ANALYSIS: According to AFS, Kazakhstan net pension assets reach $11,532.3 m. as of October 1, 2008

/IRBIS, Vitaliy Tomskiy, October 28, 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 October 1, 2008 reached KZT1,382,025.8 m. or equivalent of $11,532.3 m. at the weighted average exchange rate effective on the mentioned date. Corresponding indicator as of September 1, 2008 - KZT1,383,316.9 m. or $11,476.0 m. In September 2008 net assets of accumulative pension funds (APF) fell by 0.09 % in tenge and grew by 0.49 % in dollar terms. In August 2008 assets increased by 0.65 % in tenge and by 0.34 % in dollar equivalent. As of the beginning of October 2008, the total sum of pension assets made KZT1,377,805.6 m., of which KZT1,350,379.9 m. were invested. During September 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, OAPF Otan JSC, OAPF AMANAT- KAZAKHSTAN JSC (former name is OAPF named after Kunaev D.A. JSC), APF NefteGas-Dem JSC and Eurasian accumulated pension fund JSC (former name is APF SENIM JSC) which actually were PAIMO as well, pension assets were controlled independently. Share of PA, which were controlled by these funds, totaled 74.4 % out of the entire amount of PA of the republic, by the beginning of October 2008 (as of September 1, this indicator was 73.6 %). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of October 1, 2008. Figures in parentheses give the same picture as of September 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 80,217 -1.68 79 719 5.79 (5.90) 78,446 ------------------------- --------- -------- --------- ------------- --------- Total 80,217 -1.68 79 719 5.79 (5.90) 78,446 ------------------------- --------- -------- --------- ------------- --------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 215,937 -3.93 211 114 15.32 (16.07) 204,547 APF Korgau JSC 21,726 +1.70 21 749 1.58 (1.55) 21,126 ------------------------- --------- -------- --------- ------------- --------- Total 237,664 -3.44 232 863 16.90 (17.62) 225,672 ------------------------- --------- -------- --------- ------------- --------- PAIMO RESMI Asset Management JSC ------------------------------------------------------------------------------ APF Respublika JSC 6,695 +8.36 6,703 0.49 (0.45) 6,667 ------------------------- --------- -------- --------- ------------- --------- Total 6,695 +8.36 6,703 0.49 (0.45) 6,667 ------------------------- --------- -------- --------- ------------- --------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 34,093 +0.74 34,111 2.48 (2.45) 33,840 ------------------------- --------- -------- --------- ------------- --------- Total 34,093 +0.74 34,111 2.48 (2.45) 33,840 ------------------------- --------- -------- --------- ------------- --------- APF, operating as pension assets management companies independently ------------------------------------------------------------------------------ APF AMANAT-KAZAKHSTAN JSC 29,713 +1.68 29,808 2.16 (2.12) 29,554 Eurasian APF JSC* 44,902 +0.90 44,963 3.26 (3.22) 44,740 APF NefteGas-Dem JSC 36,283 +1.75 36,305 2.64 (2.59) 36,241 APF SAPF JSC 233,267 +2.39 234,098 16.99 (16.51) 232,959 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 166,140 +1.76 166,086 12.05 (11.83) 164,674 APF of Halyk Bank of Kazakhstan JSC 397,980 -1.00 398,176 28.90 (29.12) 383,770 APF Kazakhmys 28,055 +0.10 27,971 2.03 (2.03) 27,611 OAPF Otan JSC 38,865 +1.74 38,814 2.82 (2.77) 38,220 JSC APF Capital JSC 48,152 +2.73 48,187 3.50 (3.40) 47,988 ------------------------- --------- -------- --------- ------------- --------- Total 1,023,358 +0.77 1,024,409 74.35 (73.57) 1,005,756 ------------------------- --------- -------- --------- ------------- --------- TOTAL pension assets 1,382,026 -0.09 1,377,806 100.0 1,350,380 ------------------------------------------------------------------------------ * The former name is - OAPF SENIM JSC The biggest APF by the end of September 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 (28.90 % of all PA in management). The second place belongs to APF SAPF JSC (16.99 %); the third place- APF Ular Umit JSC (15.32 %). The highest asset growth rate (8.41 % in tenge) in September 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 KZT6,076.5 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 KZT2,669.4 m., the third place belongs to APF Capital JSC (growth by KZT1,227.1 m.). Decreasing of pension assets was fixed for a fourth month in row at APF Ular Umit JSC (by KZT10, 927.8 m.), at APF Halyk Bank of Kazakhstan JSC (by KZT4,060.5 m.), at APF GRANTUM JSC (by KZT1,766.1 m.) and at APF Kazakhmys JSC (by KZT18.6 m.). Invested assets by financial instruments as of October 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) - 21.23 % (21.11 %; 21.47 %); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 4.93 % (4.64 %; 3.85 %); - stocks of foreign issuers (foreign currencies) - 4.03 % (5.44 %; 5.56 %); - corporate bonds of foreign issuers (foreign currencies) - 8.14 % (8.68 %; 8.48 %); - foreign states' securities - 2.35 % (2.59 %; 0.15 %); - stocks of Kazakhstan companies - 10.96 % (11.75 %; 12.38 %); - bonds of Kazakhstan companies - 32.13 % (30.81 %; 30.67 %); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 12.44 % (13.40 %; 12.28 %) - deposits and deposit certificates (foreign currencies) - 0 % (0 %; 0 %); - refined gold - 1.29 % (0.47 %;4.22 %); - derivative instruments - 0.52 % (0.33 %; -0.09 %). Funds on investment accounts and other assets according to data of AFS as of October 1 constituted for 1.98 % (0.78 %; 0.85 %) of the total amount of PA. September has likely to become the first month of "strength test" for domestic accumulative pension system. If funds don't have problem with liquidity, than decreasing of assets acquired for four funds. The major reason is -sheer fall of equity instruments market value both on domestic and foreign markets. Increasing of the stake of debt instruments in the APF aggravated share portfolio became natural in the current situation. [2008-10-28]