According to 2005 year-end results, the fund for financial research development “Infrastructure Institute” (INFI) in cooperation with the Russian Professional Association of Registers, Transfer-Agents and Depositories (PARTAD) has reaffirmed Alfa-Bank’s depository rating at the very high level of AAA. Alfa-Bank’s depository is among the group of largest depositories by market value of securities held (as of 31 December 2005).

This research is based on data submitted by the depositories to the PARTAD database “Depositories in Russia”, and through the use of special questionnaires. The depositories’ reliability ratings were analyzed on the basis of the original methodology designed by INFI together with PARTARD that allows a comprehensive (qualitative, quantitative and expert) analysis of the depositories’ reliability.