Investment portfolios of pension assets as of May 1, 2023

The site enpf.kz provides a report on the management of pension assets of NB RK and IPM as of
May 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 (NB RK) and investment portfolio
managers (IPM). The total amount of pension assets as of May 1, 2023 amounted to about KZT15,677.57
bln. At the same time, UAPF pension assets held in trust by the National Bank of the Republic of
Kazakhstan amounted to KZT15,668.2 bln. Pension assets managed by IPM amounted to KZT9.37 bln

Investment portfolio of pension assets managed by NB RK

The main areas for investing NB RK pension assets as of May 1, 2023 are as follows: government
securities of the Ministry of Finance of the Republic of Kazakhstan - 47.38%, bonds of quasi-public
companies - 10.86%, bonds and deposits of second-tier banks of the Republic of Kazakhstan - 6.98% ,
government securities of foreign states - 4.60%, securities of international financial organizations -
2.43%, corporate bonds of Kazakhstani issuers - 0.10%.
As of May 1, 2023, the investment portfolio in terms of currencies in which financial instruments
purchased using pension assets are denominated looks as follows: investments in the national currency -
70.89%, in US dollars - 29.06%, in other currency - 0.05% of the portfolio of pension assets. From the
analysis of the income structure, it follows that income in the form of interest on securities, including on
placed deposits and reverse REPO operations and from market revaluation of securities, amounted to
KZT508.96 bln, on assets under external management - KZT25.43 bln, other income - KZT1.59 bln. At
the same time, the revaluation of foreign currency brought a loss in the amount of KZT54.16 bln.
Thus, due to the diversification of the investment portfolio of pension assets across instruments,
industries and currencies, the total income for April 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 KZT481.82 bln.
The return on UAPF pension assets distributed to the accounts of contributors (beneficiaries) from
the beginning of 2023 amounted to 3.13% with inflation of 4.20%.
At the same time, as of May 1, 2023, the profitability of pension assets for the last 12 months
(from May 2022 to April 2023) for UAPF contributors (beneficiaries) amounted to 8.93%.
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 NB RK with
indication of 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 contributions actually
made, 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 IPMs is KZT9.37 bln.
As of May 1, 2023, pension assets held in trust by Jusan Invest JSC amounted to KZT4.13 bln.
The most significant investments of the company: Government securities of the Ministry of Finance
of the Republic of Kazakhstan - 35.29%, shares of Exchange Traded Funds (ETF) - 32.73%, NB RK
notes - 21.87%; Government securities of foreign states - 8.80% of the portfolio. Note that 58.40% of the
portfolio is presented in tenge; 41.60% - 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 amount of accrued investment income for 2023
amounted to KZT222.61 mln. Return on pension assets - 5.10%.
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 May 1, 2023, pension assets held in trust by Halyk Global Markets JSC amounted to
KZT2.56 bln.
The main investments in the portfolio structure are as follows: "reverse REPO" (no more than 90
calendar days) is 32.65%; bonds of quasi-public organizations of the Republic of Kazakhstan - 19.65%;
equity instruments of foreign issuers (ETF units) – 14.84%; IFO bonds - 9.92%, NB RK notes - 9.23%,
state-owned securities issued by foreign central governments - 6.94%. Investments in the national
currency amounted to 78.19% of the portfolio, in US dollars - 21.81%
As a result of investment activities, the amount of accrued investment income since the beginning
of the year as of May 1, 2023 amounted to KZT115.26 mln. Return on pension assets - 4.09%.
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 KZT1.44 bln.
Among the main areas of investment, the following can be distinguished: government bonds of the
Republic of Kazakhstan - 27.46%; bonds of quasi-public organizations of the Republic of Kazakhstan -
16.11%; shares (ETF for indices) - 10.42%, bonds of IFOs - 5.91%, corporate bonds of issuers-residents
of the Republic of Kazakhstan - 5.29%, shares and depositary receipts of foreign issuers - 4.36% of the
portfolio, funds on investment accounts - 28.53%. 76.91% of the portfolio was invested in instruments in
national currency, 23.09% in US dollars.

As a result of investment activities, the amount of accrued investment income since the beginning
of the year as of May 1, 2023 amounted to KZT56.76 mln. Return on pension assets - 3.47%. Most of the
accrued investment income came from interest on securities, including on placed deposits and reverse
REPO operations.
A detailed structure of the investment portfolio of financial instruments managed by BCC Invest
JSC with an indication of issuers is presented on the UAPF website.

UAPF pension assets held in trust management by Centras Securities JSC amounted to
KZT994.32 mln.
61.81% of assets are invested in government securities of the Ministry of Finance of the Republic of
Kazakhstan; cash on investment accounts is 11.52%; shares and depositary receipts issued by
organizations of the Republic of Kazakhstan - 8.76%, bonds of quasi-public organizations - 8.66%.
77.99% of the portfolio was invested in instruments in national currency, 22.01% in US dollars.
As a result of investment activities and changes in the market value of financial instruments, the
accrued investment income from the beginning of the year as of May 1, 2023 amounted to 32.12 million
tenge. Return on pension assets - 2.98%.
A detailed structure of the investment portfolio of financial instruments managed by Centras
Securities JSC with indication of issuers is presented on the UAPF website.

As of May 1, 2023, pension assets held in trust by Halyk Finance Subsidiary of Halyk Bank of
Kazakhstan JSC amounted to KZT248.53 mln.
Investments in the portfolio structure are as follows: "reverse REPO" (no more than 90 calendar
days) is 60.85%, funds on investment accounts - 12.00%, MFIs - 6.81%, NB RK notes - 6.81%, bonds of
quasi-public organizations of the Republic of Kazakhstan - 4.91%.
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 the year as of May 1, 2023
amounted to KZT6.16 mln. Return on pension assets - 4.81%.
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 return on 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 and
Privatization” 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)