Investment portfolios of pension assets as of April 1, 2023

The enpf.kz website provides a report on the management of pension assets of the NBRK and the
PIP as of April 1, 2023. A detailed report on the investment of pension savings is posted on the website
enpf.kz in the section "Indicators - Investment activity", which monthly provides information on the
management of pension assets by the National Bank of the Republic of Kazakhstan (NBRK) and
investment portfolio managers (IPM). The total volume of pension assets as of April 1, 2023 amounted to
about KZT15,401.08 billion. At the same time, UAPF pension assets held in trust by the National Bank
of the Republic of Kazakhstan amounted to KZT15,391.36 billion. Pension assets managed by the IPM
amounted to KZT 9.72 billion.

Investment portfolio of pension assets managed by the NBK

The main areas for investing pension assets of the NBRK as of April 1, 2023 are as follows: government
securities of the Ministry of Finance of the Republic of Kazakhstan - 47.22%, bonds of quasi-public
companies - 11.03%, bonds and deposits of second-tier banks of the Republic of Kazakhstan - 7.07%,
State securities of foreign states - 5.64%, securities of international financial organizations - 2.46%,
corporate bonds of Kazakhstani issuers - 0.10%.
As of April 1, 2023, the investment portfolio in terms of currencies in which financial instruments
purchased using pension assets are denominated is as follows: investments in the national currency -
71.55%, in US dollars - 28.39%, in other currency - 0.05% of the portfolio of pension assets. It follows
from the analysis of the income structure that income in the form of remuneration on securities, including
on placed deposits and reverse REPO transactions and from market revaluation of securities, amounted to
KZT435.62 bln, other income - KZT1.29 bln. And the instruments under external management and
related to the revaluation of foreign currency brought losses in the amount of KZT91.24 bln, which
confirms the impact of the unstable geopolitical situation, high volatility in global financial markets and
inflation on investment income received this year.
Despite unfavorable external and internal factors due to the diversification of the investment portfolio of
pension assets across instruments, industries and currencies, the total income for March 2023 is positive.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes
in the market value of financial instruments, the amount of accrued investment income since the
beginning of 2023 amounted to KZT345.67 bln.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) from the
beginning of 2023 amounted to 2.26% with inflation of 3.20%.
At the same time, as of April 1, 2023, the return on pension assets for the last 12 months (from April 2022
to March 2023) for UAPF contributors (beneficiaries) amounted to 6.63%.
Recall that in the medium and long term, a positive real (exceeding accumulated inflation) return on
pension savings is ensured.

A detailed structure of the investment portfolio of financial instruments managed by the NBK, indicating
issuers and an overview of investment activities, are posted on the official website of the UAPF. Recall
that in Kazakhstan there is a model of the state guarantee of the safety of pension savings. In accordance
with Article 5 of the Law of the Republic of Kazakhstan On Pension Provision in the Republic of
Kazakhstan, the state guarantees beneficiaries the safety of compulsory pension contributions and
compulsory occupational pension contributions to the UAPF in the amount of actually made
contributions, taking into account the inflation rate at the time of obtaining the right to pension benefits.
Investment Portfolio Managers
The total amount of funds managed by IPM is KZТ9.72 bln.
As of April 1, 2023, pension assets held in trust by Jusan Invest JSC amounted to KZT4.3 bln.
The most significant investments of the company: NBRK notes - 31.09%, shares of Exchange Traded
Funds (ETF) - 30.33% of the portfolio; Government securities of the Ministry of Finance of the Republic
of Kazakhstan - 24.09%. Government securities of foreign states account for 8.46%. Note that 60.73% of
the portfolio is presented in tenge; 39.27% - in US dollars.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes
in the market value of financial instruments, the accrued investment income for 2023 amounted to
KZT147.84 million. The yield on pension assets amounted to 3.35%.
A detailed structure of the investment portfolio of financial instruments managed by Jusan Invest JSC,
indicating issuers, is presented on the UAPF website.
As of April 1, 2023, pension assets held in trust by Halyk Global Markets JSC amounted to KZT2.7 bln.
The main investments in the portfolio structure are as follows: "reverse REPO" (no more than 90 calendar
days) is 41.37%; equity instruments of foreign issuers (ETF units) - 13.61%; bonds of quasi-public
organizations of the Republic of Kazakhstan - 11.88%; IFO bonds - 9.32%, NBRK notes - 8.98%,
securities with state status, issued by the central governments of foreign states - 6.57%. Investments in the
national currency amounted to 79.78% of the portfolio, in US dollars - 20.22%.
As a result of investment activity, the amount of accrued investment income for 3 months of the current
year amounted to KZT83.27 mln. The return on pension assets has been 2.93% since the beginning of
2023.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Global
Markets JSC with indication of issuers is presented on the UAPF website.
UAPF pension assets held in trust by BCC Invest JSC amounted to KZT1.6 bln.
Among the main areas of investment, the following can be distinguished: government bonds of the
Republic of Kazakhstan - 51.75% of the portfolio; bonds of quasi-public organizations of the Republic of
Kazakhstan - 20.48%; shares (ETF for indices) - 9.69%, shares and depository receipts of foreign issuers -
5.18%. 79.22% of the portfolio was invested in instruments in national currency, 20.78% in US dollars.

As a result of investment activities, the amount of accrued investment income since the beginning of the
year amounted to KZT35.15 mln. Return on pension assets - 2.12%. Most of the accrued investment
income came from interest on reverse repurchase transactions and income from the market revaluation of
securities.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC,
indicating issuers, is presented on the UAPF website.
UAPF pension assets held in trust management by Centras Securities JSC amounted to KZT1.03 bln.
63.17% of assets are invested in government securities of the Ministry of Finance of the Republic of
Kazakhstan; cash on investment accounts is 10.76%; bonds of quasi-public organizations - 8.33%, shares
and depository receipts issued by organizations of the Republic of Kazakhstan - 7.62%. 79.08% of the
portfolio was invested in instruments in national currency, 20.92% in US dollars.
As a result of investment activities and changes in the market value of financial instruments, the amount
of accrued investment income since the beginning of 2023 amounted to KZT20.88 mln. Return on
pension assets - 1.88%.
A detailed structure of the investment portfolio of financial instruments managed by Centras Securities
JSC with an indication of issuers is presented on the UAPF website.
As of April 1, 2023, pension assets held in trust by Halyk Finance Subsidiary of Halyk Bank of
Kazakhstan JSC amounted to KZT162.36 mln.
Investments in the portfolio structure are as follows: reverse REPO (no more than 90 calendar days) is
85.67%, bonds of quasi-public organizations of the Republic of Kazakhstan - 7.40%, MFIs - 2.98%,
NBRK notes - 2.95%, cash funds on accounts - 1%.
100% of the portfolio is invested in instruments in national currency. As a result of investment activities,
the amount of accrued investment income since the beginning of 2023 amounted to KZT2.01 mln. Return
on pension assets - 2.86%.
A detailed structure of the investment portfolio of financial instruments managed by Halyk Finance
Subsidiary of Halyk Bank of Kazakhstan JSC with indication of issuers is presented on the UAPF website.
Recall that after receiving pension assets from UAPF, IPM invests them in permitted financial
instruments specified in the Rules for the implementation of investment portfolio management activities,
approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated
February 3, 2014 No. 10, and provided for in the IPM Investment Declaration. When transferring pension
savings to IPM management, the state guarantee is replaced by the guarantee of the management
company to ensure the minimum level of profitability of pension assets. The minimum level of return is
calculated based on the weighted average return on pension assets transferred to IPM management and
operating on the market.

The UAPF was established on August 22, 2013 on the basis of GNPF APF JSC. The UAPF founder and shareholder is the
Government of the Republic of Kazakhstan represented by the State Institution “Committee of State Property andPrivatization” of the Ministry of Finance of the Republic of Kazakhstan. UAPF pension assets are managed by the National
Bank of the Republic of Kazakhstan. From January 1, 2016, the functions for developing proposals to improve the
management of pension assets were transferred to the National Fund Management Council. In accordance with the pension
legislation, the UAPF attracts compulsory pension contributions, compulsory occupational pension contributions, voluntary
pension contributions, pension benefits, individual accounting of pension accumulations and benefits, provides the contributor
(beneficiary) with information on the status of his pension accumulations (for more information visit www.enpf.kz)