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

/IRBIS, Sergey Yakovlev, January 23, 06, resent because of incorrectly shown CPU as of January 1, 06 in the first table/ - Following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of January 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 in the order, which corresponds to the start of their activity on the market. Trends are given: for CPU value - in percents relative to corresponding data as of December 1, 2005, for CPU changing - in percentage points (i.e. value of previous period is deducted from the current yield in percents APR) relative to the same date. -------------------------------------------------------------------------------- CPU change in % APR Value ------------------------------------------------------- since the beginning of: for last: Activity of ------------------------------- ----------------------- start CPU on acti- Fund date Jan 1, 06 vity 2003 2004 2005 6 mon. 3 mon. 1 mon. ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- SAPF Jan15.98 303.7017 25.57 4.63 2.55 3.30 2.74 4.27 6.23 (+0.53) (-0.07) (+0.07) (+0.18) (+0.29) (-0.05) (+3.77) (+5.08) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- HBK Feb24.98 354.7583 32.42 6.83 5.95 9.02 8.95 10.86 16.36 (+1.39) (+0.27) (+0.37) (+0.54) (+0.80) (+0.98) (+3.91) (+8.34) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- VTF Mar20.98 338.1923 30.57 6.77 6.33 8.39 8.15 7.68 10.41 (+0.88) (+0.05) (+0.16) (+0.23) (+0.26) (+0.28) (+2.03) (+2.03) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- NPF Mar22.98 377.6703 35.66 8.64 8.52 9.82 9.01 8.62 11.42 (+0.97) (+0.08) (+0.16) (+0.21) (+0.24) (+0.69) (+1.67) (+2.17) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Ku- Mar24.98 311.5746 27.19 6.45 7.13 8.91 7.59 8.04 6.24 naev (+0.53) (-0.09) (+0.03) (-0.00) (-0.20) (-0.49) (-0.39) (-3.01) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kaz- Apr19.98 363.9001 34.23 6.56 6.93 9.04 8.45 7.74 7.97 mys (+0.68) (-0.06) (+0.08) (+0.09) (-0.04) (-0.03) (+0.16) (-2.43) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- UlUm Apr20.98 355.7056 33.18 6.22 6.72 8.59 7.89 10.22 16.97 (+1.44) (+0.29) (+0.40) (+0.54) (+0.89) (+1.19) (+4.48) (+11.0) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kaz-n Apr28.98 350.5447 32.60 7.89 8.63 9.26 11.33 8.02 17.52 (+1.49) (+0.31) (+0.39) (+0.51) (+0.89) (+1.52) (+2.39) (+6.14) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- NGD Jun07.98 344.2834 32.25 6.46 6.50 7.63 5.93 6.20 6.61 (+0.56) (-0.11) (+0.04) (+0.04) (-0.05) (-0.06) (+0.80) (+1.13) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- AAKMG Mar03.99 243.3712 20.97 6.31 5.53 6.29 6.15 7.35 11.14 (+0.95) (+0.07) (+0.20) (+0.30) (+0.50) (+0.67) (+1.90) (+5.77) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- SENIM Jul20.99 194.9751 14.71 7.18 7.29 11.36 8.16 7.11 10.42 (+0.88) (+0.07) (+0.16) (+0.20) (+0.01) (-0.37) (-0.17) (+2.60) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kor- Dec01.99 170.9667 11.65 5.66 5.30 7.91 6.37 9.31 7.98 gau (+0.68) (+0.03) (+0.11) (+0.15) (+0.06) (+0.08) (+2.42) (+2.19) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Otan Nov26.01 135.7873 8.73 7.57 7.69 7.70 8.26 11.57 17.27 (+1.47) (+0.30) (+0.39) (+0.53) (+0.99) (+1.74) (+4.58) (+10.6) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kapi- Mar06.02 126.5011 6.92 6.72 6.30 7.20 6.45 7.63 12.71 tal (+1.08) (+0.20) (+0.24) (+0.35) (+0.58) (+0.61) (+2.67) (+7.48) -------------------------------------------------------------------------------- It's recommended to make conclusions about effectiveness of assets management based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating term of the fund. On this reason IRBIS agency operates in table with the speed of CPU changing in different periods, expressed as percents per annum. This indicator for each period is determined as a difference between the last and first values of CPU divided by first value, expressed in percents, then divided by number of days in the period and multiplied by 365. In the opinion of IRBIS analysts, derived parameter can be considered as a nominal (without taking into account inflation) yield of fund assets during period for the depositor. The table below lets observe dynamics of the described above indicator of CPU changing (% APR) in monthly terms for the last 12 months. In the table funds are sorted by alphabet. ---------------------------------------------------------------------------------- 2005 ---------------------------------------------------------------------- Ave- Fund Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec rage ----- ----- ----- ----- ----- ----- ----- ---- ----- ----- ----- ----- ----- ----- AAKMG +12.8 +1.6 +9.0 +5.5 +0.3 +7.3 +3.9 +5.0 +5.6 +5.4 +5.3 +11.1 +6.1 VTF +9.2 +8.5 +10.6 +2.5 +9.1 +8.8 +4.5 +16.2 +4.4 +3.3 +9.3 +10.4 +8.1 SAPF +6.5 +1.8 +4.1 +0.3 +3.1 +6.6 +5.4 +3.1 -5.1 +5.6 +0.8 +6.2 +3.2 Kaz-n Х +9.7 +7.1 +5.4 +9.4 +8.9 +4.0 +27.9 +10.6 -3.5 +10.0 +17.5 +8.9 Kaz- mys +23.5 -2.4 +8.4 +6.3 +9.4 +8.1 +0.9 +18.3 +7.5 +5.9 +9.2 +8.0 +8.6 Kapi- tal +12.1 +2.9 +9.7 +5.4 +5.7 +9.3 +4.6 +6.0 +4.9 +6.1 +3.8 +12.7 +6.9 Kor- gau +6.1 +15.1 +12.5 -2.8 +15.9 +7.5 +6.7 +2.5 +0.7 +11.9 +7.7 +8.0 +7.7 Ku- naev +6.2 +8.7 +17.4 +4.6 +11.8 +9.1 +2.1 +11.4 +7.4 +6.5 +11.3 +6.2 +8.6 HBK +14.0 +4.6 +9.6 +8.0 +3.9 +10.8 +4.6 +11.0 +4.8 +5.3 +10.7 +16.4 +8.6 NGD +18.8 +7.8 +10.6 +9.0 +0.2 +7.0 +6.8 +5.6 +4.2 +7.7 +4.1 +6.6 +7.4 NPF +27.5 -2.3 +9.2 +6.9 +10.0 +7.4 +5.1 +15.7 +6.5 +7.7 +6.5 +11.4 +9.3 Otan +6.8 +2.4 +10.2 +7.2 +6.2 +7.2 +5.0 +5.5 +3.8 +4.8 +12.4 +17.3 +7.4 SENIM +31.0 +5.1 +10.7 +10.3 +11.4 +12.7 +6.7 +9.2 +11.1 +1.4 +9.5 +10.4 +10.8 UlUm +28.1 -0.5 +9.5 +3.9 +0.8 +10.2 +5.9 +6.5 +3.8 +6.9 +6.4 +17.0 +8.2 ----- ----- ----- ----- ----- ----- ----- ---- ----- ----- ----- ----- ----- ----- Ave- rage +14.5 +4.5 +9.9 +5.2 +6.9 +8.6 +4.7 +10.3 +5.0 +5.4 +7.7 +11.4 +7.8 ---------------------------------------------------------------------------------- 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 Janaury 31, 05 - PAPF Kazakhstan JSC, afterwards - APF BTA Kurmet-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; 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; "-" - data is absent because of inactivity or liquidation of the fund; "X" - data on CPU of reformed APF BTA Kurmet- Kazakhstan JSC is absent as of February 1, 2005. [2006-01-23]