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

/IRBIS, November 26, 03 / - Information agency of financial markets IRBIS (Almaty) continues publication of information about 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 November 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 October 1, 2003, for CPU changing - in percentage points (i.e. value of previous period is deducted from the current yield). -------------------------------------------------------------------------------- CPU change in % APR -------------------------------------------------------- Value ------------------------ since the beginning of: for last: Title Data of of ------------------------------- ------------------------ of activi- CPU on acti- fund ty start Nov 1.03 vity 2001 2002 2003 6 mon. 3 mon. 1 mon. ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- SAPF Jan15.98 286.5537 32.18 14.89 12.70 8.98 10.01 14.97 4.87 (+0.41) (-0.27) (-0.25) (-0.33) (-0.43) (-1.05) (+0.36) (-36.41) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- HBK Feb24.98 313.5112 37.54 13.22 10.78 7.81 9.08 9.69 6.50 (+0.55) (-0.26) (-0.13) (-0.15) (-0.11) (-0.46) (+2.54) (-11.99) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- VTF Mar20.98 295.2530 34.73 12.34 9.66 6.06 6.98 8.36 5.98 (+0.51) (-0.26) (-0.13) (-0.13) (+0.02) (-0.36) (+1.02) (-1.81) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- NPF Mar22.98 317.3075 38.69 13.21 10.19 6.99 5.34 8.12 4.00 (+0.34) (-0.40) (-0.24) (-0.27) (-0.32) (-2.35) (+2.03) (-4.82) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kuna- Mar24.98 271.3067 30.53 11.65 8.76 4.74 4.29 7.39 3.23 ev (+0.27) (-0.33) (-0.23) (-0.24) (-0.16) (-0.77) (-7.67) (-1.49) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kaz- Apr19.98 307.2341 37.41 11.11 7.89 1.28 1.01 8.32 1.18 mys (+0.10) (-0.53) (-0.30) (-0.32) (-0.01) (-0.94) (+1.71) (-11.22) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- UlUm Apr20.98 309.7426 37.88 12.38 9.89 4.01 5.61 6.81 1.80 (+0.15) (-0.50) (-0.31) (-0.38) (-0.25) (-0.99) (+1.93) (-11.81) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kaz-n Apr28.98 295.7580 35.50 13.01 9.71 5.24 6.34 6.35 2.54 (+0.22) (-0.44) (-0.29) (-0.33) (-0.29) (-0.71) (+1.12) (-5.10) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- NGD Jun07.98 300.4087 37.08 12.94 8.75 5.02 5.38 6.67 2.76 (+0.23) (-0.46) (-0.28) (-0.27) (-0.24) (-0.66) (+1.22) (-6.54) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kur- Jan22.99 250.1720 31.43 13.22 9.86 5.41 6.88 7.22 2.11 met (+0.18) (-0.47) (-0.32) (-0.36) (-0.36) (-0.86) (+0.72) (-8.79) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- ААКMG Mar03.99 216.4823 24.95 12.98 10.38 6.98 6.96 5.90 3.32 (+0.28) (-0.33) (-0.26) (-0.31) (-0.39) (-0.94) (+2.99) (-5.27) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- SENIM Jul20.99 168.9286 16.08 13.25 10.56 6.40 4.68 8.48 2.32 (+0.20) (-0.25) (-0.31) (-0.38) (-0.45) (-0.97) (-2.36) (-7.28) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kor- Dec01.99 152.2430 13.33 11.88 8.58 5.02 5.52 9.27 0.69 gau (+0.06) (-0.27) (-0.34) (-0.38) (-0.49) (-1.37) (-3.86) (-15.84) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- PMK Apr07.01 125.2026 9.81 - 9.56 6.83 5.25 6.88 3.18 (+0.27) (-0.20) - (-0.28) (-0.39) (-2.94) (+2.04) (-4.33) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Otan Nov26.01 116.7069 8.65 - 8.74 6.58 8.08 8.00 4.74 (+0.40) (-0.14) - (-0.16) (-0.18) (-0.27) (-0.73) (-5.78) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kapi- Mar06.02 110.7453 6.48 - - 6.26 6.92 12.47 4.51 tal (+0.38) (-0.08) - - (-0.17) (-2.86) (+0.45) (-19.09) -------------------------------------------------------------------------------- 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 as 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 Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct rage ------- ----- ----- ----- ------ ----- ----- ----- ------ ----- ----- ----- ---- ----- ААКMG 11.63 15.69 11.36 -0.87 6.93 8.75 4.89 24.88 -5.45 5.79 8.59 3.32 7.96 VTF 9.96 11.36 4.86 -2.92 7.31 8.06 6.96 6.45 2.99 11.13 7.79 5.98 6.66 SAPF 18.45 17.28 10.40 0.63 5.59 10.85 12.53 -1.98 3.84 -0.54 41.27 4.87 10.27 Kaz-n 17.88 13.81 2.30 -9.54 13.34 6.63 3.25 16.48 -0.75 8.82 7.64 2.54 6.87 Kaz-mys 10.44 19.66 2.60 -10.39 6.70 6.88 1.27 -16.37 -3.79 11.37 12.40 1.18 3.49 Capital 7.17 11.88 1.57 -7.75 4.46 21.34 1.87 -1.17 3.21 9.35 23.60 4.51 6.67 Korgau 7.09 13.09 4.25 -3.77 6.69 8.68 2.76 -9.74 11.88 10.67 16.53 0.69 5.74 Kunaev 8.18 9.59 6.46 0.44 6.06 7.79 3.68 -26.12 25.64 14.02 4.72 3.23 5.31 Kurmet 19.51 15.80 2.25 -10.70 12.48 7.07 3.69 15.82 0 8.66 10.90 2.11 7.30 HBK 19.45 14.02 17.16 -9.76 4.57 9.10 8.87 16.99 -0.90 4.19 18.49 6.50 9.06 NGD 15.35 14.24 15.39 -10.66 4.73 6.61 10.38 2.45 -0.81 7.92 9.30 2.76 6.47 NPF 11.29 18.25 3.54 -9.85 23.80 17.94 2.80 6.78 -1.93 11.41 8.82 4.00 8.07 Otan 10.09 10.65 4.90 -0.71 5.52 6.22 3.56 13.63 6.88 8.67 10.52 4.74 7.05 SENIM 10.73 22.13 3.85 15.68 8.04 8.04 1.91 -8.79 9.19 13.41 9.61 2.32 8.01 UlUm 11.00 35.14 5.60 -13.06 4.86 7.56 2.59 14.63 -3.85 5.15 13.61 1.80 7.09 PMK 10.19 12.94 3.15 -9.10 19.80 20.66 1.44 12.31 -2.80 9.87 7.51 3.18 7.43 ------- ----- ----- ----- ------ ----- ----- ----- ------ ----- ----- ----- ---- ----- Average 12.40 15.97 6.23 -5.15 8.81 10.14 4.53 4.14 2.71 8.74 13.21 3.36 7.09 -------------------------------------------------------------------------------------- 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 November 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; "-" - data is absent because of inaction or liquidation of the fund. [2003-11-26]