On the ratification of the Agreement on the Establishment of the Turkic Investment Fund

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The Law of the Republic of Kazakhstan dated October 16, 2023 No. 34-VIII SAM

To ratify the Agreement on the establishment of the Turkic Investment Fund, signed in Ankara on March 16, 2023.

President of the Republic of Kazakhstan

K. TOKAEV

Unofficial translation

AGREEMENT on the establishment of a Turkic Investment Fund

The Republic of Azerbaijan, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Turkey and the Republic of Uzbekistan (the "Founding members") As members of the Cooperation Council of Turkic-speaking States (hereinafter referred to as the "Organization of Turkic-speaking States" based on the decision of the Heads of State of the Council adopted on November 12, 2021 in Istanbul), established by the Nakhichevan Agreement on the Establishment of the Cooperation Council of Turkic-speaking States dated October 3, 2009, we have agreed to establish a Turkic Investment Fund, which is governed by the following provisions:

Chapter I DEFINITIONS

Article 1 Definitions

The following terms, wherever they are used in this Agreement, have the following meanings, unless the context indicates or requires otherwise:

"additional contribution" means additional contributions to the Fund's resources made by members by decision of the Board of Governors on the terms and conditions set out in section B of Article 5 of this Agreement.;

"beneficiary" is a natural or legal person who participates in the implementation of the project and is directly funded by the Fund.;

"calendar year" is the period of the year from January 1 to December 31 according to the Gregorian calendar.;

A "central bank" is an institution that manages the currency and monetary policy of a state or an official monetary union.

"Fund" is a Turkic Investment Fund established by this Agreement.;

"Manager" means each member of the Board of Governors of the Fund, authorized in accordance with Article 9 of this Agreement.;

"member(s)" means the founding members and other participating States of the Fund, as well as third States that have become members of the Fund through membership procedures in accordance with Article 4 of this Agreement.;

"micro, small and medium-sized enterprises" - micro, small and medium-sized enterprises defined in accordance with the national legislation of the State in whose territory the relevant project is being implemented;

"employees" are professional and/or administrative staff employed by the Foundation. The President, the governors, the Deputy Governors, the Directors, the deputy directors and the CEO are not considered as an employee.;

"State" means any Member State of the United Nations that is eligible for membership in the Fund in accordance with article 4 of this Agreement.;

OTG - Organization of Turkic States;

"State (Member States of the Group)" - members and observer States of the Group.

Chapter II PURPOSE, FUNCTIONS, POWERS AND MEMBERSHIP

Article 2 Purpose

The purpose of the Fund is to promote the economic development of the member States of the TG by expanding intraregional trade and supporting economic activities.

Article 3 Functions and powers

To achieve its goal, the Fund performs the following functions and powers through investment activities:

(a) Assistance in the development of intraregional trade;

b) financing of projects, in particular projects of micro, small and medium enterprises;

(c) Cooperation and financing with international and national financial and development institutions, as well as chambers of commerce and private organizations;

(d) Support for the expansion of transport and logistics chains, storage and production facilities;

(e) Support for the creation and modernization of physical and digital infrastructure, including public-private partnerships;

(f) Support for development projects in areas of mutual interest, including industrial production, infrastructure, transport, agriculture, information and communication technology, and tourism;

(g) Financing projects that promote the development of a green economy by investing in energy efficiency, renewable energy sources and environmental protection;

h) providing assistance and financial support for the preparation of investment projects, if deemed necessary;

(i) Carrying out other activities and providing other services that may contribute to the achievement of the Fund's objectives.

Article 4 Membership

The Member States of the TG, which are not founding members, may become members of the Fund by joining this Agreement.

Other States may become members of the Fund under conditions to be determined by the Board of Governors in accordance with article 38.

Chapter III FINANCIAL RESOURCES

Article 5 Resources of the Fund

The term "Fund resources" used in this Agreement includes the following:

a) the fixed capital of the Fund;

(b) Additional contributions.

A. Fixed capital and subscription

The authorized capital of the Fund is five hundred million US dollars [500,000,000 US dollars]. The authorized capital must be divided into ten thousand [10,000] shares with a par value of fifty thousand US dollars [50,000 US dollars] each.

The authorized capital is divided into paid-up shares and attracted shares to be traded. Shares with a total par value of three hundred and fifty million dollars [350,000,000 US dollars] are paid-up shares, whereas shares with a total par value of one hundred and fifty million dollars [150,000,000 US dollars] are attracted shares.

After the entry into force of this Agreement, the founding members subscribe to the shares of the authorized capital of the Fund equally in accordance with the table given in Appendix 1 ("Fund Capital").

Each member shall make an initial payment relating to its paid shares within 90 days of the inaugural meeting in accordance with Appendix 2 ("Initial Payment") of this Agreement. This amount is credited to the Fund's account. The remaining subscription amount is payable in three (3) annual installments on each subsequent anniversary of the initial payment date in accordance with Appendix 2 to this Agreement. Payments are made in US dollars Each member shall make an initial payment relating to its paid shares within 90 days of the inaugural meeting in accordance with Appendix 2 ("Initial Payment") of this Agreement. This amount is credited to the Fund's account. The remaining subscription amount is payable in three (3) annual installments on each subsequent anniversary of the initial payment date in accordance with Appendix 2 to this Agreement. Payments are made in US dollars. Failure to make installment payments ue to make installment payments under this Agreement is considered as failure to fulfill an obligation to the Fund and is subject to the provisions of article 23 of this Agreement.

In case of accession of any State to this Agreement after its entry into force, the new participant subscribes to the minimum number of shares as one founding member. Despite the above, any new member will not have more voting rights than the founding member.

B. Additional contributions

In order to ensure the continuity of the Fund's activities, the Board of Governors periodically reviews the adequacy of the resources available to the Fund at such intervals as it deems necessary.

If, as a result of such a review, the Governing Council deems it necessary or desirable, it may decide to make additional contributions to the Fund's resources by members.

Article 6 Conditions regarding fixed capital and limitation of liability

The shares of the authorized capishares of the authorized capital of the Fund may not be attached, mortgaged or encumbered in any way, and they may not be transferred except to the Fund in accordance with Chapters VII and VIII of this Agreement.

The participant's liability for shares is limited to the unpaid portion of his capital subscription.

No member, solely by virtue of his membership, is liable for the obligations of the Foundation.

Chapter IV ORGANIZATION AND MANAGEMENT

Article 7 Structure

The Fund consists of the PresFund consists of the President of the Fund, the Board of Governors, the Board of Directors, the CEO and employees.

Article 8 The President of the Foundation

The President of the Fund is appointed by the Board of Governors on a rotating basis for a period of four (4) years without renewal or reappointment. However, the President of the Fund ceases to operate by decision of the Board of Governors.

The order of rotation is determined by the Board of Governors and it includes the first President of the Fund.

The first President of the Foundation is appointed by the Council of Heads of State of the United Nations for a term of four (4) years wifirst President of the Foundation is appointed by the Council of Heads of State of the United Nations for a term of four (4) years without renewal or reappointment.

The President of the Foundation is the Chairman of the Board of Directors and has no voting rights.

Starting from the second President, the following requirements apply to the position of President of the Foundation:

a) at least fifteen (15) years of experience in the field of economics, investment and finance, or ten (10) years of experience in a managerial position, or ten (10) years of experience in international financial organizations;

b) English language proficiency.

The President of the Foundation is responsible for:

chairing meetings of the Board of Directors;

implementation of decisions of the Board of Governors;

the Foundation's representation in the international arena;

conducting negotiations with the Heads of State and Government of the Member States;

search for co-financing and resource mobilization opportunities for the Fund;

work on attracting contributions to the Fund;

promotion of cooperation mechanisms with international organizations.

The President of the Fund receives payment from the Fund, as determined by the Board of Governors.

Article 9 The Governing Council

The Board of Governors is the highest governing body of the Fund.

A. Composition

Each member is represented on the Board of Governors and appoints one Governor and one Deputy Governor after making an initial contribution. The Governors and deputy governors must be citizens of the Member States of the OTG.

Each Governor and each Deputy Governor of the Board of Governors shall perform their duties in accordance with the instructions of the appointing member. The Deputy Governors of the Board of Governors may not vote, except in the absence of the Governing Board of Governors appointed by the same member.

At each annual meeting, the Board elects one of the governors as Chairman, who manages the office until the next chairman is appointed.

In the case of a vacancy on the Board of Governors, for example, any vacancy resulting from (i) death, (ii) physical disability, (iii) disability or mental illness, or (iv) resignation or dismissal (provided that the governors appointed by the members can only be dismissed by the member who appointed them), such member, who appoints the manager, appoints a new manager and/or a deputy manager for the created vacancy.

The Governors and Deputy Governors do not receive payment from the Fund, but their out-of-pocket expenses (accommodation and travel) and the daily allowance spent for each meeting of the Board of Governors are paid from the Fund's funds.

B. Powers of the Board of Governors

The Board of Governors represents the interests of the members in all matters related to the Fund.

The Board of Governors has the right to:

a) to allow the admission of new members to the Fund and to determine the terms of their subscription to the capital;

b) to authorize additional contributions to the Fund, approve the terms and procedures;

c) to make changes to the authorized capital, to demand payment of the authorized capital and to determine the terms and conditions of payment of the authorized capital, which he may deem necessary;

d) form the Board of Directors;

e) review and approve the annual reports of the Board of Directors, audit reports, balance sheet and income and expense statement of the Fund;

(f) To decide on the removal of members;

g) determine the share of participants in the assets of the Fund in order to return it in case of withdrawal of the participant from the Fund;

h) to decide on the extension of the Fund's validity period;

i) determine the procedures, terms and conditions for the termination of the Fund's activities and the allocation of its assets, as well as decide on the termination of the Fund's activities;

j) to amend this Agreement;

k) appoint and dismiss the President of the Foundation;

l) Select external auditors to review the Fund's accounts and approve the Fund's audited financial statements;

m) consider appeals against decisions taken by the Board of Directors regarding the interpretation or application of this Agreement.

The Board of Governors, by unanimous decision, may delegate all its powers to the Board of Directors, with the exception of:

a) to allow the admission of new members to the Fund and to determine the terms of their subscription to the capital;

b) to make changes to the authorized capital, to demand payment of the authorized capital and to determine the terms and conditions of payment of the authorized capital, which he may deem necessary;

d) establish procedures, terms and conditions for the termination of the Fund's activities and the allocation of its assets, as well as decide on the termination of the Fund's activities;

e) to amend this Agreement.

The Board of Governors may at any time revoke the delegation of any matter to the Board of Directors.

C. Meetings, procedure and voting

The Board of Governors holds an annual meeting and extraordinary meetings, which are provided for the Board of Governors or convened at the request of the majority of the Board members.

The Governing Council shall adopt working methods that enable it to carry out its duties as soon as possible.

The voting rights of each member are equal to the number of its subscribed shares in the authorized capital of the fund, unless otherwise specified in this Agreement.

Two thirds of the governors shall constitute a quorum for any meeting of the Board of Governors, provided that such majority includes at least three founding members.

At least three-quarters of the votes of the Board of Governors are required for decision-making, provided that such majority includes the votes in favor of at least four founding members, unless otherwise specified in this Agreement.

In order for the Board of Governors to make the following decisions, it is necessary that all founding members vote in favor on the following issues:

a) to allow the admission of new States to the Fund and to determine the terms of their subscription to capital;

b) to make changes to the authorized capital (increase, additional contribution, decrease), to demand payment of the authorized capital and to determine the terms and conditions of payment of the authorized capital, which he may deem necessary;

c) to amend this Agreement.

Article 10 The Board of Directors

A. Composition

The Board of Directors consists of one (1) Director as a representative from each member.

Directors cannot be members of the Board of Governors and meet the following criteria:

a) Bachelor's degree;

b) at least ten (10) years of work experience in the economic, investment and financial fields, or five (5) years of high-level work experience, at least at the minimum director level, and/or five (5) years of work experience in international financial organizations;

c) not younger than thirty-five (35) and not older than sixty (60) years of age at the time of appointment;

d) English language proficiency.

Each Managing Director of the Board of Governors appoints a director and a Deputy Director who meet the above requirements, with full authority to act on behalf of the Director during his absence. Deputy Directors may participate in meetings of the Board of Directors, but may vote only when they act in place of their supervisors.

The Directors hold their positions for a period of three (3) years and may be reappointed. The Director holds the position until his/her successor is appointed in accordance with this article.

Directors and deputy directors do not necessarily have to permanently reside at the headquarters of the Fund and are not considered full-time employees of the Fund, but their personal expenses (accommodation and travel) and daily subsistence allowance spent on each meeting of the Board of Directors are paid from the Fund's funds. No further payments or remuneration from the Fund should be made to the directors and deputy directors.

B. Authority

The Board of Directors is responsible for managing the general activities of the Fund and for this purpose, in addition to the powers directly assigned to it by this Agreement, exercises all the powers delegated to it by the Board of Governors and has the right:

(a) Develop a policy on the activities of the Fund;

b) to make decisions regarding the financing to be provided by the Fund in accordance with this Agreement;

(c) To take decisions concerning the activities of the Fund and its operations in accordance with the general instructions of the Board of Governors;

d) review, evaluate and submit annual reports for each financial year for approval by the Board of Governors at each annual meeting;

e) ensure the Fund's activities in the most efficient and cost-effective manner;

f) approve the budget, general financing program and policy of the Fund in accordance with the resources and/or available funds available for these purposes;

g) appoint and dismiss the Director General;

(h) To make recommendations to the Board of Governors for extraordinary meetings;

(i) Establish committees for the functioning of the Fund, if necessary;

j) exercise other powers directly assigned to the Board of Directors in this Agreement.

C. Meetings, procedure and voting

The Board of Directors meets as many times as the Fund's activities may require, but at least twice a year. The Board of Directors should adopt working methods that allow it to perform its duties and tasks as soon as possible and promptly.

Meetings of the Board of Directors are held with the participation of a majority of the directors, and decisions are made by a majority vote of the participating directors.

However, the Board of Directors must approve the principles of the Fund's investment policy by a unanimous decision.

Article 11 Director General

The Director General must be a national of one of the Member States of the OTG. The managing directors of the TG members propose a candidate for the position of CEO on a rotating basis. The CEO is appointed by the Board of Directors for a term of four (4) years without the right of renewal or reappointment.

A candidate for the position of CEO must meet the following requirements:

a) having a master's degree in relevant fields;

b) not younger than thirty-five (35) and not older than sixty (60) years at the time of appointment;

c) at least fifteen (15) years of work experience in the economic, investment and financial fields, or ten (10) years of work experience at a high managerial level, or ten (10) years of work experience in international financial organizations;

d) English language proficiency.

The CEO works under the guidance of the Board of Directors.

The CEO, in accordance with the instructions, rules and regulations established by the Board of Directors, has full executive powers to manage the operations and affairs of the Fund. The CEO appoints, promotes, and dismisses employees, as well as allocates funds in accordance with the plan, policy, and budget approved by the Board of Directors.

When appointing employees of the Fund, the highest standards of efficiency and technical competence are ensured and staff are recruited based on a balanced geographical distribution from among the citizens of the member States of the TG.

The Director General may recommend to the Board of Directors to hire consulting/consulting services from companies located in the territories of the Member States of the TG with the approval of the Board of Directors.

The CEO participates in meetings of the Board of Directors and does not have the right to vote. General manager:

a) proposes operational and administrative budgets;

b) proposes a general financing program;

c) organizes the study and evaluation of projects and programs for financing by the Fund;

d) ensures and controls the proper organization, management of personnel and services;

(e) Decides to provide technical advice and assistance;

f) performs other duties determined by the Board of Directors.

The CEO receives payment from the Fund, the amount of payment is determined by the Board of Directors.

Article 12 The international character of the Fund and the prohibition of political activity

The Foundation does not accept any additional resources or assistance that could in any way prejudice, limit, reject, or otherwise alter its goals or functions.

The Foundation, the President of the Foundation, the CEO and the staff of the Foundation in their decisions take into account only issues related to the purpose, functions and functioning of the Foundation, as specified in this Agreement. Such matters are dealt with impartially in order to achieve and fulfill the objectives and functions of the Fund.

The President of the Foundation, the General Director and the staff of the Foundation, in the performance of their duties, are obliged to perform them solely in accordance with the objectives of the Foundation and no other authority.

Each member respects the international and non-political nature of this duty and refrains from any attempt to influence any of them in the performance of their duties.

Article 13 Headquarters and offices

The headquarters of the Foundation is located in Istanbul (Republic of Turkey).

The Board of Governors may decide to establish branches in other territories of the member countries.

The members establishing the headquarters will sign Agreements with the host country, which will define the relevant terms, conditions, privileges and immunities.

Article 14 Financial year

The financial year of the Foundation is a calendar year.

Article 15 Communication channel, depositories

Each member must designate an appropriate official body with which the Fund may communicate in connection with any matter arising under this Agreement.

Each member determines its central bank or other state financial institution, which may be agreed with the Fund, as a depository where the Fund can store currency with the member, as well as other assets of the Fund.

Article 16 Auditors and reports

On the recommendation of the Board of Directors and with the approval of the Board of Governors, qualified external auditors with an international reputation registered in one of the member States of the OTG are appointed to audit the Fund's activities for no more than three consecutive years.

The Director General publishes an annual report containing an audited statement of his accounts, and sends to the members of the Fund a summary report on the financial position of the Fund and a report on income and expenses reflecting the results of his activities on a quarterly basis.

The CEO publishes other reports that he deems necessary to achieve his goals, with the approval of the Board of Directors.

The Board of Governors may appoint State auditors to verify the proper use of the Fund's resources and activities.

Article 17 Distribution of net income

At least ten (10) percent of the Fund's annual net income is allocated to general reserves until the total reserve reaches twenty-five (25) percent of the Fund's subscribed capital.

The Board of Governors may decide to allocate an additional amount for the formation of an additional reserve or distribution to members, provided that no part of the net income of the Fund will be distributed among members in the form of profits until the total reserves of the Fund reach the level of 25% of the subscribed capital.

Chapter V OPERATIONS

Article 18 Use of resources, investment and financial principles of the Fund

The resources and funds of the Fund shall be used exclusively to achieve the objectives and perform the functions set out in articles 2 and 3 of this Agreement, respectively.

The investment and financial policies and principles of the Fund are determined by the Board of Directors.

The Fund ensures a fair distribution of investments among the member States of the OTA.

Article 19 Conditions of financing

In carrying out its activities, the Foundation:

a) protects its interests in relation to its financing;

(b) Promotes the well-being of the population of the members of the Member States through economic and social development and the expansion of opportunities for gainful employment;

c) complies with the legislation of the relevant country where the Fund operates and the due process through cooperation with the relevant authorities of the country;

d) determines the priority of projects aimed at supporting the transition to a green economy;

(e) Determines the priority of projects involving beneficiaries from at least two members of the Member States of the TG;

f) adheres to the principles of a free market economy and fair competition.

The Fund pays special attention to regional projects, as well as projects that promote and strengthen economic cooperation between members who are member States of the United Nations.

Article 20 Application of local rules and regulations

Given the regional nature of the Fund, the existence of various laws, regulations and legal procedures in the Member States, the Fund ensures that all financial opportunities provided in any of these countries in any form are covered and protected by the provisions of domestic legislation, so that payments and fees at the request of the Fund should be unhindered. However, all financial mechanisms are based on the rules and regulations approved by the Fund.

Article 21 Review and evaluation

A comprehensive and continuous review of completed projects, programs, and activities funded by the Fund should be conducted to assist the Board of Directors in determining the effectiveness of the Fund in achieving its goals. The CEO conducts this review and reports the results to the Board of Directors.

Chapter VI WITHDRAWAL OF MEMBERS, TERMINATION OF ACTIVITIES AND DURATION OF THE FUND

Article 22 Withdrawal of members

Any member may withdraw from the Fund at any time by sending a written notification to the Fund at its headquarters.

The withdrawal of a member from the Foundation shall take effect and his membership shall terminate on the date specified in his notification, but in no case less than six (6) months after the receipt of such notification by the Foundation. However, at any time before the withdrawal takes final effect, a member may notify the Fund in writing of the cancellation of its notice of intention to withdraw.

Article 23 Suspension of membership

If a member fails to fulfill any of his obligations to the Foundation, the Foundation may suspend his membership. The suspension of membership is carried out by decision of the Board of Governors. Within one year after the suspension of membership, the Board of Governors must review its decision and either restore membership or extend the suspension of such member's membership.

A Member in a state of suspension is not entitled to exercise any rights under this Agreement, with the exception of the right to withdraw, but continues to be responsible for all its obligations.

Article 24 Settlement of accounts upon termination of membership

After the date of withdrawal of a member from membership ("Termination of Membership") he continues to be responsible for his direct obligations to the Fund that arose on that date. He also continues to be responsible for his contingent obligations to the Fund as long as the obligation accumulated before he ceased to be a member remains outstanding. At the time of termination of membership, the Fund shall arrange for the redemption of shares of a member by the Fund as part of settlements with such member in accordance with the provisions of this article. For this purpose, the share repurchase price corresponds to the value indicated in the Fund's books on the date of termination of membership.

Payment for shares repurchased by the Fund in accordance with this article is subject to the following conditions:

(a) any amount owed to a member for its shares is withheld for as long as the member has outstanding obligations to the Fund. Any amount owed to such a member may, at the Fund's option, be applied to any such obligation as it is settled.;

(b) the net amount equal to the excess of the share repurchase price over the total amount of the member's obligations to the Fund is payable within a period to be determined by the Board of Directors after the transfer of the relevant shares.;

(d) if the Fund has incurred losses on any obligation that was outstanding on the date of termination of membership, and the amount of such losses exceeds the amount of the reserve provided for in case of losses on the date of losses, the member concerned must, upon request, reimburse the amount by which the share repurchase price would have been reduced if the losses had been taken into account pay attention when determining the repurchase price.

If the Foundation ceases to operate in accordance with article 23 of this Agreement within six (6) months from the date of termination of membership, all rights of the member concerned shall be determined in accordance with the provisions of articles 27 and 28. Such a member is still considered a member for the purposes of such articles, but has no voting rights.

Article 25 Temporary suspension of operations

The Board of Directors may propose to temporarily suspend the Fund's activities in respect of all investments in emergency situations. He shall convene the Board of Governors for an extraordinary meeting to consider the matter and make a decision in this regard.

If a member does not make payments of its authorized capital to the Fund, the Fund must notify the member no later than fifteen (15) days after the due date of payment. If a member fails to make such payment within ninety (90) days of notification, no new investments from the Fund's funds will be made in the territory of such member until such payment is made.

Article 26 Duration of the Fund

The Foundation is valid for twenty (20) years from the date of the founding meeting. The Board of Governors may decide to terminate or extend the term of the Fund at any time.

In the event that the Board of Governors decides to terminate the Fund's activities, the Fund must immediately cease all activities, except those related to the orderly sale, preservation and preservation of its assets and the repayment of its obligations.

Until the final settlement of such obligations and asset allocation, the Fund continues to exist, and all mutual rights and obligations of the Fund and its members remain unchanged.

Article 27 Liability of members and claims payments

In the event of termination of the Fund's activities, the members' liability for the unpaid portion of the Fund's subscribed capital remains until all creditors' claims, including all contingent claims, are satisfied.

All creditors with direct claims on obligations are the first to receive payments from the fund's assets, and then from payments to the Fund for unpaid subscriptions. Before making any payments to creditors with direct claims, the Board of Directors should take such measures as, in its opinion, are necessary to ensure a proportional distribution between holders of direct and conditional claims.

Article 28 Asset allocation

No distribution of assets among members is made against their contributions to the Fund's capital until all obligations to creditors are fulfilled or secured. Such allocation is approved by the Board of Governors.

Any distribution of the Fund's assets among members should be proportional to the capital held by each member and should be carried out on such dates and on such terms as the Fund considers fair and equal, giving priority to contributors. The share of assets to be distributed does not have to be the same depending on the type of assets. No member is entitled to receive his share in such asset allocation until he has paid off all his obligations to the Fund.

Any member receiving assets distributed in accordance with this article shall enjoy the same rights in respect of such assets as the Fund enjoyed prior to the distribution.

Chapter VII STATUS, IMMUNITIES AND PRIVILEGES

Article 29 Legal status

The Fund has the status of an international financial organization.

The Foundation has full legal personality and full legal capacity to: a) conclude contracts;

(b) To acquire, lease and dispose of immovable and movable property in accordance with national legislation;

c) acquire and dispose of tangible and intangible assets;

(d) Initiate legal proceedings;

e) carry out any operations within the framework of the objectives of the Fund.

Article 30 Immunities, privileges and tax exemption

The Fund and its assets shall enjoy immunity in the territory of the participating States from all measures of confiscation, as well as from sequestration, moratorium or any form of seizure by decision of the executive or legislative authorities.

The Fund and its assets, property, income and related transactions, including goods and vehicles imported for official use, are exempt from all direct and indirect taxes, customs duties, payments and expenses, except fees for storage and similar services.

Such exemptions in respect of customs duties will be granted in accordance with the international obligations of the members, which do not prevent or lead to any exceptions from the above-mentioned exceptions.

The Member States do not impose any restrictions on currency conversion and transactions related to the receipt, storage, use or transfer of money by the Fund or any of its other beneficiaries in any of the Member States. Regular requirements to provide documents and information about such transactions are not considered as restrictions.

Notwithstanding the above, the exceptions specified in this article do not apply to any legal entity or enterprise in which the Fund invests.

The Fund enjoys immunity from any legal process, except in cases arising from or for the purchase and sale, or securing the sale of securities, in which cases lawsuits may be filed against the Fund in a court of competent jurisdiction in the territory of the member in which the Fund's headquarters are located, or in any country where the Fund has appointed an agent. for the purpose of obtaining services or notifying about the process, either issued or guaranteed securities.

The President, all governors and directors, as well as their deputies, the Director General, and professional staff, including experts carrying out the mission of the Foundation, enjoy immunity from legal proceedings in respect of actions in the performance of their official duties in all members, with the exception of their own State, and when the Foundation waives immunity.

The Fund may, at its discretion, waive any privileges, immunities and exemptions granted under this article in any other cases or circumstances, in such manner and under such conditions as the Fund may deem appropriate in the best interests of the Fund.

Article 31 Inviolability of archives

The archives of the Foundation and, in general, all documents belonging to it or stored in it, are inviolable wherever they are located.

Chapter VIII AMENDMENTS AND ARBITRATION

Article 32 Introduction of amendments

Amendments may be made to this Agreement, which are approved by a unanimous decision of the Board of Governors and formalized in a separate protocol.

Any proposal to amend this Agreement, regardless of whether it comes from a member or the Board of Directors, must be brought to the attention of the Chairman of the Board of Governors, who must submit the proposal to the Board of Governors. When the amendment is accepted, the Foundation certifies this in an official message addressed to all members.

The amendments are an integral part of this Agreement and will enter into force for all participants three (3) months after the date of the official notification, unless otherwise specified by the Board of Governors.

Article 33 Language

The working language of the Foundation is English.

Article 34 Interpretation

Any issues arising between the members and the Foundation related to the interpretation or application of the provisions of this Agreement are submitted to the Board of Directors for decision.

In any case, when the Board of Directors has made a decision in accordance with the first paragraph, any interested party may request that the matter be referred to the Board of Governors, whose decision is final. Until a decision is made by the Board of Governors, the Fund may act on the basis of a decision of the Board of Directors to the extent it deems necessary.

Article 35 Arbitration

Disputes arising between the Foundation and members and/or former members of the Foundation are resolved, if possible, by the interested parties through negotiations and consultations. Disputes concerning taxation are resolved by the Board of Governors. The decisions of the Board of Governors on disputes related to taxation are final.

If such disputes, with the exception of those related to taxation, have not been resolved through negotiations and consultations within at least 3 (three) months from the date of their occurrence, they are referred to arbitration consisting of 3 (three) arbitrators, one of whom is appointed by the Foundation, the other by the relevant member or former member of the Foundation, and The third, unless the Parties agree otherwise, is the President of the International Court of Justice. When choosing a third arbitrator, the appointed arbitrators are guided by the rule that he should not be a national of the State involved in the dispute. When resolving a dispute, the arbitrators are guided by the UNCITRAL Arbitration Rules, taking into account the public law nature of the dispute. The language of arbitration is English.

The decision of the arbitrators is final and binding on the parties to the dispute.

Chapter IX FINAL PROVISIONS

Article 36 The Depositary

The original of this Agreement in a single copy in Azerbaijani, Kazakh, Kyrgyz, Turkish, Uzbek and English languages shall be deposited with the Secretariat of the OTG (the "Depositary").

Article 37 The inaugural meeting

Upon entry into force of this Agreement, each member will appoint a governor, and the President of the Foundation will convene the inaugural meeting of the Board of Governors.

At the inaugural meeting:

i. The members of the Board of Directors of the Fund are appointed and selected in accordance with Article 9.;

ii. Arrangements are being made to determine the date on which the Fund will begin its activities;

iii. The first Director General shall be appointed in accordance with article 11 of this Agreement.

The Foundation notifies all members of the start date of its activities.

Article 38 Ratification, acceptance, duration, entry into force, etc.

This Agreement is subject to ratification, acceptance or approval by the members of the Foundation.

This Agreement shall enter into force on the thirtieth day after the receipt through diplomatic channels of the last written notification from the depositary on the completion by the founding members of the internal procedures necessary for its entry into force.

This Agreement is open for accession by any member State of the TG, which is not a founding member, by submitting its instrument of accession to the depositary.

This Agreement is open for accession by any other State by submitting its instrument of accession to the depositary after approval by the Board of Governors.

In respect of the acceding State, this Agreement shall enter into force on the thirtieth day after the receipt by the depositary through diplomatic channels of its instrument of accession.

The instruments of ratification, acceptance, approval or accession deposited in accordance with this Agreement shall indicate the number of shares of the initial share capital of the Fund to which such a member is joining, as provided for in Article 5 of this Agreement. The Depositary shall duly notify all members of each deposit, its date and the number of subscribed shares.

In witness whereof, the undersigned, being duly authorized thereto, have signed this Agreement.

Done in _________ __________ 2023 in one original copy in Azerbaijani, Kazakh, Kyrgyz, Turkish, Uzbek and English, with all texts having the same authenticity. In case of discrepancies between the texts of this Agreement, the English text shall prevail.

For the Republic of Azerbaijan

For the Republic of Kazakhstan

For the Kyrgyz Republic

For the Republic of Turkey

For the Republic of Uzbekistan

APPENDIX 1 to the Agreement on the Establishment of The Turkic Investment Fund

The Fund's capital

State

Number of initial shares

Total nominal value of the paid share

Total nominal value of the attracted share

The Republic of Azerbaijan

2,000

70,000,000 USD

30,000,000 US dollars

Republic of Kazakhstan

2,000

70,000,000 USD

30,000,000 US dollars

Kyrgyz Republic

2,000

70,000,000 USD

30,000,000 US dollars

Republic of Turkey

2,000

70,000,000 USD

30,000,000 US dollars

Republic of Uzbekistan

2,000

70,000,000 USD

30,000,000 US dollars

APPENDIX 2 to the Creation Agreement The Turkic Investment Fund

Subscription

State

Initial payment (USD)

Term

Down payment (USD)

Second installment (USD)

Third installment (USD)

The Republic of Azerbaijan

5,000,000