By the data of the SMRD net pension assets in early October 2001 - $1,088.4m

/IRBIS, Oct 11, 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 October 1, 2001 equaled KZT161,045.9m, or $1,088.4m at weighted average rate of the Exchange, effective on that date. A comparable figure for September 1, 2001 was KZT154,888.7m, or $1,051.5m. During September assets of accumulative pension funds (APF) grew by 4.0% in terms of tenge, and by 3.5% - in currency terms. In August 2001 assets grew by 3.3% and 3.2%, respectively. As of early October the total amount of PA has amounted to KZT161,256.2m, of which KZT159,803.5m has been invested. There were 6 Pension Assets Management Companies (PAMC), 13 private and one state pension APF operating in Kazakhstan. Number of funds decreased by one, since during the last month UMIT APF CJSC and Ular OAPF CJSC merged. United UlarUmit APF CJSC is under the management of PAMC JETYSU. Now PAMC Ak niet CJSC has no assets under its control. Assets of Nefte-Gas-Dem CJSC were given to PAMC JETYSU CJSC management. 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 Kazakhstan CJSC 333.05 333.38 0.2 331.98 Halyk Pension Fund APF CJSC 2,418.46 2,421.03 1.5 2,413.39 ABN AMRO APF -Caspii Munai Gas APF 10,479.48 10,494.61 6.5 10,483.69 ------------------------ ----------- ---------- -------------- ---------- Total 13,230.99 13,249.02 8.2 13,229.06 ------------------------ ----------- ---------- -------------- ---------- PAMC JETYSU CJSC ------------------------------------------------------------------------- UlarUmit APF CJSC 27,493.70 27,525.40 17.1 27,465.66 Kazakhmys APF CJSC 5,924.52 5,931.01 3.7 5,922.53 Nefte-Gas-Dem OPAPF CJSC 3,479.40 3,484.13 2.2 3,460.70 ------------------------ ----------- ---------- -------------- ---------- Total 36,897.62 36,940.54 22.9 36,848.89 ------------------------ ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC ------------------------ ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan 34,200.80 34,262.27 21.2 33,657.58 APF CJSC ------------------------ ----------- ---------- -------------- ---------- Total 34,200.80 34,262.27 21.2 33,657.58 ------------------------ ----------- ---------- -------------- ---------- BTA Asset Management PAMC CJSC ------------------------------------------------------------------------- Kazakhstan NAPF CJSC 4,082.59 4,088.09 2.5 4,086.17 Kurmet NOAPF CJSC 5,625.83 5,626.58 3.5 5,625.01 ------------------------ ----------- ---------- -------------- ---------- Total 9,708.42 9,714.67 6.0 9,711.19 ------------------------ ----------- ---------- -------------- ---------- Aktiv-Invest PAMC CJSC ------------------------------------------------------------------------- Valut-Transit Fund 3,336.63 3,339.22 2.1 3,265.83 NNP CJSC Kunayev NNPF CJSC 464.67 465.58 0.3 460.22 ------------------------ ----------- ---------- -------------- ---------- Total 3,801.30 3,804.80 2.4 3,726.05 ------------------------ ----------- ---------- -------------- ---------- BESTINVEST PAMC CJSC ------------------------------------------------------------------------- SENIM APF CJSC 8,064.56 8,068.64 5.0 7,956.32 Korgau APF CJSC 1,838.14 1,840.42 1.1 1,827.07 ------------------------ ----------- ---------- -------------- ---------- Total 9,902.70 9,909.06 6.1 9,783.39 ------------------------ ----------- ---------- -------------- ---------- Total of the non- government sector 107,741.83 107,880.36 66.9 106,956.15 ------------------------ ----------- ---------- -------------- ---------- State accumulative pension fund CJSC (SAPF) 53,304.08 53,375.86 33.1 52,847.39 ------------------------ ----------- ---------- -------------- ---------- Total of pension assets 161,045.92 161,256.22 100.0 159,803.54 ------------------------------------------------------------------------- The proportion of SAPF assets decreased from 33.44% to 33.10% within a month. The largest private PAPF at the end of September are: Halyk Bank of Kazakhstan APF CJSC and UlarUmit APF CJSC. In previous week UMIT APF CJSC was the second in the list. Now, PAMC JETYSU CJSC is leading by the volume of managed assets among private companies (22.91% of all PA), which took the place of Halyk Bank of Kazakhstan PAMC (21.25%) as a result of an appearance of UlarUmit CJSC and receiving the assets of Nefte-Gas-Dem CJSC. APF Korgau CJSC demonstrated the biggest assets growth rates (7.0% in terms of tenge and 6.5% in currency terms) in this month again, which 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) - 9.60% (11.46%; 9.40%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 52.14% (52.12%; 53.48%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 0.29% (1.82%; 3.41%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0.33% (0.36%; 0.27%); - securities of foreign issuers (foreign currency) - 2.87% (2.82%; 2.87%); - securities of supranationals (foreign currency) - 3.75% (2.13%; 1.45%); - shares of Kazakhstani companies - 2.40% (2.38%; 2.05%); - bonds of Kazakhstani companies - 19.21% (17.61%; 17.77%); - deposits and certificates of deposit (KZT) - 0.88% (0.97%; 0.66%); - deposits and certificates of deposit (foreign exchange) - 8.53% (8.33%; 8.64%). These data probably reflect two clear trends in the change of the portfolios of the funds during September. The first trend concerns the end of the growth in proportions of mid-term debt of the Ministry of Finance in portfolios of APF. They were moved away by the supranational bonds, which have the highest ratings. In the opinions of IRBIS analysts, increase in the proportion of these securities is not accidental and partially it is due to September incidents in the USA. Under the world situation was getting unstable investors have always preferred the most secure debt in spite of their low yields, and it was the case on Kazakhstani market of pension assets. The second trend is a noticeable increase in the proportions of bonds of Kazakhstani companies, whose yields are growing lately. In the opinion of IRBIS specialists, this increase was mainly due to the floatation of Kazakhstan Temir Joly NSE bonds, 74.7% of them being bought using the assets of APF.