ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of May 1, 2007 reached $8,215.6 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, May 23, 07/ - According to data of the Agency of the Republic of Kazakhstan for regulation and supervision of the 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 May 1, 2007 reached KZT986,693.6 m. or equivalent $8,215.6 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of April 1, 2007 - KZT963,572.3 m. or $7,780.8 m. In April 2007 net assets of accumulative pension funds (APF) grew by 2.4% in tenge and by 5.6% in dollar equivalent. In March 2007 assets increased by 1.7% in tenge and by 2.5% in dollar equivalent. By the beginning of May 2007 the total amount of PA totaled KZT986,820.6 m., out of them KZT969,437.8 m. were invested. During March 2007, in all, there were six specialized organizations carrying out pension assets investment management activity (PAIMO) and 14 APF. Six funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC, APF BTA Kazakhstan JSC, APF Capital JSC, APF Kazakhmys JSC and OAPF Otan JSC, which actually are PAIMO as well, controlled pension assets independently. Share of PA, which was controlled by these funds, by the beginning of May 2007, totaled 62.6% out of the entire amount of PA of the republic (as of April 1 this indicator was 62.6%). After OAPF Otan JSC changed to independent PA management, as of April 1, 2007 PAIMO ALFA-TRUST JSC was left without assets in the management. However, according to information of AFS employees, this company still executes all prudential norms and therefore, is considered active. Pension assets of AP Valyut-Transit-Fund JSC starting from March 21, 2007 are in the management of PAIMO Premier Asset Management JSC. Before these assets were managed by PAIMO Active Invest JSC (Karaganda), which by the resolution of the Board of AFS dated April 13, 2007 #92 was deprived of license on pension asset investment management. The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of May 1, 2007. Figures in parentheses give the same picture as of April 1, 2007. ------------------------------------------------------------------------ Total assets ------------- Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------ PAIMO GRANTUM Asset Management JSC ------------------------------------------------------------------------ GRANTUM APF JSC 62 546 62 543 6.34 (6.44) 60,137 ----------------------------- ------- ------- ------------- -------- Total 62,546 62,543 6.34 (6.44) 60,137 ----------------------------- ------- ------- ------------- -------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------ PAPF of open type named after 5,125 5,129 0.52 (0.52) 5,051 Kunayev JSC OAPF SENIM JSC 37,018 36,855 3.73 (3.89) 36,653 APF Korgau JSC 13,728 13,746 1.39 (1.41) 13,660 APF NefteGas-Dem JSC 23,820 23,850 2.42 (2.40) 22,516 ----------------------------- ------- ------- ------------- -------- Total 79,691 79,580 8.06 (8.22) 77,881 ----------------------------- ------- ------- ------------- -------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------ APF UlarUmit JSC 172,342 171,834 17.41 (17.35) 170,320 ----------------------------- ------- ------- ------------- -------- Total 172,342 171,834 17.41 (17.35) 170,320 ----------------------------- ------- ------- ------------- -------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------ AP Valut-Transit Fund JSC 27,767 27,324 2.77 (2.86) 27,053 Total 27,767 27,324 2.77 (2.86) 27,053 ----------------------------- ------- ------- ------------- -------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------ OAPF Atameken JSC 25,350 25,393 2.57 (2.57) 25,005 ----------------------------- ------- ------- ------------- -------- Total 25,350 25,393 2.57 (2.57) 25,005 ----------------------------- ------- ------- ------------- -------- APF, operating as pension assets management companies independently ----------------------------- ------- ------- ------------- -------- APF SAPF JSC 175,963 176,135 17.85 (18.06) 170,630 APF SB JSC Bank TuranAlem BTA 95,766 95,897 9.72 (9.61) 92,941 Kazakhstan JSC APF of Halyk 279,764 280,424 28.42 (28.14) 278,803 Bank of Kazakhstan JSC APF Capital JSC 23,416 23,545 2.39 (2.29) 23,288 ----------------------------- ------- ------- ------------- -------- APF Kazakhmys JSC 21,721 21,736 2.20 (2.23) 21,441 ----------------------------- ------- ------- ------------- -------- OAPF Otan JSC 22,366 22,410 2.27 (2.24) 21,939 ----------------------------- ------- ------- ------------- -------- Total 618,997 620,148 62.84 (62.57) 609,043 ----------------------------- ------- ------- ------------- -------- TOTAL pension assets 986,694 986,821 100.0 969,438 ------------------------------------------------------------------------ The biggest APF by the end of April from the point of net PA volume (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF Ular Ymit JSC. By the volume of managed assets APF Halyk Bank of Kazakhstan JSC keeps on leading (28.42% of all PA in management). The second place belongs to APF SAPF JSC (17.85%); the third place APF Ular Umit JSC - (17.41%). The highest asset growth rate (6.62% in tenge) in April was recorded in APF Capital JSC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is APF Halyk bank of Kazakhstan JSC (growth by KZT9,317.1 m.). The second place by this indicator belongs to APF UlarUmit JSC, assets of which have grown during the month by KZT4,734.7 m., the third place belongs to DO of Bank TuranAlem JSC APF BTA Kazakhstan (growth by KZT3,337.3 m.) Invested assets by financial instruments as of May 1, 2007 were allocated as follows (figures in parentheses display data for previous two months in reverse chronological order, % are given from full PA): - long-term domestic GS of Ministry of Finance (KZT) - 19.71% (19.59%; 19.81%); - eurobonds of Kazakhstan sovereign debt - 0.07% (0.11%; 0.07%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 7.61% (9.76%; 9.19%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - stocks of foreign issuers (foreign currencies) - 0.23% (0.25%; 0.17%); - corporate bonds of foreign issuers (foreign currencies) - 7.23% (0.25%; 0.17%); - foreign states' securities - 0.30% (0.12%; 0,06%); - securities of international financial organizations - 0.00% (0.00%; 0.00%); - stocks of Kazakhstan companies - 16.98% (16.75%; 71.23%); - bonds of Kazakhstan companies - 27.87% (28.38%; 27.17%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 17.10% (16.82%; 17.19%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold - 1.00% (0.97%; 0.63%); - stocks of Kazakhstan investment funds - 0.00% (0.00%; 0.00%); - shares of foreign investments funds - 0.00% (0.00%; 0.00%); - derivative instruments - 0.15% (0.05%, 0.06%). Funds on investment accounts and other assets according to data of AFS as of May 1 were 1.76% (0.68%; 1.13%) of the total amount of PA. The given data are showing that April did not bring any expressed tendencies in managing with PA. Only can be noted some unusual for our market investments into gold and insignificant increase of stake of assets, invested into derivative instruments. [2007-05-23]