ANALYSIS: According to AFS, Kazakhstan net pension assets reach $11,476.0 m. as of September 1, 2008

/IRBIS, Vitaliy Tomskiy, September 19, 2008/ - According to the data of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS), the 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 September 1, 2008 reached KZT1,383,316.9 m. or equivalent of $11,476.0 m. at the weighted average exchange rate effective on the mentioned date. Corresponding indicator as of August 1, 2008 - KZT1,374,423.4 m. or $11,437.3 m. In August 2008 net assets of accumulative pension funds (APF) grew by 0.65 % in tenge and by 0.34 % in dollar terms. In July 2008 assets increased by 0.58 % in tenge and by 1.07 % in dollar equivalent. As of the beginning of September 2008, the total sum of pension assets made KZT1,381,362.0 m., of which KZT1,370,530.1 m. were invested. During August 2008, there were four specialized organizations carrying out pension assets investment management activity (PAIMO) and 14 APF. Nine funds - Accumulative pension fund of Halyk Bank of Kazakhstan JSC, APF SAPF JSC, SB JSC Bank TuranAlem JSC, APF BTA Kazakhstan JSC, APF Capital JSC, APF Kazakhmys JSC and OAPF Otan JSC, OAPF AMANAT- KAZAKHSTAN JSC (former name is OAPF named after Kunaev D.A. JSC), APF NefteGas-Dem JSC and APF SENIM JSC which actually were PAIMO as well, pension assets were controlled independently. Share of PA, which were controlled by these funds, totaled 73.6 % out of the entire amount of PA of the republic, by the beginning of September 2008 (as of August 1, this indicator was 73.4 %). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of September 1, 2008. Figures in parentheses give the same picture as of August 1, 2008. ------------------------------------------------------------------------------- Total assets ----------------------- Net % of all PA pension of Name of PAIMO / APF assets Trend, % Volume Kazakhstan Invested ------------------------------------------------------------------------------- PAIMO GRANTUM Asset Management JSC ------------------------------------------------------------------------------- GRANTUM APF JSC 81 586 +0.13 81 486 5.90 (5.93) 80 787 -------------------------- --------- -------- --------- ------------- --------- Total 81 586 +0.13 81 486 5.90 (5.93) 80 787 -------------------------- --------- -------- --------- ------------- --------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------- APF UlarUmit JSC 224 769 -0.52 222 042 16.07 (16.32) 220 365 APF Korgau JSC 21 364 +2.84 21 418 1.55 (1.51) 21 292 -------------------------- --------- -------- --------- ------------- --------- Total 246 134 -0.24 243 459 17.62 (17.83) 241 657 -------------------------- --------- -------- --------- ------------- --------- PAIMO RESMI Asset Management JSC** ------------------------------------------------------------------------------- APF Respublika JSC 6,178 +10.14 6,183 0.45 (0.41) 6,163 -------------------------- --------- -------- --------- ------------- --------- Total 6,178 +10.14 6,183 0.45 (0.41) 6,163 -------------------------- --------- -------- --------- ------------- --------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------- OAPF Atameken JSC 33 842 +1.61 33 900 2.45 (2.43) 33 752 -------------------------- --------- -------- --------- ------------- --------- Total 33 842 +1.61 33 900 2.45 (2.43) 33 752 -------------------------- --------- -------- --------- ------------- --------- APF, operating as pension assets management companies independently ------------------------------------------------------------------------------- APF AMANAT-KAZAKHSTAN JSC* 29 223 +0.22 29 267 2.12 (2.13) 29 127 APF SENIM JSC 44 502 +0.59 44 537 3.22 (3.23) 44 349 APF NefteGas-Dem JSC 35 658 +1.88 35 709 2.59 (2.55) 35 570 APF SAPF JSC 227 816 +1.70 228 021 16.51 (16.29) 227 292 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 163 272 +2.24 163 417 11.83 (11.65) 162 974 APF of Halyk Bank of Kazakhstan JSC 402 010 -0.65 402 236 29.12 (29.48) 396 590 APF Kazakhmys 28 026 +0.73 27 990 2.03 (2.02) 27 660 OAPF Otan JSC 38 200 +2.09 38 196 2.77 (2.73) 37 731 JSC APF Capital JSC 46 871 +3.40 46 960 3.40 (3.30) 46 879 -------------------------- --------- -------- --------- ------------- --------- Total 1,015 577 +0.82 1,016,334 73.57 (73.39) 1,008 171 -------------------------- --------- -------- --------- ------------- --------- TOTAL pension assets 1,383 317 +0.65 1,381,362 100.0 1,370 530 ------------------------------------------------------------------------------- * The former name is - OAPF named after Kunaev D.A. ** The former name is - PIAMO Premier Asset Management JSC The biggest APF by the end of August from the point of net PA volume (in descending order of PA amount): APF Halyk Bank of Kazakhstan JSC, APF SAPF JSC and APF Ular Ymit JSC. By the volume of the managed assets APF Halyk Bank of Kazakhstan JSC is still leading (29.12 % of all PA in management). The second place belongs to APF SAPF JSC (16.51 %); the third place- APF Ular Umit JSC (16.32 %). The highest asset growth rate (10.01 % in tenge) in August was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is APF SAPF JSC (growth by KZT4,249.7 m.). The second place by this indicator belongs to APF DB JSC Bank TuranAlem BTA Kazakhstan JSC. Its assets have grown during the month by KZT3,368.7 m., the third place belongs to APF Capital JSC (growth by KZT1,578.6 m.). Decreasing of pension assets was fixed for a third month in row at APF Ular Umit JSC (by KZT2, 084.6 m.), at APF Halyk Bank of Kazakhstan JSC (by KZT2,657.3 m.) and at APF GRANTUM JSC (by KZT15.9 m.). Invested assets by financial instruments as of September 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 the Ministry of Finance (KZT) - 21.11 % (21.47 %; 21.52 %); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 4.64 % (3.85 %; 2.77 %); - stocks of foreign issuers (foreign currencies) - 5.44 % (5.56 %; 5.38 %); - corporate bonds of foreign issuers (foreign currencies) - 8.68 % (8.48 %; 7.78 %); - foreign states' securities - 2.59 % (0.15 %; 1.14 %); - stocks of Kazakhstan companies - 11.75 % (12.38 %; 12.95 %); - bonds of Kazakhstan companies - 30.81 % (30.67 %; 30.19 %); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 13.40 % (12.28 %; 12.07 %) - deposits and deposit certificates (foreign currencies) - 0 % (0 %; 0.09 %); - refined gold - 0.47 % (4.22 %;3.61 %); - derivative instruments - 0.33 % (0.09 %; -0.1 %). Funds on investment accounts and other assets according to data of AFS as of September 1 constituted for 0.78 % (0.85 %; 1.77 %) of the total amount of PA. Negative tendencies on internal stock market prevailed last month also. KASE index, reflecting the movement of domestic companies` shares fell lower than 2 000 points and continued the morning fall. At that, it reflected in aggregated investment portfolios of Kazakhstan APF in the form of significant increase of stake of GS, foreign securities and banking deposits, which are less risky investments under conditions of over volatility market. [2008-09-19]