Unofficial translation

      In accordance with subparagraph 3-1) of paragraph 2 of Article 22 of the Budget Code of the Republic of Kazakhstan dated December 4, 2008, the Government of the Republic of Kazakhstan HEREBY RESOLVES to:

      1. Approve the attached Rules of receipts from the transfer to the competitive environment of assets of national managing holdings, national holdings, national companies and their subsidiaries, dependent and other legal entities affiliated with them to the National Fund of the Republic of Kazakhstan.

      2. This Resolution shall be enforced ten calendar days after the date of its first official publication.

Rules of receipts from the transfer to the competitive environment of assets of national managing holdings, national holdings, national companies and their subsidiaries, dependent and other legal entities affiliated with them to the National Fund of the Republic of Kazakhstan.

Chapter 1. General Provisions

      1. These Rules of receipts from the transfer to the competitive environment of assets of national managing holdings, national holdings, national companies and their subsidiaries, dependent and other legal entities affiliated with them to the National Fund of the Republic of Kazakhstan (hereinafter referred to as the Rules) have been developed in accordance with subparagraph 3-1) paragraph 2 of Article 22 of the Budget Code of the Republic of Kazakhstan dated December 4, 2008 and establish the procedure of receipts from the transfer to the competitive environment of the assets of national managing holdings, national holdings, national companies and their subsidiaries, dependent and other legal entities affiliated with them , to the National Fund of the Republic of Kazakhstan (hereinafter - the National Fund) by the lists determined by the Government of the Republic of Kazakhstan (hereinafter - the list).

      2. Basic concepts shall be used in these Rules:

      company assets - assets of national managing holdings, national holdings, national companies and their subsidiaries, dependent and other legal entities affiliated with them, indicated in the list;

      companies with direct state participation - companies whose sole shareholder is the state represented by the Government of the Republic of Kazakhstan, or a state body authorized by the Government of the Republic of Kazakhstan, a local executive body;

      the authorized state planning body - the central executive body that exercises management and cross-sectoral coordination in strategic and economic planning, development and formation of budget policy, and also formulation and implementation of the state policy in the regional development.

Chapter 2. Procedure for receipt of funds from the transfer of assets of companies to the National Fund

      3. The transfer of funds from the transfer of assets of companies with direct state interest to the National Fund to the competitive environment, with the exception of funds received through additional issue of company shares within a public offering, shall be carried out as:

      1) receipts from the net income of companies with direct state participation;

      2) repayment of liabilities to the National Fund.

      4. Distribution of net income of companies with direct state participation and approval of the amount of funds allocated to the National Fund shall be carried out by the sole shareholder of companies with direct state participation within the framework of internal corporate procedures.

      The amount of liabilities to be repaid to the National Fund at the expense of funds from the transfer of assets of the companies indicated in the list to the competitive environment shall be approved by the board of directors of a company with direct state participation within the framework of internal corporate procedures.

      5. Funds received from the transfer to the competitive environment of the assets of the group of joint-stock company "National Welfare Fund" Samruk-Kazyna "(hereinafter referred to as the Fund), provided for in the Comprehensive Privatization Plan for 2021-2025, approved by Resolution No. 908 of the Government of the Republic of Kazakhstan dated December 29, 2020 (hereinafter referred to as the Comprehensive Privatization Plan for 2021-2025), in the size of 50% (fifty) percent shall be transferred to the National Fund, and the remaining amount of 50% (fifty) percent remains at the disposal of the Fund's group for the purpose of their further reinvestment in the manner determined by the Board of the Fund.

      Funds from the sale of subsidiaries, affiliates of the Fund and other legal entities affiliated with it, on which the terms, methods, as well as other conditions for their realization, reorganization, liquidation are determined by the Board of the Fund, shall not be subject to transfer to the National Fund and remain at the disposal of the Fund's group in full.

      The amount of funds transferred to the National Fund at the expense of funds from the transfer to the competitive environment of the assets of the National Company Kazakhstan Engineering JSC (Kazakhstan Engineering) shall be adjusted in accordance with the decision of the State Commission for economy modernization of the of the Republic of Kazakhstan by the amount required to repay the internal debt.

      5-1. Funds received from transfer to the competitive environment of assets provided for in the Comprehensive Privatization Plan for 2021-2025, directed to the National Fund by national managing holdings, national holdings, national companies and their subsidiaries, dependent and other legal entities affiliated with them, shall be transferred within 30 (thirty) calendar days from the date of receipt of funds to the seller's account.

      6. Companies with direct state participation, no later than the fifth month following the end of the relevant financial year, shall submit to the authorized body for state planning:

      1) information on the amount of actual proceeds from the sale of assets of companies for the reporting period in the context of each organization, including by companies with direct state participation;

      2) schedules of receipts of funds from the transfer to the competitive environment of the assets of the companies indicated in the list, if the sale of the asset provided for payment of funds in installments.

      7. The funds directed to the National Fund by companies with direct state participation as proceeds from the net income of companies with direct state participation shall be transferred in non-cash form basing on the decision of the sole shareholder according to the corresponding code of the Uniform Budget Classification.

      8. The funds directed by companies with direct state participation to repay obligations to the National Fund shall be transferred basing on the decision of the board of directors by companies with direct state participation in accordance with the terms of the bond issue prospectus.