Corporate Governance Code

Given the importance of effective corporate governance to the Group’s stability and successful operation on the financial market, as well as its core obligations to shareholders, investors and depositors, Alfa Banking Group has adopted a Corporate Governance Code.

The Code was developed on the basis of several key documents: the Organization for Economic Cooperation and Development (“OECD”) Principles of Corporate Governance of April 22, 2004; the Basel Committee on Banking Supervision recommendations on “Enhancing Corporate Governance in Banking Organisations” (1999); the Federal Laws On Joint-Stock Companies and On Banks and Banking; the Code of Conduct recommended by the Federal Securities Market Commission’s Instruction No. 421 of April 4, 2002; and the Charter of Alfa-Bank.

Alfa Banking Group’s Corporate Governance Code