According to the National Bank's data the amount of net pension assets in Kazakhstan is $1,665.2 m by the beginning of December of 2002

/IRBIS, December 19, 02/ - According to the data of Department financial supervision of the National Bank of Kazakhstan (the Department) amount of the net pension assets (PA) in the country (amount of pension assets excluding liabilities on the charged commissions, accounts payable on pension payments) equaled by December 1, 2002 to KZT257,906.7 m or $1,665.2 m by the weighted average stock exchange's rate determined on this date. Comparable indicator by November 1, 2002 is KZT249,475.0 m or $1,615.6 m. In November Accumulative pension funds' (APF) net assets increased by 3.4% in tenge and by 3.1% - in currency. In October of 2002 assets increased by 2.6% in tenge and by 2.7% - in currency. By the beginning of December of 2002 total sum of PA was KZT258,184.1 m, KZT255,595.4 m of them were invested. In all within November of 2002 eight pension assets management companies (PAMC) and 16 APF were functioning in the country. The table below characterizes assets volumes of each fund (KZT mil unless otherwise specified) and assets distribution of APF and PAMC. ---------------------------------------------------------------------------- Total assets --------- --------- Net Share in pension the total Invested Name of PAMC / APF assets Volume volume, % ---------------------------------------------------------------------------- PAMC ABN AMRO ASSET MANAGEMENT CJSC ---------------------------------------------------------------------------- КAPF Phillip Morris Kazakhstan CJSC 633.9 634.5 0.3 632.4 AOZT APF Narodniy Pensionniy fond 4,780.1 4,786.4 1.9 4,635.4 APF CAPITAL CJSC 493.1 493.3 0.2 477.1 PAF ABN AMRO CJSC- KaspiyMunai Gas 18,178.8 18,190.4 7.0 18,096.2 ------------------------------------ --------- --------- --------- --------- Total 24,086.0 24,104.6 9.3 23,841.1 ------------------------------------ --------- --------- --------- --------- PAMC ZHETYSU CJSC ---------------------------------------------------------------------------- APF Ular Umyt CJSC 43,910.0 43,962.2 17.0 43,791.2 AOZT APF Kazakhmys 8,589.7 8,597.8 3.3 8,590.3 ONAPF Nefte-Gas Dem CJSC 6,090.4 6,099.0 2.4 6,088.7 ------------------------------------ --------- --------- --------- --------- Total 58,590.1 58,659.1 22.7 58,470.2 ------------------------------------ --------- --------- --------- --------- The company of Halyk Bank of Kazakhstan on pension assets management CJSC ------------------------------------ --------- --------- --------- --------- APF of Halyk Bank of Kazakhstan CJSC 58,046.6 58,079.9 22.5 57,576.2 OAPF OTAN CJSC 2,200.3 2,200.6 0.9 2,106.0 ------------------------------------ --------- --------- --------- --------- Total 60,246.8 60,280.5 23.4 59,682.2 ------------------------------------ --------- --------- --------- --------- PAMC Ak niet CJSC APF Korgau CJSC 3,661.4 3,663.4 1.4 3,639.6 NAPF named Kunayev CJSC 771.5 771.6 0.3 765.6 ------------------------------------ --------- --------- --------- --------- Total 4,432.8 4,435.0 1.7 4,405.2 ------------------------------------ --------- --------- --------- --------- PAMC BTA Asset Management CJSC ---------------------------------------------------------------------------- NAPF Kazakhstan CJSC 7,029.7 7,041.2 2.7 7,017.2 NOAPF Kurmet CJSC 10,584.2 10,587.8 4.1 10,570.0 ------------------------------------ --------- --------- --------- --------- Total 17,613.9 17,629.0 6.8 17,587.2 ------------------------------------ --------- --------- --------- --------- AOZT NPAMC Activ-Invest ---------------------------------------------------------------------------- NNP Valut-tranzit fond CJSC 7,325.4 7,336.8 2.8 7,248.3 ------------------------------------ --------- --------- --------- --------- Total 7,325.4 7,336.8 2.8 7,248.3 ------------------------------------ --------- --------- --------- --------- PAMC BESTINVEST CJSC ---------------------------------------------------------------------------- APF SENIM CJSC 12,281.0 12,284.5 4.8 12,009.3 ------------------------------------ --------- --------- --------- --------- Total 12,281.0 12,284.5 4.8 12,009.3 ------------------------------------ --------- --------- --------- --------- State accumulative pension fund 72,352.0 CJSC (SAPF) 73,330.8 73,454.5 28.5 ------------------------------------ --------- --------- --------- --------- TOTAL pension assets 257,906.7 258,184.1 100.0 255,595.4 ---------------------------------------------------------------------------- The biggest APF by the end of November (in descending order of PA sum): SAPF, APF of Halyk Bank of Kazakhstan CJSC and APF Ular Ymit CJSC By the volume of managed assets SAPF is still the leader at pension market (28.45% of all PA in management). The second one is the Company of Halyk Bank of Kazakhstan on pension assets management (23.4%). On the third place is PAMC ZHETYSU (22.7%). NNP Valyut-tranzit fond CJSC still has the biggest assets increase in November (6.87% in tenge and 6.55% in currency expression) (excluding APF CAPITAL CJSC and OAPF OTAN CJSC whose assets being the assets of the youngest fund increase very quickly in tenge - by 19.6% and 13.5% correspondingly). In absolute expression APF of Halyk Bank of Kazakhstan CJSC has the biggest sum of increase (its assets increased within the month by KZT2,367.2 m). The second place belongs to SAPF CJSC (growth by KZT1,703.4 m), then APF UlarUmit CJSC (growth by KZT1,149.4 m). Invested assets on financial instruments distributed the following way as of December 1 (with the purpose of clearness of tendencies in parentheses data for two previous months given in reverse chronological order) - mid- and long-term domestic GS of the Ministry of Finance(KZT) - 13.60% (12.26%; 11.54%); - eurobonds of Kazakhstan sovereign debt (USD) - 23.47% (25.15%; 33.40%); - short-term internal GS of the Ministry of Finance and the National Bank (KZT) - 10.17% (10.57%; 9.67%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.48% (0.50%; 0.51%); - shares of foreign issuers (foreign currencies) - 1.08% (1.18%; 1.26%); - corporate bonds of foreign issuers (foreign currencies) - 2.70% (4.98%; 1.94%); - foreign states' securities - 4.16% (4.12%; 4.12%); - securities of international financial organizations (foreign currencies) - 7.32% (5.15%; 4.28%); - Kazakhstan companies' shares - 3.79% (3.89%; 3.93%); - Kazakhstan companies' bonds - 24.43% (24,25%; 20,92%); - Deposits and deposit certificates (KZT) - 8.20% (7.53%; 8.02%); - Deposits and deposit certificates (foreign currencies) - 0.60% (0.40%; 0.42%). Judging on the presented data, restructuring of the aggregated pension portfolio in November was going the same way it did in October. The most marked tendencies are: - significant growth in the portfolio of stake of mid- and long-term internal GS of the Ministry of finance due to investments of SAPF; - further gradual decrease of the stake of euronotes of Kazakhstan; - increase the volume of investments into international financial organizations' securities, which are characterized by the highest credit ratings; - still rather high interest of PAMC in Kazakhstan companies' corporate bonds due to appearance of new issues at securities market. The increased interest of PAMC in deposits and deposit certificates in tenge and foreign currencies should also be noted. Unfortunately, the Department still keeps from putting the instruments of repo market, into which at present pension assets are actively invested, into separate paragraph of accounting. [2002-12-19]