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

/IRBIS, April 15, 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 April 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 March 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 Jan15.98 270.3729 32.70 16.96 15.20 13.09 10.24 5.72 5.59 (+0.47) (-0.9) (-1.3) (-2.0) (-3.6) (-12.2) (-41.5) (+784.7) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- HBK Feb24.98 297.5644 38.73 16.41 13.56 10.97 9.21 4.42 4.57 (+0.39) (-1.1) (-1.5) (-2.2) (-3.7) (-10.1) (-42.6) (-146.8) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- VTF Mar20.98 283.3412 36.41 16.89 13.14 10.39 7.64 3.28 7.31 (+0.62) (-0.7) (-0.9) (-1.1) (-1.5) (-6.8) (-29.8) (-350.8) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- HPF Mar22.98 304.5034 40.66 17.22 14.19 11.14 9.45 6.31 23.80 (+2.02) (+1.3) (+3.1) (+4.8) (+11.3) (+35.4) (+43.2) (-341.6) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Kuna- Mar24.98 263.8699 32.61 16.79 13.07 10.33 6.54 4.46 6.06 ev (+0.51) (-0.9) (-1.2) (-1.6) (-2.4) (-4.4) (-21.5) (+1286.5) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Kaz- Apr19.98 303.9638 41.18 16.71 13.38 10.62 6.19 -0.05 6.70 mys (+0.57) (-0.9) (-1.0) (-1.4) (-2.1) (-13.3) (-101.2) (-164.5) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- UlUm Apr20.98 299.3628 40.27 16.30 13.60 11.36 8.51 -0.49 4.86 (+0.41) (-1.1) (-1.4) (-2.1) (-3.6) (-18.6) (-104.9) (-137.2) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Kaz-n Apr28.98 285.0465 37.54 16.86 14.20 10.86 7.68 2.39 13.34 (+1.13) (+0.0) (+0.6) (+0.9) (+2.9) (+5.3) (-6.3) (-239.8) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- NGD Jun07.98 290.8959 39.61 16.87 14.39 9.92 7.67 3.58 4.73 (+0.40) (-1.2) (-1.5) (-2.2) (-3.3) (-8.0) (-47.9) (-144.3) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Kur- Jan22.99 240.3902 33.49 16.37 14.28 10.80 7.91 1.71 12.48 met (+1.06) (-0.2) (+0.4) (+0.6) (+2.2) (-0.6) (-39.8) (-216.7) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- АА-КMG Mar03.99 207.6482 26.37 16.01 13.88 11.37 9.02 6.05 6.93 (+0.59) (-1.0) (-0.9) (-1.35) (-2.2) (-6.6) (-33.5) (-901.3) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- SENIM Jul20.99 163.9530 17.28 17.47 14.91 12.71 11.45 9.03 8.04 (+0.68) (-0.6) (-0.8) (-1.1) (-2.0) (-2.5) (-35.3) (-48.8) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Kor- Dec01.99 147.0717 14.12 14.41 12.96 9.46 5.53 2.59 6.69 gau (+0.57) (-0.8) (-0.9) (-1.3) (-1.5) (-4.7) (-46.0) (-277.6) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- PMK Apr07.01 119.9397 10.05 - - 10.09 7.44 5.04 19.80 (+1.68) (+6.3) - - (+9.4) (+21.5) (+87.8) (-317.7) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Otan Nov26.01 111.5676 8.60 - - 8.75 6.42 3.38 5.52 (+0.47) (-1.9) - - (-2.2) (-9.7) (-34.4) (-879.1) ------ -------- -------- ------ ------ ------- ------- ------- -------- --------- Kapi- Mar06.02 105.1670 4.82 - - - 4.00 -0.34 4.46 tal (+0.38) (-0.3) - - - (-8.4) (-115.6) (-157.6) --------------------------------------------------------------------------------- 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 ----- ----- ----- ----- ----- ----- ----- ----- ----- Fund Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar rage ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ААКMG 12.24 10.38 10.73 12.99 8.58 10.57 7.58 11.63 15.69 11.36 -0.87 6.93 9.82 VTF 11.52 8.61 14.61 12.73 8.73 10.54 13.71 9.96 11.36 4.86 -2.92 7.31 9.25 SAPF 17.50 19.83 11.57 13.39 12.51 13.69 7.28 18.45 17.28 10.40 0.63 5.59 12.34 Kaz-n 13.66 10.88 11.53 13.47 9.21 11.28 6.44 17.88 13.81 2.30 -9.54 13.34 9.52 Kaz-mys 10.66 8.41 12.46 11.98 15.37 12.33 6.40 10.44 19.66 2.60 -10.39 6.70 8.88 Kapital 3.41 5.23 5.53 8.12 6.29 6.66 5.50 7.17 11.88 1.57 -7.75 4.46 4.84 Korgau 10.20 7.69 8.01 11.54 8.31 8.33 4.66 7.09 13.09 4.25 -3.77 6.69 7.17 Kunaev 9.67 8.08 17.30 9.64 8.30 7.83 7.47 8.18 9.59 6.46 0.44 6.06 8.25 Kurmet 12.12 9.00 10.49 12.39 9.53 12.93 6.18 19.51 15.80 2.25 -10.70 12.48 9.33 HBK 11.50 9.55 13.00 15.92 5.05 10.43 7.55 19.45 14.02 17.16 -9.76 4.57 9.87 NGD 11.53 9.81 8.94 12.29 8.09 8.54 4.95 15.35 14.24 15.39 -10.66 4.73 8.60 APF 11.23 8.79 9.13 11.98 8.34 9.77 7.07 11.29 18.25 3.54 -9.85 23.80 9.44 Otan 7.01 8.74 13.89 14.92 10.10 9.57 7.03 10.09 10.65 4.90 -0.71 5.52 8.48 SENIM 12.31 10.96 12.64 15.35 13.66 9.61 7.22 10.73 22.13 3.85 15.68 8.04 11.85 UlUm 11.36 8.83 9.43 11.69 11.77 16.02 5.14 11.00 35.14 5.60 -13.06 4.86 9.82 PMK 10.38 7.69 8.42 12.16 8.28 12.44 5.66 10.19 12.94 3.15 -9.10 19.80 8.50 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- Average 11.02 9.53 11.10 12.54 9.51 10.66 6.86 12.40 15.97 6.23 -5.15 8.81 9.12 -------------------------------------------------------------------------------------- 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. [2003-04-15]