ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since the beginning of their activities till February 1, 2004

/IRBIS, Andrey Tsalyuk, February 24, 04/ - 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 February 1, 2004 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 January 1, 2004, 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 Feb 1.04 vity 2001 2002 2003 6 mon. 3 mon. 1 mon. ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- SAPF Jan15.98 286.9244 30.90 13.73 11.24 7.02 7.75 0.51 -8.28 (-0.70) (-0.78) (-0.72) (-0.91) (-1.36) (-2.14) (-4.47) (-13.68) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- HBK Feb24.98 314.0195 36.03 12.21 9.57 6.16 5.18 0.64 -11.07 (-0.94) (-1.03) (-0.78) (-0.98) (-1.54) (-1.77) (-5.99) (-23.09) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- VTF Mar20.98 296.5053 33.45 11.52 8.73 5.06 5.04 1.68 -14.35 (-1.22) (-1.12) (-0.88) (-1.10) (-1.73) (-3.03) (-6.96) (-31.04) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- NPF Mar22.98 319.0821 37.33 12.38 9.28 5.91 5.19 2.22 -12.92 (-1.10) (-1.16) (-0.86) (-1.06) (-1.68) (-1.92) (-5.80) (-28.02) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kuna- Mar24.98 270.4807 29.08 10.57 7.53 3.35 3.08 -1.21 -9.30 ev (-0.79) (-0.80) (-0.65) (-0.78) (-1.11) (-6.02) (-4.24) (-13.29) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kaz- Apr19.98 314.9462 37.11 11.27 8.31 3.32 9.24 9.96 -17.05 mys (-1.45) (-1.36) (-0.98) (-1.21) (-1.80) (-2.37) (-6.39) (-60.83) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- UlUm Apr20.98 311.4561 36.53 11.61 9.00 3.61 4.52 2.19 -7.77 (-0.66) (-0.91) (-0.63) (-0.78) (-1.00) (-0.68) (-3.26) (-19.97) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kaz-n Apr28.98 294.5956 33.74 11.78 8.32 3.65 2.38 -1.56 -16.82 (-1.43) (-1.26) (-0.99) (-1.20) (-1.82) (-2.78) (-6.59) (-26.13) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- NGD Jun07.98 301.0814 35.54 11.98 7.82 4.07 3.78 0.89 -13.64 (-1.16) (-1.17) (-0.87) (-1.01) (-1.57) (-2.23) (-5.60) (-27.88) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kur- Jan22.99 248.3529 29.49 11.82 8.26 3.46 2.14 -2.88 -20.51 met (-1.74) (-1.40) (-1.14) (-1.39) (-2.13) (-3.55) (-7.70) (-28.76) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- ААКMG Mar03.99 216.5733 23.69 11.94 9.15 5.40 3.03 0.17 -13.69 (-1.16) (-0.94) (-0.87) (-1.09) (-1.70) (-1.43) (-5.80) (-22.25) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- SENIM Jul20.99 167.6305 14.90 11.83 8.84 4.17 2.68 -3.05 -17.25 (-1.46) (-0.84) (-1.01) (-1.26) (-1.91) (-4.58) (-6.64) (-25.03) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kor- Dec01.99 152.6964 12.63 11.04 7.71 4.14 5.24 1.18 -14.20 gau (-1.21) (-0.72) (-0.86) (-1.04) (-1.63) (-4.57) (-5.09) (-23.83) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- PMK Apr07.01 125.0059 8.86 - 8.31 5.09 3.12 -0.62 -16.90 (-1.44) (-0.94) - (-1.21) (-1.97) (-2.45) (-6.85) (-28.10) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Otan Nov26.01 117.2236 7.89 - 7.93 5.48 4.89 1.76 -4.39 (-0.37) (-0.53) - (-0.55) (-0.86) (-1.95) (-3.10) (-11.45) ----- -------- -------- ------- ------- ------- ------- ------- ------- -------- Kapi- Mar06.02 111.0418 5.78 - - 5.07 6.78 1.06 -13.40 tal (-1.14) (-0.97) - - (-1.64) (-2.93) (-6.12) (-25.39) -------------------------------------------------------------------------------- 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 terms for the last 12 months. Funds in this table have been sorted alphabetically. ---------------------------------------------------------------------------------- 2003 --------------------------------------------------------------- Jan Ave- Fund Feb Mar Apr May June July Aug Sep Oct Nov Dec 2004 rage ------- ----- ----- ----- ----- ----- ----- ----- ----- ---- ---- ----- ----- ---- ААКMG -0.9 +6.9 +8.7 +4.9 +24.9 -5.4 +5.8 +8.6 +3.3 +6.0 +8.6 -13.7 +4.8 VTF -2.9 +7.3 +8.1 +7.0 +6.4 +3.0 +11.1 +7.8 +6.0 +2.9 +16.7 -14.3 +4.9 SAPF +0.6 +5.6 +10.8 +12.5 -2.0 +3.8 -0.5 +41.3 +4.9 +4.6 +5.4 -8.3 +6.6 Kaz-n -9.5 +13.3 +6.6 +3.3 +16.5 -0.7 +8.8 +7.6 +2.5 +3.1 +9.3 -16.8 +3.7 Kaz-mys -10.4 +6.7 +6.9 +1.3 -16.4 -3.8 +11.4 +12.4 +1.2 +3.5 +43.8 -17.0 +3.3 Capital -7.8 +4.5 +21.3 +1.9 -1.2 +3.2 +9.4 +23.6 +4.5 +4.9 +12.0 -13.4 +5.2 Korgau -3.8 +6.7 +8.7 +2.8 -9.7 +11.9 +10.7 +16.5 +0.7 +8.5 +9.6 -14.2 +4.0 Kunaev +0.4 +6.1 +7.8 +3.7 -26.1 +25.6 +14.0 +4.7 +3.2 +1.8 +4.0 -9.3 +3.0 Kurmet -10.7 +12.5 +7.1 +3.7 +15.8 0 +8.7 +10.9 +2.1 +4.0 +8.3 -20.5 +3.5 HBK -9.8 +4.6 +9.1 +8.9 +17.0 -0.9 +4.2 +18.5 +6.5 +1.1 +12.0 -11.1 +5.0 NGD -10.7 +4.7 +6.6 +10.4 +2.4 -0.8 +7.9 +9.3 +2.8 +2.3 +14.2 -13.6 +3.0 NPF -9.9 +23.8 +17.9 +2.8 +6.8 -1.9 +11.4 +8.8 +4.0 +4.7 +15.1 -12.9 +5.9 Otan -0.7 +5.5 +6.2 +3.6 +13.6 +6.9 +8.7 +10.5 +4.7 +2.6 +7.1 -4.4 +5.4 SENIM +15.7 +8.0 +8.0 +1.9 -8.8 +9.2 +13.4 +9.6 +2.3 +0.5 +7.8 -17.2 +4.2 UlUm -13.1 +4.9 +7.6 +2.6 +14.6 -3.8 +5.1 +13.6 +1.8 +2.2 +12.2 -7.8 +3.3 PMK -9.1 +19.8 +20.7 +1.4 +12.3 -2.8 +9.9 +7.5 +3.2 +4.2 +11.2 -16.9 +5.1 ------- ----- ----- ----- ----- ----- ----- ----- ----- ---- ---- ----- ----- ---- Average -5.1 +8.8 +10.1 +4.5 +4.1 +2.7 +8.7 +13.2 +3.4 +3.6 +12.3 -13.2 +4.4 ---------------------------------------------------------------------------------- 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 - till Oct 10,01 OAPF Ular CJSC, on November 1 - OAPF UlarUmit CJSC; NGD - PAPF NefteGas-Dem; Kurmet - POAPF Kurmet; AAKMG - APF ABN AMRO - KaspiyMunaiGas 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 inactivity or liquidation of the fund. [2004-02-24]