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The Bank said that provided market conditions continued to be favourable it envisaged a Eurobond offering as soon as practicable. UBS Warburg was mandated as ratings advisor.

Alfa-Bank last tapped the international bond markets in July 1997 with a US $175 million three-year issue, which was fully repaid on maturity in 2000. Alfa-Bank is the largest private bank in Russia with assets of US $2.7 billion and shareholder equity of US $278 million. The Bank reported record profits in 2001 of US $85 million.

Alfa-Bank provides a full range of banking services — commercial banking, investment banking, asset management, trade finance and insurance. The Bank is currently rated B1 by MoodyХs, B- by Fitch and CCC+ with positive outlook by S&P.

Founded in 1990, Alfa-Bank has more than 80 branches across Russia and fully licensed banking subsidiaries in Ukraine, Kazakhstan, and the Netherlands. The BankХs fast growing brokerage business has a FSA authorised arm in London and a NASD regulated operation in New York. Inside Russia, Alfa-Bank is a leader in mergers and acquisitions and debt capital markets, and one of the biggest issuers of banking cards. The Bank also runs the countryХs largest mutual fund.

Alfa-Bank news release not for release or distribution in the United States

This information is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption therefrom. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements.