According to the National Bank data the amount of net pension assets in Kazakhstan is $2,427.2 m by the beginning of December of 2003

/IRBIS, December 23, 03/ - According to the data of Financial supervision department 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, 2003 to KZT355,978.2 m or $2,427.2 m at the weighted average stock exchange's rate determined on this date. Comparable indicator as of November 1, 2003 was KZT348,591.7 m or $2,359.0 m. In November accumulative pension funds' (APF) net assets increased by 2.12% in tenge and 2,89% in currency terms. In October of 2003 assets increased by 2.28% in tenge and by 2.83% - in currency. By the beginning of December of 2003 total sum of PA was KZT356,288.6 m, KZT350,057.8 m of them were invested. In all within November of 2003 eight organizations, which carried out investment management of pension assets (OCIMPA) and 16 APF were functioning in the country. Two funds - APF Halyk Bank of Kazakhstan CJSC and SAPF, which actually are also OCIMPA - controlled assets by themselves. Stake of PA, which was in these funds' management, reached by the beginning of November 48.9% of all PA of the republic (as of November 1 this indicator was 49.2%). New OCIMPA - OCIMPA ALFA- TRUST JSC - whose authorized capital is KZT180,000.0 m. and shareholders equity is KZT177,288.0 th., had no assets in its management in November. During the reporting period assets of OCIMPA Nefte-Gas-Dem CJSC were given to the management of PAMC BESTINVEST CJSC. Before they were controlled by PAMC ABN AMRO ASSET MANAGEMENT CJSC. The table below characterizes assets volumes of each fund (KZT m. unless otherwise specified) and distribution of assets of APF on OCIMPA as of December 1. In parentheses stakes of funds and OCIMPA as of November 1 of 2003 are given for comparison. ------------------------------------------------------------------------------ Total assets ------- ------------ Net % of all PA pension of Name of PAMC / APF assets Volume Kazakhstan Invested ------------------------------------------------------------------------------ PAMC ABN AMRO ASSET MANAGEMENT CJSC ------------------------------------------------------------------------------ КAPF Phillip Morris Kazakhstan CJSC 810 810 0.23(0.23) 767 APF KAPITAL CJSC 2,168 2,171 0.61(0.59) 2,095 PAF ABN AMRO CJSC- 25,486 25,514 7.16(7.11) 24,145 KaspiyMunai Gas ------------------------------------ ------- ------- ------------ -------- Total 28,463 28,495 8.00(10.43) 27,007 ------------------------------------ ------- ------- ------------ -------- PAMC ZHETYSU CJSC ------------------------------------------------------------------------------ APF Ular Umyt CJSC 60,671 60,707 17.04(16.97) 59,160 Total 60,671 60,707 17.04(16.97) 59,160 ------------------------------------ ------- ------- ------------ -------- PAMC Ak niet CJSC PAPF named after Kunayev CJSC 1,016.1 1,016.7 0.29(0.29) 701 ------------------------------------ ------- ------- ------------ -------- Total 1,016 1,017 0.29(0.29) 701 ------------------------------------ ------- ------- ------------ -------- PAMC BTA Asset Management CJSC ------------------------------------------------------------------------------ PAPF Kazakhstan CJSC 10,203 10,234 2.87(2.85) 10,200 POAPF Kurmet CJSC 15,103 15,115 4.24(4.25) 15,103 OAPF OTAN CJSC 5,509 5,513 1.55(1.52) 5,477 ------------------------------------ ------- ------- ------------ -------- Total 30,815 30,862 8.66(8.62) 30,781 ------------------------------------ ------- ------- ------------ -------- NPAMC Activ-Invest CJSC ------------------------------------------------------------------------------ PAP Valut-tranzit fund CJSC 13,111 13,117 3.68(3.64) 12,807 ------------------------------------ ------- ------- ------------ -------- Total 13,111 13,117 3.68(3.64) 12,807 ------------------------------------ ------- ------- ------------ -------- PAMC BESTINVEST CJSC ------------------------------------------------------------------------------ APF SENIM CJSC 15,881 15,886 4.46(4.47) 15,643 APF Korgau CJSC 5,429 5,438 1.53(1.53) 5,410 APF Kazahmys 10,135 10,142 2.85(2.87) 10,127 OPAPF Nefte-Gas Dem CJSC 8,927 8,932 2.51(2.50) 8,889 ------------------------------------ ------- ------- ------------ -------- Total 40,373 40,398 11.34(8.87) 40,069 ------------------------------------ ------- ------- ------------ -------- PAMC NURTRUST CJSC ------------------------------------------------------------------------------ APF Narodniy pensionniy fond CJSC 7,357 7,390 2.07(2.03) 7,360 ------------------------------------ ------- ------- ------------ -------- Total 7,357 7,390 2.07(2.03) 7,360 ------------------------------------ ------- ------- ------------ -------- OCIMPA ALFA-TRUST 0 0 0(,-) 0 ------------------------------------ ------- ------- ------------ -------- APF, which independently carry out investment management of assets ------------------------------------ ------- ------- ------------ -------- APF of Halyk Bank of Kazkahstan CJSC 85,345 85,397 23.97(24.00) 84,751 State accumulative pension fund 88,826 88,906 24.95(25.15) 87,423 CJSC (SAPF) ------------------------------------ ------- ------- ------------ -------- Total 174,172 174,303 48.92(49.15) 172,174 ------------------------------------ ------- ------- ------------ -------- TOTAL pension assets 355,978 356,289 100.0 350,058 ------------------------------------------------------------------------------ The biggest APF by the end of November by volume of PA (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 (25.0% of all PA in management). The second one is APF Halyk Bank of Kazakhstan CJSC (24.0%). On the third place is PAMC ZHETYSU (17.0%). Most capitalized OCIMPA as of December 1 of 2003 (by the size of shareholders equity): SAPF (KZT1,693.3 m), APF Halyk Bank of Kazakhstan JSC (KZT1,351.8 m), PAMC ZHETYSU (KZT552.0 m). APF KAPITAL CJSC has the highest speed of assets increase in November (5.5% in tenge). In absolute expression APF of Halyk Bank of Kazakhstan CJSC is leading by the biggest sum of assets increase. Its assets increased within the month by KZT1,619.2 m., APF Ular Umyt CJSC took second place (growth by KZT1,462.6 m ). SAPF took the third place - (growth by KZT1,090.7 m). Invested assets on financial instruments as of December 1 were distributed in the following way (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) - 19.01% (20.03%; 15.94%); - eurobonds of Kazakhstan sovereign debt (USD) - 14.19% (15.51%; 16.33%); - short-term domestic GS of the Ministry of Finance and the National Bank (KZT) - 20.97% (23.17%; 25.42%); - bonds of domestic executive bodies of Kazakhstan (USD) - 0.22% (0.24%; 0.24%); - shares of foreign issuers (foreign currencies) - 2.45% (0.95%; 0.85%); - corporate bonds of foreign issuers (foreign currencies) - 1.10% (0.71%; 0.91%); - foreign states' securities - 3.65% (2.77%; 2.44%); - securities of international financial organizations (foreign currencies) - 3.28% (3.92%; 4.75%); - Kazakhstan companies' shares - 4.04% (4.10%; 3.91%); - Kazakhstan companies' bonds - 24.29% (22.10%; 23.30%); - deposits and deposit certificates (KZT) - 6.78% (6.30%; 5.53%); - deposits and deposit certificates (foreign currencies) - 0.00% (0.20%; 0.40%). Data shown above lets outline interesting actions of pension assets managers in November. For example, OCIMPA's interest in МЕОКАМ significantly decreased. It reflects mainly falling of issuing activity of the Ministry of finance in November, when volume of new bonds issue fell from KZT38.3 bn. in October to KZT15.3 bn. But, as well as before, it did not result in growth of the stake of National Bank's notes in aggregated portfolio of pension funds. The received money was spent for purchasing of bonds of Kazakhstan corporate issuers, which were offered in a wide variety at the market, and in less degree - for purchasing of foreign issuers' securities (shares and corporate bonds) and bonds of sovereign foreign debt. Absence of investments of pension market's subjects into deposits and deposit certificates expressed in foreign currencies also attracts attention. [2003-12-23]