By the data of the NSC net pension assets in early July 2001 - $982.5m

/IRBIS, July 13, 01/ - According to the National Securities Commission of Kazakhstan (NSC), total amount of the net pension assets (PA) in the country (total amount of pension assets less accrued interests and accounts payable on pension payments) as of July 1, 2001 equaled KZT144,234.9m, or $982.5m at weighted average rate of the Exchange, effective on that date. A comparable figure for June 1, 2001 was KZT138,287.9m, or $943.8m. During June assets of accumulative pension funds (APF) grew up by 4.3% in tenge denomination, and by 4.1% - in currency terms. In May 2001 assets grew up by 3.9% and 3.4%, respectfully. As of early July the total amount of PA has amounted to KZT144,440.0m, of which KZT141,712.3m has been invested. There were seven pension assets management companies (PAMC), fourteen private funds and one state pension fund operating in Kazakhstan. Number of funds did not change. Table below presents volume of pension assets for each fund and (KZT, mln unless otherwise indicated) and distribution of APF assets among PAMC. ---------------------------------------------------------------------------- Total assets ---------- -------------- Net pension Share in total PAMC / APF assets Volume volume, % Invested ---------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC ---------------------------------------------------------------------------- KNPF Philip Morris Kazakhstan CJSC 183.17 183.34 0.1 182.84 Halyk Pension Fund APF CJSC 2,125.44 2,128.78 1.5 2,118.18 ABN AMRO APF -Caspii Munai Gas APF 9,091.65 9,103.50 6.3 9,057.29 --------------------------- ----------- ---------- -------------- ---------- Total 11,400.26 11,415.62 7.9 11,358.31 ---------------------------------------------------------------------------- Jetisu PAMC CJSC ---------------------------------------------------------------------------- Ular PAPF CJSC 11,713.78 11,734.55 8.1 11,659.93 Kazakhmys APF CJSC 5,414.12 5,422.36 3.8 5,107.84 --------------------------- ----------- ---------- -------------- ---------- Total 17,127.90 17,156.91 11.9 16,767.78 ---------------------------------------------------------------------------- Halyk Bank Kazakhstan pension assets management company CJSC --------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan APF CJSC 29,852.20 29,912.52 20.7 28,516.86 --------------------------- ----------- ---------- -------------- ---------- Total 29,852.20 29,912.52 20.7 28,516.86 ---------------------------------------------------------------------------- Ak-niet PAMC CJSC --------------------------- ----------- ---------- -------------- ---------- UMIT APF CJSC 12,570.35 12,589.62 8.7 12,537.74 Nefte-Gas-Dem ONAPF CJSC 3,071.71 3,075.01 2.1 3,066.83 --------------------------- ----------- ---------- -------------- ---------- Total 15,642.06 15,664.63 10.8 15,604.57 ---------------------------------------------------------------------------- BTA Asset Management PAMC CJSC ---------------------------------------------------------------------------- Kazakhstan NAPF CJSC 3,621.42 3,628.33 2.5 3,624.38 Kurmet NOAPF CJSC 4,904.29 4,904.75 3.4 4,903.68 --------------------------- ----------- ---------- -------------- ---------- Total 8,525.70 8,533.09 5.9 8,528.05 ---------------------------------------------------------------------------- Aktiv-Invest PAMC CJSC ---------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 2,793.38 2,795.81 1.9 2,717.91 Kunayev NNPF CJSC 433.44 434.32 0.3 395.81 --------------------------- ----------- ---------- -------------- ---------- Total 3,226.82 3,230.13 2.2 3,113.72 ---------------------------------------------------------------------------- BESTINVEST PAMC CJSC ---------------------------------------------------------------------------- SENIM APF CJSC 7,152.59 7,154.09 5.0 7,008.43 Korgau APF CJSC 1,449.26 1,451.30 1.0 1,423.50 --------------------------- ----------- ---------- -------------- ---------- Total 8,601.85 8,605.40 6.0 8,431.94 ---------------------------------------------------------------------------- Total of the non-government sector 94,376.79 94,518.30 65.4 92,321.23 ---------------------------------------------------------------------------- Government accumulative pension fund CJSC (GAPF) 49,858.13 49,921.75 34.6 49,391.09 ---------------------------------------------------------------------------- Total of pension assets 144,234.92 144,440.04 100.0 141,712.32 ---------------------------------------------------------------------------- The proportion of SAPF assets decreased from 34.91 to 34.56% within a month. The largest private APF at the end of June are: Halyk Bank Kazakhstan APF CJSC and UMIT APF CJSC. The leaders were the same in late April. Halyk Bank Kazakhstan PAMC CJSC is still leading by the volume of managed assets among private companies (31.65% of all PA), JETYSU PAMC is the second in the list (18.15%). The order has not changed here. Korgau APF CJSC has the largest assets growth rates (13.9% in terms of tenge and 13.7% in currency terms). Is the leader as it had been before. Invested assets were distributed among financial instruments as follows: - mid- and long-term domestic GS of the Ministry of Finance (KZT) - 8.92% (8.92%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 56.34% (55.83%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 2.51% (1.71%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.41% (0.46%); - securities of foreign issuers (foreign currency) - 2.85% (2.89%); - securities of international financial corporations (foreign currency) - 1.62% (1.34%); - shares of Kazakhstani companies - 2.42% (2.01%); - bonds of Kazakhstani companies - 14.58% (16.33%); - deposits and certificates of deposit (KZT) - 1.65% (0.40%); - deposits and certificates of deposit (foreign exchange) - 8.70% (10.11%). During this period the structure of pension funds' portfolios did not change much, which mostly reflect the current situation on the market. All changes took place due to market events, but not PAMC operation. For example increase of domestic short term GS portion has been caused by decrease of Finance Ministry issue activity and growth of National bank's notes issue volume. Meanwhile the profit of Finance Ministry and National bank does not change, whereas MEKAM profit continues decreasing. Decrease of GS municipals portion can be explained by subjective factors (close of large repo-operation for bonds of Atyrau region-one of funds). Only the principal growth of deposits portion and deposit certificates in the most profitable instrument - domestic currency and PAMC return to euronotes of Kazakhstan due to rapid decline of corporate bonds are attractive.