Article 12. Provision of loans by the Development Bank of the Law on the Development Bank of Kazakhstan

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1. Financing by the Development Bank is carried out on terms and conditions, in accordance with the procedure and deadlines set by the Memorandum.

The interest rate on loans granted is calculated by the Development Bank, taking into account the cost of borrowing and operating expenses.

The competence of the Development Bank's financial decision-making bodies is defined in the Memorandum and the Charter of the Development Bank.

2. Loans provided by the Development Bank are secured by collateral, including collateral for future property, including expected systematic cash receipts, property located outside the Republic of Kazakhstan, claims to relevant property (property rights), guarantees, insurance and other ways to ensure fulfillment of obligations under the Memorandum, which should not contradict the legislation of the Republic of Kazakhstan.

The Development Bank has the right to provide loans to legal entities of which the Development Bank is the sole shareholder (participant), as well as to carry out mezzanine financing and interbank lending without collateral.

3. The terms and procedure for financing and providing security for the fulfillment of obligations by legal entities belonging to the national management holding group and implementing investment projects, the list of which is approved by the general meeting of shareholders, are determined in accordance with the Memorandum.

When determining and (or) changing the terms of financing and providing security for the fulfillment of obligations of legal entities belonging to the national management holding group, legal entities of which the Development Bank is the sole shareholder (participant), as well as when the Development Bank makes other transactions with these and (or)) to third parties, the requirements established by Article 40 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan.", as well as the procedure for dealing with legal entities does not apply to such persons., members of the National Management Holding Group are legal entities in which the Development Bank is the sole shareholder (participant) of interested-party transactions established by the legislation of the Republic of Kazakhstan on joint-stock companies.

4. Decisions on the implementation of leasing activities by the Development Bank, on lending to legal entities in whose authorized capitals the Development Bank participates, and on the issuance of guarantees and guarantees for their obligations are approved by the Board of Directors of the Development Bank in accordance with the Memorandum.

The Law of the Republic of Kazakhstan dated April 25, 2001 No. 178.

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