By the data of National Bank net pension assets in early February 2002 - $1,237.1m

/IRBIS, Feb 20, 02/ - According to the Stock Market Regulatory Department of the National Bank of Kazakhstan (Department), 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 February 1, 2002 equaled KZT188,174.7m, or $1,237.1m at weighted average rate of the Exchange, effective on that date. A comparable figure for January 1, 2002 was KZT182,383.4m, or $1,208.3m. During January net assets of accumulating pension funds (APF) grew by 3.2% in terms of tenge, and by 2.5% - in currency terms. In December 2001 assets grew by 5.0% and 3.6%, respectively. As of early February 2002 total amount of net PA totaled KZT188,380.9m, from which KZT185,775.1m was invested. There were 7 Pension Assets Management Companies (PAMC) and 15 APF operating in January. The amount of PAMC and funds didn't change for the month. AMC Ak niet CJSC has no still assets under its control, however, according to the information of the Department staff, it performs all prudential norms and therefore is functioning. New fund "Capital" appeared recently hasn't started assets accumulation yet. Table below presents volume of pension assets for each fund and (KZT, m unless otherwise indicated) and distribution of APF assets among PAMC. ----------------------------------------------------------------------- Total assets ---------- --------- Share in Net pension total PAMC / APF assets Volume volume, % Invested ----------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC ----------------------------------------------------------------------- KNPF Philip Morris Kazakhstan CJSC 447.04 447.16 0.2 443.14 Halyk Pension Fund APF JSCOT 3,144.26 3,145.75 1.7 3,137.19 ABN AMRO APF - Caspii Munai Gas APF 12,735.65 12,740.11 6.8 12,728.57 --------------------------- ----------- ---------- --------- ---------- Total 16,326.95 16,333.02 8.7 16,308.91 --------------------------- ----------- ---------- --------- ---------- PAMC JETYSU CJSC ----------------------------------------------------------------------- UlarUmit APF CJSC 32,441.61 32,498.50 17.3 32,424.81 Kazakhmys APF CJSC 6,714.00 6,727.59 3.6 6,722.68 Nefte-Gas-Dem OPAPF CJSC 4,138.53 4,144.92 2.2 4,142.58 --------------------------- ----------- ---------- --------- ---------- Total 43,294.14 43,371.00 23.0 43,290.07 --------------------------- ----------- ---------- --------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC --------------------------- ----------- ---------- --------- ---------- Halyk Bank Kazakhstan APF CJSC 40,271.15 40,302.73 21.4 39,597.20 OTAN PAPF CJSC 201.22 201.37 0.1 110.52 --------------------------- ----------- ---------- --------- ---------- Total 40,472.37 40,504.10 21.5 39,707.72 --------------------------- ----------- ---------- --------- ---------- BTA Asset Management PAMC CJSC ----------------------------------------------------------------------- Kazakhstan NAPF CJSC 4 852.43 4 859.76 2.6 4 698.01 Kurmet NOAPF CJSC 6 943.75 6 944.57 3.7 6 935.64 --------------------------- ----------- ---------- --------- ---------- Total 11 796.19 11 804.32 6.3 11 633.66 --------------------------- ----------- ---------- --------- ---------- Aktiv-Invest PAMC CJSC ----------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 4,171.06 4,172.14 2.2 3,936.74 Kunayev NNPF CJSC 536.59 537.48 0.3 475.14 --------------------------- ----------- ---------- --------- ---------- Total 4,707.65 4,709.62 2.5 4,411.89 --------------------------- ----------- ---------- --------- ---------- BESTINVEST PAMC CJSC ----------------------------------------------------------------------- SENIM APF CJSC 9,321.37 9,322.55 4.9 8,986.12 Korgau APF CJSC 2,364.06 2,370.28 1.3 2,265.02 --------------------------- ----------- ---------- --------- ---------- Total 11,685.44 11,692.83 6.2 11,251.14 --------------------------- ----------- ---------- --------- ---------- State accumulative pension fund CJSC (SAPF) 59,891.96 59,965.97 31.8 59,171.74 --------------------------- ----------- ---------- --------- ---------- Total of pension assets 188,174.69 188,380.87 100.0 185,775.12 ----------------------------------------------------------------------- The largest private PAPF at the end of December are: Halyk Bank of Kazakhstan APF CJSC and UlarUmit APF CJSC. SAPF is still a leader by the volume of managed assets at pension market. The second place belongs to JETYSU PAMC (23.02% of all managed PA). The third - Halyk Bank of Kazakhstan PAMC (21.50%). Kurmet POAPF CJSC demonstrated the biggest assets growth rates (6.7% in terms of tenge and 6.0% in currency terms) in January (excluding OTAN OAPF CJSC, whose assets are growing very fast in percentage terms as one of the young funds). In absolute value assets of Halyk Bank of Kazakhstan APF CJSC have the highest growth (its assets have grown for the month by KZT1,244.6m). The second place belongs to UlarUmit APF CJSC (growth by KZT1,046.3m). Invested assets were distributed among financial instruments as follows (for trend showing, the figures for two previous months in reverse chronological order are given in parentheses): - mid- and long-term domestic GS of the Ministry of Finance (KZT) - 11.86% (10.95%; 11.22%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 43,26% (44,05%; 44,31%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 6,34% (5,16%; 6,38%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0,63% (0,65%; 0,67%); - securities of foreign issuers (foreign currency) - 2,95% (3,06%; 3,30%); - securities of supranationals - IFO (foreign currency) - 3,82% (3,65%; 3,72%); - shares of Kazakhstani companies - 2,93% (3,64%; 1,82%); - bonds of Kazakhstani companies - 20,21% (20,17%; 19,25%); - deposits and certificates of deposit (KZT) - 3,06% (0,87%; 0,89%); - deposits and certificates of deposit (foreign currency) - 4,94% (7,79%; 8,43%). There are three trends among steady trends in deformation of the structure of aggregate portfolio of APF. The first is the gradual decline in the proportion of euronotes of sovereign debt of Kazakhstan as a result of "overheat" of the market and corresponding growth of prices. It led to the outflow of pension money from this segment, and PAMC switched to corporate bonds. The second trend is the result of the first one and it is a steady growth in the proportion of bonds issued by Kazakhstani companies in the aggregate portfolio of PAPF, though their yield to maturity fell significantly in January. Naturally, this decrease was caused by the growth of demand of PAPF for bonds as a result of the domestic market of euronotes "overheat". The third trend - is increase in the volume of investments into supranational bonds, which becomes clear lately as a result of the deficit of attractive financial instruments on domestic market. Among local trends: active SAPF in buying MEKKAM and notes; noticeable growth in proportions of mid- and long-term domestic GS of the Ministry of Finance denominated in tenge in portfolios (as a result of the supply of these securities by some market participants at discounted prices); re-assessment of its position regarding deposits by the SAPF (volume of investments into tenge denominated instruments was increased significantly by decreasing the proportion of deposits and certificates of deposits in foreign currencies). However, these trends are hardly be considered long lasting.