ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of August 1, 2007 reached $8,668.9 m.

/IRBIS, Sergey Yakovlev, Andrey Tsalyuk, September 6, 07/ - According to data of the Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and financial organizations (AFS) presented to IRBIS, 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 August 1, 2007 reached KZT1,068,961.5 m. or equivalent $8,668.9 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of July 1, 2007 - KZT1,042,544.3 m. or $8,523.8 m. In July 2007 net assets of accumulative pension funds (APF) grew by 2.5% in tenge and by 1.7% in dollar equivalent. In June 2007 assets increased by 2.8% in tenge and by 2.7% in dollar equivalent. By the beginning of August 2007 the total amount of PA totaled KZT1,070,282.9 m., out of them KZT1,057,614.4 m. were invested. During July 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, pension assets were controlled independently. Share of PA, which was controlled by these funds, totaled 63.3% out of the entire amount of PA of the republic, by the beginning of July 2007 (as of July 1, this indicator was 63.5%). 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. The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of August 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 66,498 66,508 6.21 (6.29) 65,430 ----------------------------- --------- --------- -------------- --------- Total 66,498 66,508 6.21 (6.29) 65,430 ----------------------------- --------- --------- -------------- --------- PAIMO Bailyk Asset Management JSC -------------------------------------------------------------------------- PAPF of open type named after Kunayev JSC 5,992 6,009 0.56 (0.55) 5,940 OAPF SENIM JSC 39,038 38,960 3.64 (3.63) 38,897 APF Korgau JSC 14,835 14,851 1.39 (1.39) 14,769 APF NefteGas-Dem JSC 26,003 26,076 2.44 (2.42) 25,628 ----------------------------- --------- --------- -------------- --------- Total 85,868 85,897 8.03 (8.00) 85,234 ----------------------------- --------- --------- -------------- --------- PAIMO ZHETYSU JSC -------------------------------------------------------------------------- APF UlarUmit JSC 184,637 184,925 17.28 (17.08) 184,807 ----------------------------- --------- --------- -------------- --------- Total 184,637 184,925 17.28 (17.08) 184,807 ----------------------------- --------- --------- -------------- --------- PAIMO Premier Asset Management JSC -------------------------------------------------------------------------- AP Valut-Transit Fund JSC 28,093 27,855 2.60 (2.62) 27,513 Total 29 29 0.003 ( -) 28 ----------------------------- --------- --------- -------------- --------- PAIMO Nur-Trust JSC -------------------------------------------------------------------------- OAPF Atameken JSC 27,088 27,141 2.54 (2.54) 26,275 ----------------------------- --------- --------- -------------- --------- Total 27,088 27,141 2.54 (2.54) 26,275 ----------------------------- --------- --------- -------------- --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- -------------- --------- APF SAPF JSC 185,005 185,452 17.33 (17.41) 178,764 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 109,526 109,843 10.26 (10.17) 108,865 APF of Halyk 307,358 307,587 28.74 (28.94) 306,510 Bank of Kazakhstan JSC APF Capital JSC 27,104 27,175 2.54 (2.49) 27,137 ----------------------------- --------- --------- -------------- --------- APF Kazakhmys JSC 22,739 22,754 2.13 (2.16) 22,231 ----------------------------- --------- --------- -------------- --------- OAPF Otan JSC 25,017 25,118 2.35 (2.29) 24,820 ----------------------------- --------- --------- -------------- --------- Total 676,749 677,928 63.34 (63.47) 668,327 ----------------------------- --------- --------- -------------- --------- TOTAL pension assets 1,068,961 1,070,283 100.0 1,057,614 -------------------------------------------------------------------------- The biggest APF by the end of July 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 (28.74% of all PA in management). The second place belongs to APF SAPF JSC (17.33%); the third place APF Ular Umit JSC - (17.28%). The highest asset growth rate (5.03% in tenge) in July was recorded in OAPF Otan JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to APF Ular Umit JSC (growth by KZT6,686.7 m.). The second place by this indicator belongs to APF of Halyk Bank of Kazakhstan JSC, assets of which have grown during the month by KZT5,481.1 m. ., the third place belongs to APF SAPF JSC (growth by KZT3,754.6 m.) Invested assets by financial instruments as of August 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) - 21.41% (20.97%; 20.97%); - eurobonds of Kazakhstan sovereign debt - 0.00% (0,00%; 0.00%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 8.79 % (9.03%;8.30%); - bonds of domestic municipal authorities of Kazakhstan (USD) - 0.00% (0.00%; 0.00%); - stocks of foreign issuers (foreign currencies) - 0.41% (0.53%; 0.57%); - corporate bonds of foreign issuers (foreign currencies) - 8.04% (7.26%;7.60%); - foreign states' securities - 0.02% (0.58 %; 0, 0.29 %); - securities of international financial organizations - 0.00% (0.00%; 0.00%); - stocks of Kazakhstan companies - 16.86% (16.87%; 16.75%); - bonds of Kazakhstan companies - 27.92% (27.30%; 27.83%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 15.78% (16.19 %; 16.26%) - deposits and deposit certificates (foreign currencies) - 0.00% (0.00%; 0.00%); - refined gold -0.57% (0.53%;0.56%); - stocks of Kazakhstan investment funds - 0.00% (0.00%; 0.00%); - derivative instruments - 0.01% (0.04%, 0.08%). Funds on investment accounts and other assets according to data of AFS as of August 1 were 1.19% (0.70%; 0.79%) of the total amount of PA. The given data do not allow IRBIS analysts remarking interesting tendencies in PA management on Kazakhstan market in July. [2007-09-06]