1. Sound investments into your future

2. Country Overview
The Republic of Kazakhstan is a transcontinental country in Central Asia and Eastern
Europe, the vast majority of its territory being located in Central Asia. With its territory of
2,727,300 sq km (1,053,000 sq mi) ranked as the 9th largest country in the world, it is also the
world's largest landlocked country. Kazakhstan is a member of the CIS.
Capital city – Astana; largest city – Almaty (former capital). National currency – Tenge (KZT).

3. Country Overview (continued)
Politics and Economy Population
Population: 16.8 mln. people
Age 0-15 – 10%
The Republic of Kazakhstan Structure 16-62(57) – 64%
is a unitary state with (2012) 63(58) & older – 26%
presidential regime
Working population (APFs’ members)
(Feb. 2012): 8.5 mln. People
Main industry: Oil & Gas Average monthly income (Jul. 2012):
(9th place in the world) USD 712
Retirement age:
men – 63 women – 58
GDP: Longevity (2011):
(Jan-Jun) 2012 – 105.6%
2011 – 107.5%, or $186.2 bn average – 69.01 years
2010 – 107.0%, or $148.05 bn men – 64.23 women – 73.79
2009 – 101.2%, or $115.31 bn Natural population growth rate
2008 – 103.3%, or $133.44 bn
2007 – 108.9%, or $104.85 bn
increased from 6.22% (2003)
to 13.79% (2011)

4. Pension System in Kazakhstan
1997 - reform of the pension system in Kazakhstan and establishment of the first “State
Accumulative Pension Fund” (Gosudarstvenny Nakopitelny Pensionny Fond) which then
became the APF “GNPF”, JSC
New pension system is based on the three pillars:
PAYG pillar, the former Soviet Union heritage based upon the “solidarity of generations” where the
pillar
State budget is a source of pension distributions by means of taxes and other budgetary receipts.
Pension distributions amount depends on the employment duration. Currently, this pillar covers
those who had been employed for at least six months prior to January 1, 1998.
Compulsory defined contributions accumulative pension plan (99.81% of all accumulated
pension assets as of 1 Oct 2012). Pension contributions fixed at 10% of the gross monthly income
are paid by all employed citizens of Kazakhstan and foreign stateless individuals who established
permanent residence in Kazakhstan, to their individual accounts in one of the APFs selected in
contributors’ discretion. Contributors have the right to transfer their savings from one APF to
another twice a year, but all savings of each member must be kept in one APF at a time.
Voluntary accumulative pension plan embracing voluntary and voluntary-occupational pension
contributions. This pillar is less developed.

5. Pension System in Kazakhstan (continued)
Currently there are 11 Accumulative Pension Funds (APF) operating
in Kazakhstan. The APFs in Kazakhstan are licensed to act also as
Accumulation of
the Asset Management Companies (AMC). They manage pension
Pension Assets &
assets of their members (contributors), and also have their own
Asset Management
assets and capital that are accounted for separately (Chilean
Chilean
model).
model
Pension assets are accumulated and accounted for based on the
Unit-Linked Plan Unit-Linked Plan i.e. the cash value of pension contributions
Unit- Plan,
varies according to the current net asset value of the underlying
investment assets. It allows protection and flexibility in investment.
The APFs have three income sources
sources:
Income Structure 1. Monthly commission fee on accumulated pension assets
(≤0.05%, GNPF’s current fee is 0.0375%)
2. Monthly commission fee on investments return (≤15%, GNPF’s
current fee is 12%)
3. Return from investments of own assets

6. Pension Market Performance
Pension Assets 20 476 mln. USD
Individual Contributors’ Accounts
(01.11.2012) 3 079 356 mln. KZT Voluntary
Compulsory Voluntary
Average annual growth rate for the last 3 years – 18% Occupational
1998 3 752 386
Pension assets, mln. KZT Pension assets growth rate, % 1999 2 994 513
2000 3 715 535
3,500,000 2001 4 630 205 22 071
3,000,000 160% 2002 5 399 320 25 084
140% 2003 6 164 316 27 364
2,500,000 120% 2004 6 974 437 30 157 2 764
2,000,000 100% 2005 7 613 369 32 336 3 297
1,500,000 80% 2006 8 537 712 32 978 3 752
1,000,000 60% 2007 9 223 712 40 904 3 848
40% 2008 9 613 112 41 499 4 030
500,000 20% 2009* 7 732 128 41 682 4 076
0 0% 2010 7 989 782 39 534 4 045
2011 8 137 395 38 318 4 102
01.11.2012 8 389 053 37 894 4 117
* Elimination of zero-balance and double accounts
Average Pension Savings Per 2 429 USD Accumulated Net Investment 4 354 mln. USD
Contributor (01.11.2012) 365 ths. KZT Income (01.11.2012) 654 849 mln. KZT
0.37 Net investment income, mln. KZT Net investment income growth rate, %
0.32
Average Pension Savings Per Сontributor, mln. KZT
0.28 700,000 80%
0.24 70%
600,000
60%
500,000 50%
0.13 0.15 400,000 40%
0.11 30%
0.08 300,000 20%
0.06 0.07
0.03 0.04 0.05 200,000 10%
0.01 0.02 100,000
0%
-10%
0 -20%
USD 1 = KZT 150.39 (average ForEx rate for October 2012)

7. GNPF Shareholder
The National Bank of the
Republic of Kazakhstan
100%
100%
GNPF is the only APF with direct GRK
participation through the National Bank’s share
NBRK intends to privatize GNPF and, therefore, is looking for a
strategic investor that will acquire the control stock and help to
further improve the Fund’s already strong position by:
improving the Fund’s corporate governance;
refining the existing risk management system;
bringing in know-how in investing pension assets; and
providing access to international capital markets

8. GNPF Network
2009 2010 2011 01.11.2012
Employees 436 658 823 1313
Branches 18 18 18 18
Sales points 53 100 117 119
Service centers 2 2 2

9. GNPF Performance
Pension Assets 3 952 mln. USD Contributors
(01.11.2012) 594 331 mln. KZT Voluntary
Compulsory Voluntary professional
Average annual growth rate for the last 3 years – 27% 1998 3 092 374
Pension assets, mln. KZT Pension assets growth rate, % 1999 1 697 292
2000 1 811 991
700,000 90% 2001 2 143 104
600,000 80% 2002 2 299 416
500,000 70% 2003 2 332 900
60% 2004 2 431 125
400,000 50% 2005 2 302 966
300,000 40% 2006 2 378 890 42
200,000 30%
20% 2007 2 439 137 75
100,000 10% 2008 2 417 306 102
0 0% 2009* 1 742 157 119 5
2010 1 786 633 143 3
2011 1 810 993 178 3
01.11.2012 1 932 667 201 3
* zero-balance and double accounts were eliminated
Average Pension Savings Per 2 045 USD Accumulated Net Investment 1063 mln. USD
Contributor (01.11.2012) 307 ths. KZT Income (01.11.2012) 159 915 mln. KZT
0.350 0.31 Net investment income, mln. KZT Net investment income growth rate, %
Average Pension Savings Per Сontributor, mln. KZT 0,26
0.300
180,000 50%
0.250 0.21 45%
160,000
0.17 140,000 40%
0.200
120,000 35%
0.150 0.10 30%
0.08 100,000
0.100 0.04 0.05 0.07 80,000
25%
0.02 0.03 0.03 0.04 20%
0.050 0.01 0.02 60,000 15%
40,000 10%
0.000
20,000 5%
0 0%
USD 1 = KZT 150.39 (average ForEx rate for October 2012)

10. GNPF Market Share (01.11.2012)
01.11.2012
2008 2009 2010 01 Aug.2011
Employees 430 436 658 760
Branches 18 18 18 18
Agent points 31 53 100 117
Service centers 2 2
Pension Assets
GNPF; 19%
($3 952
mln)
Accumulated Net Investment
Members GNPF;
Return
23% GNPF; 24%
(1 932k) ($1063 mln.)
GNPF ranks 2nd
among the
Kazakhstan APFs

11. Investment Portfolios (01.11.2012)
01.11.2012
Pension Assets $3 952 mln.
Pension Assets Moderate Portfolio Pension Assets Conservative Portfolio
Structure, % Structure, %
PPN Deposits REPO and Cash REPO and
2.4% 19.2% 1.1% Cash
GRK Securities 8.04%
Gold 40.6%
8.5%
Deposits
26.3%
Stocks and
Depositary GRK
Receipts Securities
2.0% 65.7%
Foreign RK Corporate
Foreign Gov.
Corporate Bonds
Securities
Bonds 16.6%
IFO Securities 6.5%
1.2% 1.9%

12. Investment Portfolios (01.11.2012)
01.11.2012
Pension Assets $3 952 mln.
Pension Assets Moderate Pension Assets Conservative
Portfolio, Currency Structure, % Portfolio, Currency Structure, %
MYR
RUB 3.3 % 0.5 %
EUR 0.3%
GBP 0.1 %
USD 21.7%
KZT 74 %
KZT 100%
GNPF Own Assets Portfolio $ 153 mln. (all denominated in KZT)
CAsh and REPO
4.19%
GRK Securities
52.96 %
Deposits
42.85%

13. GNPF Basic Financial Indicators
2009 2010 2011 01.11.2012
Equity, mln. 98 14 473 121 17 888 139 20 327 153 23 073
Assets, mln. 101 14 899 125 18 369 146 21 363 159 23 949
Net income,
22 3 215 22 3 291 15 2 154 21 3 170
mln.
ROA, % 24.9 19.8 11.3 13
ROE, % 25.5 20.3 10.8 13.6
EPS 3 370 3 379 1.7 248 2.4 365

14. Regulation
The APFs’ activity is licensed and regulated by the Committee
of the National Bank of the Republic of Kazakhstan for
Control and Supervision of the Financial Markets and
Firms
There are three main prudential regulations established and controlled by the
Committee:
K1 - minimum capital requirement
K2 - annual average weighted investment return
benchmark for the last 60 months
Limits on pension assets investments

15. Foreign Investor: Legal Issues
Per the Law of the Republic of Kazakhstan On the
Pension Provisions in the Republic of Kazakhstan (The
Law), Article 36:
A non-resident investor shall:
non- shall
be a legal entity
have a minimum rating as set below:
Rating and
Moody's Dominion Japan Credit
Standard and Investment Capital
Investors Fitch Bond Rating Rating Agency
Poors Information Intelligence
Service Service (DBRS) (JCR)
(R&І)
ВВ- Ва3 ВВ- BBL BB- BB- BB-
Legal entity registered in an off-shore zone* or the one having affiliates registered in off-
shore zones shall not act as a shareholder of any pension fund in Kazakhstan
*All restricted off-shore zones are listed in the Appendix A

16. Call us at +7.727.259.7524, or +7.800.080.1177