Resolution of the Board of the National Bank of the Republic of Kazakhstan on Approval of the Rules for Selecting External Managers for Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan, and Pension Assets of the Unified Accumulative Pension Fund and Transfer of Assets to External Management

NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN		NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN
RESOLUTION OF THE BOARD		RESOLUTION OF THE BOARD
June 30, 2026 Astana city		No. 77 Astana city

On Approval of the Rules for Selecting External Managers for Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan, and Pension Assets of the Unified Accumulative Pension Fund and Transfer of Assets to External Management

In accordance with subparagraphs 9) and 23) of paragraph 2 of Article 15 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan", subparagraph 51) of the second paragraph of part two of paragraph 19 of the Regulation on the National Bank of the Republic of Kazakhstan, approved by the Decree of the President of the Republic of Kazakhstan dated December 31, 2003 No. 1271 "On Approval of the Regulation and Structure of the National Bank of the Republic of Kazakhstan", the Board of the National Bank of the Republic of Kazakhstan RESOLVES:

1. Approve the attached Rules for Selecting External Managers for Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan, and Pension Assets of the Unified Accumulative Pension Fund and Transfer of Assets to External Management.
2. Recognize as having lost force certain resolutions of the Board of the National Bank of the Republic of Kazakhstan according to the list attached to this resolution.
3. The Monetary Operations Department of the National Bank of the Republic of Kazakhstan shall ensure, in the manner established by the legislation of the Republic of Kazakhstan:
   1. together with the Legal Department of the National Bank of the Republic of Kazakhstan, the state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;
   2. publication of this resolution on the official Internet resource of the National Bank of the Republic of Kazakhstan after its official publication;
   3. within ten working days after the state registration of this resolution, submission to the Legal Department of the National Bank of the Republic of Kazakhstan of information on the execution of the measure provided for in subparagraph 2) of this paragraph.
4. Control over the execution of this resolution shall be entrusted to the Deputy Chairman of the National Bank of the Republic of Kazakhstan overseeing the relevant department.
5. This resolution shall enter into force upon the expiration of ten calendar days after the day of its first official publication.

Chairman		T.M. Suleimenov

Approved

by the Resolution of the Board

of the National Bank

of the Republic of Kazakhstan

dated "__" ______ No. __

Rules for Selecting External Managers for Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan, and Pension Assets of the Unified Accumulative Pension Fund and Transfer of Assets to External Management

Chapter 1. General Provisions

1. These Rules for Selecting External Managers for Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan, and Pension Assets of the Unified Accumulative Pension Fund (hereinafter – the Rules) are developed in accordance with subparagraphs 9) and 23) of paragraph 2 of Article 15 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan", subparagraph 51) of the second paragraph of part two of paragraph 19 of the Regulation on the National Bank of the Republic of Kazakhstan, approved by the Decree of the President of the Republic of Kazakhstan dated December 31, 2003 No. 1271 "On Approval of the Regulation and Structure of the National Bank of the Republic of Kazakhstan", and define the procedure for selecting external managers for gold and foreign exchange assets of the National Bank of the Republic of Kazakhstan (hereinafter – gold and foreign exchange assets), Assets of the National Fund of the Republic of Kazakhstan (hereinafter – National Fund), and pension assets of the Unified Accumulative Pension Fund (hereinafter – pension assets) and the transfer of assets to external management.

2. The following terms are used in the Rules:

1. active asset management – a type of management in which the value of the variability of the deviation of portfolio return (tracking error) from the return of the benchmark portfolio exceeds 2 (two) percent;
2. enhanced index asset management – a type of management in which the value of the variability of the deviation of portfolio return (tracking error) from the return of the benchmark portfolio is from 0.5 (zero and five tenths) to 2 (two) percent inclusive. Enhanced index asset management assumes a moderate deviation from the main indicators of the benchmark portfolio;
3. passive (index) asset management – a type of management in which the value of the variability of the deviation of portfolio return (tracking error) from the return of the benchmark portfolio does not exceed 0.5 (zero and five tenths) percent;
4. information ratio – the ratio of the level of excess return to the variability of the deviation of return (tracking error);
5. specialized mandate – a mandate transferred to external management for the purpose of asset diversification by applying investment strategies that assume unique investment approaches at the level of individual asset classes, types of management, countries, and regions;
6. diversification – allocation of gold and foreign exchange assets, National Fund assets, and/or pension assets (hereinafter – Assets) into various financial instruments to reduce the risk of their losses in accordance with requirements established by the National Bank of the Republic of Kazakhstan (hereinafter – National Bank);
7. alternative instruments – asset classes intended to increase returns in the long term (High Yield Bonds, Absolute Return products, Hedge Funds, Fund of Hedge Funds, Fund of Funds, Private Equity, Private Credit, Distressed Securities, Real Estate, Infrastructure, Strategic investments and co-investments, foreign digital assets);
8. managerial control – the ability of one legal entity to directly and/or indirectly determine decisions and/or influence decisions made by another legal entity due to participation (ownership) in such legal entity;
9. exchange market – a set of relations using the trading systems of the trading organizer, which carries out organizational and technical support of trading;
10. global mandate – a portfolio whose investments go beyond the borders of one country (market, region);
11. investment due diligence – a complex of analytical activities aimed at a comprehensive check and assessment of the effectiveness of the investment activities of the external manager;
12. investment strategies – the Rules for carrying out investment operations of the National Fund of the Republic of Kazakhstan, approved by the Resolution of the Board of the National Bank dated July 25, 2006 No. 65 "On Approval of the Rules for Carrying Out Investment Operations of the National Fund of the Republic of Kazakhstan" (registered in the Registry of State Registration of Normative Legal Acts under No. 4361), the Investment Strategy for Managing Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, approved by the Resolution of the Board of the National Bank dated June 17, 2015 No. 112 "On Approval of the Investment Strategy for Managing Gold and Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan", and the Investment Declaration of the Unified Accumulative Pension Fund, approved by the Resolution of the Board of the National Bank dated October 23, 2023 No. 82 "On Approval of the Investment Declaration of the Unified Accumulative Pension Fund";
13. institutional investor – a legal entity carrying out investment of funds into financial instruments;
14. assets under advisory – assets managed by an external manager, for which the external manager advises the client on asset management;
15. variability of the deviation of return (tracking error) – the main indicator of market risk of a portfolio relative to the benchmark portfolio, reflecting the variability of the deviation of the portfolio's return from the return of the benchmark portfolio;
16. mandate – a portfolio with specific investment characteristics;
17. margin account – an account for conducting operations with derivative financial instruments, opened in a clearing organization and used for placing collateral for transactions and conducting settlements for operations with derivative financial instruments;
18. operational due diligence – a complex of analytical activities aimed at a comprehensive check and assessment of the effectiveness of the operational activities of the external manager;
19. Authorized Representative – a special official (at the level of no lower than Deputy Chairman of the National Bank), determined by the decision of the Board of the National Bank, whose powers include operational decision-making on the trust management of the National Fund on behalf of the National Bank;
20. regional mandate – a portfolio whose investments are concentrated within one country (market, region);
21. portfolio – a set of financial instruments, including money;
22. portfolio manager – a person responsible for managing client assets;
23. external management – a type of asset management in which a part of the Assets is transferred to investment management by an external manager;
24. external manager – a bank or organization created in accordance with the legislation of a foreign state, specializing in investment management of client assets and carrying out its activities on international financial markets;
25. external transit management – a type of asset management in which assets are transferred to an external transit manager for the purpose of minimizing risks associated with changes in the structure of the transferred assets before selecting an external manager and/or transferring assets to an approved external manager under the corresponding mandate;
26. external transit manager – a bank or organization created in accordance with the legislation of a foreign state, specializing in external transit management of client assets and carrying out its activities on international financial markets;
27. transit period – a time period applied to a portfolio, established in accordance with the Rules for the purpose of bringing it into compliance with parameters established by investment strategies;
28. authorized department – a department of the National Bank carrying out management and monitoring of Assets;
29. official of the National Bank – the Chairman of the National Bank, the Deputy Chairman of the National Bank overseeing the authorized department;
30. level of excess return – the difference between the actually achieved level of return and the level of return of the benchmark portfolio;
31. forex operations – purchase and/or sale of foreign currency on the exchange and over-the-counter markets;
32. benchmark portfolio – a set of instruments reflecting the strategic interests of the investor. The return of the benchmark portfolio serves as a measure in assessing the return of asset management. As a benchmark portfolio, indices developed and tracked by leading global financial companies or the National Bank are used.

3. The Rules do not define the procedure for selecting external managers and transferring to external management of assets of portfolios of alternative instruments of gold and foreign exchange assets, National Fund assets, and pension assets, as well as assets of the emerging markets portfolio of gold and foreign exchange assets within the programs of international financial organizations, in the event that such management is provided for by the corresponding investment strategy approved by the Board of the National Bank.

4. The total permissible volume of gold and foreign exchange assets transferred to external management shall not exceed 30 (thirty) percent of the total volume of gold and foreign exchange assets.

The total permissible volume of gold and foreign exchange assets transferred to external management to one external manager shall be no more than 5 (five) percent of the total volume of gold and foreign exchange assets.

5. The total permissible volume of National Fund assets transferred to external management to one external manager shall be no more than 10 (ten) percent of the volume of the savings portfolio of National Fund assets.

6. The total permissible volume of pension assets transferred to external management to one external manager shall be no more than 10 (ten) percent of the volume of the pension assets portfolio in foreign currency.

7. In case of exceeding the limit provided for in paragraphs 4, 5, and 6 of the Rules, including in the case of the merger of two existing external managers, the authorized department shall eliminate the discrepancy within 3 (three) months from the day such excess occurred.

8. Assets are transferred to external management for the purpose of:

1) reducing the level of risks associated with types of Asset management;

2) increasing the return of Asset management by using the experience, analytical materials, research, and technical resources of the external manager;

3) improving the efficiency of Asset management by applying expertise and consultations in asset management obtained from external managers;

4) introducing new asset classes for which there is no experience in independent Asset management.

9. The selection of the type of asset management (active, enhanced index, or passive (index)) and the benchmark portfolio for the external manager is carried out in accordance with the goals of Asset management and restrictions provided for by investment strategies, depending on the market situation.

10. A fixed commission fee and/or a commission fee dependent on management results are paid to the external manager or external transit manager in accordance with the investment external management agreement (hereinafter – investment management agreement) or the investment external transit management agreement (hereinafter – transit management agreement).

Chapter 2. Procedure for Selecting External Managers for Gold and Foreign Exchange Assets, National Fund Assets, and Pension Assets

11. The authorized department organizes the procedure for selecting external managers.

12. The authorized department publishes information on the planned selection of an external manager on the official Internet resource of the National Bank, compiles a list of potential external managers, sends this information to them, and also sends requests for publication of this information in foreign informational-analytical resources available to potential external managers (such as Bloomberg, Reuters, Financial Times).

An obligatory condition for considering the proposal of a potential external manager is its consent to include the conditions provided for in paragraph 30 of the Rules in the investment management agreement.

13. The potential external manager submits to the National Bank in electronic form via email and/or on paper the minimum information requested from the potential external manager, in accordance with Appendix 1 to the Rules. The authorized department is allowed to obtain information necessary for analyzing the activities of potential external managers from informational-analytical systems containing databases of investment and/or analytical data (such as eVestment, Morningstar, MercerInsight, and other similar systems).

14. The authorized department considers all received proposals from potential external managers and checks their compliance with the mandatory criteria provided for in paragraphs 15 or 16 of the Rules.

From among potential external managers corresponding to the mandatory criteria provided for in paragraphs 15 or 16 of the Rules, the authorized department forms a list of potential external managers for gold and foreign exchange assets, National Fund assets, and/or pension assets (hereinafter – long list) and conducts a comparative analysis of proposals based on evaluation criteria provided for in Appendix 2 to the Rules.

When carrying out a comparative analysis of proposals from potential external managers, data on the management results of existing external managers of Assets is allowed to be used.

For the purpose of clarifying information presented by a potential external manager, the authorized department is allowed to send additional requests to such potential external manager. In case of non-submission of additionally requested information by a potential external manager for the corresponding criterion, 0 (zero) points are assigned.

15. For the selection of external managers for global mandates, the mandatory criteria are:

1) experience in working with financial instruments into which Assets are planned to be invested for at least 10 (ten) years, of which at least 5 (five) years of experience in working on the announced mandate, or if the potential external manager has under management exclusively similar regional mandates – at least 5 (five) years of experience in working on regional mandates that make up at least 75 (seventy-five) percent of the coverage of the global mandate.

The calculation of the experience of the potential external manager is allowed to take into account the experience of legal entities under the managerial control of the same person as the potential external manager;

2) total size of client assets under the management of the potential external manager (including assets under advisory) – no less than the equivalent of 25 (twenty-five) billion US dollars;

3) total size of client assets for the considered mandate under the management of the potential external manager – no less than the equivalent of 1 (one) billion US dollars, or if the potential external manager has under management exclusively similar regional mandates – no less than the equivalent of 1 (one) billion US dollars for regional mandates that make up at least 75 (seventy-five) percent of the coverage of the global mandate.

16. For the selection of external managers for specialized mandates, the mandatory criteria are:

1) experience of the potential external manager in working with financial instruments into which Assets are planned to be invested – at least 5 (five) years, of which at least 3 (three) years of experience in working on the announced mandate, or if the potential external manager has under management exclusively similar regional mandates – at least 3 (three) years of experience in working on regional mandates that make up at least 75 (seventy-five) percent of the coverage of the global mandate.

The calculation of the experience of the potential external manager is allowed to take into account the experience of legal entities under the managerial control of the same person as the potential external manager;

2) total size of client assets under the management of the potential external manager (including assets under advisory) – no less than the equivalent of 1 (one) billion US dollars;

3) total size of client assets for the considered mandate under the management of the potential external manager – no less than the equivalent of 150 (one hundred fifty) million US dollars.

At the same time, the volume of assets transferred to one external manager shall not exceed 50 (fifty) percent of the volume of assets in investment management for the considered mandate under the management of such external manager.

17. The authorized department is allowed to address clients of the potential external manager with a request for results and quality of asset management of clients.

18. The conclusion on the comparative analysis of proposals from potential external managers included in the long list, prepared by the authorized department, containing recommendations for their selection, is submitted for consideration to the Chairman of the National Bank, and in relation to National Fund assets – to the Authorized Representative.

Based on the results of the consideration of the conclusion, the Chairman of the National Bank or the Authorized Representative approves the list of potential external managers who scored the highest number of points according to the evaluation criteria (hereinafter – short list) by placing a resolution on the conclusion of the authorized department.

The authorized department conducts negotiations with potential external managers from the short list for the purpose of improving the terms of external managers' proposals.

19. The authorized department conducts additional evaluation of proposals from potential external managers from the short list according to evaluation criteria for carrying out a comparative analysis of proposals from potential external managers from the short list within the framework of investment and operational due diligence, in accordance with Appendix 3 to the Rules.

In case of equality of the total number of points of potential external managers from the short list for National Fund and pension assets portfolios, the proposal of a potential external manager from the short list expressing consent to localize its office on the territory of the International Financial Center "Astana" shall have priority.

20. When carrying out investment and operational due diligence to obtain additional information on the procedure for making investment decisions and risk control procedures, the authorized department is allowed to conduct meetings with potential external managers and visit their offices.

21. In the event that the proposed potential external manager for selection is not an external manager of Assets, visiting its office by an employee of the authorized department is an obligatory condition.

22. The decision on the selection of external managers of Assets is taken by the Board of the National Bank.

In cases of the successor to the external manager acquiring rights and obligations arising from the investment management agreement due to the reorganization of such external manager, as well as in cases of the external manager transferring its rights and obligations arising from the investment management agreement to another legal entity (company), its candidacy is submitted for consideration by the Board of the National Bank as an external manager without conducting the procedures provided for in paragraphs 12, 13, and 14 of the Rules.

23. If an external manager carrying out external management of foreign exchange assets and/or National Fund assets and/or pension assets, under a similar mandate, has managed with positive results for a period of at least 3 (three) years, and meets the criteria established by paragraphs 15 or 16 of these Rules, then by decision of the Chairman of the National Bank, the Authorized Representative regarding National Fund assets, his candidacy is submitted for consideration by the Board of Directors of the National Bank for approval as an external manager without conducting the procedures provided for by paragraphs 12, 13, and 14 of these Rules.

24. To reduce the risks of asset concentration in external management within one mandate (but not one type of management), the number of active external managers shall be no less than 2 (two) external managers.

25. To ensure the prompt selection of new external managers and replacement of active external managers, the authorized department is permitted to form a list of reserve external managers from among potential external managers included in the shortlist.

Reserve external managers are approved by the Board of Directors of the National Bank.

26. The authorized department annually monitors the activities of reserve external managers and updates information within the framework of investment and operational due diligence.

27. Issues regarding the transfer of Assets to an external manager and/or a reserve external manager are considered by the Board of Directors of the National Bank within the framework of approving the report on the results of external managers' activities, as provided for by paragraph 37 of these Rules.

Operational decisions on the transfer of Assets to an external manager and/or a reserve external manager are made:

1) by the Chairman of the National Bank regarding foreign exchange assets;

2) by the Authorized Representative regarding National Fund assets;

3) by the Investment Committee of the National Bank of the Republic of Kazakhstan for managing pension assets of the Joint Stock Company "Unified Accumulative Pension Fund" regarding pension assets.

28. If no more than 3 (three) years have passed since the approval by the Board of Directors of the National Bank of an external manager selected using the procedures provided for by paragraphs 12, 13, and 14 of these Rules, and such an external manager has shown positive management results for at least 18 (eighteen) calendar months in the portfolio of foreign exchange assets and/or National Fund assets and/or pension assets, it is permitted to submit his candidacy for consideration by the Board of Directors of the National Bank for approval as an external manager under a similar mandate within any other of the portfolios indicated above, without conducting the procedures provided for by paragraphs 12, 13, and 14 of these Rules.

29. Activities related to the conclusion of an investment management agreement and further monitoring of compliance with its terms are carried out by the authorized department.

30. The investment management agreement contains the following conditions:

1) on the right of the National Bank to terminate the investment management agreement early in the following cases:

failure by the external manager to achieve excess return on portfolio management compared to the benchmark portfolio;

violation by the external manager of restrictions established by investment strategies;

changes to investment strategies;

presence of a decision by an official of the National Bank, the Authorized Representative regarding National Fund assets, or a decision of the Board of Directors of the National Bank with submission of written notification to the external manager and indication of the date of termination of the investment management agreement;

2) on the right of the National Bank at its own discretion at any time to replenish (withdraw) Assets located in external management;

3) on providing the external manager with information about the movement of its personnel responsible for managing assets transferred to external management;

4) on the visit of the external manager by employees of the National Bank and independent auditors for the purpose of checking account operations, as well as obtaining additional information about the external manager, the procedure for making investment decisions, and risk monitoring procedures;

5) on the prohibition of attracting as brokers or counterparties to transactions with assets transferred to external management, persons affiliated with the external manager;

6) on the liability of the external manager for violation of the limit of expected variability of return deviation (ex-ante tracking error) established by investment strategies;

7) on the liability of the external manager and/or third parties attracted within the framework of the investment management agreement for possible losses caused to the National Bank due to negligence, intentional non-performance of obligations, or fraud on their part;

8) on the obligation of the external manager to advise, train, or conduct internships for employees of the National Bank carrying out management and monitoring of Assets;

9) on the obligation of the external manager to submit to the National Bank on a regular basis in accordance with the investment management agreement the following reports:

a report on operations completed for the previous working day on a daily basis;

a report on portfolio valuation (distribution of Assets by various classes and types of currencies, portfolio composition at the end of the reporting month, market value of assets at the end of the reporting month);

a report on movements in the portfolio (list of all transactions concluded during the reporting quarter, sorted by various classes and currencies, by maturity date, dividend payment, and accrued interest);

a report containing an analysis of portfolio management results (monthly, quarterly, and overall portfolio management results in terms of achieved return, portfolio risk indicators, and level of return deviation variability (tracking error) compared to the benchmark portfolio);

a report on the state of relevant financial markets and their impact on the structure and value of the portfolio and/or a macroeconomic overview;

an overview of the investment strategy and a description of changes made to the portfolio structure;

current investment strategy;

contribution of various factors to portfolio return for active asset management;

10) on the external manager carrying out, at the end of each month or on the date of completion of the transit period, a reconciliation of the composition of the portfolio transferred to external management with the data of the bank(s)-custodian(s), in accordance with the investment management agreement;

11) on the external manager providing information on operations conducted to the bank-custodian responsible for consolidated accounting no later than the next working day after agreement and completion of transaction confirmation procedures between the external manager and the broker;

12) on the external manager providing information and documents on procedures for approving brokers, as well as agents and counterparties of the external manager;

13) on the external manager providing information on the presence of internal risk management policies and procedures of the external manager that reduce the risk of abuse and conflict of interest, including ensuring equal distribution of transactions among client portfolios;

14) on the external manager holding meetings with the authorized department once a year to present the results of Asset management, compliance with investment restrictions, assessment of the market situation and its possible impact on the portfolio and on the implementation of investment operations for managing Assets;

15) on the external manager providing information on measures applied by supervisory authorities and participation in court proceedings;

16) on the external manager providing to the National Bank, reconciled with the bank(s)-custodian(s), full portfolio reporting on the date of termination of the investment management agreement;

17) on signing the investment management agreement in Kazakh, Russian, and in a language determined by mutual agreement;

18) on the possibility of making changes and/or additions to the investment management agreement with the written consent of both parties.

31. The National Bank, in accordance with the investment management agreement, carries out the transfer of Assets to external management by transferring money and/or securities to the accounts of the National Bank at the bank(s)-custodian(s) intended for external management. Assets transferred to external management are stored in the accounts of the National Bank in the bank(s)-custodian(s) and in a margin account with a clearing broker.

32. When transferring Assets to external management, the transit period for forming the portfolio in accordance with the target parameters established by the National Bank is taken into account. The duration of the transit period does not exceed 15 (fifteen) working days.

33. From the day of transfer of Assets to external management, the authorized department conducts daily monitoring of the external manager's activities by checking compliance with restrictions established in the investment management agreement, monitoring transactions made by the external manager, and assessing risk and return indicators of the portfolio in external management.

34. The authorized department, in accordance with the investment management agreement, no less than once a year holds a meeting with the external manager or organizes a video or teleconference, at which the external manager reports on management results, compliance with investment restrictions, assesses the market situation and its possible impact on the portfolio and on the implementation of investment operations for managing Assets.

35. The effectiveness of active external managers is assessed annually based on the methodology for assessing the effectiveness of an external manager provided for in Appendix 4 to these Rules.

Based on the results of the conducted assessment of the effectiveness of the external manager as a whole and by asset classes for the management period of 3 (three), 5 (five) years, and from the start of management, an official of the National Bank makes a corresponding decision on replenishing (withdrawing) Assets or continuing (terminating) work with this external manager, or submits this issue for consideration by the Board of Directors of the National Bank.

36. By decision of an official of the National Bank, replenishment, withdrawal of Assets, or early termination of the investment management agreement with an external manager is carried out without conducting an assessment of the effectiveness of the external manager's work.

37. The report on the results of external managers' activities is submitted by the authorized department for consideration by the Board of Directors of the National Bank no less than once (one) a year.

Chapter 3. Procedure for selecting an external transit manager for foreign exchange assets, National Fund assets, and pension assets

38. To select an external transit manager, the authorized department sends a request to potential transit managers for information on coverage markets, transit management strategies, and service costs by instrument classes and markets, and conducts an analysis of the received proposals.

39. A mandatory requirement for selecting an external transit manager is experience in transit management of assets of no less than 5 (five) years.

The decision on selecting an external transit manager for Assets is made by the Chairman of the National Bank, the Authorized Representative regarding National Fund assets.

40. Activities related to the conclusion of an investment transit management agreement and further monitoring of compliance with its terms are carried out by the authorized department.

41. The investment transit management agreement contains the following conditions:

1) on the right of the National Bank to terminate the investment transit management agreement early in the following cases:

violation by the external transit manager of the terms of the investment transit management agreement;

decisions of the Chairman of the National Bank, the Authorized Representative regarding National Fund assets;

2) on the right of the National Bank at its own discretion at any time to replenish (withdraw) Assets located in external transit management, if such actions do not affect any unfinished external transit management of Assets;

3) on providing the external transit manager with information about the movement of its personnel responsible for managing Assets transferred to external transit management;

4) on the visit of the external transit manager by employees of the National Bank and independent auditors for the purpose of checking account operations, as well as obtaining additional information about the external transit manager, the procedure for making investment decisions, and risk monitoring procedures;

5) on the liability of the external transit manager for possible losses caused to the National Bank due to negligence, intentional non-performance of obligations, or fraud on the part of the external transit manager;

6) on the external transit manager providing information on operations conducted to the bank-custodian responsible for consolidated accounting no later than the next working day after agreement and completion of transaction confirmation procedures between the external transit manager and the broker;

7) on the external transit manager providing information and documents on procedures for approving brokers, as well as agents and counterparties of the external transit manager;

8) on the external transit manager providing information on the presence of internal risk management policies and procedures of the external transit manager that reduce the risk of abuse and conflict of interest, including ensuring equal distribution of transactions among client portfolios;

9) on the obligation of the external transit manager to submit to the National Bank in accordance with the investment transit management agreement within 10 (ten) working days from the date of completion of the transit period the following reports:

a report on all securities transactions made by the external transit manager, its affiliated brokers (dealers), as well as futures brokers during the transit period;

a report on the results of external transit management of Assets, containing information on the difference between expected and actual execution cost of transactions, the size of broker commissions, the influence of market factors, the difference between buy and sell currency exchange rates for forex operations, as well as the amount of paid taxes and lost profit on the date of completion of the transit period;

a report on the state of relevant financial markets and their impact on the structure and value of the portfolio;

an overview of the investment strategy and a description of changes made to the portfolio structure;

10) on the external transit manager providing information on measures applied by supervisory authorities and participation in court proceedings;

11) on the external transit manager providing, at the moment of completion of the transit period, reconciled with the bank(s)-custodian(s), full portfolio reporting on the date of completion of the transit period in accordance with the investment transit management agreement;

12) on signing the investment transit management agreement in Kazakh, Russian, and in a language determined by mutual agreement;

13) on the possibility of making changes and/or additions to the investment transit management agreement by mutual agreement.

42. The National Bank, in accordance with the investment transit management agreement, carries out the transfer of Assets to external transit management by transferring money and/or securities to the accounts of the National Bank at the bank(s)-custodian(s) intended for external transit management.

Transfer of Assets to an external transit manager is carried out for a period of no more than 12 (twelve) months.

43. Assets transferred to external transit management are stored in the accounts of the National Bank in the bank(s)-custodian(s) and in a margin account with a clearing broker. Placement of Assets in a margin account of the external transit manager opened with a third party is permitted, provided that the investment transit management agreement contains conditions for conducting operations on such an account.

44. From the day of transfer of Assets to external transit management, the authorized department conducts daily monitoring of the external transit manager's activities by checking compliance with restrictions specified in the investment transit management agreement, monitoring transactions made by the external transit manager.

Appendix 1

to the Rules on the selection

of external managers

for foreign exchange assets

of the National Bank

of the Republic of Kazakhstan,

assets of the National Fund

of the Republic of Kazakhstan

and pension assets

of the unified accumulative

pension fund

and transfer of assets to

external management

Minimum information,

requested from a potential external manager

1. Experience of the potential external manager in the type of mandate under consideration.

2. Volume of client assets located (located previously) in the management of the potential external manager over the last 5 (five) years, including:

1) volume of total assets located (located previously) in management;

2) volume of assets under the type of mandate under consideration;

3) volume of assets of institutional investors (including central bank assets);

4) volume of assets under segregated accounts.

3. Information about portfolio managers and client relationship managers who will be responsible for managing assets transferred to external management.

4. Information about the movement of personnel of the potential external manager (portfolio managers, analysts, and traders) responsible for managing assets transferred to external management over the last 10 (ten) years.

5. Detailed description of the investment process, portfolio management methods, market research, information sources used, and financial instrument valuation model.

6. How active market risk modeling, monitoring, and management are carried out (in the case where the type of mandate under consideration relates to active asset management).

7. Presence of specialized software for monitoring and managing risks.

8. Historical portfolio management results for the last 5 (five) years must be presented under a similar mandate with a similar or close-by-type benchmark portfolio, excluding simulated portfolios. At the same time, the distribution of the benchmark portfolio assets by countries (regions) must be close to the structure of the benchmark portfolio of the corresponding mandate.

9. Description of software used to calculate return, risk, applied in financial and analytical reporting.

10. Brief description of internal corporate governance.

11. Liability of the external manager to the National Bank in case of violation of terms in accordance with the agreement on external investment management, including liability for violation of the limit of expected variability of return deviation (ex-ante tracking error), and for possible losses caused to the National Bank due to negligence, intentional non-performance of obligations, or fraud on the part of the external manager.

12. Information on types of insurance used to protect the client from errors of the external manager.

13. Conditions for organizing training.

14. Information on the expected level of commission remuneration for external management.

15. Audited financial report of the potential external manager for the last financial year.

16. Internal policies and procedures of the external manager regulating issues of reducing the risk of abuse and conflict of interest, including ensuring equal and fair distribution of transactions among client portfolios, verification of the list and procedures for approving brokers, agents, and counterparties of the external manager.

Appendix 2

to the Rules on the selection

of external managers

for foreign exchange assets

of the National Bank

of the Republic of Kazakhstan,

assets of the National Fund

of the Republic of Kazakhstan

and pension assets

of the unified accumulative

pension fund

and transfer of assets to

external management

Evaluation criteria for conducting comparative analysis of proposals from potential external managers for foreign exchange assets, National Fund assets, and pension assets

Table 1. Evaluation criteria for conducting comparative analysis of proposals from potential external managers for foreign exchange assets

№	Evaluation Criteria	Score Assigned to Criteria (Significance of Indicator Defined in Percentages)
Global Mandate	Specialized Mandate	Regional Mandate
1.	Historical portfolio management results (when conducting a comparative analysis of proposals from potential external managers specializing in regional mandates and participating in the selection of a manager for a global mandate, indicators are normalized depending on the coverage of the corresponding mandate)	40 points	40 points	40 points
annual excess return over the last 3 (three) – 5 (five) years (if the excess return indicator for a period of less than 5 (five) years is positive, the indicator is normalized relative to a 5 (five) year period)	40 percent	40 percent	40 percent
information ratio over the last 3 (three) – 5 (five) years (if the information ratio indicator for a period of less than 5 (five) years is positive, the indicator is normalized relative to a 5 (five) year period)	60 percent	60 percent	60 percent
2.	Organization and Assets	15 points	15 points	15 points
employee participation in the organization's capital structure	25 percent	25 percent	25 percent
average annual change (in percent) of assets under management (outflows and inflows over the last 3 (three) – 5 (five) years or since the beginning of management)	25 percent	25 percent	25 percent
percentage of assets volume for the considered mandate to total assets under management (when conducting a comparative analysis of proposals from potential external managers specializing in regional mandates and participating in the selection of a manager for a global mandate, the volume of assets for regional mandates is used. This value is normalized depending on the coverage of the corresponding mandate)	25 percent	25 percent	25 percent
share of institutional investors' assets volume to total assets under management	25 percent	25 percent	25 percent
3.	Team	20 points	20 points	20 points
average experience of portfolio managers and analysts responsible for managing assets under the corresponding mandate	50 percent	50 percent	50 percent
staff turnover of personnel responsible for managing assets transferred to external management (portfolio managers, analysts, traders) across the company as a whole (the lowest value is taken into account)	50 percent	50 percent	50 percent
4.	Availability of client interest insurance against actions or inactions of the external manager	5 points	5 points	5 points
5.	Level of Management Fees	10 points	10 points	10 points
level of base management fee (the lowest value is taken into account)	75 percent	75 percent	75 percent
acceptance of the principle of paying management fees based on external management results in case of achieving positive excess return exceeding similar indicators from previous periods since the start of external management (net new high basis since inception)	10 percent	10 percent	10 percent
acceptance of the condition on the minimum excess return threshold from which the calculation of management fees based on external management results begins, not lower than the base management fee	15 percent	15 percent	15 percent
6.	Training of National Bank Employees	10 points	10 points	10 points
short-term training lasting 1 (one) – 2 (two) weeks	50 percent	50 percent	50 percent
providing the opportunity to undergo an internship and/or secondment lasting from 1 (one) month	50 percent	50 percent	50 percent

Table 2. Evaluation Criteria for Conducting a Comparative Analysis of Proposals from Potential External Managers for Assets of the National Fund and Pension Assets

№	Evaluation Criteria	Score Assigned to Criteria (Significance of Indicator Defined in Percentages)
Global Mandate	Specialized Mandate	Regional Mandate
1.	Historical portfolio management results (when conducting a comparative analysis of proposals from potential external managers specializing in regional mandates and participating in the selection of a manager for a global mandate, indicators are normalized depending on the coverage of the corresponding mandate)	40 points	45 points	45 points
excess return over the last 3 (three) – 5 (five) years (if the excess return indicator for a period of less than 5 (five) years is positive, the indicator is normalized relative to a 5 (five) year period)	40 percent	40 percent	40 percent
information ratio over the last 3 (three) – 5 (five) years (if the information ratio indicator for a period of less than 5 (five) years is positive, the indicator is normalized relative to a 5 (five) year period)	60 percent	60 percent	60 percent
2.	Organization and Assets	15 points	15 points	15 points
employee participation in the organization's capital structure	25 percent	25 percent	25 percent
average annual change (in percent) of assets under management (outflows and inflows over the last 3 (three) – 5 (five) years or since the beginning of management)	25 percent	25 percent	25 percent
percentage of assets volume for the considered mandate to total assets under management (when conducting a comparative analysis of proposals from potential external managers specializing in regional mandates and participating in the selection of a manager for a global mandate, the volume of assets for regional mandates is used. This value is normalized depending on the coverage of the corresponding mandate)	25 percent	25 percent	25 percent
share of institutional investors' assets volume to total assets under management	25 percent	25 percent	25 percent
3.	Team	15 points	15 points	15 points
average experience of portfolio managers and analysts responsible for managing assets under the corresponding mandate	50 percent	50 percent	50 percent
staff turnover of personnel responsible for managing assets transferred to external management (portfolio managers, analysts, traders) across the company as a whole (the lowest value is taken into account)	50 percent	50 percent	50 percent
4.	Availability of client interest insurance against actions or inactions of the external manager	5 points	5 points	5 points
5.	Level of Management Fees	10 points	10 points	10 points
level of base management fee (the lowest value is taken into account)	75 percent	75 percent	75 percent
acceptance of the principle of paying management fees based on external management results in case of achieving positive excess return exceeding similar indicators from previous periods since the start of external management (net new high basis since inception)	10 percent	10 percent	10 percent
acceptance of the condition on the minimum excess return threshold from which the calculation of management fees based on external management results begins, not lower than the base management fee	15 percent	15 percent	15 percent
6.	Training of National Bank Employees	8 points	10 points	10 points
short-term training lasting 1 (one) – 2 (two) weeks	50 percent	50 percent	50 percent
providing the opportunity to undergo an internship and/or secondment lasting from 1 (one) month	50 percent	50 percent	50 percent
7.	Provision of a letter of commitment to create a legal entity on the territory of the Astana International Financial Centre or accreditation as a participant of the Astana International Financial Centre in accordance with the current law of the Astana International Financial Centre for the purpose of carrying out the corresponding financial activity, or provision of a confirmation letter on carrying out financial activity by the potential external manager as a participant of the Astana International Financial Centre	7 points	0 points	0 points

Note:

1. The evaluation of a potential external manager's proposal is the sum of points for all evaluation criteria according to their significance.

2. For the calculation of points, each indicator is subject to normalization relative to the best indicator in the considered criterion among all potential external managers.

In this case, the normalized indicator of a potential external manager is the ratio of the external manager's indicator to the maximum value of the indicator for the considered criterion.

3. If an external manager manages assets under an announced mandate within the framework of another mandate, the historical management results of these assets within the framework of the other mandate are evaluated.

4. When evaluating the training of National Bank employees, the following indicator system is used:

Indicator (Conditions for Employee Training)	Score Assigned to Indicator
External manager pays for flights, accommodation, meals	1
External manager pays for accommodation, meals	0.5
External manager pays for accommodation	0.2

Appendix 3
to the Rules for the Selection of
External Managers for Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan and Pension Assets of the Unified Accumulative Pension Fund and Transfer of Assets to External Management

Evaluation Criteria for Conducting a Comparative Analysis of Proposals from Potential External Managers from the Shortlist within the Framework of Investment and Operational Due Diligence

Table 1. Quantitative Analysis

№	Evaluation Criteria	Points Assigned to Criteria (Significance of Indicators Defined in Percentages)
Active Asset Management			Enhanced Index Asset Management	Passive (Index) Asset Management
1.	Historical Return Indicators Adjusted for Risk	35 points				45 points
annual excess return over the last 3 (three) – 5 (five) years (if the excess return indicator for a period of less than 5 (five) years is positive, the indicator is normalized relative to a 5 (five) year period)	15 percent			20 percent	30 percent
information ratio over the last 3 (three) – 5 (five) years (if the excess return indicator for a period of less than 5 (five) years is positive, the indicator is normalized relative to a 5 (five) year period)	30 percent			30 percent	50 percent
Sharpe Ratio	15 percent			25 percent	20 percent
Sortino Ratio	40 percent			25 percent	-
2.	Stability Assessment Indicators of Historical Results	25 points
Volatility of Return Deviation (Tracking Error)	20 percent			40 percent	50 percent
Excess Benchmark Portfolio Coefficient	30 percent			40 percent	50 percent
Kurtosis Coefficient	10 percent			-	-
Range of Excess Return Indicator (Absolute Value)	20 percent			-	-
Duration of Portfolio Results Exceeding Benchmark Portfolio (in months)	20 percent			20 percent	-
3.	Downside Risk Indicators	25 points				15 points
Volatility of Return Deviation (Tracking Error) Below Minimum Threshold Value	10 percent			10 percent	-
Average Loss	10 percent			15 percent	25 percent
Duration of Unsatisfactory Portfolio Results Compared to Benchmark Portfolio (in months)	25 percent			15 percent	-
Maximum Loss	15 percent			20 percent	25 percent
Largest Portfolio Value Decline	30 percent			20 percent	25 percent
Duration of Portfolio Results Recovery	10 percent			20 percent	25 percent
4.	Fee Indicators		15 points
Level of Base Management Fee (the lowest value is taken into account)		75 percent	75 percent		75 percent
Acceptance of the Principle of Paying Management Fees Based on External Management Results in Case of Achieving Positive Excess Return Exceeding Similar Indicators from Previous Periods Since the Start of External Management (Net New High Basis Since Inception)		10 percent	10 percent		10 percent
Acceptance of the Condition on the Minimum Excess Return Threshold from Which the Calculation of Management Fees Based on External Management Results Begins, Not Lower Than the Base Management Fee		15 percent	15 percent		15 percent

Table 2. Qualitative Analysis

Evaluation Criteria	Satisfactory (Unsatisfactory)
1. Investment Process
1.1 Formation of Investment Portfolio
assessment of relevant restrictions and limits of the investment strategy of the proposed investment product
use of analytical research and implementation of investment ideas
assessment of portfolio management results for compliance with the stated style
- 1. Decision-Making Process for Purchase or Sale of Financial Instruments
decision-making model
availability of a clear and consistent discipline in the sale of financial instruments, as well as procedures for establishing loss limits
1. Internal Control and Monitoring Procedures
2.1. Risk Management Process
internal order or regulation of the external manager's work on portfolio risk management
availability of software for portfolio risk management and monitoring
- 1. Trade Execution Process
availability of best execution policy, including procedure for selection and approval of counterparties and trading venues
availability of compliance procedures and data reconciliation procedures
settlement of securities transactions

Note:

1. The evaluation of a potential external manager's proposal from the shortlist is the sum of points for all evaluation criteria listed in Table 1 according to their significance.

2. For the purpose of calculating points, each indicator is subject to normalization relative to the best indicator in the considered criterion among all potential external managers from the shortlist. In this case, the normalized indicator is the ratio of the external manager's indicator from the shortlist to the maximum value of the indicator for the considered criterion.

3. When evaluating the investment process and internal control and monitoring procedures of a potential external manager within the framework of qualitative analysis, the criteria for which are given in Table 2, the following indicator system is used:

Indicator	Score Assigned to Indicator
Satisfactory – the potential external manager's process and/or procedures correspond to the stated status, are clear and can be easily interpreted	1
Unsatisfactory – the potential external manager's process and/or procedures do not correspond to the stated status, are acceptable, however, there are problems in the implementation of decisions within the company	0

Appendix 4
to the Rules for the Selection of
External Managers for Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan, Assets of the National Fund of the Republic of Kazakhstan and Pension Assets of the Unified Accumulative Pension Fund and Transfer of Assets to External Management

Methodology for Evaluating the Effectiveness of an External Manager's Work

1. This Methodology for Evaluating the Effectiveness of External Managers (hereinafter – the Methodology) determines the procedure for conducting an annual evaluation of external managers for foreign exchange assets of the National Bank of the Republic of Kazakhstan, assets of the National Fund of the Republic of Kazakhstan and/or pension assets of the Unified Accumulative Pension Fund (hereinafter – Assets) and making decisions on further interaction.

2. The initial evaluation of the effectiveness of external managers is carried out based on a set of quantitative and qualitative criteria according to Table 1 of the Methodology (hereinafter – Initial Evaluation).

3. The total final score of an external manager within the framework of the Initial Evaluation is determined as a weighted assessment of results over various time horizons. Results for the last 3 (three) years are assigned a weight with a coefficient of 3, results for the last 5 (five) years – a weight with a coefficient of 2, results from the beginning of management – a weight with a coefficient of 1.

In this case, the calculation of the final score is carried out proportionally to the available time horizons. In the absence of data for separate periods, their weight is redistributed among the actually available periods in such a way that the total weight amounts to 100 (one hundred) percent. For external managers with a short management history, the final score may be determined solely on the basis of results from the beginning of management. In this case, the evaluation of external managers whose management period is less than 1 year is not carried out.

Table 1. Quantitative and Qualitative Criteria

№	Evaluation Criteria	Description	Score
Active Asset Management	Enhanced Index Asset Management	Passive (Index) Asset Management
Quantitative Criteria
1.	Annualized Portfolio Excess Return Less Fees	Above M	30 points	30 points	0 points
Equal to M	20 points	20 points	0 points
From 0 to M	5 points	5 points	0 points
Below 0	0 points	0 points	0 points
2.	Information Ratio	Above 0.5	30 points	30 points	0 points
From 0 to 0.5	15 points	15 points	0 points
Below 0	0 points	0 points	0 points
Qualitative Criteria
3.	Stability of Composition and Continuity of the Investment Team	High No changes in the key composition of the investment team or changes that did not affect the investment process and distribution of roles within the team	15 points	15 points	40 points
Moderate Single changes in the composition of the investment team, ensuring controlled continuity, including transfer of powers within the team and retention of key functions	10 points	10 points	30 points
Reduced Changes in the composition of the investment team accompanied by uncertainty in the distribution of roles, responsibilities or the process of making investment decisions	5 points	5 points	20 points
Low Significant or repeated changes in the composition of the investment team, including departure of key employees, leading to disruption of the investment process or loss of control over making investment decisions	0 points	0 points	0 points
4.	Compliance with Investment Restrictions and Compliance Discipline	High No violations of investment restrictions, compliance requirements and operational incidents	15 points	15 points	40 points
Moderate Single operational errors or insignificant deviations, promptly eliminated	10 points	10 points	30 points
Reduced Frequently observed deviations or violations caused by changes in the financial market situation	5 points	5 points	20 points
Low Significant or repeated violations of investment restrictions, compliance requirements and established limits due to the fault of the manager, including cases of untimely or incomplete elimination of violations	0 points	0 points	0 points
5.	Quality of Interaction and Reporting	High Timely and complete provision of reporting, proactive and transparent communication, compliance with notification deadlines, regular interaction, including face-to-face meetings	10 points	10 points	20 points
Satisfactory Generally, reporting and communication requirements are met, with individual remarks on the timing of information provision or quality of interaction	5 points	5 points	10 points
Low Inadequate quality of reporting, untimely or incomplete communication, systematic delays in notifications and insufficient level of interaction	0 points	0 points	0 points

Where M is the median of positive values of excess returns of external managers for a similar mandate of foreign exchange assets of the National Bank of the Republic of Kazakhstan and/or assets of the National Fund of the Republic of Kazakhstan and/or pension assets of the Unified Accumulative Pension Fund.

1. Decisions on the results of the evaluation within the framework of the Initial Evaluation are made based on the total final score of the external manager in accordance with the ranges of the total final score indicated in Table 2 of the Methodology.

Table 2. Decision on Final Scores.

Decision	Final Score
Active Asset Management	Enhanced Index Asset Management	Passive (Index) Asset Management
Continuation of Mandate	60-100	50-100	50-100
Inclusion in Watch List	0-59	0-49	0-49

1. For external managers carrying out passive (index) management of assets, inclusion in the watchlist is carried out in cases where the total combined score is less than 50 points, or if, for at least one of the qualitative criteria specified in Table 1 of the Methodology, a rating of 'Low' is assigned, regardless of the total combined score.

2. For external managers included in the watchlist based on the results of the Primary Assessment, additional analysis is conducted within the framework of investment due diligence in accordance with Table 1 of Appendix 3 to the Rules to identify weak characteristics.

3. In the event that an external manager demonstrates results requiring inclusion in the watchlist based on the Primary Assessment for two or more consecutive reporting periods, the following measures are applied:

   1. if there is positive dynamics of the Primary Assessment total score compared to the result of the previous reporting period, the external manager retains its position in the watchlist and partial withdrawal of assets is not carried out;
   2. if there is no positive dynamics of the Primary Assessment total score compared to the previous reporting period, the authorized subdivision initiates consideration of the issue of partial withdrawal of assets under management and/or other measures, including reduction of the external manager's fees, cancellation of fee payments for a certain period in agreement with the external manager.

4. In the event that an external manager falls under the measures provided for in subparagraph 2) of paragraph 7 of the Methodology for 2 (two) or more consecutive reporting periods, the authorized subdivision initiates the submission to the Board of Directors of the National Bank of the Republic of Kazakhstan for consideration of the issue of additional partial withdrawal of assets or termination of the external manager's mandate.

5. In the event of violation of limits and restrictions provided for by the investment strategies of the Assets, requirements for diversification of Assets, concentration limits, and other restrictions established by the investment strategies of the Assets, other measures different from those provided for in paragraphs 4, 7, and 8 of the Methodology may be applied based on decisions of the official of the National Bank of the Republic of Kazakhstan, the Authorized Representative with respect to the assets of the National Fund of the Republic of Kazakhstan, the Investment Committee of the National Bank of the Republic of Kazakhstan for the management of pension assets of the joint stock company "Unified Accumulative Pension Fund" with respect to pension assets.

6. Decisions on replenishment of assets of external managers through withdrawal of assets from the least efficient external managers or replenishment within the framework of redistribution of assets between portfolios within the composition of foreign exchange assets of the National Bank of the Republic of Kazakhstan, assets of the National Fund of the Republic of Kazakhstan, pension assets of the unified accumulative pension fund are made taking into account the total score assigned to the external manager.

Appendix

to the Resolution of the Board of Directors

of the National Bank

of the Republic of Kazakhstan

of "__" ______ 2026 No. __

List of certain Resolutions of the Board of Directors of the National Bank of the Republic of Kazakhstan recognized as having lost force

1. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of March 19, 2020 No. 29 "On Approval of the Rules for Selecting External Managers for Assets of the National Fund of the Republic of Kazakhstan" (registered in the Registry of State Registration of Normative Legal Acts under No. 20243).

2. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of March 19, 2020 No. 30 "On Approval of the Rules for Transferring Part of the Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan to External Management" (registered in the Registry of State Registration of Normative Legal Acts under No. 20249).

3. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of June 15, 2020 No. 78 "On Approval of the Rules for Selecting Foreign Organizations Managing Pension Assets of the Unified Accumulative Pension Fund, Including Requirements for Them, When Entrusting Them to Perform Actions Necessary for the Management of Pension Assets of the Unified Accumulative Pension Fund" (registered in the Registry of State Registration of Normative Legal Acts under No. 20909).

4. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of December 21, 2020 No. 143 "On Amendments to the Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of March 19, 2020 No. 29 "On Approval of the Rules for Selecting External Managers for Assets of the National Fund of the Republic of Kazakhstan" (registered in the Registry of State Registration of Normative Legal Acts under No. 21917).

5. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of December 21, 2020 No. 144 "On Amendments to the Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of June 15, 2020 No. 78 "On Approval of the Rules for Selecting Foreign Organizations Managing Pension Assets of the Unified Accumulative Pension Fund, Including Requirements for Them, When Entrusting Them to Perform Actions Necessary for the Management of Pension Assets of the Unified Accumulative Pension Fund" (registered in the Registry of State Registration of Normative Legal Acts under No. 21916).

6. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of April 23, 2024 No. 23 "On Amendments to the Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of June 15, 2020 No. 78 "On Approval of the Rules for Selecting Foreign Organizations Managing Pension Assets of the Unified Accumulative Pension Fund, Including Requirements for Them, When Entrusting Them to Perform Actions Necessary for the Management of Pension Assets of the Unified Accumulative Pension Fund" (registered in the Registry of State Registration of Normative Legal Acts under No. 34349).

7. Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of September 23, 2024 No. 56 "On Amendments to the Resolution of the Board of Directors of the National Bank of the Republic of Kazakhstan of March 19, 2020 No. 30 "On Approval of the Rules for Transferring Part of the Foreign Exchange Assets of the National Bank of the Republic of Kazakhstan to External Management" (registered in the Registry of State Registration of Normative Legal Acts under No. 35131).