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

/IRBIS, September 17, 02 / - IRBIS information agency of financial markets (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 September 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 August 1, 2002. -------------------------------------------------------------------------------- CPU change in % APR ---------------------------------------------------- Data of Meaning m the beginning of: During last: Title Activity of CPU on ------------------------------ --------------------- of fund start Sep 1.02 activity 2000 2001 2002 6 mon. 3 mon. 1 mon. ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ SAPF Jan 15.98 254.3769 33.34 17.21 15.74 14.17 14.65 12.63 12.51 (+1.06) (-0.1) (+0.2) (-0.04) (-0.6) (+2.0) (-16.6) (-6.6) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ HBK Feb 24.98 282.0752 40.28 16.99 14.21 11.65 11.08 11.40 5.05 (+0.43) (-1.2) (-1.8) (-2.9) (-7.3) (-9.5) (-12.0)(-68.3) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ VTF Mar 20.98 270.5961 38.29 17.95 14.22 11.83 11.10 12.12 8.73 (+0.74) (-0.7) (-0.9) (-1.3) (-3.0) (-7.4) (+0.4)(-31.4) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ HPF Mar 22.98 288.4865 42.36 17.90 14.97 11.87 10.52 9.90 8.34 (+0.71) (-0.8) (-1.0) (-1.6) (-3.5) (-6.1) (-1.5)(-30.3) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Kunaev Mar 24.98 253.9045 34.63 18.26 14.70 12.94 12.34 11.80 8.30 (+0.71) (-0.8) (-1.1) (-1.6) (-4.3) (-3.4) (+0.7)(-13.8) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Kazmys Apr 19.98 291.9075 43.89 18.05 14.95 13.14 11.52 13.43 15.37 (+1.31) (+0.0) (+0.8) (+1.5) (+3.9) (+6.0) (+21.7)(+28.3) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ UlUm Apr 20.98 283.4449 41.98 16.81 14.17 12.15 11.27 11.08 11.77 (+1.00) (-0.4)(+0.02) (+0.1) (+0.5)(-0.02) (+10.0) (+0.7) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Kaz-n Apr 28.98 272.0165 39.56 17.88 15.54 12.54 11.67 11.51 9.21 (+0.78) (-0.7) (-0.8) (-1.4) (-3.0) (-7.7) (-4.7)(-31.6) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ NGD Jun 07.98 278.2280 42.05 18.02 15.95 11.23 11.74 9.86 8.09 (+0.69) (-0.9) (-1.1) (-1.9) (-3.3)(-13.6) (-5.7)(-34.2) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Kurmet Jan 22.99 228.8358 35.68 17.18 15.44 12.03 11.18 10.90 9.53 (+0.81) (-0.9) (-0.6) (-1.2) (-2.2) (-4.7) (+1.7)(-23.1) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ ААКMG Mar 03.99 197.0030 27.70 16.57 14.69 12.50 11.63 10.86 8.58 (+0.73) (-1.0) (-0.8) (-1.5) (-3.7) (-6.7) (-5.4)(-34.0) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ SENIM Jul 20.99 153.8790 17.27 17.66 15.19 13.10 12.87 14.06 13.66 (+1.16) (+0.6) (+0.4) (+0.6) (+1.8) (+2.3) (+7.1)(-11.0) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Korgau Dec 01.99 142.1540 15.31 15.71 14.89 12.11 9.32 9.37 8.31 (+0.71) (-0.7) (-0.8) (-1.6) (-3.7) (-3.7) (+2.3)(-28.0) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ PMK Apr 07.01 114.4808 10.32 - - 11.19 10.35 9.71 8.28 (+0.70) (-0.6) - - (-3.0) (-5.4) (+2.2)(-31.9) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Otan Nov 26.01 107.2642 9.50 - - - 10.86 13.10 10.10 (+0.86) (+1.7) - - - (+5.7) (+3.7)(-32.3) ------- --------- --------- -------- ------ ------- ------ ------ ------- ------ Capital Mar 06.02 102.5507 5.20 - - - - 6.70 6.29 (+0.53) (+5.1) - - - - (+5.7)(-22.6) -------------------------------------------------------------------------------- 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 ----------------------- ----------------------------------------------- Avera- Fund Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug ge ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ААКMG 15.38 11.75 10.97 19.80 15.05 13.43 13.26 12.24 10.38 10.73 12.99 8.58 12.88 VTF 10.77 13.54 15.28 22.36 12.60 14.04 9.06 11.52 8.61 14.61 12.73 8.73 12.82 SPAF 12.92 33.15 8.84 19.01 12.79 10.61 10.54 17.50 19.83 11.57 13.39 12.51 15.22 Kaz-n 13.21 10.02 15.29 19.92 13.72 15.00 9.68 13.66 10.88 11.53 13.47 9.21 12.96 Kazmys 11.90 9.95 11.05 18.61 21.88 11.82 8.64 10.66 8.41 12.46 11.98 15.37 12.73 Capital - - - - - - - 3.41 5.23 5.53 8.12 6.29 5.72 Korgau 11.31 11.01 10.43 18.79 28.18 10.44 9.07 10.20 7.69 8.01 11.54 8.31 12.08 Kunaev 12.01 11.06 11.81 15.15 16.81 10.62 19.31 9.67 8.08 17.30 9.64 8.30 12.48 Kurmet 14.04 11.01 15.72 19.23 14.72 12.81 12.06 12.12 9.00 10.49 12.39 9.53 12.76 HBK 12.07 13.36 11.30 18.39 13.62 11.59 10.10 11.50 9.55 13.00 15.92 5.05 12.12 NGD 14.48 10.92 11.35 36.86 0.04 19.11 18.03 11.53 9.81 8.94 12.29 8.09 13.46 PAF 11.88 12.12 12.75 22.45 17.71 12.36 12.29 11.23 8.79 9.13 11.98 8.34 12.59 Otan - - - 6.57 7.04 6.47 9.09 7.01 8.74 13.89 14.92 10.10 9.32 SENIM 11.90 0.56 22.66 18.10 13.70 12.08 10.27 12.31 10.96 12.64 15.35 13.66 12.85 UlUm 11.88 11.08 11.19 19.49 15.94 11.89 12.96 11.36 8.83 9.43 11.69 11.77 12.29 PMK 9.90 9.26 8.33 18.14 14.24 11.79 13.81 10.38 7.69 8.42 12.16 8.28 11.03 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ Average 12.40 12.06 12.64 19.52 14.54 12.27 11.88 11.02 9.53 11.10 12.54 9.51 12.08 -------------------------------------------------------------------------------------- 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. The data is published as deserving attention of all participants of Kazakhstan pension reform. [2002-09-17]