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

/IRBIS, Sergey Yakovlev, March 16, 06/ - Following table comprises values of conventional pension unit (CPU) of Kazakhstan accumulative pension funds (APF) as of March 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 (given in parenthesis) are given: for CPU value - in percents relative to corresponding data as of February 1, 2006, for CPU changing - in percentage points (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 Mar 1, 06 vity 2003 2004 2005 6 mon. 3 mon. 1 mon. ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- SAPF Jan15.98 303.5879 25.05 4.38 2.34 2.80 1.24 1.99 -5.52 (-0.42) (-0.40) (-0.27) (-0.30) (-0.60) (-1.35) (-1.91) (-10.1) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- HBK Feb24.98 372.2314 33.95 6.48 8.05 12.38 16.59 25.89 27.02 (+2.07) (+0.62) (-0.16) (+0.85) (+1.27) (+2.67) (+5.50) (-5.88) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- VTF Mar20.98 338.9153 30.04 6.50 5.96 7.42 5.09 4.46 10.05 (+0.77) (+0.04) (+0.14) (+0.19) (+0.24) (-1.13) (+0.12) (+16.6) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- NPF Mar22.98 385.5662 35.93 9.04 9.01 10.43 9.82 12.50 5.92 (+0.45) (-0.13) (-0.04) (-0.07) (-0.27) (-1.66) (-0.06) (-13.3) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Ku- Mar24.98 315.8785 27.18 6.64 7.33 8.97 8.19 7.78 11.62 naev (+0.89) (+0.09) (+0.18) (+0.22) (+0.26) (-0.03) (+0.01) (+5.90) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kaz- Apr19.98 367.1677 33.94 6.57 6.88 8.62 7.06 6.41 3.80 mys (+0.29) (-0.20) (-0.05) (-0.09) (-0.32) (-2.48) (-1.73) (-3.33) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- UlUm Apr20.98 369.8083 34.29 7.39 8.29 11.10 14.06 22.15 43.10 (+3.31) (+1.18) (+1.10) (+1.50) (+2.55) (+5.89) (+11.8) (+35.6) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kaz-n Apr28.98 409.0358 39.38 14.01 17.03 23.67 40.50 74.71 84.40 (+6.47) (+2.81) (+2.49) (+3.36) (+5.47) (+9.85) (+26.6) (-28.5) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- NGD Jun07.98 350.3025 32.35 6.79 6.93 8.19 7.46 9.41 15.30 (+1.17) (+0.21) (+0.29) (+0.38) (+0.59) (+1.53) (+3.55) (+8.62) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- AAKMG Mar03.99 244.9804 20.71 6.24 5.45 6.02 6.04 6.54 3.86 (+0.30) (-0.13) (-0.04) (-0.04) (-0.13) (-0.17) (-0.43) (-0.42) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- SENIM Jul20.99 204.8637 15.84 8.76 9.44 14.64 15.99 24.34 25.55 (+1.96) (+0.42) (+0.58) (+0.76) (+1.04) (+2.74) (+5.39) (-10.4) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kor- Dec01.99 171.8823 11.50 5.57 5.18 7.31 5.96 4.93 3.37 gau (+0.26) (-0.07) (-0.04) (-0.05) (-0.26) (+0.19) (-1.41) (+0.12) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Otan Nov26.01 138.3029 8.98 7.90 8.11 8.34 10.38 13.57 18.63 (+1.43) (+0.30) (+0.37) (+0.50) (+0.83) (+2.14) (+1.96) (+13.7) ----- -------- --------- ------- ------- ------- ------- ------- ------- ------- Kapi- Mar06.02 127.3285 6.85 6.63 6.17 6.81 6.05 7.06 2.63 tal (+0.20) (-0.07) (-0.09) (-0.12) (-0.28) (-0.52) (-0.31) (-2.69) -------------------------------------------------------------------------------- It's recommended to make conclusions about effectiveness of assets management based not on absolute value of CPU but on its speed of change since the absolute value of the unit depends on the period of fund's activity. On this reason IRBIS agency works in the table with the speed of CPU changing in various periods, expressed as percents per annum. This indicator for each period has been calculated as a difference between the last and the first values of CPU, related with the initial value, expressed as percentage, then divided into the number of days in the period and multiplied by 365. Specialists of IRBIS assume, the calculated indicator can be considered the indicated yield (without influence of inflation) of fund's assets in the period for depositor. The table below lets observe dynamics of the described above indicator of CPU changing (% APR) in monthly terms for the last 12 months. -------------------------------------------------------------------------------------- 2005 2006 ----- ----- ----- ----- ---- ----- ----- ----- ----- ----- ------ ----- Ave- Fund Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb rage -------- ----- ----- ----- ----- ---- ----- ----- ----- ----- ----- ------ ----- ----- AAKMG +9.0 +5.5 +0.3 +7.3 +3.9 +5.0 +5.6 +5.4 +5.3 +11.1 +4.3 +3.9 +5.6 VTF +10.6 +2.5 +9.1 +8.8 +4.5 +16.2 +4.4 +3.3 +9.3 +10.4 -6.5 +10.1 +6.9 SAPF +4.1 +0.3 +3.1 +6.6 +5.4 +3.1 -5.1 +5.6 +0.8 +6.2 +4.6 -5.5 +2.4 Kaz-n +7.1 +5.4 +9.4 +8.9 +4.0 +27.9 +10.6 -3.5 +10.0 +17.5 +112.9 +84.4 +24.6 Kaz-mys +8.4 +6.3 +9.4 +8.1 +0.9 +18.3 +7.5 +5.9 +9.2 +8.0 +7.1 +3.8 +7.8 Kapi-tal +9.7 +5.4 +5.7 +9.3 +4.6 +6.0 +4.9 +6.1 +3.8 +12.7 +5.3 +2.6 +6.3 Kor-gau +12.5 -2.8 +15.9 +7.5 +6.7 +2.5 +0.7 +11.9 +7.7 +8.0 +3.3 +3.4 +6.4 Ku-naev +17.4 +4.6 +11.8 +9.1 +2.1 +11.4 +7.4 +6.5 +11.3 +6.2 +5.7 +11.6 +8.8 HBK +9.6 +8.0 +3.9 +10.8 +4.6 +11.0 +4.8 +5.3 +10.7 +16.4 +32.9 +27.0 +12.1 NGD +10.6 +9.0 +0.2 +7.0 +6.8 +5.6 +4.2 +7.7 +4.1 +6.6 +6.7 +15.3 +7.0 NPF +9.2 +6.9 +10.0 +7.4 +5.1 +15.7 +6.5 +7.7 +6.5 +11.4 +19.2 +5.9 +9.3 Otan +10.2 +7.2 +6.2 +7.2 +5.0 +5.5 +3.8 +4.8 +12.4 +17.3 +4.9 +18.6 +8.6 SENIM +10.7 +10.3 +11.4 +12.7 +6.7 +9.2 +11.1 +1.4 +9.5 +10.4 +35.9 +25.6 +12.9 UlUm +9.5 +3.9 +0.8 +10.2 +5.9 +6.5 +3.8 +6.9 +6.4 +17.0 +7.5 +43.1 +10.1 -------- ----- ----- ----- ----- ---- ----- ----- ----- ----- ----- ------ ----- ----- Average +9.9 +5.2 +6.9 +8.6 +4.7 +10.3 +5.0 +5.4 +7.7 +11.4 +17.4 +17.8 +9.2 -------------------------------------------------------------------------------------- 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. [2006-03-16]