ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of their activities till May 1, 2006

/IRBIS, Sergey Yakovlev, May 17, 06/ - Following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of May 1, 2006, presented to IRBIS agency for spreading by Agency of the Republic of Kazakhstan for regulation and supervision of financial market and financial organizations, and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS). Funds have been sorted out in the order, which corresponds to the start of their activity on the market. Trends (given in parenthesis) are given: for CPU value - in percents relative to corresponding data as of April 1, 2006, for CPU changing - in percentage points (i.e. value of previous period is deducted from the current yield expressed as percents per annum) relative to the same date. ----------------------------------------------------------------------------------- CPU change, % APR ---------------------------------------------------------- Value since the beginning of: for last: Activity of ------------------------------- -------------------------- start CPU on acti- Fund date Mar 1, 06 vity 2003 2004 2005 6 mon. 3 mon. 1 mon. ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- SAPF Jan15,98 305.0952 24.72 4.33 2.40 2.84 2.13 0.29 2.06 (+0.17) (-0.18) (-0.05) (-0.01) (-0.05) (-0.62) (-0.88) (-1.78) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- HBK Feb24,98 386.2075 34.96 6.16 9.36 14.06 22.88 24.22 31.75 (+2.61) (+0.86) (-0.16) (+1.04) (+1.49) (+4.83) (-0.51) (+18.61) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- VTF Mar20,98 341.5725 29.75 6.46 5.92 7.13 5.39 6.40 4.16 (+0.34) (-0.16) (-0.04) (-0.04) (-0.17) (+0.17) (+3.75) (-1.02) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- NPF Mar22,98 399.1842 36.87 9.95 10.18 12.10 14.71 16.41 23.71 (+1.95) (+0.57) (+0.53) (+0.68) (+0.98) (+2.82) (+1.51) (+5.42) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- Ku- Mar24,98 319.3443 27.05 6.71 7.35 8.75 8.06 8.19 9.66 naev (+0.79) (+0.04) (+0.13) (+0.14) (+0.13) (+0.54) (+1.36) (+6.12) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- Kaz- Apr19,98 366.4550 33.15 6.17 6.29 7.38 4.34 0.40 -7.97 mys (-0.65) (-0.65) (-0.40) (-0.57) (-1.07) (-2.36) (-5.14) (-13.43) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- UlUm Apr20,98 378.4255 34.65 7.88 8.88 11.68 17.11 23.43 15.61 (+1.28) (+0.24) (+0.29) (+0.36) (+0.40) (+1.58) (+3.00) (+3.44) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- Kaz-n Apr28,98 455.4030 44.35 18.22 22.47 31.57 66.41 76.05 76.23 (+6.27) (+2.93) (+2.46) (+3.17) (+4.63) (+16.82) (-14.20) (+20.05) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- NGD Jun07,98 355.8606 32.37 7.03 7.22 8.47 8.66 11.40 8.79 (+0.72) (-0.01) (+0.09) (+0.11) (+0.08) (+0.19) (+0.77) (-1.31) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- AAKMG Mar03,99 248.7113 20.75 6.47 5.79 6.49 7.28 7.48 13.35 (+1.10) (+0.14) (+0.24) (+0.34) (+0.52) (+1.35) (+3.08) (+8.39) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- SENIM Jul20,99 207.9040 15.90 8.89 9.53 14.11 16.97 14.24 11.38 (+0.94) (+0.09) (+0.14) (+0.16) (-0.05) (+1.86) (-8.64) (+4.98) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- Kor- Dec01,99 172.6378 11.32 5.44 5.02 6.75 4.66 2.87 0.72 gau (+0.06) (-0.13) (-0.12) (-0.15) (-0.39) (-1.93) (-0.85) (-3.76) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- Otan Nov26,01 139.9065 9.01 7.94 8.11 8.25 11.31 10.68 0.03 (+0.002) (-0.17) (-0.20) (-0.30) (-0.54) (-0.80) (-1.61) (-13.59) ----- -------- --------- ------- ------- ------- ------- -------- -------- -------- Kapi- Mar06,02 128.5678 6.87 6.65 6.20 6.74 6.16 4.83 6.04 tal (+0.50) (+0.02) (+0.02) (+0.02) (-0.01) (-0.01) (+0.24) (+0.45) ----------------------------------------------------------------------------------- It's recommended to make conclusions about effectiveness of assets management based not on absolute value of CPU but on its speed of change since the absolute value of the unit depends on the period of fund's activity. On this reason IRBIS agency works in the table with the speed of CPU changing in various periods, expressed as percents per annum. This indicator for each period has been calculated as a difference between the last and the first values of CPU, related with the initial value, expressed as percentage, then divided into the number of days in the period and multiplied by 365. Specialists of IRBIS assume the calculated indicator can be considered as the indicated yield (without influence of inflation) of fund's assets in the period for depositor. The table below let us observe dynamics of the described above indicator of CPU changing (% APR) in monthly terms for the last 12 months. Funds are sorted out in alphabetical order in this table. --------------------------------------------------------------------------------------- 2005 2006 ---------------------------------------------- ------------------------- Ave- Fund May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr rage -------- ----- ----- ---- ----- ----- ----- ----- ----- ------ ------ ----- ----- ----- AAKMG +0.3 +7.3 +3.9 +5.0 +5.6 +5.4 +5.3 +11.1 +4.3 +4.3 +3.9 +5.0 +13.3 VTF +9.1 +8.8 +4.5 +16.2 +4.4 +3.3 +9.3 +10.4 -6.5 -6.5 +10.1 +5.2 +4.2 SAPF +3.1 +6.6 +5.4 +3.1 -5.1 +5.6 +0.8 +6.2 +4.6 +4.6 -5.5 +3.8 +2.1 Kaz-n +9.4 +8.9 +4.0 +27.9 +10.6 -3.5 +10.0 +17.5 +112.9 +112.9 +84.4 +56.2 +76.2 Kaz-mys +9.4 +8.1 +0.9 +18.3 +7.5 +5.9 +9.2 +8.0 +7.1 +7.1 +3.8 +5.5 -8.0 Kapi-tal +5.7 +9.3 +4.6 +6.0 +4.9 +6.1 +3.8 +12.7 +5.3 +5.3 +2.6 +5.6 +6.0 Kor-gau +15.9 +7.5 +6.7 +2.5 +0.7 +11.9 +7.7 +8.0 +3.3 +3.3 +3.4 +4.5 +0.7 Ku-naev +11.8 +9.1 +2.1 +11.4 +7.4 +6.5 +11.3 +6.2 +5.7 +5.7 +11.6 +3.5 +9.7 HBK +3.9 +10.8 +4.6 +11.0 +4.8 +5.3 +10.7 +16.4 +32.9 +32.9 +27.0 +13.1 +31.8 NGD +0.2 +7.0 +6.8 +5.6 +4.2 +7.7 +4.1 +6.6 +6.7 +6.7 +15.3 +10.1 +8.8 NPF +10.0 +7.4 +5.1 +15.7 +6.5 +7.7 +6.5 +11.4 +19.2 +19.2 +5.9 +18.3 +23.7 Otan +6.2 +7.2 +5.0 +5.5 +3.8 +4.8 +12.4 +17.3 +4.9 +4.9 +18.6 +13.6 +0.03 SENIM +11.4 +12.7 +6.7 +9.2 +11.1 +1.4 +9.5 +10.4 +35.9 +35.9 +25.6 +6.4 +11.4 UlUm +0.8 +10.2 +5.9 +6.5 +3.8 +6.9 +6.4 +17.0 +7.5 +7.5 +43.1 +12.2 +15.6 -------- ----- ----- ---- ----- ----- ----- ----- ----- ------ ------ ----- ----- ----- Average +6.9 +8.6 +4.7 +10.3 +5.0 +5.4 +7.7 +11.4 +17.4 +17.4 +17.8 +11.6 +14.0 --------------------------------------------------------------------------------------- For simplicity, following abbreviations have been used in the table: VTF - PAP Valut-Tranzit-Fund JSC; Kunaev - PAPF of open type named after Kunaev JSC; NPF - APF Atameken JSC; Kaz-n - till December 30, 05 - APF BTA Kurmet-Kazakhstan JSC, afterwards - APF BTA Kazakhstan JSC; HBK - APF of Halyk Bank of Kazakhstan JSC; Kazmys - APF Kazakhmys JSC; UlUm - till Oct 1,01 OAPF Ular CJSC, afterwards - APF UlarUmit CJSC; NGD - APF NefteGas-Dem JSC; Kurmet - POAPF Kurmet JSC; GRNTUM - till April 6, 06 - AAKMG - APF ABN AMRO - KaspiyMunayGas JSC; SENIM - OAPF SENIM JSC; Korgau - APF Korgau JSC; PMK - KAPF Philip Morris Kazakhstan JSC; Otan - OAPF OTAN JSC; SAPF - State accumulative pension fund SAPF JSC; Kapital - APF KAPITAL JSC. [2006-05-17]