NSC OF KAZAKHSTAN HAS CALCULATED INCOME RATIOS OF APF FOR FEBRUARY-99 - FEBRUARY-00

/IRBIS, March 29, 00/ - The National securities commission of Kazakhstan (NSC) has calculated ratios of real and nominal incomes of accumulative pension funds (APF) of the country for February 1999 - February 2000. The data is presented in the following table. When compiling the table the agency IRBIS included the information of NSC on volumes of net assets of APF (total pension assets less liabilities on charged commissions, accounts payable on pensions) as of March 12, 1999 (no data for March 1) and March 1, 2000. Assets have been converted into U.S. dollars at official rate of the National Bank, effective on given dates. Ratio Ratio of of real nominal Net assets, mln USD Title of PAMC or APF income К3 income К2 As of March As of March 12.99 1.00 ---------------------------- --------- --------- ----------- ----------- CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond" CJSC "Gosudarstvennyinakopitelnyi pensionnyi fond" 25,19 50,48 239,143 251,263 ---------------------------- --------- --------- ----------- ----------- CJSC "Kompanya po upravleniu pensionnymi aktivami "ABN AMRO Asset Management" JSCOT APF "Narodnyi pensionnyi fond" 42,18 70,90 0,269 7,282 JSC JPAPF "NeftGas-DEM" 41,81 70,46 2,605 9,316 CJSC "APF "KaspiiMunaiGas" 39,82 68,07 3,099 7,070 ---------------------------- --------- --------- ----------- ----------- CJSC "Kompanya po upravleniu pensionnymi aktivami "Jetysu" CJSC "Otkrytyi nakopitelnyi pensionnyi fond "Ular" 45,03 74,32 8,837 33,368 CJSC "Nakopitelnyi pensionnyi fond "Kazakhmys" 46,15 75,67 10,746 19,126 ---------------------------- --------- --------- ----------- ----------- CJSC "Kompanya Halyk Bank Kazakhstan po upravleniu pensionnymi aktivami" CJSC "APF Halyk Bank Kazakhstan" 44,15 73,27 37,311 84,285 ---------------------------- --------- --------- ----------- ----------- CJSC "Kompanya po upravleniu pensionnymi aktivami "Ak niet" CJSC "APF "UMIT" 38,07 68,96 9,012 30,193 ---------------------------- --------- --------- ----------- ----------- By the data of NSC weighted average ratio of real income for pension assets of the accumulative pension funds mentioned above for February 1999 - February 2000 equaled 29.41. Only those funds, whose assets were under constant management of indicated PAMC throughout the reporting period, are shown in the table. Comparison of data on other APF, whose assets were under the management for incomplete period, will be inaccurate. Ratio of nominal income (K2), by the method of NSC, reflects the profitability of APF assets calculated by accruing totals. Ratio of real income (K3) - NSC estimate of the profitability of the assets, including consumer price index (CPI) in Kazakhstan, which equaled 120.2 by the data of NSC. Independent estimates made by IRBIS for given period based on monthly CPI, which is published by the National Bank of Kazakhstan, gives 121.2. This figure corresponds to 21.2% inflation rate of the period. Devaluation of national currency that reached 61.98% (IRBIS estimates) by weighted average rate of tenge towards dollar of the Exchange does not take into consideration K3. Actually, assets of the depositors are protected against devaluation by investing them into securities indexed by the change in exchange rate of tenge against the dollar (AVMEKAM, MEKAVM, SS of local executive bodies), into currency bonds (euronotes of Kazakhstan, securities of foreign emitters) and currency deposits of the banks.