ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till February 1, 2003

/IRBIS, February 17, 03 / - Information agency of financial markets IRBIS (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 February 1, 2003 and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS) are given. Funds have been sorted in the order, which corresponds to a start of their activity at the market. Trends are given in percents relative to corresponding data on January 1, 2003. ------------------------------------------------------------------------------- CPU change in % APR ------------------------------------------------------ Title Data of Meaning from the beginning of: during last: of activi- of CPU on ------------------------------ ----------------------- fund ty start Feb 1.03 activity 2000 2001 2002 6 mon. 3 mon. 1 mon. ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- SAPF Jan15.98 268.9646 33.46 17.58 16.05 14.48 13.60 15.53 10.40 (+0.88) (-0.3) (-0.3) (-0.6) (-1.5) (-3.8) (+7.5) (-39.8) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- HBK Feb24.98 298.6505 40.21 17.45 14.83 12.99 12.56 17.09 17.16 (+1.46) (+0.5) (+1.4) (+2.1) (+4.3) (+1.8) (+24.2) (+22.5) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- VTF Mar20.98 282.2240 37.39 17.57 13.91 11.53 10.06 8.77 4.86 (+0.41) (-1.1) (-1.6) (-2.3) (-4.3) (-12.1) (-25.7) (-57.2) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- HPF Mar22.98 300.7429 41.23 17.50 14.51 11.51 9.89 11.11 3.54 (+0.30) (-1.3) (-1.9) (-2.8) (-5.3) (-13.1) (-9.9) (-80.6) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Kuna- Mar24.98 262.4306 33.40 17.40 13.75 11.30 8.11 8.13 6.46 ev (+0.55) (-0.9) (-1.2) (-1.7) (-3.0) (-6.4) (-4.1) (-32.7) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Kaz- Apr19.98 304.6733 42.71 17.70 14.56 12.45 11.38 10.98 2.60 mys (+0.22) (-1.4) (-2.1) (-3.2) (-6.1) (-12.8) (-10.7) (-86.8) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- UlUm Apr20.98 301.1484 42.00 17.45 15.02 13.68 14.50 17.49 5.60 (+0.48) (-1.1) (-1.4) (-2.1) (-4.3) (-7.0) (+0.9) (-84.1) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Kaz-n Apr28.98 283.9321 38.58 17.55 15.06 12.07 10.31 11.34 2.30 (+0.20) (-1.5) (-2.2) (-3.3) (-6.3) (-16.1) (-11.2) (-83.4) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- NGD Jun07.98 292.1220 41.25 17.97 15.77 11.84 11.34 15.18 15.39 (+1.31) (+0.1) (+0.9) (+1.2) (+4.0) (+5.0) (+31.1) (+8.0) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Kur- Jan22.99 239.8371 34.70 17.12 15.24 12.17 11.22 12.55 2.25 met (+0.19) (-1.8) (-2.2) (-3.3) (-6.3) (-13.8) (-9.8) (-85.7) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- ААКMG Mar03.99 206.5698 27.18 16.59 14.63 12.52 11.15 13.05 11.36 (+0.97) (-0.3) (+0.1) (+0.02) (+0.2) (-2.5) (+11.1) (-27.6) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- SENIM Jul20.99 160.9056 17.21 17.44 14.88 12.62 11.46 12.36 3.85 (+0.33) (-1.6) (-1.8) (-2.7) (-5.3) (-15.1) (-8.6) (-82.6) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Kor- Dec01.99 146.6647 14.71 15.03 13.80 10.59 7.74 8.20 4.25 gau (+0.36) (-1.6) (-1.6) (-2.5) (-4.5) (-14.1) (-1.7) (-67.6) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- PMK Apr07.01 118.7845 10.31 - - 10.59 8.91 8.80 3.15 (+0.27) (-3.0) - - (-5.4) (-15.1) (-8.9) (-75.7) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Otan Nov26.01 111.1071 9.38 - - 9.64 8.87 8.59 4.90 (+0.42) (-3.2) - - (-3.6) (-16.5) (-7.8) (-53.9) ----- -------- --------- -------- ------ ------- ------ ------- ------- ------- Kapi- Mar06.02 105.3965 5.93 - - - 6.59 6.90 1.57 tal (+0.13) (-6.9) - - - (-14.7) (-16.3) (-86.8) ------------------------------------------------------------------------------- It's better to make conclusions about effectiveness of activity of APF (more precisely PAMC, unless the fund itself manages assets) 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. ------------------------------------------------------------------------------------- 2002 ----------------------------------------------------------------- Jan- Ave- Fund Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2003 rage ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ААКMG 13.43 13.26 12.24 10.38 10.73 12.99 8.58 10.57 7.58 11.63 15.69 11.36 11.54 VTF 14.04 9.06 11.52 8.61 14.61 12.73 8.73 10.54 13.71 9.96 11.36 4.86 10.81 SAPF 10.61 10.54 17.50 19.83 11.57 13.39 12.51 13.69 7.28 18.45 17.28 10.40 13.59 Kaz-n 15.00 9.68 13.66 10.88 11.53 13.47 9.21 11.28 6.44 17.88 13.81 2.30 11.26 Kaz-mys 11.82 8.64 10.66 8.41 12.46 11.98 15.37 12.33 6.40 10.44 19.66 2.60 10.90 Kapital - - 3.41 5.23 5.53 8.12 6.29 6.66 5.50 7.17 11.88 1.57 6.14 Korgau 10.44 9.07 10.20 7.69 8.01 11.54 8.31 8.33 4.66 7.09 13.09 4.25 8.56 Kunaev 10.62 19.31 9.67 8.08 17.30 9.64 8.30 7.83 7.47 8.18 9.59 6.46 10.21 Kurmet 12.81 12.06 12.12 9.00 10.49 12.39 9.53 12.93 6.18 19.51 15.80 2.25 11.26 HBK 11.59 10.10 11.50 9.55 13.00 15.92 5.05 10.43 7.55 19.45 14.02 17.16 12.11 NGD 19.11 18.03 11.53 9.81 8.94 12.29 8.09 8.54 4.95 15.35 14.24 15.39 12.19 APF 12.36 12.29 11.23 8.79 9.13 11.98 8.34 9.77 7.07 11.29 18.25 3.54 10.34 Otan 6.47 9.09 7.01 8.74 13.89 14.92 10.10 9.57 7.03 10.09 10.65 4.90 9.37 SENIM 12.08 10.27 12.31 10.96 12.64 15.35 13.66 9.61 7.22 10.73 22.13 3.85 11.73 UlUm 11.89 12.96 11.36 8.83 9.43 11.69 11.77 16.02 5.14 11.00 35.14 5.60 12.57 PMK 11.79 13.81 10.38 7.69 8.42 12.16 8.28 12.44 5.66 10.19 12.94 3.15 9.74 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Average 12.27 11.88 11.02 9.53 11.10 12.54 9.51 10.66 6.86 12.40 15.97 6.23 10.77 ------------------------------------------------------------------------------------- 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. [2003-02-17]