On approval of the report on the formation and use of the National Fund of the Republic of Kazakhstan for 2011

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Decree of the President of the Republic of Kazakhstan dated May 3, 2012 No. 313.

In accordance with article 134 of the Budget Code of the Republic of Kazakhstan dated December 4, 2008, I HEREBY DECREE:

1. To approve the attached report on the formation and use of the National Fund of the Republic of Kazakhstan for 2011.

2. To the Government of the Republic of Kazakhstan:

1) submit a report on the formation and use of the National Fund of the Republic of Kazakhstan for 2011 to the Parliament of the Republic of Kazakhstan by way of information.;

2) to ensure the publication of information about the 2011 report on the formation and use of the National Fund of the Republic of Kazakhstan and the results of the audit in the media.

3. This Decree shall enter into force from the date of signing.

President

Republic of Kazakhstan

N. Nazarbayev

Approved by Decree of the President of the Republic of Kazakhstan on May 3, 2012 No. 313

Report on the formation and use of the National Fund of the Republic of Kazakhstan for 2011

Astana, 2012

Content

Section 1. Report on income and use of the National Fund of the Republic of Kazakhstan for 2011

Section 2. Report on the activities of the National Bank of the Republic of Kazakhstan on trust management of the National Fund of the Republic of Kazakhstan for 2011

Section 3. Other data on the management of the National Fund of the Republic of Kazakhstan for 2011

Section 1. Report on receipts and use of the National Fund of the Republic of Kazakhstan for 2011

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No. p / p

Formation and use of funds of the National Fund of the Republic of Kazakhstan

Amount(thousand tenge)

Funds of the National Fund of the Republic of Kazakhstan at the beginning of the reporting period

5 704 444 289*

Receipts to the National Fund of the Republic of Kazakhstan:

3 488 043 602

including:

direct taxes from organizations in the oil sector (with the exception of taxes credited to local budgets)

3 360 214 852

including:

corporate income tax

1 193 814 475

excess profit tax

109 212 149

bonuses

48 761 538

mining tax

988 233 364

rental tax on exports

824 417 984

the share of the Republic of Kazakhstan in the division of products under concluded contracts

195 775 342

additional payment by a subsurface user operating under a production sharing contract from organizations in the oil sector

other income from operations carried out by organizations in the oil sector (with the exception of income credited to local budgets)

14 240 079

including:

administrative fines, penalties, sanctions, and penalties imposed by central government agencies and their territorial divisions on organizations in the oil sector

1 699 410

other fines, penalties, sanctions, and penalties imposed by government agencies funded from the national budget on organizations in the oil sector

funds received from natural resource users on claims for damages by organizations in the oil sector

12 540 586

other non-tax revenues from oil sector organizations

proceeds from the privatization of state property owned by the Republic and related to the mining and manufacturing industries

proceeds from the sale of agricultural land

786 144

investment income from the management of the National Fund of the Republic of Kazakhstan

112 802 527

other receipts and incomes not prohibited by the legislation of the Republic of Kazakhstan

Use of the National Fund of the Republic of Kazakhstan:

1 204 132 712

including:

guaranteed transfers

1 200 000 000

targeted transfers

covering expenses related to the management of the National Fund of the Republic of Kazakhstan and the annual external audit

4 132 712

Funds of the National Fund of the Republic of Kazakhstan at the end of the reporting period

7 988 355 179**

* the balance at the beginning of 2011 is shown without taking into account the amount of accrued and deferred expenses of the National Fund of the Republic of Kazakhstan in the amount of 3,884,641 thousand tenge, the amount of 51 thousand tenge - differences and rounding in the financial statements for previous years prepared by the external auditor of Ernst & Young LLP, and the amount of 602,031,752 thousand tenge, which is the amount of the adjustment;

** the balance at the end of 2011 is shown without taking into account the amount of accrued and deferred expenses of the National Fund of the Republic of Kazakhstan in the amount of 2,698,444 thousand tenge and the amount of 51 thousand tenge - differences and rounding in the financial statements for previous years prepared by the external auditor of Ernst & Young LLP.

As of January 1, 2011, the funds of the National Fund of the Republic of Kazakhstan amounted to 5,704,444,289 thousand tenge (5,098,527,845 thousand tenge - on an accrual basis according to the audited financial statements), as of December 31, 2011 amounted to 7,988,355,179 thousand tenge (7,383,624,933 thousand tenge - on an accrual basis according to the audited financial statements).

In 2011, the National Fund of the Republic of Kazakhstan received 3,488,043,602 thousand tenge, of which 1,603,161,781 thousand tenge (equivalent to 10,931,792 thousand US dollars) are receipts in foreign currency credited to the corresponding account of the National Fund of the Republic of Kazakhstan in tenge through sequential day-to-day conversion/reconversion. Of these, due to direct tax revenues from organizations in the oil sector (with the exception of taxes credited to local budgets) - 3 360 214 852 thousand . tenge, other income from operations carried out by organizations of the oil sector (with the exception of income credited to local budgets) - 14 240 079 thousand tenge, income from the sale of agricultural land - 786 144 thousand tenge, income from investment income from the management of the National Fund of the Republic of Kazakhstan - 112,802 527 thousand tenge.

The structure of revenues from oil sector organizations to the National Fund of the Republic of Kazakhstan in 2011

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Type of tax payments

The amount

(thousand tenge)

Share in total

volume (%)

Corporate income tax, including:

1 193 814 475

35,38

KPN 101105*

930 040 388

27,56

KPN 101106*

45 482 671

1,35

KPN 101107*

218 291 416

6,47

Excess profit tax

109 212 149

3,24

Bonuses

48 761 538

1,44

Mining tax

988 233 364

29,29

Rental tax on exports

824 417 984

24,43

The share of the Republic of Kazakhstan in the division of products from organizations in the raw materials sector

195 775 342

5,80

Administrative fines, penalties, sanctions, and penalties imposed by central government agencies and their territorial divisions on organizations in the oil sector

1 699 410

0,05

Other fines, penalties, sanctions, and penalties imposed by government agencies funded from the national budget on organizations in the oil sector

0,00

Funds received from natural resource users on claims for damages by organizations in the oil sector

12 540 586

0,37

Other non-tax revenues from oil sector organizations

0,00

in total

3 374 454 931

100,00

Note:

*KPN 101105 - corporate income tax on legal entities - organizations of the oil sector;

*KPN 101106 - corporate income tax on resident legal entities withheld at the source of payment by organizations in the oil sector;

*KPN 101107 is a corporate income tax on non-resident legal entities withheld from the source of payment by organizations in the oil sector.

In the revenues to the National Fund of the Republic of Kazakhstan from organizations in the oil sector, the main part (35.38%) is corporate income tax on legal entities, followed by the tax on mining, which accounts for 29.29% of the total revenue. The export rental tax is 24.43% of the total revenue, the share of the Republic of Kazakhstan in the production division was 5.80% of the total revenue, the excess profit tax is 3.24% of the total revenue and bonuses in the total revenue amount are 1.44%.

According to the Law of the Republic of Kazakhstan dated November 30, 2010 "On guaranteed transfer from the National Fund of the Republic of Kazakhstan for 2011 - 2013" in 2011, 1,200,000,000 thousand tenge was transferred from the National Fund of the Republic of Kazakhstan to the republican budget in the form of a guaranteed transfer to finance expenditures of current budget programs and budget development programs under plan 1 200,000,000 thousand tenge, which is 100% of the annual plan.

Section 2. Report on the activities of the National Bank of the Republic of Kazakhstan on trust management of the National Fund of the Republic of Kazakhstan for 2011

According to the results of the audit of the National Fund of the Republic of Kazakhstan conducted by Deloitte Limited Liability Company, the financial statements are recognized as reliable and reflect the financial position of the National Fund of the Republic of Kazakhstan as complying with international financial reporting standards.

As of December 31, 2011, the total amount of accounts payable and accrued unpaid expenses of the National Fund of the Republic of Kazakhstan amounted to 4,285,535 thousand tenge, of which:

accounts payable in foreign currency for investment transactions - 1,587,091 thousand tenge;

accounts payable in tenge for services rendered to the National Fund of the Republic of Kazakhstan - 2,698,444 thousand tenge, of which:

asset management fees - 2,538,566 thousand tenge, including:

2,219,980 thousand tenge - commission for the services of external managers;

KZT 318,586 thousand - commission fee of the National Bank of the Republic of Kazakhstan;

other accrued expenses - 159,878 thousand tenge, including:

109,084 thousand tenge - for the services of the global custodian of the National Fund of the Republic of Kazakhstan BNY Mellon;

40,261 thousand tenge - for the services of the custodian of the National Fund of the Republic of Kazakhstan BNP Paribas;

KZT 7,568 thousand - for external audit services of the National Fund of the Republic of Kazakhstan;

2,965 thousand tenge - for information services provided by Standard&Poor's.

Form 1

Balance sheet of the National Bank of the Republic of Kazakhstanfor asset trust management of the National Fund of the Republic of Kazakhstan (thousand tenge)

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Name of the article

for 2011

for the year 2010

Assets

Cash and cash equivalents

618 528 791

176 444 135

Financial instruments carried at fair value through profit or loss, except for derivative financial instruments

owned by the Foundation

6 338 095 630

4 518 506 786

collateralized by repo transactions

62 260 905

Held-to-maturity investments

428 926 918

402 785 683

Derivative financial instruments

4 663 906

4 230 221

Accounts receivable

2 245 817

5 333 333

Total assets

7 392 461 062

5 169 561 063

Liabilities and net assets

Derivative financial instruments

4 550 594

3 032 339

Accounts payable under repo transactions

60 950 849

Accounts payable and accrued expenses

4 285 535

7 050 030

Total liabilities

8 836 129

71 033 218

Net assets forming the account of the Government of the Republic of Kazakhstan

7 383 624 933

5 098 527 845

As of December 31, 2011, the total amount of accounts receivable from the National Fund of the Republic of Kazakhstan, representing accounts receivable in foreign currency for investment transactions, amounted to 2,245,817 thousand tenge.

Form 2

Profit and loss statement of the National Bank of the Republic of Kazakhstan on trust management of assets of the National Fund of the Republic of Kazakhstan (thousand tenge)

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Name of the article

for 2011

for 2010

Income

Income in the form of remuneration

108 325 210

92 100 816

Income in the form of dividends

22 191 978

14 053 370

Income from financial instruments carried at fair value through profit or loss, except for forward currency contracts

(45 135 519)

27 833 924

Net profit/(loss) from forward currency contracts

2 637 743

5 884 936

Net gain/(loss) from revaluation of foreign currency assets and liabilities

(24 945 987)

16 439 762

Total income

63 073 425

156 312 808

Expenses

Asset management fees

2 547 267

3 371 884

The cost of paying for custody services

327 964

255 687

The cost of paying for audit services

7 568

10 864

Professional services expenses

Expenses related to the use of software products and information databases

63 715

16 648

Total expenses

2 946 514

3 655 083

Net profit (loss)

60 126 911

152 657 725

Other comprehensive income

Exchange rate differences

49 729 102

(22 139 167)

Total comprehensive income/(loss)

109 856 013

130 518 558

According to the results of the trust management of the National Fund of the Republic of Kazakhstan for 2011, the main indicators were:

1) income based on management results 63,073,425 thousand tenge;

2) management expenses 2,946,514 thousand tenge;

3) positive difference in revaluation (recalculation) in tenge 49 729 102 thousand tenge.

Thus, the total comprehensive income before deduction of expenses from the management of the National Fund of the Republic of Kazakhstan amounted to 112,802,527 thousand tenge, the total comprehensive income after deduction of expenses from the management of the National Fund of the Republic of Kazakhstan amounted to 109,856,013 thousand tenge, net income for 2011 amounted to 60,126,911 thousand tenge.

According to the data of the custodian bank of the National Fund of the Republic of Kazakhstan, BNY Mellon, for the period from January 1, 2011 to December 31, 2011, investment income (realized and unrealized) was generated, calculated in the base currency - US dollars, which amounted to 245,490 thousand US dollars. Adjusted for transaction costs, the investment income according to the data of the custodian bank BNY Mellon for the same period amounted to 245,044 thousand US dollars.

In 2011, the following expenses related to the management of the National Fund of the Republic of Kazakhstan were paid from the account of the National Fund of the Republic of Kazakhstan for a total amount of 4,132,712 thousand tenge:

1,955,920 thousand tenge - commission remuneration of external managers for the trust management of the National Fund of the Republic of Kazakhstan, including 268,982 thousand tenge for services in 2011 and 1,686,937 thousand tenge for services of previous years;

1,846,892 thousand tenge - commission fee of the National Bank of the Republic of Kazakhstan for the trust management of the National Fund of the Republic of Kazakhstan, including 1,672,913 thousand tenge for services in 2011 and 173,979 thousand tenge for services of previous years;

150,994 thousand tenge - for the services of the global custodian of the National Fund of the Republic of Kazakhstan BNY Mellon, including 104,380 thousand tenge for services in 2011 and 46,614 thousand tenge for services of previous years;

107,291 thousand tenge - for the services of the global custodian of the National Fund of the Republic of Kazakhstan BNP Paribas, including 76,163 thousand tenge for services in 2011 and 31,128 thousand tenge for services of previous years;

44,093 thousand tenge - for using the software product of the company "Barra International LTD", including 15,413 thousand tenge for services in 2011 and 28,680 thousand tenge for services of previous years;

10,864 thousand tenge - for external audit services of the National Fund of the Republic of Kazakhstan for 2010;

KZT 8,511 thousand - for services rendered by Yield Book in 2011;

KZT 5,793 thousand - for information services provided by Morgan Stanley Capital International in 2011;

2,351 thousand tenge - for using the software product of the company "Fitch Ratings" in 2011;

3 thousand tenge - for the services of the joint-stock company "Registrar System of Securities" for accounting and custody of securities denominated in tenge, provided in 2011.

During 2011, the total amount of accrual of expenses for the management of the National Fund of the Republic of Kazakhstan amounted to 2,946,515 thousand tenge, consisting of the following amounts:

KZT 1,991,499 thousand - commission fee of the National Bank for the trust management of assets of the National Fund of the Republic of Kazakhstan;

555,768 thousand tenge - for the services of external managers of the National Fund of the Republic of Kazakhstan;

KZT 213,082 thousand - for the services of the global custodian of the National Fund of the Republic of Kazakhstan BNY Mellon;

114,883 thousand tenge - for the services of the custodian of the National Fund of the Republic of Kazakhstan BNP Paribas;

44,092 thousand tenge - for using the software product of the company "Barra International LTD";

8,511 thousand tenge - for services rendered by the Yield Book company;

KZT 7,568 thousand - for audit services of the National Fund of the Republic of Kazakhstan;

5,793 thousand tenge - for information services provided by Morgan Stanley Capital International;

2,965 thousand tenge for information services provided by Standard&Poor's;

2,351 thousand tenge - for using the software product of the company "Fitch Ratings";

3 thousand tenge - for the services of JSC Registrar System of Securities for accounting and custody of securities denominated in tenge.

Form 3

Cash flow statement of the National Bank of the Republic of Kazakhstan on trust management of assets of the National Fund of the Republic of Kazakhstan (thousand tenge)

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Name of the article

for 2011

for 2010

Cash flow from operating activities

Net profit (loss)

60 126 911

152 657 725

Adjustments:

Depreciation of discount/premium on bonds of Kazakhstani state-owned companies

(26 141 236)

(21 040 810)

Expenses in the form of remuneration on REPO transactions

4 889

Unrealized gain/loss on financial instruments carried at fair value through profit or loss

74 599 675

(17 885 413)

Cash flow from operating activities before changes in operating assets and liabilities

108 590 239

113 731 502

Increase (decrease) in operating assets:

Financial instruments carried at fair value through profit or loss, other than derivative financial instruments

(1 782 198 254)

(1 048 129 051)

Derivative financial instruments

(433 685)

(2 661 957)

Accounts receivable

(3 087 516)

(5 330 790)

Increase (decrease) in operating liabilities:

Derivative financial instruments

1 518 255

1 075 566

Accounts payable under repo transactions

(60 955 995)

60 946 617

Accounts payable and accrued expenses

(2 764 495)

2 833 497

Net cash used in/from operating activities

(1 733 156 419)

(877 534 616)

Cash flow from investing activities

Purchase/sale or repayment of bonds of Kazakhstani state-owned companies

(104 930 658)

Net cash used in investing activities

(104 930 658)

Cash flow from financing activities

Receipts from the Ministry of Finance of the Republic of Kazakhstan

3 375 241 075

2 273 549 751

Transfers to the republican budget

(1 200 000 000)

Other transfers

(115 069 342)

Net cash inflow/(use) from/(in) financing activities

2 175 241 075

958 480 409

Net increase/(decrease) in cash and cash equivalents

442 084 656

(23 984 865)

Cash and cash equivalents at the beginning of the year

176 444 135

200 429 000

Cash and cash equivalents at the end of the period

618 528 791

176 444 135

Form 4

Report on changes in net assets of the National Bank of the Republic of Kazakhstan on trust management of assets of the National Fund of the Republic of Kazakhstan (thousand tenge)

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Name of the article

Receipts

Withdrawals

Net profit (loss)

Currency revaluation reserve

Total

Balance as at December 31, 2009

5 875 821 128

(2 929 492 851)

599 524 514

463 676 087

4 009 528 878

Receipts from the Ministry of Finance of the Republic of Kazakhstan and other receipts

2 273 549 751

Transfers to the republican budget

(1 200 000 000)

(1200 000 000)

Other transfers

(115 069 342)

The effect of currency revaluation on the initial balance of net assets

(25 927 170)

Effect of currency revaluation on net profit (loss) and other movements

3 788 003

Net profit (loss) for the period

152 657 725

Balance as at December 31, 2010

8 149 370 879

(4 244 562 193)

752 182 239

441 536 920

5 098 527 845

Receipts from the Ministry of Finance of the Republic of Kazakhstan

3 375 241 075

Transfers to the republican budget

(1 200 000 000)

Other transfers

The effect of currency revaluation on the initial balance of assets

31 109 661

Effect of currency revaluation on net profit (loss)

18 619 441

Net profit (loss) for the period

60 126 911

Balance as at December 31, 2011

11 524 611 954

(5 444 562 193)

812 309 150

491 266 022

7 383 624 933

The net assets of the National Fund of the Republic of Kazakhstan at the end of 2011 amounted to KZT 7,383,624,933 thousand (on an accrual basis according to the audited financial statements), an annual increase of 45%. The increase in assets was mainly achieved due to an increase in direct tax revenues from organizations in the oil sector (with the exception of taxes credited to local budgets).

Section 3. Other data on the management of the National Fund of the Republic of Kazakhstan for 2011.1. Asset management of the National Fund of the Republic of Kazakhstan

The asset allocation structure of the National Fund of the Republic of Kazakhstan was as follows. The total market value of the portfolio of the National Fund of the Republic of Kazakhstan on December 31, 2011 was 46,584,481,911 US dollars, including the foreign exchange portfolio of 43,694,138,797 US dollars (93.80%) and the bond portfolio of NWF Samruk-Kazyna JSC and NMH KazAgro JSC - 2 890 343 114 dollars USA (6.20%). The market value of the stabilization and savings portfolios in the foreign exchange portfolio of the National Fund of the Republic of Kazakhstan is 17,223,796,555 (39.42%) and 26,470,342,242 (60.58%) US dollars, respectively.

The market value of securities and other financial instruments included in the currency portfolio of the National Fund of the Republic of Kazakhstan is based on data from the custodian bank BNY Mellon.

The structure of the distribution of foreign exchange assets of the National Fund of the Republic of Kazakhstan

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Total

Type of mandate

Market value in USD

Fixed income securities

20 826 712 582

47,66

The money market

17 223 796 555

39,42

Stocks

4 698 203 336

10,75

Global tactical distribution

945 426 325

2,16

in total

43 694 138 797

100,00

Dynamics of asset allocation in the stabilization portfolio

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31.03.11

30.06.11

30.09.11

31.12.11

Money and money market instruments

90,08

93,96

95,18

100,00

Fixed income securities

9,92

6,04

4,82

0,00

Total stabilization portfolio

100,00

Dynamics of asset allocation in the savings portfolio

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31.03.11

30.06.11

30.09.11

31.12.11

Fixed income securities

77,25

78,73

80,70

77,73

Stocks

20,00

19,71

17,00

18,00

Money and money market instruments

2,75

1,55

2,30

4,27

Total savings portfolio

100,00

The profitability of the National Fund of the Republic of Kazakhstan in 2011 was 1.37%.

The investment income for the period from the beginning of the establishment of the National Fund of the Republic of Kazakhstan to December 31, 2011 amounted to 5,331 million US dollars. The profitability of the National Fund of the Republic of Kazakhstan for the period from the beginning of its creation to December 31, 2011 amounted to 61.86%, which is 4.65% in annual terms.

Historical profitability of the National Fund of the Republic of Kazakhstan

The net assets of the National Fund of the Republic of Kazakhstan were classified into the following categories (types of investment portfolio):

the stabilization portfolio;

savings portfolio;

fixed income securities portfolio;

stock portfolio;

a tactical asset allocation portfolio.

In accordance with the investment strategy, each asset class of the National Fund of the Republic of Kazakhstan is managed relative to a reference portfolio (index), on the basis of which their profitability is estimated. The reference portfolios (indexes) are defined by the Rules for Investment Operations of the National Fund of the Republic of Kazakhstan, approved by Resolution No. 65 of the Board of the National Bank of the Republic of Kazakhstan dated July 25, 2006.

The return on the stabilization portfolio in 2011 was 0.273%, while the return on the benchmark portfolio (Merrill Lynch 6-month US Treasury Bill Index) was 0.268% over the same period. Thus, as a result of asset management of the stabilization portfolio, a positive windfall of 0.005% was achieved in 2011.

The profitability of the savings portfolio in 2011 was 2.75%. The return on the reference portfolio for the same period was 3.72%. Thus, a negative excess return of (-)0.97% was obtained.

The return on asset management of the Global Stocks mandate savings portfolio in 2011 was (-)4.15%, while the benchmark's return was (-)3.02%. Thus, the result of asset management for this type of mandate relative to the reference portfolio was negative, the excess yield was (-)1.13%.

The return on asset management of the savings portfolio under the "Global Tactical Asset Allocation" mandate for 2011 was 0.82%, while the return on the benchmark was 3.87%. Thus, the result of asset management of the savings portfolio in 2011 for this type of mandate relative to the reference portfolio was negative, the excess yield was (-)3.05%.

The return on asset management of the Global Bond mandate savings portfolio in 2011 was 4.48%. The profitability of the reference portfolio of this sub-portfolio was 4.95%. Thus, the excess return resulting from the management of this type of mandate was negative and amounted to (-)0.47%.

Profitability of the savings portfolio by type of mandates

According to the management results in 2011, most asset managers of the savings portfolio of the National Fund of the Republic of Kazakhstan, including the National Bank of the Republic of Kazakhstan, had negative excess returns, which was due to a high degree of uncertainty coupled with high volatility in global financial markets.

Profitability of the stabilization portfolio

2. Additional information on the activities carried out in 2011 on the management of the National Fund of the Republic of Kazakhstan

By Resolution No. 46 of the Board of the National Bank of the Republic of Kazakhstan dated April 29, 2011, Resolution No. 66 of the Board of the National Bank of the Republic of Kazakhstan dated July 25, 2006 "On Approval of the Rules for Selecting External Asset Managers of the National Fund of the Republic of Kazakhstan" was amended and supplemented to improve the procedure for selecting external asset managers of the National Fund of the Republic of Kazakhstan.

In order to improve the asset management efficiency of the National Fund of the Republic of Kazakhstan, Resolutions of the Board of the National Bank of the Republic of Kazakhstan dated April 29, 2011 No. 7 and August 26, 2011 No. 99 approved the external asset managers of the National Fund of the Republic of Kazakhstan under the Global Bonds mandate, Amundi and Pictet Asset Management, respectively.

Due to the closure of the global tactical asset management program, the external asset manager of the National Fund of the Republic of Kazakhstan, Credit Suisse Asset Management LLC, terminated the investment management agreement No. 53 NB dated February 26, 2008 with him, and the assets under his management were transferred to another external The manager of the Global Tactical Asset Allocation mandate is UBS Asset Management.

In order to increase the efficiency of the trust management of the assets of the National Fund of the Republic of Kazakhstan and further diversify the assets of the savings portfolio of the National Fund of the Republic of Kazakhstan, Resolution No. 122 of the Board of the National Bank of the Republic of Kazakhstan dated September 30, 2011 amended the Rules for Investment Operations of the National Fund of the Republic of Kazakhstan, approved by Resolution No. 122 of the Board of the National Bank of the Republic of Kazakhstan dated July 25, 2006. 65, providing for deepening the currency diversification of the savings portfolio, as well as reducing the average maturity of the bond portfolio in order to lock in profits in the long-term sector of the yield curve and reduce the risk of interest rate changes. Thus, 2 new currencies were included in the reference portfolio for the bond portfolio: the Canadian dollar - 5% and the South Korean won - 5% due to a decrease in the share of the US dollar by 10%, and the reference portfolio for the equity portfolio was changed to the MSCI World Index -100%.

To ensure the safety of the assets of the National Fund of the Republic of Kazakhstan against the background of the deteriorating financial situation in the Eurozone countries, as well as to improve the credit quality of the savings portfolio of the National Fund of the Republic of Kazakhstan, the Board of the National Bank of the Republic of Kazakhstan adopted Resolution No. 160 dated October 28, 2011 regarding the adoption of a new reference portfolio for the euro sub portfolio, which includes securities from the countries of The Eurozone with the highest credit rating. In this regard, positions on government securities, including Italy and Spain, were liquidated.

In 2011, in accordance with the terms of the issues of securities denominated in tenge, coupon payments totaling 1,000,000 thousand tenge were received from issuers, of which 976,000 thousand tenge was received for bonds of JSC NWF Samruk-Kazyna, 24,000 thousand tenge for bonds of JSC NMH KazAgro. thousand tenge.

As part of the systematic work to clarify the goals and objectives of the National Fund of the Republic of Kazakhstan among the population, the following activities were carried out::

In May and August 2011, the Vice Minister of Finance of the Republic of Kazakhstan provided information to the KazTAG news agency on issues related to the use of funds from the National Fund of the Republic of Kazakhstan and investment policy in the event of changes in the global economy;

In August 2011, the Vice Minister of Finance of the Republic of Kazakhstan gave an interview to Expert Kazakhstan magazine on issues related to the current state of the National Fund of the Republic of Kazakhstan and possible changes in the investment strategy of the National Fund of the Republic of Kazakhstan, taking into account the economic instability in the world.;

Information on the report on the formation and use of the National Fund of the Republic of Kazakhstan for 2010 and the results of the external audit was published on June 7, 2011 in the newspapers Egemen Kazakhstan No. 238-239 (26637) and Kazakhstanskaya Pravda No. 179 (26600), as well as posted on the website of the Ministry of Finance of the Republic of Kazakhstan.

The necessary information on the activities of the National Fund of the Republic of Kazakhstan, reports, and regulatory legal acts regulating the activities of the National Fund of the Republic of Kazakhstan are available on the website of the Ministry of Finance of the Republic of Kazakhstan (www.minfin.kz ).

President

Republic of Kazakhstan

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