/IRBIS, May 18, 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 April 1999 - April 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 May 1, 1999 and May 1, 2000. Assets have been converted into U.S. dollars at official rate of the National Bank, effective on given dates. In parentheses are the differences between comparable figure of previous month.

Ratio of real Ratio of nominal Net assets, mln USD Title of PAMC or APF income К3 income К2 As of May As of May 1.99 1.00

-------------------------  -------------  ----------------  ---------  ---------
CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond"
CJSC "Gosudarstvennyi 
nakopitelnyi pensionnyi 
fond"                        6.63 (-17.62)   23.27 (-26.33)  251.252   262.563
-------------------------  -------------  ----------------  ---------  ---------
CJSC "Kompanya po upravleniu pensionnymi aktivami "ABN AMRO Asset Management"
JSCOT APF "Narodnyi 
pensionnyi fond"            20.52 (-20.71)   39.32 (-30.73)    3.169     8.234
JSC OPAPF "NeftGas-DEM"     20.10 (-20.94)   38.84 (-30.98)    3.324    10.452
CJSC "APF "KaspiiMunaiGas"  20.75 (-18.06)   39.58 (-27.54)    3.217     8.564
CJSC OPAPF "ABN AMRO"       13.45 ( -)       31.14 ( -)        0.485    16.483
CJSC "OPAPF "Federatsii 
profsoiuzov RK"              9.54 ( -)       26.62 ( -)        0.144     1.665
-------------------------  -------------  ----------------  ---------  ---------
CJSC "Kompanya po upravleniu pensionnymi aktivami "Jetysu"
CJSC "Otkrytyi nakopitelnyi 
pensionnyi fond "Ular"      22.03 (-21.18)   41.06 (-31.36)   11.355    39.799
CJSC "Nakopitelnyi 
pensionnyi fond "Kazakhmys" 23.38 (-21.40)   42.63 (-31.69)   12.034    21.653
-------------------------  -------------  ----------------  ---------  ---------
CJSC "Kompanya Halyk Bank Kazakhstan po upravleniu pensionnymi aktivami"
CJSC "APF Halyk Bank 
Kazakhstan"                 22.38 (-21.01)   41.47 (-31.17)   40.878    97.625
-------------------------  -------------  ----------------  ---------  ---------
CJSC "Kompanya po upravleniu pensionnymi aktivami "Ak niet"
CJSC "APF "UMIT"            20.14 (-17.35)   38.88 (-26.66)   10.839    35.728
-------------------------  -------------  ----------------  ---------  ---------
CJSC "Kompanya po upravleniu pensionnymi aktivami "BTA Asset Management"
CJSC "NOAPF "Kurmet"        18.00 (-14.63)   36.41 (-23.27)    1.072     7.282
-------------------------  -------------  ----------------  ---------  ---------

By the data of NSC weighted average ratio of real income for pension assets of the accumulative pension funds mentioned above for April 1999 - April 2000 equaled 10.44 (-18.19).

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 115.6 by the data of NSC.

Devaluation of national currency, that reached 23.70% (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.

Important note: the agency IRBIS is not responsible for the accuracy of the data presented by NSC, as well as for the accuracy of calculation methods used for the ratios mentioned above.