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

of August 22, 2008 No. 129

About approval of the list of the financial instruments constituting assets of real estate funds

For the purpose of refining of the list of the financial instruments constituting assets of real estate funds, Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed list of the financial instruments constituting assets of real estate funds.

2. Declare invalid the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of September 23, 2006 No. 213 "About approval of the list of the financial instruments constituting assets of real estate funds" (registered in the Register of state registration of regulatory legal acts at No. 4427).

3. This resolution is entered since October 1, 2008.

4. To department of strategy and analysis (Abdrakhmanov N. A.):

1) together with Legal department (Sarsenov N. V.) to take measures to state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) in ten-day time from the date of state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan to bring it to the attention of the interested divisions of the Agency, Consolidation of legal entities "The association of financiers of Kazakhstan".

5. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control of execution of this resolution on the vice-chairman of the Agency Aldambergen A. U.

Approved by the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of August 22, 2008, No. 129

The list of the financial instruments constituting assets of real estate funds

1. The securities emitted by the following international financial institutions:

International Bank for Reconstruction and Development;

European Bank for Reconstruction and Development;

Inter-American Development Bank;

International settlements bank;

Asian Development Bank;

African development bank;

International Finance Corporation;

Islamic development bank;

European Investment Bank.

2. Shares of the foreign issuers having rating assessment not below "VVV-" on the international scale of the Standard & Poor's agency or rating assessment of similar level of the agencies "Moody's Investors Service", "Fitch", or their affiliated rating organizations (daleedrugy rating agencies).

3. Shares of the legal entities of the Republic of Kazakhstan having rating assessment not below "VV-" on the international scale of the Standard & Poor's agency or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzvv-" on national scale of the Standard & Poor's agency.

4. The shares of legal entities included in the first and/or second categories of the sector of "share" of the official listing of stock exchange.

5. Shares and shares in the authorized capital of the affiliated organizations of real estate fund.

6. Securities of foreign states and agency bonds of the financial agencies of the states having sovereign rating are not lower than "VVV-" on the international scale of the Standard & Poor's agency or the rating of similar level of other rating agencies.

7. The non-state debt securities of foreign issuers having rating assessment not below "VVV-" on the international scale of the Standard & Poor's agency or rating assessment of similar level of other rating agencies.

8. The non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states having rating assessment not below "In -" on the international scale of the Standard & Poor's agency or the rating of similar level of other rating agencies, or rating assessment not below "kzv-" on national scale of the Standard & Poor's agency.

9. The non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states, included in "debt securities without rating assessment of the first subcategory" of the official listing of stock exchange in subcategory.

10. Depositary receipts which underlying asset are the shares of legal entities included in the first and/or second categories of the sector of "share" of the official listing of stock exchange.

11. Depositary receipts which underlying asset are shares of the foreign issuers having rating assessment not below "VVV-" on the international scale of the Standard & Poor's agency or rating assessment of similar level of one of other rating agencies.

12. Depositary receipts which underlying asset are shares of the legal entities of the Republic of Kazakhstan having rating assessment not below "VV-" on the international scale of the Standard & Poor's agency or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzvv-" on national scale of the Standard & Poor's agency.

13. Deposits in the banks of the second level of the Republic of Kazakhstan corresponding to one of the following requirements:

banks have long-term credit rating not below "VV-" on the international scale of the Standard & Poor's agency or the rating of similar level of other rating agencies, or rating assessment not below "kzBB" on national scale of the Standard & Poor's agency;

banks are affiliated resident banks which parent nonresident bank has long-term credit rating not below "And -" on the international scale of the Standard & Poor's agency or the rating of similar level of other rating agencies;

banks are the emitting banks included in the first category of the sector of "share" of the official listing of the stock exchange performing activities in the territory of the Republic of Kazakhstan".

14. The derivative financial instruments acquired for the purpose of hedging which underlying asset is the financial instrument specified in this list.

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