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Press-release (translation from Russian) RA “Expert-Rating” confirms rating of Private Joint-Stock Company AMC “National reserve” at the level uaВВВ+.amc


20/09/2011

RA “Expert-Rating” confirms infrastructural rating of Private JSC AMC “National reserve” at the level uaВВВ+.amc (good level of reliability). (see table)

When confirming infrastructural rating of AMC “National reserve”, the Agency was guided by following conclusions:
1. Net assets under management of AMC “National reserve” have grown by 6,62% for the 1 half of 2011. At the same time net assets of public funds under AMC management have increased by 56,56% in comparison to 01.07.2010, and number of funds remains the same: there are 31 funds under AMC management. Sharp rise in assets of public funds has been caused by exceptional effective work of
company sales department. There are a number of new large clients in NPF. Proportion of net assets in
public funds of total net assets under management has increased from 0,95%as of 01.07.2010 to 1,4% as of 01.07.2011.
2. In the 1 half of 2011 AMC “National reserve” has got loss of UAH 85000, the loss for the same period of 2010 has constituted UAH 24000. When taking into account the size of shareholders’ equity of UAH 123 m the unprofitableness level of the 1 half of 2011 is insignificant and doesn’t carry any threat for company solvency and interruption of its business processes. At the same time the Agency attracts attention to the rise of administrative costs by 36% or by UAH 154000 in the 1 half of 2011 in
comparison to the same period of 2010. This rise is resulted from the expenses of conducting market
research in the segment of non-governmental pensions provision. Thus, the company confirms its market position focused on the development of NPF.
3. According to the profitability analysis of 8 AMC public funds the average yield has constituted 3,82% in the 1 half of 2011. NPF “Reserve of Zaporojie” has shown the highest yield (+6,42%). The lowest yield (-0,67%) has been fixed by the mutual fund “Willis”. In Agency’s opinion, a low level of funds yield (below 10% per annum) is a common problem of the majority of AMC working with mutual funds. The main reason of low funds yield has become a situation on the Ukrainian stock market (see table 2).

Analytical department of RA “Expert-Rating”

Rating confirmation of AMC "National reserve" (engl) — 20.09.2011

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