RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of June 30, 2026 No. 77

About approval of Rules of the choice of external managing directors of gold and exchange assets of National Bank of the Republic of Kazakhstan, assets of National fund of the Republic of Kazakhstan and pension assets of the single accumulation pension fund and transfer of assets in external management

According to subitems 9) and 23) of Item 2 of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", the subitem 51) of paragraph two of part two of Item 19 of the Regulations on National Bank of the Republic of Kazakhstan approved by the Presidential decree of the Republic of Kazakhstan of December 31, 2003 No. 1271 "About approval of the Provision and structure of National Bank of the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of the choice of external managing directors of gold and exchange assets of National Bank of the Republic of Kazakhstan, assets of National fund of the Republic of Kazakhstan and pension assets of the single accumulation pension fund and transfer of assets in external management.

2. Recognize invalid some resolutions of Board of National Bank of the Republic of Kazakhstan according to the list according to appendix to this resolution.

3. To provide to department of monetary transactions of National Bank of the Republic of Kazakhstan in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department of National Bank of the Republic of Kazakhstan 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 National Bank of the Republic of Kazakhstan after its official publication;

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

4. To impose control of execution of this resolution on the supervising vice-chairman of National Bank of the Republic of Kazakhstan.

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

Appendix

to the Resolution of Board of National Bank of the Republic of Kazakhstan of June 30, 2026 No. 77

Rules of the choice of external managing directors of gold and exchange assets of National Bank of the Republic of Kazakhstan, assets of National fund of the Republic of Kazakhstan and pension assets of the single accumulation pension fund and transfer of assets in external management

Chapter 1. General provisions

1. These rules of the choice of external managing directors of gold and exchange assets of National Bank of the Republic of Kazakhstan, are developed by assets of National fund of the Republic of Kazakhstan and pension assets of the single accumulation pension fund (further – Rules) according to subitems 9) and 23) of Item 2 of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", the subitem 51) of paragraph two of part two of Item 19 of the Regulations on National Bank of the Republic of Kazakhstan approved by the Presidential decree of the Republic of Kazakhstan of December 31, 2003 No. 1271 "About approval of the Provision and structure of National Bank of the Republic of Kazakhstan" and determine procedure for the choice of external managing directors of gold and exchange assets of National Bank of the Republic of Kazakhstan (further – gold and exchange assets), assets of National fund of the Republic of Kazakhstan (further – National fund) and pension assets of the single accumulation pension fund (further – pension assets) and transfers of assets in external management.

2. In Rules the following concepts are used:

1) active asset management – type of management in case of which value of variability of variation of portfolio return (tracking error) (tracking error) from profitability of benchmark portfolio exceeds 2 (two) percent;

2) advanced index asset management – type of management in case of which value of variability of variation of portfolio return (tracking error) (tracking error) from profitability of benchmark portfolio makes from 0,5 (zero whole five tenth) to 2 (two) percent inclusive. In case of advanced index asset management the moderate variation from the main indicators of benchmark portfolio is supposed;

3) passive (index) asset management – type of management in case of which value of variability of variation of portfolio return (tracking error) (tracking error) from profitability of benchmark portfolio does not exceed 0,5 (zero whole five tenth) percent;

4) information coefficient (information ratio) (информейшн рейшио) – the superprofitability level attitude towards variability of variation of profitability (tracking error) (tracking error);

5) the specialized mandate – the mandate transferred to external management for the purpose of asset diversification by application of the strategy of investment assuming unique investment approaches at the level of separate asset classes, types of management, the countries and regions;

6) diversification – placement of gold and exchange assets, assets of National fund and (or) pension assets (further – Assets) in different financial instruments for the purpose of decrease in risk of their losses according to the requirements established by National Bank of the Republic of Kazakhstan (further – National Bank);

7) alternative tools – the asset classes intended for increase in profitability in the long term (high yield bonds (High Yield Bonds) (Hai Yild Bonds), products of absolute profitability (Absolute Return) (the Absolute Ritern), hedge funds (Hedge Funds) (Hedzh Fands), funds of hedge funds (Fund of Hedge Funds) (Fand оф the Hedge of Fands) and funds of funds (Fund of Funds) (Fand оф Fands), private equity (Private Equity) (Prayvit Ekviti), private debt (Private Credit) (Prayvit Credit), securities with the increased risk (Distressed Securities) (Distrest Securities), real estate investment (Real Estate) (Riel Estate), infrastructure investments (Infrastructure) (Infrastrakche), direct investments (Strategic investments and co-investments) (Stratedzhik инвестментс энд to-investments), foreign digital assets);

8) managerial supervision – possibility of one legal entity directly and (or) indirectly to determine decisions and (or) to exert impact on the decisions made by other legal entity in connection with participation (ownership) in such legal entity;

9) the stock exchange market – set of the relations with use of trade systems of the organizer of the biddings who performs organizational and technical supply of the biddings;

10) the global mandate – portfolio which investments go out of one country (the market, the region);

11) investment dyyu-dilidzhens – complex of the analytical actions directed to comprehensive check and efficiency evaluation of investing activities of the external managing director;

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