SCHEDULE 1

(1) In these Rules the following definitions apply, unless the context requires otherwise:

Authorised Investment Exchange has the meaning set out in the AIFC Glossary.

CSD means a central securities depository which operates a securities settlement system, which may be a foreign central securities depository established in a third country (i.e. outside of the AIFC and the Republic of Kazakhstan);

Governing Law of the CSD means the governing law of the jurisdiction in which a CSD is incorporated, without regard to conflict of law principles.

Issuer means the Ministry of Finance of the Republic of Kazakhstan.

Nominee means a nominee company wholly owned and/or controlled by a CSD, which holds legal title to dematerialised securities on behalf of the CSD in order to facilitate the safekeeping and settlement of such securities by the CSD.

Omnibus Account means a nominee account that is established for the benefit of multiple beneficial owners.

Participant means any entity which has entered into an agreement to participate in a CSD on the terms and conditions set out in the internal rules of the CSD.

Registrar means a company incorporated in the AIFC which is appointed by the Issuer to establish, maintain and keep the register of the

Sovereign Bonds in the AIFC. Sovereign Bonds means debt securities issued by the Issuer, registered on the books of the Registrar and included on the Official List of Securities of an Authorised Investment Exchange.

(2) Any capitalised terms used, but not defined in these Rules shall be construed in accordance with the acts of the AIFC, unless the context requires otherwise.