On March 23, 2007 Standard & Poor’s Ratings Services assigned to Alfa-Bank its first ever in Russia “BBB-” bank survivability assessment.

Alfa-Bank’s survivability assessment reflects Standard & Poor’s current opinion on the likelihood that over the medium term, a bank will either directly or through a successor organization, remain in operation, regardless of whether it is solvent or insolvent, paying all of its obligations on a timely basis or not. Compared to the credit rating, the bank survivability assessment of Standard & Poor’s places greater emphasis on factors reflecting the bank’s relative position in the banking system of its country (in terms of market share and financial strength), possible state and shareholders support.

According to Standard & Poor's, Alfa-Bank’s survivability rating assessment is based on the bank’s position as the largest private bank in Russia as well as its committed shareholders with a strong track record of emergency assistance proved through several crises and turbulent periods. Among other factors contributing to the rating are Alfa-Bank’s survival through the financial crisis of 1998 (it was the only large private-sector bank to do so) and the likelihood of government support if needed in a financial stress scenario. Standard & Poor’s believes that these factors significantly reduce the risk of ceasing operations in case of total or selective default of the bank.

«We believe that being the first Russian bank assigned an investment grade survivability assessment by Standard & Poor’s reflects Alfa-Bank’s leading market position with remarkable list of achievements and sustainable development since 1991. This is a great success that will contribute further to the successful development of our business». — said Andrew Baxter, Chief Financial Officer of Alfa-Bank.

More information on Alfa-Bank’s survivability assessment can be found at Standard www.ratingsdirect.com and www.standardandpoors.ru.