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

/IRBIS, May 16, 02, resent in connection with a mistake in the second table concerning the data on NAPF Kazakhstan CJSC and APF Capital OJSC, and also in connection with more precise specifying of the date of the first contribution into NAPF Kazakhstan CJSC and NAPF Kurmet CJSC. Specifications have been entered to PAMC BTA Asst Management CJSC/ - 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 May 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 April 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 15.98 242.4452 33.18 16.76 15.27 13.62 13.04 17.50 (+1.44) (+0.51) (+1.60) (+2.42) (-17.21) (+13.93) (+65.98) ------- --------- --------- -------- ------- ------- -------- -------- -------- HBK Feb 24.98 271.9873 41.11 17.22 14.48 13.12 11.14 11.50 (+0.95) (-0.49) (-0.26) (-0.40) (-2.44) (-6.29) (+13.93) ------- --------- --------- -------- ------- ------- -------- -------- -------- VTF Mar 20.98 260.6709 39.02 18.22 14.41 14.57 11.56 11.52 (+0.95) (-0.48) (-0.39) (-0.37) (-2.36) (-3.19) (+27.19) ------- --------- --------- -------- ------- ------- -------- -------- -------- HPF Mar 22.98 279.3749 43.62 18.48 15.80 15.33 12.07 11.23 (+0.92) (-0.58) (-0.50) (-0.97) (-0.93) (-15.83) (-8.67) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kunaev Mar 24.98 244.8918 35.28 18.63 15.10 14.39 13.46 9.67 (+0.80) (-0.68) (-0.95) (-1.54) (-1.57) (-15.55) (-49.91) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kazmys Apr 19.98 280.3484 44.69 18.14 15.02 14.23 10.41 10.66 (+0.88) (-0.70) (-0.62) (-1.02) (+1.03) (-27.42) (+23.43) ------- --------- --------- -------- ------- ------- -------- -------- -------- UlUm Apr 20.98 273.6893 43.07 17.10 14.56 14.26 12.21 11.36 (+0.93) (-0.59) (-0.29) (-0.51) (+0.45) (-11.60) (-12.33) ------- --------- --------- -------- ------- ------- -------- -------- -------- NGD Apr 28.98 269.2352 43.38 18.57 16.91 16.65 16.39 11.53 (+0.95) (-0.62) (-0.43) (-1.13) (+0.82) (+33.68) (-36.04) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kurmet Jun 07.98 221.0262 36.97 17.53 16.13 14.91 12.44 12.12 (+1.00) (-0.72) (-0.13) (-0.63) (+1.45) (-6.83) (+0.53) ------- --------- --------- -------- ------- ------- -------- -------- -------- ААКMG Jan 01.99 190.0785 28.47 16.80 15.12 14.58 13.11 12.24 (+1.01) (-0.51) (+0.01) (-0.25) (+0.66) (-6.98) (-7.71) ------- --------- --------- -------- ------- ------- -------- -------- -------- SENIM Mar 03.99 147.2424 16.97 17.50 14.97 15.33 11.64 12.31 (+1.01) (+0.18) (-0.07) (-0.16) (+16.27) (-4.09) (+19.92) ------- --------- --------- -------- ------- ------- -------- -------- -------- Kaz-n Jul 20.99 261.9285 62.41 18.11 15.96 14.98 12.82 13.66 (+1.12) (-1.40) (+0.22) (+0.17) (+4.62) (-0.27) (+41.04) ------- --------- --------- -------- ------- ------- -------- -------- -------- Korgau Dec 01.99 137.9714 15.71 16.19 15.90 15.06 9.96 10.20 (+0.84) (-0.39) (-0.51) (-1.49) (-0.81) (-38.72) (+12.45) ------- --------- --------- -------- ------- ------- -------- -------- -------- PMK Jul 04.01 111.0215 10.34 - - - 12.14 10.38 (+0.85) (+0.88) - - - (-9.94) (-24.89) ------- --------- --------- -------- ------- ------- -------- -------- -------- Otan Nov 26.01 103.0701 7.18 - - - 7.61 7.01 (+0.58) (+0.02) - - - (-0.05) (-22.80) ------- --------- --------- -------- ------- ------- -------- -------- -------- Capital Mar 06.02 100.4024 2.62 - - - - 3.41 (+0.28) - - - - - - ------------------------------------------------------------------------------- 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 May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Avrg ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ААКMG 18.50 14.14 10.75 11.04 15.38 11.75 10.97 19.80 15.05 13.43 13.26 12.24 13.86 VTF 19.14 11.57 11.82 9.86 10.77 13.54 15.28 22.36 12.60 14.04 9.06 11.52 13.46 SPAF 12.97 13.19 11.10 13.16 12.92 33.15 8.84 19.01 12.79 10.61 10.54 17.50 14.65 Kaz-n 13.78 18.38 9.83 13.29 13.21 10.02 15.29 19.92 13.72 15.00 9.68 13.66 13.81 Kazmys 13.30 16.82 12.37 14.24 11.90 9.95 11.05 18.61 21.88 11.82 8.64 10.66 13.44 Capital - - - - - - - - - - - 3.41 3.41 Korgau 12.37 12.33 13.82 22.24 11.31 11.01 10.43 18.79 28.18 10.44 9.07 10.20 14.18 Kunaev 15.98 16.00 13.35 10.51 12.01 11.06 11.81 15.15 16.81 10.62 19.31 9.67 13.52 Kurmet 12.61 16.87 10.23 14.02 14.04 11.01 15.72 19.23 14.72 12.81 12.06 12.12 13.79 HBK 11.55 10.85 10.00 11.76 12.07 13.36 11.30 18.39 13.62 11.59 10.10 11.50 12.17 NGD 11.68 11.39 10.59 10.76 14.48 10.92 11.35 36.86 0.04 19.11 18.03 11.53 13.90 PAF 28.84 17.58 9.81 10.93 11.88 12.12 12.75 22.45 17.71 12.36 12.29 11.23 15.00 Otan - - - - - - - 6.57 7.04 6.47 9.09 7.01 7.24 SENIM 15.89 14.70 14.93 19.93 11.90 0.56 22.66 18.10 13.70 12.08 10.27 12.31 13.92 Ular 12.66 7.44 12.89 18.44 11.88 11.08 11.19 19.49 15.94 11.89 12.96 11.36 13.10 Umit 11.38 11.31 10.10 10.53 - - - - - - - - 10.83 PMK 3.12 8.64 7.74 8.03 9.90 9.26 8.33 18.14 14.24 11.79 13.81 10.38 10.28 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Average 14.25 13.41 11.29 13.25 12.40 12.06 12.64 19.52 14.54 12.27 11.88 11.02 12.39 ------------------------------------------------------------------------------------- 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. [2002-05-16]