ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till March 1, 2002

/IRBIS, March 18, 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). In the following table values of condition pension unit (CPU) of accumulative pension funds' (APF) assets of the republic as of March 1, 2002 are given. Funds have been sorted in an order, which corresponds to a start of their activity at the market. Trends are given in percents relative to corresponding data on February 01, 2002. -------------------------------------------------------------------------------- CPU change in % APR ---------------------------------------------------- Data of Meaning from the beginning of: during last: Title Activity of CPU on ------------------------ --------------------------- of fund start Mar 1.02 activity 2000 2001 6 months 3 months 1 month ------- --------- --------- -------- ------- ------- -------- -------- -------- SAPF Jan 15.98 236.8871 33.18 16.58 15.10 16.90 14.42 10.61 (+0.81) (-0.47) (-0.50) (-1.26) (-2.15) (+4.88) (-17.05) ------- --------- --------- -------- ------- ------- -------- -------- -------- HBK Feb 24.98 267.1482 41.62 17.39 14.74 13.81 14.80 11.59 (+0.89) (-0.51) (-0.33) (-0.61) (-0.04) (+1.08) (-14.92) ------- --------- --------- -------- ------- ------- -------- -------- -------- VTF Mar 20.98 256.2549 39.55 18.51 14.75 15.25 16.62 14.04 (+1.08) (-0.20) (+0.19) (+0.74) (+5.21) (-2.17) (+11.45) ------- --------- --------- -------- ------- ------- -------- -------- -------- HPF Mar 22.98 273.9595 44.09 18.63 16.05 15.41 17.93 12.36 (+0.95) (-0.47) (-0.28) (-0.67) (+1.95) (-0.11) (-30.20) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kunaev Mar 24.98 239.0394 35.29 18.49 14.80 13.31 14.47 10.62 (+0.81) (-0.57) (-0.74) (-1.16) (+0.39) (-2.18) (-36.84) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kazmys Apr 19.98 275.8894 45.47 18.50 15.54 14.69 17.87 11.82 (+0.91) (-0.58) (-0.41) (-0.77) (-2.64) (+2.19) (-45.96) ------- --------- --------- -------- ------- ------- -------- -------- -------- UlUm Apr 20.98 268.2036 43.51 17.12 14.60 14.01 16.11 11.89 (+0.91) (-0.55) (-0.21) (-0.39) (-7.56) (+2.03) (-25.40) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kaz-n Apr 28.98 256.9087 40.82 18.25 16.26 14.96 16.47 15.00 (+1.15) (-0.14) (+0.49) (+0.60) (+1.98) (-0.47) (+9.31) ------- --------- --------- -------- ------- ------- -------- -------- -------- NGD Jun 07.98 262.6835 43.57 18.39 16.78 15.87 18.84 19.11 (+1.47) (+0.29) (+1.61) (+2.47) (+9.85) (+15.95) (>999.9) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kurmet Jan 01.99 216.6269 36.86 17.58 16.37 15.06 15.88 12.81 (+0.98) (-0.63) (-0.01) (-0.55) (-1.27) (-5.45) (-12.96) ------- --------- --------- -------- ------- ------- -------- -------- -------- ААКMG Mar 03.99 186.0905 28.72 16.74 15.13 14.86 16.40 13.43 (+1.03) (-0.36) (+0.30) (+0.24) (+3.04) (+5.69) (-10.75) ------- --------- --------- -------- ------- ------- -------- -------- -------- SENIM Jul 20.99 144.5067 17.01 17.64 15.21 13.48 14.89 12.08 (+0.93) (+0.05) (-0.23) (-0.52) (-9.33) (-18.99) (-11.86) ------- --------- --------- -------- ------- ------- -------- -------- -------- Korgau Dec 01.99 135.7779 15.91 16.42 16.53 15.61 19.71 10.44 (+0.80) (-0.41) (-0.53) (-1.76) (-11.62) (+1.00) (-62.95) ------- --------- --------- -------- ------- ------- -------- -------- -------- PMK Jul 04.01 108.8062 9.80 15.00 11.79 (+0.90) (+2.86) (+8.87) (-17.16) ------- --------- --------- -------- ------- ------- -------- -------- -------- Otan Nov 26.01 101.6946 6.51 6.74 6.47 (+0.50) (+0.26) - (-8.04) -------------------------------------------------------------------------------- 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 2002 ----------------------------------------------------------- ----------------- Fund Mar April May June July Aug Sept Oct Nov Dec Jan Feb Avrg ------ ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ААКMG 13.46 11.48 18.50 14.14 10.75 11.04 15.38 11.75 10.97 19.80 15.05 13.43 13.81 VTF 17.34 12.24 19.14 11.57 11.82 9.86 10.77 13.54 15.28 22.36 12.60 14.04 14.21 SPAF 10.14 10.19 12.97 13.19 11.10 13.16 12.92 33.15 8.84 19.01 12.79 10.61 14.01 Kazmys 12.25 15.96 13.78 18.38 9.83 13.29 13.21 10.02 15.29 19.92 13.72 15.00 14.22 Kaz-n 13.92 14.11 13.30 16.82 12.37 14.24 11.90 9.95 11.05 18.61 21.88 11.82 14.16 Korgau 18.16 9.99 12.37 12.33 13.82 22.24 11.31 11.01 10.43 18.79 28.18 10.44 14.92 Kunaev 11.94 15.44 15.98 16.00 13.35 10.51 12.01 11.06 11.81 15.15 16.81 10.62 13.39 Kurmet 15.11 13.61 12.61 16.87 10.23 14.02 14.04 11.01 15.72 19.23 14.72 12.81 14.17 HBK 14.83 9.28 11.55 10.85 10.00 11.76 12.07 13.36 11.30 18.39 13.62 11.59 12.38 NGD 9.91 10.07 11.68 11.39 10.59 10.76 14.48 10.92 11.35 36.86 0.04 19.11 13.10 PAF 12.90 10.29 28.84 17.58 9.81 10.93 11.88 12.12 12.75 22.45 17.71 12.36 14.97 Otan - - - - - - - - - 6.57 7.04 6.47 6.70 SENIM 10.93 10.37 15.89 14.70 14.93 19.93 11.90 0.56 22.66 18.10 13.70 12.08 13.81 Ular 12.52 14.13 12.66 7.44 12.89 18.44 11.88 11.08 11.19 19.49 15.94 11.89 13.30 Umit 13.64 24.75 11.38 11.31 10.10 10.53 - - - - - - 13.62 PMK - - 3.12 8.64 7.74 8.03 9.90 9.26 8.33 18.14 14.24 11.79 9.92 ------ ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Averag 13.36 13.00 14.25 13.41 11.29 13.25 12.40 12.06 12.64 19.52 14.54 12.27 13.17 ------------------------------------------------------------------------------------- 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 or data cannot be taken into account as objectively unstable. The data is published as deserving attention of all participants of Kazakhstan pension reform.