Decisions of governing bodies

1. Early terminate the powers of the Chairman of the Management Board of Kazyna Capital Management Kassymbek Ardak Makhmuduly on December 27, 2019.
2. Early terminate the powers of a member of the Board of Directors of Kazyna Capital Management JSC Kasymbek Ardak Makhmuduly on December 27, 2019.
3. Temur Beguliev Timur Erkinovich Beguliev will be temporarily charged with the duties of the Chairman of the Management Board of Kazyna Capital Management Joint Stock Company from December 30, 2019.
4. Acting Chairman of the Board of Kazyna Capital Management Joint Stock Company to take the necessary measures to implement this decision.
5. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To approve amendments and additions to the Corporate Governance Code of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 22 to this Protocol.
2. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Approve amendments and additions to the Regulations on the Board of Directors of Kazyna Capital Management Joint-Stock Company in accordance with Annex 14 to these Minutes.
2. This Resolution is the resolution of the Sole Shareholder of Kazyna Capital Management Joint-Stock Company.

1. To introduce amendments and additions to the Charter of Kazyna Capital Management Joint-Stock Company in accordance with Appendix No. 33 to this Minutes.
2. The Chairman of the Board of JSC "Kazyna Capital Management" (Kuatova A.S.) to take measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Designate KPMG Audit LLP as an audit organization that audits Kazyna Capital Management JSC for 2022-2023.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company to take measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To change the name of Kazyna Capital Management Joint Stock Company to Qazaqstan Investment Corporation Joint Stock Company.
2. To amend the Charter of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 12 to this protocol.
3. To authorize the Chairman of the Management Board Kuatova Ainur Sainovna to sign the amendments to the Charter of Kazyna Capital Management Joint Stock Company.
4. To the Chairman of the Management Board of Kazyna Capital Management Joint Stock Company (Kutova A.S.) to take the necessary measures arising from this decision.
5. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To make changes and additions to the Charter of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 21 to this Protocol.
2. To grant the Chairman of the Management Board of Kazyna Capital Management JSC Kasymbek A.M. the right to sign amendments and supplements to the Articles of Association of Kazyna Capital Management Joint Stock Company.
3. The Chairman of the Management Board of Kazyna Capital Management Joint Stock Company to take all necessary measures arising from this decision.
4. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To approve the Annual Report of Kazyna Capital Management Joint-Stock Company for 2019 in accordance with Annex 12 to these minutes.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company shall take all necessary measures resulting from this resolution.
3. This resolution is the resolution of the Sole Shareholder of Kazyna Capital Management Joint-Stock Company.

1. Approve the annual report of KAZYNA Capital Management Joint Stock Company for 2020 in accordance with Annex 1 to this Minutes.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company shall take all necessary measures resulting from this resolution.
3. This resolution is a decision of the Sole Shareholder of KAZYNA Capital Management Joint Stock Company.

1. Approve the Annual Report of Kazyna Capital Management Joint Stock Company for 2018 in accordance with Appendix No. 7 to this decision.
2. The Chairman of the Management Board of the Company to take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of the Company.

1. To approve amendments to the Corporate Governance Code of National Management Holding “Baiterek” Joint Stock Company, adopted by the decision of the Board of Kazyna Capital Management JSC dated January 12, 2018 (Minutes No. 1/18), according to Appendix No.15 to these Minutes. 2. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Prematurely terminate the powers of a member of the Board of Directors of Kazyna Capital Management JSC - Adil Yergaliuly Nurgozhin from July 19, 2021.
2. Elect Vyacheslav Vladimirovich Son as a member of the Board of Directors of KAZYNA Capital Management Joint Stock Company as a representative of the Sole Shareholder with a term of office until the expiration of the term of office of the Board of Directors of KAZYNA Capital Management Joint Stock Company as a whole.
3. The Chairman of the Management Board of KAZYNA Capital Management Joint Stock Company to take the necessary measures arising from paragraphs 1-2 of this resolution.
4. This resolution is a decision of the Sole Shareholder of KAZYNA Capital Management Joint Stock Company.

1. Approve the Annual Report of Kazyna Capital Management JSC for 2021 in accordance with Appendix No. 9 to this Minutes.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company to take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To approve the annual report of Qazaqstan Investment Corporation Joint-Stock Company for 2023 in accordance with Appendix No. 14 to these minutes.
2. The Chairman of the Board of Qazaqstan Investment Corporation Joint-Stock Company shall take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Qazaqstan Investment Corporation Joint-Stock Company.

1. To elect Marat Talgatovich Omarov as a member of the Board of Directors of Kazyna Capital Management Joint Stock Company as a representative of the Sole Shareholder with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company as a whole.
2. The Chairman of the Management Board of Kazyna Capital Management Joint Stock Company to take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To approve the list and forms of reports provided by subsidiaries to Baiterek National Managing Holding Joint-Stock Company in a new revision in accordance with Annex No. 7 to the minutes.
2. To repeal the resolution of Baiterek National Managing Holding Joint-Stock Company dated March 18, 2020 (Minutes 13/20) on issue 2 "On approval of the list and reporting forms provided by subsidiaries to Baiterek National Managing Holding Joint-Stock Company in a new revision".
3. Clauses 1 and 2 of this resolution in accordance with the Law of the Republic of Kazakhstan "On Joint-stock Companies" is the decision of the Sole shareholder of Development Bank of Kazakhstan, Kazyna Capital Management , Investment Fund of Kazakhstan, DAMU Entrepreneurship Development Fund, KazakhExport Export Insurance Company, Kazakhstan Housing Company, Otbasy Bank Housing Construction Savings Bank, Agrarian Credit Corporation, Fund for Financial Support of Agriculture, KazAgroFinance Joint-Stock Companies.
4. The Department of Strategy and Analytics of Baiterek National Managing Holding Joint-Stock Company
( M.Yerzhanova) should inform the subsidiaries of this resolution within 10 (ten) calendar days from the date of its adoption.

1. Prematurely terminate the powers of a member of the Board of Directors of Kazyna Capital Management Joint-Stock Company Arifkhanov Aidar Abdrazakhovich from the date of adoption of this resolution.
2. To elect Mukhamedzhanov Adil Bektasovich as a member of the Board of Directors of Kazyna Capital Management Joint-Stock Company as a representative of the Sole Shareholder with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint-Stock Company as a whole.
3. Recommend to the members of the Board of Directors of Kazyna Capital Management Joint-Stock Company to elect Adil Mukhamedzhanov as the Chairman of the Board of Directors of Kazyna Capital Management Joint-Stock Company.
4. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company should take the necessary measures arising from clauses 1-3 of this resolution.
5. This resolution is the decision of the Sole Shareholder of Kazyna Capital Management Joint-Stock Company.

1. Make amendments and additions to the Charter of Kazyna Capital Management Joint-Stock Company in accordance with Annex No. 30 to the minutes.
2. To authorize the Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company Kuatova Ainur Sainovna to sign amendments and additions to the Charter of Kazyna Capital Management Joint-Stock Company. 3.To the Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A. S. Kuatova) to take the measures arising from this resolution.
5. This resolution is the decision of the Sole Shareholder of Kazyna Capital Management Joint-Stock Company.

1. Approve amendments and additions to the Regulations on the Board of Directors of Kazyna Capital Management JSC, approved by the decision of the Board of Baiterek NMH JSC dated November 28, 2018 (Minutes No. 53/18), in accordance with Appendix No. 17 to this Protocol.< br> 2. The Board of JSC "Kazyna Capital Management" to take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Approve:
1) deed of transfer between the joint-stock company "Kazyna Capital Management" and the joint-stock company, "QazTech Ventures", drawn up as of June 15, 2022, in accordance with Appendix No. 66 to this protocol.
2) a deed of transfer between the Kazyna Capital Management joint-stock company and the joint-stock company, Kazakhstan Project Preparation Fund, drawn up as of June 15, 2022, in accordance with Appendix No. 67 to this protocol.
2. Determine that Kazyna Capital Management Joint Stock Company is the legal successor of all property, rights and obligations of QazTech Ventures, Kazakhstan Project Preparation Fund joint stock companies in accordance with the deeds of transfer approved by this decision.
3. Property, rights and obligations of QazTech Ventures, Kazakhstan Project Preparation Fund joint-stock companies are transferred to Kazyna Capital Management joint-stock company in the manner and terms established by the accession agreement and transfer acts.
4. Representative of NMH Baiterek JSC, Deputy Chairman of the Board of JSC NMH Baiterek Mukhamedzhanov A.B. take part in the joint general meeting of shareholders of Kazyna Capital Management, Kazakhstan Project Preparation Fund and QazTech Ventures joint-stock companies and vote “FOR” approval of transfer deeds between Kazyna Capital Management joint-stock company and Kazakhstan Project Preparation Fund joint-stock companies ”, “QazTech Ventures”.
5. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company to take the necessary measures arising from this decision.
6. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To approve the annual separate and consolidated financial statements of the Company for the year ended December 31, 2018, in accordance with Appendices No. 6 and No. 7 to these minutes.
2. To approve the following procedure for the distribution of the consolidated net income of the Company (Z05T2H3, Nur-Sultan, Esil district, Mangilik El St., 55 A, Citibank Kazakhstan JSC, IIC KZ1783201T0250287003, BIK CITIKZKA) for 2018 in the amount of 3,674 967 000 (three billion six hundred seventy four million nine hundred sixty seven thousand) tenge:
1) the amount in the amount of 1,102,490,100 (one billion one hundred two million four hundred ninety thousand one hundred) tenge to pay dividends to the Sole Shareholder;
2) the remaining part 2 572476 900 (two billion five hundred seventy two million four hundred seventy six thousand nine hundred) tenge shall be left at the disposal of the Company;
3. To approve the amount of dividend per one ordinary share 20 (twenty) tenge 59 (fifty nine) tiyn.
4. Determine the start date of dividend payments for 201В year - June 01, 2019.
5. The Company to pay dividends to the bank account of the Sole Shareholder in cash by wire transfer no later than 90 (ninety) days from the date of this decision.
6. To take into account the information on the amount and composition of remuneration to the members of the Board of Directors and the Management Board of the Company for 2018 in accordance with Appendix No. 10 to this protocol and information on the absence of applications from the Sole Shareholder regarding the actions of the Company and its officials in 2018.
7. The Chairman of the Management Board of the Company to take the necessary measures arising from this decision.
8. This decision is the decision of the Sole Shareholder of the Company.

1. To designate LLP "KPMG Audit" as an auditing organization performing the audit of the Company for 2019-2021.
2. The Chairman of the Management Board of the Company to take measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of the Company.

1. Exercise the right of preemptive purchase of shares of Kazyna Capital Management joint-stock company in the amount of 1 (one) ordinary share at a price of 19 269 422 735 (nineteen billion two hundred and sixty-nine million four hundred and twenty-two thousand seven hundred and thirty-five) tenge.
2. Acquire in accordance with the established procedure the placed 1 (one) common share of the Kazyna Capital Management joint-stock company in accordance with paragraph 1 of this decision, by transferring 100% (one hundred) common shares of the QazTech Ventures joint-stock company belonging to Baiterek NMH JSC at a certain market price appraisers in the amount of 17,731,571 (seventeen billion seven hundred thirty one million five hundred seventy one thousand) tenge and 97.7% (ninety seven point seven) stakes in the authorized capital of the limited liability partnership "Kazakshtan Project Preparation Fund" for a certain appraiser of the market price in the amount of 1 537 851 735 (one billion five hundred thirty-seven million eight hundred fifty-one thousand seven hundred thirty-five) tenge to Kazyna Capital Management joint-stock company in payment for the share being placed.
3. Managing Director, member of the Management Board Khamitov E.E. take the necessary measures arising from this decision.

1. To approve the annual separate and consolidated financial statements of Kazyna Capital Management Joint-Stock Company for the year ended December 31, 2020, in accordance with Annexes No. 34, 35 to the minutes.
2. Approve the following procedure for the distribution of net income of Kazyna Capital Management Joint Stock Company (location: Republic of Kazakhstan, Z05T3E2, Nur-Sultan city, Yesil district, Mangilik El Street, Building 55A, 8th floor BIN – 070540007641, details: IBAN KZ1783201T0250287003 in Citibank Kazakhstan JSC, Nur-Sultan, BIC CITIKZKA), received according to the results of activities for the 2020 reporting financial year in the amount of KZT 2,505,382,916.00 (two billion five hundred five million three hundred eighty-two thousand nine hundred sixteen tenge zero tiyn), according to the annual financial statements in the following order:
1) the amount of KZT 2 505,382,916. 00 (two billion five hundred five million three hundred eighty-two thousand nine hundred sixteen tenge zero tiyn), which is 100% of net income, should be left at the disposal of Kazyna Capital Management Joint-Stock Company;
2) not to pay dividends on ordinary shares for 2020 to Kazyna Capital Management Joint-Stock Company;
3. Take note of the information on the amount and composition of remuneration of members of the Board of Directors and the Management Board of Kazyna Capital Management Joint-Stock Company for 2020 in accordance with annex No. 38 to the minutes and information on the absence of appeals from the Sole Shareholder to the actions of Kazyna Capital Management Joint-Stock Company and its officials in 2020.
4.To take the necessary measures resulting from this resolution to the Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company.
5. This resolution is the decision of the Sole Shareholder of Kazyna Capital Management Joint-Stock Company.

1. Approve the annual separate and consolidated financial statements of Kazyna Capital Management JSC for the year ended December 31, 2021, in accordance with Annexes No. 1 and No. 2 to this Minutes. 2. Approve the following procedure for the distribution of the consolidated net income of Kazyna Capital Management Joint Stock Company (Republic of Kazakhstan, Z05T3E2, Nur-Sultan, Esil district, Mangilik El street, building 55 A, 8th floor BIN - 070540007641, details IBAN KZ1783201T0250287003 in Citibank Kazakhstan JSC, Nur-Sultan BIC CITIKZKA) for 2021 in the amount of 1,556,877,000 (one billion five hundred fifty-six million eight hundred seven thousand) tenge: 1) An amount in the amount of 1,089,813,900 (one billion eighty nine million eight hundred thirteen thousand nine hundred) tenge to pay dividends to the Sole Shareholder; 2) The remaining part of 467,063,100 (four hundred sixty-seven million sixty-three thousand one hundred) tenge shall be left at the disposal of Kazyna Capital Management Joint-Stock Company. 3. Approve the amount of the dividend per one ordinary share of the JSC "Kazyna Capital Management" 20 (twenty) tenge 35 (thirty five) tiyn. 4. Determine the start date for the payment of dividends for 2021 - from the date of adoption of this decision. 5. JSC "Kazyna Capital Management" pay dividends in cash by non-cash transfer to the bank account of the Sole Shareholder, specified in the system of registers of holders of JSC "Kazyna Capital Management", until August 01, 2022. 6. Take note of the information: 1) on the amount and composition of remuneration for members of the Board of Directors and the Management Board of Kazyna Capital Management JSC for 2021 in accordance with Appendix No. 5 to this Minutes; 2) about the absence for 2021 of appeals from the Sole Shareholder of Kazyna Capital Management Joint-Stock Company to the actions of Kazyna Capital Management Joint-Stock Company and its officials. 7. The Chairman of the Board of the JSC "Kazyna Capital Management" to take the necessary measures arising from this decision. 8. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Determine the number of members of the Board of Directors of Kazyna Capital Management JSC - 5 (five) people and the term of office of the Board of Directors of Kazyna Capital Management JSC - 3 (three) years.
2. To elect members of the Board of Directors of Kazyna Capital Management JSC with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management JSC as a whole:
1) Arifkhanov Aydar Abdrazakhovich as a representative of the Sole Shareholder;
2) Abramova Igor as an independent director;
3) Brzezinski Jaceka as an independent director;
4) Kassymbek Ardak Mahmuduly as Chairman of the Board of Kazyna Capital Management JSC.
3. To recommend to the members of the Board of Directors of Kazyna Capital Management JSC to elect Arifkhanov Aydar Abdrazakhovich as the Chairman of the Board of Directors of Kazyna Capital Management JSC.
4. Determine the amount of remuneration to independent directors of Kazyna Capital Management JSC, Igor Abramov, Brzezinski Jacek, in accordance with Appendix No. 7 to this protocol, as well as the procedure and conditions for payment of remuneration and compensation for expenses in accordance with the Regulations on the Board of Directors of Kazyna Capital Management JSC approved by the decision of the Management Board of the Sole Shareholder dated November 28, 2018 (Minutes No. 53/18).
5. The Chairman of the Board of Directors of Kazyna Capital Management JSC to sign an agreement with the independent directors of Kazyna Capital Management JSC Abramov Igor, Brzezinski Jacek.
6. The Management Board of Kazyna Capital Management JSC to take the necessary measures arising from this decision.
7. This decision is the decision of the Sole Shareholder of Kazyna Capital Management JSC and comes into force on April 21, 2019.

1. To approve the List of documents regulating the internal activities of Kazyna Capital Management Joint Stock Company, subject to approval by the Sole Shareholder of Kazyna Capital Management Joint Stock Company, approved by the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company dated November 24, 2017 (Minutes No. 48 / 17), the following addition: line, serial number 6, with the following content: 6. Procedure and conditions for the implementation of direct financing of Kazyna Capital Management JSC and / or its subsidiaries; 2. The Management Board of Kazyna Capital Management Joint Stock Company to take the necessary measures arising from this decision. 3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. To approve the Procedure and conditions for the implementation of direct financing of Kazyna Capital Management JSC and / or its subsidiaries in accordance with Appendix No. 17 to this Protocol.
2. The Management Board of Kazyna Capital Management JSC shall take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Kazyna Capital Management JSC.

1. Include in the lists of documents regulating the internal activities of the joint-stock companies "Export Insurance Company" KazakhExport "," Development Bank of Kazakhstan "," Entrepreneurship Development Fund "Damu", "Housing Construction Savings Bank "Otbasy Bank", "Kazakhstan Housing Company", "Kazyna Capital Management", "KazAgroFinance", "Agrarian Credit Corporation" approved by the Sole Shareholder the Unified Personnel Policy of JSC "NMH "Baiterek" and legal entities, more than fifty percent of voting shares (stakes) of which are directly owned by JSC "NMH" Baiterek " on the right of ownership or trust management for 2022-2024. 2. Approve the Unified Personnel Policy of Baiterek NMH JSC and legal entities, more than fifty percent of voting shares (participatory interests) of which directly belong to Baiterek NMH JSC on the right of ownership or trust management for 2022-2024 in accordance with Appendix No. 11 to this protocol. 3. This decision is the decision of the Sole Shareholder of the joint-stock companies Export Insurance Company KazakhExport, Development Bank of Kazakhstan, Entrepreneurship Development Fund Damu, Housing Construction Savings Bank Otbasy Bank, Kazakhstan Housing Company, Kazyna Capital Management, KazAgroFinance, Agrarian Credit Corporation. 4. The Managing Director (Shamshin A.N.) submit information on the approval of the Policy for consideration by the Committee for Personnel, Remuneration and Social Affairs of the Board of Directors of Baiterek NMH JSC by June 1, 2022.

1. Include in the lists of documents regulating the internal activities of the joint-stock companies Export Insurance Company "KazakhExport", Development Bank of Kazakhstan, Entrepreneurship Development Fund "Damu", Housing Construction Savings Bank "Otbasy Bank", Kazakhstan Housing Company, Kazyna Capital Management, KazAgroFinance, Agrarian Credit Corporation approved by the Sole Shareholder Unified Personnel Policy of “NMH “Baiterek” JSC and legal entities, more than fifty percent of voting shares (participatory interests) of which are directly owned by NMH “Baiterek” JSC on the right of ownership or trust management for 2022-2024.
2. Approve the Unified Personnel Policy of Baiterek NMH JSC and legal entities, more than fifty percent of voting shares (participatory interests) of which directly belong to Baiterek NMH JSC on the right of ownership or trust management for 2022-2024 in accordance with Appendix No. 11 to this protocol.
3. This decision is the decision of the Sole Shareholder of the joint-stock companies Export Insurance Company KazakhExport, Development Bank of Kazakhstan, Entrepreneurship Development Fund Damu, Housing Construction Savings Bank Otbasy Bank, Kazakhstan Housing Company, Kazyna Capital Management, KazAgroFinance, Agrarian Credit Corporation.
4. The Managing Director (Shamshin A.N.) submit information on the approval of the Policy for consideration by the Committee for Personnel, Remuneration and Social Issues of the Board of Directors of NMH Baiterek JSC by June 1, 2022.

1. From May 4, 2022, elect Ainur Sainovna Kuatova as the Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company with a term of office until the expiration of the term of office of the Management Board of Kazyna Capital Management Joint-Stock Company as a whole. 2. The Chairman of the Board of Directors of Kazyna Capital Management Joint-Stock Company to sign an additional agreement to the employment contract with Kuatova Ainur Sainovna. 3. The Board of JSC "Kazyna Capital Management" to take the necessary measures arising from this decision. 4. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Determine the number of members of the Board of Directors of Kazyna Capital Management Joint Stock Company - 5 (five) people and the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company - 3 (three) years. 2. To elect as members of the Board of Directors of Kazyna Capital Management Joint Stock Company with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company as a whole: 1) Mukhamedzhanov Adil Bektasovich as a representative of the Sole Shareholder; 2) Dream of Vyacheslav Vladimirovich, as a representative of the Sole Shareholder; 3) Nicholas Robert Page, as an independent director; 4) Kandykbaev Serik Abildashevich, as an independent director; 5) Kuatova Aynur Sainovna, Chairman of the Board of the JSC "Kazyna Capital Management". 4. To recommend to the members of the Board of Directors of Kazyna Capital Management Joint Stock Company to elect Adil Bektasovich Mukhamedzhanov as the Chairman of the Board of Directors of Kazyna Capital Management Joint Stock Company. 5. Determine the amount of remuneration for independent directors of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 11 to this Minutes. 6. The Chairman of the Board of Directors of Kazyna Capital Management Joint-Stock Company to sign agreements with independent directors: Page N.R., Kandykbaev S.A. 7. The Board of JSC "Kazyna Capital Management" to take the necessary measures arising from this decision. 8. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company and comes into force on April 22, 2022.

1. To elect Kuatova Ainur Sainovna as the Chairperson of the Management Board of Kazyna Capital Management Joint-Stock Company from January 6, 2020 with a term of office until the expiration of the term of office of the Management Board of Kazyna Capital Management Joint-Stock Company as a whole.
2. To elect Kuatova Ainur Sainovna a member of the Board of Directors of Kazyna Capital Management Joint-Stock Company from January 6, 2020 with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint-Stock Company as a whole.
3. The Management Board of Kazyna Capital Management Joint-Stock Company shall take measures to bring the issue to the meeting of the Board of Directors of Kazyna Capital Management Joint-Stock Company to determine the size of the official salary and conditions of remuneration and bonuses to the Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company.

1. To approve and submit the Progress Report on implementation of the Action Plan to Improve Corporate Governance of Baiterek National Managing Holding Joint-Stock Company for 2021-2022 as of December 31, 2021 to the Board of Directors of Baiterek National Managing Holding Joint-Stock Company to the Board of Directors of Baiterek National Managing Holding Joint-Stock Company according to Annex No.99 to these Minutes.
2. The Chief Executive Officers of Kazakhstan Housing Company Joint-Stock Company, Otbasy Bank Joint-Stock Company, Agrarian Credit Corporation Joint-Stock Company, KazAgroFinance Joint-Stock Company, Kazyna Capital Management Joint-Stock Company, "KazakhExport" Export Insurance Company Joint-Stock Company and Development Bank of Kazakhstan Joint-Stock Company shall take measures to bring to responsibility those employees who have violated the Action Plan to Improve Corporate Governance of Baiterek National Managing Holding Joint-Stock Company for 2021-2022, approved by the Board of Directors of Baiterek National Managing Holding Joint-Stock Company dated May 27, 2021 (Minutes No. 03/21).
3. The resolution with respect to the subsidiaries of Baiterek National Managing Holding Joint-Stock Company, specified in clause 2 of this resolution, is the resolution of the Sole Shareholder.

1. To approve changes and additions to the Regulations on the Board of Directors of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 31 to these minutes. 2. This decision is the decision of the Sole Shareholder of Kazyna Capital Management JSC.

1. Approve amendments to the Regulations on the Board of Directors of KAZYNA Capital Management Joint Stock Company approved by resolution of the Board of Baiterek National Managing Holding Joint Stock Company dated November 28, 2018 (Minutes No. 53/18) according to Annex 1 to this Minutes.
2. The Management Board of Kazyna Capital Management Joint Stock Company to take necessary measures to prepare and complete the procedure for the technical readiness of holding meetings of the Board of Directors of Kazyna Capital Management Joint Stock Company using an electronic digital signature by the end of the 3rd quarter of 2021.
3. Paragraph 1 of this resolution comes into force from the moment of approval of the technical readiness procedure for holding meetings of the Board of Directors of KAZYNA Capital Management Joint Stock Company using an electronic digital signature.
4. This resolution is a decision of the Sole Shareholder of KAZYNA Capital Management Joint Stock Company.

1. Early terminate the powers of a member of the Board of Directors of Kazyna Capital Management JSC Omarov Marat on October 21, 2020.
2. To elect Nurgozhin Adil as a member of the Board of Directors of Kazyna Capital Management Joint Stock Company as a representative of the Sole Shareholder with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company as a whole.
3. To amend the decision of the Management Board of the Joint Stock Company "National Managing Holding" Baiterek "dated October 21, 2020 (minutes 50/20) on the 2nd issue of the agenda in accordance with Appendix No. 36 to these minutes.
4. The Management Board of Kazyna Capital Management JSC shall take the necessary measures arising from this decision.
5. This decision is the decision of the Sole Shareholder of Kazyna Capital Management JSC.

1. Amend the Charter of Qazaqstan Investment Corporation Joint-Stock Company in accordance with Appendix No. 16 to these minutes.
2. Authorize the Chairman of the Board of Qazaqstan Investment Corporation Joint-Stock Company Zholat Yerbolat Bauyrzhanuly to sign the amendments to the Charter of Qazaqstan Investment Corporation Joint-Stock Company.
3. The Chairman of the Board of Qazaqstan Investment Corporation Joint-Stock Company (Zholat E.B.) shall take the necessary measures arising from this decision.
4. This decision is the decision of the Sole Shareholder of Qazaqstan Investment Corporation Joint-Stock Company.

1. Strategic, legislative and other initiatives in state programs (national projects, road maps) and bills, as well as by-laws on the alienation of fifty or more percent of shares (participatory interests) of legal entities directly or indirectly owned by Baiterek NMH JSC, sent by subsidiaries organizations of JSC "NMH "Baiterek" to state bodies without fail to coordinate with the Sole Shareholder in order to avoid conflicts with the proposals / interests of the group of companies of JSC "NMH" Baiterek "or individual subsidiaries.
2. The chief executives of the subsidiaries of Baiterek NMH JSC shall ensure that a similar decision is made in respect of organizations, fifty or more percent of the shares (participatory interests), which are directly or indirectly owned by Baiterek NMH JSC (if any).
3. The chief executives of subsidiaries of Baiterek NMH JSC are responsible for the implementation of paragraphs 1 and 2 of this decision.

In accordance with paragraphs 4, 5 of Article 35, subparagraph 5) of paragraph 1 of Article 36 of the Law of the Republic of Kazakhstan "On Joint Stock Companies", subparagraph 2) Paragraph 74 of Article 11 of the Charter of JSC "NUH "Baiterek", subparagraph 12.1.8 of paragraph 12.1 of Article 12 of the Charter of the joint-stock company "Qazaqstan Investment Corporation", the Management Board DECIDED:
1. To determine the quantitative composition of the Board of Directors of the joint-stock company "Qazaqstan Investment Corporation" - 6 (six) people.
2. To elect Capannelli Elisabetta as a member of the Board of Directors, an Independent Director of the joint-stock company "Qazaqstan Investment Corporation" with a term of office until the expiration of the term of office of the Board of Directors of the joint-Stock Company "Qazaqstan Investment Corporation" as a whole.
3. Determine the amount of remuneration to the member of the Board of Directors, Independent Director of the Joint Stock Company "Qazaqstan Investment Corporation" Capannelli Elisabetta according to Appendix No. 9 to this protocol.
4. To the Chairman of the Board of Directors of the joint Stock company "Qazaqstan Investment Corporation" to sign an agreement with the Independent Director Capannelli Elisabetta.
5. The Chairman of the Management Board of the Joint-Stock company "Qazaqstan Investment Corporation" to take the necessary measures arising from this decision.
This decision is the decision of the Sole Shareholder of the joint Stock company "Qazaqstan Investment Corporation".

1. Reorganize Kazyna Capital Management Joint Stock Company (location: Republic of Kazakhstan, Z05T3E2, Nur-Sultan city, Yesil district, Mangilik El avenue, building 55A), by joining to it Joint-Stock Company Kazakhstan Project Preparation Fund (location: Republic of Kazakhstan, Z05T3E2, Nur-Sultan city, Yesil district, avenue Mangilik El building 55A) and Joint-Stock Company QazTech Ventures (location: Republic of Kazakhstan, Z05T3E2, Nur-Sultan city, Yesil district, Mangilik El avenue, building 55A).
2. To the representative of “NMH “Baiterek” JSC, Deputy Chairman of the Board of JSC “NMH “Baiterek” Mukhamedzhanov A.B. take part in the joint general meeting of shareholders of Joint-Stock Companies Kazyna Capital Management, Kazakhstan Project Preparation Fund and QazTech Ventures and vote “FOR” the reorganization of the Kazyna Capital Management Joint-Stock Company by joining Joint-Stock Companies Kazakhstan Project Preparation Fund, QazTech Ventures.
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company to take measures arising from this decision.
4. This decision is the decision of the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Approve amendments to some internal documents regulating the internal activities of the joint-stock company "Qazaqstan Investment Corporation", in accordance with Annex No. 1 to this Protocol.
2. To the Chairman of the Management Board of the Joint-Stock company "Qazaqstan Investment Corporation" (Kutova A.S.) to take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of the joint Stock Company "Qazaqstan Investment Corporation".

1. To amend the Resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated December 28, 2021 (Minutes No. 22/21) on the issue “On Approval of Changes to the Key Terms of Financing of Central Asian Electric Power Corporation JSC through the Kazakhstan Infrastructure Fund C.V. private equity fund” as follows:
fourth line “Participation size” of the Annex No. 1 to the Resolution shall read as follows:
4.35% of participation interest in CAEPCO, whereas CAPEC and/or CAEPCO shall procure a transfer of additional shares of CAEPCO to KIF Energy in an amount covering the difference between (a) the put-option debt determined in accordance with clause 2.3 of the Settlement Deed less the initial payment in accordance with sub-clause (a) of clause 2.4 of the Settlement Deed and other payments decreasing the put-option debt, and (b) the market value of KIF Energy’s actual participation interest in CAEPCO according to a valuation report by an independent Big Four company (PricewaterhouseCoopers, Ernst & Young, KPMG, Deloitte) in the following order: - at least 658 472 (six hundred fifty eight thousand four hundred and seventy two) shares no later than March 31, 2023; - the remainder of additional shares no later than November 30, 2023. The obligations of CAPEC and/or CAEPCO to procure the transfer of additional shares can be substituted with an obligation to provide other property as a pledge (including CAEPCO’s additional shares) and/or other types of collateral for CAPEC's obligations owed to KIF Energy.
2. This resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company comes into force after Central-Asian Power Energy Company Joint Stock Company or a third party appointed by the Central Asian Power Energy Company Joint Stock Company fulfills its obligations to pay to Baiterek Venture Fund Joint Stock Company and KIF Energy S.A.R.L in the amount totaling not less than 5,000,000,000 (five billion) tenge no later than January 20, 2023.
3. The Chairman of the Management Board of Kazyna Capital Management Joint Stock Company (A. Kuatova) shall take necessary measures following this resolution.

1. approve the participation of Kazyna Capital Management Joint -Stock Company in the creation of BGlobal Ventures Ltd. on the territory of the Astana International Financial Center with an authorized capital of 1,152,041,000 (one billion one hundred fifty-two million forty-one thousand) KZT.
2. approve the charter of BGlobal Ventures Ltd. in accordance with Annex No. 1 to the Minutes.
3. determine the quantitative composition of the Directors of BGlobal Ventures Ltd. - 3 (three) people, the term of office is 3 (three) years with the following composition:
4. appoint directors of the private company "BGlobal Ventures Ltd." with a term of power until the expiration of the term of power of the directors as a whole:
1) as representatives of Kazyna Capital Management Joint-Stock Company:
- Aizada Zhunisbekova Telzhanovna;
- Askat Sadykov Sakypzhanovich;
2) as an independent Director: Nicholas Robert Page;
5. recommend to the Directors of BGlobal Ventures Ltd. to elect Nicholas Robert Page as Chairman of the Directors of BGlobal Ventures Ltd.
6. determine the amount of remuneration to the independent director of BGlobal Ventures Ltd. to Nicholas Robert Page according to Annex No. 2 to the Minutes.
7. appoint Tairzhan Maksutbekovich Yessenov as the CEO of the private company "BGlobal Ventures Ltd." with a term of office of 3 (three) years.
8. grant Tairzhan Essenov Maksutbekovich the authority to execute all documents and perform all necessary actions on behalf of Kazyna Capital Management Joint-Stock Company in connection with the registration of BGlobal Ventures Ltd. in the Astana International Financial Center.
9. determine that the decision of the Board of Directors of the Kazyna Capital Management Joint Stock Company comes into force from the moment of its adoption, with the exception of sub-paragraphs 3)-7), which come into force from the date of registration of the private company "BGlobal Ventures Ltd." in the Astana International Financial Center.
10. the Management Board of the Kazyna Capital Management Joint–Stock Company should take measures to include the funds specified in paragraph 1 of this decision in the Development Plan of the Kazyna Capital Management Joint Stock Company for 2019 - 2023, with its next adjustment.
11. to the Chairman of the Management Board of Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.
12. determine that the decision of the Board of Directors of the Kazyna Capital Management Joint Stock Company, specified in paragraphs 1)-9) is the decision of the Sole Shareholder (founder) of the private company "BGlobal Ventures Ltd.".

1. To amend key terms of participation of Kazyna Capital Management Joint-Stock Company in the Kazakhstan Growth Fund private equity fund, approved by the resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated October 23, 2018 (minutes No. 9/18) in accordance with Annex No. 3 to these minutes.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A. Kuatova) should take necessary measures arising from this resolution.

1. Conclude a transaction on the sale of bonds issued by Baiterek Venture Fund Joint-Stock Company, in which Kazyna Capital Management Joint-Stock Company has an interest in accordance with the main conditions in accordance to Appendix No. 4 to this protocol.
2. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take the necessary measures arising from this decision.

1. To preliminarily approve and submit for for the Sole Shareholder's consideration of Kazyna Capital Management Joint Stock Company the issue of changing the name of Kazyna Capital Management Joint Stock Company to Qazaqstan Investment Corporation and amending the Charter of Kazyna Capital Management Joint Stock Company according to Annex No. 5 to this Minutes.
2. To the Chairman of the Board of Kazyna Capital Management Joint Stock Company (A.S. Kuatova) to take the measures arising from this resolution.

conclude an agreement for the provision of paid services between Kazyna Capital Management Joint-Stock Company and Yerken Erbulatovich Khamitov, which is a transaction in which Kazyna Capital Management Joint-Stock Company has an interest, in accordance with the main conditions in accordance with Appendix № 6 to this protocol.

approve maps of key performance indicators of the Chairman and members of the Management Board of Kazyna Capital Management JSC for 2023 in accordance with Appendix № 7 to this Minutes.

1. Approve the Rules for remuneration, performance appraisal and remuneration of executives of the Kazyna Capital Management joint-stock company in a new edition in accordance with Appendix № 8 to this protocol.
2. Recognize as invalid the Rules for remuneration, performance appraisal and remuneration of executives of Kazyna Capital Management joint-stock company, approved by the decision of the Board of Directors of Kazyna Capital Management joint-stock company dated September 26, 2019 (minutes № 9/19).

approve additions to the Rules for remuneration and bonuses, performance assessment and provision of social support for employees of the Internal Audit Service, the Anti-Corruption Compliance Service and the Corporate Secretary, reporting to the Board of Directors of Kazyna Capital Management JSC, approved by the decision of the Board of Directors of Kazyna Capital Management JSC » of March 29, 2019 (Minutes No. 4/19), according to Appendix № 9 to this Protocol.

approve amendments and additions to the Risk Management Rules of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated June 29, 2021 (Minutes No. 10/21), in accordance with Appendix No. 10 to this Minutes.

approve the matrix of business processes, risks and controls of Kazyna Capital Management JSC for 2023 in accordance with Appendix No. 11 to this protocol.

to approve the Risk Report of Kazyna Capital Management Joint Stock Company for the Q3 of 2022, in accordance with Annex 12 to this Minutes.

approve the Action Plan for the development and improvement of the activities of internal audit in the Kazyna Capital Management joint-stock company, drawn up in accordance with the Report on the external evaluation of the activities of the Internal Audit Service of the Kazyna Capital Management joint-stock company, conducted by the external auditor, in accordance with Appendix No. 13 to this Minutes.

1. Approve the Work Plan of the Board of Directors of Kazyna Capital Management Joint-Stock Company for 2023 in accordance with Appendix No. 14 to this Minutes.
2. Conduct an assessment of the activities of the Board of Directors of Kazyna Capital Management JSC for 2022 on its own, using the questionnaire method, in accordance with the requirements of the Company's internal regulatory documents by June 1, 2023.

1. To early terminate the powers of Mr. Yernur Talgatuly Kulazhanov as a member of the Board of Directors of Baiterek Venture Fund Joint Stock Company from September 6, 2021. 2. To determine the number of members of the Board of Directors of Baiterek Venture Fund Joint Stock Company - 5 (five) persons and the term of powers of the Board of Directors of Baiterek Venture Fund Joint Stock Company - 3 (three) years from the date of adoption of this resolution. 3. To elect the following persons as members of the Board of Directors of Baiterek Venture Fund Joint Stock Company with the term of powers until the expiry of the terms of powers of the Board of Directors of Baiterek Venture Fund Joint Stock Company as a whole: - Mr. Anuar Daniyarovich Ushbayev, as an independent director; - Mr. Kairat Khuatovich Abuseitov, as an independent director; - Mr. Azamat Gabitovich Yeralin, as a representative of the Sole Shareholder; - Mr. Ruslan Iskakov, as a member other than a shareholder of Baiterek Venture Fund and not proposed (not recommended) for election to the Board of Directors as a representative of the Sole Shareholder; - Mr. Zhandar Berikuly Kutbai, Chairman of the Board of Baiterek Venture Fund Joint Stock Company. 4. To recommend to the Board of Directors of Baiterek Venture Fund Joint Stock Company to elect Mr. Kairat Khuatovich Abuseitov as Chairman of the Board of Directors of Baiterek Venture Fund Joint Stock Company. 5. To determine the amount of remuneration to the independent directors of Baiterek Venture Fund Joint Stock Company, Mr. Kairat Khuatovich Abuseitov and Anuar Daniyarovich Ushbayev, as per Appendix No.1 to these Minutes, as well as the procedure and conditions for payment of remuneration and reimbursement of expenses under the Regulations on the Board of Directors of Baiterek Venture Fund Joint Stock Company, approved by the Board of Directors of Kazyna Capital Management JSC dated November 30, 2018 (Minutes No. 11/18). 6. To authorize the Chairman of the Board of Baiterek Venture Fund Joint Stock Company (Mr. Zh.B. Kutbai) to sign agreements with members of the Board of Directors of Baiterek Venture Fund Joint Stock Company Mr. Kairat Khuatovich Abuseitov, Mr. Anuar Daniyarovich Ushbayev, Mr. Ruslan Viktorovich Iskakov. 7. This decision shall be effective from the date of its adoption, except for the election of Ruslan Viktorovich Iskakov, in respect of whom the decision shall take effect from the moment of passing by the Board of Directors of “KazakhExport” Export Insurance Company Joint Stock Company of the decision to approve the appointment of Ruslan Viktorovich Iskakov to the Board of Directors of Baiterek Venture Fund Joint Stock Company. 8. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. To determine the amount of payment for services of Business Partner Consult Limited Liability Partnership for the assessment of the market value of 49.5 percent of the participating interest of National Management Holding “Baiterek” JSC in Kazakhstan Hungarian Investment Private Equity Fund C.V., transferred in payment for the shares of Kazyna Capital Management Joint Stock Company, in the amount of 1,250,000.01 (one million two hundred fifty-thousand) tenge one tiyn without VAT. 2. The Chair of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall take measures arising from the present decision.

1. To approve the Program of financing by private equity funds, to which Kazyna Capital Management Joint Stock Company is directly and/or indirectly a participant, of investment projects of the agro-industrial complex, according to Appendix No. 2 to these Minutes. 2. To supplement the List of documents regulating the internal activities of Baiterek Venture Fund Joint Stock Company, which are subject to approval by the Sole Shareholder, adopted by the Board of Directors of the Company on June 5, 2019 (Minutes No. 7/19), as per Appendix No.3 to these Minutes. 3. To give preliminary consideration to amending the decision of the Sole Shareholder of the Company dated April 9, 2019 (Minutes No.18/19 of the Board of Directors of National Management Holding “Baiterek” JSC) as per Appendix No.4 to these Minutes. 4. The resolutions on Items 1, 2 of this decision shall be deemed to be the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company. 5. Items 1, 2, and 4 of this decision shall be effective upon approval by the Board of NMH “Baiterek” JSC of the amendment to the decision of the Board of NMH “Baiterek” JSC dated April 09, 2019 (Minutes No. 18/19). 6. The Chair of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall take measures arising from the present decision.

To approve amendments to the Plan for the Development of Kazyna Capital Management Joint Stock Company for 2019-2023, adopted by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated December 9, 2020 (Minutes No. 15/20) as per Appendix No.5 to these Minutes.

1. To place 1 (one) ordinary share of Kazyna Capital Management JSC within the limits of the authorized shares of Kazyna Capital Management Joint Stock Company at the offering price of 1,052,307,159 (one billion fifty-two million three hundred seven thousand one hundred fifty-nine) tenge through the subscription by National Management Holding “Baiterek” JSC (according to the right of first refusal). 2. The Chair of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall take measures arising from the present decision.

To invalidate the Action Plan on the implementation of the 2014-2023 Kazyna Capital Management Joint Stock Company Development Strategy from 2021 - 2023, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company on June 7, 2021 (Minutes No. 8/21).

To approve the amendment to the List of documents regulating the internal activities of Kazyna Capital Management Joint Stock Company, which are subject to approval/review by the Board of Directors, determined by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated October 19, 2017 (Minutes No. 121), as per Appendix No.1 to these Minutes.

To approve the Action Plan on the Improvement of the Corporate Governance System of Kazyna Capital Management Joint Stock Company for 2021-2022, as per Appendix No.2 to these Minutes.

To approve amendments to the Annual Audit Plan of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 2021, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company on November 6, 2020 (Minutes No.14/20), as per Appendix No.3 to these Minutes.

To approve the amendment to the Regulations for the organization of internal audit in Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company on September 26, 2019 (Minutes No. 9/19), as per Appendix No.4 to these Minutes.

1. To approve the Report on implementation of Development Plan of Kazyna Capital Management Joint-Stock Company for 9 months of 2020 in accordance with Annex 1 to these Minutes.

1. Approve the Development Plan of Kazyna Capital Management Joint-Stock Company for 2019-2023 in accordance with Annex 2 to these Minutes.
2. Invalidate the Development Plan of Kazyna Capital Management Joint-Stock Company for 2017-2021 approved with the Resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated June 23, 2017 (Minutes No. 118).

1. To approve the Rules for elaboration, coordination, approval, adjustment, execution and monitoring of execution of the Development Plan of Kazyna Capital Management Joint-Stock Company in the new version in accordance with Annex 3 to these Minutes.
2. The Rules for elaboration, coordination, approval, adjustment, execution and monitoring of execution of the Development Plan of Kazyna Capital Management Joint-Stock Company approved with the Resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated October 23, 2018 (Minutes No.9/18) shall be deemed to have lost force.

1. Approve the Procedure for determining the amount of dividends paid by subsidiaries of Kazyna Capital Management Joint-Stock Company in accordance with Annex 4 to these Minutes.
2. This Resolution is the resolution of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company and the Sole Participant of BV Management Limited Liability Partnership.
3. This Resolution shall enter into force from the moment of addition to the List of documents regulating internal activities of Baiterek Venture Fund Joint-Stock Company subject to approval by the Sole Shareholder approved with the Resolution of the Board of Directors of the Company dated June 5, 2019 (Minutes No.7/19), and the List of documents subject to approval by the Sole Participant of BV Management Limited Liability Partnership approved with the Resolution of the Board of Directors of the Company dated March 29, 2019 (Minutes No.4/19), and Procedure for determining the amount of dividends paid by subsidiaries of Kazyna Capital Management Joint-Stock Company.

1. Approve the KPI Scorecard of the Head of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for 2021 in accordance with Annex 5 to these Minutes.
2. Determine the duration of the reporting period for planning and assessment of performance of the Head of the Internal Audit Service of the Company on the basis of a quarterly cycle.

1. To approve the amendment to the List of documents subject to approval by the Sole Participant of BV Management Limited Liability Partnership, approved with the Resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated March 29, 2019 (Minutes No.4/19), in accordance with Annex 6 to these Minutes. 2. This Resolution is the resolution of the Participant of BV Management Limited Liability Partnership.

1. Take note of the Strategic Portfolio Report of Kazyna Capital Management Joint-Stock Company for H1 2020 in accordance with Annex 7 to these Minutes.

1. Approve Risk Appetite Indicators of Kazyna Capital Management Joint-Stock Company for 2021 in accordance with Annex 8 to these Minutes.

1. Approve the Risk Report of Kazyna Capital Management Joint-Stock Company for Q3 2020 in accordance with Annex 9 to these Minutes

1. Approve the Matrix of Business Processes, Risks and Controls of Kazyna Capital Management Joint-Stock Company in accordance with Annex 10 to these Minutes.

1. Approve amendments and additions to the Rules of Pay, Performance and Remuneration of executive employees of Kazyna Capital Management Joint-Stock Company, approved with the Resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated September 26, 2019 (Minutes No. 09/19) in accordance with Annex 11 to these Minutes.

1. Approve KPI Scorecards of executive employees of Kazyna Capital Management Joint-Stock Company for 2021 in accordance with Annex 12 to these Minutes.

1. Conclude the Consortium Agreement between Kazyna Capital Management Joint-Stock Company and Baiterek Venture Fund Joint-Stock Company, which is an interested party transaction for Kazyna Capital Management Joint-Stock Company.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. Approve the Action Plan of the Board of Directors of Kazyna Capital Management Joint-Stock Company for 2021 in accordance with Annex 13 to these Minutes.
2. Carry out the assessment of activities of the Board of Directors of Kazyna Capital Management Joint-Stock Company for 2020 on its own in accordance with the requirements of the internal normative documents of the Company by June 1, 2021.
3. By February 15, 2021, the Accounting and Financial Reporting Department and Risk Management Department of Kazyna Capital Management Joint-Stock Company should prepare preliminary financial statements for 2020, including the revaluation of the investment portfolio of Kazyna Capital Management Joint-Stock Company.

1. Submit the item "On amendments and additions to the Regulations on the Board of Directors of Kazyna Capital Management Joint-Stock Company" for consideration by the Sole Shareholder of Kazyna Capital Management Joint-Stock Company in accordance with Annex 14 to these Minutes.
2. The Chairman of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. To approve the audit report "Assessment of the corporate governance system" in accordance with Appendix No. 1 to this decision.
2. To approve the corrective action plan based on the results of the audit assignment “Assessment of the corporate governance system” in accordance with Appendix No. 2 to this decision.

1. Approve changes to the Preferential Financing Program of Kazyna Capital Management JSC and/or its subsidiaries, including direct investment funds, approved by the decision of the Board of Directors of Kazyna Capital Management JSC dated April 19, 2019 (Minutes No. 5/19), in accordance with the Appendix No. 1 to this protocol.
2. Add:
1) The list of documents regulating the internal activities of Baiterek Venture Fund Joint Stock Company, subject to approval by the Sole Shareholder, determined by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated June 5, 2019 (Minutes No. 7/19) in accordance with Appendix No. 2 to this Protocol;
2) resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated April 19, 2019 (minutes No. 5/19) on the issue “On approval of the Preferential Financing Program of Kazyna Capital Management JSC and/or its subsidiaries, including direct investment funds” paragraph 3 the following content: «3. The resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company on paragraph 2 is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company».
3. This decision of the Board of Directors of Kazyna Capital Management Joint Stock Company is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.
4. The Chairman of the Board of JSC "Kazyna Capital Management" (Kuatova A.S.) to take measures arising from this decision.

To approve the Strategic Portfolio Report of Kazyna Capital Management JSC for the first half of 2022 in accordance with Appendix No.3 to this protocol.

1. To approve:
1) report on the activities of the Internal Audit Service of the Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2022 in accordance with Appendix No. 4 to this Minutes;
2) report on the performance of key performance indicators of the Head of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2022 in accordance with Appendix No. 5 to this Minutes;
2. To give bonuses, based on the performance of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2022, to the Head of the Internal Audit Service of Kazyna Capital Management Joint Stock Company, D.N. Ismailov, according to Appendix No. 6 to this Minutes.

To approve:
1)the annual audit plan of the Internal Audit Service of Kazyna Capital Management JSC for 2023 in accordance with Appendix No. 7 to this Minutes;
2)a map of audit areas of the Internal Audit Service of Kazyna Capital Management JSC for 2023 in accordance with Appendix No. 8 to this Minutes;
3)professional training plan for employees of the Internal Audit Service of Kazyna Capital Management JSC for 2023 in accordance with Appendix No. 9 to this protocol.

1.Determine the duration of the reporting period for planning and evaluating the performance of the head and chief auditor of the Internal Audit Service of the Company on the basis of a quarterly cycle.
2.To approve:
1) map of key performance indicators of the head of the Internal Audit Service of Kazyna Capital Management JSC for 2023 in accordance with Appendix No. 10 to this Minutes;
2) map of key performance indicators of the chief auditor of the Internal Audit Service of Kazyna Capital Management JSC for 2023 in accordance with Appendix No. 11 to this Minutes.

1. Approve:
1) Report on the Anti-Corruption Compliance Service activities of the Kazyna Capital Management Joint Stock Company for the Q3 of 2022 in accordance with Appendix 12 to this Minutes;
2) Report on the KPI performance by the Head of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint Stock Company for Q3 of 2022 in accordance with Appendix 13 to this Minutes;
3) Report on the KPI performance by the Chief Manager of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint Stock Company for the Q3 of 2022 in accordance with Appendix 14 to this Minutes.
2. Award, based on the results of the activities of the Anti-Corruption Compliance Service of the Kazyna Capital Management Joint-Stock Company for the Q3 of 2022, the Head and Chief Manager of the Anti-Corruption Compliance Service of the Kazyna Capital Management Joint-Stock Company - Dadanbayev Y. and Kenzhegarinova S. according to Appendix 15 to this Minutes.

Approve the Anti-Corruption Compliance Program of Kazyna Capital Management Joint-Stock Company for 2023 in accordance with Annex 16 to these Minutes.

1. Determine the duration of the reporting period for planning and assessing the performance of the Head and Chief Manager of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint-Stock Company on the basis of the quarterly assessment management cycle
2. Approve KPI Scorecard of the Head of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint-Stock Company for 2023 in accordance with Annex 17 to these Minutes.
3. Approve KPI Scorecard of the Chief Manager of Kazyna Capital Management Joint Stock Company for 2023 in accordance with Annex 18 to these Minutes.

1. Approve:
1) report on the work of the Board of Directors, Committees of the Board of Directors and the Corporate secretary of Kazyna Capital Management JSC for the 3rd quarter of 2022 in accordance with Appendix No. 19 to this Minutes;
2) actual performance, report on the performance of key performance indicators of the Corporate secretary of Kazyna Capital Management JSC A. Belylova for the 3rd quarter of 2022 in accordance with Appendix No. 20 to this protocol.
2. To pay the Corporate secretary of JSC "Kazyna Capital Management" Belyalova A. a bonus on the fulfillment of key performance indicators for the 3rd quarter of 2022 in accordance with Appendix No. 21 to this protocol.

1. Determine the length of the reporting period for planning and evaluating the performance of the corporate secretary of the Joint Stock Company Kazyna Capital Management based on the quarterly performance management cycle.
2. Approve the map of key performance indicators of the corporate secretary of Kazyna Capital Management Joint Stock Company for 2023 in accordance with Appendix No. 21 to this protocol.

1. To appoint Kamila Daniyarovna Sharipova as the Corporate Secretary of Kazyna Capital Management Joint-Stock Company.
2. To determine the term of office of Kamila Daniyarovna Sharipova, the Corporate Secretary of Kazyna Capital Management Joint-Stock Company, from the date of this resolution until the return of Zhamilya Daurenkyzy Izzhanova, the direct employee, but not more than the term of office determined for Zhamilya Daurenkyzy Izzhanova.
3. To determine the official salary for Kamila Daniyarovna Sharipova, the Corporate Secretary of Kazyna Capital Management Joint-Stock Company, in the amount in accordance with Annex 1 to these Minutes.
4. To authorize R.B. Kuanyshbayev, the Deputy Chairman of the Management Board of the Company, to sign the employer's act on hiring Kamila Daniyarovna Sharipova.
5. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company shall take all necessary measures resulting from this Resolution.

To approve the following composition of the Committees under the Board of Directors of Kazyna Capital Management Joint-Stock Company:
1. Nominations, Remuneration and Social Issues Committee:
1) Anuar Daniyarovich Ushbayev - Chairman of the Committee;
2) Nicholas Robert Page - member of the Committee;
3) Adil Yergaliuly Nurgozhin - member of the Committee.

2. Audit and Risk Committee:
1) Nicholas Robert Page - Chairman of the Committee;
2) Anuar Daniyarovich Ushbayev - member of the Committee;
3) Adil Yergaliuly Nurgozhin - member of the Committee.

3. Strategic Planning and Corporate Development Committee:
1) Nicholas Robert Page - Chairman of the Committee;
2) Anuar Daniyarovich Ushbayev - member of the Committee;
3) Adil Yergaliuly Nurgozhin - member of the Committee.

1. Approve amendments to the main terms of participation of the Company (through Kazyna Seriktes B.V.) in Kazakhstan Infrastructure Fund C.V. Private Equity Fund (hereinafter - the Fund), approved with the Resolution of the Board of Directors of the Company on September 26, 2019 (Minutes No. 9/19), according to Annex1 to this Resolution.
2. The Management Board of the Company shall take all necessary measures arising from this Resolution.

1. Determine the term of office of Director General of BV Management LLP - B.M. Zhanturin from November 21, 2020 for a period of 3 (three) years.
2. This Resolution is the resolution of the Participant of BV Management Limited Liability Partnership.

1. Terminate the powers of Managing Director "A" Gabbas Galymbekovich Yerzhanov in Kazyna Seriktes B.V. Special Purpose Company from November 6, 2020;
2. Appoint Rolan Bolatovich Abiyev to the position of Managing Director "A" in Kazyna Seriktes B.V. Special Purpose Company from November 6, 2020;
3. Authorize Asset Serikovich Sagimbekov, Deputy Chairman of the Management Board of the Company, to sign the Resolution of the Sole Shareholder of Kazyna Seriktes B.V. according to item 2 of this Resolution.
4. Resolutions on clauses 1, 2 and 3 hereof are the Resolution of the Sole Shareholder of Kazyna Seriktes B.V.

1. Approve the new version of the Regulations on the Management Board of Kazyna Capital Management JSC in accordance with Annex 2 to this Resolution.
2. Invalidate the Resolution of the Board of Directors of the Company dated March 16, 2016 (Minutes No. 103) on the item "On approval of the Regulations on the Management Board of Kazyna Capital Management Joint-Stock Company.
3. Kazyna Capital Management Joint-Stock Company shall take measures resulting from this Resolution.

1. To approve the Addendum to the Risk Management Policy of Kazyna Capital Management Joint-Stock Company approved with the Resolution of the Board of Directors of the Company dated February 17, 2017 (Minutes No.114), according to Annex 3 to this Resolution.

1. Approve the Risk Report of Kazyna Capital Management Joint-Stock Company for Q2 2020 in accordance with the Annex 4 to this Resolution.

1. Approve the Activity Report of the Internal Audit Service of the Company for Q3 2020 in accordance with Annex 5 to these Minutes.
2. Approve Report on KPI Implementation by the Head of Internal Audit Service of the Company for Q3 2020 according to Annex 6 to these Minutes.
3. Award the Head of the Company's Internal Audit Service based on the results of activities of the Internal Audit Service of the Company for Q4 2020 in accordance with Annex 7 to these Minutes.

1. To approve:
Annual Audit Plan of the Internal Audit Service for 2021 in accordance with Annex 8 to these Minutes;
Audit Scopes Map of the Internal Audit Service for 2021 in accordance with Annex 9 to these Minutes;
Vocational Training Plan for employees of the Internal Audit Service for 2021 according to Annex 10 to these Minutes.

1. Approve the Progress Report of the Board of Directors, Committees under the Board of Directors and Corporate Secretary of the Company for Q3 2020 in accordance with Annex 11 to these Minutes.
2. Approve the Report on Key Performance Indicators Implementation, actual performance and calculation of the bonus amount of the Company's Corporate Secretary for Q3 2020 in accordance with Annex 12 and 13 to these Minutes.
3. Award the Corporate Secretary of the Company Zh. D. Izzhanova in proportion to the time worked based on the results of activities for Q3 2020 in the amount in accordance with Annex 13 to these Minutes.

Introduce changes to the Program of concessional financing of Kazyna Capital Management JSC and / or its subsidiaries, including private equity funds, approved by the decision of the Board of Directors of the Company dated April 19, 2019 (Minutes No. 5/19), in accordance with Appendix No. 15 to these Minutes.

Take into consideration the Action Plan to improve the activities of the Board of Directors of Kazyna Capital Management JSC and its committees in accordance with Appendix No. 14 to this Protocol.

1. To approve the map of key performance indicators of the Corporate Secretary of Kazyna Capital Management Joint Stock Company for 2020 in accordance with Appendix No. 13 to this protocol.
2. Determine the duration of the reporting period for planning and assessing the performance of the Corporate Secretary of the Company on the basis of a quarterly cycle.

To approve the map of key performance indicators of the head of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 1st quarter of 2020 in accordance with Appendix No. 11 to these minutes.

1. To approve the annual audit plan of the internal audit service for 2020 in accordance with Appendix No. 7 to this protocol.
2. To approve the map of audit areas of the internal audit service for 2020 in accordance with Appendix No. 8 to this protocol.
3. To approve the change in the List in accordance with Appendix No. 9 to this protocol.
4. To approve the plan of professional training for employees of the internal audit service for 2020 in accordance with Appendix No. 10 to this protocol.
5. The Internal Audit Service of the Company shall conduct an unscheduled audit in JSC "Baiterek Venture Fund" in December 2019 on the following issues:
1) Analysis of personnel management;
2) Analysis of GNI on investment issues;
3) Analysis of office work.
6. Submit the results of the unscheduled audit to the Audit and Risk Committee of the Company in accordance with the established procedure.

1. To designate the limited liability partnership "KPMG Audit" as an audit organization performing the audit of the joint-stock company "Baiterek Venture Fund" for 2019.
2. The Chairman of the Board of the Joint Stock Company "Baiterek Venture Fund" to take measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of the Joint Stock Company "Baiterek Venture Fund".

Approve the matrix of business processes, risks and controls of Kazyna Capital Management Joint Stock Company in accordance with Appendix 6 to this Protocol.

To approve the Limit and target level of risk appetite for the components of capital adequacy, profitability, liquidity of Kazyna Capital Management JSC for 2020 in accordance with Appendix No. 5 to this Protocol.

1) To approve the Report on risks of the joint-stock company "Kazyna Capital Management" for the 3rd quarter of 2019 in accordance with Appendix No. 4 to these minutes.
2) The Management Board of the Company, by May 31, 2020, together with the Holding, shall work out the issue of acquiring a point-rating system for assessing the quality of financial instruments.

To approve the KPI Maps of executive employees of Kazyna Capital Management Joint Stock Company for 2020 in accordance with Appendix No. 3 to this Protocol.

To approve the adjustment of the Development Plan of Kazyna Capital Management Joint Stock Company for 2017-2021 in accordance with Appendix No. 2 to this Protocol.

To approve the Report on the implementation of the Development Plan of Kazyna Capital Management Joint Stock Company for 9 months of 2019 in accordance with Appendix No. 1 to these minutes.

1. Determine the duration of the reporting period for planning and evaluating the performance of the corporate secretary of Qazaqstan Investment Corporation JSC based on the quarterly performance management cycle.
2. To approve the map of key performance indicators of the Corporate Secretary of Qazaqstan Investment Corporation JSC for 2024 in accordance with Appendix No. 17 to these Minutes.

1. To approve:
1) report on the activities of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023 in accordance with Appendix No. 13 to these Minutes;
2) report on achievement of key performance indicators of Head of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023 in accordance with Appendix No. 14 to these Minutes;
3) report on achievement of key performance indicators of the Chief Manager of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023 in accordance with Appendix No. 15 to these Minutes.
2. To pay bonuses, based on the results of the activities of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023, the head and chief manager of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC Dadanbayev Ye.S. and Kenzhegarinov Sh.B. according to Appendix No. 16 to these Minutes.

1. To approve:
1) report on activities of the Internal Audit Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023 in accordance with Appendix No. 8 to these Minutes;
2) report on achievement of key performance indicators of the Head of the Internal Audit Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023 in accordance with Appendix No. 9 to these Minutes;
3) report on achievement of key performance indicators of Chief Auditor of the Internal Audit Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023 in accordance with Appendix No. 10 to these Minutes.
2. To pay bonuses:
1) based on the results of the activities of the Internal Audit Service of Qazaqstan Investment Corporation Joint Stock Company for the 3rd quarter of 2023, the head of the Internal Audit Service of Qazaqstan Investment Corporation JSC (Bashirov S.A.) according to Appendix No. 11 to these Minutes;
2) based on the results of the activities of the Internal Audit Service of Qazaqstan Investment Corporation JSC for the 3rd quarter of 2023, the Chief Auditor of the Internal Audit Service of Qazaqstan Investment Corporation JSC (A.Ye. Ismagulova) according to Appendix No. 12 to these Minutes.

To approve:
1) annual audit plan of the Internal Audit Service of Qazaqstan Investment Corporation Joint Stock Company for 2024 in accordance with Appendix No. 5 to these Minutes;
2) map of audit areas of the Internal Audit Service of Qazaqstan Investment Corporation Joint Stock Company for 2024 in accordance with Appendix No. 6 to these Minutes;
3) plan of professional training of employees of the Internal Audit Service of Qazaqstan Investment Corporation JSC for 2024 in accordance with Appendix No. 7 to these Minutes.

To approve amendments and additions to the Risk Management Rules of Qazaqstan Investment Corporation JSC approved by the decision of the Board of Directors of Kazyna Capital Management JSC dated June 29, 2021 (Minutes No. 10/21) in accordance with Appendix No. 4 to these Minutes.

To approve amendments to the Regulation on  Internal Control System of Qazaqstan Investment Corporation JSC, approved by the decision of the Board of Directors of  Kazyna Capital Management JSC dated December 12, 2016 (Minutes No. 113) in accordance with Annex No. 3 to these Minutes.

1. To approve the Development Strategy of Qazaqstan Investment Corporation JSC for 2024-2033 in accordance with Appendix No. 2 to these Minutes.
2. Paragraph 1 of this decision shall come into force from the date of approval of the Development Plan of National Managing Holding "Baiterek" JSC for 2024-2033 by the relevant decree of the Government of the Republic of Kazakhstan.

To approve the Report on Strategic Portfolio of Qazaqstan Investment Corporation JSC for the 1st half of 2023 in accordance with Appendix No. 1 to these Minutes.

1. In paragraph 1 of the decision of the Board of Directors of Qazaqstan Investment Corporation JSC dated August 14, 2023 (Minutes No. 11/23) on the issue "On the election of members of the Supervisory Board of BV Management LLP, replace the number and the word "3 (three)" with the number and the word "4 (four)".
2. Prematurely terminate the powers of a member of the Supervisory Board of BV Management LLP Ismagambetov Adil Mukhtarovich from November 1, 2023.
3. To elect Zhaksymbay Aitugan Akhmetuly and Yermek Serikovich Smagulov as members of the Supervisory Board of the BV Management Limited Liability Partnership with a term of office from the date of adoption of this decision until the expiration of the term of office of the Supervisory Board of the BV Management Limited Liability Partnership as a whole.
4. This decision is the decision of the Sole Participant of BV Management LLP.

1. Prematurely terminate the powers of members of the Board of Directors of Baiterek Venture Fund JSC Tazhikenov Asset Yeltayevich and Ismagambetov Adil Mukhtarovich from October 19, 2023 and from November 1, 2023, respectively.
2. To elect Zhaksymbay Aitugan Akhmetuly and Yermek Serikovich Smagulov as members of the Board of Directors of Baiterek Venture Fund JSC as representatives of the Sole Shareholder with a term of office from the date of adoption of this decision until the expiration of the term of office of the Board of Directors of Baiterek Venture Fund JSC as a whole.
3. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund JSC.

In accordance with subparagraph 20) of Paragraph 2 of Article 53 of the Law of the Republic of Kazakhstan “On Joint Stock Companies”, subparagraph 14.1.15 of Paragraph 14.1 of Article 14 of the Articles of Association of Kazyna Capital Management Joint Stock Company (hereinafter - the Company), and Paragraph 7 of the List of documents regulating the internal activity of Kazyna Capital Management Joint Stock Company, which are subject to approval/consideration by the Board of Directors, determined by the decision of the Board of Directors of the Company dated July 26, 2022 (Minutes No.15/22), the Board of Directors of the Company DECIDED:
To approve amendments to the Regulation on the Board of Kazyna Capital Management Joint Stock Company, adopted by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated November 6, 2020 (Minutes No. 14/20), as per Appendix No. 1 hereto.

In accordance with subparagraphs 18) and 20) of paragraph 2 of Article 53 of the Law of the Republic of Kazakhstan "On Joint Stock Companies", subparagraphs 14.1.15, 14.1.21 of paragraph 14.1 of Article 14 of the Charter of Kazyna Capital Management Joint Stock Company (hereinafter referred to as the Company), paragraph 21 The list of documents regulating the internal activities of Kazyna Capital Management Joint Stock Company, subject to approval/consideration by the Board of Directors, determined by the decision of the Board of Directors of the Company dated July 26, 2022 (Minutes No. 15/22), the Board of Directors of the Company DECIDED:
1. To determine the amended List of Information on Kazyna Capital Management Joint-Stock Company or Its Activities that Constitute an Official, Commercial or Other Secret Protected by Law according to Annex No. 2 to these minutes.
2. To invalidate the List of Information on Kazyna Capital Management Joint-Stock Company or Its Activities that Constitute an Official, Commercial or Other Secret Protected by Law approved by the resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated November 30, 2018 (minutes No. 11/18).

In accordance with subparagraph 20) of paragraph 2 of Article 53 of the Law of the Republic of Kazakhstan “On Joint Stock Companies”, subparagraph 14.1.15 of paragraph 14.1 of Article 14 of the Charter of Kazyna Capital Management Joint Stock Company (hereinafter referred to as the Company), paragraphs 20, 52 of the List of documents regulating internal activities of Kazyna Capital Management Joint Stock Company, subject to approval/consideration by the Board of Directors, determined by the decision of the Board of Directors of the Company dated July 26, 2022 (Minutes No. 15/22), the Board of Directors of the Company DECIDED:
approve:
1) Rules for internal control over the disposal and use of insider information in Kazyna Capital Management Joint Stock Company, in accordance with Appendix No. 3 to this protocol;
2) changes to the Information Policy of Kazyna Capital Management Joint-Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated July 31, 2018 (Minutes No. 6/18), in accordance with Appendix No. 4 to this Minutes.

In accordance with subparagraphs 9) and 20) of paragraph 2 of Article 53 of the Law of the Republic of Kazakhstan “On Joint Stock Companies”, subparagraphs 14.1.11 and 14.1.15 of paragraph 14.1 of Article 14 of the Charter of Kazyna Capital Management Joint Stock Company (hereinafter referred to as the Company) and paragraph 6 The list of documents regulating the internal activities of Kazyna Capital Management JSC, subject to approval/consideration by the Board of Directors, determined by the decision of the Board of Directors of the Company dated July 26, 2022 (Minutes No. 15/22), the Board of Directors of the Company DECIDED:
approve the adjusted maps of key performance indicators of the Chairman and members of the Management Board of Kazyna Capital Management JSC for 2022 in accordance with Appendix No. 5 to this Minutes.

Approve an addendum to the List of Documents Regulating the Internal Activities of KAZYNA Capital Management Joint Stock Company subject to approval/consideration by the Board of Directors determined with resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated October 19, 2017 (Minutes No.121), according to Annex 1 to this Minutes.

1. Pre-approve and submit for consideration to the Sole Shareholder of KAZYNA Capital Management Joint Stock Company the issue of approving amendments to the Corporate Governance Code of KAZYNA Capital Management Joint Stock Company, approved with resolution of the Board of Baiterek National Managing Holding Joint Stock Company dated January 12, 2018 (Minutes No. 1/18), according to Annex 2 to this Minutes.
2. The Chairman of the Management Board of the KAZYNA Capital Management Joint Stock Company (A.S.Kuatova) to take measures arising from this resolution.

Approve amendments to the Regulations on the Internal Audit Service of KAZYNA Capital Management Joint Stock Company, approved with resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated July 31, 2019 (Minutes No. 8/19) in accordance with Annex 3 to this Minutes.

Approve amendments to Regulations for Internal Audit organization in KAZYNA Capital Management Joint Stock Company approved with resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated September 26, 2019 (Minutes No. 9/19), according to Annex 4 to this Minutes.

1. Make amendments to the Charter of QazTech Ventures Joint Stock Company approved with resolution of the Board of Baiterek National Managing Holding Joint Stock Company dated August 16, 2017 (Minutes No. 32/17) according to Annex 5 to this Minutes.
2. Authorize the Chairman of the Board of QazTech Ventures Joint Stock Company (Khairulin Y.M.) to sign amendments to the Charter of QazTech Ventures Joint-Stock Company.
3. The Chairman of the Management Board of QazTech Ventures Joint-Stock Company (Khairulin Y.) to take measures arising from this resolution.
4. This resolution is a decision of the Sole Shareholder of QazTech Ventures Joint Stock Company.

Approve the Risk Report of KAZYNA Capital Management Joint Stock Company for the 2nd quarter of 2021, according to Annex 1 to this Minutes.

Amend the resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated December 9, 2020 (Minutes No. 15/20) on the eighth agenda item "On Approval of Risk Appetite Indicators of KAZYNA Capital Management Joint Stock Company for 2021" according to Annex 2 to this Minutes.

Approve the Development Plan implementation report of KAZYNA Capital Management Joint Stock Company for 2019-2023 for the 1st half of 2021 in accordance with Annex 3 to this Minutes.

1. Approve the Sustainable Development Policy of KAZYNA Capital Management Joint Stock Company in a new edition, according to Annex 4 to this Minutes.
2. Invalidate the Sustainable Development Policy of KAZYNA Capital Management Joint Stock Company approved by resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated March 29, 2019 (Minutes No. 4/19).

Approve the report on sustainable development of KAZYNA Capital Management Joint Stock Company for 2020 according to Annex 5 to this Minutes.

1. Approve the annual report of QazTech Ventures JSC for 2020 according to Annex 6 to this Minutes.
2. This resolution is a decision of the Sole Shareholder of QazTech Ventures Joint Stock Company.

1. Approve the salary scheme of the Head of the Internal Audit Service and the Corporate Secretary of the KAZYNA Capital Management Joint Stock Company in a new edition, according to Annex 7 to this Minutes.
2. Invalidate the Salary Scheme of the Head of the Internal Audit Service and the Corporate Secretary (based on grades) of the KAZYNA Capital Management Joint-Stock Company, approved with resolution of the Board of Directors of the KAZYNA Capital Management Joint-Stock Company dated April 30, 2019 (Minutes No. 6/19).

1. Determine the amount of the official salary of the head of the internal audit service of the KAZYNA Capital Management Joint Stock Company, according to Annex 8 to this Minutes.
2. Determine the amount of the official salary of the Corporate Secretary of the KAZYNA Capital Management Joint Stock Company, according to Annex 9 to this Minutes.
3. Paragraph 1 of this resolution comes into force in case of successful completion of the probationary period by the Head of the Internal Audit Service of KAZYNA Capital Management Joint Stock Company in accordance with the terms of the employment contract No. 5 dated June 17, 2021.

Approve the adjusted KPI maps of the executives of KAZYNA Capital Management JSC for 2021 in accordance with Annex 10 to this Minutes.

Take note of the Strategic Portfolio Report of Kazyna Capital Management Joint-Stock Company for the first half of 2021 in accordance with Annex 11 to this Minutes.

1. Terminate the powers of Managing Director "A" - Abiyev Rolan Bolatovich at Kazyna Seriktes B.V. from September 9, 2021.
2. Appoint Aizada Telzhanovna Junisbekova to the position of Managing Director "A" at Kazyna Seriktes B.V. from September 9, 2021.
3. The resolution on paragraphs 1 and 2 of this resolution is a decision of the Sole Shareholder of Kazyna Seriktes B.V.

1. Approve the participation of KAZYNA Capital Management Joint Stock Company in the direct investment fund ADQ-KCM Venture Capital Fund and the main conditions (parameters) of direct participation of KAZYNA Capital Management Joint Stock Company in the direct investment fund ADQ-KCM Venture Capital Fund in accordance with Annex 12 to this Minutes.
2. The Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to work out the issue of determining the sources of financing of the direct investment fund ADQ-KCM Venture Capital Fund and take into account the necessary amendments to the Development Plan of KAZYNA Capital Management Joint Stock Company for 2014-2023 during its next amendment as well as take other measures arising from this resolution.

1. Determine the following position of KAZYNA Capital Management Joint Stock Company on the issues of the General Meeting of Participants of Kazakhstan Project Preparation Fund Limited Liability Partnership:
1) first agenda item "On early termination of the powers of the Chairman and a member of the Board of Kazakhstan Project Preparation Fund LLP to vote "FOR" early termination of the powers of Khairulin Yerbol Meirzhanovich as Chairman of the Board of Kazakhstan Project Preparation Fund LLP from August 6, 2021, Junisbekova Aizada Telzhanovna as a member of the Board of Kazakhstan Project Preparation Fund LLP from August 31, 2021 and Shashdavletov Adilkhan Askarovich as a member of the Board of Kazakhstan Project Preparation Fund LLP since September 10, 2021;
2) second agenda item "On approval of the Auditor Report of Kazakhstan Project Preparation Fund LLP for the 2nd quarter of 2021", to vote "FOR" approval of the Auditor Report of Kazakhstan Project Preparation Fund LLP for the 2nd quarter of 2021, according to Annex 13 to this Minutes;
3) third agenda item "On approval of the Charter of Kazakhstan Project Preparation Fund Limited Liability Partnership in a new edition and invalidation of the Regulations on the Management Board of Kazakhstan Project Preparation Fund Limited Liability Partnership", to vote "FOR":
- approval of the Charter of Kazakhstan Project Preparation Fund Limited Liability Partnership in a new edition according to Annex 14 to this Minutes;
- invalidation of the Charter of Kazakhstan Project Preparation Fund Limited Liability Partnership approved with resolution of the Extraordinary General Meeting of Participants dated November 07, 2016 (Minutes No. 05/16);
- invalidation of the Regulations on the Management Board of Kazakhstan Project Preparation Fund Limited Liability Partnership approved with resolution of the Extraordinary General Meeting of Participants of Kazakhstan Project Preparation Fund Limited Liability Partnership dated February 27, 2017 (Minutes No. 01/17);
- the executive body of Kazakhstan Project Preparation Fund Limited Liability Partnership, no later than December 30, 2021, to bring into compliance the internal regulatory documents of Kazakhstan Project Preparation Fund Limited Liability Partnership;
4) fourth agenda item "On the election and determination of the term of office of the General Director of Kazakhstan Project Preparation Fund Limited Liability Partnership", to vote "FOR":
- election of Adilkhan Askarovich Shashdavletov as the General Director of Kazakhstan Project Preparation Fund Limited Liability Partnership from September 10, 2021;
- determination of the term of office of Adilkhan Askarovich Shashdavletov as the General Director of Kazakhstan Project Preparation Fund Limited Liability Partnership 1 (one) one year from the date of his election;
- empowering the Chairman of the Supervisory Board of Kazakhstan Project Preparation Fund Limited Liability Partnership (Giovanni Capannelli) to sign the employer's acceptance certificate and conclude an employment contract with Adilkhan Askarovich Shashdavletov.

1. Approve:
1) Development strategy of Kazyna Capital Management JSC for 2014-2023 in a new edition in accordance with Appendix No. 1 to this Protocol.
2) Action plan for the period from 2020 to 2022 for the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023 in a new edition in accordance with Appendix No. 2 to this Protocol.
2. To declare invalid:
1) Development Strategy of Kazyna Capital Management JSC for 2014-2023, approved by the decision of the Board of Directors of the Company dated September 8, 2017 (Minutes No. 120);
2) An action plan for the period from 2020 to 2022 for the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023, approved by the decision of the Board of Directors of the Company dated May 25, 2020 (Minutes No. 6/20).

To approve the Report on the implementation of the Development Plan of Kazyna Capital Management Joint Stock Company for the 1st half of 2020 in accordance with Appendix No. 3 to this Protocol.

Recognize the resolution of the Board of Directors of the Company dated August 28, 2020 (minutes #10/20) "On approval of the main terms for direct and/or indirect participation of Kazyna Capital Management Joint-Stock Company in the direct investment fund "Industrial Development Fund” as invalid.

1. To involve the General Director of the limited liability partnership "BV Management" Zhanturin B.M. to disciplinary liability in the form of a reprimand for a period of 1 (one) month, in connection with the admission of violations indicated in the results of the audit appointed by the decision of the Board of the Joint Stock Company "National Managing Holding" Baiterek "dated June 3, 2020 (Minutes No. 25/20 ), Inspection report dated July 31, 2020 from the date of this decision.
2. This decision is a decision of the BV Management Limited Liability Participant.

1. To approve the KPI Maps of executive employees of Kazyna Capital Management Joint Stock Company for 2020 in accordance with Appendix No. 1 to this Protocol.
2. To recognize as invalid the target values of the KPIs of the members of the Management Board of Kazyna Capital Management for 2020, approved by the decision of the Board of Directors of the Company dated November 28, 2019 (Minutes No. 11/19).

1. To approve the total number of employees of the Company in the amount of 34 units.
2. To declare invalid the decision of the Board of Directors of the Company dated June 5, 2019 (Minutes No. 7/19) on the issue “On approval of the total number of employees of Kazyna Capital Management Joint Stock Company”.

1. Determine the composition of the Management Board of Kazyna Capital Management Joint Stock Company in the amount of 5 units.
2. The Chairman of the Management Board of the Company to take measures arising from this decision.

1. To approve the salary scheme of the Chairman of the Management Board and members of the Management Board (based on grades) of Kazyna Capital Management JSC in a new edition in accordance with Appendix No. 2 to this protocol.
2. To recognize as invalid the Salary Scheme of the Chairman of the Management Board and members of the Management Board (based on grades) of Kazyna Capital Management JSC, approved by the decision of the Board of Directors of the Company dated July 31, 2018 (Minutes No. 6/18).

1. Determine the size of the official salaries of the members of the Management Board of the Company in accordance with Appendix No. 3 to this protocol.

1. To elect Renat Borzhikhanovich Kuanyshbayev as Deputy Chairman of the Management Board of the Company from October 1, 2020 with a term of office until the expiration of the term of office of the Management Board of the Company as a whole.
2. Determine the official salary for RB Kuanyshbaev. according to Appendix No. 4 to this Protocol.
3. To authorize the Chairman of the Management Board of the Company Kuatova A.S. to sign the employer's act of hiring Kuanyshbaev RB
4. Chairman of the Management Board of the Company Kuatova A.S. take other measures arising from this decision.
5. This decision comes into force from the moment the staffing table of the Company comes into effect.

1. To elect Erlan Dulanovich Kabdrakhmanov as Managing Director, member of the Management Board of the Company from October 5, 2020 with a term of office until the expiration of the term of office of the Management Board of the Company as a whole.
2. Determine the official salary for ED Kabdrakhmanov. according to Appendix No. 5 to this Protocol.
3. To authorize the Chairman of the Management Board of the Company Kuatova A.S. to sign the employer's act of hiring Kabdrakhmanova E.D.
4. Chairman of the Management Board of the Company Kuatova A.S. take other measures arising from this decision.

1. To take into account the information on the need to increase the amount of allocated funds for the implementation of the concessional financing program of the joint stock company “Baiterek Venture Fund”, approved by the decision of the Board of Directors of the Company dated April 19, 2019 (Minutes No. 5/19).
2. The Management Board of the Company should contact the Sole Shareholder of the Company with a question on considering the possibility of further increasing the total number of employees of the Company by 3 units, with the aim of further distributing these units to the Joint Stock Company “Baiterek Venture Fund”.

To approve the amendments to the Annual Audit Plan of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 2019, approved by the decision of the Board of Directors of the Company dated November 29, 2018 (Minutes No. 10/18), in accordance with Appendix No. 15 to these Minutes.

1) To approve the Rules for organizing internal audit in the joint-stock company "Kazyna Capital Management" in a new edition in accordance with Appendix No. 14 to this protocol.
2) To recognize as invalid the Rules for organizing internal audit in the joint-stock company Kazyna Capital Management, approved by the decision of the Board of Directors of the Company dated June 19, 2018 (Minutes No. 5/18).

1. To approve the audit report "Assessment of the corporate risk management system" in accordance with Appendix No. 12 to this protocol.
2. To approve the corrective action plan based on the results of the audit assignment "Assessment of the corporate risk management system" in accordance with Appendix No. 13 to these minutes.

1. To determine the composition of the Board of Directors of the joint-stock company "Baiterek Venture Fund" in the amount of 5 (five) people.
2. To elect Murzagalieva Aliya Erbolatkyzy as a member of the Board of Directors of the Joint Stock Company "Baiterek Venture Fund" with a term of office until the expiration of the term of office of the Board of Directors of the Joint Stock Company "Baiterek Venture Fund" as a whole.
3. The Chairman of the Board of the Joint Stock Company "Baiterek Venture Fund" to take the necessary measures arising from this decision.
4. Decisions on items 1-3 are decisions of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. To approve the Regulations on the Supervisory Board of the Limited Liability Partnership "BV Management" in a new edition in accordance with Appendix No. 11 to this Protocol. 2. To invalidate the Regulations on the Supervisory Board of the BV Management limited liability partnership approved by the decision of the Board of Directors of Baiterek Venture Fund Joint Stock Company dated November 9, 2017 (Minutes No. 41).
3. The decisions under clauses 1 and 2 are decisions of the Sole Member of the BV Management Limited Liability Partnership.

1. Make changes:
1) to the Basic conditions for participation of Kazyna Capital Management Joint Stock Company in the KCM Sustainable Development Fund I direct investment fund, approved by the decision of the Board of Directors of the Company dated March 29, 2019 (Minutes No. 4/19) in accordance with Appendix No. 9 to these Minutes;
2) to the Program of concessional financing by Kazyna Capital Management Joint Stock Company and / or its subsidiaries, including private equity funds, approved by the decision of the Board of Directors of the Company dated April 19, 2019 (Minutes No. 5/19) in accordance with Appendix No. 10 to these Minutes.

1. To approve the Basic conditions for the participation of the Company in the direct investment fund "Kazakhstan Infrastructure Fund C.V." in a new edition, according to Appendix No. 8 to this protocol;
2. To declare invalid the Basic Conditions for the Company's participation in the Kazakhstan Infrastructure Fund C.V. private equity fund approved by the decision of the Company's Board of Directors dated November 3, 2016 (Minutes No. 112);
3. The company to take the necessary measures arising from this decision.

Take into consideration the Report on the strategic portfolio of Kazyna Capital Management Joint Stock Company for the first half of 2019 in accordance with Appendix No. 7 to this Protocol.

1. To approve the Report on risks of the joint-stock company "Kazyna Capital Management" for the 2nd quarter of 2019 in accordance with Appendix No. 6 to these minutes.
2. The Management Board of the Company should work out the issue of developing predictive risk analytics on a six-month basis.
3. The Management Board of the Company should work out the issue of attracting external consultants to develop IT solutions (software) in order to create and implement predictive risk analytics.

1. To approve the KPI Maps of executive employees of Kazyna Capital Management Joint Stock Company for 2019 in accordance with Appendix No. 5 to this Protocol.
2. To recognize as invalid the target values of the KPIs of the members of the Management Board of Kazyna Capital Management for 2019, approved by the decision of the Board of Directors of the Company dated March 1, 2019 (Minutes No. 3/19).

1. To approve the Rules of remuneration, performance evaluation and remuneration of executives of the joint-stock company "Kazyna Capital Management" in a new edition in accordance with Appendix No. to this protocol.
2. To declare invalid the Rules of remuneration, performance evaluation and remuneration of executives of Kazyna Capital Management, approved by the decision of the Board of Directors of the Company dated September 29, 2015 (Minutes No. 99).

1. To approve the Rules for the management of temporarily free funds of the joint-stock company "Kazyna Capital Management" in a new edition in accordance with Appendix No. 3 to this protocol;
2. To recognize as invalid the Rules for the Management of Temporarily Free Funds of the Joint Stock Company Kazyna Capital Management, approved by the decision of the Board of Directors of the Company dated February 17, 2017 (Minutes No. 114).

Introduce changes to the Rules for the development, coordination, approval, adjustment, execution and monitoring of the implementation of the development plan of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of the Company dated October 23, 2018 (Minutes No. 9/18) in accordance with Appendix No. 2 to these Minutes ...

To approve the Report on the implementation of the Development Plan of Kazyna Capital Management Joint Stock Company for the 1st half of 2019 in accordance with Appendix No. 1 to this Protocol.

1. To amend the decision of the Board of Directors of Qazaqstan Investment Corporation JSC dated February 23, 2023 (Minutes No. 02/23) on the issue "On making a decision on the participation of Qazaqstan Investment Corporation JSC in the newly created private equity fund "Almaty Creative Industries Venture Capital Fund" and approval of the main conditions (parameters) of direct participation of Qazaqstan Investment Corporation JSC in private equity fund "Almaty Creative Industries Venture Capital Fund" (Decision) as follows:
1) paragraph 1 of the Decision should be amended to read as follows:
«1. To approve the participation of Qazaqstan Investment Corporation JSC in private equity fund "Creative Capital Fund" and the main conditions (parameters) of the direct participation of Qazaqstan Investment Corporation JSC in private equity fund "Creative Capital Fund" in accordance with Appendix No. 7 to these Minutes";

2. Amend the main conditions (parameters) of the direct participation of Qazaqstan Investment Corporation JSC in private equity fund Almaty Creative Industries Venture Capital Fund, approved by the decision of the Board of Directors of Qazaqstan Investment Corporation JSC dated February 23, 2023 (Minutes No. 02/23) in accordance with Appendix No. 15 to these Minutes.
3. the Chairperson of the Management Board of Qazaqstan Investment Corporation Joint Stock Company (A.S.Kuatova) shall take measures arising from this decision.

1. To approve:
1) report on activities of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 2nd quarter of 2023 in accordance with Appendix No. 11 to these Minutes;
2) report on achievement of key performance indicators of the Head of Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for 2nd quarter of 2023 in accordance with Appendix No. 12 to these Minutes;
3) report on achievement of key performance indicators of Chief Manager of Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 2nd quarter of 2023 in accordance with Appendix No. 13 to these Minutes.

2. To pay bonuses based on the results of the activities of Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for the 2nd quarter of 2023, the head and chief manager of Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC Ye.S. Dadanbayev and Sh.B. Kenzhegarinov according to Appendix No. 14 to these Minutes.

To approve:
1) audit report "Assessment of Corporate Governance System in Qazaqstan Investment Corporation JSC according to Appendix No. 9 to these Minutes;
2) plan of corrective and (or) preventive actions based on the results of audit "Assessment of the Corporate Governance System in Qazaqstan Investment Corporation JSC in accordance with Appendix No. 10 to these Minutes.

To approve the Risk Report of Qazaqstan Investment Corporation JSC for the 2nd quarter of 2023 in accordance with Appendix No. 8 to these Minutes.

To approve amendments and additions to the Sustainable Development Policy of Qazaqstan Investment Corporation JSC, approved by the decision of the Board of Directors of Kazyna Capital Management JSC dated September 9, 2021 (Minutes No. 16/21), in accordance with Appendix No. 7 to these Minutes.

To approve the report on sustainable development of Qazaqstan Investment Corporation JSC for 2022 in accordance with Appendix No. 6 to these Minutes.

To approve the adjusted maps of key performance indicators of Chairperson and members of the Management Board of Qazaqstan Investment Corporation JSC for 2023 in accordance with Appendix No. 5 to these Minutes.

1. Conclude contracts for:
1) fixed-term bank deposit "Mobile" between Qazaqstan Investment Corporation JSC and Bereke Bank JSC, which is a transaction in which Qazaqstan Investment Corporation JSC has an interest, in accordance with the basic conditions, according to Appendix No. 1 to these Minutes;
2) fixed-term bank deposit "Overnight" between Qazaqstan Investment Corporation JSC and Bereke Bank JSC, which is a transaction in which Qazaqstan Investment Corporation JSC has an interest, in accordance with the basic conditions, according to Appendix No. 2 to these Minutes;
3) for provision of brokerage services with securities with nominal holding between Qazaqstan Investment Corporation Joint Stock Company and Bereke Bank Joint Stock Company, which is a transaction in which Qazaqstan Investment Corporation JSC has an interest, in accordance with the basic conditions, according to Appendix No. 3 to these Minutes;
4) joining the general terms of Digital banking services in Bereke Bank JSC between Qazaqstan Investment Corporation JSC and Bereke Bank JSC, which is a transaction in which Qazaqstan Investment Corporation JSC has an interest, in accordance with the basic conditions, according to Appendix No. 4 to these Minutes.

2. the Deputy Chairman of the Management Board of Qazaqstan Investment Corporation JSC Makanalina G.S. shall prepare Report on temporarily available funds of Qazaqstan Investment Corporation JSC as of September 14, 2023 for the next meeting of the Board of Directors.
3. the Chairperson of the Management Board of Qazaqstan Investment Corporation Joint Stock Company (A.S.Kuatova) shall take measures arising from this decision.

Approve the adjusted Development Plan of Kazyna Capital Management Joint-Stock Company for 2019-2023 in the part of 2022-2023 in accordance with Appendix No. 1 to this Minutes.

1. Approve the participation of Kazyna Capital Management JSC in the APEX FUND I Limited Partnership direct investment fund and the main conditions (parameters) of Kazyna Capital Management JSC direct participation in the APEX FUND I Limited Partnership direct investment fund in accordance with the Appendix No. 2 to this protocol.
2. The decision under paragraph 1 shall enter into force after:
1) implementation of the Law of the Republic of Kazakhstan "On amendments and additions to certain legislative acts of the Republic of Kazakhstan on the regulation and development of the insurance market and the securities market, banking activities" dated July 12, 2022 No. 138-VII ZRK;
2) obtaining the consent of the antimonopoly body of the Republic of Kazakhstan for the creation of the direct investment fund "APEX FUND I" Limited Partnership or confirmation that there is no need to obtain such consent.
3. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take measures arising from this decision.

1. Approve the annual report on the activities of the joint-stock company "Baiterek Venture Fund" for 2021 in accordance with Appendix No. 3 to this protocol.
2. The Chairman of the Board of the Joint-Stock Company "Baiterek Venture Fund" (Kutbai Zh.B.) to take measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. Amend the main conditions for the participation of Kazyna Capital Management Joint-Stock Company in the KCM Sustainable Development Fund I direct investment fund, approved by the decision of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated March 29, 2019 (minutes No. 4/19) in accordance with the Appendix No. 4 to this protocol.
2. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take the necessary measures arising from this decision.

1. To appoint Ismagulova Aigerim Yerzhanovna as the Chief Auditor of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for a term of office until the expiration of the term of office of the Internal Audit Service of Kazyna Capital Management Joint Stock Company as a whole.
2. Determine the salary of the Chief Auditor of the Internal Audit Service of the JSC "Kazyna Capital Management" Ismagulova Aigerim Yerzhanovna in the amount in accordance with Appendix No. 5 to this protocol.
3. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take the necessary measures arising from this decision.

Approve the report on the activities of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC based on the results of the 2nd quarter 2022 in accordance with Appendix No. 6 to this protocol.

1. Determine the duration of the reporting period for planning and evaluating the performance of the chief manager of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC based on the quarterly performance management cycle.
2. Approve:
1) maps of key performance indicators of the chief manager of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC for the 3rd and 4th quarters of 2022 in accordance with Appendix No. 7 to this protocol;
2) a report on the performance of key performance indicators of the head of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC for the 2nd quarter of 2022 in accordance with Appendix No. 8 to this protocol.
3. Based on the results of the activities of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC for the 2nd quarter of 2022, to reward the head of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC Dadanbayev E.S. in accordance with Appendix No. 9 to this protocol.

1. Approve:
1) report on the work of the Board of Directors, committees of the Board of Directors and the corporate secretary of Kazyna Capital Management JSC for the 1st quarter of 2022 in accordance with Appendix No. 10 to this Minutes;
2) actual performance, a report on the implementation of key performance indicators and the calculation of the amount of the bonus of the corporate secretary of Kazyna Capital Management JSC A. Belialova for the 1st quarter of 2022 in accordance with Appendix No. 11 to this protocol.
2. Pay the corporate secretary of Kazyna Capital Management JSC Belialova A. a bonus for the fulfillment of key performance indicators for the 1st quarter of 2022 in accordance with Appendix No. 12 to this protocol.
3. The Chairman of the Management Board of Kazyna Capital Management Joint Stock Company to take the necessary measures to implement this decision.

1. Determine the List of documents regulating the internal activities of the Kazyna Capital Management joint-stock company, subject to approval/consideration by the Board of Directors, in a new version, in accordance with Appendix No. 13 to this Minutes.
2. Recognize as invalid the List of documents regulating the internal activities of the Kazyna Capital Management joint-stock company, subject to approval / consideration by the Board of Directors, determined by the decision of the Board of Directors of the Company dated October 19, 2017 (Minutes No. 121).

Approve the Anti-Corruption Policy of Kazyna Capital Management Joint-Stock Company in accordance with Appendix No. 14 to this protocol.

1. Pre-approve and submit the annual report of KAZYNA Capital Management Joint Stock Company for 2020 according to Annex 1 to this Minutes to Sole Shareholder of KAZYNA Capital Management Joint Stock Company for consideration.
2. Chairman of the Management Board of KAZYNA Capital Management Joint-Stock Company (A.S. Kuatova) to take the measures resulting from this resolution.

Approve amendments made to Development Plan of KAZYNA Capital Management Joint Stock Company for 2019-2023 approved with resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated December 9, 2020 (Minutes No. 15/20) in accordance with Annex 2 to this Minutes.

1. Make amendments to the Rules for the Temporarily Free Funds Management of KAZYNA Capital Management Joint-Stock Company approved with resolution of the Board of Directors of the KAZYNA Capital Management Joint-Stock Company dated September 26, 2019 (Minutes No. 9/19) in accordance with Annex 3 to this Minutes.
2. Chairman of the Management Board of KAZYNA Capital Management Joint-Stock Company (A.S. Kuatova) to take the measures resulting from this resolution.

1. Conclude agreement on termination of agreement for carrying out currency-percentage delivery transaction SWAP for No. 79-SWAP - A/13 dated August 7, 2015 concluded between KAZYNA Capital Management Joint Stock Company and Development Bank of Kazakhstan wherein KAZYNA Capital Management Joint Stock Company has an interest on the terms according to Annex 4 to this Minutes.
2. Chairman of the Management Board of KAZYNA Capital Management Joint-Stock Company (A.S. Kuatova) to take the measures resulting from this resolution.

1. Determine the following position of KAZYNA Capital Management Joint Stock Company on the issues of the General Meeting of Participants of Kazakhstan Project Preparation Fund Limited Liability Partnership:
1) first agenda item - "On amendments to the Charter of the Kazakhstan Project Preparation Fund Limited Liability Partnership, to vote "FOR" amendments to the Charter of the Kazakhstan Project Preparation Fund Limited liability Partnership in accordance with Annex 5 to this Minutes;
2) second agenda item - "On the election and setting of the term of powers of a member of the Management Board of Kazakhstan Project Preparation Fund Limited Liability Partnership, to vote "FOR" the election of Adilkhan Askarovich Shashdavletov as a member of the Management Board of Kazakhstan Project Preparation Fund Limited Liability Partnership with a term of powers until the complete expiration of the term of powers of the Management Board of the Kazakhstan Project Preparation Fund Limited Liability Partnership;
3) third agenda item - "On approval of the Report of the auditor of Kazakhstan Project Preparation Fund Limited Liability Partnership for the 1st quarter of 2021", to vote "FOR" approval of the Report of the auditor of Kazakhstan Project Preparation Fund Limited Liability Partnership for the 1st quarter of 2021 according to Annex 6 to this Minutes;
4) fourth agenda item -"On election of the Auditor of Kazakhstan Project Preparation Fund Limited Liability Partnership and the determination of its term of office, to vote "FOR":
- election of the sole auditor of Kazakhstan Project Preparation Fund Limited Liability Partnership - Tatybayeva Asiya Amangeldinovna as a representative of KAZYNA Capital Management Joint-Stock Company;
- determine the term of office of the sole auditor of Kazakhstan Project Preparation Fund Limited Liability Partnership -Tatybayeva Asiya Amangeldinovna from July 7, 2021 to September 1, 2021 (inclusive).
5) fifth agenda item - "On early termination of powers of the Chairman of the Board of Kazakhstan Project Preparation Fund Limited Liability Partnership, to vote "FOR":
- early termination of powers of Zhekey Murat - the Chairman of the Board of Kazakhstan Project Preparation Fund Limited Liability Partnership from July 26, 2021 and election of Khairulin Yerbol Meirzhanovich as the Chairman of the Board of Kazakhstan Project Preparation Fund Limited Liability Partnership from July 27, 2021 until the expiration of the term of office of the Board of Kazakhstan Project Preparation Fund Limited Liability Partnership as a whole;
empowering the Chairman of the Supervisory Board of the Kazakhstan Project Preparation Fund Limited Liability Partnership to sign the employer's act on termination of the employment contract with Zhekey Murat and sign the employer's acceptance certificate, as well as to conclude an employment contract with E.M. Khairulin.

1. Approve the performance report of the Internal Audit Service of the KAZYNA Capital Management Joint Stock Company for the 2nd quarter of 2021, in accordance with Annex 7 to this Minutes.
2. The Head of the Internal Audit Service of the KAZYNA Capital Management Joint-Stock Company (S.M. Tuyakbayeva) to conduct an unscheduled audit of the actual values of key performance indicators of the members of the Management Board of the QazTech Ventures Joint-Stock Company by September 30, 2021.

1. Approve the Report on performance of the Board of Directors, Committees of the Board of Directors and Corporate Secretary of KAZYNA Capital Management Joint Stock Company for the 2nd quarter of 2021 in accordance with Annex 8 to this Minutes.
2. Approve the KPI Report of the Corporate Secretary of KAZYNA Capital Management Joint Stock Company for the 2nd quarter of 2021 in accordance with Annex 9 to this Minutes.
3. Approve the amount and pay the reward to the corporate secretary of Kazyna Capital Management Joint-Stock Company - Smagulova E.S. in proportion to the time worked according to the results of activities for the 2nd quarter of 2021 in the amount as per Annex 10 to this Minutes.

1. To early terminate the powers of Mr. Yernur Talgatuly Kulazhanov as a member of the Supervisory Board of BV Management Limited Liability Partnership from September 9, 2021. 2. To elect Mr. Azamat Gabitovich Yeralin as a member of the Supervisory Board of BV Management Limited Liability Partnership with the term of powers until the expiry of the term of powers of the Supervisory Board of BV Management Limited Liability Partnership as a whole. 3. The present decision is the decision of the Sole Participant of BV Management Limited Liability Partnership. 4. The General Director of BV Management Limited Liability Partnership (Mr. A.E. Kaligazin) shall take measures arising from this decision.

1. To early terminate the powers of the following members of the Board of Directors of QazTech Ventures Joint Stock Company: - Mr. Pavel Vyacheslavovich Koktyshev; - Mr. Rolan Bolatovich Abiyev, from September 1, 2021. 2. To elect the following persons to the Board of Directors of QazTech Ventures Joint Stock Company with the term of powers until the expiry of the term of powers of the Board of Directors of QazTech Ventures Joint Stock Company as a whole: - Mr. Marlen Aidarovich Sikhayev, as a member who is not a shareholder of QazTech Ventures Joint Stock Company and was not proposed (not recommended) for election to the Board of Directors as a representative of Kazyna Capital Management Joint Stock Company; - Ms. Aizada Telzhanovna Zhunisbekova, as a representative of Kazyna Capital Management Joint Stock Company. 3. To authorize the Chairman of the Board of QazTech Ventures Joint Stock Company (Mr. E.M. Khairulin) to sign the agreement with Marlen Aidarovich Sikhayev, member of the Board of Directors of QazTech Ventures Joint Stock Company. 4. This decision is the decision of the Sole Shareholder of QazTech Ventures Joint Stock Company.

1. To approve the annual report on the activities of Baiterek Venture Fund Joint Stock Company for 2020, as per Appendix No.1 to these Minutes. 2. The Chairman of the Board of Baiterek Venture Fund Joint Stock Company (Mr. Zh.B. Kutbai) shall take measures arising from this decision. 3. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. To conclude a Facility Agreement with AOM SDF I B.V., in which Kazyna Capital Management Joint Stock Company is interested, on the terms and conditions according to Appendix No.2 to these Minutes. 2. The Chair of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall take measures arising from the present decision.

1. To conclude an Agreement for the purchase of bonds issued by Baiterek Venture Fund Joint Stock Company, in which Kazyna Capital Management Joint Stock Company is interested, on the terms and conditions according to Appendix No. 3 to these Minutes. 2. The Chair of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall take measures arising from the present decision.

1. To conclude an Intercreditor Agreement between Kazyna Capital Management Joint Stock Company, Development Bank of Kazakhstan Joint Stock Company, and Tethys Aktau II Limited Liability Partnership, which is the transaction in which Kazyna Capital Management Joint Stock Company is interested, on the terms and conditions according to Appendix No. 4 to these Minutes. 2. The Chair of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall take measures arising from the present decision.

1. To approve the report on the activities of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2021 as per Appendix No.5 to these Minutes. 2. To approve the report on the implementation of key performance indicators of the Chief of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2021 as per Appendix No.6 to these Minutes. 3. By the results of the activities of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2021, to reward Ms. S.M. Tuyakbayeva, Chief of the Internal Audit Service of Kazyna Capital Management Joint Stock Company, as per Appendix No.7 to these Minutes.

To approve: 1) the annual audit plan of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 2022, as per Appendix No.8 to these Minutes; 2) the map of areas of audit of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 2022, as per Appendix No.8 to these Minutes; 3) the plan of professional training of staff of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 2022, as per Appendix No.9 to these Minutes.

1. To approve the KPI maps of the Chief of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 2022 as per Appendix No.11 to these Minutes. 2. To set the duration of the reporting period for planning and assessment of the performance of the Chief of the Internal Audit Service of Kazyna Capital Management Joint Stock Company based on a quarterly cycle.

1. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors, and the Corporate Secretary of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2021 as per Appendix No.12 to these Minutes. 2. To approve the actual effectiveness of the key performance indicators of the Corporate Secretary of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2021 at the rate of 118.2% and the report on the implementation of the key performance indicators of the Corporate Secretary of Kazyna Capital Management Joint Stock Company for the 3rd quarter of 2021 as per Annex No.13 to these Minutes. 3. To approve the calculation of the bonus amount and reward Mr. E.S. Smagulov, Corporate Secretary of Kazyna Capital Management Joint Stock Company, based on the results of the 3rd quarter of 2021 in the amount according to Annex No.14 to these Minutes.

1. To bring Mr. D.Zh. Nurskenov, Deputy Chairman of the Board of Kazyna Capital Management Joint Stock Company, to disciplinary responsibility in the form of reprimand for 1 (one) month from the date of this decision. 2. The Chairman of the Board of Kazyna Capital Management Joint Stock Company shall take measures arising from the present decision.

1. To direct to the executive body of Kazakhstan Project Preparation Fund Limited Liability Partnership a request for calling an extraordinary general meeting of participants of Kazakhstan Project Preparation Fund Limited Liability Partnership with the following agenda of the general meeting: 1) on the reduction of the amount of the registered capital of Kazakhstan Project Preparation Fund Limited Liability Partnership; 2) on the adoption of the new version of the Articles of Association of Kazakhstan Project Preparation Fund Limited Liability Partnership; 3) on the approval of the reorganization of Kazakhstan Project Preparation Fund Limited Liability Partnership. 2. The representative of Kazyna Capital Management Joint Stock Company shall, at the extraordinary general meeting of participants of Kazakhstan Project Preparation Fund Limited Liability Partnership, vote “FOR” on the issues on the agenda referred to in item 2 of this decision: on the first issue of the agenda: reduction of the amount of the registered capital of Kazakhstan Project Preparation Fund Limited Liability Partnership through full repayment of the share of Kazakhstan Center for Public-Private Partnership Joint Stock Company in the amount of 50,000,000 (fifty million) tenge; on the second issue of the agenda: approval of the new version of the Articles of Association of Kazakhstan Project Preparation Fund Limited Liability Partnership as per Appendix No.15 to these Minutes; on the third issue of the agenda: 1) reorganization of Kazakhstan Project Preparation Fund Limited Liability Partnership by way of its transformation into Kazakhstan Project Preparation Fund Joint Stock Company; 2) approval: – the plan of transformation of Kazakhstan Project Preparation Fund Limited Liability Partnership as per Appendix No.16 to these Minutes; – the Articles of Association of Kazakhstan Project Preparation Fund Joint Stock Company as per Appendix No.17 to these Minutes. 3) election of Mr. Adilkhan Askarovich Shashdavletov as General Director of Kazakhstan Project Preparation Fund Joint Stock Company from the date of state registration of Kazakhstan Project Preparation Fund Joint Stock Company; 4) determination of the number of members, term of powers of the Board of Directors of Kazakhstan Project Preparation Fund Joint Stock Company, as well as the election of its members as per Appendix No.18 to these Minutes; 5) instruction to the General Director of Kazakhstan Project Preparation Fund Limited Liability Partnership to make arrangements for notifying creditors of Kazakhstan Project Preparation Fund Limited Liability Partnership about the reorganization of Kazakhstan Project Preparation Fund Limited Liability Partnership through its transformation into Kazakhstan Project Preparation Fund Joint Stock Company, as well as other arrangements related to reorganization. 3. Item 1 of this decision is the decision of the participant of Kazakhstan Project Preparation Fund Limited Liability Partnership. 4. The Chairman of the Board of Kazyna Capital Management Joint Stock Company (Ms. A.S. Kuatova) shall, in case of receipt of the information of the authorized government agency, which restricts the election of the General Director and members of the Board of Directors of Kazakhstan Project Preparation Fund Joint Stock Company, put the issue of early termination of powers of such persons for consideration of the Board of Directors of Kazyna Capital Management Joint Stock Company.

To amend the program of concessional financing of Kazyna Capital Management Joint-Stock Company and / or its subsidiaries, including private equity funds, approved by the decision of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated April 19, 2019 (Minutes No. 5/19), in accordance with Annex No. 1 to this Minutes.

Preliminarily approve and submit the annual report of Kazyna Capital Management Joint-Stock Company for 2019 for consideration by the Sole Shareholder of Kazyna Capital Management Joint-Stock Company, in accordance with Annex No. 2 to the minutes.

1. To conclude a transaction to extend the agreement on carrying out transaction currency-percentage delivery SWAP No. 79-SWAP-A/13 dated August 7, 2015, concluded between the Development Bank of Kazakhstan and Kazyna Capital Management Joint-Stock Company for a period not exceeding 24 months, by signing an additional agreement, in the conclusion of which the Kazyna Capital Management Joint-Stock Company has an interest.
2. Suspend the possibility of participation of Kazyna Capital Management Joint-Stock Company in new investment funds, as well as the possibility of increasing liabilities in current investment funds in the event of a decrease in the amount of liquid assets of Kazyna Capital Management Joint-Stock Company to the amount of 14,220,925 thousand KZT or less of this amount, in order to secure obligations to the Development Bank of Kazakhstan Joint-Stock Company until August 7, 2022.
3. Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (Kuatova A.S.) to take measures arising from this decision.

1. To approve the basic conditions for participation of Kazyna Capital Management Joint-Stock Company in the Da Vinci Emerging Technologies Fund III private equity fund in accordance with Annex No. 3 to the minutes.
2. To conclude a transaction, in which Kazyna Capital Management Joint-Stock Company has an interest, by signing a Capital Contribution Agreement between Kazyna Capital Management Joint-Stock Company and Kazyna Seriktes B.V. according to Annex No. 4 to the minutes.
3. The Management Board of Kazyna Capital Management Joint-Stock Company to take measures arising from this decision.
4. This decision comes into force after receiving recommendations from external tax and legal consultants on structuring the participation of Kazyna Capital Management JSC in the Da Vinci Emerging Technologies Fund III private equity fund.
5. The Board of Kazyna Capital Management Joint-Stock Company shall provide information on the current status of potential Kazakhstani projects for investment by the Da Vinci Emerging Technologies Fund III L.P. fund at the following meetings of the Strategic Planning and Corporate Development Committee of the Board of Directors of Kazyna Capital Management Joint-Stock Company.

1. Bring Beguliyev Timur Yerkinovich, Deputy Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company, to disciplinary liability in the form of a reprimand for a period of 1 (one) month from the date of this decision.
2. The Chairman of the Board of Kazyna Capital Management Joint-Stock Company to take measures arising from this decision.

1. To approve the report on activities of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for the 2nd quarter of 2020 in accordance with Annex No. 5 to the minutes.
2. To approve the report on implementation of key performance indicators of the head of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for the 2nd quarter of 2020 in accordance with Annex No. 6 to the minutes.
3. Based on the results of the activities of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for the 2nd quarter of 2020, award the head of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company in accordance with Annex No. 7 to the minutes.

1. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of Kazyna Capital Management Joint-Stock Company for the 2nd quarter of 2020 in accordance with Annex No. 8 to the minutes.
2. To approve the report on the performance of key performance indicators of the corporate secretary of Kazyna Capital Management Joint-Stock Company for the 2nd quarter of 2020 in accordance with Annex No. 9 to this Minutes.
3. To award a bonus to the corporate secretary of the Kazyna Capital Management Joint-Stock Company Izzhanova Z.D. in proportion to the time worked based on the results of activities for the 2nd quarter of 2020 in the amount according to Annex No. 10 to the minutes.

Approve the addendum to the Regulations on the corporate secretary of Kazyna Capital Management Joint-Stock Company in accordance with Annex No. 11 to the minutes.

1. To preliminarily approve the annual report of Kazyna Capital Management Joint Stock Company for 2018 in accordance with Appendix No. 10 to this Minutes.
2. Submit the issue in accordance with paragraph 1 of this decision for consideration by the Sole Shareholder of the Company.

1. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of the Company for the 2nd quarter of 2019 in accordance with Appendix No. 9 to this decision.
2. To approve the Report on the implementation of key performance indicators of the corporate secretary of the Company for the 2nd quarter of 2019 in accordance with Appendix No. 10 to this decision.
3. To award bonuses to the corporate secretary of the Company based on the results of activities for the 2nd quarter of 2019 in the amount according to Appendix No. 11 to this decision.

To approve the following composition of the Committees under the Board of Directors of Kazyna Capital Management Joint Stock Company:
1. Committee on Human Resources and Social Issues:
1) Igor Abramov - Chairman of the Committee;
2) Brzezinski Jacek - member of the Committee;
3) Omarov Marat Talgatovich - member of the Committee.
2. Audit and Risk Committee:
1) Brzezinski Jacek - Chairman of the Committee;
2) Igor Abramov - member of the Committee;
3) Omarov Marat Talgatovich - member of the Committee.
3. Committee for Strategic Planning:
1) Igor Abramov - Chairman of the Committee;
2) Brzezinski Jacek - member of the Committee;
3) Omarov Marat Talgatovich - member of the Committee.

1) To approve the new edition of the Regulations on the Internal Audit Service of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 8 to this decision.
2) To recognize as invalid the Regulation on the Internal Audit Service of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of the Company dated March 28, 2018 (Minutes No. 2/18).

1. To approve the report of the Internal Audit Service of the Company for the 2nd quarter of 2019 in accordance with Appendix No. 5 to this decision.
2. To approve the report on the implementation of key performance indicators of the head of the Internal Audit Service of the Company for the 2nd quarter of 2019 in accordance with Appendix No. 6 to this decision.
3. Based on the results of the activities of the Internal Audit Service of the Company for the 2nd quarter of 2019, award the head of the Internal Audit Service of the Company in accordance with Appendix No. 7 to this decision.

To amend the Rules for the procurement of goods, works and services by Kazyna Capital Management Joint Stock Company and organizations, fifty or more percent of voting shares (participation interests) of which are directly or indirectly owned by Kazyna Capital Management JSC on the basis of ownership or trust, approved decision of the Board of Directors of the Company dated October 2, 2013 No. 73, in accordance with Appendix No. 4 to this decision.

1. Introduce an addition to the List of documents regulating the internal activities of Kazyna Capital Management, subject to approval / consideration by the Board of Directors, approved by the decision of the Board of Directors of the Company dated October 19, 2017 (Minutes No. 121), in accordance with Appendix No. 2 to this decision.
2. To approve the Rules for the provision of social support to executives of the joint stock company "Kazyna Capital Management" in accordance with Appendix No. 3 to this decision.

1. To preliminarily approve changes and additions to the Charter of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 1 to this decision.
2. To bring the issue under paragraph 1 of this decision for approval by the Sole Shareholder of the Company.

Approve the Report on the strategic portfolio of Kazyna Capital Management JSC for 2021 in accordance with Appendix No. 1 to this protocol.

1. Approve the report on the execution of maps of key performance indicators of the executives of Kazyna Capital Management JSC based on the results of 2021 in accordance with Appendix No. 2 to this protocol.
2. Pay remuneration to the executives of Kazyna Capital Management JSC based on the results of 2021 in accordance with Appendix No. 3 to this Minutes.
3. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take measures arising from this decision.

Approve the report on compliance/non-compliance with the principles and provisions of the Corporate Governance Code of Kazyna Capital Management JSC for 2021 in accordance with Appendix No. 4 to this Minutes.

1. Preliminarily approve and submit for consideration by the Sole Shareholder of Kazyna Capital Management Joint Stock Company the annual report of Kazyna Capital Management Joint Stock Company for 2021, in accordance with Appendix No. 5 to this Minutes.
2. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take measures arising from this decision.

1. Early terminate the powers of Turganova Maira Dyusenbaevna as the Ombudsman of the Kazyna Capital Management Joint-Stock Company from April 1, 2022.
2. Appoint Dina Viktorovna Akrachkova as the Ombudsman of Kazyna Capital Management Joint Stock Company and determine the term of her office as Ombudsman for 2 (two) years.

1. Approve:
1) a deed of transfer between the Kazyna Capital Management joint-stock company and the QazTech Ventures joint-stock company, drawn up as of June 15, 2022 in accordance with Appendix No. 1 to this protocol;
2) a deed of transfer between the Kazyna Capital Management joint-stock company and the Kazakhstan Project Preparation Fund joint-stock company, drawn up as of June 15, 2022 in accordance with Appendix No. 2 to this protocol.
2. The property, rights and obligations of QazTech Ventures, Kazakhstan Project Preparation Fund joint-stock companies are transferred to Kazyna Capital Management joint-stock company in the manner and terms established by the accession agreement and transfer acts.
3. To the representative of the joint-stock company "Kazyna Capital Management" to the Chairman of the Board of the joint-stock company "Kazyna Capital Management" Kuatova A.S. take part in the joint general meeting of shareholders of Kazyna Capital Management, QazTech Ventures and Kazakhstan Project Preparation Fund joint-stock companies and vote “FOR” the approval of the transfer deeds specified in paragraph 1 of this decision.
4. The executive bodies of Kazyna Capital Management, QazTech Ventures and Kazakhstan Project Preparation Fund joint-stock companies to take measures arising from this decision.
5. Decisions of the Board of Directors of the Kazyna Capital Management joint-stock company on points 1-4 are the decisions of the Sole Shareholder of the joint-stock companies QazTech Ventures, Kazakhstan Project Preparation Fund.
6. Submit for consideration by the Sole Shareholder of Kazyna Capital Management Joint-Stock Company transfer deeds between Kazyna Capital Management Joint-Stock Company and QazTech Ventures, Kazakhstan Project Preparation Fund joint-stock companies specified in paragraph 1 of this decision.

1. Approve the annual separate and consolidated financial statements of the QazTech Ventures joint-stock company for the year ended December 31, 2021 in accordance with Appendices No. 3 and No. 4 to this protocol. 2. Approve the following procedure for the distribution of net income of the QazTech Ventures joint-stock company (location: Republic of Kazakhstan, Z05T3E2, Nur-Sultan city, Yesil district, Mangilik El avenue, building 55 A; BIN 120340015082, details: IBAN KZ656010111000159021 in the joint-stock company " Halyk Bank of Kazakhstan, city of Nur-Sultan, BIC HSBKKZKX) received based on the results of activities for 2021 in the amount of 1,368,909,346 (one billion three hundred sixty eight million nine hundred nine thousand three hundred forty six) tenge 59 (fifty nine) tiyn: - the amount of 958,236,542 (nine hundred and fifty eight million two hundred and thirty six thousand five hundred and forty two) tenge 61 (sixty one) tiyn to pay dividends to the Sole Shareholder; - the remaining part in the amount of 410,672,803 (four hundred ten million six hundred seventy two thousand eight hundred and three) tenge 98 (ninety eight) tiyn to be left at the disposal of QazTech Ventures joint-stock company. 3. Approve the amount of dividend per one ordinary share of QazTech Ventures Joint Stock Company 41 (forty one) tenge 6 (six) tiyn. 4. Determine the start date for the payment of dividends for 2021 - from the date of adoption of this decision. 5. The QazTech Ventures Joint Stock Company shall pay dividends in cash by non-cash transfer to the bank account of the Sole Shareholder, specified in the list of securities holders for accruing income on securities of the QazTech Ventures Joint Stock Company, until June 30, 2022. 6. Take note of the information: - about the absence of appeals from the Sole Shareholder of QazTech Ventures Joint-Stock Company to the actions of QazTech Ventures Joint-Stock Company and its officials in 2021; - on the amount and composition of remuneration for members of the Board of Directors and members of the Management Board of QazTech Ventures Joint-Stock Company for 2021 in accordance with Appendix No. 5 to this Minutes. 7. The General Director of the joint-stock company "QazTech Ventures" (Yessenov T.M.) to take measures arising from this decision. 8. This decision is the decision of the Sole Shareholder of QazTech Ventures Joint-Stock Company.

Approve changes and additions to the Policy for the settlement of corporate conflicts and conflicts of interest of Kazyna Capital Management joint-stock company, approved by the decision of the Board of Directors of Kazyna Capital Management joint-stock company dated February 12, 2015 (Minutes No. 89), in accordance with Appendix No. 6 to this Protocol .

Approve changes to the Rules for the management of temporarily free funds of Kazyna Capital Management Joint-Stock Company, approved by decision of the Board of Directors of the Company dated September 26, 2019 (Minutes No. 9/19) in accordance with Annex No. 1 to this decision.

1. To approve the Report on the execution of the Maps of key performance indicators of the members of the Management Board of Kazyna Capital Management Joint-Stock Company at the end of 2019 in accordance with Annex No. 2 to this decision.
2. Pay remuneration to top executives of Kazyna Capital Management Joint-Stock Company based on the results of activities for 2019 in accordance with Annex No. 3_ to this decision.
3. Kazyna Capital Management Joint-Stock Company to take measures arising from this decision.

1. To preliminarily approve and submit for consideration by the Sole Shareholder of the Company the issue “On amendments and additions to the Regulations on the Board of Directors of Kazyna Capital Management” in accordance with Annex No. 6 to this decision.

1. To approve the Regulations on the Committees of the Board of Directors of Kazyna Capital Management Joint-Stock Company in accordance with Annex No. 7 to this decision.
2. To declare invalid:
1) Regulations on the Audit and Risk Committee of the Board of Directors of Kazyna Capital Management JSC, approved by the decision of the Board of Directors of the Company dated August 29, 2016 (Minutes No. 111);
2) Regulations on the Committee for HR and Social Issues of the Board of Directors of Kazyna Capital Management Joint-Stock Company, approved by decision of the Board of Directors of the Company dated August 29, 2016 (Minutes No. 111);
3) Regulations on the Strategic Planning Committee of the Board of Directors of Kazyna Capital Management JSC, approved by the decision of the Board of Directors of the Company dated August 29, 2016 (Minutes No. 111).

To approve the Report on compliance / non-compliance with the principles and provisions of the Corporate Governance Code of Kazyna Capital Management Joint-Stock Company for 2019, in accordance with Annex No. 8 to this decision.

1. To take into account the report on the results of the assessment of the activities of the Board of Directors of Kazyna Capital Management JSC and its committees for 2018 in accordance with Appendix No. 15 to this Protocol.
2. The corporate secretary of Kazyna Capital Management joint-stock company shall develop and submit for consideration to the next in-person meeting of the Board of Directors of Kazyna Capital Management joint stock company an Action Plan to improve the activities of the Board of Directors of Kazyna Capital Management joint stock company and its Committees.
3. Report on the results of the assessment of the Board of Directors of Kazyna Capital Management Joint Stock Company and its committees for 2018 to submit to the Sole Shareholder.

To approve the Report on compliance / non-compliance with the principles and provisions of the Corporate Governance Code of Kazyna Capital Management Joint Stock Company for 2018, in accordance with Appendix No. 14 to this protocol.

Approve the Risk Report of Kazyna Capital Management Joint Stock Company for the 1st quarter of 2019 in accordance with Appendix No. 13 to this Protocol.

1. To approve the Charter of the Joint Stock Company "Baiterek Venture Fund" in a new edition in accordance with Appendix No. 11 to this Protocol.
2. To authorize the Chairman of the Management Board of Baiterek Venture Fund Joint Stock Company uretbay Zh.B. to sign the new version of the Charter of the Joint Stock Company "Baiterek Venture Fund".
3. Determine the list of documents regulating the internal activities of the joint stock company "Baiterek Venture Fund", subject to approval by the Sole Shareholder in accordance with Appendix No. 12 to this Protocol.
4. To the Chairman of the Board of the joint-stock company "Baiterek Venture Fund" Құtbay Zh.B. take the necessary measures arising from this decision.
5. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. To preliminarily approve the annual report of Kazyna Capital Management Joint Stock Company for 2018 in accordance with Appendix No. 10 to this Minutes.
2. Submit the issue in accordance with paragraph 1 of this decision for consideration by the Sole Shareholder of the Company.

1. To approve the Report on the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023 based on the results of 2018 in accordance with Appendix No. 7 to this Protocol.
2. To approve the Report for 2018 on the implementation of the Action Plan for the period from 2017 to 2020 on the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014 - 2023 in accordance with Appendix No. 8 to this Protocol.
3. To approve the Action Plan for the period from 2019 to 2021 for the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023 in accordance with Appendix No. 9 to this Protocol.

1. To approve the report on the performance of the KPI Maps of the members of the Management Board of Kazyna Capital Management Joint Stock Company at the end of 2018 in accordance with Appendix No. 5 to these minutes.
2. Pay remuneration to top executives of Kazyna Capital Management joint-stock company based on the results of activities for 2018 in accordance with Appendix No. 6 to these minutes.

Introduce changes and additions to the Rules for the development, coordination, approval, adjustment, execution and monitoring of the implementation of the development plan of Kazyna Capital Management joint-stock company, approved by the decision of the Board of Directors of the Company dated October 23, 2018 (Minutes No. 9/18) in accordance with Appendix No. 4 to this protocol.

Approve the total number of employees of Kazyna Capital Management JSC in the amount of 30 units.

To approve the adjustment of the Development Plan of Kazyna Capital Management Joint Stock Company for 2017-2021 in accordance with Appendix No. 3 to this Protocol.

To approve the Reports on the implementation of the Development Plan of Kazyna Capital Management Joint Stock Company for 2018 and for the 1st quarter of 2019 in accordance with Appendices No. 1 and No. 2 to this Protocol.

Approve:
1)report on the implementation of the Development Plan of the joint-stock company "Kazyna Capital Management" for 2019-2023 for 2021 in accordance with Annex No. 1 to this protocol;
2) report on the implementation of the Development Plan of Kazyna Capital Management Joint Stock Company for 2019-2023 for the 1st quarter of 2022 in accordance with Annex No. 2 to this protocol.

To approve the Risk Report of Kazyna Capital Management Joint Stock Company for the 4th quarter of 2021 in accordance with Appendix No. 3 to this protocol.

To approve the Risk Report of Kazyna Capital Management Joint Stock Company for the 1st quarter of 2022 in accordance with Appendix No. 4 to this protocol.

1. To approve the annual financial statements of the joint stock company "Baiterek Venture Fund" for the year ended December 31, 2021, in accordance with Annex No. 5 to this protocol.
2. Approve the following procedure for the distribution of net income of the joint-stock company "Baiterek Venture Fund" (location: Republic of Kazakhstan, Z05T3E2, Nur-Sultan city, Yesil district, Mangilik El Avenue, building 55 "A"; BIN 140740011216, details: IBAN KZ1983201T0250412000 in the joint-stock company "Citibank Kazakhstan", Nur-Sultan, BIC CITIKZKA), received based on the results of activities for 2021 in the amount of 5,038,764,000 (five billion thirty-eight million seven hundred sixty-four thousand) tenge, according to the annual financial statements in the following order:
1) leave the amount of 5,038,764,000 (five billion thirty-eight million seven hundred sixty-four thousand) tenge, which is 100% of net income, at the disposal of the joint-stock company "Baiterek Venture Fund";
2) not to pay dividends on ordinary shares for 2021 to the joint-stock company "Baiterek Venture Fund".
3. Take note of the information:
- on the amount and composition of remuneration of members of the Board of Directors and the Management Board of the joint-stock company "Baiterek Venture Fund" for 2021 in accordance with Annex No. 6 to this protocol;
- about the absence of appeals from the Sole Shareholder to the actions of the joint-stock company "Baiterek Venture Fund" and its officials in 2021.
4. The Chairman of the Management Board of the joint-stock company "Baiterek Venture Fund" (Kutbai Zh.B.) to take measures arising from this decision.
5. This decision is the decision of the Sole Shareholder of the joint Stock company "Baiterek Venture Fund".

1. To conclude additional agreements to the Capital Contribution Agreement in US Dollars (Amended and Restated Capital Contribution Agreement) dated October 31, 2019, the Capital Contribution Agreement in Tenge (Amended and Restated Capital Contribution Agreement) dated October 31, 2019 and the Equity Contribution Agreement (Amended and Restated Share Premium Contribution Agreement) dated October 31, 2019 October 2019 between Kazyna Capital Management Joint Stock Company and Kazyna Seriktes B.V., which are transactions, in the commission of which Kazyna Capital Management Joint Stock Company has an interest in accordance with the basic conditions in accordance with Appendix No. 7 to this protocol.
2. To the Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.

1. Prematurely terminate the powers of a member of the Board of Directors of the joint-stock company "Baiterek Venture Fund" Ushbaev Anuar Daniyarovich from May 26, 2022.
2. To elect Blieva Dana Nazarbayevna as a member of the Board of Directors of the joint-stock company "Baiterek Venture Fund" as an independent director with a term of office until the expiration of the term of office of the Board of Directors of the joint-stock company "Baiterek Venture Fund" as a whole.
3. Determine the amount of remuneration to the independent director of the joint-stock company "Baiterek Venture Fund" Bliyeva Dana Nazarbayevna in accordance with Appendix No. 8 to this protocol, as well as the procedure and conditions for payment of remuneration and compensation of expenses in accordance with the Regulations on the Board of Directors of the joint-stock company "Baiterek Venture Fund", approved by the decision of the Board of Directors of the joint-Stock company "Kazyna Capital Management" dated January 28, 2022 (Protocol No. 02/22).
4. The Chairman of the Board of the joint-stock company "Baiterek Venture Fund" (Kutbai Zh.B.) to sign an agreement with the independent director of the joint-stock company "Baiterek Venture Fund" Blieva Dana Nazarbayeva.
5. This decision is the decision of the Sole Shareholder of the joint Stock company "Baiterek Venture Fund".

To approve the report on the implementation of the Development Strategy of Kazyna Capital Management Joint Stock Company for 2014-2023, approved by the decision of the Board of Directors of the Company dated September 4, 2020 (Minutes No. 11/20), for 2021 in accordance with Annex No. 9 to this protocol.

1. Approve:
1) report on the activities of the Internal Audit Service of the Kazyna Capital Management Joint Stock Company for the 1st quarter of 2022 in accordance with Appendix No. 10 to this protocol;
2) report on the performance of key performance indicators of the Head of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for the 1st quarter of 2022 in accordance with Appendix No. 11 to this protocol.
2. Based on the results of the activities of the Internal Audit Service of the Kazyna Capital Management Joint-Stock Company for the 1st quarter of 2022, award the head of the Internal Audit Service of the Kazyna Capital Management Joint-Stock Company S.M. Tuyakbayeva according to Appendix No. 12 to this protocol.

To approve amendments and additions to the Regulations on the Internal Audit Service of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated July 31, 2019 (Protocol No. 8/19), in accordance with Annex No. 13 to this protocol.

1. Prematurely terminate the powers of the head of the Internal Audit Service Tuyakbaeva Saltanat Mursalnabikyzy from June 13, 2022.
2. To the Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.

1. Appoint Kenzhegarinova Shynar Bylymovna as the Chief Manager of the Anti-Corruption Compliance Service of the Kazyna Capital Management Joint Stock Company with a term of office until the expiration of the term of office of the Anti-Corruption Compliance Service of the Kazyna Capital Management Joint Stock Company as a whole.
2. To determine to the chief manager of the Anti-Corruption Compliance Service of the joint-stock company "Kazyna Capital Management" Kenzhegarinova Shynar Bylymovna the official salary in the amount according to Appendix No. 14 to this protocol.
3. This decision comes into force from the moment of reorganization of the joint-stock company "QazTech Ventures" by joining the joint-stock company "Kazyna Capital Management".
4. To the Chairman of the Management Board of Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the necessary measures arising from this decision.

1. To approve the results of the evaluation of the activities of the Board of Directors of Kazyna Capital Management Joint Stock Company and its committees for 2021 in accordance with Annex No. 15 to this protocol.
2. To provide the results of the evaluation of the Board of Directors of Kazyna Capital Management Joint Stock Company and its committees for 2021 to the Sole Shareholder of Kazyna Capital Management Joint Stock Company.

1. Determine the term of office of the Internal Audit Service of Kazyna Capital Management Joint Stock Company for 3 (three) years from May 31, 2022 to May 31, 2025.
2. Appoint Ismailov Daubek Nurlanovich as the Head of the Internal Audit Service of the Kazyna Capital Management Joint Stock Company from June 13, 2022 until the expiration of the term of office of the Internal Audit Service of the Kazyna Capital Management Joint Stock Company, with a probationary period of 3 (three) months.
3. To determine the head of the Internal Audit Service of the Kazyna Capital Management Joint-Stock Company Ismailov Daubek Nurlanovich the official salary in the amount according to Appendix No. 16 to this protocol.
4. To the Chairman of the Management Board of Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the necessary measures arising from this decision.

To approve amendments and additions to the Rules for the Management of Temporarily Free Cash of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated September 26, 2019 (Protocol No. 9/19) in accordance with Annex No. 1 to this protocol.

1. To amend the decision of the Sole Shareholder of the joint-stock company "QazTech Ventures" (the decision of the Board of the joint-Stock company "National Managing Holding "Baiterek" dated May 29, 2019 (Minutes 29/19) on the issue "On determining the quantitative composition, term of office, election of members of the Board of Directors of the joint-Stock company "QazTech Ventures" and determining the size and conditions remuneration and compensation of expenses to independent directors for the performance of their duties", the following changes:
1) in paragraph 1, replace the number and the words "3 (three) years" with the numbers and the words "from June 1, 2019 to August 31, 2022";
2) paragraph 7 should be worded as follows:
"7. This decision is the decision of the Sole Shareholder of JSC "QazTech Ventures".
2. This decision is the decision of the Sole Shareholder of the joint Stock company "QazTech Ventures".

1.Terminate the powers of Managing Director "A" Yeralin Azamat Gabitovich in Kazyna Seriktes B.V.
2.Appoint Ermek Serikovich Smagulov to the position of Managing Director "A" at Kazyna Seriktes B.V.
3.This decision is the decision of the sole shareholder of Kazyna Seriktes B.V.

1. Strategic, legislative and other initiatives in state programs (national projects, roadmaps), draft laws, as well as by-laws on the alienation of fifty percent or more of the shares (participation interests) of legal entities directly or indirectly owned by Kazyna Capital Management Joint Stock Company, The documents sent by the subsidiaries of the Kazyna Capital Management Joint-stock Company to the state bodies must be coordinated with the sole shareholder/participant in order to avoid contradictions with the proposals/interests of the group of companies of the National Managing Holding Baiterek Joint-Stock Company or individual subsidiaries.
2. The first heads of subsidiaries of Kazyna Capital Management Joint Stock Company are responsible for the implementation of paragraph 1 of this decision.
3. Paragraphs 1 and 2 of this decision are the decision of the Sole Shareholder/participant of subsidiaries of Kazyna Capital Management Joint Stock Company.

To approve amendments and additions to the Stakeholder Card of the Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of the Kazyna Capital Management Joint Stock Company dated March 18, 2021 (Protocol No. 5/21), in accordance with Annex No. 2 to this protocol.

1. To elect Zhaksymbai Aitugan Akhmetuly as a member of the Board of the Kazyna Capital Management Joint Stock Company from May 11, 2022 with a term of office until the expiration of the term of office of the Board of the Kazyna Capital Management Joint Stock Company as a whole.
2. Determine the official salary of Zhaksymbai Aitugan Akhmetuly in accordance with Annex No. 1 to this protocol.
3. To the Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.

1. Prematurely terminate the powers of Ruslan Talgatovich Meyrkhanov, a member of the Board of Directors of the Baiterek Venture Fund Joint Stock Company, from May 4, 2022.
2. To elect Zhaksymbai Aitugan Akhmetuly as a member of the Board of Directors of the joint-stock company "Baiterek Venture Fund" as a representative of the Sole Shareholder with a term of office from May 11, 2022 until the expiration of the term of office of the Board of Directors of the joint-Stock company "Baiterek Venture Fund" as a whole.
3. This decision is the decision of the Sole Shareholder of the joint Stock company "Baiterek Venture Fund".

1. Prematurely terminate the powers of Ruslan Talgatovich Meyrkhanov as a member of the Supervisory Board of the BV Management Limited Liability Partnership from May 4, 2022.
2. To elect Zhaksymbai Aitugan Akhmetuly as a member of the Supervisory Board of the Limited Liability Partnership "BV Management" with a term of office from May 11, 2022 until the expiration of the term of office of the Supervisory Board of the Limited Liability Partnership "BV Management" as a whole.
3. This decision is the decision of the sole participant of the limited liability partnership "BV Management".

To approve amendments and additions to the Regulations on the Anti-Corruption Compliance Service of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 2 to this protocol.

1. Determine the quantitative composition of the Internal Audit Service of the Kazyna Capital Management Joint Stock Company in the amount of 2 (two) units.
2. Determine the quantitative composition of the Anti-Corruption Compliance Service of the Kazyna Capital Management Joint Stock Company in the amount of 2 (two) units.
3. Approve the Salary Scheme (based on grades) of employees of the Internal Audit Service, the Anti-Corruption Compliance Service and the Corporate Secretary of the Kazyna Capital Management Joint Stock Company in a new edition, according to Appendix No. 3 to this protocol.
4. To invalidate the following decisions of the Board of Directors of Kazyna Capital Management Joint Stock Company:
1) dated September 9, 2021 (Protocol No. 16/21) on the seventh item of the agenda "On approval of the Salary Scheme (based on grades) of the Head of the Internal Audit Service and the Corporate Secretary of the Kazyna Capital Management Joint Stock Company";
2) dated March 3, 2022 (Protocol No. 5/22) on the fourth item of the agenda "On approval of amendments and Additions to the Salary Scheme (based on Grades) of the Head of the Internal Audit Service and the Corporate Secretary of the Kazyna Capital Management Joint Stock Company".

To submit for consideration by the Sole Shareholder of Kazyna Capital Management Joint Stock Company the issue of approving amendments and additions to the Regulations on the Board of Directors of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of the National Managing Holding Baiterek Joint Stock Company dated November 28, 2018 (Minutes No. 53/18), according to Appendix No. 4 to this protocol.

To elect members of the committees of the Board of Directors of Kazyna Capital Management Joint Stock Company, with a term of office – until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company as a whole, in the following compositions:
Audit and Risk Committee:
1) Nicholas Robert Page – Chairman of the Committee;
2)Serik Abildashevich Kandykbayev – member of the committee;
3)Vyacheslav Vladimirovich Son is a member of the committee.
HR, Remuneration and Social Affairs Committee:
1)Serik Abildashevich Kandykbayev – Chairman of the Committee;
2) Nicholas Robert Page – member of the committee;
3)Vyacheslav Vladimirovich Son is a member of the committee.
Strategic Planning and Corporate Development Committee:
1) Nicholas Robert Page – Chairman of the Committee;
2)Serik Abildashevich Kandykbayev – member of the committee;
3)Vyacheslav Vladimirovich Son is a member of the committee.

To elect Adil Mukhamedzhanov as Chairman of the Board of Directors of Kazyna Capital Management Joint Stock Company with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company as a whole.

To approve the Reports on implementation of the Development Plan of Kazyna Capital Management Joint-Stock Company for 2019 in accordance with Annex No. 1 and for the 1st quarter of 2020 in accordance with Annex No. 2 to the minutes.

1. To approve the report on the results of 2019 on implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023, approved by decision of the Board of Directors on September 8, 2017 (Minutes No. 120), in accordance with Annex No. 3 to the minutes.
2. To approve the report on the results of 2019 on the implementation of the Action Plan for the period from 2019 to 2021 on the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023 in accordance with Annex No. 4 to the minutes.
3. To approve the Action Plan for the period from 2020 to 2022 for the implementation of the Development Strategy of Kazyna Capital Management JSC for 2014-2023 in accordance with Annex No. 5 to the minutes.

1. Terminate the powers of Managing Director of “A” Karimsakov Didar Nurlybekovich in Kazyna Seriktes B.V. from May 28, 2020.
2. To appoint Kulazhanov Yernur Talgatuly to the position of Managing Director “A” in Kazyna Seriktes B.V. from May 28, 2020.
3. To authorize Deputy Chairman of the Management Board of the Company Sagimbekov Asset Serikovich to sign the decision of the sole shareholder of Kazyna Seriktes B.V. according to paragraph 2 of this decision.
4. The decisions on clauses 1, 2 and 3 of this decision are the decision of the sole shareholder of Kazyna Seriktes B.V.

1. To approve the annual financial statements of the Baiterek Venture Fund Joint-Stock Company for the year ended on December 31, 2019 in accordance with Annex No. 6 to the minutes.
2. To approve the following procedure for the distribution of net income of the Baiterek Venture Fund Joint-Stock Company for 2019 in the amount of 4,026,159 thousand KZT:
1) not to pay dividends on ordinary shares of the Baiterek Venture Fund Joint-Stock Company at the end of 2019;
2) to allocate the amount of 4,026,159 thousand KZT to finance new investment projects of the Baiterek Venture Fund Joint-Stock Company.
4. Take note of the information:
1) on the absence of appeals from the Sole Shareholder to the actions of the Baiterek Venture Fund Joint-Stock Company and its officials in 2019;
2) on the amount and composition of remuneration to members of the Board of Directors and the Management Board of Baiterek Venture Fund Joint-Stock Company in 2019 in accordance with Annex No. 7 to the minutes.
5. The Chairman of the Management Board of the Baiterek Venture Fund Joint-Stock Company to take the necessary measures arising from this decision.
6. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.

1. To approve amendments and additions to the Charter of the Baiterek Venture Fund Joint-Stock Company in accordance with Annex No. 8 to the minutes.
2. To authorize the Chairman of the Management Board of Baiterek Venture Fund Joint-Stock Company Qutbay Z.B. to sign amendments and additions to the Charter of Baiterek Venture Fund Joint-Stock Company.
3. To the Chairman of the Management Board of the Baiterek Venture Fund Joint-Stock Company Qutbay Z.B. take necessary measures arising from this decision.
4. This decision is the decision of the Sole Shareholder of the Baiterek Venture Fund Joint-Stock Company.

To approve the Risk Report of Kazyna Capital Management Joint-Stock Company for the 1st quarter of 2020 in accordance with Annex No. 9 to this Minutes.

Introduce amendments and additions to the Rules for remuneration and bonuses, performance assessment and social support for employees of the Internal Audit Service and the Corporate Secretary accountable to the Board of Directors of Kazyna Capital Management Joint-Stock Company, approved by the decision of the Board of Directors of the Company dated March 29, 2019 (Minutes No. 4/19), in accordance with Annex No. 10 to the minutes.

1. To approve the results of assessment of the activities of the Board of Directors of Kazyna Capital Management Joint-Stock Company for 2019 in accordance with Annex No. 11 to this Minutes.
2. The report on the results of assessment of the Board of Directors of Kazyna Capital Management JSC and its committees for 2019 shall be provided to the Sole Shareholder.

1. To pre-approve and submit for consideration the Sole Shareholder of the joint-stock company "Kazyna Capital Management":
1) annual separate and consolidated financial statements of Kazyna Capital Management Joint Stock Company for the year ended December 31, 2021, in accordance with Appendix No. 1 and Appendix No. 2 to this protocol;
2) a proposal to the Sole Shareholder on the following order of distribution of the consolidated net income of Kazyna Capital Management Joint Stock Company for 2021 in the amount of 1,556,877,000 (one billion five hundred fifty-six million eight hundred seventy-seven thousand) tenge: - the amount of 1,089,813,900 (one billion eighty-nine million eight hundred thirteen thousand nine hundred) tenge to be allocated for the payment of dividends to the Sole Shareholder;
- to leave the remaining part of 467,063,100 (four hundred sixty-seven million sixty-three thousand one hundred) tenge at the disposal of Kazyna Capital Management Joint Stock Company;
- approve the amount of the dividend per one common share of 20 (twenty) tenge 35 (thirty-five) tiyn;
3) information:
- on the amount and composition of remuneration of members of the Board of Directors and the Management Board of Kazyna Capital Management Joint Stock Company for 2021 in accordance with Appendix No. 3 to this protocol;
- on the absence in 2021 of appeals from the Sole Shareholder of the Kazyna Capital Management Joint-Stock Company against the actions of the Kazyna Capital Management joint-stock company and its officials.
2. To the Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.

To approve the annual financial statements of the limited liability partnership "BV Management" for 2021 in accordance with Annex No. 4 to this protocol.
2. Distribute the net income of the limited liability partnership "BV Management" for 2021 in the amount of 38,467,000 (thirty-eight million four hundred sixty-seven thousand) tenge in the following order:
2.1) 26,926,900 (twenty-six million nine hundred twenty-six thousand nine hundred) tenge, which is 70% of net income, to be allocated for payment to Kazyna Capital Management Joint Stock Company;
2.2) leave 11,540,100 (eleven million five hundred forty thousand one hundred) tenge at the disposal of the limited liability partnership "BV Management".
3. To the Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.
4. This decision is the decision of the Sole Participant of the Limited Liability Partnership "BV Management".

1. Prematurely terminate the powers of the following members of the Board of Directors of the Joint Stock Company "QazTech Ventures":
- Sergey Sergeevich Scoundrel from April 4, 2022;
- Aizada Telzhanovna Junisbekova since April 4, 2022.
2. Determine the quantitative composition of the Board of Directors of the joint-stock company "QazTech Ventures" - 3 (three) people.
3. Recommend to the Board of Directors of the joint-stock company "QazTech Ventures" to elect Zholat Yerbolat Bauyrzhanuly as the Chairman of the Board of Directors of the joint-stock company "QazTech Ventures".
4. This decision is the decision of the Sole Shareholder of the joint Stock company "QazTech Ventures".

1.Define:
1) the composition of the Board of the Kazyna Capital Management Joint Stock Company in the amount of 5 units;
2) the term of office of the Management Board of Kazyna Capital Management Joint Stock Company is 3 (three) years from May 4, 2022.
2. To elect members of the Management Board of the Kazyna Capital Management Joint Stock Company with the term of office specified in subparagraph 2) paragraph 1 of this decision, the following persons:
1)Makanalina Gulnara Saitovna;
2) Zholata Yerbolata Bauyrzhanuly.
3. This decision comes into force on May 4, 2022.
4. To the Chairman of the Management Board of the joint-Stock company "Kazyna Capital Management" (A.S.Kuatova) to take the measures resulting from this decision.

To approve the Anti-Corruption Compliance Program of Kazyna Capital Management Joint Stock Company for 2022 according to the appendix No. 5 to this protocol.

1. Determine the duration of the reporting period for planning and evaluating the performance of the head of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint Stock Company based on the quarterly performance management cycle.
2.To approve the maps of key performance indicators of the Head of the Anti-Corruption Compliance Service of the Kazyna Capital Management Joint Stock Company for the 2nd, 3rd and 4th quarters of 2022 in accordance with Annex No. 6 to this protocol.
3. The Management Board of the Kazyna Capital Management Joint-Stock Company should review the grade of the Head of the Anti-Corruption Compliance Service in coordination with the Human Resources Management Department of the National Managing Holding Baiterek Joint-Stock Company in order to bring the grade level in line with other subsidiaries of the National Managing Holding Baiterek Joint-Stock Company.

1. Approve the total number of employees of Kazyna Capital Management Joint Stock Company in the amount of 69 (sixty-nine) units.
2. To invalidate the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated June 7, 2021 (Minutes No. 08/21) on the agenda item "On Approval of the total number of employees of Kazyna Capital Management Joint Stock Company".
3. To the Chairman of the Management Board of the Kazyna Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this decision.

1. To place 1 (one) declared ordinary share of the of Kazyna Capital Management Joint-Stock Company at the price of 19 269 422 735 (nineteen billion two hundred sixty-nine million four hundred twenty-two thousand seven hundred thirty-five) tenge by way of subscription by the Holding (in accordance with the right of pre-emption).
2. To put for loss the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated March 1, 2021 (Minutes No. 03/21) on the issue “On placement (sale), including the number of placed (sold) ordinary shares of Kazyna Capital Joint Stock Company Management "within the number of authorized ordinary shares, the method and price of their placement"
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) to take measures resulting from this resolution.

To pre-approve and submit for consideration by the Sole Shareholder of the Company:
– annual separate and consolidated financial statements of the Company for the year ended December 31, 2020, in accordance with Annex No.1 and Annex No.2 to these Minutes;
– proposals of the Board of Directors on non-distribution of Company's net income for 2020 and non-payment of dividends on the Company ordinary shares in connection with the planned implementation of the Company commitments to invest in private equity funds in 2021;
– information on the amount and composition of remuneration to members of the Board of Directors and Management Board of the Company for 2020 in accordance with Annex No.3 to these Minutes;
– information on the absence of appeals from the Company Sole Shareholder to the actions of the Company and its officials in 2020.

1. To approve:
1) annual financial statements of the BV Management Limited Liability Partnership for 2020, in accordance with the annex No.4 to these Minutes;
2) distribution procedure of net income of the BV Management Limited Liability Partnership for 2020 in the amount of KZT 59,871 thousand, of which:
- part of the net income in the amount of KZT 41,910 thousand shall be allocated for the Sole Participant payment;
- remaining part of the net income in the amount of KZT 17,961 thousand shall be left at the disposal of BV Management Limited Liability Partnership.
2. This Resolution is a resolution of the Sole Participant of BV Management Limited Liability Partnership.
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

Take into consideration the Report on the strategic portfolio of Kazyna Capital Management Joint Stock Company for 2020 in accordance with Appendix No.5 to this Minutes.

1. To amend the List of Documents regulating the internal activities of Kazyna Capital Management Joint Stock Company, subject to approval/consideration by the Board of Directors, approved by the resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated October 19, 2017 (Minutes No. 121) in accordance with Annex No.6 to these Minutes.
2. To approve the Rules on Disposition of Assets that directly belong to Kazyna Capital Management Joint Stock Company on the right of ownership in accordance with Annex No.7 to these Minutes.
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

To approve amendments to the Concessional Financing Program of Kazyna Capital Management JSC and/or its subsidiaries, including private equity funds, approved by the resolution of the Company Board of Directors dated April 19, 2019 (Minutes No. 5/19), in accordance with Annex No.8 to these Minutes.

1. To pre-approve and submit the Sole Shareholder of Kazyna Capital Management Joint-Stock Company for consideration to approve amendments and additions to the Charter of Kazyna Capital Management Joint-Stock Company in accordance with Annex No.9 to these Minutes.
2. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. Approve activity report of Internal Audit Service of the Company for Q1 2021 according to Appendix No.10 to this Protocol.
2. Approve KPI implementation report of the Head of Internal Audit Service of the Company for Q1, 2021 according to Appendix No.11 to this Protocol.
3. Based on the results of the activities of the Company's Internal Audit Service for Q1, 2021 award the head of the Company's Internal Audit Service B. Nakenov in accordance with Appendix No.12 to this protocol.

1. Until June 1, 2021, to assess the performance of the Board of Directors of Kazyna Capital Management Joint Stock Company and its committees for 2020 using the questionnaire method.
2. Appoint the corporate secretary of Kazyna Capital Management Joint Stock Company Y. Smagulov as the person responsible for sending and collecting questionnaires.
3. The final report on the assessment of the performance of the Board of Directors of Kazyna Capital Management joint-stock company with the results of the questionnaire shall be submitted for consideration by the Board of Directors of Kazyna Capital Management joint-stock company with a preliminary positive recommendation of the Human Resources, Remuneration and Social Issues Committee of the Board of Directors of Kazyna Capital Management Joint-Stock Company.
4. Control over the assessment process of the Board of Directors of Kazyna Capital Management Joint Stock Company shall be entrusted to the Chairman of the Human Resources, Remuneration and Social Issues Committee of the Board of Directors of Kazyna Capital Management Joint Stock Company, independent director A. Ushbaev.

1. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of Kazyna Capital Management Joint Stock Company for the 1st quarter of 2021 in accordance with Appendix No.13 to these minutes.
2. To approve the report on the performance of key performance indicators of the corporate secretary of Kazyna Capital Management JSC for the 1st quarter of 2021 in accordance with Appendix No.14 to these minutes.
3. To award bonuses to the corporate secretary of Kazyna Capital Management JSC Smagulov Y.S. in proportion to the time worked according to the results of activities for the 1st quarter of 2021 in the amount in accordance with Appendix No.15 to this protocol.

1. Pre-approve:
the annual separate and consolidated financial statements of the Company for the year ended on December 31, 2019 in accordance with Annex No. 1 to the minutes;

2. Propose to the Sole Shareholder the following procedure for distribution of the Company’s consolidated net income for 2019 in the amount of 3,651,3220.00 (three billion six hundred fifty-one million three hundred twenty-two thousand) KZT:

Take into consideration the Report on the strategic portfolio of Kazyna Capital Management Joint-Stock Company for 2019 in accordance with Annex No. 3 to the minutes.

Approve the Risk Report of Kazyna Capital Management Joint-Stock Company for the 4th quarter of 2019 in accordance with Annex No. 4 to the minutes.

1. To approve the report of the Internal Audit Service of the Company for the 1st quarter of 2020 in accordance with Annex No. 5 to the minutes.
2. To approve the report on the implementation of key performance indicators of the head of the Company’s Internal Audit Service for the 1st quarter of 2020 in accordance with Annex No. 6 to the minutes.
3. Based on the results of activities of the Internal Audit Service of the Company for the 1st quarter of 2020, award the head of the Internal Audit Service of the Company in accordance with Annex No. 7 to the minutes.

1. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of the Company for the 1st quarter of 2020 in accordance with Annex No. 8 to the minutes.
2. To approve the report on implementation of key performance indicators of the corporate secretary of the Company for the 1st quarter of 2020 in accordance with Annex No. 9 to the minutes.
3. To reward the corporate secretary of the Company Izzhanova Z.D. in proportion to the time worked according to the results of activities for the 1st quarter of 2020 in the amount according to Annex No. 10 to the minutes.

Introduce the following amendments to the Basic Terms of Participation of Kazyna Capital Management Joint Stock Company in the Eurasian Nurly (Bright) Investment Fund, approved by the decision of the Board of Directors of the Company dated February 15, 2018 (Minutes No. 1/18):
The section “Amount of participation and estimated share of participation of the Company in the direct investment fund” shall be stated as follows: “Up to USD 30 million inclusive, share of participation - up to 20%”.

1. Introduce an addition to the List of documents regulating the internal activities of the Company subject to approval / consideration by the Board of Directors of the Company, approved by the decision of the Board of Directors of the Company dated October 19, 2017 (Minutes No. 121), in accordance with Appendix No. 1 to this decision.
2. To approve the Program of concessional financing of Kazyna Capital Management JSC and / or its subsidiaries, including private equity funds, in accordance with Appendix No. 2 to this decision.

1. To approve the report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of the Company for the 1st quarter of 2019 in accordance with Appendix No. 16 to this Minutes.
2. To approve the report on the implementation of key performance indicators of the corporate secretary of the Company for the 1st quarter of 2019 in accordance with Appendix No. 17 to these minutes.
3. To reward the corporate secretary of the Company based on the results of activities for the 1st quarter of 2019 in the amount according to the appendix

1. To approve the report of the Internal Audit Service of the Company for the 1st quarter of 2019 in accordance with Appendix No. 13 to this Minutes.
2. To approve the report on the implementation of key performance indicators of the head of the Internal Audit Service of the Company for the 1st quarter of 2019 in accordance with Appendix No. 14 to this Protocol.
3. Based on the results of the activities of the Internal Audit Service for the 1st quarter of 2019, award the head of the Internal Audit Service of the Company in accordance with Appendix No. 15 to this protocol.

To approve the matrix of business processes, risks and controls of Kazyna Capital Management Joint Stock Company in accordance with Appendix # 10 to this Protocol.

To approve changes and additions to the Methodology for determining business processes, inherent risks and key risk indicators of the Company, approved by the decision of the Board of Directors of the Company dated September 29, 2015 (Minutes No. 99), in accordance with Appendix No. 9 to these Minutes.

Approve the report on risks of Kazyna Capital Management Joint Stock Company for the 4th quarter of 2018 in accordance with Appendix No. 8 to these minutes.

1. To approve the Articles of Association of Kazyna Seriktes B.V. in a new edition according to Appendix No. 7 to this protocol.
2. To authorize the Deputy Chairman of the Management Board of the Company Sagimbekov A.S. to sign the decision of the sole shareholder Kazyna Seriktes B.V. in accordance with paragraph 1 of this decision.
3. The decisions on clauses 1 and 2 of this decision are the decision of the sole shareholder Kazyna Seriktes B.V.

1. To approve the annual financial statements of Baiterek Venture Fund Joint Stock Company for the year ended December 31, 2018 in accordance with Appendix No. 5 to this Minutes.
2. To approve the following procedure for the distribution of net income of the joint-stock company "Baiterek Venture Fund" for 2018 in the amount of 1,004,995,085 tenge:
1) not to pay dividends on ordinary shares of “Baiterek Venture Fund” Joint Stock Company at the end of 2018;
2) the amount of 1,004,995,085 tenge to be used to finance new investment projects within the development plan of the joint-stock company "Baiterek Venture Fund".
4. Take note of the information:
1) on the absence of applications from the Sole Shareholder to the actions of the joint-stock company "Baiterek Venture Fund" and its officials in 2018;
2) on the amount and composition of remuneration to the members of the Board of Directors and the Management Board of the joint-stock company "Baiterek Venture Fund" in 2018 in accordance with Appendix No. 6 to these minutes.
5. The Chairman of the Board of the Joint Stock Company "Baiterek Venture Fund" to take the necessary measures arising from this decision.
6. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. To approve the annual financial statements of Baiterek Venture Fund Joint Stock Company for the year ended December 31, 2018 in accordance with Appendix No. 5 to this Minutes.
2. To approve the following procedure for the distribution of net income of the joint-stock company "Baiterek Venture Fund" for 2018 in the amount of 1,004,995,085 tenge:
1) not to pay dividends on ordinary shares of “Baiterek Venture Fund” Joint Stock Company at the end of 2018;
2) the amount of 1,004,995,085 tenge to be used to finance new investment projects within the development plan of the joint-stock company "Baiterek Venture Fund".
4. Take note of the information:

Introduce amendments and additions to the Rules for the Management of Temporarily Free Funds of the Joint Stock Company Kazyna Capital Management approved by the decision of the Board of Directors of the Company dated February 17, 2017 (Minutes No. 114) in accordance with Appendix No. 3 to these Minutes.

1. Pre-approve:
1) annual separate and consolidated financial statements of the Company for the year ended December 31, 2018 in accordance with Appendix No. 1 to this Minutes;
2. To propose to the Sole Shareholder the following procedure for the distribution of the Company's consolidated net income for 2018 in the amount of 3,674,967,000 (three billion six hundred seventy-four million nine hundred sixty-seven thousand) tenge:
1) the amount in the amount of 1,102,490,100 (one billion one hundred two million four hundred ninety thousand one hundred) tenge to pay dividends to the Sole Shareholder;
2) the remaining part of 2 572 476 900 (two billion five hundred seventy two million four hundred seventy six thousand nine hundred) tenge shall be left at the disposal of the Company;
3) to approve the amount of dividend per one common share of 20 (twenty) tenge
59 (fifty nine) tiyn;
4) pay dividends to the income of the Sole Shareholder within 30 calendar days after the Sole Shareholder makes a decision to pay dividends on ordinary shares of the Company, by cashless settlement according to the details specified by the Sole Shareholder.
3. Take note:
1) information on the amount and composition of remuneration to members of the Board of Directors and the Management Board of the Company for 2018 in accordance with Appendix No. 2 to these minutes;
2) information on the absence of appeals by the Sole Shareholder of the Company to the actions of the Company and its officials in 2018.
4. Submit for consideration by the Sole Shareholder of the Company issues in accordance with paragraphs 1-3 of this decision.

To elect Arifkhanov Aydar Abdrazakhovich as the Chairman of the Board of Directors of Kazyna Capital Management Joint Stock Company with a term of office until the expiration of the term of office of the Board of Directors of Kazyna Capital Management Joint Stock Company as a whole.

1. Approve the change in the List of documents regulating the internal activities of the QazTech Ventures joint-stock company, subject to approval by the Sole Shareholder of the QazTech Ventures joint-stock company, determined by the decision of the Board of the Baiterek National Managing Holding Joint-Stock Company dated November 14, 2017 (Minutes No. 46/17), according to Appendix No. 1 to this protocol.
2. To introduce the following change into the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated December 9, 2020 (minutes No. 15/20) on the issue “On approval of the Procedure for determining the amount of dividends paid by subsidiaries of Kazyna Capital Management Joint Stock Company” as follows:
Paragraph 2 shall be amended as follows:
"2. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund, QazTech Ventures Joint-Stock Companies and the Sole Shareholder of BV Management Limited Liability Partnership.
3. Clause 1 of this decision is the decision of the Sole Shareholder of QazTech Ventures Joint-Stock Company.

Approve amendments and additions to the Investment Policy of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated February 27, 2019 (Minutes No. 2/19) in accordance with Appendix No. 2 to this Minutes.

1. Reorganize the joint-stock company "Kazakhstan Project Preparation Fund" (location: Republic of Kazakhstan, Z05T3E2, city of Nur-Sultan, Esil district, Mangilik El Avenue, building 55A), joint-stock company "QazTech Ventures" (location: Republic of Kazakhstan, Z05T3E2 , Nur-Sultan city, Yesil district, Mangilik El avenue, building 55A) by joining the Kazakhstan Project Preparation Fund, QazTech Ventures joint-stock companies to the Kazyna Capital Management joint-stock company.
2. Cancel the shares of the joint-stock companies "Kazakhstan Project Preparation Fund", "QazTech Ventures".
3. To determine that Kazyna Capital Management joint-stock company is the legal successor of all property, rights and obligations of Kazakhstan Project Preparation Fund, QazTech Ventures joint-stock companies in accordance with the deeds of transfer.
4. Other conditions of the reorganization are determined by the accession agreements and, in the rest, by the legislation of the Republic of Kazakhstan or in accordance with it.
5. The executive bodies of the joint-stock companies "Kazakhstan Project Preparation Fund", "QazTech Ventures" to take measures arising from this decision.
6. Decisions of the Board of Directors of Kazyna Capital Management joint-stock company on points 1-5 are decisions of the Sole Shareholder of Kazakhstan Project Preparation Fund, QazTech Ventures joint-stock companies.
7. Paragraph 2 of this decision comes into force from the date of approval of the transfer deeds of Kazakhstan Project Preparation Fund and QazTech Ventures joint-stock companies.
8. Submit for consideration by the Sole Shareholder of Kazyna Capital Management Joint-Stock Company the issue “On the reorganization of Kazyna Capital Management Joint-Stock Company by joining Kazakhstan Project Preparation Fund and QazTech Ventures” joint-stock companies.

1. Early terminate the powers of the Chairman of the Board of QazTech Ventures Joint-Stock Company Yerbol Meirzhanovich Khairullin from April 4, 2022 (last business day April 1, 2022).
2. To authorize a member of the Board of Directors of QazTech Ventures JSC Zholat E.B. for the signing of the act of the employer on the termination of the employment contract with the Chairman of the Board of the joint-stock company "QazTech Ventures" Khairullin Yerbol Meirzhanovich.
3. This decision is the decision of the Sole Shareholder of QazTech Ventures Joint-Stock Company.

1. Amend the Charter of QazTech Ventures Joint Stock Company, approved by the decision of the Board of Baiterek National Managing Holding JSC dated August 16, 2017 (Minutes No. 32/17) in accordance with Appendix No. 3 to this Protocol.
2. Authorize a member of the Board of Directors of QazTech Ventures Joint-Stock Company (Zholat E.B.) to sign amendments to the Charter of QazTech Ventures Joint-Stock Company.
3. The executive body of the QazTech Ventures joint-stock company to take measures arising from this decision.
4. This decision is the decision of the Sole Shareholder of QazTech Ventures Joint-Stock Company.

Approve amendments and additions to the Code of Business Ethics of Kazyna Capital Management Joint Stock Company, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated October 23, 2018 (Minutes No. 9/18), in accordance with Appendix No. 5 to this Minutes.

Pay the bonus for the state holiday of the Republic of Kazakhstan "Nauryz Meiramy" to the Chairman and members of the Management Board, the heads of the Internal Audit Service and the Anti-Corruption Compliance Service, as well as the Corporate Secretary of Kazyna Capital Management JSC in accordance with Appendix No. 4 to this protocol.

1. Approve changes to the annual report of QazTech Ventures JSC for 2020, approved by the decision of the Board of Directors of Kazyna Capital Management JSC dated September 9, 2021 (Minutes No. 16/21), in accordance with Appendix No. 6 to this Minutes.< br> 2. This decision is the decision of the Sole Shareholder of QazTech Ventures Joint-Stock Company.

1. Approve:
1) report on the work of the Board of Directors, committees of the Board of Directors and the corporate secretary of Kazyna Capital Management JSC for the 4th quarter of 2021 in accordance with Appendix No. 7 to this Minutes;
2) report on the work of the Board of Directors, committees of the Board of Directors and the corporate secretary of Kazyna Capital Management JSC for 2021 in accordance with Appendix No. 8 to this Minutes.
3) report on the performance of key performance indicators of the corporate secretary of Kazyna Capital Management JSC for the 4th quarter of 2021 in accordance with Appendix No. 9 to this protocol.
2. To reward the corporate secretary of JSC Kazyna Capital Management Smagulov E.S. based on the results of activities for the 4th quarter of 2021 in the amount in accordance with Appendix No. 10 to this protocol.

1. Early terminate the powers of Ruslan Viktorovich Iskakov, a member of the Board of Directors of Baiterek Venture Fund Joint-Stock Company, from March 14, 2022.
2. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

1. To appoint Aubakirov Duman Bauyrzhanuly as the General Director of BV Management Limited Liability Partnership from April 4, 2022 with a term of office of 3 years.
2. The Supervisory Board of the limited liability partnership "BV Management" to take measures to determine the working conditions and other terms of the contract Aubakirov Duman Bauyrzhanuly.
3. Authorize the Chairman of the Supervisory Board of BV Management Limited Liability Partnership A.A. Nurgaziev. for signing the act of the employer on the admission of Aubakirov Duman Bauyrzhanuly to the position of General Director of the limited liability partnership "BV Management".
4. This decision is the decision of the sole member of BV Management Limited Liability Partnership.

1. Early terminate the powers of the General Director of BV Management Limited Liability Partnership Aslan Yermekovich Kaligazin from March 3, 2022 (last business day March 2, 2022).
2. To appoint Kairat Temirbulatovich Baisanov, Deputy General Director for Operations with BV Management Limited Liability Partnership, as Acting General Director of BV Management Limited Liability Partnership from March 3, 2022.
3. Authorize the Chairman of the Supervisory Board of BV Management Limited Liability Partnership A.A. Nurgaziev. for signing the act of the employer on the termination of the employment contract with the General Director of the limited liability partnership "BV Management" Kaligazin Aslan Ermekovich.
4. This decision is the decision of the sole member of BV Management Limited Liability Partnership.

1. Early terminate the powers of Eralin Azamat Gabitovich as a member of the Supervisory Board of BV Management Limited Liability Partnership from March 1, 2022.
2. To elect Meirkhanov Ruslan Talgatovich as a member of the Supervisory Board of BV Management Limited Liability Partnership for a term of office until the expiration of the term of office of the Supervisory Board of BV Management Limited Liability Partnership as a whole.
3. This decision is the decision of the sole member of BV Management Limited Liability Partnership.
4. Acting General Director of BV Management Limited Liability Partnership (K.T. Baysanov) to take measures arising from this decision.

1. Early terminate the powers of Yeralin Azamat Gabitovich, a member of the Board of Directors of Baiterek Venture Fund Joint Stock Company, from February 28, 2022.
2. To elect Meirkhanov Ruslan Talgatovich as a member of the Board of Directors of Baiterek Venture Fund Joint Stock Company as a representative of the Sole Shareholder with a term of office until the expiration of the term of office of the Board of Directors of Baiterek Venture Fund Joint Stock Company as a whole.
3. This decision is the decision of the Sole Shareholder of Baiterek Venture Fund Joint Stock Company.

Approve the change and addition to the Salary Scheme (based on grades) of the head of the internal audit service and the corporate secretary of Kazyna Capital Management joint-stock company, approved by the decision of the Board of Directors of Kazyna Capital Management joint-stock company dated September 9, 2021 (Minutes No. 16/21 ), according to Appendix No. 1 to this protocol.

1. Appoint Yerbolat Serikovich Dadanbayev as the head of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint-Stock Company from March 9, 2022 for a term of office until the expiration of the term of office of the Anti-Corruption Compliance Service of Kazyna Capital Management Joint-Stock Company as a whole.
2. Determine the salary for the head of the Anti-Corruption Compliance Service of Kazyna Capital Management JSC Erbolat Serikovich Dadanbayev in the amount in accordance with Appendix No. 2 to this protocol.
3. The Chairman of the Board of the JSC "Kazyna Capital Management" (Kuatova A.S.) to take the necessary measures arising from this decision.

To approve the Risk Report of Kazyna Capital Management Joint-Stock Company for Q4 2020 in accordance with Annex No.1 to these Minutes.

1. Paragraph 3 of the resolution of the Board of Directors of Kazyna Capital Management JSC dated September 28, 2018 (Minutes No. 8/18) on the item "On determination of the term of office, election of members of the Board of Directors of Baiterek Venture Fund JSC, determination of amount and conditions of remuneration payment" shall be amended to read as follows:
"3. To determine the term of office of the Board of Directors of Baiterek Venture Fund Joint-Stock Company until September 28, 2021.".
2. To elect Kairat Abuseitov Khuatovich as an Independent Director of the Board of Directors of Baiterek Venture Fund Joint-Stock Company until expiration of the term of office of the Board of Directors of Baiterek Venture Fund Joint-Stock Company as a whole.
3. To determine the amount of total fixed monthly remuneration to the Independent Director of the Board of Directors of Baiterek Venture Fund Joint-Stock Company, Kairat Abuseitov Khuatovich, for membership in the Board of Directors, for participation in Committees under the Board of Directors as a member and/or Chairman of Committees under the Board of Directors in accordance with Annex No.2 to these Minutes.
4. To authorize the Chairman of the Management Board of Baiterek Venture Fund Joint-Stock Company (Zh.B. Kutbai) in accordance with the established procedure to conclude an agreement with the Independent Director of the Board of Directors of Baiterek Venture Fund Joint-Stock Company - Kairat Abuseitov Khuatovich.
5. To terminate prematurely the powers of the Independent Director of the Board of Directors of Baiterek Venture Fund Joint-Stock Company Airat Nurgaziyev Aittanovich from February 28, 2021.
6. This Resolution is a resolution of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.
7. The Chairman of the Management Board of Baiterek Venture Fund Joint-Stock Company (Zh.B. Kutbai) shall take the measures arising from this Resolution.

To approve the Map of Stakeholders of Kazyna Capital Management Joint-Stock Company, in accordance with Annex No.3 to these Minutes.

1. To conclude related party transaction of Kazyna Capital Management Joint-Stock Company with Kazakhtelecom Joint-Stock Company.
2. To extend the paragraph 1 of this Resolution to legal relations of Kazyna Capital Management Joint-Stock Company and Kazakhtelecom Joint-Stock Company that have arisen since January 29, 2021.
3. The Chairman of the Management Board of the Company (A.S. Kuatova) to take measures arising from this Resolution.

1. To pay a premium for the "Nauryz Meiramy" state holiday of the Republic of Kazakhstan to the Chairman and members of the Management Board, Head of the Internal Audit Service and Corporate Secretary of Kazyna Capital Management Joint-Stock Company in accordance with Annex 4 to this Resolution.
2. The Management Board of Kazyna Capital Management Joint-Stock Company shall take the measures arising from this Resolution.

To appoint Ravil Ilzatovich Arystanbekov as the Ombudsman of Kazyna Capital Management Joint Stock Company and determine the term of his powers as the Ombudsman for 2 (two) years.

To approve amendments to the Rules of remuneration and bonuses, performance assessment and social support for employees of the Internal Audit Service and Corporate Secretary being accountable to the Board of Directors of Kazyna Capital Management Joint-Stock Company in accordance with Annex No.5 to these Minutes.

1. To approve:
1) Regulations on the Audit and Risk Committee of the Company Board of Directors, in accordance with Annex No.6 to these Minutes;
2) Regulations on the HR, Remuneration and Social Affairs Committee of the Company Board of Directors, in accordance with Annex No.7 to these Minutes;
3) Regulations on the Strategic Planning and Corporate Development Committee of the Company Board of Directors, in accordance with Annex No.8 to these Minutes;
2. The Regulations on the Committees of the Board of Directors of Kazyna Capital Management Joint Stock Company, approved by the resolution of the Company Board of Directors dated June 30, 2020 (Minutes No. 7/20), shall be deemed to have lost force.

1. To approve the Audit Report "Internal Control System Efficiency Assessment" in accordance with Annex No.1 to these Minutes.
2. To approve the Corrective Action Plan based on the outcomes of audit engagement "Internal Control System Efficiency Assessment" in accordance with Annex No.2 to these Minutes.

1. To approve the Activity Report of Internal Audit Service of the Company for Q4 2020 in accordance with Annex No.3 to these Minutes.
2. To approve KPI Implementation Report of the Head of Internal Audit Service of the Company for Q4 2020 in accordance with Annex No.4 to these Minutes.
3. Based on the results of activities of the Company Internal Audit Service for Q4 2020, to award the Head of the Company Internal Audit Service in accordance with Annex No.5 to these Minutes.

To approve the Internal Quality Assessment Report on results of Internal Audit activities of the Kazyna Capital Management Joint-Stock Company for 2020 in accordance with Annex No.6 to these Minutes.

1. To approve the Activity Report of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for 2020 in accordance with Annex No.7 to these Minutes.
2. To approve the results of KPI assessment and development of personal and business competencies of the Head of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for 2020 in accordance with Annex No.8 to these Minutes.

1. To approve the Report on the work of the Board of Directors, Committees under the Board of Directors and Corporate Secretary of the Company for Q4 2020 in accordance with Annex No.9 to these Minutes.
2. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors, and Corporate Secretary of the Company for 2020, in accordance with Annex No.10 to these Minutes.

1. To approve KPI Scorecard of the Corporate Secretary of Kazyna Capital Management Joint-Stock Company for 2021 in accordance with Annex No.11 to these Minutes.
2. To determine duration of the reporting period for planning and assessing the performance of the Company Corporate Secretary on the basis of quarterly performance management cycle.

1. To approve amendments to the List of Documents regulating internal activities of Kazyna Capital Management Joint Stock Company, subject to approval/consideration by the Board of Directors, approved by the resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated October 19, 2017 (Minutes No. 121), in accordance with Annex No.12 to these Minutes.
2. The Chairman of the Management Board of the Company (A.S. Kuatova) to take measures arising from this Resolution.

1. To approve the External Audit Organization Policy of Kazyna Capital Management Joint-Stock Company in accordance with Annex No.13 to this Resolution.
2. The Management Board of Kazyna Capital Management Joint-Stock Company shall take the measures arising from this Resolution.

1. To approve certain types of standards and other limits of administrative expenses of Kazyna Capital Management Joint-Stock Company in accordance with Annex No.14 to these Minutes.
2. The Chairman of the Management Board of the Company (A.S. Kuatova) to take measures arising from this Resolution.

1. To terminate the powers of the following members of the Supervisory Board of BV Management Limited Liability Partnership:
– Ardak Makhmuduly Kassymbek as the Chairman of the Supervisory Board on December 30, 2019;
– Airat Aittanovich Nurgaziyev as the independent member of the Supervisory Board.
2. To elect the following persons to the Supervisory Board of BV Management Limited Liability Partnership:
– Airat Aittanovich Nurgaziyev as the Chairman of the Supervisory Board of BV Management Limited Liability Partnership;
– Almaz Kanatbekovich Amanzholov as the member of the Supervisory Board of BV Management Limited Liability Partnership.
3. To determine the term of office of members of the Supervisory Board of BV Management Limited Liability Partnership, Airat Aittanovich Nurgaziyev and Almaz Kanatbekovich Amanzholov, until expiration of the term of office of the Supervisory Board of BV Management Limited Liability Partnership as a whole.
4. To determine the amount of remuneration to members of the Supervisory Board of BV Management Limited Liability Partnership, Airat Aittanovich Nurgaziyev and Almaz Kanatbekovich Amanzholov, in accordance with Annex No.1 to these Minutes.
5. This Resolution is a resolution of the Sole Participant of BV Management Limited Liability Partnership.
6. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company, A.S. Kuatova, shall take all measures resulting from this Resolution.

1. To place 1 (one) ordinary share of Kazyna Capital Management Joint Stock Company within the declared shares of Kazyna Capital Management Joint Stock Company at the placing price of KZT 19,269,422,735 (nineteen billion two hundred and sixty-nine million four hundred and twenty-two thousand seven hundred and thirty-five) by subscription by the Sole Shareholder (in accordance with the pre-emptive right).
2. Acting Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (Makanalina G.S.) shall take the measures resulting from this Resolution.

To amend the Regulations on the Management Board of Kazyna Capital Management JSC, approved by decision of the Board of Directors of the Company dated March 16, 2016 (Minutes No. 103) in accordance with Annex No. 1 to this decision.

1. To approve:

1. To approve amendments and additions to the Corporate Governance Code of the Baiterek Venture Fund Joint-Stock Company, approved by the decision of the Board of Directors of the Company dated December 13, 2017 (Minutes No. 122), in accordance with Annex No. 3 to this decision.
2. The Chairman of the Board of the Baiterek Venture Fund Joint-Stock Company to take the necessary measures arising from this decision.
3. This decision is the decision of the Sole Shareholder of the Baiterek Venture Fund Joint-Stock Company.

1. To pay a bonus for the Nauryz meiramy, state holiday of the Republic of Kazakhstan, to the Chairman and members of the Management Board, the head of the Internal Audit Service and the Corporate Secretary of Kazyna Capital Management JSC in accordance with the Annex to the minutes.
2. The Management Board of Kazyna Capital Management Joint-Stock Company to take measures arising from this decision.

1. To appoint Ravil Ilzatovich Arystanbekov as the Ombudsman of the Society.
2. Determine the term of office of the Ombudsman of the Company - 2 (two) years from the date of entry into force of this decision.
3. Paragraph one of clause 60 of the Code of Business Ethics of Kazyna Capital Management Joint Stock Company, approved by the Council
of directors of the Company dated October 23, 2018 (Minutes No. 9/18), add the words ", the Sole Shareholder or its subsidiaries".
4. To preliminarily approve the addition of the first paragraph of clause 74 of the Corporate Governance Code of Kazyna Capital Management Joint Stock Company, approved by the decision of the Sole Shareholder of the Company dated January 12, 2018 (Minutes No. 01/19) with the words ", the Sole Shareholder or its subsidiaries."
5. Submit the issue in accordance with paragraph 4 of this decision for approval by the Sole Shareholder of the Company.
6. Decisions on clauses 1-3 come into force after the Sole Shareholder of the Company makes a positive decision on clause 5 of this decision.

1. To approve the report of the Internal Audit Service of the Company for the 4th quarter of 2018 and 2018 in accordance with Appendix No. 6 to these minutes.
2. To approve the report on the implementation of key performance indicators of the head of the Internal Audit Service of the Company for the 4th quarter of 2018 in accordance with Appendix No. 7 to this Protocol.
3. To approve the report on the results of the internal assessment of the quality of the internal audit of the Company for 2018 in accordance with Appendix No. 8 to this Protocol.
4. Based on the results of the activities of the Internal Audit Service for the 4th quarter of 2018, reward the head of the Internal Audit Service of the Company in the amount of one official salary in proportion to the hours worked.
5. Based on the results of the activities of the Internal Audit Service for 2018, award the head of the Internal Audit Service of the Company in the amount of two official salaries in proportion to the hours worked.

1. Determine the size of the official salaries of the Chairman and members of the Management Board of the Company in accordance with Appendix No. 5 to this protocol.
2. Clause 1 of the decision of the Board of Directors of the Company shall come into effect on January 01, 2019.

To approve the target values of the efficiency of the members of the Management Board of the Company for 2019 in accordance with Appendix No. 4 to this protocol.

1. To approve the Investment Declaration of Baiterek Venture Fund JSC in a new edition in accordance with Appendix No. 3 to this Protocol.
2. This decision is the decision of the Sole Shareholder of the Joint Stock Company "Baiterek Venture Fund".

1. Increase the number of announced common shares of Joint Stock Company Baiterek Venture Fund by 20,000,000 (twenty million) pieces, determine the total number of authorized ordinary shares in the amount of 38,880,000 (thirty eight million eight hundred and eighty thousand) pieces; 2. The Board of the Joint Stock Company "Baiterek Venture Fund" to take the necessary measures for state registration of the issue of authorized shares. 3. The decision under item 1 is the decision of the Sole Shareholder of the Joint Stock Company "Baiterek Venture Fund".

1. To determine the composition of the Board of Directors of the joint-stock company "Baiterek Venture Fund" in the amount of 4 (four) people.
2. To elect I. Abramov as an independent director of the Board of Directors of the joint-stock company "Baiterek Venture Fund".
3. Determine the term of office of I. Abramov until September 28, 2021.
4. Determine the amount of remuneration payment to I. Abramov in accordance with Appendix No. 2 to this protocol.
5. Establish the remuneration specified in subparagraph 4 of this decision from the date of signing the agreement with I. Abramov.
6. The Chairman of the Board of Directors of the Joint Stock Company "Baiterek Venture Fund" in the prescribed manner to conclude an agreement with I. Abramov.
7. Reimbursement of expenses of an independent member of the Board of Directors of the joint-stock company "Baiterek Venture Fund" (I. Abramova) shall be carried out in accordance with the Regulations on the Board of Directors of the joint-stock company "Baiterek Venture Fund", approved by the decision of the Board of Directors of the Company dated November 30, 2018 (Minutes No. 11 / 18).
8. Decisions on items 1-7 are decisions of the Sole Shareholder of the Joint Stock Company "Baiterek Venture Fund".

1. To preliminarily approve the Procedure and conditions for the implementation of direct financing in accordance with Appendix No. 1 to this Protocol.
2. Submit the issue in accordance with paragraph 1 of this decision for approval by the Sole Shareholder of the Company.

1. To preliminarily approve the addition of the List of documents regulating the internal activities of Kazyna Capital Management Joint Stock Company, subject to approval by the Sole Shareholder of Kazyna Capital Management Joint Stock Company, approved by the decision of the Sole Shareholder of the Company dated November 24, 2017 (Minutes No. 48/17), line , serial number 6, with the following content:
6. Procedure and conditions for direct financing
2. Submit the issue according to paragraph 1 of this decision for approval by the Sole Shareholder of the Company.

1. Determine the term of office of the corporate secretary of the Company, Bakit Nurdinovna Ermasheva - 3 (three) years from May 17, 2019. 2. The Chairman of the Management Board of the Company A.M. Kasymbek take the necessary measures arising from this decision.

1. To approve the Rules for remuneration and bonuses, performance assessment and social support for employees of the Internal Audit Service and the Corporate Secretary, accountable to the Board of Directors of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 9 to this decision.
2. To declare invalid the Rules for assessing the performance and remuneration of the Corporate Secretary of Kazyna Capital Management, approved by the decision of the Board of Directors of the Company dated February 12, 2015 (Minutes No. 89).
3. To declare invalid the Methodology for assessing the efficiency of the Internal Audit Service of the joint-stock company Kazyna Capital Management, approved by the decision of the Board of Directors of the Company dated February 12, 2015 (Minutes No. 89).
4. To approve the Map of key performance indicators of the head of the Internal Audit Service of Kazyna Capital Management JSC for 2019 in accordance with Appendix No. 10 to this decision.
5. To approve the Map of key performance indicators of the corporate secretary of Kazyna Capital Management joint-stock company for 2019 in accordance with Appendix No. 11 to this decision.
6. Determine the duration of the reporting period for planning and evaluating the performance of the head of the Internal Audit Service and the corporate secretary of the Company on the basis of a quarterly cycle.
7. In order to increase motivation, pay the head of the Internal Audit Service and the Corporate Secretary of the Company a bonus for the national holiday Nauryz meiramy in the amount of ten times the minimum wage.
8. Decisions on clauses 1, 2 and 3 of this decision come into force on January 01, 2019.

1. Approve:
1) Charter of the limited liability partnership "BV Management" in a new edition in accordance with Appendix No. 6 to this decision;
2) a list of documents to be approved by the Sole Member of the BV Management Limited Liability Partnership, in accordance with Appendix No. 7 to this decision;
3) amendments to the Regulation on the Supervisory Board of the BV Management Limited Liability Partnership, in accordance with Appendix No. 8 to this decision.
2. To endow the General Director of the limited liability partnership "BV Management" Zhanturin BM the authority to sign the Articles of Association of the limited liability partnership "BV Management".
3. To invalidate the Charter of the BV Management Limited Liability Partnership approved by the decision of the Sole Member of the BV Management Limited Liability Partnership dated November 21, 2014.
4. The decisions under clauses 1, 2 and 3 are decisions of the Sole Member of the BV Management Limited Liability Partnership.

1. Early terminate the powers of a member of the Supervisory Board of the limited liability partnership "BV Management" DA Beksoltan
2. To elect Kulazhanov E.T. member of the Supervisory Board of the Limited Liability Partnership "BV Management" for a term of office until the expiration of the term of office of the Supervisory Board as a whole.
3. The decisions under clauses 1 and 2 are decisions of the Sole Member of the BV Management Limited Liability Partnership.

1. Approve:
1) audited financial statements of the limited liability partnership "BV Management" for 2018 in accordance with Appendix No. 5 to this decision;
2) payment of dividends in the amount of 50% of net profit at the end of 2018, which amounts to 9,621 thousand tenge.
2. The decision under paragraph 1 is the decision of the Sole Participant of the BV Management Limited Liability Partnership.

1. JSC "Kazyna Capital Management" (hereinafter - the Company) to take part in the extraordinary general meeting of shareholders of the joint-stock company "Kazakhstan-Tajikistan Direct Investment Fund" (hereinafter - JSC "KTF").
2. To approve the following position of the Company on the agenda of the general meeting of shareholders of KTF JSC:
2.1 "On changes in the composition of the liquidation commission of JSC" Kazakhstan-Tajikistan Direct Investment Fund ":
vote "FOR" the decision to change the composition of the liquidation commission of JSC "KTF":
to appoint the liquidation commission of KTF JSC in a new composition:
1) Seifullina R. Zh. - Chairman of the Liquidation Commission;
2) Abzhanov E.A .;
3) Ergazinova K.B.
2.2 "On the extension of the term for the voluntary liquidation of JSC" Kazakhstan-Tajikistan Direct Investment Fund ":
vote "FOR" the decision to extend the liquidation period of KTF JSC until June 10, 2022.
3. The Managing Director - Director of the Department of Investment Funds of the Company, Yerzhanov Gabbas Galymbekovich, shall be empowered to represent the interests of the Company, including:
1) take part in an extraordinary general meeting of shareholders of KTF JSC;
2) participate in the discussion of issues at the general meeting of shareholders of KTF JSC;
3) vote on the agenda items of the general meeting of shareholders of KTF JSC;
4) sign the minutes of the general meeting of shareholders of KTF JSC.

1. Terminate the powers of the Managing Director "B" in Kazyna Seriktes B.V. SGG Management (Netherlands) B.V. from 18 March 2019.
2. Appoint Van Doorn CFS B.V. as Managing Director "B" at Kazyna Seriktes B.V. from 18 March 2019.
3. To approve the change of the legal address of Kazyna Seriktes B.V. from Hoogoorddreef, 1101 BA Amsterdam, the Netherlands to Keizersgracht 311, 1016 EE, Amsterdam, the Netherlands.
4. To appoint Yerzhanov Gabbas Galymbekovich to the position of Managing Director "A" in Kazyna Seriktes B.V. from 18 March 2019.

To conclude the interested party transaction by signing the Deed of variation between Kazyna Capital Management JSC and Kazyna Seriktes B.V., in accordance with Annex 4 to this decision.

1. To approve the main conditions for participation of the Company in the KCM Sustainable Development Fund I private equity fund in accordance with Annex 3 to this decision. 2. To approve the interested party transaction by signing a Capital contribution agreement between the Company and Kazyna Seriktes B.V.* 3. The decision on clauses 1 and 2 comes into force from the date of approval of the Procedure and conditions for direct financing by the Sole Shareholder of the Company.

1. Introduce changes and additions to the List of documents regulating the internal activities of Kazyna Capital Management Joint Stock Company, subject to approval / consideration by the Board of Directors of Kazyna Capital Management Joint Stock Company, approved by the decision of the Company's Board of Directors dated October 19, 2017 (Minutes No. 121) , according to Appendix No. 1 to this decision.
2. To approve the Sustainable Development Policy of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 2 to this decision.
3. To recognize as invalid the Corporate Social Responsibility Policy of Kazyna Capital Management, approved by the decision of the Board of Directors of the Company dated June 06, 2011 (Minutes No. 53).

1. Determine the term of office of the Management Board of Kazyna Capital Management Joint Stock Company - 3 (three) years from May 4, 2019.
2. To the Chairman of the Board of the joint-stock company "Kazyna Capital Management" Kasymbek A.M. to take measures arising from this decision.

1. Preliminary designate the KPMG Audit Limited Liability Partnership as an auditing organization that audits the Company's financial statements for 2019-2021.
2. Determine the payment for the services of the Limited Liability Partnership "KPMG Audit" for the audit of the Company's financial statements for 2019-2021 in the amount of 59,472,000 (fifty-nine million four hundred seventy-two thousand) tenge including VAT:
- for 2019 - 18 480 000 tenge, including VAT;
- for 2020 - 19,824,000 tenge, VAT included;
- for 2021 - KZT 21,168,000, including VAT.
3. Submit the issue under clause 1 of this decision for consideration by the Sole Shareholder.

1. Conclude an agreement between Kazyna Capital Management Joint Stock Company and Samruk-Kazyna Contract Limited Liability Partnership, which is a transaction in which Kazyna Capital Management Joint Stock Company has an interest, in accordance with the main conditions in accordance with Appendix No. 1 to this protocol.
2. The Chairman of the Management Board of the Company (Kuatova A.S.) to take measures arising from this decision.

1. Conclude an agreement between Kazyna Capital Management Joint-Stock Company and Kazakhtelecom Joint-Stock Company, which is a transaction in which Kazyna Capital Management Joint-Stock Company has an interest, in accordance with the main conditions in accordance with Appendix No. 2 to this protocol.
2. The Chairman of the Board of the Company (Kuatova A.S.) to take measures arising from this decision.

Approve the Action Plan for the IT audit of Kazyna Capital Management JSC based on the results of the audit task “Audit of information technologies and information security”, in accordance with Appendix No. 3 to this protocol.

Approve changes to the Development Strategy of Kazyna Capital Management Joint Stock Company for 2014-2023, approved by the decision of the Board of Directors of Kazyna Capital Management Joint Stock Company dated September 4, 2020 (Minutes No. 11/20), in accordance with Appendix No. 4 to this Minutes.

Approve the report on the results of the internal assessment (self-assessment) of the quality of the internal audit activity of Kazyna Capital Management JSC for 2021, in accordance with Appendix No. 5 to this protocol.

1. Approve the report on the activities of the Internal Audit Service of Kazyna Capital Management JSC for the 4th quarter of 2021 in accordance with Appendix No. 6 to this Minutes;
2. Approve the report on the performance of key performance indicators of the head of the Internal Audit Service of Kazyna Capital Management JSC for the 4th quarter of 2021 in accordance with Appendix No. 7 to this Minutes;
3. Based on the results of the activities of the Internal Audit Service of Kazyna Capital Management JSC for the 4th quarter of 2021, to award the head of the Internal Audit Service of Kazyna Capital Management JSC Tuyakbayeva S.M. in accordance with Appendix No. 8 to this protocol.

1. Approve the report on the activities of the Internal Audit Service of Kazyna Capital Management JSC for 2021, in accordance with Appendix No. 9 to this Minutes.
2. Approve the results of the assessment of the performance of key performance indicators and the development of personal and business competencies of the head of the Internal Audit Service of Kazyna Capital Management JSC for 2021, in accordance with Appendix No. 10 to this protocol.

Approve amendments and additions to the Regulations on the Corporate Secretary of Kazyna Capital Management JSC, approved by the decision of the Board of Directors of Kazyna Capital Management JSC dated March 28, 2018 (Minutes No. 2/18), in accordance with Appendix No. 11 to this Minutes.

Approve the addition to the List of documents regulating the internal activities of the Kazyna Capital Management joint-stock company, subject to approval / consideration by the Board of Directors, determined by the decision of the Board of Directors of the Kazyna Capital Management joint-stock company dated October 19, 2017 (Minutes No. 121), in accordance with Appendix No. 12 to this protocol.

Approve the Rules for the application of disciplinary sanctions against members of the Management Board and other employees accountable and / or subordinate to the Board of Directors of Kazyna Capital Management Joint-Stock Company, in accordance with Appendix No. 13 to this protocol.

1. To establish the number of announced common shares of the Kazakhstan Project Preparation Fund joint stock company in the amount of 1,234,648 (one million two hundred thirty-four thousand six hundred forty-eight) pieces.
2. To issue announced common shares of Kazakhstan Project Preparation Fund joint-stock company in the amount of 1,234,648 (one million two hundred thirty-four thousand six hundred forty-eight) pieces.
3. Determine the nominal value of one ordinary share of the Kazakhstan Project Preparation Fund JSC in the amount of 1,000 (one thousand) tenge.
4. Transfer 1,234,648 (one million two hundred and thirty four thousand six hundred and forty eight) shares of the Kazakhstan Project Preparation Fund joint stock company to the Kazyna Capital Management joint stock company.
5. Approve the deed of transfer of the joint-stock company "Kazakhstan Project Preparation Fund" in accordance with Appendix No. 1 to this protocol.
6. Approve the Methodology for determining the value of shares upon their redemption by the Kazakhstan Project Preparation Fund joint-stock company in accordance with Appendix No. 2 to this protocol.
7. Paragraph 4 of this decision shall enter into force after the state registration of the issue of announced shares of the Kazakhstan Project Preparation Fund joint-stock company.
The General Director of the joint-stock company "Kazakhstan Project Preparation Fund" (Shashdavletov A.A.) in the prescribed manner to take measures for the state registration of the issue of shares of the joint-stock company "Kazakhstan Project Preparation Fund", as well as other measures arising from this decision.
9. This decision is the decision of the Sole Founder (Shareholder) of the Kazakhstan Project Preparation Fund Joint Stock Company.

1. To appoint Izzhanova Zhamilya Daurenkyzy as the corporate secretary of the Kazyna Capital Management Joint-Stock Company from February 28, 2020.
2. To determine the term of office of the corporate secretary of the Kazyna Capital Management Joint-Stock Company Izzhanova Zhamilya Daurenkyzy 3 years from the date of this decision.
3. To determine the corporate secretary of the Kazyna Capital Management Joint-Stock Company Izzhanova Zhamilya Daurenkyzy, the official salary in the amount in accordance with Annex No. 1 to this Minutes.
4. Chairman of the Management Board of Kazyna Capital Management JSC Kuatova A.S. to sign an employment contract with Izzhanova Zhamilya Daurenkyzy.

Introduce changes to the Concessional Financing Program of Kazyna Capital Management JSC and/or its subsidiaries, including private equity funds, approved by the decision of the Board of Directors of the Company dated April 19, 2019 (Minutes No. 5/19), in accordance with Annex No. 2 to this Minutes.

1. Early terminate the powers of a member of the Board of Directors of the Baiterek Venture Fund Joint-Stock Company Kassymbek A.M. – a representative of the Sole Shareholder.
2. To elect Kuatova A.S. a member of the Board of Directors of Baiterek Venture Fund Joint-Stock Company – a representative of the Sole Shareholder with a term of office until the expiration of the term of office of the Board of Directors of Baiterek Venture Fund Joint-Stock Company as a whole.
3. The Chairman of the Management Board of Baiterek Venture Fund the Joint-Stock Company to take the necessary measures arising from this decision.
4. Decisions on items 1-3 are decisions of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.

Introduce amendments and additions to the Investment Policy of Kazyna Capital Management Joint-Stock Company approved by decision of the Board of Directors of the Company dated February 27, 2019 (Minutes No. 2/19) in accordance with Annex No. 3 to the minutes.

1. To approve the report of the Internal Audit Service of the Company for the 4th quarter of 2019 in accordance with Annex No. 4 to the minutes.
2. To approve the report of the Internal Audit Service of the Company for 2019 in accordance with Annex No. 5 to this Minutes.
3. To approve the report on implementation of key performance indicators of the head of the Internal Audit Service of the Company for the 4th quarter of 2019 in accordance with Annex No. 6 to the minutes.
4. To approve the report on the results of the internal assessment of the quality of the internal audit of the Company for 2019 in accordance with Annex No. 7 to the minutes.
5. To approve the results of assessing the performance of key performance indicators and development of personal and business competencies of the head of the Internal Audit Service of the Company for 2019 in accordance with Annex No. 8 to the minutes.
6. Based on the results of the activities of the Internal Audit Service of the Company for the 4th quarter of 2019, award the head of the Internal Audit Service of the Company in accordance with Annex No. 9 to the minutes.

Introduce into the Rules for remuneration and bonuses, performance assessment and social support for employees of the Internal Audit Service and the Corporate Secretary accountable to the Board of Directors of Kazyna Capital Management Joint-Stock Company, approved by the decision of the Board of Directors of the Company dated March 29, 2019 (Minutes No. 4/19 ) (hereinafter referred to as the Rules), the following change:
in line 6, column “Description of the formula” of the section “KPI Library of the Internal Audit Service of Kazyna Capital Management JSC” of Annex 2 of the Rules, exclude the words “, including the comments of an expert from the Holding”.

To approve the maps of key performance indicators of the head of the Internal Audit Service of Kazyna Capital Management Joint-Stock Company for the 2nd, 3rd, 4th quarters of 2020 in accordance with Annex No. 10 to the minutes.

1. By June 1, 2020, to assess the activities of the Board of Directors of the Company and its committees for 2019 using the questionnaire method.
2. Appoint the corporate secretary of the Company as the person responsible for sending and collecting questionnaires.
3. The final report with the results of the questionnaire shall be submitted for consideration by the Board of Directors of the Company with preliminary consideration by the Committee for Human Resources and Social Issues of the Company.
4. Control over the process of assessing the Board of Directors shall be entrusted to the Chairman of the Committee for HR and Social Issues, independent director I. Abramov.

1. Assess the performance of the Board of Directors of the Company and its committees for 2018 by engaging an independent professional organization.
2. The results of the assessment shall be submitted for consideration by the Board of Directors of the Company by June 1, 2019.

1. To approve the report on the work of the Board of Directors, committees of the Board of Directors and the corporate secretary of the Company for the 4th quarter of 2018 in accordance with Appendix No. 2 to this decision.
2. To approve the report on the implementation of key performance indicators of the corporate secretary of the Company for the 4th quarter of 2018 in accordance with Appendices No. 3, No. 4 to this decision.
3. Based on the results of the activities of the corporate secretary of the Company for the 4th quarter of 2018, to award the corporate secretary in the amount of one official salary.
4. To approve the report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of the Company for 2018 in accordance with Appendix No. 5 to this decision.
5. Based on the results of the activities of the corporate secretary of the Company for 2018, to award the corporate secretary of the Company in the amount of two official salaries.

To conclude interested party transactions by signing contracts for office and parking rental services between the Company and Baiterek Development JSC.

1. To approve the new edition of the Investment Policy of Kazyna Capital Management Joint Stock Company in accordance with Appendix No. 1 to this decision.
2. To declare invalid:
1) Rules for investment of assets of Kazyna Capital Management JSC in portfolio (alternative) investment funds, approved by the decision of the Board of Directors of the Company dated April 23, 2008 (Minutes No. 10);
2) Investment policy of Kazyna Capital Management Joint Stock Company, approved by the resolution of the Board of Directors of the Company dated December 13, 2017 (Minutes No. 122).

Approve the audit report "Assessment of the corporate governance system" based on the results of diagnostics of corporate governance in the JSC "Kazyna Capital Management", in accordance with Appendix No. 1 to the minutes.

Approve the audit report on the results of the audit of information technology and information security in the Kazyna Capital Management joint-stock company, in accordance with Appendix No.2 to the Minutes.

Approve the addendum to the List of documents regulating the internal activities of Kazyna Capital Management Joint Stock Company subject to approval/consideration by the Board of Directors as determined by resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated October 19, 2017 (Minutes No. 121), in accordance with Annex No.3 to the Minutes.

Take into account the Report on the implementation of the Action Plan to improve the corporate governance system of Kazyna Capital Management Joint Stock Company for 2021-2022 for 2021, in accordance with Appendix No.4 to this Minutes.

To approve the Action Plan to improve the corporate governance of Kazyna Capital Management joint-stock company based on the results of the audit assignment “Assessment of the corporate governance system”, in accordance with Appendix No. 5 to these minutes.

1.To approve the Regulations on the Board of Directors of Baiterek Venture Fund Joint-Stock Company in a new version according to Annex No. 6 to these minutes. 2.To invalidate the Regulations on the Board of Directors of Baiterek Venture Fund Joint-Stock Company, approved by resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company dated November 30, 2018 (Minutes No. 11/18). 3.To Chairman of the Management Board of Baiterek Venture Fund Joint-Stock Company (Zh.B. Kutbay) to take the measures arising from this resolution. 4.This resolution is a resolution of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.

1.Early terminate the powers of Yerlan Dulanovich Kabdrakhmanov, a member of the Management Board of Kazyna Capital Management Joint-Stock Company, from February 1, 2022 (the last day is January 31, 2022). 2. The Chairman of the Board of JSC "Kazyna Capital Management" (Kuatova A.S.) to take measures arising from this decision.

1.To approve the transfer act of Kazakhstan Project Preparation Fund Limited Liability Partnership in accordance with Annex No. 1 to this minute. 2. That the General Director of Kazakhstan Project Preparation Fund Limited Liability Partnership (A.A. Shashdavletov) shall take the measures arising from this decision. 3. This decision is the decision of the Sole participant of Kazakhstan Project Preparation Fund Limited Liability Partnership.

.Place 1 (one) ordinary share of Kazyna Capital Management Joint-Stock Company within the declared shares of Kazyna Capital Management Joint-Stock Company at the offering price of KZT 5,000,000,000 (five billion) by subscription by Baiterek National Managing Holding Joint-Stock Company (in accordance with the right of pre-emption). 2.The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. Appoint Yermek Serikovich Smagulov as the Corporate Secretary of Kazyna Capital Management Joint-Stock Company.
2. Determine the term of office of Yermek Serikovich Smagulov, the Corporate Secretary of Kazyna Capital Management Joint-Stock Company, from the date of this Resolution until the return of Zhamilya Daurenkyzy Izzhanova, the direct employee, but not more than the term of office determined for Zhamilya Daurenkyzy Izzhanova.
3. Determine the official salary to the Corporate Secretary of Kazyna Capital Management Joint-Stock Company Yermek Serikovich Smagulov in the amount according to Annex 1 to these Minutes.
4. Authorize the Deputy Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company R.B. Kuanyshbayev to sign the employer's act on hiring of Yermek Serikovich Smagulov and, accordingly, on the termination of the Employment Contract with him.
5. Terminate the powers of Kamila Daniyarovna Sharipova as the Corporate Secretary of Kazyna Capital Management Joint-Stock Company from November 13, 2020, in connection with the termination of employment relationship with the employee.
6. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company shall take all necessary measures resulting from this Resolution.

1. Approve the Addendum to the List of documents regulating the internal activities of Baiterek Venture Fund Joint-Stock Company subject to approval by the Sole Shareholder approved with the Resolution of the Board of Directors of Kazyna Capital Management Joint-Stock Company on June 5, 2019 (Minutes No. 7/19) according to Annex 2 to these Minutes.
2. This Resolution is the resolution of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. Approve the Annual Activity Report of Baiterek Venture Fund Joint-Stock Company for 2019 in accordance with Annex 3 to these Minutes.
2. This Resolution is the resolution of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. Determine KPMG Audit Limited Liability Company as the audit organization that performs audit of financial statements of Baiterek Venture Fund Joint-Stock Company for 2020.
2. This Resolution is the resolution of the Sole Shareholder of Baiterek Venture Fund Joint-Stock Company.
3. The Chairman of the Management Board of Kazyna Capital Management Joint-Stock Company (A.S. Kuatova) shall take all measures resulting from this Resolution.

1. Determine the official salary for the Chairperson of the Management Board of the Company Kuatova A.S., in the amount according to Annex No. 1 to this decision.
2. Determine the terms of remuneration, social support and bonuses to the Chairperson of the Management Board of the Company Kuatova A.S. in accordance with decisions of the Board of Directors and internal documents of the Company.
3. The decision of the Board of Directors of the Company on this agenda item shall enter into force on January 6, 2020.

To conclude transactions, in which the Company has an interest by signing a lease agreement for office premises and a lease agreement for parking spaces in a car parking between the Company and Baiterek Development Joint-Stock Company in accordance with Annex No. 1 to this decision.

1. To recognize the Rules for procurement of goods, works and services of Kazyna Capital Management JSC and organizations, fifty or more percent of voting shares (participation interests) of which directly or indirectly belong to Kazyna Capital Management JSC on the right of ownership, approved by the decision of the Board of Directors of the Company dated October 2, 2013 (Minutes No. 73) invalid from January 1, 2020;
2. To exclude the Rules for procurement of goods, works and services of Kazyna Capital Management JSC and organizations, fifty or more percent of voting shares (participation interests) of which directly or indirectly belong to Kazyna Capital Management JSC on the right of ownership, approved by the decision of the Board of Directors of the Company dated October 2, 2013 (Minutes No. 73) from January 1, 2020 from the List of documents regulating the internal activities of the Company, subject to approval/consideration by the Board of Directors of the Company, approved by the decision of the Board of Directors of the Company dated October 19, 2017 (Minutes No. 121).

Make a compensation payment for early termination of the employment contract with Chairman of the Management Board of the Company, Qassymbek Ardak Makhmuduly, in the amount according to Annex No. 2 to this decision.

To conclude a transaction, in which the Company has an interest, by concluding an agreement on the assignment of the right of claim between the Company, theKazakhstan-Tajikistan Direct Investment Fund Joint-Stock Company and the State Committee for Investments and State Property Management of the Republic of Tajikistan in accordance with the conditions set out in Annex No. 3 to this decision.

1. To approve the report on the work of the Board of Directors, committees of the Board of Directors and the corporate secretary of the Company for the 4th quarter of 2019 in accordance with Annex No. 4 to this decision.
2. To approve the report on implementation of key performance indicators of the corporate secretary of the Company for the 4th quarter of 2019 in accordance with Annex No. 5 to this decision.
3.Rewarding the corporate secretary of the Company based on the performance results for the 4th quarter of 2019 in the amount according to Annex No. 6 to this decision. To approve the report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of the Company for 2019 in accordance with Annex No. 7 to this decision.

1. Early terminate the powers of the corporate secretary of the Company on January 31, 2020.
2. The Chairman of the Management Board of the Company in the prescribed manner shall take the necessary measures arising from this decision.

To conclude the interested party transaction with Tsesnabank JSC (hereinafter referred to as the Bank) to purchase bonds issued by the Bank on the following conditions:
- maturity date: October 15, 2033;
- interest rate: 0.1% per annum;
- currency of obligations: tenge;
- frequency of payment of interest on bonds: once a year;
- security: no security.

1. Prematurely terminate the powers of Nurgozhin Adil Yergaliuly - member of the Committee for HR, Remuneration and Social Issues of the Board of Directors of KAZYNA Capital Management Joint Stock Company, the Audit and Risk Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company, the Strategic Planning and Corporate Development Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company from July 19, 2021.
2. Elect Vyacheslav Vladimirovich Son as a member of the Committee for HR, Remuneration and Social Issues of the Board of Directors of KAZYNA Capital Management Joint Stock Company, the Audit and Risk Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company, the Strategic Planning and Corporate Development Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company, with a term of office until the expiration of the term of office of the Board of Directors of KAZYNA Capital Management Joint Stock Company as a whole.

Submit for consideration to the Sole Shareholder of KAZYNA Capital Management Joint Stock Company the issue "On approval of amendments to the Regulations on the Board of Directors of Kazyna Capital Management Joint Stock Company" previously approved with resolution of the Board of Baiterek National Managing Holding Joint Stock Company dated November 28, 2018 (Minutes No. 53/18) according to Annex 1 to this Minutes.

Approve amendments to:
1) Regulations on the Audit and Risk Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company previously approved with resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated March 18, 2021 (Minutes No. 5/21), according to Annex 2 to this Minutes;
2) Regulations on HR, Remuneration and Social Issues Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company previously approved with decision of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated March 18, 2021 (Minutes No. 5/21), according to Annex 3 to this Minutes;
3) Regulations on the Strategic Planning and Corporate Development Committee of the Board of Directors of KAZYNA Capital Management Joint Stock Company previously approved with resolution of the Board of Directors of KAZYNA Capital Management Joint Stock Company dated March 18, 2021 (Minutes No. 5/21), according to Annex 4 to this Minutes.

1. Amend paragraph 1 of the resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated June 18, 2021 (Minutes No. 09/21) on the second agenda item on concluding a transaction for the sale and purchase of securities with an obligation to repurchase (REPO ) between Kazyna Capital Management JSC and the private company Kazakhstan Investment Development Fund (KIDF) Management Company Ltd. wherein Kazyna Capital Management Joint Stock Company has an interest, and amending resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated July 15, 2020 (Minutes No. 08/20); on the third agenda item “On concluding an extension agreement on currency and interest delivery transaction SWAP No. 79-SWAP - A / 13 dated August 7, 2015, concluded between Development Bank of Kazakhstan and Kazyna Capital Management Joint Stock Company wherein Kazyna Capital Management Joint Stock Company has interest":
1) the lines "Amount of the second part of the REPO transaction (securities repurchase price)", "Subject of the REPO transaction", "Term of execution of the second part of the REPO Transaction" should be stated in the following wording:

«
The amount of the second part of the REPO transaction (price of securities repurchase)
no more than KZT9,192, 575,342 (nine billion one hundred and ninety two million five hundred and seventy five thousand three hundred and forty two) in case of execution of the second part of the REPO transaction by September 10, 2021;
no more than KZT9,230,547,946 (nine billion two hundred and thirty million five hundred and forty-seven thousand nine hundred and forty-six) in case of execution of the second part of the REPO transaction in the period from September 11, 2021 to September 24, 2021.

Subject of REPO transaction
securities in accordance with Annex 1 to this Minutes for the amount calculated at the market value of the transferred securities one day before the date of signing of Amendment Agreement to the Securities Purchase and Sale Agreement No. 10-03 with the obligation to repurchase (REPO) dated July 1, 2021, providing for the prolongation of the term of the second part of the REPO transaction until September 10, 2021. The aggregate amount of the securities value in accordance with Annex 1 to this Minutes in view of the accrued coupon remuneration is equal to or exceeds the amount of the second part of the REPO transaction (price of securities repurchase) and the remuneration provided for the period from the date of the second part of REPO transaction execution to September 24, 2021 (inclusive) in order to specify the whole number of securities

Term of execution of the second part of the REPO transaction
no later than September 10, 2021 with the possibility of extension until September 24, 2021 (inclusive)
».

2. Conclude an Amendment Agreement to the Securities Purchase and Sale Agreement No. 10-03 with the obligation to repurchase (REPO) dated July 1, 2021, concluded between KAZYNA Capital Management Joint Stock Company and the private company Kazakhstan Investment Development Fund (KIDF) Management Company Ltd. wherein KAZYNA Capital Management Joint Stock Company has an interest in accordance with the conditions specified in paragraph 1 of this resolution.
3. Chairman of the Management Board of the KAZYNA Capital Management Joint Stock Company (A.S.Kuatova) to take the measures arising from this resolution.

1. Paragraph 3 of the resolution of the Sole Shareholder of QazTech Ventures JSC (resolution of the Management Board of Baiterek NMH JSC dated June 17, 2020 (MInutes No. 29/20) on the fourth agenda item "On certain issues of the Management Board and the Board of Directors of QazTech Ventures Joint Stock Company to recognize as invalid from August 9, 2021.
2. Elect Khairullin Yerbol Meirzhanovich to the position of Chairman of the Board of QazTech Ventures Joint-Stock Company from August 9, 2021 until the expiration of the term of office of the Board of QazTech Ventures Joint-Stock Company as a whole.
3. The Board of Directors of QazTech Ventures Joint-Stock Company to take measures to determine the amoutn of the official salary and conditions of remuneration for Khairullin Yerbol Meirzhanovich.
4. Authorize the Chairman of the Board of Directors of QazTech Ventures Joint-Stock Company to sign the employer's acceptance certificate of Khairullin Yerbol Meirzhanovich to the position of Chairman of the Board of QazTech Ventures Joint-Stock Company
5. This resolution is a decision of the Sole Shareholder of QazTech Ventures Joint Stock Company.

1. Appoint Kaligazin Aslan Yermekovich to the position of General Director of BV Management Limited Liability Partnership from August 20, 2021 with a term of office of 3 years.
2. The Supervisory Board of BV Management Limited Liability Partnership to take measures to determine the working conditions and other terms of the contract to Kaligazin Aslan Yermekovich.
3. Authorize the Chairman of the Supervisory Board of BV Management Limited Liability Partnership to sign the employer's acceptance certificate of Kaligazin Aslan Yermekovich to the position of General Director of BV Management Limited Liability Partnership.
4. This resolution is a decision of the Sole Participant of BV Management Limited Liability Partnership.

1. Early terminate the powers of the Deputy Chairman of the Management Board of the Company T.E.Beguliev. from August 12, 2020.
2. Pay to T.E. Beguliev compensation for early termination of an employment contract in the amount according to Appendix No. 1 to this protocol.
3. To authorize the Chairman of the Management Board of the Company Kuatova A.S. to sign the employer's act on the termination of the employment contract with the Deputy Chairman of the Management Board of the Company T.E. Beguliev. on the basis of article 50 of the Labor Code of the Republic of Kazakhstan.
4. The Chairman of the Management Board of the Company shall take other measures arising from this decision.

1. To elect G.S. Makanalina as Deputy Chairman of the Company's Management Board with a term of office until the end of the term of office of the Company's Management Board as a whole.
2. To set the official salary of the Deputy Chairman of the Management Board in accordance with Annex 2 to these Minutes.
3. To authorize the Chairman of the Management Board of the Company A.S. Kuatova to sign the Act of the employer on employment of G.S. Makanalina.
4. The Chairman of the Management Board of the Company shall take other measures resulting from this resolution.

1. Introduce the following amendment to the decision of the Board of Directors of Kazyna Capital Management joint-stock company dated January 23, 2020 (decision No. 2/20) on the issue “On the implementation of compensation payments for early termination of the employment contract with the executive employee of Kazyna Capital Management joint-stock company” :
Appendix No. 2 to the said decision shall be amended in accordance with Appendix No. 3 to this Protocol.
2. The Chairman of the Management Board of Kazyna Capital Management Joint Stock Company (AS Kuatova) to take measures arising from this decision.

1. Approve the main terms for the Company's participation in the direct investment fund “Industrial Development Fund” in accordance with Annex 1 to these minutes.
2. The Company shall take all measures resulting from this resolution.
3. This resolution comes into force from the moment of entry into force of the legal act of the Republic of Kazakhstan, which grants EPR Operator LLP the right to invest funds received as a recycling fee to the authorized capital of Industrial Development Fund.

1. To preliminarily approve amendments and additions to the Code of Corporate Governance of Kazyna Capital Management Joint Stock Company, approved by the decision of the Sole Shareholder of the Company - the Management Board of the National Managing Holding Baiterek Joint Stock Company (hereinafter - the Holding) dated January 12, 2018 (Minutes No. 01 / 18), in accordance with Appendix No. 13 to this decision.
2. Submit the issue under paragraph 1 of this decision for consideration by the Sole Shareholder of the Company.
3. The Management Board of Kazyna Capital Management Joint Stock Company to take the necessary measures arising from this decision.

1. To approve the Report on the work of the Board of Directors, Committees of the Board of Directors and the corporate secretary of the Company for the 3rd quarter of 2019 in accordance with Appendix No. 10 to this decision.
2. To approve the Report on the implementation of key performance indicators of the corporate secretary of the Company for the 3rd quarter of 2019 in accordance with Appendix No. 11 to this decision.
3. To award bonuses to the corporate secretary of the Company based on the results of activities for the 3rd quarter of 2019 in the amount according to Appendix No. 12 to this decision.

1. To approve the report on the activities of the Company's Internal Audit Service for the 3rd quarter of 2019 in accordance with Appendix No. 7 to this decision.
2. To approve the report on the implementation of key performance indicators of the head of the Internal Audit Service of the Company for the 3rd quarter of 2019 in accordance with Appendix No. 8 to this decision.
3. Based on the results of the activities of the Internal Audit Service of the Company for the 3rd quarter of 2019, award the head of the Internal Audit Service of the Company in accordance with Appendix No. 9 to this decision.

1. To recommend the Board of Directors of “Baiterek Venture Fund” Joint Stock Company to elect I. Abramov as Chairman of the Board of Directors of “Baiterek Venture Fund” Joint Stock Company.
2. Determine the amount of remuneration payments to independent members of the Board of Directors of “Baiterek Venture Fund” Joint Stock Company in accordance with Appendix No. 6 to this decision.
3. Clause 2 of this decision comes into force on January 1, 2020, and remuneration will be paid after amendments are made to the Development Plan of Baiterek Venture Fund Joint Stock Company for 2017-2021, in terms of the cost of paying remuneration to independent members of the Board of Directors Joint Stock Company "Baiterek Venture Fund".
4. To authorize the Chairman of the Board of the Joint Stock Company "Baiterek Venture Fund" (бtbay Zh.B.) to sign additional agreements to the agreement dated October 2, 2018 No. 06-08-26 and the agreement dated March 1, 2019 No. 04-07-01 / 14.
5. Decisions on items 1-4 are decisions of the Sole Shareholder of the Joint Stock Company "Baiterek Venture Fund".

1. To make an addition to the List of documents regulating the internal activities of Baiterek Venture Fund JSC subject to approval by the Sole Shareholder, approved by the decision of the Board of Directors of the Company dated June 5, 2019 (Minutes No. 7/19) in accordance with Appendix No. 4 to this decision.
2. To approve the annual report on the activities of the joint stock company "Baiterek Venture Fund" for 2018 in accordance with Appendix No. 5 to this decision.
3. The Chairman of the Board of the Joint Stock Company "Baiterek Venture Fund" to take the necessary measures arising from this decision.
4. Present

To approve the amendment to the line "Management fee" in the "Parameters" column of the main conditions for participation of Kazyna Capital Management in the Eurasian Nurly (Bright) Investment Fund, approved by the decision of the Board of Directors of the Company dated February 15, 2018 ( Minutes No. 1/18) and read as follows: The size of the management fee During the investment period - up to 2.0% inclusive of the amount of commitments in the fund.
After the end of the investment period - up to 2.0% inclusive of the amount of the invested capital of the fund (less capital return).

To conclude the interested party transactions by signing the amended Agreement on capital contribution in tenge, amended Agreement on capital contribution in US dollars, amended Contribution Agreement between the Company and Kazyna Seriktes B.V., in accordance with Annexes 1, 2 and 3 to this decision.

1) to terminate the powers of Managing Director "A" Aizada Zhunisbekova Telzhanovna in Kazyna Seriktes B.V. from October 30, 2023;
2) To appoint Malibekov Abylay Bakdauletovich to the position of Managing Director "A" in Kazyna Seriktes B.V. from October 30, 2023.
3) This decision is the decision of the sole shareholder of Kazyna Seriktes B.V.

1. To elect Zhaksymbay Aitugan Akhmetuly as a member of the Management Board of Qazaqstan Investment Corporation JSC from November 1, 2023 with a term of office until the expiration of the term of office of the Management Board of Qazaqstan Investment Corporation JSC as a whole.
2. To determine the salary of a member of Management Board of Qazaqstan Investment Corporation JSC Zhaksymbay Aitugan Akhmetuly according to Appendix No. 13 to these Minutes.
3. The Chairperson of the Management Board of Qazaqstan Investment Corporation JSC (A.S.Kuatova) shall take other measures arising from this decision.

1. To terminate ahead of schedule the powers of a member of the Management Board of Qazaqstan Investment Corporation JSC Ismagambetov Adil Mukhtarovich from November 1, 2023 (the last working day is October 31, 2023).
2. The Chairperson of the Management Board of Qazaqstan Investment Corporation JSC (Kuatova A.S.) shall take the necessary measures arising from this decision, in accordance with the labor legislation of the Republic of Kazakhstan and internal acts of Qazaqstan Investment Corporation JSC, including making compensation payments to Ismagambetov Adil Mukhtarovich, in connection with the early termination of the employment contract.

1. To approve:
1) report on the work of the Board of Directors, the committees of the Board of Directors and the Corporate Secretary of Qazaqstan Investment Corporation Joint Stock Company for the 3rd quarter of 2023 in accordance with Appendix No. 10 to these Minutes;
2) actual performance, report on achievement of key performance indicators of corporate secretary of Qazaqstan Investment Corporation JSC Izzhanova Zh. for the 3rd quarter of 2023 in accordance with Appendix No. 11 to these Minutes.
2. To pay to the corporate secretary of Qazaqstan Investment Corporation JSC Izzhanova Zh. a bonus for achievement of key performance indicators for the 3rd quarter of 2023 in accordance with Appendix No. 12 to these Minutes.

1. To approve the Anti-Corruption Compliance Program of Qazaqstan Investment Corporation JSC for 2024 in accordance with Appendix No. 7 to these Minutes.
2. Determine the duration of reporting period for planning and evaluating the performance of the Head and Chief Manager of Anti-Corruption Compliance Service of Qazaqstan Investment Corporation Joint Stock Company based on the quarterly performance management cycle.
3. To approve the map of key performance indicators of the Head of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for 2024 in accordance with Appendix No. 8 to these Minutes.
4. To approve the map of key performance indicators of Chief Manager of the Anti-Corruption Compliance Service of Qazaqstan Investment Corporation JSC for 2024 in accordance with Appendix No. 9 to these Minutes.

1. Determine the duration of the reporting period for planning and evaluating the performance of the Jead and Chief Auditor of Internal Audit Service of Qazaqstan Investment Corporation Joint Stock Company on the basis of quarterly cycle.
2. To approve:
1) map of key performance indicators of the head of the Internal Audit Service of Qazaqstan Investment Corporation Joint Stock Company for 2024 in accordance with Appendix No. 5 to these Minutes;
2) map of key performance indicators of Chief Auditor of the Internal Audit Service of Qazaqstan Investment Corporation Joint Stock Company for 2024 in accordance with Appendix No. 6 to these Minutes.

To approve:
1) addition to the List of documents regulating the internal activities of Qazaqstan Investment Corporation JSC, subject to approval/consideration by the Board of Directors, determined by the decision of the Board of Directors of Kazyna Capital Management JSC dated July 26, 2022 (Minutes No. 15/22), according to Appendix No. 3 to these Minutes;
2) amendments and additions to the Rules for the Selection of Candidates for Vacant positions of the Internal Audit Service and Corporate Secretary, accountable and/or subordinate to the Board of Directors of Qazaqstan Investment Corporation JSC, approved by the resolution of the Board of Directors of Kazyna Capital Management Joint Stock Company dated June 29, 2021 (Minutes No. 10/21), according to the Appendix No. 4 to these Minutes.

To approve amendments and additions to the Rules for Organization of Internal Audit in Qazaqstan Investment Corporation JSC, approved by the decision of the Board of Directors of the Kazyna Capital Management JSC dated September 26, 2019 (Minutes No. 9/19), according to Appendix No. 2 to these Minutes.

To approve the report on treasury portfolio of Qazaqstan Investment Corporation JSC as of September 14, 2023 in accordance with Appendix No. 1 to these Minutes.