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

/IRBIS, October 16, 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 October 1, 2002 and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS) 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 September 1, 2002. -------------------------------------------------------------------------------- CPU change in % APR Meaning ------------------------------------------------------ Data of of from the beginning of: During last: Title Activi- CPU on ----------------------------- ------------------------ of fund ty start Oct 1.02 activity 2000 2001 2002 6 mon. 3 mon. 1 mon. ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- SAPF Jan15.98 257.2391 33.37 17.29 15.81 14.26 15.21 13.34 13.69 (+1.13) (+0.1) (+0.5) (+0.5) (+0.6) (+3.9) (+5.6) (+9.4) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- HBK Feb24.98 284.4944 40.08 16.94 14.14 11.61 11.14 10.55 10.43 (+0.86) (-0.5) (-0.3) (-0.4) (-0.4) (+0.5) (-7.5) (+106.6) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- VTF Mar20.98 272.9414 38.12 17.88 14.17 11.78 11.37 10.77 10.54 (+0.87) (-0.5) (-0.4) (-0.4) (-0.4) (+2.4) (-11.1) (+20.7) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- HPF Mar22.98 290.8027 42.11 17.80 14.84 11.72 10.07 10.12 9.77 (+0.80) (-0.6) (-0.6) (-0.9) (-1.2) (-4.2) (+2.1) (+17.1) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Kuna- Mar24.98 255.5395 34.37 18.06 14.47 12.45 10.33 8.66 7.83 ev (+0.64) (-0.8) (-1.1) (-1.6) (-3.8) (-16.3) (-26.6) (-5.7) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Kaz- Apr19.98 294.8650 43.74 18.05 14.97 13.17 12.17 13.38 12.33 mys (+1.01) (-0.3) (+0.0) (+0.1) (+0.2) (+5.6) (-0.3) (-19.8) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- UlUm Apr20.98 287.1773 42.04 17.00 14.43 12.72 11.78 13.27 16.02 (+1.32) (+0.2) (+1.1) (+1.9) (+4.7) (+4.5) (+19.8) (+36.1) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Kaz-n Apr28.98 274.5377 39.40 17.84 15.47 12.50 11.95 11.43 11.28 (+0.93) (-0.4) (-0.2) (-0.4) (-0.3) (+2.4) (-0.7) (+22.4) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- NGD Jun07.98 280.1803 41.70 17.86 15.71 11.00 10.08 9.73 8.54 (+0.70) (-0.8) (-0.9) (-1.5) (-2.0) (-14.2) (-1.4) (+5.5) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Kur- Jan22.99 231.2678 35.54 17.23 15.48 12.24 11.32 11.71 12.93 met (+1.06) (-0.4) (+0.3) (+0.2) (+1.8) (+1.3) (+7.4) (+35.7) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- ААКMG Mar03.99 198.7145 27.55 16.53 14.62 12.38 11.16 10.81 10.57 (+0.87) (-0.6) (-0.2) (-0.5) (-0.9) (-4.1) (-0.5) (+23.3) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- SENIM Jul20.99 155.0948 17.20 17.56 15.04 12.81 12.76 13.05 9.61 (+0.79) (-0.4) (-0.6) (-1.0) (-2.2) (-0.8) (-7.2) (-29.6) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Kor- Dec01.99 143.1273 15.21 15.59 14.68 11.77 9.19 9.48 8.33 met (+0.68) (-0.7) (-0.7) (-1.4) (-2.8) (-1.4) (+1.1) (+0.2) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- PMK Apr07.01 115.6514 10.54 - - 11.43 10.09 11.04 12.44 (+1.02) (+2.1) - - (+2.1) (-2.5) (+13.8) (+50.2) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Otan Nov26.01 108.1077 9.58 - - 9.99 10.95 11.66 9.57 (+0.79) (+0.8) - - (+0.3) (+0.8) (-11.0) (-5.3) ------- -------- -------- -------- ------ ------ ------ ------- ------- -------- Capi- Mar06.02 103.1124 5.44 - - - 5.96 7.07 6.66 tal (+0.55) (+4.5) - - - - (+5.6) (+5.9) -------------------------------------------------------------------------------- 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' opinion, 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 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep ge ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ААКMG 11.75 10.97 19.80 15.05 13.43 13.26 12.24 10.38 10.73 12.99 8.58 10.57 12.48 VTF 13.54 15.28 22.36 12.60 14.04 9.06 11.52 8.61 14.61 12.73 8.73 10.54 12.80 SPAF 33.15 8.84 19.01 12.79 10.61 10.54 17.50 19.83 11.57 13.39 12.51 13.69 15.29 Kaz-n 10.02 15.29 19.92 13.72 15.00 9.68 13.66 10.88 11.53 13.47 9.21 11.28 12.80 Kazmys 9.95 11.05 18.61 21.88 11.82 8.64 10.66 8.41 12.46 11.98 15.37 12.33 12.76 Capital - - - - - - 3.41 5.23 5.53 8.12 6.29 6.66 5.87 Korgau 11.01 10.43 18.79 28.18 10.44 9.07 10.20 7.69 8.01 11.54 8.31 8.33 11.83 Kunaev 11.06 11.81 15.15 16.81 10.62 19.31 9.67 8.08 17.30 9.64 8.30 7.83 12.13 Kurmet 11.01 15.72 19.23 14.72 12.81 12.06 12.12 9.00 10.49 12.39 9.53 12.93 12.67 HBK 13.36 11.30 18.39 13.62 11.59 10.10 11.50 9.55 13.00 15.92 5.05 10.43 11.99 NGD 10.92 11.35 36.86 0.04 19.11 18.03 11.53 9.81 8.94 12.29 8.09 8.54 12.96 PAF 12.12 12.75 22.45 17.71 12.36 12.29 11.23 8.79 9.13 11.98 8.34 9.77 12.41 Otan - - 6.57 7.04 6.47 9.09 7.01 8.74 13.89 14.92 10.10 9.57 9.34 SENIM 0.56 22.66 18.10 13.70 12.08 10.27 12.31 10.96 12.64 15.35 13.66 9.61 12.66 UlUm 11.08 11.19 19.49 15.94 11.89 12.96 11.36 8.83 9.43 11.69 11.77 16.02 12.64 PMK 9.26 8.33 18.14 14.24 11.79 13.81 10.38 7.69 8.42 12.16 8.28 12.44 11.24 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ Average 12.06 12.64 19.52 14.54 12.27 11.88 11.02 9.53 11.10 12.54 9.51 10.66 11.99 -------------------------------------------------------------------------------------- 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. [2002-10-16]