ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of November 1, 2007 reached $9,356.3 m.

/IRBIS, Vitaliy Tomskiy, Andrey Tsalyuk, November 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), 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 November 1, 2007 reached KZT1,131,081.1 m. or equivalent $9,356.3 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of October 1, 2007 - KZT1,107,485.1 m. or $9,155.8 m. In October 2007 net assets of accumulative pension funds (APF) grew by 2.1% in tenge and by 2.2% in dollar terms. In September 2007 assets increased by 1.9% in tenge and decreased in dollar equivalent by 6.4%. By the beginning of November 2007, the total amount of PA totaled KZT1,132,223.2 m During October 2007, in all, there were five 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 were PAIMO as well, pension assets were controlled independently. Share of PA, which were controlled by these funds, totaled 63.6% out of the entire amount of PA of the republic, by the beginning of October 2007 (as of October 1, this indicator was 63.5%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of November 1, 2007. Figures in parentheses give the same picture as of October 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 69,283 69,191 6.11 (6.18) 68,395 ----------------------------- --------- --------- ------------- --------- Total 69,283 68,191 6.11 (6.18) 68,395 ----------------------------- --------- --------- ------------- --------- PAIMO Bailyk Asset Management JSC ----------------------------------------------------------------------------- PAPF of open type named after Kunayev JSC 31,525 31,545 2.79 (3.04) 31,417 OAPF SENIM JSC 40,722 40,673 3.59 (3.61) 40,305 APF Korgau JSC 15,903 15,938 1.41 (1.39) 15,182 APF NefteGas-Dem JSC 27,784 27,887 2.46 (2.41) 27,236 ----------------------------- --------- --------- ------------- --------- Total 115,934 116,043 10.25 (10.45) 114,140 ----------------------------- --------- --------- ------------- --------- PAIMO ZHETYSU JSC ----------------------------------------------------------------------------- APF UlarUmit JSC 196,876 197,350 17.43 (17.26) 197,250 ----------------------------- --------- --------- ------------- --------- Total 196,876 197,350 17.43 (17.26) 197,250 ----------------------------- --------- --------- ------------- --------- PAIMO Premier Asset Management JSC ----------------------------------------------------------------------------- APF Respublika JSC 653 654 0.06 (0.06) 652 Total 653 654 0.06 (0.06) 652 ----------------------------- --------- --------- ------------- --------- PAIMO Nur-Trust JSC ----------------------------------------------------------------------------- OAPF Atameken JSC 28,923 28,991 2.56 (2.55) 28,126 ----------------------------- --------- --------- ------------- --------- Total 28,923 28,991 2.56 (2.55) 28,126 ----------------------------- --------- --------- ------------- --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- ------------- --------- APF SAPF JSC 194,674 195,020 17.22 (17.22) 187,600 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 116,450 116,278 10.27 (10.40) 116,179 APF of Halyk 326,828 327,106 28.89 (28.83) 318,550 Bank of Kazakhstan JSC APF Capital JSC 30,491 30,521 2.70 (2.60) 30,462 ----------------------------- --------- --------- ------------- --------- APF Kazakhmys JSC 23,671 23,713 2.09 (2.11) 23,161 ----------------------------- --------- --------- ------------- --------- OAPF Otan JSC 27,296 27,356 2.42 (2.37) 27,171 ----------------------------- --------- --------- ------------- --------- Total 719,412 719,994 63.59 (63.53) 703,124 ----------------------------- --------- --------- ------------- --------- TOTAL pension assets 1,131,081 1,132,223 100.0 1,111,687 ----------------------------------------------------------------------------- The biggest APF by the end of October from the point of net PA volume (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 keeps on leading (28.89% of all PA in management). The second place belongs to APF Ular Umit JSC (17.43%); the third place APF SAPF JSC - (17.22%). The highest asset growth rate (81.45% in tenge) in October was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to APF Halyk Bank of Kazakhstan JSC (growth by KZT7,734.1 m.). The second place by this indicator belongs to DO Bank TuranAlem JSC - APF BTA Kazakhstan. Its assets have grown during the month by KZT6,082.5 m., the third place belongs to APF SAPF JSC (growth by KZT4,240.4 m.) Invested assets by financial instruments as of November 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) - 21.12% (21.18%;21.32%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5.86 % (5.39%;3.55%); - stocks of foreign issuers (foreign currencies) - 1.31% (0.94%;0.65%); - corporate bonds of foreign issuers (foreign currencies) - 7.36% (7.70%;7.99%); - foreign states' securities - 1.28% (0.33%;0.02 %); - stocks of Kazakhstan companies - 15.85% (16.86%; 16.86%); - bonds of Kazakhstan companies - 28.56% (27.80%;26.63%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 13.10% (14.15%;14.09%) - deposits and deposit certificates (foreign currencies) - 1.67% (1.59%; 2.32%); - refined gold - 2.04% (1.39%;0.53%); - derivative instruments - minus 0.03% (0.02%,0.09%). Funds on investment accounts and other assets according to data of AFS as of November 1 were 1.82% (2.65%;5.46%) of the total amount of PA. Given data allow speaking about some interesting tendencies. One of them should be the growth of state of investments of certain pension funds in shares of foreign companies and securities of foreign states during the last three months. At present, these instruments look more attractive in the light of continuing decrease in prices of Kazakhstan issuers' shares. The last fact became the cause of remarkable fall in the investment stake of pension fund managers in the shares of domestic companies. Interest from the side of PA managers to the notes of the National Bank should be considered as traditional interest for "waiting instrument", in that money are invested with the goal of accumulations for longer-term projects. Besides, lately, yield of notes has grown significantly, which has increased their attractiveness also as a traditional investment object. The investment rate in gold continues to grow. This is rather atypical for our market, which is proved by interest for "yellow metal" only from the side of APF of Halyk Bank. [2007-11-23]