OREANDA-NEWS. April 25, 2011. NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, INTO OR IN THE UNITED STATES, RUSSIA, AUSTRALIA, CANADA, JAPAN, OR THE REPUBLIC OF CYPRUS.

This announcement does not constitute an offer for sale or a solicitation of any offer to buy any securities (the "Securities") of Alfa-Bank, ABH or the Issuer in the United States of America, Russian Federation, Australia, Canada, Japan, the Republic of Cyprus or in any other jurisdiction where such offer or sale would be unlawful, reported the press-centre of Alfa-Bank.

The Securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state of the United States. Consequently, the Securities may not be offered, sold or otherwise transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. No public offering of the Securities is being made in the United States. The Company will not be registered under the US investment Company Act of 1940, as amended, and holders of the Securities will not be entitled to the benefits of that Act.

This communication is only addressed to, and directed at, persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"). For the purposes of this provision, the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each member state of the European Economic Area which has implemented the Prospectus Directive. In addition, in the United Kingdom, this communication is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments who fall within the definition of "investment professional" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) who are high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, and (iii) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this communication relates is available only to and will only be engaged in with such persons. This communication must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors.

This announcement is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the “Prospectus Directive”). A prospectus will be prepared and made available to the public in accordance with the Prospectus Directive if any securities are issued and, when published, can be obtained in accordance with the Prospectus Directive. Investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of the information contained in the prospectus relating to the securities.

Information contained herein is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person, and does not constitute an advertisement or offering of the Notes in Russia within the meaning of Russian securities laws and must not be passed on to third parties or otherwise be made publicly available in Russia. The Notes have not been and will not be registered in Russia or admitted to public placement and/or public circulation in Russia. The Notes are not intended for “offering”, “placement” or “circulation” in Russia (each as defined in Russian securities laws).

This announcement contains forward-looking statements regarding future events or the future financial performance of Alfa-Bank, ABH and the Issuer, including in relation to the sale of the Notes. These statements are not guarantees of future performance and future performance involves risks, uncertainties and assumptions that we cannot predict with certainty. Accordingly, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements. As a result of such risks and uncertainties, there can be no assurance that Alfa-Bank or ABH will be able to use the proceeds from the transaction described above in the manner described in this announcement. None of Alfa-Bank, ABH or the Issuer intends to update these statements to make them conform with actual results.