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

/IRBIS, April 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 April 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 March 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 15.98 239.0080 33.01 16.50 14.91 16.45 11.44 10.54 (+0.90) (-0.50) (-0.51) (-1.22) (-2.67) (-20.63) (-0.67) ------- --------- --------- -------- ------- ------- -------- -------- -------- HBK Feb 24.98 269.4394 41.31 17.26 14.54 13.45 11.89 10.10 (+0.86) (-0.73) (-0.76) (-1.34) (-2.62) (-19.69) (-12.84) ------- --------- --------- -------- ------- ------- -------- -------- -------- VTF Mar 20.98 258.2260 39.21 18.29 14.47 14.92 11.94 9.06 (+0.77) (-0.87) (-1.19) (-1.91) (-2.17) (-28.16) (-35.51) ------- --------- --------- -------- ------- ------- -------- -------- -------- HPF Mar 22.98 276.8202 43.87 18.58 15.95 15.47 14.34 12.29 (+1.04) (-0.50) (-0.28) (-0.62) (+0.39) (-20.00) (-0.55) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kunaev Mar 24.98 242.9600 35.52 18.81 15.34 14.62 15.94 19.31 (+1.64) (+0.65) (+1.75) (+3.60) (+9.83) (+10.14) (+81.91) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kazmys Apr 19.98 277.9132 45.00 18.25 15.17 14.09 14.34 8.64 (+0.73) (-1.02) (-1.31) (-2.34) (-4.10) (-19.75) (-26.95) ------- --------- --------- -------- ------- ------- -------- -------- -------- UlUm Apr 20.98 271.1564 43.32 17.15 14.63 14.20 13.81 12.96 (+1.10) (-0.43) (+0.14) (+0.26) (+1.34) (-14.27) (+9.00) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kaz-n Apr 28.98 259.0213 40.48 18.07 15.94 14.32 12.86 9.68 (+0.82) (-0.84) (-0.98) (-1.99) (-4.31) (-21.91) (-35.44) ------- --------- --------- -------- ------- ------- -------- -------- -------- NGD Jun 07.98 266.7069 43.65 18.65 17.11 16.51 12.26 18.03 (+1.53) (+0.19) (+1.40) (+1.94) (+4.05) (-34.93) (-5.64) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kurmet Jan 01.99 218.8456 36.58 17.55 16.23 14.70 13.35 12.06 (+1.02) (-0.76) (-0.20) (-0.84) (-2.38) (-15.90) (-5.87) ------- --------- --------- -------- ------- ------- -------- -------- -------- ААКMG Mar 03.99 188.1859 28.61 16.79 15.16 14.49 14.09 13.26 (+1.13) (-0.39) (+0.30) (+0.21) (-2.52) (-14.06) (-1.30) ------- --------- --------- -------- ------- ------- -------- -------- -------- SENIM Jul 20.99 145.7670 16.94 17.51 14.99 13.18 12.13 10.27 (+0.87) (-0.40) (-0.74) (-1.40) (-2.21) (-18.51) (-14.97) ------- --------- --------- -------- ------- ------- -------- -------- -------- Korgau Dec 01.99 136.8241 15.78 16.27 16.14 15.18 16.26 9.07 (+0.77) (-0.82) (-0.95) (-2.36) (-2.73) (-17.53) (-13.09) ------- --------- --------- -------- ------- ------- -------- -------- -------- PMK Jul 04.01 110.0827 10.25 - - - 13.48 13.81 (+1.17) (+4.61) - - - (-10.14) (+17.14) ------- --------- --------- -------- ------- ------- -------- -------- -------- Otan Nov 26.01 102.4793 7.18 - - - 7.62 9.09 (+0.77) (+10.31) - - - (+12.98) (+40.32) ------- --------- --------- -------- ------- ------- -------- -------- -------- Capital Mar 06.02 100.1220 - - - - - - - - - - - - ------------------------------------------------------------------------------- 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 April May June July Aug Sept Oct Nov Dec Jan Feb Mar Avrg ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ААКMG 11.48 18.50 14.14 10.75 11.04 15.38 11.75 10.97 19.80 15.05 13.43 13.26 13.80 VTF 12.24 19.14 11.57 11.82 9.86 10.77 13.54 15.28 22.36 12.60 14.04 9.06 13.52 SPAF 10.19 12.97 13.19 11.10 13.16 12.92 33.15 8.84 19.01 12.79 10.61 10.54 14.04 Kazmys 15.96 13.78 18.38 9.83 13.29 13.21 10.02 15.29 19.92 13.72 15.00 9.68 14.01 Capital - - - - - - - - - - - - - Kaz-n 14.11 13.30 16.82 12.37 14.24 11.90 9.95 11.05 18.61 21.88 11.82 8.64 13.72 Korgau 9.99 12.37 12.33 13.82 22.24 11.31 11.01 10.43 18.79 28.18 10.44 9.07 14.16 Kunaev 15.44 15.98 16.00 13.35 10.51 12.01 11.06 11.81 15.15 16.81 10.62 19.31 14.00 Kurmet 13.61 12.61 16.87 10.23 14.02 14.04 11.01 15.72 19.23 14.72 12.81 12.06 13.91 HBK 9.28 11.55 10.85 10.00 11.76 12.07 13.36 11.30 18.39 13.62 11.59 10.10 11.99 NGD 10.07 11.68 11.39 10.59 10.76 14.48 10.92 11.35 36.86 0.04 19.11 18.03 13.77 PAF 10.29 28.84 17.58 9.81 10.93 11.88 12.12 12.75 22.45 17.71 12.36 12.29 14.92 Otan - - - - - - - - 6.57 7.04 6.47 9.09 7.29 SENIM 10.37 15.89 14.70 14.93 19.93 11.90 0.56 22.66 18.10 13.70 12.08 10.27 13.76 Ular 14.13 12.66 7.44 12.89 18.44 11.88 11.08 11.19 19.49 15.94 11.89 12.96 13.33 Umit 24.75 11.38 11.31 10.10 10.53 - - - - - - - - PMK 3.12 8.64 7.74 8.03 9.90 9.26 8.33 18.14 14.24 11.79 13.81 10.27 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Average 13.00 14.25 13.41 11.29 13.25 12.40 12.06 12.64 19.52 14.54 12.27 11.88 13.10 ------------------------------------------------------------------------------------- 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; 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. The data is published as deserving attention of all participants of Kazakhstan pension reform. [2002-04-18]