By the data of the SMRD net pension assets in early November 2001 - $1,133.7m

/IRBIS, Nov 19, 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 KZT168,135.0m, or $1,133.7m at weighted average rate of the Exchange, effective on that date. A comparable figure for October 1, 2001 was KZT161,045.9m, or $1,088.4m. During October assets of accumulative pension funds (APF) grew by 4.4% in terms of tenge, and by 4.2% - in currency terms. In September 2001 assets grew by 4.0% and 3.5%, respectively. As of early November the total amount of PA has amounted to KZT168,456.6m, of which KZT162,595.8m 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 ------------------- Share Net pension in total PAMC / APF assets Volume volume, % Invested -------------------------------------------------------------------------------- ABN AMRO ASSET MANAGEMENT PAMC CJSC -------------------------------------------------------------------------------- KNPF Philip Morris Kazakhstan CJSC 367.39 367.96 0.2 367.34 Halyk Pension Fund APF CJSC 2,541.06 2,548.40 1.5 2,533.04 ABN AMRO APF -Caspii Munai Gas APF 11,045.09 11,057.59 6.6 11,029.50 ---------------------------------- ----------- --------- -------- ---------- Total 13,953.54 13,973.95 8.3 13,929.88 ---------------------------------- ----------- --------- -------- ---------- PAMC JETYSU CJSC -------------------------------------------------------------------------------- UlarUmit APF CJSC 28,583.69 28,615.24 17.0 27,661.38 Kazakhmys APF CJSC 6,081.96 6,087.70 3.6 6,032.47 Nefte-Gas-Dem OPAPF CJSC 3,607.21 3,611.34 2.1 3,366.97 ---------------------------------- ----------- --------- -------- ---------- Total 38,272.87 38,314.28 22.7 37,060.83 ---------------------------------- ----------- --------- -------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC ---------------------------------- ----------- --------- -------- ---------- Halyk Bank Kazakhstan APF CJSC 35,715.15 35,766.06 21.2 35,578.23 ---------------------------------- ----------- --------- -------- ---------- Total 35,715.15 35,766.06 21.2 35,578.23 ---------------------------------- ----------- --------- -------- ---------- BTA Asset Management PAMC CJSC --------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 4,263.37 4,268.40 2.5 4,104.06 Kurmet NOAPF CJSC 5,900.33 5,903.27 3.5 5,886.67 ---------------------------------- ----------- --------- -------- ---------- Total 10,163.70 10,171.67 6.0 9,990.74 ---------------------------------- ----------- --------- -------- ---------- Aktiv-Invest PAMC CJSC -------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 3,527.24 3,528.81 2.1 3,480.62 Kunayev NNPF CJSC 477.66 478.20 0.3 448.43 ---------------------------------- ----------- --------- -------- ---------- Total 4,004.90 4,007.02 2.4 3,929.05 ---------------------------------- ----------- --------- -------- ---------- BESTINVEST PAMC CJSC -------------------------------------------------------------------------------- SENIM APF CJSC 8,370.95 8,386.15 5.0 8,043.03 Korgau APF CJSC 1,939.34 1,941.49 1.2 1,853.87 ---------------------------------- ----------- --------- -------- ---------- Total 10,310.29 10,327.64 6.1 9,896.90 ---------------------------------- ----------- --------- -------- ---------- Total of the non-government sector 112,420.44 112,560.61 66.8 110,385.62 ---------------------------------- ----------- ---------- -------- ---------- State accumulative pension fund CJSC (SAPF) 55,714.55 55,895.95 33.2 52,210.16 ---------------------------------- ----------- ---------- --------- ---------- Total of pension assets 168,134.99 168,456.55 100.0 162,595.78 ---------------------------------------------------------------------------------- The proportion of SAPF assets increased from 33.10% to 33.18% within a month. The growth of this indicator has been noticed during last three and half years (precisely, from March, 1998). The largest private PAPF at the end of October are: Halyk Bank of Kazakhstan APF CJSC and UlarUmit APF CJSC. Now, PAMC JETYSU CJSC is leading second month already by the volume of managed assets at private pension market (34.04% of all PA under management) The second place belongs to alyk Bank of Kazakhstan PAMC (31.77%). KNPF Phillip Morris Kazakhstan CJSC demonstrated the biggest assets growth rates (10.4% in terms of tenge and 10.1% in currency terms) in this month. 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 KZT1.5bn). 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) - 11.28% (9.6%; 11.46%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 46,70% (52,14%; 52,12%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5,00% (0,29%; 1,82%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0,29% (0,33%; 0,36%); - securities of foreign issuers (foreign currency) - 3,05% (2,87%; 2,82%); - securities of supranationals (foreign currency) - 3,72% (3,75%; 2,13%); - shares of Kazakhstani companies - 1,75% (2,40%; 2,38%); - bonds of Kazakhstani companies - 19,60% (19,21%; 17,61%); - deposits and certificates of deposit (KZT) - 0,99% (0,88%; 0,97%); - deposits and certificates of deposit (foreign exchange) - 7,62% (8,53%; 8,33%). These data allows underline quite interesting trends in the change of the portfolios of the funds during October. First of all, drastic growth of short-term domestic GS of the Ministry of finance and the National Bank, issued in national currency, share in portfolios is paid attention to itself. This change is connected mainly with the behavior of the Ministry of finance at primary market of GS on September and October. The Ministry of finance significantly increased the volume of MEKKAM issue under the influence of necessary corrections of budget financing and at that decreased the volume of mid-term securities issue. As a result, PAMC had to "enter" into notes of the National Bank and short bonds of the Ministry of finance despite their low yields. The second interesting trend of October was the throwing out of Kazakhstan eurobonds by pension funds. In opinion of IRBIS specialists, this sector of the market has been "overheated" a long time ago and very high prices for bonds of such type provoke PAMC to capitalize profit on eurobonds bought some time ago at lower prices. It's not excluded, however, that there is an influence of repo market here (see below). One more interesting feature of October can be noticeable growth of share of non-state securities of foreign issuers in portfolios of APF. IRBIS has an information about buying by PAMC the shares of American companies Eli Lilly and Company, Fannie Mae, Morgan Stanley Dean Witter & Co., United Parcel Service, Inc., Procter & Gamble Co., McDonalds Corporation, Johnson & Johnson etc, and also bonds of Barclays Bank PLC. The share of bonds of international financial organizations remains quite high that reflects not only the desire of funds to become insured of Kazakhstan economy's risks but also is a consequence of deficit of financial instruments at local market. It's worth to mention that last time the subjects of pension market are highly interested in foreign securities issued in euro and also - other European currencies: mark of Germany, pounds of GB, Swiss franc and even Poland zloty and Hungarian forint (in last cases that means bonds of IFO of highest ratings). Gradually the share of bonds of Kazakhstan companies continues growing in portfolios of APF that reflects the issue of securities of SHNOS OJSC and other issuers. In general, the change of structure of pension funds portfolios in October cannot be called fundamental. Described above trends may have a local character especially, if take into account that by the end of the month PAMC actively helped banks to restore their short-term liquidity and significant volume of securities could take place in pension portfolios in the result of short repo operations that actively were held at the market in the end of October.