By the data of the SMRD net pension assets in early August 2001 - $1,018.8m

/IRBIS, Aug 14, 01/ - According to the Stock Market Regulatory Department of the National Bank of Kazakhstan (SMRD, former National Securities Commission - 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 August 1, 2001 equaled KZT149,917.1m, or $1,018.8m at weighted average rate of the Exchange, effective on that date. A comparable figure for July 1, 2001 was KZT144,234.9m, or $982.5m. During July assets of accumulative pension funds (APF) grew up by 3.9% in tenge denomination, and by 3.7% - in currency terms. In June 2001 assets grew up by 4.3% and 4.1%, respectfully. As of early August the total amount of PA has amounted to KZT150,015.1m, of which KZT148,061.3m 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. Despite a message of the mass media regarding the merger of UMIT APF CJSC and Ular OAPF CJSC, the data are given separately for these funds in SMRD report. 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 275.64 275.96 0.2 275.19 Halyk Pension Fund APF CJSC 2,217.39 2,219.64 1.5 2,212.38 ABN AMRO APF -Caspii Munai Gas APF 9,519.28 9,523.12 6.3 9,518.72 --------------------------- ----------- ---------- -------------- ---------- Total 12,012.31 12,018.72 8.0 12,006.29 --------------------------- ----------- ---------- -------------- ---------- Jetisu PAMC CJSC ---------------------------------------------------------------------------- Ular PAPF CJSC 12,273.22 12,289.96 8.2 12,242.63 Kazakhmys APF CJSC 5,579.15 5,585.62 3.7 5,577.61 --------------------------- ----------- ---------- -------------- ---------- Total 17,852.36 17,875.57 11.9 17,820.24 --------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC --------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan APF CJSC 31,299.29 31,346.11 20.9 30,536.57 --------------------------- ----------- ---------- -------------- ---------- Total 31,299.29 31,346.11 20.9 30,536.57 --------------------------- ----------- ---------- -------------- ---------- Ak-niet PAMC CJSC --------------------------- ----------- ---------- -------------- ---------- UMIT APF CJSC 13,162.01 13,108.27 8.7 13,108.27 Nefte-Gas-Dem ONAPF CJSC 3,194.13 3,197.84 2.1 3,189.89 --------------------------- ----------- ---------- -------------- ---------- Total 16,356.14 16,306.11 10.9 16,298.16 --------------------------- ----------- ---------- -------------- ---------- BTA Asset Management PAMC CJSC ---------------------------------------------------------------------------- Kazakhstan NAPF CJSC 3,766.68 3,771.18 2.5 3,771.03 Kurmet NOAPF CJSC 5,167.68 5,168.11 3.4 5,163.85 --------------------------- ----------- ---------- -------------- ---------- Total 8,934.36 8,939.29 6.0 8,934.89 --------------------------- ----------- ---------- -------------- ---------- Aktiv-Invest PAMC CJSC ---------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 2,998.34 3,000.68 2.0 2,991.51 Kunayev NNPF CJSC 447.43 448.22 0.3 441.70 --------------------------- ----------- ---------- -------------- ---------- Total 3,445.76 3,448.90 2.3 3,433.21 --------------------------- ----------- ---------- -------------- ---------- BESTINVEST PAMC CJSC ---------------------------------------------------------------------------- SENIM APF CJSC 7,471.99 7,474.11 5.0 7,462.31 Korgau APF CJSC 1,615.64 1,618.16 1.1 1,606.38 --------------------------- ----------- ---------- -------------- ---------- Total 9,087.63 9,092.27 6.1 9,068.69 --------------------------- ----------- ---------- -------------- ---------- Total of the non-government sector 98,987.85 99,026.98 66.0 98,098.06 --------------------------- ----------- ---------- -------------- ---------- Government accumulative pension fund CJSC (GAPF) 50,929.27 50,988.09 34.0 49,963.26 --------------------------- ----------- ---------- -------------- ---------- Total of pension assets 149,917.13 150,015.07 100.0 148,061.32 ---------------------------------------------------------------------------- The proportion of SAPF assets decreased from 34.56% to 33.99% 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 June. 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 (11.5% in terms of tenge and 11.8% in currency terms) and it had been a leader in each month of this year. If the assets of Philip Morris Kazakhstan KAPF CJSC is taken into account, which was established this year and therefore has a hike of assets growth, then the leadership would belong to it (50.5% in tenge, and 50.9% in currency terms). Invested assets were distributed among financial instruments as follows: - mid- and long-term domestic GS of the Ministry of Finance (KZT) - 9.40% (8.92%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 53.48% (56.34%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 3.41% (1.51%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.27% (0.41%); - securities of foreign issuers (foreign currency) - 2.87% (2.85%); - securities of international financial corporations (foreign currency) - 1.45% (1.62%); - shares of Kazakhstani companies - 2.05% (2.42%); - bonds of Kazakhstani companies - 17.77% (14.58%); - deposits and certificates of deposit (KZT) - 0.66% (1.65%); - deposits and certificates of deposit (foreign exchange) - 8.64% (8.70%). These data reflect insignificant change in the structure of APF portfolios. Significant growth of the proportions of bonds issued by Kazakhstani companies after the floatation of new issues looks interesting. It should be noted that PAMC lost their interest in local currency denominated deposits. In the opinions of IRBIS analysts, decline in the proportions of euronotes looks indicative, considering their low returns. And the growth of the proportions of short-term GS in the portfolios is mostly due to local factors.