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

/IRBIS, March 19, 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 March 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 the start of their activity at the market. Trends are given in percents relative to corresponding data on February 1, 2003. ------------------------------------------------------------------------------- CPU change in % APR ------------------------------------------------------- Value since the beginning of: during last: Title Data of of ------------------------------ ------------------------ of activi- CPU on acti- fund ty start Mar 1.03 vity 2000 2001 2002 6 mon. 3 mon. 1 mon. ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- SAPF Jan15.98 269.0950 32.99 17.18 15.51 13.57 11.67 9.79 0.63 (+0.05) (-1.4) (-2.3) (-3.4) (-6.3) (-14.2) (-37.0) (-93.9) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- HBK Feb24.98 296.4139 39.15 16.66 13.85 11.39 10.25 7.69 -9.76 (-0.75) (-2.6) (-4.5) (-6.6) (-12.3) (-18.4) (-55.0) (-156.9) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- VTF Mar20.98 281.5928 36.68 17.04 13.29 10.55 8.20 4.68 -2.92 (-0.22) (-1.9) (-3.0) (-4.5) (-8.5) (-18.5) (-46.6) (-160.0) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- HPF Mar22.98 298.4699 40.13 16.71 13.54 10.02 6.98 4.40 -9.85 (-0.76) (-2.7) (-4.5) (-6.7) (-13.0) (-29.5) (-60.4) (-378.1) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Kuna- Mar24.98 262.5186 32.90 16.99 13.28 10.59 6.84 5.69 0.44 ev (+0.03) (-1.5) (-2.3) (-3.4) (-6.3) (-15.6) (-30.1) (-93.2) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Kaz- Apr19.98 302.2439 41.54 16.88 13.57 10.85 7.14 4.39 -10.39 mys (-0.80) (-2.7) (-4.6) (-6.9) (-12.9) (-37.2) (-60.1) (-500.2) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- UlUm Apr20.98 298.1311 40.72 16.54 13.88 11.79 10.45 9.88 -13.06 (-1.00) (-3.1) (-5.2) (-7.6) (-13.8) (-27.9) (-43.5) (-333.3) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Kaz-n Apr28.98 281.8533 37.54 16.76 14.08 10.56 7.29 2.55 -9.54 (-0.73) (-2.7) (-4.5) (-6.5) (-12.5) (-29.3) (-77.6) (-515.4) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- NGD Jun07.98 289.7330 40.08 17.13 14.71 10.26 8.34 6.87 -10.66 (-0.82) (-2.8) (-4.7) (-6.7) (-13.3) (-26.4) (-54.7) (-169.3) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Kur- Jan22.99 237.8684 33.57 16.30 14.20 10.56 7.96 2.85 -10.70 met (-0.82) (-3.2) (-4.7) (-6.8) (-13.2) (-29.1) (-77.3) (-574.6) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- ААКMG Mar03.99 206.4327 26.63 16.16 14.07 11.63 9.65 9.09 -0.87 (-0.07) (-2.0) (-2.6) (-3.82) (-7.1) (-13.4) (-30.3) (-107.6) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- SENIM Jul20.99 162.8416 17.38 17.60 15.08 12.96 11.75 13.96 15.68 (+1.20) (+1.0) (+0.9) (+1.4) (+2.7) (+2.4) (+13.0) (+307.0) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Kor- Dec01.99 146.2410 14.23 14.53 13.13 9.61 5.80 4.80 -3.77 gau (-0.29) (-3.2) (-3.3) (-4.8) (-9.2) (-25.1) (-41.5) (-188.7) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- PMK Apr07.01 117.9557 9.46 - - 9.22 6.12 2.68 -9.10 (-0.70) (-8.3) - - (-12.9) (-31.3) (-69.5) (-389.0) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Otan Nov26.01 111.0467 8.77 - - 8.95 7.11 5.15 -0.71 (-0.05) (-6.6) - - (-7.1) (-19.8) (-40.1) (-114.5) ----- -------- -------- ------- ------ ------- ------- ------- ------- -------- Kapi- Mar06.02 104.7697 4.84 - - - 4.36 2.20 -7.75 tal (-0.59) (-18.5) - - - (-33.8) (-68.1) (-593.5) ------------------------------------------------------------------------------- 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 described above change indicator of CPU (% APR) in monthly sector for the last 12 months. Funds in this table have been sorted alphabetically. -------------------------------------------------------------------------------------- 2002 2003 ----------------------------------------------------------- ------------ Ave- Fund Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb rage ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ААКMG 13.26 12.24 10.38 10.73 12.99 8.58 10.57 7.58 11.63 15.69 11.36 -0.87 10.34 VTF 9.06 11.52 8.61 14.61 12.73 8.73 10.54 13.71 9.96 11.36 4.86 -2.92 9.40 SAPF 10.54 17.50 19.83 11.57 13.39 12.51 13.69 7.28 18.45 17.28 10.40 0.63 12.76 Kaz-n 9.68 13.66 10.88 11.53 13.47 9.21 11.28 6.44 17.88 13.81 2.30 -9.54 9.21 Kaz-mys 8.64 10.66 8.41 12.46 11.98 15.37 12.33 6.40 10.44 19.66 2.60 -10.39 9.05 Kapital - 3.41 5.23 5.53 8.12 6.29 6.66 5.50 7.17 11.88 1.57 -7.75 4.87 Korgau 9.07 10.20 7.69 8.01 11.54 8.31 8.33 4.66 7.09 13.09 4.25 -3.77 7.37 Kunaev 19.31 9.67 8.08 17.30 9.64 8.30 7.83 7.47 8.18 9.59 6.46 0.44 9.36 Kurmet 12.06 12.12 9.00 10.49 12.39 9.53 12.93 6.18 19.51 15.80 2.25 -10.70 9.30 HBK 10.10 11.50 9.55 13.00 15.92 5.05 10.43 7.55 19.45 14.02 17.16 -9.76 10.33 NGD 18.03 11.53 9.81 8.94 12.29 8.09 8.54 4.95 15.35 14.24 15.39 -10.66 9.71 APF 12.29 11.23 8.79 9.13 11.98 8.34 9.77 7.07 11.29 18.25 3.54 -9.85 8.49 Otan 9.09 7.01 8.74 13.89 14.92 10.10 9.57 7.03 10.09 10.65 4.90 -0.71 8.77 SENIM 10.27 12.31 10.96 12.64 15.35 13.66 9.61 7.22 10.73 22.13 3.85 15.68 12.04 UlUm 12.96 11.36 8.83 9.43 11.69 11.77 16.02 5.14 11.00 35.14 5.60 -13.06 10.49 PMK 13.81 10.38 7.69 8.42 12.16 8.28 12.44 5.66 10.19 12.94 3.15 -9.10 8.00 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- Average 11.88 11.02 9.53 11.10 12.54 9.51 10.66 6.86 12.40 15.97 6.23 -5.15 9.34 -------------------------------------------------------------------------------------- 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. [2003-03-19]