ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of January 1, 2008 reached $10,042.6 m.

/IRBIS, Vitaliy Tomskiy, January 29, 08/ - 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 January 1, 2008 reached KZT1,208,120.8 m. or equivalent $10,042.6 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of December 1, 2007 - KZT1,164,610.2 m. or $9,639.2 m. In December 2007 net assets of accumulative pension funds (APF) grew by 3.74% in tenge and by 4.18% in dollar terms. In Nocember 2007 assets increased by 2.96% in tenge and in dollar equivalent by 3.02%. As of the beginning of January 2008, the total sum of pension assets made KZT1,211,949.1 m., from them KZT1,195,088.9 were invested. During December 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 63.8% out of the entire amount of PA of the republic, by the beginning of January 2008 (as of December 1, this indicator was 63.3%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of January 1, 2008. Figures in parentheses give the same picture as of December 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 72,883 73,048 6.03 (6.06) 71,989 ----------------------------- --------- --------- ------------- --------- Total 72,883 73,048 6.03 (6.06) 71,989 ----------------------------- --------- --------- ------------- --------- PAIMO Bailyk Asset Management JSC ------------------------------------------------------------------------- PAPF of open type named after Kunayev JSC 30,258 30,274 2.50 (2.72) 30,041 OAPF SENIM JSC 42,671 42,779 3.53 (3.61) 42,523 APF Korgau JSC 16,948 16,952 1.40 (1.43) 16,387 APF NefteGas-Dem JSC 29,812 29,864 2.46 (2.54) 29,723 ----------------------------- --------- --------- ------------- --------- Total 119,689 119,869 9.89 (10.29) 118,674 ----------------------------- --------- --------- ------------- --------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------- APF UlarUmit JSC 212.977 214.040 17.66 (17.75) 212.408 ----------------------------- --------- --------- ------------- --------- Total 212.977 214.040 17.66 (17.75) 212.408 ----------------------------- --------- --------- ------------- --------- PAIMO Premier Asset Management JSC ------------------------------------------------------------------------- APF Respublika JSC 1,515 1,519 0.13 (0.09) 1,496 Total 1,515 1,519 0.13 (0.09) 1,496 ----------------------------- --------- --------- ------------- --------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------- OAPF Atameken JSC 30.238 30.303 2.50 (2.56) 29.499 ----------------------------- --------- --------- ------------- --------- Total 30.238 30.303 2.50 (2.56) 29.499 ----------------------------- --------- --------- ------------- --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- ------------- --------- APF SAPF JSC 204,955 205,358 16.94 (16.25) 204,743 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 125,423 125,875 10.39 (10.27) 124,953 APF of Halyk Bank of Kazakhstan JSC 351,225 352,417 29.08 (29.36) 343,119 APF Capital JSC 34,226 34,340 2.83 (2.79) 34,104 APF Kazakhmys JSC 25,026 25,131 2.07 (2.11) 24,470 OAPF Otan JSC 29,964 30,049 2.48 (2.49) 29,634 ----------------------------- --------- --------- ------------- --------- Total 770,819 773,170 63.80 (63.26) 761,023 ----------------------------- --------- --------- ------------- --------- TOTAL pension assets 1,208,121 1,211,949 100.0 1,195,089 ------------------------------------------------------------------------- The biggest APF by the end of December 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 (29.08% of all PA in management). The second place belongs to APF Ular Umit JSC (17.66%); the third place APF SAPF JSC - (16.94%). The highest asset growth rate (50.09% in tenge) in December was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to APF SAPF JSC (growth by KZT17,649.5 m.). The second place by this indicator belongs to APF Halyk Bank of Kazakhstan JSC. Its assets have grown during the month by KZT13,161.1 m., the third place belongs to APF UlarUmit JSC (growth by KZT8,986.7 m.) Invested assets by financial instruments as of January 1, 2008 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% (21.95%;21.12%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 4.06 % (5.31%;5.86%); - stocks of foreign issuers (foreign currencies) - 1.71% (1.75%;1.31%); - corporate bonds of foreign issuers (foreign currencies) - 6.86% (7.13%;7.36%); - foreign states' securities - 2.85% (3.15%;1.28 %); - stocks of Kazakhstan companies - 15.66% (13.92%; 15.85%); - bonds of Kazakhstan companies - 30.02% (29.10%;28.56%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 13.44% (13.34%;13.10%) - deposits and deposit certificates (foreign currencies) - 1.15% (0.17%; 1.67%); - refined gold - 1.87% (2.01%;2.04%); - derivative instruments -0.10% (0.02%,0.03%). Funds on investment accounts and other assets according to data of AFS as of January 1 were 1.40% (2.15%;1.82%) of the total amount of PA. It should be noted that in December continued the tendency of increase of stake of managing PA' investments to bonds of Kazakhstan issuers, yield of which remains the most interesting. Had significantly changed the situation with stake of investments to shares of local companies. Most likely, this tendency may be interpreted as investments to future growth. Increase of stake of deposits in aggregate pension portfolio may be estimated from position of less risky investments. [2008-01-29]