TROYKA DIALOG SHOWS RECORD-HIGH PROFITABILITY IN PENSION SAVINGS MANAGEMENT IN Q1 2009 – 88.74%

/ARKA/
April 20, 2009
YEREVAN

Troyka Dialog asset management company provided a record-high
profitability in management of pension savings in the first quarter of
this year – 88.74%, the press service of Armenian Ameriabank reported.

In all respects it is a phenomenal result taking into account the
company’s loss of 52.64% by the end of 2008 and if compared with
results of other management companies who have already reported
for the first quarter, said Pavel Teplukhin, Chairman of Board of
Directors of Troyka Dialog companies’ group.

In particular, Vnesheconombank recorded minus7% p.a. with its average
market profitability at 17-20%, he said.

As early as three months ago the company reported their intention to
maintain its strategy announced in 2005 – long-terms plans to invest
pension savings funds – unchanged.

"At that time, it was much more difficult to face the challenge on
the pension savings market than on the securities market, but we did
it. We believed and we still believe that pension money investments
are long-term investments and the best result will be provided in case
of investments with maximum share of the stock in portfolio," he said.

At the end of December 2008, the portfolio included municipal and
corporate bonds (Leningrad and Moscow regions, "Grajdanskiye samole
ti Sukhogo" and others), as well as most liquid shares of major
issuers in various fields of the Russian economy such as oil and gas,
telecommunication, energy, banking and transport sectors (LUKOYL,
"Rostelecom", RusHydro, Sberbank Rosiyi and others).

No "second" or "third" echelon or less liquid securities are included
in the portfolio; all the securities have been valued at their real
market value, he said.

Teplukhin also reported permanent rotations in the investment portfolio
of the company and said that only proportion of asset classes remains
unchanged (bonds, shares, funds).

"Our proportion is not aggressive – 37% of shares, and the portfolio
structure may start being adjusted along with start of pension payments
and if there is a need to correlate profitability with payments,"
he said.

Teplukhin expects that Troyka Dialog will manage to also complete the
second quarter with a record-high result – the profitability exceeds
40% for some securities in April.

In commenting the expectations that the government will allow placing
up to 80% of the pension funds in banks, Teplukhin pointed out that it
is naive to have such a hope as even now the pension funds correlate
with the banking system and may even surpass it in the near future.

"Our banking system is too small for pension money. Pension funds
should undertake the risk of the Rus sian assets – shares or
bonds. There is nothing dreadful in this risk – one should analyze
carefully and work with them professionally and gain from it,"
Teplukhin said.