By the data of the SMRD net pension assets in early September 2001 - $1,051.5m

/IRBIS, Sept 18, 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 September 1, 2001 equaled KZT154,888.7m, or $1,051.5m at weighted average rate of the Exchange, effective on that date. A comparable figure for August 1, 2001 was KZT149,917.1m, or $1,018.8m. During August assets of accumulative pension funds (APF) grew up by 3.3% in terms of tenge, and by 3.2% - in currency terms. In July 2001 assets grew up by 3.9% and 3.7%, respectively. As of early September the total amount of PA has amounted to KZT155,087.8m, of which KZT154,051.7m has been invested. There were seven Pension Assets Management Companies (PAMC), 14 private and one state pension APF operating in Kazakhstan. Number of funds did not change. As the Department has informed the IRBIS, the merger of UMIT APF CJSC and Ular OAPF CJSC took place on September 2. For this reason in the following table these funds are shown separately. As far as PAMC JETYSU CJSC and PAMC Ak niet CJSC concerned, based on the data of the Department, these are separate entities. Table below presents volume of pension assets for each fund and (KZT, mln 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 314.46 314.69 0.2 313.26 Kazakhstan CJSC Halyk Pension Fund APF CJSC 2,298.29 2,300.67 1.5 2,298.68 ABN AMRO APF -Caspii Munai Gas APF 9,888.56 9,899.38 6.4 9,895.04 -------------------------------------- --------- --------- -------- --------- Total 12,501.31 12,514.74 8.1 12,506.98 -------------------------------------- --------- --------- -------- --------- PAMC JETYSU CJSC -------------------------------------------------------------------------------- Ular PAPF CJSC 12,723.37 12,737.98 8.2 12,723.08 Kazakhmys APF CJSC 5,757.59 5,765.18 3.7 5,625.99 -------------------------------------- --------- ---------- -------- ---------- Total 18,480.96 18,503.16 11.9 18,349.07 -------------------------------------- --------- ---------- -------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC -------------------------------------- --------- --------- -------- ---------- Halyk Bank Kazakhstan APF CJSC 32,627.64 32,678.12 21.1 32,151.05 -------------------------------------- --------- --------- -------- ---------- Total 32,627.64 32,678.12 21.1 32,151.05 -------------------------------------- --------- --------- -------- ---------- Ak-niet PAMC CJSC -------------------------------------- --------- --------- -------- ---------- UMIT APF CJSC 13,705.80 13,721.08 8.9 13,429.29 Nefte-Gas-Dem ONAPF CJSC 3,342.75 3,346.07 2.2 3,340.94 -------------------------------------- --------- --------- -------- ---------- Total 17,048.56 17,067.15 11.1 16,770.23 -------------------------------------- --------- --------- -------- ---------- BTA Asset Management PAMC CJSC -------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 3,912.63 3,917.59 2.5 3,915.29 Kurmet NOAPF CJSC 5,389.40 5,390.11 3.5 5,389.68 -------------------------------------- --------- --------- -------- ---------- Total 9,302.02 9,307.70 6.0 9,304.97 -------------------------------------- --------- --------- -------- ---------- Aktiv-Invest PAMC CJSC -------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 3,170.40 3,172.52 2.0 3,170.01 Kunayev NNPF CJSC 450.91 451.68 0.3 450.67 -------------------------------------- --------- --------- -------- ---------- Total 3,621.31 3,624.20 2.3 3,620.68 -------------------------------------- --------- --------- -------- ---------- BESTINVEST PAMC CJSC -------------------------------------------------------------------------------- SENIM APF CJSC 7,796.45 7,812.99 5.0 7,785.89 Korgau APF CJSC 1,716.54 1,719.89 1.1 1,715.85 -------------------------------------- --------- --------- -------- ---------- Total 9,512.99 9,532.88 6.1 9,501.74 -------------------------------------- --------- --------- -------- ---------- Total of the non-government sector 103,094.80 103,227.95 66.6 102,204.74 -------------------------------------- --------- ---------- -------- ---------- State accumulative pension fund CJSC (GAPF) 51,793.90 51,859.88 33.4 51,847.00 -------------------------------------- ---------- -------- -------- ---------- Total of pension assets 154,888.70 155,087.84 100.0 154,051.74 -------------------------------------------------------------------------------- The proportion of SAPF assets decreased from 33.99% to 33.44% within a month. The largest private PAPF at the end of August are: Halyk Bank of Kazakhstan APF CJSC and UMIT APF CJSC. The leaders were the same in late July. Halyk Bank Kazakhstan PAMC CJSC is still leading by the volume of managed assets among private companies (31.66% of all PA), PAMC JETYSU is the second in the list (17.92%). The order has not changed here. Philip Morris Kazakhstan KAPF CJSC demonstrated the biggest assets growth rates (14.0% in terms of tenge and 13.9% in currency terms) as the youngest and developing one. The second is a solid leader of this year - APF Korgau CJSC. 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) - 11.46% (9.40%; 8.92%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 52.12% (53.48%; 56.34%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 1.82% (3.41%; 1.51%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.36% (0.27%; 0.41%); - securities of foreign issuers (foreign currency) - 2.82% (2.87%; 2.85%); - securities of supranationals (foreign currency) - 2.13% (1.45%; 1.62%); - shares of Kazakhstani companies - 2.38% (2.05%; 2.42%); - bonds of Kazakhstani companies - 17.61% (17.77%; 14.58%); - deposits and certificates of deposit (KZT) - 0.97% (0.66%; 1.65%); - deposits and certificates of deposit (foreign exchange) - 8.33% (8.64%; 8.70%). These data probably reflect two clear trends in the change of the portfolios of the funds during the last two months. The first trends concerns a steady growth of the MEOKAM, MEIKAM and MEAKAM proportions in the portfolios of APF. On one hand, it shows the change in the investment limites in favor of these bonds, on the other hand, (and it is more important for the last month) - growth of the returns of MEOKAM, which is supplied to the primary market by the Ministry of Finance lately to balance the rates of outstanding financial instruments. Along with that, the dumping of the Kazakhstani euronotes is observed by the funds, whose shares in their portfolios are gradually declining, which, so far, did not lead to an excessive offer of the bonds on domestic market and respectie price fall. The second clear trend is an "escape" from the dollar deposits. It seems as if the PAMC and SAPF are diversifying their portfolios according to the recommendations of the country's head banker: 50% into currency denominated instruments, 50% in tenge denominated instruments. Considering the inflation and devaluation rate in Kazakhstan, such disposition seems to be ideal now, especially after the latest incidents in the USA. Other changes in the structures of the portfolios are casued solely by local reasons, or they reflect the changes in the structure of internal debt of Kazakhstna, issued as GS. Particularly, decline in the proportion of short- term government papers in the portfolios is like to be provoked by the shrinkage of the market of the National Bank notes.