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Working Together WORKING TOGETHER ANNUAL REPORT 2008 This year has brought new challenges to the Russian economy, challenges that Alfa-Bank is well prepared to face. We will continue our work in all business segments as the largest universal private bank in Russia, and we hope our efforts will translate into excellent results. We believe that we are taking the right steps to improve our operations, and we have confidence in both our employees and our customers. Mikhail Fridman Chairman of the Supervisory Board of Alfa Group Consortium ALFA-BANK 2008* countries 6 branches and offices 364 employees 15 065 corporate clients 56 000 retail clients 3 500 000 profit (USD million) 230 equity (USD million) 2 161 gross loan portfolio (USD million) 19 160 total assets (USD million) 27 052 * For the purposes of this report, the term “Alfa-Bank” is used to describe ABH Financial Limited and its subsidiaries. 1 ALFA-BANK AWARDS AND RECOGNITION IN 2008 EUROMONEY MAGAZINE “Best Bank in Russia” GLOBAL FINANCE MAGAZINE “Alfa-Click as the Best Internet Bank in Russia” “Best Domestic Russian Trade Finance Bank” “Best Equity Research Bank” “Best Domestic Bank” INDEPENDENT EXPERT COUNCIL OF SUPERBRANDS INTERNATIONAL “Super Brand of the Year” “Innovation Award” ROSBUSINESSCONSULTING Alfa-Bank Analysts Nominated Among Best Equity Analysts JP MORGAN CHASE BANK “Elite Quality Recognition Award” PriceWaterhouseCoopers AND SENTEO AWARD «Customer Experience Index — 2008: Who is Winning the Retail Banking Race in Russia» NEXTEP GROUP OF COMPANIES AND KOMMERSANT-MONEY MAGAZINE 1st Place in Terms of Client Service Quality MASS MEDIA ANALYSIS AND MONITORING SYSTEM MEDIOLOGIA 1st Place in most frequently quoted Russian bank in the mass media BRAND OF THE YEAR/ EFFIE 2008 AWARDS The «My Alfa» bank card has won the Brand of the Year/EFFIE 2008 Award in the «Financial Institutions, Products and Services» category 2 CONTENT Address to OUR Clients and Business Partners 4-5 Board of Directors and ExecutivE Board 8-9 Statement on Key AChievements of 2008 and Strategy for 2009 10-13 Russian Economy and Banking Sector REview 14-17 Corporate Banking 20-25 INvestment Banking 26-29 Retail Banking 32-37 Alfa Group Family Companies 40-45 Summarised Consolidated Financial Statements 46-50 Corporate Directory 51-52 3 MIKHAIL Fridman Chairman of the Supervisory Board of Alfa Group Consortium Address to OUR Clients and Business Partners Alfa-Bank* is proud to present its annual report for 2008. It was a difficult year, in which the entire Russian financial sector was put to the test. We are proud to say that Alfa-Bank has passed that test and confirmed its status as Russia’s leading private bank. This was possible thanks to the strategic decisions taken over the past few years and the far-sighted, forward-looking policy implemented by Alfa-Bank’s management, as well as the solid position built by Alfa-Bank over many years of successful operation. Our 2008 results validate this statement. Last year, Alfa-Bank once again grew its market share in key areas, increased its number of retail clients and continued to work closely with corporate customers. The number of its customers increased even in a period of financial instability, proving that Alfa-Bank has gained the confidence of businesses of all sizes, as well as individuals. Quality and teamwork are vital in complex financial conditions, which is why 2008 was a year of mergers. For example, Alfa-Bank merged all of its divisions that focus on working with retail clients, as well as those involved in the corporate and investment business lines. Combining the retail divisions enabled us to significantly cut costs and offer customers a broader array of products. This approach supported our lending operations during difficult times, creating synergy and, ultimately, making the retail business more profitable. The merger between the Corporate and Investment Banks was seen as a milestone at a time when investment banking is going through a particularly tough time. Alfa-Bank continued its regional expansion in 2008. We now operate in all of Russia’s key regions and largest cities. We significantly increased our number of branches and almost doubled the size of our ATM network. Not only do we strive to be a universal, nationwide bank, but we also aspire to be a bank trusted by everyone in every corner of our country. In this context, the acquisition of Severnaya Kazna bank was an important step which put us in a dominant position in the Urals region and brought us many new customers. Alfa-Bank is particularly focused on working with small- and medium-sized businesses, as this is one of the most promising segments of the Russian market. For 4 Johann JonaсH Chairman of the Board of Directors Rushan KHvesyuk Chairman of the Executive Board, Member of the Board of Directors example, we have made great strides in developing our lending program for small- and medium-sized enterprises. Also, the use of advanced technology to liaise with companies of various sizes across Russia ensures that Alfa-Bank can provide a high- quality service to any business that chooses us as its financial partner. We have strived to develop Alfa-Bank’s technological advantage in our work with individual customers, e.g. remote customer service channels. Our efforts have won recognition from our own customers as well as professionals. In 2008, Alfa-Click was named the best Internet banking service in Russia and Central and Eastern Europe. More importantly, however, we have been able to provide a consistent, high-quality service to all Alfa-Bank customers. We continue to work on improving our service tools, optimizing our service range and improving the quality of our customer service. Our efforts have not gone unnoticed by the public, as confirmed by both feedback from our customers and the number of awards given to Alfa-Bank. This year, we once again won the award for the best Russian bank in terms of customer service. We would like to thank all Alfa-Bank employees for their efforts in maintaining our reputation as a bank with an unmatched level of service. Along with its financial activities, Alfa-Bank plays an active role in social and charity programs. We are fully aware of our responsibility for the future of our country and take an active part in cultural and social projects. Alfa-Bank’s current charitable initiatives include organizing guest performances of popular international celebrities in Russia, supporting Russian art and literature and assisting young talent. We support the Life Line Charity, which provides financial assistance to children with serious illnesses, and we contribute to the World Wildlife Fund (WWF). This year has brought new challenges to the Russian economy, challenges that Alfa- Bank is well prepared to face. We will continue our work in all business segments as the largest universal private bank in Russia, and we hope our efforts will translate into excellent results. We believe that we are taking the right steps to improve our operations, and we have confidence in both our employees and our customers. Mikhail Fridman Johann Jonaсh Rushan Khvesyuk Chairman of the Supervisory Chairman of the Board Chairman of the Executive Board of Alfa Group of Directors Board, Member of the Consortium Board of Directors 5 ALFA-BANK ENTITIES Murmansk Kaliningrad Zelenogorsk Pskov St.Petersburg Petrozavodsk Arkhangelsk Noyabrskiy Tver Vologda Moscow Yaroslavl Kaluga Zheleznogorsk Ivanovo Tula Vladimir Syktyvkar Kursk Ryazan Cheboksary Belgorod Nizhny Novgorod Staryy Oskol Lipetsk Arzamas Kirov Voronezh Tambov Kazan Glazov Penza Berezniki Nijnekamsk Izhevsk Votkinsk Ulyanovsk Perm Elabuga Chaykovskiy Noyabrsk Yakutsk RostovonDon Syzran Sarapul Novorossisk Saratov Tolyatti Naberejnye Balakovo Chelny Neftekamsk Krasnodar Kamyshin Samara Nizhniy Tagil Almetevsk Surgut Tuapse Volgograd Raduzhny Ufa Ekaterinburg Uvat Megion Sochi Buzuluk Nizhnevartovsk Stavropol Zlatoust Sterlitamak KamenskUralsky Mias Tyumen Chelyabinsk Orenburg Magnitogorsk Astrakhan Kurgan Novotroitsk Orsk Barnaul Omsk Tomsk YuzhnoSakhalinsk Kemerovo Novosibirsk Krasnoyarsk UstKamenogorsk Khabarovsk Novokuznetsk Abakan Chita Angarsk Irkutsk UlanUde Vladivostok Nakhodka Abakan Barnaul Ekaterinburg Kamensk-Uralsky Krasnoyarsk Moscow Nizhnevartovsk Noyabrskiy Almetevsk Belgorod Elabuga Kamyshin Kurgan Murmansk Nizhniy Tagil Omsk Amsterdam Berezniki Glazov Karaganda Kursk Naberejnye Chelny Nizhny Novgorod Orenburg Angarsk Buzuluk Irkutsk Kazan Lipetsk Nakhodka Novokuznetsk Orsk Arkhangelsk Chaykovskiy Ivanovo Kemerovo London Neftekamsk Novorossisk Penza Arzamas Cheboksary Izhevsk Kirov Magnitogorsk New York Novosibirsk Perm Astrakhan Chelyabinsk Kaliningrad Khabarovsk Megion Nicosia Novotroitsk Petrozavodsk Balakovo Chita Kaluga Krasnodar Mias Nijnekamsk Noyabrsk Pskov 6 ALFA-BANK ENTITIES Murmansk Kaliningrad Zelenogorsk Pskov St.Petersburg Petrozavodsk Arkhangelsk Noyabrskiy Tver Vologda Moscow Yaroslavl Kaluga Zheleznogorsk Ivanovo Tula Vladimir Syktyvkar Kursk Ryazan Cheboksary Belgorod Nizhny Novgorod Staryy Oskol Lipetsk Arzamas Kirov Voronezh Tambov Kazan Glazov Penza Berezniki Nijnekamsk Izhevsk Votkinsk Ulyanovsk Perm Elabuga Chaykovskiy Noyabrsk Yakutsk RostovonDon Syzran Sarapul Novorossisk Saratov Tolyatti Naberejnye Balakovo Chelny Neftekamsk Krasnodar Kamyshin Samara Nizhniy Tagil Almetevsk Surgut Tuapse Volgograd Raduzhny Ufa Ekaterinburg Uvat Megion Sochi Buzuluk Nizhnevartovsk Stavropol Zlatoust Sterlitamak KamenskUralsky Mias Tyumen Chelyabinsk Orenburg Magnitogorsk Astrakhan Kurgan
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