By the data of the SMRD net pension assets in early December 2001 - $1,166.6m

/IRBIS, Dec 20, 01/ - According to the Stock Market Regulatory Department of the National Bank of Kazakhstan (Department), total amount of the net pension assets (PA) in the country (total amount of pension assets less accrued interests and accounts payable on pension payments) as of November 1, 2001 equaled KZT173,763.9m, or $1,166.6m at weighted average rate of the Exchange, effective on that date. A comparable figure for November 1, 2001 was KZT168,135.0m, or $1,133.7m. During November assets of accumulative pension funds (APF) grew by 3.3% in terms of tenge, and by 2.9% - in currency terms. In October 2001 assets grew by 4.4% and 4.2%, respectively. As of early December the total amount of PA has amounted to KZT173,928.3m, of which KZT171,657.4m has been invested. There were 6 Pension Assets Management Companies (PAMC), 13 private and one state APF operating in Kazakhstan. The amount of PAMC didn't change for the month. AMC Ak niet CJSC has no yet assets under its control because its existence is not taken into account. Table below presents volume of pension assets for each fund and (KZT, m unless otherwise indicated) and distribution of APF assets among PAMC. ------------------------------------------------------------------------------- Total assets ---------- -------------- Net pension Share in total PAMC / APF assets Volume volume, % Invested ------------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC ------------------------------------------------------------------------------- KNPF Philip Morris Kazakhstan CJSC 402.46 402.76 0.2 399.48 Halyk Pension Fund APF CJSC 2,736.58 2,739.70 1.6 2,735.68 ABN AMRO APF -Caspii Munai Gas APF 11,590.67 11,602.37 6.7 11,465.61 ------------------------------ ----------- ---------- -------------- ---------- Total 14,729.71 14,744.83 8.5 14,600.77 ------------------------------ ----------- ---------- -------------- ---------- PAMC JETYSU CJSC ------------------------------------------------------------------------------- UlarUmit APF CJSC 29,704.70 29,737.60 17.1 29,694.82 Kazakhmys APF CJSC 6,251.59 6,258.13 3.6 6,255.28 Nefte-Gas-Dem OPAPF CJSC 3,737.21 3,741.34 2.2 3,730.10 ------------------------------ ----------- ---------- -------------- ---------- Total 39,693.50 39,737.07 22.9 39,680.20 ------------------------------ ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC ------------------------------ ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan APF CJSC 37,184.96 37,217.78 21.4 37,147.29 ------------------------------ ----------- ---------- -------------- ---------- OTAN PAPF CJSC 1.23 1.24 0.0 1.20 ------------------------------ ----------- ---------- -------------- ---------- Total 37,186.19 37,219.02 21.4 37,148.49 ------------------------------ ----------- ---------- -------------- ---------- BTA Asset Management PAMC CJSC ------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 4,443.33 4,450.57 2.6 4,295.25 Kurmet NOAPF CJSC 6,222.24 6,222.84 3.6 6,222.17 ------------------------------ ----------- ---------- -------------- ---------- Total 10,665.57 10,673.41 6.2 10,517.42 ------------------------------ ----------- ---------- -------------- ---------- Aktiv-Invest PAMC CJSC ------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 3,726.06 3,728.07 2.1 3,452.64 Kunayev NNPF CJSC 489.98 490.56 0.3 459.52 ------------------------------ ----------- ---------- -------------- ---------- Total 4,216.04 4,218.63 2.4 3,912.16 ------------------------------ ----------- ---------- -------------- ---------- BESTINVEST PAMC CJSC ------------------------------------------------------------------------------- SENIM APF CJSC 8,661.37 8,672.54 5.0 8,347.67 Korgau APF CJSC 2,062.03 2,064.36 1.2 1,977.19 ------------------------------ ----------- ---------- -------------- ---------- Total 10,723.40 10,736.90 6.2 10,324.86 ------------------------------ ----------- ---------- -------------- ---------- Total of the non-government sector 117,213.18 117,329.87 67.5 116,183.88 ------------------------------ ----------- ---------- -------------- ---------- State accumulative pension fund CJSC (SAPF) 56,550.67 56,598.47 32.5 55,473.52 ------------------------------ ----------- ---------- -------------- ---------- Total of pension assets 173,763.85 173,928.34 100.0 171,657.40 ------------------------------------------------------------------------------- The proportion of SAPF assets decreased from 33.18% to 32.54% within November. The largest private PAPF at the end of November are: Halyk Bank of Kazakhstan APF CJSC and UlarUmit APF CJSC. Now, PAMC JETYSU CJSC is still by the volume of managed assets at private pension market (22.85% of all PA under management) The second place belongs to Halyk Bank of Kazakhstan PAMC (21.40%). KNPF Phillip Morris Kazakhstan CJSC demonstrated the biggest assets growth rates (9.5% in terms of tenge and 9.1% in currency terms) in this month as before. However, it's better to take into account that the volume of assets of this fund is the smallest due to that in terms of percents its assets are growing faster. In absolute value assets of State APF have the highest growth and at private market Halyk Bank of Kazakhstan APF CJSC has the highest growth (its assets have grown for the month by KZT1,451.7m). The second place belongs to UlarUmit APF CJSC (growth by KZT1,122.4m). In October at this parameter SAPF was a leader, which is now on the third position. Invested assets were distributed among financial instruments as follows (for reference, the figures for two previous months are given in parentheses): - mid- and long-term domestic GS of the Ministry of Finance (KZT) - 11.22% (11.28%; 9.60%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 44,31% (46,70%; 52,14%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 6,38% (5,00%; 0,29%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0,67% (0,33%; 0,29%); - securities of foreign issuers (foreign currency) - 3,30% (3,05%; 2,87%); - securities of supranationals - IFO (foreign currency) - 3,72% (3,72%; 3,75%); - shares of Kazakhstan companies - 1,82% (1,75%; 2,40%); - bonds of Kazakhstan companies - 19,25% (19,60%; 19,21%); - deposits and certificates of deposit (KZT) - 0,89% (0,99%; 0,88%); - deposits and certificates of deposit (foreign exchange) - 8,43% (7,62%; 8,53%). The most impressive tendencies of structure change of aggregate portfolio of APF in November were gradual decline in funds portfolio share of euronotes of Kazakhstan due to increase of share of short-term securities of the Ministry of finance and the National Bank and also due to bonds of local executive bodies. According to IRBIIS analysts, change of ratio of euronotes to the National bank notes mainly was conditioned by new strategy of SAPF which second month capitalizes profit of euronotes and prefers exempted money to invest into shortest instruments. In the result, for the period November 2000 - November 2001 SAPF first time for the whole history of [pension reform won the first place on K2 and K3 coefficients showing real potential of their portfolio which still remains very high. It's clear that all these actions are connected with the planned for the next year restructuring of SAPF, which will not be thought as a state, however, it is not concrete about its privatization yet. At the end of the year the fund shows its yield potential, which can be considered as a "presale preparation". Non-state funds are responsible for the increase in aggregate portfolio of municipal bonds because they were actively buying second issue securities of Atyrau oblast. In general, it's worth to mention the imperfectness of the Department on funds portfolio structure since the reporting doesn't allow to take out assets which were temporarily in portfolios of some funds as a pledge on made deals of repo opening. PAMC and SAPF now again actively participate in this sector of market granting (mainly to banks) short-term credits under pledge of GS. As a result, significant share of securities is temporarily in funds portfolio and yield of made by PAMC and SAPF repo deals is more and more affecting general parameters of funds yield.