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

/IRBIS, October 20, 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 conditional pension unit (CPU) of accumulative pension funds' (APF) assets of the republic as of October 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: for CPU value - in percents relative to corresponding data as of September 1, 2003, for CPU changing - in percentage points (i.e. value of previous period is deducted from the current yield). Before trends in this table were expressed as percentage only in IRBIS publications. --------------------------------------------------------------------------------- CPU change in % APR Data ------------------------------------------------------------ of Value since the beginning of: for last: Title acti- of ---------------------------------- ------------------------- of vity CPU on acti- fund start Oct 1.03 vity 2001 2002 2003 6 mon. 3 mon. 1 mon. ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- SAPF Jan 285.3738 32.45 15.14 13.03 9.41 11.07 14.61 41.27 15.98 (+3.39) (+1.19) (+1.28) (+1.78) (+4.11) (+5.97) (+14.15) (+41.81) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- HBK Feb 311.7900 37.80 13.35 10.93 7.92 9.54 7.15 18.49 24.98 (+1.52) (+0.28) (+0.36) (+0.53) (+1.40) (+2.37) (+0.49) (+14.30) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- VTF Mar 293.7607 34.99 12.47 9.79 6.04 7.33 7.34 7.79 20.98 (+0.64) (-0.18) (-0.06) (-0.04) (+0.25) (+0.08) (+0.44) (-3.34) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- NPF Mar 316.2339 39.09 13.45 10.46 7.31 7.68 6.09 8.82 22.98 (+0.73) (-0.17) (-0.04) (-0.005) (+0.24) (-2.61) (+0.67) (-2.59) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Kuna- Mar 270.5636 30.87 11.88 9.00 4.90 5.06 15.06 4.72 ev 24.98 (+0.39) (-0.27) (-0.17) (-0.18) (-0.003) (-0.23) (+10.40) (-9.30) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Kaz- Apr 306.9265 37.93 11.40 8.21 1.29 1.94 6.61 12.40 mys 19.98 (+1.02) (-0.004) (+0.15) (+0.29) (+1.37) (+0.90) (+9.44) (+1.02) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- UlUm Apr 309.2707 38.38 12.69 10.26 4.26 6.60 4.88 13.61 20.98 (+1.12) (+0.05) (+0.17) (+0.28) (+1.19) (+1.47) (-0.33) (+8.46) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Kaz-n Apr 295.1209 35.93 13.31 10.04 5.54 7.05 5.22 7.64 28.98 (+0.63) (-0.21) (-0.09) (-0.05) (+0.29) (-0.99) (-2.90) (-1.17) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- NGD Jun 299.7057 37.53 13.22 9.02 5.26 6.04 5.45 9.30 07.98 (+0.76) (-0.15) (-0.02) (+0.08) (+0.53) (+0.77) (+2.25) (+1.38) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Kur- Jan 249.7237 31.90 13.54 10.22 5.78 7.74 6.50 10.90 met 22.99 (+0.90) (-0.09) (+0.04) (+0.12) (+0.68) (-0.29) (-1.62) (+2.25) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- ААКMG Mar 215.8740 25.28 13.24 10.70 7.37 7.90 2.91 8.59 03.99 (+0.71) (-0.13) (-0.05) (-0.03) (+0.20) (+0.28) (-5.31) (+2.80) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- SENIM Jul 168.5960 16.32 13.57 10.94 6.85 5.65 10.84 9.61 20.99 (+0.79) (-0.01) (-0.01) (+0.02) (+0.39) (+0.25) (+6.12) (-3.80) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Kor- Dec 152.1536 13.60 12.22 8.96 5.50 6.89 13.13 16.53 gau 01.99 (+1.36) (+0.25) (+0.29) (+0.49) (+1.42) (+1.64) (+8.73) (+5.86) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- PMK Apr 124.8655 10.01 - 9.84 7.22 8.19 4.84 7.51 07.01 (+0.62) (-0.02) (-0.05) (+0.08) (-2.14) (-1.58) (-2.37) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Otan Nov 116.2394 8.79 - 8.90 6.76 8.35 8.73 10.52 26.01 (+0.86) (+0.15) (+0.16) (+0.52) (+0.86) (-1.03) (+1.85) ----- ----- -------- -------- ------- -------- -------- ------- -------- -------- Kapi- Mar 110.3231 6.56 - - 6.44 9.78 12.02 23.60 tal 06.02 (+1.94) (+1.05) (+2.20) (+3.24) (+8.16) (+14.25) --------------------------------------------------------------------------------- It's better to make conclusions about effectiveness of assets management based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating term of the fund. On this reason IRBIS agency operates in table with the speed of the change of CPU in different periods, expressed in percents per annum. 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. In the opinion of 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 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 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep rage ------- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- ----- ----- ----- ААКMG 10.57 7.58 11.63 11.36 -0.87 6.93 8.75 4.89 24.88 -5.45 5.79 8.59 8.31 VTF 10.54 13.71 9.96 4.86 -2.92 7.31 8.06 6.96 6.45 2.99 11.13 7.79 7.31 SAPF 13.69 7.28 18.45 10.40 0.63 5.59 10.85 12.53 -1.98 3.84 -0.54 41.27 10.47 Kaz-n 11.28 6.44 17.88 2.30 -9.54 13.34 6.63 3.25 16.48 -0.75 8.82 7.64 7.19 Kaz-mys 12.33 6.40 10.44 2.60 -10.39 6.70 6.88 1.27 -16.37 -3.79 11.37 12.40 3.93 Capital 6.66 5.50 7.17 1.57 -7.75 4.46 21.34 1.87 -1.17 3.21 9.35 23.60 6.75 Korgau 8.33 4.66 7.09 4.25 -3.77 6.69 8.68 2.76 -9.74 11.88 10.67 16.53 6.07 Kunaev 7.83 7.47 8.18 6.46 0.44 6.06 7.79 3.68 -26.12 25.64 14.02 4.72 5.66 Kurmet 12.93 6.18 19.51 2.25 -10.70 12.48 7.07 3.69 15.82 0 8.66 10.90 7.64 HBK 10.43 7.55 19.45 17.16 -9.76 4.57 9.10 8.87 16.99 -0.90 4.19 18.49 9.14 NGD 8.54 4.95 15.35 15.39 -10.66 4.73 6.61 10.38 2.45 -0.81 7.92 9.30 6.65 NPF 9.77 7.07 11.29 3.54 -9.85 23.80 17.94 2.80 6.78 -1.93 11.41 8.82 8.33 Otan 9.57 7.03 10.09 4.90 -0.71 5.52 6.22 3.56 13.63 6.88 8.67 10.52 7.25 SENIM 9.61 7.22 10.73 3.85 15.68 8.04 8.04 1.91 -8.79 9.19 13.41 9.61 8.42 UlUm 16.02 5.14 11.00 5.60 -13.06 4.86 7.56 2.59 14.63 -3.85 5.15 13.61 7.36 PMK 12.44 5.66 10.19 3.15 -9.10 19.80 20.66 1.44 12.31 -2.80 9.87 7.51 7.64 ------- ----- ----- ----- ----- ------ ----- ----- ----- ------ ----- ----- ----- ----- Average 10.66 6.86 12.40 6.23 -5.15 8.81 10.14 4.53 4.14 2.71 8.74 13.21 7.38 --------------------------------------------------------------------------------------- For simplicity, following abbreviations have been used in the table: VTF - PAPF Valut-tranzit fund CJSC; Kunaev - PAPFOT after Kunaev CJSC; NPF - OAPF Narodniy Pensionniy Fond CJSC; Kaz-n - PAPF Kazakhstan CJSC; HBK - APF of Halyk Bank of Kazakhstan CJSC; 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. [2003-10-20]