NSC OF KAZAKHSTAN HAS CALCULATED INCOMES OF ACCUMULATIVE PENSION FUNDS IN 1999

/IRBIS, Jan.28, 00/ - The National Securities Commission of Kazakhstan (NSC) has given to IRBIS for the publication the data concerning the coefficients of the actual and nominal incomes of the republican Accumulative Pension Funds in 1999 (period from December 1998 till December 1999). The data are resulted in the table. At its drawing the IRBIS agency has also used the NSC information concerning the net assets of the Accumulative Pension Funds (pension assets minus charged pension commissions and accounts payable on pension payments) as of January 01 1999 and 2000. The assets are transferred in US dollars at the current National Bank official rate. Profit Profit Net assets, margin margin Million USD Name PAMC, APF actual K3 nominal K2 Jan.01, 99 Jan.01, 00 --------------------------------- --------- ---------- ---------- ---------- Closed JSC State Accumulative Pension Fund --------------------------------- --------- ---------- ---------- ---------- Closed JSC State Accumulative Pension Fund 29.13 52.11 213.651 245.059 Closed JSC Pension Assets Management Company "ABN AMRO Asset Management" --------------------------------- --------- ---------- ---------- ---------- Closed JSC "Peoples Pension Fund" 46.54 72.62 2.219 6.730 JSC "NefteGas-DEM" 46.23 72.26 2.062 8.537 Closed JSC "KaspyMunaiGas" 44.30 69.98 2.948 6.274 Closed JSC Pension Assets Management Company "Zhetysu" --------------------------------- --------- ---------- ---------- ---------- Closed JSC "Open Accumulative Pension Fund "Ular" 49.88 76.56 6.715 29.190 Closed JSC "Open Accumulative Pension Fund "Kazakhmys" 51.10 78.00 8.824 17.737 Closed JSC Halyk Bank Pension Assets Management Company --------------------------------- --------- ---------- ---------- ---------- Closed JSC APF of Halyk Bank of Kazakhstan 47.47 73.72 29.936 76.695 Closed JSC Pension Assets Management Company "Ak niet" --------------------------------- --------- ---------- ---------- ---------- Closed JSC APF "YMIT" 41.22 66.36 6.724 26.020 Those funds are included in the table, which assets were continuously under the management of the indicated PAMC (Pension Assets Management Company) during the all accounting period. The comparison with the other APF (Accumulative Pension Fund) could be incorrect. The data concerning following non-state accumulation pension funds can be found the periodical press: APF "ABN AMRO", Closed JSC APF of Trade Union Federation, Closed JSC APF "Korgau", Closed JSC APF "Kazakhstan", Closed JSC APF "Kurmet", Closed JSC APF "Valyt-transits Fund", Closed JSC APF "Imeni Kunaeva" and Closed JSC APF "SENIM". According to the decree#335 of the NSC Management of June 25, 1999 they are obliged to publish the quarter reporting. The nominal profit margin K2 - according to NSC technique reflects the Accumulated APF Yield. The actual profit margin K3 - NSC valuation of the assets yield taking into account consumer price index in Kazakhstan, which for 1999 has made 117.8. (That corresponds to inflation rate of 17.8%). K3 does not take into account tenge devaluation, which has made 64.58% at the tenge/dollar Exchange's average weighted rate. The investors assets are protected from devaluation by the investments in the tenge/dollar indexed securities (АVМЕКАМ, MEKAVM, State Securities of the local executive bodies), currency bonds (Euronote of Kazakhstan, foreign emitters securities), and also in the banks' currency deposits.