ANALYSIS: Kazakhstan APF conventional pension unit dynamics from beginning of operation till September 1, 2008

/IRBIS, Vitaliy Tomskiy, September 18, 08/ - The table below comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of September 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 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, 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 percent relative to corresponding data as of August 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 the last Activity CPU of ------------------------------- ----------------------- Start on Sept. acti- Fund date 1, 08 vity 2005 2006 2007 6 mon. 3 mon. 1 mon. ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- SAPF 15.01.98 362.505 24.68 6.35 7.26 4.98 2.85 -2.82 9.03 (+0.77) (+0.06) (+0.11) (+0.11) (+0.25) (+0.49) (-3.47) (+24.1) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- HBK 24.02.98 450.923 33.34 10.51 10.16 5.06 -1.73 -16.03 -25.99 (-2.21) (-1.25) (-1.12) (-1.44) (-1.82) (-6.14) (-16.2) (-7.44) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Atam 22.03.98 484.434 36.77 11.14 10.59 8.26 11.98 10.23 7.93 (+0.67) (+0.01) (-0.00) (-0.02) (+0.04) (-3.04) (-8.18) (-0.43) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Ama- 24.03.98 395.816 28.31 10.46 10.13 7.92 5.77 9.36 5.95 nat (+0.51) (-0.04) (-0.05) (-0.09) (-0.06) (-0.73) (-5.83) (-1.56) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kaz- 19.04.98 462.341 34.91 10.50 10.14 9.33 8.01 0.77 -5.53 mys (-0.47) (-0.50) (-0.43) (-0.57) (-0.85) (-2.93) (-12.4) (+1.12) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- UlUm 20.04.98 424.399 31.27 8.06 7.24 4.62 -6.76 -27.58 -22.26 (-1.89) (-1.05) (-0.89) (-1.13) (-1.56) (-5.22) (-17.6) (+11.7) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- BTA 28.04.98 587.792 47.11 22.68 25.36 11.93 11.76 8.96 2.05 (+0.17) (-0.29) (-0.45) (-0.72) (-0.51) (-4.14) (-8.58) (-8.51) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- NGD 07.06.98 428.131 32.03 9.23 9.13 9.94 13.28 11.12 6.15 (+0.52) (-0.05) (-0.02) (-0.05) (-0.15) (+1.21) (-6.38) (+5.36) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Gran- 03.03.99 285.847 19.55 6.77 6.54 4.45 3.72 -1.63 -10.27 tum (-0.87) (-0.44) (-0.47) (-0.62) (-0.84) (-3.44) (-9.64) (-7.88) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- SE 20.07.99 230.329 14.28 8.60 6.80 4.21 6.69 11.89 0.92 NIM (+0.08) (-0.11) (-0.18) (-0.19) (-0.17) (-0.88) (-5.72) (-12.4) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kor- 01.12.99 214.093 13.03 9.58 9.45 8.83 10.39 10.97 13.01 gau (+1.10) (+0.14) (+0.19) (+0.22) (+0.32) (-0.07) (-0.34) (+7.67) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Otan 26.11.01 180.530 11.90 11.77 12.35 10.43 8.04 4.27 -4.16 (-0.35) (-0.25) (-0.42) (-0.59) (-0.82) (-2.57) (-9.10) (-3.52) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kapi- 06.03.02 170.262 10.82 12.07 12.96 10.81 8.81 7.29 8.86 tal (+0.75) (+0.06) (+0.01) (-0.04) (-0.02) (-0.25) (-1.53) (+5.23) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- RES 18.05.07 114.116 10.92 - - - 13.04 9.21 1.79 (+0.15) (-0.62) - - - (-1.25) (-5.86) (-13.3) -------------------------------------------------------------------------------- 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 --------------------- --------------------------------------------- Aver- Fund IX X XI XII I II III IV V VI VII VIII age ----- ----- ----- ---- ----- ---- ----- ---- ----- ----- ----- ----- ----- ----- Aman- at -1.8 -0.5 -9.9 +7.9 +8.7 +10.4 -1.5 -15.3 +23.0 +14.6 +7.5 +6.0 +4.1 Atam +5.5 +12.6 +6.5 +11.0 -29 +25.8 +3.5 +4.4 +31.8 +14.3 +8.4 +7.9 +8.6 SAPF -4.0 +5.7 +11 +11.2 -1.5 +6.4 -0.4 +6.5 +19.5 -2.3 -15.1 +9.0 +3.9 Gran- +7 -5.4 -1 +24.1 +10 +9.8 -2.5 +11.6 +18.2 +8.2 -2.4 -10.3 +5.6 tum BTA +12.6 -15.4 -2.3 +35.5 +17 +26.0 +5.1 +10.1 +27.0 +14.3 +10.6 +2.0 +11.9 Kaz- +6.7 +8.8 +22 +25.7 +0.6 +11.1 +4.1 +9.8 +31.1 +15.1 -6.7 -5.5 +10.3 mys Kapi -8.6 +7.7 +8.1 +18.9 +16 +10.4 +7.6 +9.2 +13.3 +9.3 +3.6 +8.9 +8.7 tal Kor- +0.6 +11.8 +8.3 +7.1 +9.6 +13.6 +3.9 +10.5 +14.0 +14.4 +5.3 +13.0 +9.4 gau NBK +9.1 +2.6 +18 +19.6 -6.8 +10.4 +1.8 +14.1 +23.0 -3.7 -18.6 -26.0 +3.6 NGD +0.3 +21.5 +40 +7.8 -6.1 -1.5 +11 +9.0 +24.7 +26.8 +0.8 +6.2 +11.6 Otan +5.6 +10.2 +21 +16.3 +7.9 +10.5 +10 +1.8 +22.5 +18.1 -0.6 -4.2 +9.9 RES +5.7 +5.4 +9.6 +22.4 +19 +8.5 +29 +1.0 +18.8 +10.7 +15.0 +1.8 +12.2 SE- +2.9 +3.8 +15 +13.3 +5.1 +5.9 -8.1 -5.0 +17.4 +21.5 +13.3 +0.9 +7.2 NIM UlUm -5.1 +16.7 +30 +31.1 -14 +9.9 -16 +28.7 +32.8 -28.5 -34.0 -22.3 +2.5 ------ ---- ----- ---- ----- ---- ----- ---- ----- ----- ----- ----- ----- ----- Ave- +2.6 +6.1 +13 +18.0 +2.7 +10.5 +3.4 +6.9 +22.6 +9.5 -0.9 -0.9 +7.8 rage -------------------------------------------------------------------------------- Abbreviations are used in the table for reason of convenience, as follows: Amanat - PAPF AMANAT-KAZAKHSTAN JSC (former name is 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. [2008-09-18]