ANALYSIS: Dynamics of conditional pension unit of Kazakhstani APF since beginning of their activities till February 1 2002

/IRBIS, Feb 20, 02/ - IRBIS information agency of financial markets (Almaty) continues publication of information provided by the Accumulative Pension Funds Regulation Committee of the Ministry of Labor and Social Protection of Kazakhstan (Committee). The following table contains values for conditional pension units (CPU) of accumulative pension funds' assets as of February 1, 2002 and also dynamics of this indicator in different periods of funds' activity (calculated by IRBIS). By the information of the Committee, the data as of January 1 and February 1, 2002 are preliminary. Corrected data will be presented by the Committee after receiving annual financial statements from the funds. Funds have been sorted according to their activity starting date on a market. Trends are given in percents relative to the data on January 1, 2001. -------------------------------------------------------------------------------- CPU change in % APR ---------------------------------------------------- Data of Meaning from the beginning of: during last: Title activity of CPU on ------------------------ --------------------------- of fund start Feb 1.02 activity 2000 2001 6 months 3 months 1 month ------- --------- --------- -------- ------- ------- -------- -------- --------- SAPF Jan 15.98 234.9741 33.33 16.67 15.29 17.28 13.75 12.79 (+1.09) (-0.23) (+0.10) (-0.30) (+1.81) (-33.80) (-32.71) ------- --------- --------- -------- ------- ------- -------- -------- --------- HBK Feb 24.98 264.7946 41.83 17.45 14.83 13.82 14.64 13.62 (+1.16) (-0.32) (+0.22) (+0.46) (+4.90) (+0.60) (-25.95) ------- --------- --------- -------- ------- ------- -------- -------- --------- VTF Mar 20.98 253.5236 39.63 18.48 14.64 14.49 16.99 12.60 (+1.07) (-0.45) (-0.27) (-0.11) (+0.98) (-1.89) (-43.66) ------- --------- --------- -------- ------- ------- -------- -------- --------- HPF Mar 22.98 271.3859 44.30 18.68 16.16 15.12 17.95 17.71 (+1.50) (+0.15) (+1.28) (+2.34) (+10.30) (+12.11) (-21.13) ------- --------- --------- -------- ------- ------- -------- -------- --------- Kunaev Mar 24.98 237.1085 35.49 18.62 14.98 13.26 14.80 16.81 (+1.43) (+0.24) (+1.01) (+2.49) (+4.84) (+15.45) (+10.97) ------- --------- --------- -------- ------- ------- -------- -------- --------- Kazmys Apr 19.98 273.4096 45.73 18.57 15.66 15.09 17.49 21.88 (+1.86) (+0.66) (+2.63) (+5.41) (+12.63) (+30.83) (+17.57) ------- --------- --------- -------- ------- ------- -------- -------- --------- UlUm Apr 20.98 265.7788 43.75 17.16 14.65 15.16 15.79 15.94 (+1.35) (-0.10) (+1.05) (+2.12) (+3.74) (+11.91) (-18.19) ------- --------- --------- -------- ------- ------- -------- -------- --------- Kaz-n Apr 28.98 253.9869 40.88 18.16 16.16 14.67 16.54 13.72 (+1.17) (-0.36) (+0.13) (-0.12) (+4.98) (+8.42) (-31.12) ------- --------- --------- -------- ------- ------- -------- -------- --------- NGD Jun 07.98 258.8880 43.44 18.10 16.38 14.45 16.25 16.13 (+1.37) (-0.12) (+0.90) (+1.24) (+7.34) (+12.49) (-21.25) ------- --------- --------- -------- ------- ------- -------- -------- --------- Kurmet Jan 01.99 214.5186 37.09 17.59 16.46 15.25 16.79 14.72 (+1.25) (-0.45) (+0.55) (+0.35) (+5.56) (+8.30) (-23.45) ------- --------- --------- -------- ------- ------- -------- -------- --------- ААКMG Mar 03.99 184.1924 28.83 16.69 15.09 14.42 15.51 15.05 (+1.28) (-0.15) (+0.86) (+1.26) (+5.62) (+7.93) (-23.99) ------- --------- --------- -------- ------- ------- -------- -------- --------- SENIM Jul 20.99 143.1802 17.00 17.68 15.29 14.87 18.38 13.70 (+1.16) (+0.49) (+0.21) (+0.28) (-1.45) (+33.20) (-24.31) ------- --------- --------- -------- ------- ------- -------- -------- --------- Korgau Dec 01.99 134.6993 15.97 16.51 16.83 17.66 19.52 28.18 (+2.39) (+5.68) (+5.56) (+8.61) (+17.05) (+43.63) (+49.96) ------- --------- --------- -------- ------- ------- -------- -------- --------- PMK Jul 04.01 107.8307 9.53 13.77 14.24 (+1.21) (+7.32) (+14.21) (-21.50) ------- --------- --------- -------- ------- ------- -------- -------- --------- Otan Nov 26.01 101.1920 6.49 - -49.05 (-4.17) (-88.54) - (-174.97) -------------------------------------------------------------------------------- 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, 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. -------------------------------------------------------------------------------------- 2001 ----------------------------------------------------------------- Jan Avrg Feb March April May June July Aug Sept Oct Nov Dec 2002 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ААКMG 11.68 13.46 11.48 18.50 14.14 10.75 11.04 15.38 11.75 10.97 19.80 15.05 13.67 VTF 6.44 17.34 12.24 19.14 11.57 11.82 9.86 10.77 13.54 15.28 22.36 12.60 13.58 SPAF 13.62 10.14 10.19 12.97 13.19 11.10 13.16 12.92 33.15 8.84 19.01 12.79 15.52 Kazmys 12.80 13.92 14.11 13.30 16.82 12.37 14.24 11.90 9.95 11.05 18.61 21.88 14.25 Kaz-n 27.55 12.25 15.96 13.78 18.38 9.83 13.29 13.21 10.02 15.29 19.92 13.72 15.27 Korgau 16.01 18.16 9.99 12.37 12.33 13.82 22.24 11.31 11.01 10.43 18.79 28.18 15.39 Kunaev 12.14 11.94 15.44 15.98 16.00 13.35 10.51 12.01 11.06 11.81 15.15 16.81 13.52 Kurmet 30.02 15.11 13.61 12.61 16.87 10.23 14.02 14.04 11.01 15.72 19.23 14.72 15.60 HBK 16.75 14.83 9.28 11.55 10.85 10.00 11.76 12.07 13.36 11.30 18.39 13.62 12.81 NGD 47.84 9.91 10.07 11.68 11.39 10.59 10.76 14.48 10.92 11.35 20.49 16.13 15.47 PAF 11.61 12.90 10.29 28.84 17.58 9.81 10.93 11.88 12.12 12.75 22.45 17.71 14.91 Otan - - - - - - - - - - 65.42 -49.05 8.19 SENIM 16.04 10.93 10.37 15.89 14.70 14.93 19.93 11.90 0.56 22.66 18.10 13.70 14.14 UlUm 13.22 12.52 14.13 12.66 7.44 12.89 18.44 11.88 11.08 11.19 19.49 15.94 13.41 Umit 20.53 13.64 24.75 11.38 11.31 10.10 10.53 - - - - - 14.61 PMK - - - 3.12 8.64 7.74 8.03 9.90 9.26 8.33 18.14 14.24 9.71 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- Average 18.30 13.36 13.00 14.25 13.41 11.29 13.25 12.40 12.06 12.64 22.36 11.87 13.75 -------------------------------------------------------------------------------------- For simplicity, following abbreviations have been used in the table: Umit - APF Umit CJSC; 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; "-" - the data is absent because of no fund activity or fund liquidation and also due to that fund worked during non-full month. The information is published as deserving attention of all participants of Kazakhstan pension reform.