RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of April 28, 2022 No. 32

About modification and amendments in the resolution of Board of National Bank of the Republic of Kazakhstan of July 25, 2006 No. 65 "About approval of Rules of implementation of investment transactions of National fund of the Republic of Kazakhstan"

The board of National Bank of the Republic of Kazakhstan DECIDES:

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of July 25, 2006 No. 65 "About approval of Rules of implementation of investment transactions of National fund of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 4361) the following changes and amendment:

in Rules of implementation of the investment transactions of National fund of the Republic of Kazakhstan approved by the specified resolution:

exclude Item 16-1;

exclude Item 21;

state Item 26-2 in the following edition:

"26-2. Transition period – the period during which transition to new target strategic asset allocation of savings portfolio is performed.";

state Item 52 in the following edition:

"52. Benchmark portfolio for share portfolio in active management is the MSCI World index of ex Sweden Index – the specialized index consisting of shares of the companies of developed countries of the world, constituted by the Morgan Stanley Capital International company.

The benchmark portfolio for share portfolio in passive management includes the following indexes:

MSCI World ex Sweden Index – to 100 (hundred) percent;

MSCI World ex Sweden Minimum Volatility Index – to 10 (ten) percent;

MSCI World ex Sweden Quality Index – to 20 (twenty) percent;

MSCI World ex Sweden ESG Leaders Index – to 20 (twenty) percent.

Indicator of the profitability calculated daily is profitability of index taking into account reinvestment of dividends net of any taxes.";

state Items 55-1 and 55-2 in the following edition:

"55-1. Investment at least 80 (eighty) percent from market value of share portfolio is performed by means of external asset managers of Fund.

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