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NPF Raiffeisen reports 2007 results

Elena Gorshkova, the executive director of Non-State Pension Fund Raiffeisen (NPF) said: «Although 2007 was marked by a crisis on global financial markets, our Fund enjoyed a successful year from the standpoint of strategic development. Leading consulting firm Watson Wyatt appraised the value of the Fund, saying that, by European standards, NPF Raiffeisen is developing at optimal rates. The number of mandatory pension insurance clients increased, as did the number of sales points in Moscow and the regions; NPF Raiffeisen's services are currently available in all of Raiffeisenbank's branches in Moscow, due to people's growing interest in the Fund's products, and NPF Raiffeisen's efforts to satisfy its clients needs within Raiffeisen Group's overall client-oriented strategy.

As of end-2007, the Fund had 98 corporate clients and over 32,000 private clients. The number of clients entrusting their pensions to NPF Raiffeisen increased last year by 2.5X to 20,000; the total amount of accumulated pension funds and reserves managed by NPF Raiffeisen reached RUR774mn.

According to the National Rating Agency, the Fund was 6th in total pension funds and 12th in pension reserves. NRA awarded NPF Raiffeisen an А- rating (highly reliably).

During the implementation of the Fund's plan for strategic development, founder ZAO Raiffeisen's contribution to the Fund has increased, and permission has been sought to increase this contribution to RUR188mn.

In 2007, the Fund continued its work with managing companies chosen to invest pension funds and place pension reserves in 2006: ООО Management Company Raiffeisen Capital, ООО Management Company Capital, Management Company ZAO Unified Financial Group Invest, Management Company ОАО Alyans ROSNO Asset Management, and ООО Renaissance Management Company. Joining the list of management companies working with the Fund in 2007 was OAO Uralsib Capital Management, with whom a pension reserves trust management agreement was concluded. The increasing number of management companies minimizes risks and increases the safety of pension reserves.

The successful expansion of NPF Raiffeisen in Russia's regions increased in 2007: the Funds' agency network expanded by 42 sales outlets, due to the unification of ZAO Raiffeisenbank Austria and Impexbank; the Fund's services are currently available through 77 offices of Raiffeisenbank in Russia.

As previously, the Fund has demonstrated stable returns on investment in 2007: 6.10% on accumulated pension funds and 7.19% on pension reserves. Mandatory pension insurance accounts received a return of 5.73%, private pension funds a return of 6.58%. Given the average return achieved by management companies on pension fund accumulations last year was roughly 5% (incl. Vneshekonombank's preliminary result of 5.98%), the Fund's conservative strategy is fully justified.

«In our view, private pension funds are the best way to put together pensions, under current circumstances», — said Elena Gorshkova.

NPF Raiffeisen is one of the country's most rapidly developing private pensions funds, offering private pension programs to both corporates and individuals; the Fund also offers formation and payment of accumulated work pensions as a part of mandatory pension insurance. The Fund currently services over 32,000 private and about clients 98 corporate clients.

NPF Raiffeisen was founded by ZAO Raiffeisenbank, a subsidiary of Raiffeisen International Bank-Holding AG (Raiffeisen International), a holding company which manages subsidiary banks and leasing companies in 17 market in CEE. More than 13 million clients are serviced in over 3,000 offices. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Österreich (RZB), which owns 68.5% of the holding's common shares, with the remainder in free float on the Vienna Stock Exchange. The lead bank of the Raiffeisen Group, the largest banking group in Austria, and is a leading corporate and investment bank and a market leader in Austria.


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