ANALYSIS: According to data of AFS, amount of net pension assets in Kazakhstan as of february 1, 2008 reached $10,160.4 m.

/IRBIS, Vitaliy Tomskiy, March 19, 2008/ - 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 February 1, 2008 reached KZT1,221,384.6 m. or equivalent $10,160.4 m. at the weighted average exchange's rate effective on the mentioned date. Corresponding indicator as of January 1, 2008 - KZT1,208,120.8 m. or $10,042.6 m. In January 2008 net assets of accumulative pension funds (APF) grew by 1.10% in tenge and by 1.17% in dollar terms. In December 2007 assets increased by 3.74% in tenge and in dollar equivalent by 4.18%. As of the beginning of February 2008, the total sum of pension assets made KZT1,222,189.0 m., from them KZT1,192,122.7 were invested. During January 2008 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 64.1% out of the entire amount of PA of the republic, by the beginning of February 2008 (as of January 1, this indicator was 63.8%). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of February 1, 2008. Figures in parentheses give the same picture as of January 1, 2008. ---------------------------------------------------------------------------- Total assets --------- ------------ Net % of all PA pension of Name of PAIMO / APF assets Volume Kazakhstan Invested ---------------------------------------------------------------------------- PAIMO GRANTUM Asset Management JSC ---------------------------------------------------------------------------- GRANTUM APF JSC 74,141 74,298 6.08(6.03) 72,490 ----------------------------- --------- --------- ------------ --------- Total 74,141 74,298 6.08(6.03) 72,490 ----------------------------- --------- --------- ------------ --------- PAIMO Bailyk Asset Management JSC ---------------------------------------------------------------------------- PAPF of open type named after Kunayev JSC 30,190 30,247 2.47(2.50) 29,982 OAPF SENIM JSC 43,389 43,447 3.55(3.53) 42,310 APF Korgau JSC 17,627 17,688 1.45(1.40) 17,461 APF NefteGas-Dem JSC 29,919 29,908 2.45(2.46) 29,552 ----------------------------- --------- --------- ------------ --------- Total 121,126 121,290 9.92(9.89) 119,305 ----------------------------- --------- --------- ------------ --------- PAIMO ZHETYSU JSC ---------------------------------------------------------------------------- APF UlarUmit JSC 212,306 211,980 17.34(17.66) 208,772 ----------------------------- --------- --------- ------------ --------- Total 212,306 211,980 17.34(17.66) 208,772 ----------------------------- --------- --------- ------------ --------- PAIMO Premier Asset Management JSC ---------------------------------------------------------------------------- APF Respublika JSC 1,921 1,926 0.16(0.13) 1,922 Total 1,921 1,926 0.16(0.13) 1,922 ----------------------------- --------- --------- ------------ --------- PAIMO Nur-Trust JSC ---------------------------------------------------------------------------- OAPF Atameken JSC 29,785 29,669 2.43(2.50) 29,008 ----------------------------- --------- --------- ------------ --------- Total 29,785 29,669 2.43(2.50) 29,008 ----------------------------- --------- --------- ------------ --------- APF, operating as pension assets management companies independently ----------------------------- --------- --------- ------------ --------- APF SAPF JSC 206,616 206,755 16.92(16.94) 205,866 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 129,437 129,869 10.63(10.39) 125,435 APF of Halyk 354,597 354,755 29.03(29.08) 339,607 Bank of Kazakhstan JSC APF Capital JSC 35,627 35,752 2.93(2.83) 35,324 ----------------------------- --------- --------- ------------ --------- APF Kazakhmys JSC 25,159 25,172 2.06(2.07) 24,266 ----------------------------- --------- --------- ------------ --------- OAPF Otan JSC 30,669 30,722 2.51(2.48) 30,128 ----------------------------- --------- --------- ------------ --------- Total 782,105 783,026 64.08(63.80) 760,625 ----------------------------- --------- --------- ------------ --------- TOTAL pension assets 1,221,385 1,222,189 100.0 1,192,123 ---------------------------------------------------------------------------- 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 (29.03% of all PA in management). The second place belongs to APF Ular Umit JSC (17.34%); the third place APF SAPF JSC - (16.92%). The highest asset growth rate (26.81% in tenge) in January was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is to APF BTA Kazakhstan JSC (growth by KZT3,994.7 m.). The second place by this indicator belongs to APF Halyk Bank of Kazakhstan JSC. Its assets have grown during the month by KZT2,337.8 m., the third place belongs to APF Capital JSC (growth by KZT1,412.2 m.) Invested assets by financial instruments as of February 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) - 21.67% (20.97%; 21.95%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 3.83% (4.06%; 5.31%); - stocks of foreign issuers (foreign currencies) - 2.44% (1.71%; 1.75%); - corporate bonds of foreign issuers (foreign currencies) - 6.74% (6.86%; 7.13%); - foreign states' securities - 2.37% (2.85%; 3.15%); - stocks of Kazakhstan companies - 14.40% (15.66%; 13.92%); - bonds of Kazakhstan companies - 30.48% (30.02%; 29.10%); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 13.07% (13.44%; 13.34 %) - deposits and deposit certificates (foreign currencies) - 1.70% (1.15%; 0.17%); - refined gold - 0.95% (1.87%;2.01%); - derivative instruments - -0.12% (-0.10 %; 0.02 %). Funds on investment accounts and other assets according to data of AFS as of February 1 were 2.47% (1.40%; 2.15%) of the total amount of PA. [2008-03-19]