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

/IRBIS, Dec.13, 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 November 1999 - November 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 December 1, 1999 and December 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 Ratio of ------------------- real nominal As of As of Title of PAMC or APF income К3 income К2 Dec.1.99 Dec.1.00 ---------------------------------------------------------------------------- State Accumulative Pension Fund CJSC ---------------------------------------------------------------------------- State Accumulative Pension Fund CJSC 2.49 (2.46) 12.94 (2.51) 231.433 298.701 ---------------------------------------------------------------------------- Pension Assets Management Company ABN AMRO Asset Management CJSC ---------------------------------------------------------------------------- APF Halyk pension fund JSCOT 5.70 (1.79) 16.48 (1.77) 6.188 10.997 APF KaspiiMunaiGas CJSC 3.48 (1.22) 14.03 (1.14) 5.629 13.800 OPAPF ABN AMRO CJSC 3.40 (1.74) 13.95 (1.71) 9.707 27.522 ---------------------------------------------------------------------------- Pension Assets Management Company Jetysu CJSC ---------------------------------------------------------------------------- Open APF Ular CJSC 4.98 (2.04) 15.69 (2.04) 26.235 58.710 APF Kazakhmys CJSC 5.74 (2.15) 16.52 (2.16) 16.792 29.112 ---------------------------------------------------------------------------- Pension Assets Management Company Halyk Bank Kazakhstan CJSC ---------------------------------------------------------------------------- APF Halyk Bank of Kazakhstan CJSC 4.51 (1.50) 15.17 (1.45) 70.743 143.158 ---------------------------------------------------------------------------- Pension Assets Management Company Ak niet CJSC ---------------------------------------------------------------------------- APF UMIT CJSC 6.36 (1.39) 17.21 (1.32) 23.717 58.453 ---------------------------------------------------------------------------- Pension Assets Management Company BTA Asset Management CJSC ---------------------------------------------------------------------------- NOAPF Kurmet CJSC 2.72 (1.54) 13.20 (1.50) 3.736 19.362 NNAPF Kazakhstan CJSC 4.04 (1.55) 14.65 (1.50) 9.037 17.325 ---------------------------------------------------------------------------- Non-state Pension Assets Management Company Aktiv-Invest CJSC ---------------------------------------------------------------------------- NAPF Valut-Transit Bank Bank CJSC 3.87 (2.05) 14.46 (2.05) 5.147 12.050 NAPF Kunayev CJSC 4.34 (-) 14.98 (-) 1.592 2.634 ---------------------------------------------------------------------------- Pension Assets Management Company BESTINVEST CJSC ---------------------------------------------------------------------------- Accumulative Pension Fund Senim CJSC 4.82 (-) 15.51 (-) 15.044 35.040 ---------------------------------------------------------------------------- By the data of NSC weighted average ratio of real income for pension assets of the accumulative pension funds mentioned above for November 1999 - November 2000 equalled 4.81 (3.16 - for pervious period). 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 equalled 110.2 (110.4) by the data of NSC. Devaluation of national currency, that reached 4.39% (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, into currency bonds 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.