ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of their activities till February 1, 2005

/IRBIS, Sergey Yakovlev, February 24, 05/ - The following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of February 1, 2005, 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 on the market. Trends are given: for CPU value - in percents relative to corresponding data as of January 1, 2005, 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 Feb. 1, 05 vity 2002 2003 2004 6 mon. 3 mon. 1 mon. ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- SAPF Jan15.98 295.6314 27.74 8.80 5.21 2.12 6.40 8.97 6.49 (+0.55) (-0.11) (-0.02) (+0.08) (+0.38) (+2.14) (+1.63) (-4.3) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- HBK Feb24.98 329.2915 33.03 8.35 5.68 3.57 6.83 9.85 14.03 (+1.19) (+0.16) (+0.26) (+0.42) (+0.92) (+1.90) (+4.14) (-0.7) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- VTF Mar20.98 314.4520 31.19 8.21 5.69 4.38 5.94 5.28 9.15 (+0.78) (-0.03) (+0.09) (+0.19) (+0.44) (+1.16) (+2.56) (+4.5) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- NPF Mar22.98 351.9215 36.66 10.24 8.32 8.35 12.80 17.81 27.47 (+2.33) (+0.72) (+0.71) (+0.98) (+1.77) (+3.83) (+7.11) (+11.5) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- Kunaev Mar24.98 287.5814 27.32 7.45 4.88 5.04 5.18 7.40 6.20 (+0.53) (-0.12) (+0.00) (+0.08) (+0.12) (+0.94) (+4.38) (-5.9) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- Kazmys Apr19.98 340.4000 35.38 8.68 5.73 5.99 12.15 15.28 23.52 (+2.00) (+0.55) (+0.58) (+0.85) (+1.57) (+3.82) (+6.84) (+6.9) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- UlUm Apr20.98 335.3916 34.66 9.04 5.70 6.41 10.02 15.84 28.10 (+2.39) (+0.73) (+0.74) (+1.06) (+1.94) (+4.02) (+8.61) (+14.6) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- Kaz-n Apr28.98 X X X X X X X X X X X X X X X X ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- NGD Jun07.98 324.9904 33.78 8.27 6.09 6.15 10.10 15.00 18.84 (+1.60) (+0.34) (+0.42) (+0.63) (+1.15) (+2.33) (+5.32) (-0.8) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- ААКMG Mar03.99 231.4626 22.19 8.83 6.29 5.18 8.72 10.96 12.82 (+1.09) (+0.10) (+0.21) (+0.34) (+0.70) (+1.23) (+2.52) (-1.1) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- SENIM Jul20.99 179.6909 14.38 8.73 5.77 5.17 6.74 9.21 30.99 (+2.63) (+0.62) (+0.84) (+1.19) (+2.26) (+4.70) (+10.21) (+30.7) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- Kor- Dec01.99 159.2558 11.45 6.82 4.30 2.79 4.82 6.42 6.12 gau (+0.52) (-0.03) (+0.02) (+0.10) (+0.29) (-0.21) (+2.81) (-3.9) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- Otan Nov26.01 126.8083 8.41 8.44 7.00 7.15 9.86 14.43 6.78 (+0.58) (+0.00) (+0.00) (+0.03) (+0.01) (+0.07) (+1.05) (-20.3) ------ -------- ---------- ------- ------- ------- ------- ------- -------- ------- Kapi- Mar06.02 119.2145 6.60 - 6.35 5.64 8.29 10.00 12.12 tal (+1.03) (+0.23) - (+0.31) (+0.60) (+1.09) (+2.57) (+0.1) ----------------------------------------------------------------------------------- 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. ------------------------------------------------------------------------------ 2004 ----------------------------------------------------------- Jan Ave- Fund Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005 rage ------- ----- ----- ---- ----- ---- ---- ----- ---- ---- ---- ----- ----- ---- AAKMG +5.9 +7.2 +1.5 +4.3 +3.6 +5.7 +7.5 +5.8 +5.4 +5.7 +13.9 +12.8 +6.6 VTF +2.2 +9.7 +8.5 +7.7 +4.6 +2.4 +13.1 +4.7 +1.6 +1.8 +4.7 +9.2 +5.9 SAPF +10.3 -5.9 -2.6 +2.3 +0.3 -5.9 +9.3 +0.1 +1.7 +9.5 +10.8 +6.5 +3.0 Kaz-n +13.7 +7.9 +5.0 +5.8 +7.7 +6.2 +11.0 +6.9 +7.5 +8.6 +22.5 X +8.6 Kaz-mys +7.0 +15.5 -7.0 +4.2 +0.5 +1.8 +14.8 +7.5 +3.6 +4.9 +16.6 +23.5 +7.7 Kapital +6.5 +7.8 +5.6 +4.6 +6.0 +5.8 +7.2 +7.4 +4.6 +5.4 +12.1 +12.1 +7.1 Korgau +2.9 +3.7 +5.4 +2.4 -0.1 +7.3 +8.9 +2.8 -2.1 +2.9 +10.1 +6.1 +4.2 Kunaev +4.8 +12.7 +9.0 +9.2 +6.4 +0.8 +6.3 +9.3 -6.6 +3.6 +12.1 +6.2 +6.1 Kurmet +4.4 +8.1 +4.1 +4.5 +7.2 +6.1 +12.4 +5.7 +2.2 +6.0 +23.2 - +7.0 HBK +4.1 +8.6 -2.1 -1.3 +4.1 +3.0 +5.7 +3.6 +1.9 +0.3 +14.8 +14.0 +4.7 NGD +6.7 +16.1 -0.6 +3.0 +1.3 +5.5 +7.7 +3.9 +3.4 +5.7 +19.7 +18.8 +7.6 NPF +9.2 +11.0 +5.6 +7.4 +4.0 +5.6 +10.0 +5.3 +6.8 +9.0 +16.0 +27.5 +9.8 Otan +5.1 +7.6 +5.1 +6.5 +5.5 +6.4 +6.3 +5.2 +3.8 +8.9 +27.0 +6.8 +7.8 SENIM +8.8 +7.3 +6.5 +11.5 +6.2 +3.3 +8.8 +3.1 +0.6 -4.0 +0.3 +31.0 +6.9 UlUm +12.9 +11.6 -3.1 +2.5 +1.4 +4.8 +4.4 +4.8 +2.9 +5.1 +13.5 +28.1 +7.4 PMK +6.0 +10.1 +3.8 +5.4 +4.1 +7.9 +6.9 +5.5 +3.6 +4.2 - - +4.8 ------- ----- ----- ---- ----- ---- ---- ----- ---- ---- ---- ----- ----- ---- Average +6.9 +8.7 +2.8 +5.0 +3.9 +4.2 +8.8 +5.1 +2.6 +4.8 +13.6 +12.7 +6.6 ------------------------------------------------------------------------------ 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 - till Janaury 31, 05 - PAPF Kazakhstan JSC, afterwards - APF BTA Kurmet-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; "Х" - data on CPU of reformed APF BTA Kurmet-Kazakhstan JSC is absent. [2005-02-24]