ANALYSIS: Dynamics of conventional pension unit of Kazakhstan APF from the beginning of the activity till September 1, 2007

/IRBIS, Sergey Yakovlev, October 3, 07/ - The following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of September 1, 2007, presented to IRBIS agency to spread 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 August 1, 2007, 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 -------------------------------------------------------- Acti value Since the beginning of: For last: -vity of ------------------------------- ------------------------ start CPU on acti- 2004 2005 2006 6 3 1 Fund date 01.09.07 vity mon. mon. mon. ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Sapf 15.01.98 348,8122 25,82 5,64 6,98 5,57 7,30 8,90 12,12 (+1,06) (+0,15) (+0,22) (+0,25) (+0,28) (+1,17) (+4,95) (+3,67) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Hbk 24.02.98 435,7295 35,24 10,20 12,70 8,55 6,67 1,72 -9,16 (-0,80) (-0,70) (-0,56) (-0,85) (-0,68) (-3,58) (-10,78) (-10,1) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Atam 22.03.98 445,4989 36,54 10,37 11,07 6,73 6,72 6,97 4,77 (+0,42) (-0,14) (-0,09) (-0,17) (-0,04) (-0,24) (-0,36) (-5,12) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Kuna 24.03.98 379,9025 29,62 10,72 12,29 8,22 14,54 11,81 1,59 ev (+0,14) (-0,22) (-0,21) (-0,35) (-0,21) (-1,63) (-13,4) (-14,8) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Kaz 19.04.98 417,7631 33,88 8,37 9,44 5,55 3,07 4,33 -2,40 mys (-0,21) (-0,41) (-0,28) (-0,42) (-0,28) (-2,86) (-2,30) (-3,81) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Ul 20.04.98 415,2815 33,63 8,84 10,03 6,28 8,88 17,12 17,34 um (+1,52) (+0,35) (+0,34) (+0,39) (+0,46) (+8,53) (+7,78) (-5,82) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Ka 28.04.98 522,9195 45,22 20,42 23,61 18,43 11,51 8,95 -6,13 sn (-0,54) (-0,73) (-0,76) (-1,14) (-0,94) (-2,38) (-12,7) (-19,9) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Ngd 07.06.98 381,4673 30,45 6,87 7,22 4,05 6,25 7,01 -6,24 (-0,55) (-0,52) (-0,36) (-0,50) (-0,37) (-2,58) (-4,17) (-21,5) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Gra 03.03.99 270,4501 20,04 6,38 6,79 4,17 1,23 -1,78 -12,83 ntum (-1,12) (-0,57) (-0,55) (-0,75) (-0,63) (-3,94) (-7,98) (-9,76) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Sen 20.07.99 214,5071 14,09 7,11 8,44 3,75 -4,04 3,39 -3,52 im (-0,31) (-0,24) (-0,28) (-0,43) (-0,26) (-4,05) (-1,02) (-16,6) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Kor 01.12.99 195,0340 12,25 7,13 8,66 5,28 7,25 2,78 -1,74 gau (-0,15) (-0,18) (-0,23) (-0,37) (-0,25) (-1,44) (-7,40) (-5,54) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Otan 26.11.01 163,5931 11,02 10,63 11,15 7,67 7,86 6,89 -3,73 (-0,33) (-0,26) (-0,39) (-0,54) (-0,41) (-5,06) (-8,04) (-27,3) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Kap 06.03.02 155,9862 10,19 10,59 12,06 8,73 14,26 8,14 0,14 ital (+0,01) (-0,16) (-0,25) (-0,40) (-0,29) (-1,62) (-8,22) (-10,6) ---- -------- -------- ------- ------- ------- ------- ------- -------- ------- Res 18.05.07 100,9846 3,36 - - - - - 9,81 (+0,86) (+2,76) - - - - - X ------------------------------------------------------------------------------- The table below let us observe dynamics of the described above indicator of CPU changing (%APR) inmonthly terms for the last 12 months. Funds are sorted out in alphabetical order in this table. ----------------------------------------------------------------------------------- 2006 2007 year year ----------------------- ------------------------------------------------ Ave- Fund IX X XI XII I II III IV V VI VII VIII Ra ge ---- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ----- ----- ----- Gr +4,8 +8,5 +7,8 +11,7 +2,7 +10,2 +6,5 -4,2 +10,3 +11.5 -3,1 -12,8 +4,5 an tu m Vt +7,5 -18,0 +6,1 +7,1 +1,1 +3,7 -104,2 +2,2 Х X X X -11,8 f Sa +6,5 +3,5 +4,2 +58,4 +0,9 +5,4 +16,1 +2,8 -2,3 +5.7 +8,4 +12,1 +10,2 pf Ka +4,7 +2,5 +11,2 +16,8 +3,9 +5,9 +5,1 +5,6 +30,1 +20 +13,8 -6,1 +9,5 zn Ka +7,3 +7,1 +5,7 +19,5 +19,5 +15 -0,8 +2,0 +4,1 +14.6 +1,4 -2,4 +7,7 zm ys Ka +12,4 +53,5 +16,2 +19,7 +2,8 +8 +4,2 +31,7 +23,8 +13.8 +10,8 +0,1 +16,4 pi ta l Ko +17,3 +1,5 +5,3 +6,9 +4,2 +6 +7,3 +7,4 +19,9 +6.5 +3,8 -1,7 +7,0 rg au Ku +6, 3 -0,8 -0,7 +33,4 +5,2 +9,7 +5,7 +4,1 +39,9 +17.7 +16,4 +1,6 +11,5 na ev Nb +4,3 -3,1 +3,4 +61,2 +6,2 +10,8 -2,7 +15,4 +22,1 +14.2 +1,0 -9,2 +10,3 k Ng +16,3 -14,6 -8,2 +21,5 +0,7 +8,1 +5,3 +5,4 +5,4 +12.6 +15,3 -6,2 +5,1 d At +16,9 -8,1 +11,5 +12,1 +8,6 +6,0 +5,5 +7,7 +5,8 +6.2 +9,9 +4,8 +7,2 am Ot +16,6 +1,3 +9,2 +32,1 +3,7 +26 -5,2 +12 +19,3 +1.0 +23,6 -3,7 +11,3 an Se +10,7 -4,8 +8,3 +14,9 -0,2 +23,2 -3,3 -31,0 -0,7 +0.8 +13 -3,5 +2,3 ni m Ul +15,7 -10,8 -0,9 +36,8 +42,8 -35,0 -7,0 +14,2 -5,1 +9.9 +23,2 +17,3 +8,4 um Re - - - - - - - - - - X +9,8 +9,8 s ---- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ----- ----- ----- Ave +10,5 +1,3 +5,6 +25,1 +7,3 +7,4 -4,8 +5,4 +12,3 +9,6 +10,6 >0.01 +7,3 ra ge ----------------------------------------------------------------------------------- Abbreviations are used in the table for compactness,as follows:VTF-PAP Valut-Tranzit-FundJSC;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 KazakhstanJSC; Kazmys-APF Kazakhmys JSC;UlUm-till Oct1,01 OAPF Ular CJSC,afterwards-APF UlarUmit CJSC; NGD-APF NefteGas-DEMC JSC; Kurmet-PO APF Kurmet JSC; Grantum- till April 6, 06- ABN AMRO -KaspiyMunayGas APF JSC, afterwards-GRANTUMAPF JSC(Subsidiary company of Kazkommertsbank JSC); SENIM-OAPF Senim JSC; Korgau- APFKorgau JSC; PMK-KAPF PhilipMorrisKazakhstan JSC; Otan-OAPFOTAN JSC; SAPF-Accumulative pension fund SAPF JSC; Capital-APF CAPITAL JSC; RES-APF RESPUBLIKA JSC. "X"-data absent due to inactivity or liquidation of a fund. [2007-10-03]