Investment Portfolio Structure

GNPF APF JSC - Structure of PA Investment Portfolio as of 01.12.2011

Securities and emitters

Fair value in thousand KZT

Total in per cent of current value of pension assets

Kazakhstani Government Securities

MinFin

186 521 841,08

39,01%

NOTS of NB RK

9 959 650,00

2,08%

Total:

196 481 491,08

41,10%

Securities of local executive authorities

Akimat of Almaty

3 876 983,54

0,81%

Total:

3 876 983,54

0,81%

Kazakhstani Corporate Bonds

Temir Bank JSC

6 645 650,13

1,39%

Kazmunaigaz JSC

4 493 254,63

0,94%

DTZh JSC

5 971 400,01

1,25%

Halyk Bank of Kazakhstan JSC

3 303 968,44

0,69%

SAMRUK KAZYNA FNW JSC

5 145 976,67

1,08%

BTA Bank JSC

4 935 469,55

1,03%

BankCenterCredit JSC

3 352 926,07

0,70%

ATF Bank JSC

4 023 708,11

0,84%

Caspi Bank JSC

3 779 296,22

0,79%

Kazakhsatni mortgage corporation JSC

3 763 061,21

0,79%

Eximbank JSC

3 053 979,40

0,64%

Nurbank JSC

2 955 620,83

0,62%

Batys trnsit JSC

2 238 696,84

0,47%

Food Corporation JSC

2 716 177,96

0,57%

APK Invest JSC

2 003 400,82

0,42%

Eurasian Bank Jsc

1 814 666,60

0,38%

RESMI GC JSC

1 671 167,00

0,35%

Tsesna Bank

1 298 907,96

0,27%

Kazkommertsbank JSC

1 700 569,79

0,36%

ABDI JSC

946 856,57

0,20%

Astana-finance JSC

155 579,03

0,03%

Alliance Bank JSC

801 808,50

0,17%

BTA Ipoteka JSC

816 760,49

0,17%

KazTransCom JSC

599 449,91

0,13%

Bank for Development of Kazakhstan JSC

582 779,86

0,12%

Kazakhstan kagazy JSC

1 841 303,76

0,39%

Agrarian credit corporation JSC

518 449,06

0,11%

Kazinvestbank JSC

267 405,28

0,06%

MREK JSC

184 060,05

0,04%

Jayrem GOC JSC

116 813,16

0,02%

Total:

71 699 163,91

15,00%

Kazakhstani shares and depositary receipts

Halyk Bank of Kazakhstan JSC

4 167 688,45

0,87%

EM KazMunaiGaz JSC

430 360,00

0,09%

Kazakhtelecom JSC

467 002,75

0,10%

Total:

5 065 051,20

1,06%

Foreign Government Securities

Eurobond / Government of RF

20 803 416,64

4,35%

US Treasury/ Government of USA

3 028 196,89

0,63%

Total:

23 831 613,53

4,98%

Foreign shares and depositary receipts

SBERBANK

2 062 613,83

0,43%

MCMORAN COPPER

1 023 603,84

0,21%

DEUTSCHE TELEKOM

860 921,09

0,18%

SCHLUMBERGER LTD

328 332,03

0,07%

Deutshe bank AG

971 090,56

0,20%

RIO TINTO PLC

833 691,14

0,17%

Total:

6 080 252,49

1,27%

Foreign Corporate Bonds

CITIGROUP FUNDING

5 839 590,40

1,22%

JPMorgan Chase Bank

1 027 877,28

0,21%

Eurobond/Rosselkhozbank

921 061,10

0,19%

Total:

7 788 528,78

1,63%

Principal - Protected Note

PPN BKIR/BANK OF IRLAND

5 481 290,00

1,15%

PPN MERRILL LYNCH/Bank of America Cor

7 420 000,00

1,55%

Total:

12 901 290,00

2,70%

International Financial Organizations

Eurasian Bank of Development

5 199 493,52

1,09%

EUROIB

10 362 286,66

2,17%

EBRD/EURO BK RECON & DEV

8 359 091,48

1,75%

Total:

23 920 871,67

5,00%

Precious metals

Refined gold

44 011 613,88

9,21%

Total:

44 011 613,88

9,21%

Deposits

Kazkommertsbank JSC

25 773 382,59

5,39%

Sberbank Rossii SB

12 817 928,77

2,68%

ATF Bank JSC

9 527 103,84

1,99%

Caspi Bank JSC

9 130 622,22

1,91%

Tsesnabank JSC

6 157 402,78

1,29%

Eurasian Bank JSC

7 573 938,89

1,58%

VTB BANK

2 411 576,67

0,50%

Total:

73 391 955,75

15,35%

 REPO, Cash and other assets

 REPO

2 300 290,00

0,48%

Cash and other assets

6 736 338,39

1,41%

TOTAL PA:

478 085 444,20

100,00%