/CORRECTED/ ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of September 1, 2006 reached $6,470.5 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, September 26, 06, re-sent because of changes in the fourth paragraph and change of the position of APF Kazakhmys JSC in the table/ - According to data of Agency of Republic of Kazakhstan for regulation and supervision of financial market and financial organizations (AFS) the total amount of net pension assets (PA) in the republic (total pension assets excluding obligations on charged commission interests, creditors' debts on pension payments) as of September 1, 2006 reached KZT810,887.8 m. or $6,470.5 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of August 1, 2006 - KZT788,343.3 m. or $6,657.7 m. In August of year 2006 net assets of accumulative pension funds (APF) grew by 2.86% in tenge and decreased by 2.81% in dollar equivalent. In July 2006 assets increased by 2.27% in tenge and by 2.27% in dollar equivalent. By the beginning of September of year 2006 the total amount of PA was KZT812,925.9 m., out of them KZT801,435.4 m. were invested. During August of 2006, in all, there were seven specialized organizations conducting pension assets investment management activity (PAIMO) and 14 APF. Five funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC, APF BTA Kazakhstan JSC and APF Capital JSC, and APF Kazakhmys JSC which are actually also PAIMO, controlled pension assets independently. Stake of PA, which was controlled by these funds, by the beginning of September of 2006, totaled 55.83% from the whole amount of PA of the republic (as of August 1 this indicator was 55.82%). PAIMO ALFA TRUST JSC since August 2006 do not have assets in the management. But according to the data of workers of AFS, it executes all prudential norms and so is acting. The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of September 1, 2006. Figures in parentheses give the same picture as of August 1, 2006. ------------------------------------------------------------------------------ Total assets ---------------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------------ PAIMO GRANTUM Asset Management JSC ------------------------------------------------------------------------------ GRANTUM APF JSC 54,239 54,481 6.70,(6.64) 54,432 ----------------------------------- ------- ------- ------------- -------- Total 54,239 54,481 6.70,(6.64) 54,432 ----------------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------------ PAPF of open type named after 2,887 2,891 0.36,(0.36) 2,833 Kunayev JSC OAPF SENIM JSC 32,567 32,633 4.01,(4.04) 32,271 APF Korgau JSC 11,587 11,620 1.43,(1.44) 11,582 APF NefteGas-Dem JSC 19,676 19,722 2.43,(2.43) 19,366 ----------------------------------- ------- ------- ------------- -------- Total 66,717 66,866 8.23,(8.26) 66,051 ----------------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------------ OAPF Otan JSC 16,721 16,765 2.06,(2.03) 16,739 ----------------------------------- ------- ------- ------------- -------- Total 16,721 16,765 2.06,(2.03) 16,739 ----------------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 144,477 144,765 17.81,(17.82) 144,593 ----------------------------------- ------- ------- ------------- -------- Total 144,477 144,765 17.81,(17.82) 144,593 ----------------------------------- ------- ------- ------------- -------- PAIMO Activ-Invest JSC ------------------------------------------------------------------------------ AP Valut-Tranzit Fund JSC 37,295 37,371 4.60,(4.66) 37,066 Total 37,295 37,371 4.60,(4.66) 37,066 ----------------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 20,133 20,181 2.48,(2.48) 20,133 ----------------------------------- ------- ------- ------------- -------- Total 20,133 20,181 2.48,(2.48) 20,133 ----------------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------------- ------- ------- ------------- -------- APF SAPF JSC 144,396 145,039 17.84 (17.67) 143,756 APF BTA Kazakhstan JSC 73,516 73,598 9.0 5(9.12) 71,998 APF of Halyk Bank of Kazakhstan JSC 219,382 219,756 27.03 (27.16) 212,933 APF Capital JSC 15,437 15,470 1.90 (1.87) 15,364 ----------------------------------- ------- ------- ------------- -------- APF Kazakhmys JSC 18,576 18,633 2.29 (2.30) 18,371 ----------------------------------- ------- ------- ------------- -------- Total 471,307 472,496 58.12 (55.82) 462,421 ----------------------------------- ------- ------- ------------- -------- TOTAL pension assets 810,888 812,926 100.0 801,435 ------------------------------------------------------------------------------ The biggest APF by the end of August in the view of volume of net PA (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF Ular Ymit JSC and APF SAPF JSC. By the volume of managed assets APF Halyk Bank of Kazakhstan JSC is still leading (27.03% of all PA in management). The second place belongs to APF SAPF JSC again (17.84%); the third place - PAIMO ZHETYSU JSC (17.81%). The highest assets growth rate (4.69% in tenge) in August was recorded in OAPF Otan JSC. In absolute monetary terms on the biggest amount of assets growth the leader is APF SAPF JSC. Its PA increased within the month by KZT5,501.7 m. The second place by this indicator belongs to APF Halyk Bank of Kazakhstan (growth by KZT5,319.8 m.); the third one - APF UlarUmit JSC (growth by KZT4,048.1 m.). Invested assets by financial instruments as of September 1, 2006 were allocated as follows (figures in parenthesis display data for previous two months in reverse chronological order, % are given from full PA): - long-term domestic GS of Ministry of Finance (KZT) - 22.02% (20.76%; 20.22%); - eurobonds of Kazakhstan sovereign debt (USD) - 0.36% (0.35%; 0.28%); - short-term domestic GS of Ministry of Finance and the National Bank (KZT) - 5.01% (6.99%; 7.10%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - shares of foreign issuers (foreign currencies) - 0.19% (0.42%; 0.36%); - corporate bonds of foreign issuers (foreign currencies) - 9.30% (8.82%; 7.89%); - foreign states' securities - 1.25% (0.87%; 1.09%); - securities of international financial organizations - 0.01% (0.30%; 0.30%); - Kazakhstan companies' shares - 12.66% (12.22%; 12.06%); - Kazakhstan companies' bonds - 30.91% (30.67%; 30.11%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 15.86% (16.61%; 17.62%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 0.99% (1.07%; 1.08%); - shares of Kazakhstan investments funds - 0.00% (0.00%; 0.00%); - shares of foreign investments funds - 0.01% (0.01%; 0.02%). Funds on investment accounts and other assets according to AFS' data as of September 1 were 1.43% (0.91%; 0.87%) from total amount of PA. The following statements can be articulated as the pronounced tendencies at the pension market in August: - enlargement in the volume of investments of PA in GS of Ministry of finance of Kazakhstan (owing to high issue activity of the treasury chamber), in corporate bonds of foreign issuers (against the background of dollar to tenge rate) and in bonds of Kazakhstan companies (as a result of offering of liabilities of the new issues by the last one); - decrease in the stake of PA, invested in deposits and deposit certificates (owing to advent of more attractive objects for investing); - notable increase of the interest of pension dealers to shares of Kazakhstan companies and above all - of big Kazakhstan banks after publishing the results of their activity in the first half-year of 2006. [2006-09-26]