ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of their activities till December 1, 2004

/IRBIS, Sergey Yakovlev, December 15, 04/ - The following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of December 1, 2004, presented to IRBIS agency for spreading by Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations, 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 November 1, 2004, for CPU changing - in percentage points (i.e. value of previous period is deducted from the current yield in percents APR) relative to the same date. --------------------------------------------------------------------------------- CPU change in % APR ------------------------------------------------------- Value since the beginning of: for last: Data of of ------------------------------- ----------------------- Fund activi- CPU on acti- ty start Nov. 1, 04 vity 2002 2003 2004 6 mon. 3 mon. 1 mon. ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- SAPF Jan15.98 291.3487 27.80 8.68 4.84 0.90 2.49 3.74 9.47 (+0.78) (-0.01) (+0.09) (+0.24) (+0.84) (+1.17) (-0.01) (+7.7) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- HBK Feb24.98 321.3853 32.69 7.81 4.79 1.51 3.11 1.91 0.26 (+0.02) (-0.39) (-0.22) (-0.20) (-0.12) (+0.28) (-1.82) (-1.6) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- VTF Mar20.98 310.7889 31.43 8.19 5.51 3.86 4.76 2.70 1.83 (+0.15) (-0.32) (-0.17) (-0.16) (-0.19) (-1.00) (-3.81) (+0.2) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- NPF Mar22.98 339.2975 35.71 9.22 6.86 5.63 6.90 7.09 9.01 (+0.74) (-0.07) (+0.06) (+0.15) (+0.37) (+0.26) (-0.37) (+2.2) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kuna- Mar24.98 283.1552 27.35 7.24 4.43 4.21 3.25 1.98 3.61 ev (+0.30) (-0.21) (-0.08) (-0.02) (-0.05) (-0.95) (-0.92) (+10.3) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kaz- Apr19.98 329.0844 34.58 7.75 4.30 3.24 5.57 5.31 4.86 mys (+0.40) (-0.23) (-0.05) (+0.04) (+0.17) (+0.12) (-3.37) (+1.3) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- UlUm Apr20.98 323.8659 33.81 8.06 4.20 3.59 3.94 4.28 5.08 (+0.42) (-0.22) (-0.05) (+0.06) (+0.16) (+0.44) (+0.24) (+2.1) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kaz-n Apr28.98 314.8223 32.55 8.70 5.79 5.82 8.11 7.69 8.55 (+0.70) (-0.07) (+0.06) (+0.16) (+0.31) (+0.48) (-0.86) (+1.0) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- NGD Jun07.98 314.6119 33.07 7.38 4.75 3.58 4.63 4.32 5.66 (+0.47) (-0.20) (-0.02) (+0.06) (+0.22) (+0.45) (-0.70) (+2.3) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kur- Jan22.99 261.2441 27.50 7.99 4.76 3.66 6.71 4.63 5.99 met (+0.49) (-0.17) (-0.02) (+0.08) (+0.25) (+0.26) (-2.19) (+3.8) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- ААКMG Mar03.99 226.2911 21.95 8.37 5.53 3.56 5.72 5.68 5.69 (+0.47) (-0.13) (-0.04) (+0.03) (+0.22) (+0.23) (-0.62) (+0.2) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- SENIM Jul20.99 175.0328 13.97 8.11 4.76 3.14 3.02 -0.13 -4.04 (-0.33) (-0.33) (-0.38) (-0.41) (-0.72) (-2.62) (-4.31) (-4.6) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kor- Dec01.99 157.0910 11.41 6.65 3.91 1.78 3.31 1.13 2.88 gau (+0.24) (-0.11) (-0.09) (-0.04) (+0.11) (+0.09) (-2.04) (+5.0) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- PMK Apr07.01 131.1355 8.52 7.91 5.58 3.70 5.43 4.43 4.21 (+0.35) (-0.07) (-0.08) (-0.04) (+0.06) (-0.20) (-0.91) (+0.6) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Otan Nov26.01 123.2515 7.71 7.72 5.94 5.18 6.07 5.94 8.88 (+0.73) (+0.09) (+0.09) (+0.17) (+0.40) (+0.39) (+0.83) (+5.1) ----- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kapi- Mar06.02 116.8022 6.13 - 5.72 4.35 6.14 5.80 5.42 tal (+0.45) (+0.01) - (+0.01) (+0.12) (+0.15) (-0.61) (+0.8) --------------------------------------------------------------------------------- It's recommended 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. In this table funds are sorted in alphabet order. ------------------------------------------------------------------------------ 2003 2004 ----------- ----- ----------------------------------------------- Ave- Fund Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct. Nov. rage ------- ----- ----- ----- ----- ---- ----- ---- ---- ----- ---- ---- ---- ---- AAKMG +8.6 -13.7 +5.9 +7.2 +1.5 +4.3 +3.6 +5.7 +7.5 +5.8 +5.4 +5.7 +4.0 VTF +16.7 -14.3 +2.2 +9.7 +8.5 +7.7 +4.6 +2.4 +13.1 +4.7 +1.6 +1.8 +4.9 SAPF +5.4 -8.3 +10.3 -5.9 -2.6 +2.3 +0.3 -5.9 +9.3 +0.1 +1.7 +9.5 +1.3 Kaz-n +9.3 -16.8 +13.7 +7.9 +5.0 +5.8 +7.7 +6.2 +11.0 +6.9 +7.5 +8.6 +6.1 Kaz-mys +43.8 -17.0 +7.0 +15.5 -7.0 +4.2 +0.5 +1.8 +14.8 +7.5 +3.6 +4.9 +6.6 Kapital +12.0 -13.4 +6.5 +7.8 +5.6 +4.6 +6.0 +5.8 +7.2 +7.4 +4.6 +5.4 +5.0 Korgau +9.6 -14.2 +2.9 +3.7 +5.4 +2.4 -0.1 +7.3 +8.9 +2.8 -2.1 +2.9 +2.5 Kunaev +4.0 -9.3 +4.8 +12.7 +9.0 +9.2 +6.4 +0.8 +6.3 +9.3 -6.6 +3.6 +4.2 Kurmet +8.3 -20.5 +4.4 +8.1 +4.1 +4.5 +7.2 +6.1 +12.4 +5.7 +2.2 +6.0 +4.0 HBK +12.0 -11.1 +4.1 +8.6 -2.1 -1.3 +4.1 +3.0 +5.7 +3.6 +1.9 +0.3 +2.4 NGD +14.2 -13.6 +6.7 +16.1 -0.6 +3.0 +1.3 +5.5 +7.7 +3.9 +3.4 +5.7 +4.4 NPF +15.1 -12.9 +9.2 +11.0 +5.6 +7.4 +4.0 +5.6 +10.0 +5.3 +6.8 +9.0 +6.3 Otan +7.1 -4.4 +5.1 +7.6 +5.1 +6.5 +5.5 +6.4 +6.3 +5.2 +3.8 +8.9 +5.2 SENIM +7.8 -17.2 +8.8 +7.3 +6.5 +11.5 +6.2 +3.3 +8.8 +3.1 +0.6 -4.0 +3.5 UlUm +12.2 -7.8 +12.9 +11.6 -3.1 +2.5 +1.4 +4.8 +4.4 +4.8 +2.9 +5.1 +4.3 PMK +11.2 -16.9 +6.0 +10.1 +3.8 +5.4 +4.1 +7.9 +6.9 +5.5 +3.6 +4.2 +4.3 ------- ----- ----- ----- ----- ---- ----- ---- ---- ----- ---- ---- ---- ---- Average +12.3 -13.2 +6.9 +8.7 +2.8 +5.0 +3.9 +4.2 +8.8 +5.1 +2.6 +4.8 +4.3 ------------------------------------------------------------------------------ For simplicity, following abbreviations have been used in the table: VTF - PAP Valut-Tranzit-Fund JSC; Kunaev - PAPFOT named after Kunaev JSC; NPF - OAPF Narodniy Pensionniy Fond JSC; Kaz-n - PAPF Kazakhstan JSC; HBK - APF Halyk Bank of Kazakhstan JSC; Kazmys - APF Kazakhmys JSC; UlUm - till Oct 10,01 OAPF Ular CJSC, on November 1 - OAPF UlarUmit CJSC; NGD - PAPF NefteGas-Dem CJSC; Kurmet - POAPF Kurmet; AAKMG - APF ABN AMRO - KaspiyMunaiGas JSC; SENIM - OAPF SENIM JSC; Korgau - APF Korgau JSC; PMK - KAPF Philip Morris Kazakhstan JSC; Otan - OAPF OTAN JSC; SAPF - State Accumulative Pension Fund JSC; Kapital - APF Capital CJSC; "-" - data is absent because of inactivity or liquidation of the fund. [2004-12-15]