By the data of the SMRD net pension assets in early January 2002 - $1,207.4m

/IRBIS, Jan 15, 02/ - 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 January 1, 2002 equaled KZT182,252.0m, or $1,207.4m at weighted average rate of the Exchange, effective on that date. A comparable figure for December 1, 2001 was KZT173,763.9m, or $1,166.6m. During December net assets of accumulating pension funds (APF) grew by 4.9% in terms of tenge, and by 3.5% - in currency terms. In November 2001 assets grew by 3.3% and 2.9%, respectively. In year 2001 total increase of net PA in the republic is estimated by IRBIS based oin data presented by the NBK and National Securities Commission of the RK at KZT69,602.6m (61.8%) or $432.7m (55.8%). For the year 2000 corresponding parameters are KZT48,147.8m (74.6%) or $308.2m (66.1%). As of early January 2002 total amount of net PA totaled KZT182,650.5m, from which KZT178,123.2m were invested. There were 7 Pension Assets Management Companies (PAMC), 14 private and one state APF operating during December. The amount of PAMC and funds didn't change for the month. AMC Ak niet CJSC has no still assets under its control, however, according to the information of the Department staff, it performs all prudential norms and therefore is functioning. New fund "Capital" appeared recently hasn't started assets accumulation yet. 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 419.92 420.64 0.2 419.16 Halyk Pension Fund APF CJSC 2,970.38 2,974.30 1.6 2,892.73 ABN AMRO APF -Caspii Munai Gas APF 12,112.64 12,126.96 6.6 12,085.29 ---------------------------------- ----------- ---------- -------------- ---------- Total 15,502.95 15,521.90 8.5 15,397.18 ---------------------------------- ----------- ---------- -------------- ---------- PAMC JETYSU CJSC ----------------------------------------------------------------------------------- UlarUmit APF CJSC 31,389.51 31,452.18 17.2 30,887.43 Kazakhmys APF CJSC 6,471.23 6,482.54 3.5 6,405.26 Nefte-Gas-Dem OPAPF CJSC 3,974.12 3,982.69 2.2 3,901.50 ---------------------------------- ----------- ---------- -------------- ---------- Total 41,834.85 41,917.42 22.9 41,194.19 ---------------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan pension assets management company CJSC ---------------------------------- ----------- ---------- -------------- ---------- Halyk Bank Kazakhstan APF CJSC 39,017.09 39,058.08 21.4 38,061.00 ---------------------------------- ----------- ---------- -------------- ---------- OTAN PAPF CJSC 113.85 113.97 0.1 103.40 ---------------------------------- ----------- ---------- -------------- ---------- Total 39,017.09 39,172.05 21.4 38,164.40 ---------------------------------- ----------- ---------- -------------- ---------- BTA Asset Management PAMC CJSC ----------------------------------------------------------------------------------- Kazakhstan NAPF CJSC 4,671.41 4,680.86 2.6 4,441.00 Kurmet NOAPF CJSC 6,503.23 6,507.76 3.6 6,474.59 ---------------------------------- ----------- ---------- -------------- ---------- Total 11,174.64 11,188.62 6.1 10,915.59 ---------------------------------- ----------- ---------- -------------- ---------- Aktiv-Invest PAMC CJSC ----------------------------------------------------------------------------------- Valut-Transit Fund NNP CJSC 4,013.97 4,016.86 2.2 3,724.49 Kunayev NNPF CJSC 514.49 514.66 0.3 479.62 ---------------------------------- ----------- ---------- -------------- ---------- Total 4,528.46 4,531.53 2.5 4,204.11 ---------------------------------- ----------- ---------- -------------- ---------- BESTINVEST PAMC CJSC ----------------------------------------------------------------------------------- SENIM APF CJSC 9,030.63 9,035.25 4.9 8,626.07 Korgau APF CJSC 2,279.00 2,285.08 1.3 2,124.57 ---------------------------------- ----------- ---------- -------------- ---------- Total 11,309.64 11,320.32 6.2 10,750.63 ---------------------------------- ----------- ---------- -------------- ---------- Total of the non-government sector 123,367.63 123,651.84 67.7 120,626.11 ---------------------------------- ----------- ---------- -------------- ---------- State accumulative pension fund CJSC (SAPF) 58,884.41 58,998.63 32.3 57,497.04 ---------------------------------- ----------- ---------- -------------- ---------- Total of pension assets 182,252.04 182,650.47 100 178,123.15 ----------------------------------------------------------------------------------- The proportion of SAPF assets decreased from 32.54% to 32.30% within December. The largest private PAPF at the end of December 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 (33.90% of all PA under management). The second place still belongs to Halyk Bank of Kazakhstan PAMC (31.68%). Korgau APF CJSC demonstrated the biggest assets growth rates (10.7% in terms of tenge and 9.2% in currency terms) in this month as before. In absolute value assets of State APF have the highest growth (its assets have grown for the month by KZT2,400.2m). The second place belongs to Halyk Bank of Kazakhstan APF CJSC (growth by KZT1,840.3m), in November it was a leader. Invested assets were distributed among financial instruments as follows (for trend showing, the figures for two previous months in reverse chronological order are given in parentheses): - mid- and long-term domestic GS of the Ministry of Finance (KZT) - 10.95% (11.22%; 11.28%); - eurobonds of the sovereign debt of Kazakhstan (USD) - 44,05% (44,31%; 46,70%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 5,16% (6,38%; 5,00%); - municipal bonds of local executive bodies of Kazakhstan (USD) - 0,65% (0,67%; 0,29%); - securities of foreign issuers (foreign currency) - 3,06% (3,30%; 3,05%); - securities of supranationals - IFO (foreign currency) - 3,65% (3,72%; 3,72%); - shares of Kazakhstan companies - 3,64% (1,82%; 1,75%); - bonds of Kazakhstan companies - 20,17% (19,25%; 19,60%); - deposits and certificates of deposit (KZT) - 0,87% (0,89%; 0,99%); - deposits and certificates of deposit (foreign exchange) - 7,79% (8,43%; 7,62%). The change of aggregate portfolio structure of APF in December was expressed apparently. Main direction of investment inflowing into APF money is shares and bonds of Kazakhstan companies. An increase of their share in portfolios is noticeable and led in December to the further decline of Kazakhstan euronotes share. According to IRBIS analysts, the question is shares of Corporation Kazakhmys OJSC, SBS of which was realized at KASE at the end of November and also bonds of Kazakhtelecom OJSC which were actively bought by PAMC at the exchange after their primary floatation by their exchange for privileged shares of the company. Decrease of euronotes share was conditioned also by the behavior of SAPF, which in reporting period was still selling these bonds according to the decline of their share in its portfolio. However, if before during investment of inflowing and exempting money the fund preferred the National Bank notes then now other direction has been chosen - MEOKAM, although share of these bonds in the aggregated portfolio of APF fell. It is worth mentioning that described deformation of investment structure of PA can be caused by temporary placement of any securities in APF portfolios as a result of counter repo transactions, which are currently actively used by PAMC for short-term floatation of pension assets.