AFS of Kazakhstan characterized the republic's accumulative pension system as of September 1, 2008

/IRBIS, Dinara Mukasheva, September 18, 08/ - Kazakhstan agency for financial market and financial organizations regulation and supervision (FSA) in its scheduled press-release dedicated to the republic's financial market and financial organizations has characterized the country's accumulative pension system as of September 1, 2008. According to AFS, as of September 1, 2008 a total of 14 accumulative pension funds were functioning in Kazakhstan, which have 75 branches and 48 representatives in the regions of republic. The license on investment management of pension assets of accumulative pension funds have 13 legal entities, 9 of them were accumulative pension funds, which had licenses for independent management of pension assets. In August of current year, accumulative pension funds were not given license for independent management of pension assets. Changing of main indicators, characterizing the condition of accumulative pension system of Kazakhstan ---------------------------------------------------------------------------------- Changing (in %) relative to values -------------------- As of As of As of As of Indicator September August Jan Sept. 1,08 1,08 1,08 1,07 ------------------------------------------------- --------- ------ ----- ----- The number of individual pension accounts on compulsory pension fees 9,446,322 +0.4 +2.4 +4.8 total sum of pension accumulations 1,378.2 +0.6 +14.5 Х (bn. KZT) Amount of accounts of depositors on voluntary pension fees 41,474 +0.2 +1.4 +3.2 total sum of pension accumulations 932.2 +1.3 +16.1 +25.3 (m. KZT) Amount of accounts of depositors on voluntary professional pension fees 4,019 +0.12 +4.4 +4.9 total sum of pension accumulations 60.8 +0.7 +15.8 +36.0 (m. KZT) Pension savings of depositors 1,383.3 +0.6 +14.5 +27.3 (bn. KZT) Total income of pension fees 1,085.4 +2.0 +19.0 +31.7 (bn. KZT) Total net investment income* 361.0 -3.0 +6.3 +20.2 The sum of pension payments to 2.2 -8.3 -85.5 +1.8 receivers (bn. KZT) ------------------------------------------------- --------- ------ ----- ----- Transfers of pension accumulations to other funds (bn. KZT) 281.0 +2.8 +33.9 +1.5 ---------------------------------------------------------------------------------- * from investment of pension assets, distributed for individual pension accounts of investors In total sum of pension savings of depositors (receivers), stake of net investment earning as of September 1, 2008 made 26.09 %, decreasing compared to August of current year by 0.98 basis points. As of September 1, 2008 average weighted coefficients of nominal income on pension assets of accumulative pension funds made: - For 5 year period (August 2003 - August 2008) - 45.90 %. Corrected average weighted coefficient of nominal income - 41.65 % (accumulated inflation level for similar period - 65.35 %); - For 3 year period (August 2005 - August 2008) - 30.71 % (accumulated inflation level for similar period - 42.82 %); - For 12 month period (August 2007 - August 2008) - 6.58 % (inflation level for similar period - 20.10 %). One accumulative pension fund is in the process of forced liquidation by the court decision - APF Valut Transit Fund JSC. As of September 1, 2008 AFS demanded 2 written notifications and 1 written agreement for not following the standards of Kazakhstan republic Legislation on accumulative pension system. [2008-09-18]