Audit process within Alfa Banking Group

Auditors

Since 1993 Alfa Banking Group has been preparing its accounts in accordance with International Financial Reporting Standards (“IFRS”). Following an auditor selection process held in 2005, PricewaterhouseCoopers Audit ZAO was re-appointed as Alfa Banking Group’s independently registered public accounting firm to audit the Group’s consolidated financial statements in accordance with IFRS on a semiannual basis for the year ended on December 31, 2005. While PricewaterhouseCoopers Audit ZAO is responsible for the consolidated Alfa Banking Group audit, certain subsidiaries of the Group are audited by other independently registered public accounting firms.