ANALYSIS: Kazakhstan APFs conventional pension unit dynamics from beginning of operation till July 1, 2008

/IRBIS, Vitaliy Tomskiy, July 16, 08/ - The following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of July 1, 2008, presented to IRBIS agency for spreading by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations, and also dynamics of this indicator in different periods of funds' operation (calculated by IRBIS). Assets management efficiency should be judged not on the basis of absolute value of CPU, but by its changing speed, as unit absolute value depends on the term of fund's operation. Exactly due to this reason IRBIS 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 multiplied by 365. According to IRBIS specialists, the received indicator may be considered as indicated yield of fund's assets in the period for depositor (without account of inflation influence). Funds have been sorted out by the order corresponding to the start of operation in the market. Trends are given in parenthesis: for CPU value - in percents relative to corresponding data as of June 1, 2008, 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: over he last Activity of ------------------------------- ----------------------- Start CPU on acti- Fund date July 1, 08 vity 2005 2006 2007 6 mon. 3 mon. 1 mon. ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- SAPF 15.01.98 364.412 25.26 6.84 8.00 5.92 4.73 8.03 -2.29 (-0.19) (-0.27) (-0.23) (-0.37) (-0.49) (-2.31) (-0.55) (-21.8) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- HBK 24.02.98 468.484 35.58 12.57 12.83 8.45 6.49 11.33 -3.67 (-0.30) (-0.42) (-0.43) (-0.60) (-0.73) (-4.03) (-1.75) (-26.7) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Atam 22.03.98 477.802 36.73 11.13 10.61 8.16 8.27 17.15 14.30 (+1.18) (+0.25) (+0.20) (+0.25) (+0.45) (+0.54) (+3.76) (-17.5) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Ku- 24.03.98 391.329 28.34 10.52 10.24 7.96 6.72 7.51 14.59 naev (+1.20) (+0.23) (+0.22) (+0.27) (+0.47) (+1.11) (+5.38) (-8.36) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kaz- 19.04.98 467.165 35.97 11.43 11.36 11.19 12.24 19.07 15.07 mys (+1.24) (+0.27) (+0.23) (+0.26) (+0.36) (-1.91) (+3.85) (-16.1) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- UlUm 20.04.98 445.434 33.85 10.28 10.10 8.70 2.01 11.02 -28.48 (-2.34) (-1.33) (-1.20) (-1.59) (-2.42) (-10.3) (-4.09) (-61.3) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- BTA 28.04.98 581.558 47.29 23.23 26.37 12.43 17.06 17.45 14.27 (+1.17) (+0.28) (+0.06) (-0.10) (+0.25) (-3.85) (+3.21) (-12.7) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- NGD 07.06.98 425.621 32.32 9.45 9.46 10.61 10.82 20.49 26.78 (+2.20) (+0.65) (+0.61) (+0.78) (+1.15) (+3.22) (+5.48) (+2.13) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Gran 03.03.99 288.949 20.24 7.49 7.50 5.74 9.39 12.84 8.16 tum (+0.67) (+0.03) (+0.07) (+0.07) (+0.18) (-2.81) (+3.75) (-10.0) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- SE- 20.07.99 227.575 14.24 8.57 6.69 3.84 6.14 11.41 21.49 NIM (+1.77) (+0.31) (+0.45) (+0.61) (+1.07) (+1.32) (+9.97) (+4.07) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kor- 01.12.99 210.798 12.90 9.45 9.32 8.65 11.23 13.13 14.40 gau (+1.18) (+0.17) (+0.23) (+0.28) (+0.43) (+1.28) (+3.58) (+0.40) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Otan 26.11.01 181.269 12.31 12.51 13.41 11.94 12.15 14.35 18.12 (+1.49) (+0.25) (+0.32) (+0.35) (+0.53) (+0.29) (+2.66) (-4.35) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- Kapi 06.03.02 168.471 10.82 12.23 13.28 11.21 11.29 10.74 9.32 tal (+0.77) (+0.06) (+0.02) (-0.03) (-0.02) (-1.68) (+0.61) (-4.02) ---- -------- ---------- ------- ------- ------- ------- ------- ------- ------- RES 18.05.07 112.506 11.13 - - - 15.01 10.31 10.67 (+0.88) (+0.06) - - - (-2.10) (-6.18) (-8.14) -------------------------------------------------------------------------------- The table below shows dynamics of the described above indicator of CPU changing (% APR) in monthly terms for the last 12 months. The funds are sorted out in alphabetical order. ------------------------------------------------------------------------------ 2007 2008 --------------------------------- --------------------------------- Fund VII VIII IX X XI XII I II III IV V VI age ---- ----- ----- ---- ---- ----- ----- ----- ----- ---- ---- ----- ----- ----- Atam +9.9 +4.8 +5.5 +13 +6.5 +11.0 -28.7 +25.8 +3.5 +4.4 +31.8 +14.3 +8.4 SAPF +8.4 +12.1 -4.0 +5.7 +11.4 +11.2 -1.5 +6.4 -0.4 +6.5 +19.5 -2.3 +6.1 Gran -3.1 -12.8 +7 -5.4 -1 +24.1 +10.3 +9.8 -2.5 +12 +18.2 +8.2 +5.4 tum BTA +13.8 -6.1 +13 -15 -2.3 +35.5 +16.9 +26.0 +5.1 +10 +27.0 +14.3 +11.5 Kaz- +1.4 -2.4 +6.7 +8.8 +22.4 +25.7 +0.6 +11.1 +4.1 +9.8 +31.1 +15.1 +11.2 mys Kapi +10.8 +0.1 -8.6 +7.7 +8.1 +18.9 +16.2 +10.4 +7.6 +9.2 +13.3 +9.3 +8.6 tal Kor- +3.8 -1.7 +0.6 +12 +8.3 +7.1 +9.6 +13.6 +3.9 +11 +14.0 +14.4 +8.0 gau Ku- +16.4 +1.6 -1.8 -0.5 -9.9 +7.9 +8.7 +10.4 -1.5 -15 +23.0 +14.6 +4.5 naev NBK +1 -9.2 +9.1 +2.6 +17.9 +19.6 -6.8 +10.4 +1.8 +14 +23.0 -3.7 +6.7 NGD +15.3 -6.2 +0.3 +22 +39.6 +7.8 -6.1 -1.5 +11 +9.0 +24.7 +26.8 +11.8 Otan +23.6 -3.7 +5.6 +10 +20.9 +16.3 +7.9 +10.5 +10 +1.8 +22.5 +18.1 +12.0 RES - +9.8 +5.7 +5.4 +9.6 +22.4 +19.0 +8.5 +29 +1.0 +18.8 +10.7 +12.7 SE- +13 -3.5 +2.9 +3.8 +15 +13.3 +5.1 +5.9 -8.1 -5.0 +17.4 +21.5 +6.8 NIM UlUm +23.2 +17.3 -5.1 +17 +29.6 +31.1 -13.6 +9.9 -16 +29 +32.8 -28.5 +10.5 ---- ----- ----- ---- ---- ----- ----- ----- ----- ---- ---- ----- ----- ----- Ave- +10.6 <0.01 +2.6 +6.1 +12.6 +18.0 +2.7 +10.5 +3.4 +6.9 +22.6 +9.5 +8.8 rage ------------------------------------------------------------------------------ Abbreviations are used in the table for reason of convenience, as follows: Kunaev - PAPF of open type named after Kunaev JSC; Atam - APF Atameken JSC; BTA - till November 7, 06 -APF BTA Kazakhstan JSC, afterwards - DOJSC TuranAlem bank JSC APF BTA Kazakhstan; 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; 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; Otan - OAPF OTAN JSC; SAPF - Accumulative pension fund SAPF JSC; Capital - APF CAPITAL JSC ; RES - APF RESPUBLIKA JSC . The data aforementioned is not an offer or recommendation to sell or buy any financial instruments on KASE. Using the data while making investment decisions does not rest the responsibility for possible losses resultant from such decision on the IRBIS agency. [2008-07-16]