NSC OF KAZAKHSTAN HAS CALCULATED INCOME RATIOS OF APF FOR MAY-1999 - MAY-2000

/IRBIS, June 28, 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 May 1999 - May 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 June 1, 1999 and June 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. Net assets, mln USD -------------------- Ratio of real Ratio of nominal As of As of Title of PAMC or APF income K3 income K2 June 1.99 June 1.00 ------------------------- -------------- ---------------- --------- --------- CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond" ------------------------- -------------- ---------------- --------- --------- CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond" -1.89 (-8.52) 12.53 (-10.74) 252.587 270.925 ------------------------- ------------- ---------------- --------- --------- CJSC "Kompanya po upravleniu pensionnymi aktivami "ABN AMRO Asset Management" ------------------------- -------------- ---------------- --------- --------- JSCOT APF "Narodnyi pensionnyi fond" 13.62 (-6.90) 30.32 (-9.00) 3.304 8.604 JSC OPAPF "NeftGas-DEM" 13.17 (-6.93) 29.81 (-9.03) 3.564 10.897 CJSC "APF "KaspiiMunaiGas" 13.70 (-7.05) 30.41 (-9.17) 3.335 8.940 CJSC OPAPF "ABN AMRO" 9.71 (-3.74) 25.84 (-5.30) 1.682 17.740 CJSC "OPAPF "Federatsii profsoiuzov RK" 9.06 (-0.48) 25.10 (-1.52) 0.210 1.780 ------------------------- ------------- ---------------- --------- --------- CJSC "Kompanya po upravleniu pensionnymi aktivami "Jetysu" ------------------------- -------------- ---------------- --------- --------- CJSC "Otkrytyi nakopitelnyi pensionnyi fond "Ular" 14.86 (-7.17) 31.75 (-9.31) 12.401 42.083 CJSC "Nakopitelnyi pensionnyi fond "Kazakhmys" 16.21 (-7.17) 33.30 (-9.33) 12.513 22.713 ------------------------- ------------- ---------------- --------- --------- CJSC "Kompanya Halyk Bank Kazakhstan po upravleniu pensionnymi aktivami" CJSC "APF Halyk Bank Kazakhstan" 14.14 (-8.24) 30.91 (-10.56) 46.124 102.773 ------------------------- ------------- ---------------- --------- --------- CJSC "Kompanya po upravleniu pensionnymi aktivami "Ak niet" CJSC "APF "UMIT" 14.28 (-5.86) 31.08 (-7.80) 11.956 37.888 ------------------------- ------------- ---------------- --------- --------- CJSC "Kompanya po upravleniu pensionnymi aktivami "BTA Asset Management" CJSC "NOAPF "Kurmet" 10.51 (-7.49) 26.75 (-9.66) 1.458 8.290 ------------------------- ------------- ---------------- --------- --------- By the data of NSC weighted average ratio of real income for pension assets of the accumulative pension funds mentioned above for May 1999 - May 2000 equaled 14.42 (3.98). 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.