ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of July 1, 2007 reached $8,523.8 m.

/IRBIS, Sergey Yakovlev, July 27, 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 July 1, 2007 reached KZT1,042,544.3 m. or equivalent $8,523.8 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of June 1, 2007 - KZT1,014,483.9 m. or $8,299.1 m. In June 2007 net assets of accumulative pension funds (APF) grew by 2.8% in tenge and by 2.7% in dollar equivalent. In May 2007 assets increased by 2.8% in tenge and by 1.0% in dollar equivalent. By the beginning of July 2007 the total amount of PA totaled KZT1,043,777.4 m., out of them KZT1,036,686.3 m. were invested. During June 2007, in all, there were six specialized organizations carrying out pension assets investment management activity (PAIMO) and 15 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 June 2007, totaled 63.5% out of the entire amount of PA of the republic (as of June 1 this indicator was 63.2%). After OAPF Otan JSC changed to independent PA management 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. APF RESPUBLIKA JSC., according to the data of AFS, presented to IRBIS still does not have assets as of July 1, 2007. The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of July 1, 2007. Figures in parentheses give the same picture as of July 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 65,523 65,678 6.29,(6.32) 64,708 ----------------------------- --------- --------- ------------- --------- Total 65,523 65,678 6.29,(6.32) 64,708 ----------------------------- --------- --------- ------------- --------- PAIMO Bailyk Asset Management JSC ----------------------------------------------------------------------------- PAPF of open type named after 5,744 5,762 0.55 (0.54) 5,689 Kunayev JSC OAPF SENIM JSC 38,065 37,908 3.63 (3.68) 37,761 APF Korgau JSC 14,531 14,553 1.39 (1.41) 14,412 APF NefteGas-Dem JSC 25,217 25,276 2.42 (2.42) 24,125 ----------------------------- --------- --------- ------------- --------- Total 83,557 83,498 8.00 (8.04) 81,987 ----------------------------- --------- --------- ------------- --------- PAIMO ZHETYSU JSC ----------------------------------------------------------------------------- APF UlarUmit JSC 178,595 178,238 17.08 (17.12) 177,857 ----------------------------- --------- --------- ------------- --------- Total 178,595 178,238 17.08 (17.12) 177,857 ----------------------------- --------- --------- ------------- --------- PAIMO Premier Asset Management JSC ----------------------------------------------------------------------------- AP Valut-Transit Fund JSC 27,628 27,359 2.62 (2.71) 26,890 Total 27,628 27,359 2.62 (2.71) 26,890 ----------------------------- --------- --------- ------------- --------- PAIMO Nur-Trust JSC ----------------------------------------------------------------------------- OAPF Atameken JSC 26,510 26,548 2.54 (2.56) 26,103 ----------------------------- --------- --------- ------------- --------- Total 26,510 26,548 2.54 (2.56) 26,103 ----------------------------- --------- --------- ------------- --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- ------------- --------- APF SAPF JSC 181,386 181,697 17.41 (17.55) 181,214 APF SB JSC Bank TuranAlem BTA 105,817 106,174 10.17 (10.02) 105,522 Kazakhstan JSC APF of Halyk 301,200 302,106 28.94 (28.77) 300,521 Bank of Kazakhstan JSC APF Capital JSC 25,921 25,996 2.49 (2.45) 25,930 ----------------------------- --------- --------- ------------- --------- APF Kazakhmys JSC 22,511 22,568 2.16 (2.17) 22,255 ----------------------------- --------- --------- ------------- --------- OAPF Otan JSC 23,896 23,915 2.29 (2.30) 23,699 ----------------------------- --------- --------- ------------- --------- Total 660,731 662,456 63.47 (63.25) 659,141 ----------------------------- --------- --------- ------------- --------- TOTAL pension assets 1,042,544 1,043,777 100.0 1,036,686 ----------------------------------------------------------------------------- The biggest APF by the end of June 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 (28.94% of all PA in management). The second place belongs to APF SAPF JSC (17.41%); the third place APF Ular Umit JSC - (17.08%). The highest asset growth rate (4.45% in tenge) in June was recorded in APF Capital JSC. In absolute monetary terms on the biggest amount of asset growth the leader is APF Halyk bank of Kazakhstan JSC (growth by KZT9,901.6 m.). The second place by this indicator belongs to DO of Bank TuranAlem JSC APF BTA Kazakhstan JSC, assets of which have grown during the month by KZT4,437.3 m. ., the third place belongs to APF Ular Umit JSC (growth by KZT4,375.2 m.) Invested assets by financial instruments as of July 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) - 20.97% (20.97%; 19.70%); - eurobonds of Kazakhstan sovereign debt - 0.00% (0,00%; 0.07%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 9.03 % (8.30%;7.61%; 9.19%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - stocks of foreign issuers (foreign currencies) - 0.53% (0.57%; 0.23%); - corporate bonds of foreign issuers (foreign currencies) - 7.26% (7.60%;7.23%); - foreign states' securities - 0. 58% (0.29 %; 0, 30%); - securities of international financial organizations - 0.00% (0.00%; 0.00%); - stocks of Kazakhstan companies - 16.87% (16.75%; 16.98%); - bonds of Kazakhstan companies - 27.30% (27.83%; 27.87%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 16.19% (16.26 %; 17.10%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold -0.53% (0.56%;1.00%); - stocks of Kazakhstan investment funds - 0.00% (0.00%; 0.00%); - shares of foreign investments funds - 0.00% (0.00%; 0.00%); - derivative instruments - 0.04% (0.08%, 0.15%). Funds on investment accounts and other assets according to data of AFS as of July 1 were 0.70% (1.79%; 0.76%) of the total amount of PA. [2007-07-27]