THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of April 14, 2026 No. 64

About establishment of the minimum rating for legal entities and the states which need of availability is required according to the legislation of the Republic of Kazakhstan regulating activities of the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, the list of the rating agencies assigning this score

For the purpose of realization of Item 19 of Article 9-4, of Items 4, 5, the subitem 3) Item 6, Items 12, 13, the subitem 9 of Item 16, Item 20 of article 9-5 of the Law of the Republic of Kazakhstan "About state regulation, control and supervision of the financial market and the financial organizations", item 4 of Article 9, the subitem 6) Articles 15, Item 3 of Article 16, Item 3 of Article 41, Item 10 of Article 50, Item 7 of article 105 of the Law of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan" (further - the Law on banks), Item 6 of Article 15-1, of item 4 of Article 21, the subitem 8) Item 2 of Article 30-1, of Item 6 of Article 44, Items 3, the 9 and 10 Articles 48, Item 9 of article 62 of the Law of the Republic of Kazakhstan "About insurance activity", Item 2 of article 47 of the Law of the Republic of Kazakhstan "About the security market", Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Establish the minimum long-term credit rating on the international scale in foreign currency not below "VVV" of Standard & Poors rating agency (Standard энд Purs) or the ratings of similar level of Moody rating agencies "s Investors Service (Mudis Investors Service), Fitch (Features) for the following legal entities - nonresidents of the Republic of Kazakhstan:

the legal entities acquiring (having) the status of the large member of bank (bank holding) or their parent organizations;

the legal entities acquiring (having) the status of the large member of the insurance (reinsurance) organization (insurance holding) or their parent organizations;

legal entities, acquiring (having) status of the large member of the managing director of investment portfolio with right of attraction voluntary pension contributions, or their parent organizations;

the banks creating (having) subsidiary banks in the Republic of Kazakhstan;

the insurance (reinsurance) organizations creating (having) the affiliated insurance (reinsurance) organizations in the Republic of Kazakhstan;

the nonresident banks of the Republic of Kazakhstan opening the branches in the territory of the Republic of Kazakhstan;

the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan opening the branches in the territory of the Republic of Kazakhstan.

Establish the minimum long-term credit rating on the international scale in foreign currency not below "In -" Standard & Poors rating agency (Standard энд Purs) or the ratings of similar level of Moody rating agencies "s Investors Service (Mudis Investors Service), Fitch (Features) for the following legal entities - nonresidents of the Republic of Kazakhstan:

legal entities, acquiring (having) status of the large member of the managing director of investment portfolio without right of attraction voluntary pension contributions, or their parent organizations;

having the affiliated organizations performing professional activity in the security market.

The ratings of rating agencies specified in this Item are determined according to the comparative table according to appendix 1 to this resolution.

2. Establish the following list of rating agencies for the purposes of Item 3 of article 41 of the Law on banks:

Standard & Poors (Standard энд Purs);

Moody "s Investors Service (Mudis Investors Service);

Fitch (Features).

3. Requirements of part one of Item 1 of this resolution do not extend on:

1) legal entities - the nonresidents of the Republic of Kazakhstan corresponding to all following conditions:

availability at the legal entity of the minimum long-term credit rating on the international scale in foreign currency not below "VV-" of Standard & Poors rating agency (Standard энд Purs) or the ratings of similar level of Moody rating agencies "s Investors Service (Mudis Investors Service), Fitch (Features);

s Investors Service (Mudis Investors Service), Fitch (Features) is resident of the foreign state having the minimum sovereign rating in foreign currency not below "VV-" of Standard & Poors rating agency (Standard энд Purs) or the ratings of similar level of Moody rating agencies ";

the agreement between authorized body on regulation, control and supervision of the financial market and the financial organizations and authorized body on regulation of activities of the banks managing investment portfolio, the insurance (reinsurance) organizations of foreign state which resident is the legal entity providing exchange of information is signed.

In case of response the rating agency of credit rating in connection with the termination at the initiative of rating agency of rendering rating services to the legal entity specified in this subitem allows use within the next 12 (twelve) months of level of the credit score assigned before this response;

2) bank holdings - the nonresidents of the Republic of Kazakhstan who received the corresponding status till January 1, 2013 and corresponding for the specified date to all following conditions:

availability at bank holding of long-term credit rating on national scale in foreign currency not below "AAA" of Japan Credit Rating Agency rating agency (Dzhapan Credit Reyting Eydzhensi) (further - JCR) or the rating agency which is the affiliate of JCR;

s Investors Service (Mudis Investors Service), Fitch (Features) is resident of the foreign state having sovereign rating in foreign currency below "VV-" of Standard & Poors rating agency (Standard энд Purs) or the ratings of similar level of Moody rating agencies ";

the agreement between authorized body on regulation, control and supervision of the financial market and the financial organizations of the Republic of Kazakhstan and authorized body on regulation of activities of banks of foreign state which resident is the bank holding, providing exchange of information is signed;

3) legal entities - the nonresidents of the Republic of Kazakhstan acquiring (having) the status of bank holding of bank through shareholding of the financial organization - the resident of the Republic of Kazakhstan having the status of bank holding of the specified bank, and corresponding to all following conditions:

the legal entity - the nonresident of the Republic of Kazakhstan has long-term credit rating on the international scale in foreign currency not below "In -" Standard & Poors rating agency (Standard энд Purs) or the ratings of similar level of Moody rating agencies "s Investors Service (Mudis Investors Service), Fitch (Features);

the legal entity - the nonresident of the Republic of Kazakhstan is resident of the foreign state having the minimum sovereign rating in foreign currency s Investors Service (Mudis Investors Service), Fitch (Features) is not lower "And" Standard & Poors rating agency (Standard энд than Purs) or the ratings of similar level of Moody rating agencies ";

shares of the legal entity - the nonresident of the Republic of Kazakhstan are in free circulation on the international stock exchange specified in the List of organizers of the biddings recognized by the international stock exchanges according to appendix 2 to this resolution;

the size of equity of the legal entity - the nonresident of the Republic of Kazakhstan exceeds the amount in equivalent of 200 000 000 (two hundred million) dollars of the United States of America;

the equity profit ratio calculated as the relation of net income to equity of the legal entity - the nonresident of the Republic of Kazakhstan makes at least 3 (three) percent;

the coefficient of urgent liquidity of the legal entity - the nonresident of the Republic of Kazakhstan, calculated as the relation of highly liquid assets with remaining period before repayment up to 3 (three) months inclusive, to the size of urgent obligations with remaining period before repayment up to 3 (three) months inclusive, makes at least 0,8 (zero whole eight tenth);

the coefficient of sufficiency of equity of the legal entity - the nonresident of the Republic of Kazakhstan, calculated as the equity relation to the amount of assets, makes at least 8 (eight) percent;

audit of the legal entity - the nonresident of the Republic of Kazakhstan is carried out by one of the following international auditing organizations:

Deloitte (Deloitte);

Ernst & Young (Ernst & Young);

KPMG (Kipiemdzhi);

PricewaterhouseCoopers (ПрайсуотерхаусКуперс).

For the purposes of the paragraph of the seventh subitem 3) of this Item highly liquid assets are understood as the assets specified in appendix 3 to this resolution.

The values specified in paragraphs five, the sixth, seventh and eighth the subitem 3) of this Item are calculated following the results of the last complete financial year on the basis of the audited consolidated financial statements of the legal entity - the nonresident of the Republic of Kazakhstan.

The ratings of rating agencies specified in this Item are determined according to the comparative table according to appendix 1 to this resolution.

4. Recognize invalid some resolutions of Board of National Bank of the Republic of Kazakhstan and the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market, and also structural elements of some resolutions of Board of National Bank of the Republic of Kazakhstan and resolutions of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market in the list according to appendix 4 to this resolution.

5. To provide to department of methodology and prudential regulation of the financial organizations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

6. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

7. This resolution becomes effective after ten calendar days after day of its first official publication.

Appendix 1

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of April 14, 2026 No. 64

Comparative table of ratings of rating agencies

№	Standard & Poors (Standard энд Purs)	Moody "s Investors Service (Mudis Investors Service)	Fitch (Features)
1.	AAA	Aaa	AAA
2.	AA +	Aa1	AA +
3.	AA	Aa2	AA
4.	AA-	Aa3	AA-
5.	And +	A1	And +
6.	And	A2	And
7.	And -	A3	And -
8.	BBB +	Baa1	BBB +
9.	BBB	Vaa2	BBB
10.	VVV-	Vaa3	VVV-
11.	BB +	Ba1	BB +
12.	BB	Va2	BB
13.	VV-	Va3	VV-
14.	In +	B1	In +
15.	In	B2	In
16.	In -	B3	In -

Appendix 2

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of April 14, 2026 No. 64

The list of organizers of the biddings recognized by the international stock exchanges

1. Stock exchange of Australia (Australian Stock Exchange)

2. Austrian stock exchange (Wiener bourse AG)

3. Stock exchange of the USA (National Association of Securities Dealers Automated Quotation, NASDAQ)

4. New York Stock Exchange

5. Exchange of the International financial center "Astana" (Astana International Exchange, AIX)

6. The European stock exchange "Evronekst" in Amsterdam (Euronext Amsterdam)

7. Stock exchange of Athens (Athens Exchange)

8. Bombay stock exchange (The Bombay Stock Exchange Limited, BSE)

9. Bovespa

10. The European stock exchange "Evronekst" in Brussels (Euronext Brussels)

11. Warsaw Stock Exchange

12. Hong Kong Exchanges and Clearing

13. Jakarta Stock Exchange

14. Stock exchange of New Zealand (New Zealand Exchange)

15. Irish Stock Exchange

16. Joint stock exchange of Spain (VME Spanish Exchanges)

17. Borsa Italiana SPA

18. Stock exchange of Johannesburg (South Africa) (JSE Securities Exchange South Africa)

19. Nasdaq Copenhagen

20. The joint stock exchange which part the exchanges of Stockholm, Helsinki, Tallinn and Riga are (Hex Integrated Markets Ltd.)

21. The European stock exchange "Evronekst" in Lisbon (Euronext Lisbon)

22. London Stock Exchange

23. London International Financial Futures and Options Exchange

24. Stock exchange of Luxembourg (Bourse de Luxembourg)

25. Malaysian stock exchange (Bursa Malaysia)

26. Stock exchange of Malta (Malta Stock Exchange)

27. Mexican stock exchange (Bolsa Mexicana de Valores, BMV)

28. Stock exchange of Montreal (Bourse de Montreal)

29. German stock exchange (Deutsche bourse AG)

30. New York Stock Exchange

31. South Korean stock exchange (Korea Stock Exchange)

32. Stock exchange of Osaka (Osaka Securities Exchange)

33. Oslo bourse

34. The European stock exchange "Evronekst" in Paris (Euronext Paris)

35. Moscow exchange (PJSC MICEX-RTS)

36. Singapore Exchange

37. Istanbul Stock Exchange

38. Stockholm Exchange

39. Tokyo Stock Exchange

40. Toronto Stock Exchange

41. Indian stock exchange (Delhi Stock Exchange)

42. National stock exchange of India (National Stock Exchange of India Limited)

43. Philippine stock exchange (Philippine Stock Exchange)

44. Frankfurt Stock Exchange

45. French international financial futures exchange (French International Financial Futures Exchange MATIF)

46. Chicago urgent commodity exchange (The Chicago Board of Trade)

47. Chicago Board Options Exchange

48. Chicago Mercantile Exchange

49. Shanghai Stock Exchange

50. Stock exchange of Switzerland (SIX Swiss Exchange)

51. Shenzhen stock exchange (Shenchzhen Stock Exchange)

Appendix 3

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of April 14, 2026 No. 64

List of highly liquid assets

Highly liquid assets are:

1) cash;

2) money on accounts in the central depositary;

3) the money of bank which is fees in guarantee or reserve funds of the clearing organization (the central partner), mid-flight fees, complete and (or) partial ensuring obligation fulfillment according to the bargains concluded in trade system of stock exchange by method of open tenderings and (or) with participation of the central partner;

4) the affined precious metals;

5) the government securities of the Republic of Kazakhstan issued by the Government of the Republic of Kazakhstan and National Bank, the securities issued by joint-stock company "National welfare fund "Samruk-Kazyna", joint-stock company "National investment holding "Bayterek" and Eurasian Development Bank, the securities issued by the legal entity performing the redemption of mortgage loans of the physical persons which are not connected with business activity which hundred percent of shares belong to National Bank;

6) securities on which the state warranty of the Government of the Republic of Kazakhstan is had;

7) on-demand deposits in National Bank, in banks of the Republic of Kazakhstan, and also in the nonresident banks having long-term debt rating is not lower than "VVV-" of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies;

8) the deposits placed for one night in banks of the Republic of Kazakhstan and also in the nonresident banks having long-term debt rating are not lower than "VVV-" of the Standard & Poor agency "s or the rating of similar level of one of other rating agencies;

9) government securities of the countries having sovereign long-term rating in foreign currency is not lower than the level, the Board of National Bank of the Republic of Kazakhstan established by the resolution of November 29, 2017 No. 234 "About establishment of the list of international financial institutions which bonds banks and bank holdings acquire in property, and requirements to bonds which banks and bank holdings acquire in property", registered in the Register of state registration of regulatory legal acts at No. 16149;

10) the bonds of foreign issuers having rating is not lower than "VVV-" (on classification of Standard & Poor rating agencies "s and (or) Fitch) or Vaaz (on classification of Moody rating agency" is not lower than s Investors Service);

11) term deposits in National Bank from repayment period to 7 (seven) calendar days;

12) the loans "overnight" granted the resident banks and nonresidents of the Republic of Kazakhstan having long-term debt rating is not lower than "VVV-" of Standard & Poor rating agency "s or the rating of similar level of one of other rating agencies.

Appendix 4

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of April 14, 2026 No. 64

The list of invalid some resolutions of Board of National Bank of the Republic of Kazakhstan and resolutions of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market, and also structural elements of some resolutions of Board of National Bank of the Republic of Kazakhstan and resolutions of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market

1. The resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 385 "About establishment of the minimum rating for legal entities and the countries which need of availability is required according to the legislation of the Republic of Kazakhstan regulating activities of the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, the list of the rating agencies assigning this score" (it is registered in the Register of state registration of regulatory legal acts at No. 8318).

2. Item 4 of the List of regulatory legal acts of the Republic of Kazakhstan concerning provision of pensions and insurance activity to which changes are made, the Board of National Bank of the Republic of Kazakhstan approved by the resolution of July 26, 2013 No. 202 "About modification of some regulatory legal acts of the Republic of Kazakhstan concerning provision of pensions and insurance activity" (it is registered in the Register of state registration of regulatory legal acts at No. 8686).

3. Item 7 of the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation, control and supervision of the financial market and the financial organizations to which changes and additions are made the Board of National Bank of the Republic of Kazakhstan approved by the resolution of May 27, 2015 No. 93 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning regulation, control and supervision of the financial market and the financial organizations" (it is registered in the Register of state registration of regulatory legal acts at No. 11670).

4. Item 9 of the List of regulatory legal acts of the Republic of Kazakhstan concerning the financial market and the financial organizations to which changes and additions are made, the Board of National Bank of the Republic of Kazakhstan approved by the resolution of January 28, 2016 No. 12 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning the financial market and the financial organizations" (it is registered in the Register of state registration of regulatory legal acts at No. 13308).

5. Item 4 of the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation of the security market to which changes and additions are made the Board of National Bank of the Republic of Kazakhstan approved by the resolution of October 28, 2016 No. 259 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning regulation of the security market" (it is registered in the Register of state registration of regulatory legal acts at No. 14525).

6. The resolution of Board of National Bank of the Republic of Kazakhstan of January 29, 2018 No. 6 "About modification and amendments in the resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 385 "About establishment of the minimum rating for legal entities which need of availability is required according to the legislation of the Republic of Kazakhstan regulating activities of the financial organizations, the list of the rating agencies assigning this score" (it is registered in the Register of state registration of regulatory legal acts at No. 16434).

7. Item 3 of the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market to which changes are made the Board of National Bank of the Republic of Kazakhstan approved by the resolution of July 30, 2018 No. 157 "About modification of some regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market" (it is registered in the Register of state registration of regulatory legal acts at No. 17559).

8. The resolution of Board of National Bank of the Republic of Kazakhstan of May 31, 2019 No. 81 "About introduction of amendments to the resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 385 "About establishment of the minimum rating for legal entities and the countries which need of availability is required according to the legislation of the Republic of Kazakhstan regulating activities of the financial organizations, the list of the rating agencies assigning this score" (it is registered in the Register of state registration of regulatory legal acts at No. 18820).

9. Item 6 of the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market, microfinancial activities and the collection agencies to which changes are made the Board of the Agency of the Republic of Kazakhstan approved by the resolution on regulation and development of the financial market of March 30, 2020 No. 28 "About modification of some regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market, microfinancial activities and the collection agencies" (it is registered in the Register of state registration of regulatory legal acts at No. 20265).

10. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 21, 2020 No. 85 "About introduction of amendments to the resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 385 "About establishment of the minimum rating for legal entities and the countries which need of availability is required according to the legislation of the Republic of Kazakhstan regulating activities of the financial organizations, the list of the rating agencies assigning this score" (it is registered in the Register of state registration of regulatory legal acts at No. 21277).

11. Item 6 of the List of regulatory legal acts of the Republic of Kazakhstan concerning the regulation of activities of branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan and the organizations performing microfinancial activities in which changes and additions, the Board of the Agency of the Republic of Kazakhstan approved by the resolution on regulation and development of the financial market of February 17, 2021 No. 34 "About modification and amendments are made to some regulatory legal acts of the Republic of Kazakhstan concerning regulation of activities of branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan and the organizations, performing microfinancial activities" (it is registered in the Register of state registration of regulatory legal acts at No. 22239).

12. Item 1 of the List of regulatory legal acts of the Republic of Kazakhstan concerning prudential regulation to which changes are made the Board of the Agency of the Republic of Kazakhstan approved by the resolution on regulation and development of the financial market of June 30, 2022 No. 48 "About modification of some regulatory legal acts of the Republic of Kazakhstan concerning prudential regulation" (it is registered in the Register of state registration of regulatory legal acts at No. 28688).

13. Item 1 of the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market to which changes and additions are made the Board of the Agency of the Republic of Kazakhstan approved by the resolution on regulation and development of the financial market of July 31, 2023 No. 67 "About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market" (it is registered in the Register of state registration of regulatory legal acts at No. 33241).

14. The resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 26, 2023 No. 74 "About modification of the resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 385 "About establishment of the minimum rating for legal entities and the countries which need of availability is required according to the legislation of the Republic of Kazakhstan regulating activities of the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, the list of the rating agencies assigning this score" (it is registered in the Register of state registration of regulatory legal acts at No. 33495).

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