ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of the activity till November 1, 2006

/IRBIS, Andrey Tsalyuk, November 16, 06/ - The following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of November 1, 2006, presented to IRBIS agency for spreading by Agency of Republic of Kazakhstan for regulation and supervision of financial market and financial organizations, and also dynamics of this indicator for the different periods of funds' activity (calculated by IRBIS). The efficiency of assets management should be judged not by absolute value of CPU, but by speed of its changing, as absolute value of unit depends on the term of fund's activity. Exactly by this reason IRBIS agency operates in the table by speed of CPU changing in different periods, expressed in percentage APR (these indicators are given without parenthesis). This indicator for each year was received as differences between final and initial values of CPU referred to initial value, expressed in percentage, after that divided by number of days in the period and multiply by 365. According to IRBIS's specialists, received indicator may be considered as indicated yield of fund's assets in the period for depositor (without taking into account of inflation influence). Funds have been sorted out by order, which corresponds to the start of their activity in the market. Trends are given in parenthesis: for CPU value - in percents relative to corresponding data as of September 1, 2006, for CPU changing - in percentage items (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 Nov 1,06 vity 2003 2004 2005 6 mon. 3 mon. 1 mon. ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- SAPF Jan 15,98 317.7880 24.75 5.00 3.52 4.41 8.25 12.40 3.48 (+0.30) (-0.13) (-0.02) (+0.01) (-0.03) (+0.22) (-1.21) (-3.05) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- HBK Feb 24,98 394.1985 33.85 5.35 8.59 11.53 4.10 3.30 -3.08 (-0.26) (-0.45) (-0.12) (-0.38) (-0.74) (-5.88) (-3.79) (-7.40) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- VTF Mar 20,98 345.4012 28.45 5.97 5.32 5.84 2.22 -2.00 -17.99 (-1.53) (-0.91) (-0.64) (-0.81) (-1.27) (-3.84) (-8.55) (-25.5) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Atam Mar 22,98 417.4746 36.83 10.23 10.37 11.67 9.09 7.05 -8.09 (-0.69) (-0.70) (-0.49) (-0.65) (-1.05) (-5.58) (-7.13) (-24.9) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Ku- Mar24,98 340.1946 27.89 7.91 8.74 10.32 12.95 3.59 -0.77 naev (-0.07) (-0.30) (-0.20) (-0.30) (-0.55) (-1.90) (-5.46) (-7.09) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Kaz- Apr 19,98 391.7069 34.15 7.52 7.96 9.48 13.67 10.49 7.06 mys (+0.60) (-0.07) (+0.03) (+0.02) (-0.06) (+2.58) (-2.55) (-0.19) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- UlUm Apr 20,98 382.3918 33.07 7.19 7.75 9.13 2.08 5.77 -10.77 (-0.91) (-0.75) (-0.48) (-0.65) (-1.06) (-4.48) (-5.43) (-26.5) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Kaz-n Apr 28,98 478.9393 44.49 17.99 21.25 26.89 10.25 3.67 2.46 (+0.21) (-0.33) (-0.31) (-0.53) (-1.13) (-12.7) (-5.29) (-2.26) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- NGD Jun 7,98 363.1169 31.29 6.76 6.77 7.38 4.04 4.38 -14.62 (-1.24) (-0.87) (-0.58) (-0.75) (-1.18) (-4.07) (-7.72) (-31.0) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Gran- Mar 3,99 261.7975 21.09 7.29 6.87 7.82 10.44 13.52 8.49 tum (+0.72) (+0.01) (+0.08) (+0.10) (+0.09) (-0.84) (+0.44) (+3.65) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- SENIM Jul 20,99 211.0630 15.23 8.24 8.49 11.21 3.01 5.20 -4.78 (-0.41) (-0.30) (-0.33) (-0.45) (-0.83) (-2.74) (-4.35) (-15.5) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Kor- Dec 1,99 184.7148 12.24 6.88 6.88 9.05 13.88 7.03 1.54 gau (+0.13) (-0.12) (-0.11) (-0.16) (-0.35) (+0.08) (-6.02) (-15.8) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Otan Nov 26,01 148.5496 9.84 8.93 9.26 9.72 12.25 9.87 1.31 (+0.112) (-0.14) (-0.16) (-0.23) (-0.40) (+0.16) (-3.89) (-15.3) ----- --------- -------- ------- ------- ------- ------- ------- ------- ------- Kapi- Mar 06,02 140.0070 8.58 8.61 8.69 10.18 17.65 24.39 53.55 tal (+4.55) (+1.17) (+1.35) (+1.70) (+2.46) (+8.32) (+16.3) (+41.2) -------------------------------------------------------------------------------- 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 Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct rage ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ------ Grantum +5.3 +11.1 +4.3 +3.9 +5.0 +13.3 +9.2 +4.8 +7.2 +26.6 +4.8 +8.5 +8.7 VTF +9.3 +10.4 -6.5 +10.1 +5.2 +4.2 +8.6 +3.5 +7.1 +5.0 +7.5 -18.0 +3.9 SAPF +0.8 +6.2 +4.6 -5.5 +3.8 +2.1 +9.6 -4.9 +7.0 +26.8 +6.5 +3.5 +5.0 Kaz-n +10.0 +17.5 +113 +84.4 +56.2 +76.2 +30.0 +1.0 +18.0 +3.8 +4.7 +2.5 +34.8 Kaz-mys +9.2 +8.0 +7.1 +3.8 +5.5 -8.0 +29.1 +4.7 +14.5 +16.8 +7.3 +7.1 +8.8 Kapital +3.8 +12.7 +5.3 +2.6 +5.6 +6.0 +16.9 +7.6 +6.0 +6.0 +12.4 +53.5 +11.55 Korgau +7.7 +8.0 +3.3 +3.4 +4.5 +0.7 +21.7 +19.3 +19.1 +2.5 +17.3 +1.5 +9.08 Kunaev +11.3 +6.2 +5.7 +11.6 +3.5 +9.7 +12.4 +38.1 +15.3 +5.3 +6.3 -0.8 +10.4 NBK +10.7 +16.4 +32.9 +27.0 +13.1 +31.8 +9.1 -2.8 +8.0 +8.7 +4.3 -3.1 +13.0 NGD +4.1 +6.6 +6.7 +15.3 +10.1 +8.8 +0.9 +2.3 +7.8 +12.0 +16.3 -14.6 +6.4 Atam +6.5 +11.4 +19.2 +5.9 +18.3 +23.7 +14.2 +5.5 +12.6 +12.7 +16.9 -8.1 +11.6 Otan +12.4 +17.3 +4.9 +18.6 +13.6 +0.0 +23.4 +6.2 +12.6 +11.69 +16.6 +1.3 +11.6 SENIM +9.5 +10.4 +35.9 +25.6 +6.4 +11.4 +23.6 -29.5 +7.9 +9.9 +10.7 -4.8 +9.8 UlUm +6.4 +17.0 +7.5 +43.1 +12.2 +15.6 -10.1 +0.5 +5.0 +12.8 +15.7 -10.8 +9.6 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ------ Average +7.7 +11.4 +17.4 +17.8 +11.6 +14.0 +14.2 +4.0 +10.6 +11.5 +10.5 +1.3 +11.0 --------------------------------------------------------------------------------------- Abbreviations are used in the table for compactness, as follows: VTF - PAP Valut-Tranzit-Fund JSC; Kunaev - PAPF of open type named after Kunaev JSC; Atam - 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 CJSC; Kurmet - POAPF Kurmet JSC; Grantum - till April 6, 06 - ABN AMRO-KaspiyMunayGas APF JSC, afterwards - GRANTUM APF JSC (Subsidiary company of Kazkommertsbank JSC); SENIM - OAPF Senim JSC; Korgau - APF Korgau JSC; PMK - KAPF Philip Morris Kazakhstan JSC; Otan - OAPF OTAN JSC; SAPF - Accumulative pension fund SAPF JSC; Capital - APF CAPITAL JSC. [2006-11-16]