/IRBIS, Apr 12, 01/ - According to the National Securities Commission of Kazakhstan (NSC), 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 April 1, 2001 equaled KZT128,170.6 mln, or $881.4 mln at weighted average rate of the Exchange, effective on that date. A comparable figure for March 1, 2001 was KZT121,412.5 mln, or $835.4 mln.

During March assets of accumulative pension funds (APF) grew up by 5.6% in tenge denomination, and by 5.5% - in currency terms. In February 2001 assets grew up by 3.1% and 3.0%, respectfully.

As of early April the total amount of PA has amounted to KZT128,351.7 mln, of which KZT127,002.4 mln has been invested.

There were seven pension assets management companies (PAMC), fourteen private funds and one state pension fund operating in Kazakhstan. Number of funds did not change.

Table below presents volume of pension assets for each fund and (KZT, mln unless otherwise indicated) and distribution of APF assets among PAMC.

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                                                       Total assets
                                          ---------- --------------
                              Net pension            Share in total
PAMC / APF                         assets     Volume      volume, %   Invested
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ABN AMRO ASSET MANAGEMENT PAMC CJSC
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KNPF Philip Morris Kazakhstan
CJSC                                    0          0            0,0          0
Halyk Pension Fund APF CJSC      1,892.35   1,894.70            1.5   1,888.43
ABN AMRO APF -Caspii Munai
Gas APF                          7,866.92   7,872.31            6.1   7,856.29
----------------------------- ----------- ---------- -------------- ----------
Total                            9,759.28   9,767.01            7.6   9,744.72
----------------------------- ----------- ---------- -------------- ----------
Jetisu PAMC CJSC
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Ular PAPF CJSC                  10,266.69  10,285.43            8.0  10,225.70
Kazakhmys APF CJSC               4,885.92   4,892.31            3.8   4,869.51
----------------------------- ----------- ---------- -------------- ----------
Total                           15,152.62  15,177.74           11.8  15,095.21
----------------------------- ----------- ---------- -------------- ----------
Halyk Bank Kazakhstan pension assets management company CJSC
----------------------------- ----------- ---------- -------------- ----------
Halyk Bank Kazakhstan APF
CJSC                            25,744.44  25,819.76           20.1  24,728.31
----------------------------- ----------- ---------- -------------- ----------
Total                           25,744.44  25,819.76           20.1  24,728.31
----------------------------- ----------- ---------- -------------- ----------
Ak-niet PAMC CJSC
----------------------------- ----------- ---------- -------------- ----------
UMIT APF CJSC                   10,031.69  10,049.65            8.3  10,701.90
----------------------------- ----------- ---------- -------------- ----------
OPAPF Nefte-Gas-Dem CJSC         2,721.58   2,724.50            2.1   2,719.43
----------------------------- ----------- ---------- -------------- ----------
Total                           13,423.71  13,441.22           10.5  13,421.32
----------------------------- ----------- ---------- -------------- ----------
BTA Asset Management PAMC CJSC
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Kazakhstan NAPF CJSC             3,119.13   3,122.89            2.4   3,121.45
Kurmet NOAPF CJSC                4,094.36   4,094.95            3.2   4,078.06
----------------------------- ----------- ---------- -------------- ----------
Total                            7,213.49   7,217.84            5.6   7,199.51
----------------------------- ----------- ---------- -------------- ----------
Aktiv-Invest PAMC CJSC
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Valut-Transit Fund NNP CJSC      2,306.84   2,307.94            1.8   2,229.12
Kunayev NNPF CJSC                  414.96     415.49            0.3     414.43
----------------------------- ----------- ---------- -------------- ----------
Total                            2,721.80   2,723.43            2.1   2,643.55
----------------------------- ----------- ---------- -------------- ----------
BESTINVEST PAMC CJSC
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SENIM APF CJSC                   6,197.30   6,198.51            4.8   6,188.41
Korgau APF CJSC                  1,105.52   1,107.32            0.9   1,096.85
----------------------------- ----------- ---------- -------------- ----------
Total                            7,302.82   7,305.83            5.7   7,285.27
----------------------------- ----------- ---------- -------------- ----------
Total of the non-government
sector                          81,318.16  81,452.84           63.5  80,117.89
----------------------------- ----------- ---------- -------------- ----------
Government accumulative
pension und CJSC (GAPF)         46,852.41  46,898.86           36.5  46,884.56
----------------------------- ----------- ---------- -------------- ----------
Total of pension assets        128,170.57 128,351.70          100.0 127,002.45
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The proportion of SAPF assets decreased from 37.39 to 36.54% within a month.

The largest private APF at the end of March are: Halyk Bank Kazakhstan APF CJSC (19.72% of all assets) and PAMC JETYSU (11.85%). In late February the leaders were Halyk Bank Kazakhstan APF CJSC and UMIT APF CJSC.

Halyk Bank Kazakhstan PAMC CJSC is still leading by the volume of managed assets among private companies (31.70% of all pension assets), JETYSU PAMC is the second in the list (18.63%). The order has not changed here.

Korgau APF CJSC had the largest assets growth rates (14.6% in terms of tenge and 14.6% in currency terms). Last month this company was also a leader.

Invested assets were distributed among financial instruments as follows (as the NSC has changed the analytical comparison base, comparable figures as of March 1, 2001 are given in parentheses only if it is possible to do so):

• mid- and long-term domestic GB of the Ministry of Finance (KZT) - 5.14%;
• eurobonds of the sovereign debt of Kazakhstan (USD) - 56.37% (58.18%);
• short-term domestic GB of the Ministry of Finance and National Bank (KZT) - 6.42%;
• securities of foreign issuers (hard currency) - 2.28%;
• securities of foreign financial organizations - IFO (hard currency) - 3.78%;
• securities of Kazakhstani issuers - 1.94%;
• bonds of Kazakhstani companies - 17.24%;
• deposits and certificates of deposit (KZT) - 0.60% (0.36%);
• deposits and certificates of deposit (hard currency) - 6.03% (6.35%).

Unfortunately, it is impossible to evaluate the changes in the portfolios during the last month based on presented data. It can be noted that the proportion of euronotes is declining (apparently, due to a growth of the bonds of domestic companies and IFO) and deposits are growing. These were the trends for previous period as well.

Comments from IRBIS: the analysis has been made solely based on the data submitted by the NSC of Kazakhstan. The IRBIS agency is not liable for reliability of the information presented by the NSC.