/IRBIS, July 14, 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 June 1999 - June 2000.

The data are 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 July 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 July As of July Title of PAMC or APF income K3 income K2 1.99 1.00

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CJSC "Gosudarstvennyi nakopitelnyi pensionnyi fond"
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CJSC "Gosudarstvennyi 
nakopitelnyi pensionnyi 
fond"                         -6.41 (-1.89)   3.14 (12.53)   255.533    275.303
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CJSC "Kompanya po upravleniu pensionnymi aktivami "ABN AMRO Asset Management"

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JSCOT APF "Narodnyi 
pensionnyi fond"               9.26 (13.62)  20.40 (30.32)     3.596      9.123
JSC OPAPF "NeftGas-DEM"        8.96 (13.17)  20.07 (29.81)     3.845     11.419
CJSC "APF"KaspiiMunaiGas"      9.13 (13.70)  20.26 (30.41)     3.423      9.458
CJSC OPAPF "ABN AMRO"          7.84 (9.71)   18.84 (25.84)     2.351     19.226
CJSC "OPAPF "Federatsii 
profsoiuzov RK"                7.70 (9.06)   18.89 (25.10)     0.396      2.015
--------------------------- ------------- ---------------- ----------  ----------

CJSC "Kompanya po upravleniu pensionnymi aktivami "Jetysu"

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CJSC "Otkrytyi nakopitelnyi 
pensionnyi fond "Ular"        10.30 (14.86)  21.55 (31.75)    13.862     45.820
CJSC "Nakopitelnyi pensionnyi 
fond "Kazakhmys"              11.62 (16.21)  23.00 (33.30)    13.108     23.629
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CJSC "Kompanya Halyk Bank Kazakhstan po upravleniu pensionnymi aktivami"

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CJSC "APF Halyk Bank 
Kazakhstan"                    9.87 (14.14)  21.08 (30.91)    48.489    109.037
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CJSC "Kompanya po upravleniu pensionnymi aktivami "Ak niet"

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CJSC "APF "UMIT"              11.32 (14.28)  22.67 (31.08)    12.756     40.763
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CJSC "Kompanya po upravleniu pensionnymi aktivami "BTA Asset Management"

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CJSC "NOAPF "Kurmet"           8.54 (10.51)  19.61 (26.75)     1.871     10.473
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By the data of NSC weighted average ratio of real income for pension assets of the accumulative pension funds mentioned above for June 1999 - June 2000 equaled 10.19 (14.42).

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 110.2 by the data of NSC.

Devaluation of national currency, that reached 7.68% (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.