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.

6. On approval of the annual report of the joint-stock company "Qazaqstan Investment
Corporation" for 2023

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. 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 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.

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.

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.