ANALYSIS: According to AFS, Kazakhstan net pension assets reach KZT1.4 trl. ($11.8 bn.) as of January 1, 2009

/IRBIS, Vitaliy Tomskiy, January 27, 2009/ - 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 January 1, 2009 reached KZT1,420.6 bn. (or equivalent of $11,760.2 m. at the weighted average exchange rate effective on the mentioned date). Corresponding indicator as of December 1, 2008 - KZT1,378.4 bn. or $11,453.6 m. In December 2008 net assets of accumulative pension funds (APF) grew by 3.05 % in tenge (by 2.68 % in dollar terms) relative to the previous month. In November 2008 assets increased by 2.58 % (by 2.15 % in dollar equivalent). As of the beginning of January 2009, the total sum of pension assets made KZT1,412.9 bn., of which KZT1,378.4 bn. were invested. During December 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 75.8 % out of the entire amount of PA of the republic, by the beginning of January 2009 (as of December 1, 2008 this indicator was 76.0 %). The table below presents volumes of assets of each fund (KZT m., unless otherwise indicated) and distribution of APF assets by PAIMO as of January 1, 2009. Figures in parentheses give the same picture as of December 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 83,480 +6.33 83,234 5.89 (5.66) 80,980 ------------------------- --------- -------- --------- ------------- --------- Total 83,480 +6.33 83,234 5.89 (5.66) 80,980 ------------------------- --------- -------- --------- ------------- --------- PAIMO ZHETYSU JSC ------------------------------------------------------------------------------ APF UlarUmit JSC 199,084 +2.62 191,060 13.52 (13.50) 186,393 APF Korgau JSC 22,660 +2.10 22,641 1.60 (1.64) 21,923 ------------------------- --------- -------- --------- ------------- --------- Total 221,744 +2.56 213,701 15.13 (15.14) 208,316 ------------------------- --------- -------- --------- ------------- --------- PAIMO RESMI Asset Management JSC ------------------------------------------------------------------------------ APF Respublika JSC 9,822 +15.59 9,834 0.70 (0.62) 9,781 ------------------------- --------- -------- --------- ------------- --------- Total 9,822 +15.59 9,834 0.70 (0.62) 9,781 ------------------------- --------- -------- --------- ------------- --------- PAIMO Nur-Trust JSC ------------------------------------------------------------------------------ OAPF Atameken JSC 35,689 +2.30 35,726 2.53 (2.55) 35,562 ------------------------- --------- -------- --------- ------------- --------- Total 35,689 +2.30 35,726 2.53 (2.55) 35,562 ------------------------- --------- -------- --------- ------------- --------- APF, operating as pension assets management companies independently ------------------------------------------------------------------------------ APF AMANAT-KAZAKHSTAN JSC 31,557 +2.42 31,625 2.24 (2.26) 31,333 Eurasian Accumulated pension fund JSC 46,385 +2.08 46,434 3.29 (3.32) 45,977 APF NefteGas-Dem JSC 39,501 +3.90 39,607 2.80 (2.78) 39,153 APF SAPF JSC 245,528 +2.76 245,890 17.40 (17.48) 239,022 APF SB JSC Bank TuranAlem BTA Kazakhstan JSC 179,932 +3.80 179,859 12.73 (12.65) 175,635 APF of Halyk Bank of Kazakhstan JSC 403,386 +2.25 403,702 28.57 (28.84) 391,549 APF Kazakhmys 28,339 +1.44 28,188 2.00 (2.03) 27,080 OAPF Otan JSC 41,708 +3.46 41,592 2.94 (2.93) 40,705 JSC APF Capital JSC 53,438 +4.73 53,473 3.78 (3.73) 53,299 ------------------------- --------- -------- --------- ------------- --------- Total 1,069,775 +2.83 1,070,371 75.76 (76.03) 1,043,754 ------------------------- --------- -------- --------- ------------- --------- TOTAL pension assets 1,420,509 +3.05 1,412,866 100.0 1,378,393 ------------------------------------------------------------------------------ The biggest APF by the end of December, 2008 from the viewpoint 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 (28.57 % of all PA in management). The second place belongs to APF SAPF JSC (17.40 %); the third place- APF Ular Umit JSC (13.52 %). The highest asset growth rate (15.45 % in tenge) in December, 2008 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 KZT8,940.0 m.). The second place by this indicator belongs to APF SB JSC Bank TuranAlem BTA Kazakhstan JSC. Its assets have grown during the month by KZT6,743.1 m., the third place belongs to APF SAPF JSC (growth by KZT6,625.2 m.). Invested assets by financial instruments as of January 1, 2009 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) - 22.98 % (23.26 %; 23.92 %); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 7.12 % (5.50 %; 3.88 %); - stocks of foreign issuers (foreign currencies) - 2.66 % (2.35 %; 2.61 %); - corporate bonds of foreign issuers (foreign currencies) - 7.45 % (7.64 %; 8.12 %); - foreign states' securities - 1.61 % (1.00 %; 1.57 %); - stocks of Kazakhstan companies - 9.60 % (9.32 %; 8.67 %); - bonds of Kazakhstan companies - 35.60 % (36.08 %; 35.04 %); - deposits and deposit certificates in the National bank of Kazakhstan and the second tier banks (KZT) - 8.74 % (10.55 %; 11.60 %) - refined gold - 1.58 % (2.37 %;2.21 %); - derivative instruments - 0.23 % (0.34 %; -0.56 %). Funds on investment accounts and other assets according to data of AFS as of January 1, 2009 constituted for 2.43 % (1.59 %; 1.82 %) of the total amount of PA. [2009-01-27]