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Consortium Structure

Alfa Group Consortium ( "Consortium" or "Group") consists of different subholdings in which three beneficial shareholders Mikhail Fridman, German Khan and Alexey Kuzmichev jointly hold beneficial controlling stakes (between 47%-100%).

With the exception of ABH Holdings S.A. ( "ABHH"), their holdings are consolidated through CTF Holdings Limited ( "CTF"), which also acts as the Group's Corporate Centre.

CTF exercises control over the subholdings through a formal shareholding structure and through shareholder agreements with various minority shareholders. In turn, each subholding has a formal shareholding structure in which it exercises control over all companies it owns. CTF, as well as selected minority shareholders are represented at the Supervisory Board of the Consortium as well as at the Advisory Committees, Board of Directors or Supervisory Boards of each subholding.

Each subholding adheres to common corporate development and financial control principles set by the Corporate Centre, however, each subholding, through its Board of Directors and executive bodies is managed independently.

In order to participate in Federal Deposit Insurance Scheme of the Central Bank of the Russian Federation, ABHH was spun out by CTF and the companies of the minority shareholders and is now held directly by the beneficial shareholders (click here for shareholder structure of ABHH).

Set out below is a summary of the Group's main subholdings and their main investments indicating the Group's ownership and effective interest of majority and minority shareholders:

Subholdings (in bold below)Effective
Alfa Group
Majority Stake
Effective
Minority Stake
Total
Effective Stake
ABH Holdings S.A.77.86% 22.14% 100.00%
Alfa-Bank Russia--100.00%
Alfa-Bank Ukraine--100.00%
Alfa-Bank Kazakhstan--100.00%
Amsterdam Trade Bank N.V. (Alfa-Bank Netherlands)--100.00%(1)
Alfa-Bank Belarus--98.96%
Alfa Finance Holdings S.A.77.86%22.14%100.00%
OJSC AlfaStrakhovanie--85.49%
Alfa Asset Management--92.78%
Alfa Capital Partners--100.00%
X5 Retail Group N.V.47.86%52.14%100.00%
Pyaterochka--100.00%
Perekrestok--100.00%
Karusel--100.00%
Perekrestok Express / Kopeyka--100.00%
A Common Holdings Ltd.100.00%0.00%100.00%
A1 Group Ltd.--100.00%
Ventrelt Holdings Ltd.100.00%0.00%100.00%

Note: The above structure represents the high-level, effective ownership and operational structure of our subholdings. Note that it does not depict the actual and complete legal structure of our subholdings.

Note: Alfa Group's Main subholdings are depicted in bold above. For each of the companies within a subholding, the column entitled "Total effective stake " represents the ownership interest by that subholding in a particular company.

(1)
100% owned and controlled by Alfa-Bank Russia.