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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 27, 2012 No. 228

About establishment of the list of the financial instruments permitted to acquisition only at the expense of means of skilled investors

(as amended on 12-09-2022)

According to the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Establish the following list of the financial instruments permitted to acquisition only at the expense of means of the skilled investors who are physical persons:

1) securities and (or) other financial instruments of the organizations - nonresidents of the Republic of Kazakhstan, issued according to the legislation of foreign state and not included in lists of the securities turned on the stock exchange performing activities in the territory of the Republic of Kazakhstan or foreign state;

2) shares and (or) shares of investment funds of risk investment;

3) the derivative securities and (or) other derivative financial instruments which are not addressing at the stock and (or) commodity exchanges performing activities in the territory of the Republic of Kazakhstan or foreign state;

4) the bonds which are subject to private placement;

5) bonds without repayment period;

6) investment bonds.

2. The requirement of the subitem 3) of Item 1 of this resolution does not extend:

1) on transactions with derivative financial instruments which underlying assets are determined in appendix 1 to this resolution, made in the unorganized market in case of observance of one of the following conditions:

counterpartner - the nonresident of the Republic of Kazakhstan is the organization having rating "VVV-" on the international scale of the Standard & Poor's agency or the rating of similar level of the Moody's Investors Service and Fitch agencies is not lower, or counterpartner - the resident of the Republic of Kazakhstan is the organization having rating on the international scale not below "VV-" on classification of Standard & Poor's and Fitch rating agencies or not below "Va3" on classifications of Moody's Investors Service rating agency, or rating assessment not below "kzBBB" on national scale of the above-stated rating agencies;

there are quotations on purchase and (or) sale in information analytical systems of Bloomberg or Reuters, or in case of lack of such quotations there are at least three quotations from three various counterpartners having rating "VVV-" on the international scale of the Standard & Poor's agency or the rating of similar level of the Moody's Investors Service and Fitch agencies is not lower;

the underlying asset of derivative financial instruments is allowed to the address in the organized market of securities of the Republic of Kazakhstan and (or) in system of organizers of the biddings recognized by the international stock exchanges specified in appendix 2 to this resolution;

by provision by the auditing organization performing audit of the professional participant of the security market, the report providing expression of positive opinion of auditing organization:

about techniques of assessment of the professional participant of the security market of the derivative financial instrument;

about the assumptions used in case of cost determination of the derivative financial instrument including information on the assumptions made concerning assessment of credit losses, interest rates or discount rates;

about results of stress testing, the sensitivity analysis which is carried out by the professional participant of the security market;

2) on investment of the investment fund which is not fund of risk investment into the derivative securities and (or) other derivative financial instruments which are not addressing at the stock and (or) commodity exchanges performing activities in the territory of the Republic of Kazakhstan or foreign state.

2-1. The nominee holder and (or) the central depositary does not perform transfer of the securities and (or) other financial instruments permitted for acquisition only at the expense of funds of the skilled investors who are physical persons for personal accounts of the holders who are not skilled investors, except as specified when the securities and (or) other financial instruments specified in Item 1 of this resolution are enlisted on personal accounts of holders according to the procedure of inheritance, and also in case of execution of the writs of execution issued based on court resolutions.

4. This resolution becomes effective since August 1, 2012 and is subject to official publication.

Chairman of National Bank

G. Marchenko

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of July 27, 2012 No. 228

Underlying assets of derivative financial instruments

1) credit risk of the organizations:

the residents of the Republic of Kazakhstan having rating on the international scale not below "BB-" on classification of Standard & Poor's and Fitch rating agencies or not below "Va3" on classifications of Moody's Investors Service rating agency, or rating assessment not below "kzBBB" on national scale of the above-stated rating agencies;

the nonresidents of the Republic of Kazakhstan having rating on the international scale not below "BBB-" on classification of Standard & Poor's and Fitch rating agencies or not below "Vva3" on classification of Moody's Investors Service rating agency;

the organizations - residents of the Republic of Kazakhstan on the loans issued by it, and also applicants - residents of the Republic of Kazakhstan on the issued guarantees and letters of credit;

2) the underlying assets determined by Item 1 of the resolution of Board of the Agency of the Republic of Kazakhstan by regulation and supervision of the financial market and the financial organizations of July 16, 2007 No. 210 "About establishment of the list and procedure for acquisition of underlying assets of derivative securities and derivative financial instruments with which banks of the second level, branches of nonresident banks of the Republic of Kazakhstan can perform broker and (or) dealer activities in the security market, cases of the conclusion of transactions with government securities and non-state securities in the secondary market, derivative financial instruments in the unorganized market of securities, and also criteria according to which banks of the second level can perform broker activities" registered in the Register of state registration of regulatory legal acts No. 4892.

Appendix 2

to the Resolution of Board of National Bank of the Republic of Kazakhstan of July 27, 2012 No. 228

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. American Stock Exchange

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

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