ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of December 1, 2007 reached $9,639.2 m.

/IRBIS, Vitaliy Tomskiy, Andrey Tsalyuk, November 26, 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 December 1, 2007 reached KZT1,164,610.2 m. or equivalent $9,639.2 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of November 1, 2007 - KZT1,131,081.1 m. or $9,356.3 m. In November 2007 net assets of accumulative pension funds (APF) grew by 2.96% in tenge and by 3.02% in dollar terms. In October 2007 assets increased by 2.1% in tenge and in dollar equivalent by 2.2%. By the beginning of December 2007, the total amount of PA totaled KZT1,155,487.2 m., from them 1,130,593.5 m. were invested. During November 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 63.3% out of the entire amount of PA of the republic, by the beginning of December 2007 (as of November 1, this indicator was 63.6%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of December 1, 2007. Figures in parentheses give the same picture as of November 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 70,113 70,016 6.06,(6.11) 68,447 ----------------------------- --------- --------- ------------- --------- Total 70,113 70,016 6.06,(6.11) 68,447 ----------------------------- --------- --------- ------------- --------- PAIMO Bailyk Asset Management JSC ----------------------------------------------------------------------------- PAPF of open type named after Kunayev JSC 31,451 31,443 2.72,(2.79) 31 402 OAPF SENIM JSC 41,620 41,664 3.61,(3.59) 41 435 APF Korgau JSC 16,459 16,488 1.43,(1.41) 16 083 APF NefteGas-Dem JSC 29,105 29,300 2.54,(2.46) 28 903 ----------------------------- --------- --------- ------------- --------- Total 118,635 118,895 10.29,(10.25) 117 823 ----------------------------- --------- --------- ------------- --------- PAIMO ZHETYSU JSC ----------------------------------------------------------------------------- APF UlarUmit JSC 204.016 205.053 17.75.(17.43) 193.345 ----------------------------- --------- --------- ------------- --------- Total 204.016 205.053 17.75.(17.43) 193.345 ----------------------------- --------- --------- ------------- --------- PAIMO Premier Asset Management JSC ----------------------------------------------------------------------------- APF Respublika JSC 1.011 1.012 0.09.(0.06) 746 Total 1.011 1.012 0.09.(0.06) 746 ----------------------------- --------- --------- ------------- --------- PAIMO Nur-Trust JSC ----------------------------------------------------------------------------- OAPF Atameken JSC 29,513 29,556 2.56,(2.56) 28,716 ----------------------------- --------- --------- ------------- --------- Total 29,513 29,556 2.56,(2.56) 28,716 ----------------------------- --------- --------- ------------- --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- ------------- --------- APF SAPF JSC 199,218 187,709 16.25,(17.22) 182,537 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 118,820 118,623 10.27,(10.27) 117,748 APF of Halyk 338,180 339,256 29.36,(28.89) 336,389 Bank of Kazakhstan JSC APF Capital JSC 32,203 32,277 2.79,(2.70) 32,254 APF Kazakhmys JSC 24,280 24,368 2.11,(2.09) 24,002 OAPF Otan JSC 28,621 28,722 2.49,(2.42) 28,586 ----------------------------- --------- --------- ------------- --------- Total 741,323 730,955 63.26,(63.59) 721,515 ----------------------------- --------- --------- ------------- --------- TOTAL pension assets 1,164,610 1,155,487 100.0 1,130,593 ----------------------------------------------------------------------------- The biggest APF by the end of November 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 (29.36% of all PA in management). The second place belongs to APF Ular Umit JSC (17.75%); the third place APF SAPF JSC - (16.25%). The highest asset growth rate (54.77% in tenge) in November 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 KZT12,150.3 m.). The second place by this indicator belongs to APF UlarUmit JSC. Its assets have grown during the month by KZT7,702.6 m., the third place belongs to APF Capital JSC (growth by KZT1,755.6 m.) Invested assets by financial instruments as of December 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) - 21.95% (21.12%;21.18%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5.31 % (5.86%;5.39%); - stocks of foreign issuers (foreign currencies) - 1.75% (1.31%;0.94%); - corporate bonds of foreign issuers (foreign currencies) - 7.13% (7.36%;7.70%); - foreign states' securities - 3.15% (1.28%;0.33 %); - stocks of Kazakhstan companies - 13.92% (15.85%; 16.86%); - bonds of Kazakhstan companies - 29.10% (28.56%;27.80%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 13.34% (13.10%;14.15%) - deposits and deposit certificates (foreign currencies) - 0.17% (1.67%; 1.59%); - refined gold - 2.01% (2.04%;1.39%); - derivative instruments -0.02% (0.03%,0.02%). Funds on investment accounts and other assets according to data of AFS as of December 1 were 2.15% (1.82%;2.65%) of the total amount of PA. Judging by given data, movements of managing PA in reporting month were adequate. They reduced stake of investments to shares of domestic companies, because prices of majority of them continue to fall, and "transferred" to growing world shares market. Bonds of Kazakhstan issuers also did not stay without attention, on market of which the buyers had finally win, and yield of which now looks more interesting. [2007-12-26]