Accumulative Pension Fund GNPF (Kazakhstan) reported performance results for 2008

/KASE, February 23, 09/ - Accumulative Pension Fund GNPF (Almaty), Kazakhstan Stock Exchange (KASE) categories "K" and "P" member, disseminated the press release where reports performance results for 2008: Quotation start By 2008 results Accumulative Pension Fund GNPF (GNPF) is the leader of the accumulative pension system by the indicator of the "net" investment profit, accrued to depositors accounts and retained the leading positions on activities key indicators. 2008 financial and economic instability conditions made obvious positive principles of GNPF moderate and conservative investment policy oriented towards the pension capital safety. Thus, results of the last year show that to individual pension accounts of the Fund depositors were accrued as the i8nvestment profit over KZT7.5 bn. By AFS official data GNPF "net" investment profit cumulative amount as of January 1, 2009 exceeded KZT79.68 bn., which is the highest indicator across the accumulative pension system. The positive result of GNPF investment activities has been conditioned by the balanced pension assets investment portfolio structure, where the significant portion as of January 1, 2009 accounted for: - government securities of the Republic of Kazakhstan - 40.14%; - corporate serial securities of organizations of the Republic of Kazakhstan (with the issuer or security rating not less than"ВВB-"/"ВВ-"/"В-") - 41.08%; - deposits in the National Bank of the Republic of Kazakhstan and second-tier banks of the Republic of Kazakhstan - 10.23%. GNPF remains the pension system leader on the clients data base: the number of individual pension accounts on mandatory pension contributions exceeded KZT2.4 m. and made up the largest market stake of 25.15%. The volume of pensions, accumulated in GNPF at the beginning of 2009 made up over KZT245.5 bn., having increased during the last year by KZT40.5 bn. The annual growth of this GNPF indicator left behind the market indicator by 2.22% and made up 19.8%. As a result, the Fund increased its market stake by pensions accumulated up to 17, 28%. Obligations on payment of pensions and transfers to insurance organizations in the last year were fulfilled by the Fund in the volume of over KZT5.7 bn. By results of 2008 the Fund fulfilled all prudential requirements for sufficiency of own capital and pension assets yield. 2008 for GNPF had the following significant events: The authorized capital increase At GNPF shareholders special meeting held on December 15, 2008 was made the decision to additionally issue of announced common shares to increase the Fund authorized capital by 5 times from KZT1 bn. to KZT5 bn. GNPF being one of the leading pension funds on basic activities indicators remains the single in, the shareholders composition of which includes Government of the Republic of Kazakhstan and the National Bank of the Republic of Kazakhstan, and the international financial organization - European Bank for Reconstruction and Development. Under current financial and economic conditions the increase of GNPF authorized capital proves shareholders trust, their willingness to develop the Fund and strengthen its positions on the pension services market. The increase of GNPF authorized capital will positively influence on the Fund position on the financial market. In addition, measures aimed at the increase of the authorized capital meet new requirements of the Law of the Republic of Kazakhstan "On Retirement System of the Republic of Kazakhstan", which will come to effect from 2012 and determines the minimum authorized capital size of an accumulative pension fund in the volume of not less than two billion tenge. Regional Network Extension The regional network extension is one of the important integral of GNPF general strategy, within which the Fund activities are aimed at improvement of the quality and accessibility of provided pension services for the entire populations and regions of the Republic of Kazakhstan. The broad regional network opens an access not only residents of Almaty and Astana cities and regions of the country, but also for residents of other cities and rural areas. Thus, during 2008 the Fund opened 20 subdivisions in settlements of Akmola, Karaganda, East Kazakhstan, South Kazakhstan, Zhambyl, Almaty, Kyzyl-Orda, North Kazakhstan, Kostanai, Pavlodar regions. Today the regional network of GNPF consisting of 18 affiliates and 31 agent points is one of geographically broad among accumulative pension funds of the country. Extension of Services Provided In the last year the Fund actively worked on extension of additional services range, accessible for GNPF depositors. As a result, the Fund depositors can access services of GNPF partners on crediting and voluntary insurance. Quotation end [2009-02-23]