Alfa-Bank Russia; (2nd Place – Insurance
Companies), Andrey Pedorenko, Director of Information Technologies of AlfaStrakhovanie
Group (2010)
“Top-1000 Most Professional Commercial Directors of Russia”: (1st Place – Energy),
Amir Feizulin, Vice-President of Marketing Department of TNK-BP; (2nd Place –
Communication), Larisa Tkachuk, Deputy Chief Marketing Officer of MegaFon;
(1st Place – Insurance Companies), Vladimir Sorokin, Commercial Director of
AlfaStrakhovanie Group; (1st Place – Finance), Irina Krivosheeva, Commercial Director of
Alfa Capital Management (2010)
“Top-1000 Most Professional PR Directors of Russia”: (1st Place – Insurance
Companies), Dmitry Medvedev, PR Director of AlfaStrakhovanie Group; (1st Place –
Retail Trade), Mikhail Susov, Managing Director of Corporate Relations of X5 Retail
Group N.V.; (1st Place – Commercial Banks), Leonid Ignat, Director of Information
Policy and Public Relations of Alfa-Bank Russia (2010)
“Top-1000 Most Professional Marketing Directors of Russia”: (3rd Place – Media
Business), Tatyana Korneeva, Marketing Director of CTC Media, Inc.; (2nd Place –
Communication), Martin Furuset, Marketing Director of VimpelCom Ltd.; (1st Place –
Commercial Banks), Victor Shkipin, Marketing Director of Alfa-Bank Russia; (1st Place –
Insurance Companies), Tatyana Puchkova, Marketing Director of AlfaStrakhovanie
Group (2010)
“Top-1000 Most Professional Directors of Corporate Governance”: (2nd Place – Retail
Trade), Frank Lhoёst, Corporate Secretary of X5 Retail Group N.V.; (1st Place – Finance),
Ilya Khaikin, Director of Corporate Governance of Alfa Capital Management; (4th Place –
Energy), Elena Moskovskaya, Corporate Secretary of TNK-BP (2010)
“Top-1000 Most Professional GR Directors of Russia”: (1st Place – Commercial Banks),
Vladimir Senin, Head of GR Division of Alfa-Bank Russia; (1st Place – Retail Trade), Yury
Kobaladze, Head of GR Division of X5 Retail Group N.V.: (2nd Place – Communication),
Pavel Borodin, Vice-President of GR Department of VimpelCom Ltd.; (3rd Place – Finance),
Salavat Halilov, GR Director of Alfa Capital Management (2010)

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Audi Award
Independence Group (A1 project): 1st Place, “The Index of Clients’ Loyalty and the Special
Achievements in Servicing” (2008, 2010)
Banker Magazine
Alfa-Bank Ukraine: “Bank of the Year” (2009)
Business Quarter Magazine
Dmitry Grudanov, Director of Volga-Vyatsky Branch Store of X5 Retail Group N.V.:
“Retail Person of the Year – Nizhny Novdorod” (2010)
Radik Ibragimov, Director of Privolzhsky Branch Store of X5 Retail Group N.V.: “Retail
Person of the Year – Kazan” (2010)
B2B Conference Group
X5 Retail Group N.V.: “Best Employer”; “Innovation of the Year” (2010)
Cisco TelePresence Award
CJSC “Landata” (Systematic Group, A1 project): “Best Marketing Strategy”; “Best
Partner on the Emerging Markets of the East” (2010)
Companion Magazine (Ukraine)
Igor Litovchenko, President of Kyivstar: 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, 2010)
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)
TNK-BP: “Company of the Year – Fuel and Energy Complex” (2004, 2006, 2007)
X5 Retail Group N.V.: “Company of the Year” (2008)
Corporate Lawyer Magazine
JSC “TNK-BP Management”: Laureate of the “Best Legal Department” (2009)
VimpelCom Ltd.: 1st Place, “Best Legal Department” (2009, 2010)
Correspondent Magazine (Ukraine)
Kyivstar: “Country’s Best Employers Among Telecommunication Companies” (2007);
1st Place, “Best Employer” (2007, 2008)
Credit Magazine
TNK-BP: “Emerging Europe Deal of the Year” (2010)
CSR Development Center (Ukraine)
Alfa-Bank (Ukraine): “Best Client Service – Consumer Protection” (2010)
Kyivstar: “Best CSR Report” (2010)
Decree of President of Russian Federation
Sergei Soldatenkov, CEO of MegaFon: Order “For Achieved Labour Success and Long-
Term Conscientious Work” (2010)

44
Delo Magazine (Ukraine)
Kyivstar: “Most Valuable Ukrainian Brand” (2010)
Delovoy Magazine (Ukraine)
Kyivstar: 1st Place, “Top-50 Employers in Ukraine” (2008)
EFFIE Award
AlfaStrakhovanie Group, website “Odnoklassniki.ru”: “Excellent Insurance” (2008)
Ernst & Young Award
Kyivstar: “Best Employer” (2010)
Euromoney Magazine
Alfa-Bank Russia: “Best Bank in Russia” (2002, 2007, 2008, 2009); “Best Forex Bank in
Russia” (2006)
TNK-BP: “Eurobond of the Year” (2006)
European Brand Institute
VimpelCom Ltd.: “Most Valuable Russian Brand” (2009, 2010)
EuroWeek Magazine
Alfa-Bank Russia: “Deal of the Year – Eurobonds’ Placement” (2010)
Expert RA Russian Rating Agency
Alfa-Bank Russia: “Fastest-Growing Company in Russia” (2010)
TNK-BP: “Best Annual Report – Design” (2010)
Finance. Magazine
Alfa-Bank Russia: “Most Efficient Anti-Crisis Policy” (2010)
Financial Elite of Russia 2005-2010 Award
AlfaStrakhovanie Group: “Customers’ Recognition” (2010)
Alfa-Bank Russia: “Reliability” (2010)
Alfa Capital Management: “Management Company of the Year” (2010)
Financial Times
Mikhail Fridman, Chairman of the Supervisory Board of Alfa Group: “Business-Leaders
of the New Europe” (2004)
VimpelCom Ltd.: “Top-10 Most Valuable World’s Brands in Telecommunications” (2009,
2010)
Firm Secret Magazine
AlfaStrakhovanie Group: “Fastest-Growing Company in the Financial Sector” (2010)
Galitsky Contracts Publishing House and GVardia Magazine
Kyivstar: “Most Valuable Corporate Brands” (2009); “Services” (2010)
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); “World’s Best
Internet Bank in Central & Eastern Europe” (2008); “Best Equity Research Bank” (2008)
Rosvodokanal Group: “Best Utilities Company in Russia” (2007)

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Golden Chariot Award
AlfaStrakhovanie Group: “Leading Insurance Company for Organizations and Enterprises
of the Russian Transport Industry” (2010)
Golden Salamander Award
AlfaStrakhovanie Group: “Marketing Project 2008” (2008); “Social Project” (2009)
Google Award
CTC 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 Award
AlfaStrakhovanie Group: “Federal Project” (2009, 2010)
VimpelCom Ltd.: “Key Employee” (2009)
CTC Media, Inc.: “New Office of the Media Company” (2010)
IBM Power Systems
Alfa-Bank Russia: “Innovation Award” (2008)
Independent Expert Council of Superbrands International
Alfa-Bank Russia: “Super Brand of the Year” (2005, 2008)
AlfaStrakhovanie Group: “Strongest Brand of the Inter-Corporate Business – B2B”
(2006)
Information Agency “Banki.Ru”
Alfa-Bank Russia: “Advertising Campaign of the Year” (2009)
InMind Agency and Kiev International Institute of Sociology
Kyivstar: “National Mobile Communications Operator” (2009); “New Quality of Mobile
Communication” (2009)
Alfa-Bank Ukraine: “Best Deposit Program” (2009)
Institutional Investor Magazine
Alexander Izosimov, CEO of VimpelCom Ltd.: “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 Ltd.): “Most Valuable Brand in Russia in
Telecommunications” (2007)
Invest-Gazeta (Ukraine)
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

46
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)
Investor Protection Association
VimpelCom Ltd.: “Best Investor Relations Company” (2010)
TNK-BP: “Company with Best Dividend Policy” (2009, 2010)
IR Magazine Awards
VimpelCom Ltd.: “Grand Prix for Best Investor Relations by Russian Company” (2007);
“Best IR Work in a Crisis” (2009)
X5 Retail Group N.V.: “Grand Prix for Best Overall Investor Relations” (2008, 2010)
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, 2010)
JP Morgan Chase Bank
Alfa-Bank Russia: “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)
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)
Mazda Award
Independence Group (A1 project): “Effective Client Service” (2010)
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); “Microsoft Dynamics Distribution Partner of the Year”; “CEE
Microsoft Dynamics Reseller of the Year”; “CRM Premium Partner” (2010)
Narodnaya Marka Award
MegaFon: “Trademark No1 – Mobile Operator” (2010)
National Association of Stock Market Participants (NAUFOR)
Alfa-Bank Russia: “Best Individual Client Services” (2010)
National Award “Financial Olymp”
AlfaStrakhovanie Group: Award “Result and Success in Customer Service” (2008, 2009)

47
National Award “IT Leader”
TNK-BP: “Oil and Gas Enterprises” (2010)
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 “Best Corporate Report in Ukraine” (Ukraine)
Kyivstar: “Grand Prix” (2010)
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 of the Ministry of the Regional Development of Russia
LLC “Barnaul Vodokanal” (Subsidiary of Rosvodokanal Group): Order “Best Water Supply
and Disposal Enterprise in Barnaul” 2nd Degree (2010)
LLC “Krasnodar Vodokanal” (Subsidiary of Rosvodokanal Group): Order “Best Water
Supply and Disposal Enterprise in Krasnodar” 3rd Degree (2010)
JSC “OmskVodokanal” (Subsidiary of Rosvodokanal Group): Order “Best Water Supply
and Disposal Enterprise in Omsk” 2nd Degree (2010)
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)
Serial “Voroniny”: “Best Sitcom of the Year” (2010)
Program “History of the Russian Show Business”: “Best TV Documentary Serial” (2010)
Program “Brain Ring”: “Best TV Game” (2010)
Anna Ardova, an Actress of Serial “One for All”: “Best Actress of TV Serial” (2010)
Program “Hard Talk with Tigran Keosayan”: “Best Air Promotion of the Project” (2010)
National Trade Association
X5 Retail Group N.V.: “Best Retail TOP – Most Fast-Growing FMCG Hypermarkets Retailer
2009” (2009); “M&A in FMCG Segment” (2010)

48
Lev Khasis, CEO and Chairman of the Management Board of X5 Retail Group N.V.:
“Person of Retail Trade” (2010)
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)
Omsk Construction and Utilities Department
JSC “OmskVodokanal” (Rosvodokanal Group): “Best Utilities Company in the Omsk
Region” (2007)
Rabota.Mail.Ru Award
MegaFon: “Best Russian Employee” (2009)
Range Rover Award
Independence Group (A1 project): “Best Range Rover Dealer in Russia” (2010)
Reputation Capital Award (Ukraine)
Kyivstar: “Most Respected Employer of Ukraine” (2010)
Retail Finance Magazine
Alfa-Bank Russia: “Year Creative Award” (2010)
AlfaStrakhovanie Group: “Year Creative Award” (2008)
RosBusinessConsulting
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, 2010); National
Award “Person of the Year – Grand Prix for Promoting the Interests of the Strategically
Important Retail Sector of the Russian Economy and for Personal Contributions to the
Development of a Modern Consumer Market” (2009)
TNK-BP: “Company of the Year” Award – Fuel and Energy Complex” (2005, 2006)
Alfa Capital Management: (Laureate) “Top-10 Mutual Funds Asset Management
Companies” (2006); Laureate of the “Company of the Year” (2007, 2009, 2010)
X5 Retail Group N.V.: “Company of the Year” (2006, 2009, 2010)
Alfa-Bank Russia Analysts: “Best Equity Analysts” (2008)
MegaFon: “Company of the Year” Award – Services and Telecommunications” (2008)
Pyaterochka Discount Grocery Retailer: “Retail Chain” (2010)
Sergei Soldatenkov, CEO of MegaFon: “Person of the Year – Business Reputation”
(2010)
RTS Stock Exchange Award
TNK-BP: 2nd Place, “Best Design of the Annual report”; 3rd Place, “Best CSR Report”
(2010)
Sberbank Award
MegaFon: “Strategic Partner of Sberbank in Russia” (2009)
SPEAR’S UK Award
Alfa-Bank Russia: “Best Bank in Russia in Terms of the Wealth Management” (2009)
AlfaStrakhovanie Group: “Insurance Company of the Year” (2010)

49
Thomson Reuters Extel Survey – Focus Russia 2009
Evgeny 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)

50
CONTACT INFORMATION
Alfa-Banking Group
Chairman of the Board of Directors: Petr Aven
Address: 9 Mashi Poryvaevoy Street,
Moscow, 107078, Russia
Tel.: +7 (495) 974-25-15
Fax: +7 (495) 620-91-91
E-mail: mail@alfabank.ru
Alfa-Bank Russia
President: Petr Aven
Chairman of the Executive Board: Andrei Sokolov
Address: 27 Kalanchevskaya Street, Moscow,107078, Russia
Tel.: +7 (495) 620-91-91, (495) 974-25-15
E-mail: mail@alfabank.ru
Alfa-Bank Ukraine
President: 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
Amsterdam Trade Bank N.V.
Chairman of the Executive Board: Martin Chyrda
Address: 475 Herengracht Street, Amsterdam, 1017 BS, the Netherlands
Tel.: +31 (0) 20-5209-209
Fax: + 31 (0) 20-5209-429
E-mail: info@atbank.nl
Alfa-Bank Belarus
Acting as CEO: Denis Kalimov
Chairman of the Executive Board: Denis Kalimov
Address: 70 Myasnikova Street, Minsk, 220030, Belarus
Tel.: +375 (17) 217-64-79
Fax: +375 (17) 200-17-00
E-mail: press@alfa-bank.by
Alfa-Bank Kazakhstan
Chairman of the Executive Board: Danila Smirnov
Address: 57A Masanchi Street, Almaty, 050012, Kazakhstan
Tel.: +7 (727) 232-13-36
Fax: +7 (727) 292-00-12
E-mail: infokz@alfabank.kz

51
Alfa-Capital Management Company LLC
CEO: Irina Krivosheeva
Head of PR: Natalia Kuzina
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 Partners
Director of Representative Office: Alexander Bezugly
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 Group
CEO: 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
TNK-BP
Deputy Chairman of the Executive Board: Maxim Barskiy
Address: 3 Begovaya Street, Bld. 1, Moscow, 125284, Russia
Tel.: +7 (495) 777-77-07
Fax: +7 (495) 777-77-08
E-mail: company@tnk-bp.com
A1
President: Mikhail Khabarov
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 Group
СEO: Michael Shneyderman
Address: 2 Gamsonovskiy Pereulok, Bld. 4,
Moscow, 115191, Russia
Tel.: +7 (495) 514-02-11
Fax: +7 (495) 514-02-11
E-mail: info@rosvodokanal.ru

52
CTC Media, Inc.*
CEO: Anton Kudryashov
Corporate Communications Director: Viktoriya Bakaeva
Address: 31A Leningradsky Prospekt, Bld. 1, Moscow, 125254, Russia
Tel.: +7 (495) 785-63-47
Fax: +7 (495) 642-94-51
E-mail: info@ctcmedia.ru
X5 Retail Group N.V.
Chairman of the Supervisory Board: Herve Defforey
CEO: Andrei Gusev
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
Altimo
CEO: Alexei Reznikovich
Communications Director: Evgeny Dumalkin
Address: 11 Savvinskaya Naberezhnaya, Moscow,
119435, Russia
Tel: +7 (495) 981-44-88
Fax: +7 (495) 981-44-48
E-mail: info@altimo.ru
CTF Holdings Ltd
Director: Franz Wolf
Head Office: 4 Irish Place, Suite 2, Gibraltar
Tel.: (350) 200 41977
Fax: (350) 200 41988
E-mail: info@ctf.ru
Moscow Contact Information
Director of Corporate Development, Finance and Control: Nigel Robinson
Deputy Director of Corporate Development, Finance and Control: David Gould
Director of Group Portfolio Management and Control: Vladimir Ashurkov
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
* In June 2011, Alfa Group Consortium sold its stake in CTC Media, Inc.