ANALYSIS: According to AFS, Kazakhstan net pension assets reach $11,453.6 m. as of December 1, 2008

/IRBIS, Vitaliy Tomskiy, December 29, 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 December 1, 2008 reached KZT1,378,442.3 m. or equivalent of $11,453.6 m. at the weighted average exchange rate effective on the mentioned date. Corresponding indicator as of November 1, 2008 - KZT1,343,717.9 m. or $11,212.6 m. In November 2008 net assets of accumulative pension funds (APF) grew by 2.58 % in tenge and by 2.15 % in dollar terms. In October 2008 assets decreased by 2.77 % in tenge and dollar equivalent. As of the beginning of December 2008, the total sum of pension assets made KZT1,368,587.6 m., of which KZT1,346,748.6 m. were invested. During November 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 76.0 % out of the entire amount of PA of the republic, by the beginning of December 2008 (as of November 1, this indicator was 76.1 %). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of December 1, 2008. Figures in parentheses give the same picture as of November 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 78,511 +1.88 77,513 5.66 (5.70) 76,549 ------------------------- --------- -------- --------- ------------- --------- Total 78,511 +1.88 77,513 5.66 (5.70) 76,549 ------------------------- --------- -------- --------- ------------- --------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 194,008 +2.80 184,804 13.50 (13.42) 181,453 APF Korgau JSC 22,195 +1.57 22,394 1.64 (1.64) 21,531 ------------------------- --------- -------- --------- ------------- --------- Total 216,202 +2.67 207,198 15.14 (15.06) 202,984 ------------------------- --------- -------- --------- ------------- --------- PAIMO RESMI Asset Management JSC ------------------------------------------------------------------------------ APF Respublika JSC 8,497 +14.01 8,518 0.62 (0.56) 8,447 ------------------------- --------- -------- --------- ------------- --------- Total 8,497 +14.01 8,518 0.62 (0.56) 8,447 ------------------------- --------- -------- --------- ------------- --------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 34,885 +1.51 34,885 2.55 (2.58) 34,559 ------------------------- --------- -------- --------- ------------- --------- Total 34,885 +1.51 34,885 2.55 (2.58) 34,559 ------------------------- --------- -------- --------- ------------- --------- APF, operating as pension assets management companies independently ------------------------------------------------------------------------------ APF AMANAT-KAZAKHSTAN JSC 30,810 +3.07 30,932 2.26 (2.25) 30,535 Eurasian Accumulated pension fund JSC 45,439 +0.72 45,428 3.32 (3.39) 45,071 APF NefteGas-Dem JSC 38,017 +2.73 38,080 2.78 (2.78) 37,856 APF SAPF JSC 238,930 +2.84 239,265 17.48 (17.42) 236,284 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 173,349 +4.02 173,116 12.65 (12.47) 171,708 APF of Halyk Bank of Kazakhstan JSC 394,528 +1.91 394,762 28.84 (29.10) 386,320 APF Kazakhmys 27,938 +1.25 27,740 2.03 (2.06) 27,286 OAPF Otan JSC 40,313 +2.68 40,167 2.93 (2.94) 39,301 JSC APF Capital JSC 51,023 +3.55 50,981 3.73 (3.70) 49,850 ------------------------- --------- -------- --------- ------------- --------- Total 1,040,346 +2.57 1,040,472 76.03 (76.10) 1,024,210 ------------------------- --------- -------- --------- ------------- --------- TOTAL pension assets 1,378,442 +2.58 1,368,588 100.0 1,346,749 ------------------------------------------------------------------------------ The biggest APF by the end of November 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 (28.84 % of all PA in management). The second place belongs to APF SAPF JSC (17.48 %); the third place- APF Ular Umit JSC (13.50 %). The highest asset growth rate (14.19 % in tenge) in November was recorded in APF REPUBLIC JSC. In absolute monetary terms on the biggest amount of asset growth the leader is APF Halyk Bank of Kazakhstan JSC (growth by KZT7,403.2 m.). The second place by this indicator belongs to APF SAPF JSC. Its assets have grown during the month by KZT7,347.7 m., the third place belongs to APF SB JSC Bank TuranAlem BTA Kazakhstan JSC (growth by KZT7,162.8 m.). Invested assets by financial instruments as of December 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) - 23.26 % (23.92 %; 21.23 %); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5.50 % (3.88 %; 4.93 %); - stocks of foreign issuers (foreign currencies) - 2.35 % (2.61 %; 4.03 %); - corporate bonds of foreign issuers (foreign currencies) - 7.64 % (8.12 %; 8.14 %); - foreign states' securities - 1.00 % (1.57 %; 2.35 %); - stocks of Kazakhstan companies - 9.32 % (8.67 %; 10.96 %); - bonds of Kazakhstan companies - 36.08 % (35.04 %; 32.13 %); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 10.55 % (11.60 %; 12.44 %) - deposits and deposit certificates (foreign currencies) - 0 % (0 %; 0 %); - refined gold - 2.37 % (2.21 %;1.29 %); - derivative instruments - 0.34 % (0.56 %; -0.52 %). Funds on investment accounts and other assets according to data of AFS as of December 1 constituted for 1.59 % (1.82 %; 1.98 %) of the total amount of PA. [2008-12-29]