ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till January 1, 2003

/IRBIS, January 20, 03 / - Information agency of financial markets IRBIS (Almaty) continues publication of information on pension market provided by the National Bank of Kazakhstan. In the following table values of condition pension unit (CPU) of accumulative pension funds' (APF) assets of the republic as of January 1, 2003 and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS) are given. Funds have been sorted in the order, which corresponds to a start of their activity at the market. Trends are given in percents relative to corresponding data on December 1, 2002. -------------------------------------------------------------------------------- CPU change in % APR ------------------------------------------------------- Data of Meaning Title from the beginning of: During last: of Activi- of CPU on ------------------------------ ------------------------ fund ty start Jan 1.03 activity 2000 2001 2002 6 mon. 3 mon. 1 mon. ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- SAPF Jan15.98 266.6102 33.56 17.63 16.14 14.70 14.14 14.45 17.28 (+1.47) (+0.6) (+1.4) (+1.8) (+3.1) (+7.7) (+9.4) (-6.3) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- HBK Feb24.98 294.3595 40.03 17.21 14.52 12.45 12.34 13.76 14.02 (+1.19) (+0.0) (+0.6) (+1.0) (+2.4) (+1.5) (+9.7) (-28.0) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- VTF Mar20.98 281.0647 37.81 17.86 14.24 12.05 11.45 11.81 11.36 (+0.96) (-0.3) (-0.1) (+0.1) (+0.4) (-4.6) (+2.4) (+14.1) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- HPF Mar22.98 299.8405 41.78 17.84 14.93 12.15 11.38 12.33 18.25 (+1.55) (+0.5) (+1.6) (+2.6) (+6.5) (+16.3) (+30.9) (+61.7) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Kuna- Mar24.98 260.9985 33.70 17.61 13.98 11.65 8.66 8.48 9.59 ev (+0.81) (-0.5) (-0.5) (-0.6) (-0.8) (-13.1) (+7.6) (+17.3) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Kaz- Apr19.98 304.0027 43.34 18.08 15.04 13.26 13.05 12.29 19.66 mys (+1.67) (+0.7) (+1.9) (+3.1) (+6.4) (+10.9) (+26.0) (+88.4) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- UlUm Apr20.98 299.7234 42.46 17.70 15.35 14.30 15.59 17.33 35.14 (+2.98) (+2.7) (+6.0) (+9.2) (+19.1) (+40.9) (+61.3) (+219.5) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Kaz-n Apr28.98 283.3791 39.17 17.94 15.57 12.87 12.29 12.78 13.81 (+1.17) (-0.0) (+0.5) (+0.7) (+1.9) (+3.4) (+7.3) (-22.8) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- NGD Jun07.98 288.3535 41.19 17.81 15.59 11.39 10.79 11.57 14.24 (+1.21) (-0.0) (+0.6) (+0.8) (+3.6) (+9.4) (+20.2) (-7.2) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Kur- Jan22.99 239.3788 35.33 17.50 15.76 12.98 13.02 13.91 15.80 met (+1.34) (+0.1) (+1.1) (+1.4) (+3.4) (+7.7) (+7.7) (-19.0) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- ААКMG Mar03.99 204.5951 27.27 16.58 14.63 12.50 11.43 11.74 15.69 (+1.33) (+0.4) (+1.2) (+1.7) (+3.8) (+8.3) (+17.6) (+34.9) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- SENIM Jul20.99 160.3808 17.48 17.77 15.29 13.32 13.51 13.52 22.13 (+1.88) (+2.6) (+2.6) (+3.9) (+8.5) (+14.2) (+46.4) (+106.3) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Kor- Dec01.99 146.1375 14.94 15.28 14.15 11.09 9.01 8.34 13.09 gau (+1.11) (+0.8) (+0.7) (+0.8) (+2.8) (+10.9) (+24.5) (+84.8) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- PMK Apr07.01 118.4678 10.63 - - 11.19 10.49 9.66 12.94 (+1.10) (+2.2) - - (+2.6) (+8.1) (+2.2) (+26.9) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Otan Nov26.01 110.6464 9.69 - - 10.00 10.63 9.32 10.65 (+0.90) (+1.7) - - (+1.5) (-4.9) (+4.2) (+5.6) ----- -------- --------- -------- ------ ------ ------- ------- ------- -------- Kapi- Mar06.02 105.2561 6.37 - - - 7.73 8.25 11.88 tal (+1.01) (+12.1) - - - (+16.5) (+27.5) (+65.7) -------------------------------------------------------------------------------- It's better to make conclusions about effectiveness of activity of APF (more precisely PAMC) based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating tern of the fund. Due to this reason IRBIS agency operates in table with the speed of the change of CPU in different periods, expressed in percents APR. The indicator for each period is determined as a difference between the last and first values of CPU divided by first value, expressed in percents, then divided by number of days in the period and multiplied by 365. According to IRBIS analysts' opinion, derived parameter can be considered as a nominal (without taking into account inflation) yield of fund assets during period for the depositor. The following detailed table enables to observe dynamics of above described change indicator of CPU (% APR) in monthly sector for the last 12 months. The data have been sorted alphabetically. -------------------------------------------------------------------------------------- 2002 Avera- Fund Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ge ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ААКMG 15.05 13.43 13.26 12.24 10.38 10.73 12.99 8.58 10.57 7.58 11.63 15.69 11.84 VTF 12.60 14.04 9.06 11.52 8.61 14.61 12.73 8.73 10.54 13.71 9.96 11.36 11.46 SAPF 12.79 10.61 10.54 17.50 19.83 11.57 13.39 12.51 13.69 7.28 18.45 17.28 13.79 Kaz-n 13.72 15.00 9.68 13.66 10.88 11.53 13.47 9.21 11.28 6.44 17.88 13.81 12.21 Kazmys 21.88 11.82 8.64 10.66 8.41 12.46 11.98 15.37 12.33 6.40 10.44 19.66 12.50 Kapi- tal - - - 3.41 5.23 5.53 8.12 6.29 6.66 5.50 7.17 11.88 6.64 Korgau 28.18 10.44 9.07 10.20 7.69 8.01 11.54 8.31 8.33 4.66 7.09 13.09 10.55 Kunaev 16.81 10.62 19.31 9.67 8.08 17.30 9.64 8.30 7.83 7.47 8.18 9.59 11.07 Kurmet 14.72 12.81 12.06 12.12 9.00 10.49 12.39 9.53 12.93 6.18 19.51 15.80 12.29 HBK 13.62 11.59 10.10 11.50 9.55 13.00 15.92 5.05 10.43 7.55 19.45 14.02 11.82 NGD 0.04 19.11 18.03 11.53 9.81 8.94 12.29 8.09 8.54 4.95 15.35 14.24 10.91 APF 17.71 12.36 12.29 11.23 8.79 9.13 11.98 8.34 9.77 7.07 11.29 18.25 11.52 Otan 7.04 6.47 9.09 7.01 8.74 13.89 14.92 10.10 9.57 7.03 10.09 10.65 9.55 SENIM 13.70 12.08 10.27 12.31 10.96 12.64 15.35 13.66 9.61 7.22 10.73 22.13 12.56 UlUm 15.94 11.89 12.96 11.36 8.83 9.43 11.69 11.77 16.02 5.14 11.00 35.14 13.43 PMK 14.24 11.79 13.81 10.38 7.69 8.42 12.16 8.28 12.44 5.66 10.19 12.94 10.67 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ Average 14.54 12.27 11.88 11.02 9.53 11.10 12.54 9.51 10.66 6.86 12.40 15.97 11.43 -------------------------------------------------------------------------------------- For simplicity, following abbreviations have been used in the table: VTF - PAPF Valut-tranzit fund CJSC; Kunaev - PAPFOT after Kunaev CJSC; HPF - OAPF Halyk Pension Fund CJSC; Kaz-n - PAPF Kazakhstan CJSC; HBK - APF Halyk Bank of Kazakhstan; Kazmys - APF Kazakhmys CJSC; UlUm - up to Oct 10,01 OAPF Ular CJSC, on October 1 - OAPF UlarUmit CJSC; NGD - PAPF NefteGas-Dem; Kurmet - POAPF Kurmet; AAKMG - APF ABN AMRO - KaspiiMunaiGas CJSC; SENIM - OAPF SENIM CJSC; Korgau - APF Korgau CJSC; PMK - KAPF Philip Morris Kazakhstan CJSC; Otan - OAPF OTAN CJSC; SAPF - State Accumulative Pension Fund CJSC; Capital - APF Capital CJSC; "-" - the data is absent because of no fund activity or fund liquidation and also due to that fund worked during non-full month or data cannot be taken into account as objectively unstable. [2003-01-20]