TIPOTOKOJI MINUTES

BHEO"llEPE,IUlOrO OEIIJ,ErO COEP AHIDI OF ANNUAL GENERAL MEETING OFAKII;HOHEPOB SHAREHOLDERS OF

AO «XoMHHr KA33KCIIOPTACTbIK» JSC «Holding KAZEXPORTASTYK»

(nanee - «06IIl,eCTBO») (hereafter the Company)

Mecronaxoxoieaae llCnOJImHeJJbHOrOoQraHa Location of the executive body of the ComQany:06IIl,eCTBa:

-

YJIHu:aDrsrpap 111,AmtaTHHCKHii paaon,111Otyrar street, Almaty district, 010000,010000, ACTaHa, Pecny6JIHKa Kasaxcran.Astana, Republic of Kazakhstan.

Mecro nQoBe)J,eHIDI3aCe,lJ,aHIDI:Venue of the meeting:

YJIHu:aO'rsrpap 111,AJiMaTIIHCKHiipaaon,111Otyrar street, Almaty' district, Astana,010000, ACTaHa, Pecny6JIIIKa Kasaxeran.Republic of Kazakhstan.

]laTa "QOBe,lJ,eHIDIsacenanna:Date of the lIleeting:

10 IIIOHH,2015 r.10 JUNE, 2015.

BQeMH"QoBe)J,eHIDI3ace)J,aHIDI:10:00Time of the meeting: 10:00

IIpIICYTCTBYlOmHe:Attendees:

Ofimee KOJIHqeCTBOnepacarenea ronocyiomnxTotal number of holders of voting shares - 2,aKu:uii - 2, xoropsre "PllCyrCTByIDTIIJJll

"pe,lJ,OCTaBJIeHblaa cotipaana: which present or represented at the meeting:

• r -HMOJI~a6eKoB PYCJIaH- 44,6828%rOJJOcyIDlIl,llXaK~Iill; • Mr. Ruslan Moldabekov - the owner of 44.6829• r -ma IIyqHIIHa HIIHa AJIeKCeeBHa- BJJa)J,eJIe~ % voting shares;

46,6504 % rOJIOCYIOrn;HXaKIV'lli,rrpe,ll,OCTaBJIeHHbIX)J,HpeKTopoMTOO «Hnnecrmmomraa KOMrraHliHAIlK»;

• Mr. Kasabekov M.A. - General director;• Mr. Kaliyev E.M. - Lawyer

aKD:HOHepOB

• Puchnina Nina Alekseevna - the owner of46,6504 % voting shares, represented by itsDirector - Puchnina Nina Alekseevna;

IIpe,ll,CTaBJIeHHbIeaxnnonepsr BJIa,ll,eIOT91.3 %rOJIOCyIOrn;HXaKl(Hll.

Represented shareholders own 91.3 % votingshares.

YKa:3aHHbIe axnaonepsi HBJIHIOTCHOCHOBHbIMHaKU;HoHepaMHOfimecrsa.

The specified shareholders are major shareholdersof the Company.

06ID:ee KOJlUqeCTBO rOJlocYlOlD:UX aKD:U"COCTaBJlHeT430 527, qTO rrpe,ll,CTaBJIHIOTC060H430 527 rOJIOCOB. The total quantity of voting shares is 430 527

items, which represent 430 527 votes.

JIHu;a,npnrnanrennsre na cofipanae:

napexropa;•r-HKaJIHeBE.M. - IOPHCT;

• r-H Kacafiexon M.A. - D.o. I'enepansuoroInvitees at the meeting:

KBOPYM ofiureroCOCTaBUJI91.3 %.

co6paHUH Quorum of the general meeting of shareholderswas 91.3 %.

DbIJIOnpennoaceno: OTKpbITbcofipanae. It was proposed to: open the meeting.

rOJIOCOBaHlleOTKpbITbIMcnocofioxr npomno no Open voting took place according to the principlenpammny «y xaxcaoro axnaoaepa O,ll,HHrOJIOc»: «each shareholder has one vote»: «affirmatively» -«sa» - 2 rOJIOca, «rrporna» - HeT, 2 votes, «negatively» - no, «abstained» - no.

The general meeting of shareholders of JSCOfimee coopanne aKU;HOHepOBAO «Xonznnrr «Holding KAZEXPORT ASTYK» was consideredKA33KCIIOPTACT1IK» rroc-rararnr OTKpbITbIM. as open.

Ilpencenarens COBeTa,ll,llpeKTOpOBOfintecrsa - r- Chairman of the board of directors of the CompanyH PYCJIaH MOJI,ll,a6eKOB06'bHBllJI 0 TOM, qTO - Mr. Ruslan Moldabekov announced that it isHe06xo,ll,llMOBbI6paTb Ilpencenarens IICexperapa necessary to elect Chairman and Secretary of thecotipanaa. meeting.

rOJIOCOBaHllenpounro rro npnnuany: «y xazcnoro Voting took place according to the principle: «eachaKD:HOHepaO,ll,HHrOJIOc». shareholder has one vote».

DbIJIO npennoaceno BbI6paTb r-aa PYCJIaHa It was proposed to elect Mr. Ruslan Moldabekov asMOJI,ll,a6eKOBaBxa-recrse Ilpezicenarena. a Chairman.

)J,pyrHXnpeztnozceaaii He nocrynano. There were no other proposals.

«sa» - 2 rOJIOca; "affirmative" - 2 votes;

HTorH rOJIOCOBaHHH: Vote returns:

«npOTHB» - BET; "negatively" - NO;

«B03AepiKaBIDHeCH»- BET; "abstained" - NO.

Cornacno pe3YJIbTaTaM fOJIOCOBaHlUlr-a PYCJIaH According to the results of the voting Mr. RuslanMOJIAa6eKOB6blJI m6paH Ilpenceztarenea ofimero Moldabekov was elected as Chairman of the generalcotipaaaa aKll,HOHepOBOfiurecrna. meeting of shareholders of the Company.

OblJIOnpe.D.JIO)KeHOH36paTb r-na KaJIHeBa E.M. B It was proposed to elect Mr. Kaliyev E.M. asxasecrse Cexperapa co6paHH5I.. Secretary of the meeting.

COCT05l.JIOCbOTKpbITOefOJIOCOBaHHe: Open voting took place:

HTorH rOJIOCOBaHHH: Vote returns:

«sa» - 2 rOJIOca; "affirmative" - 2 votes;

«npOTHB» - BET; "negatively" - NO;

«B03AepiKaBIDHeCH»- BET; "abstained" - NO.

Cornacno pe3YJIbTaTaMfOJIOCOBaHH5I.KaJIHeBE.M. According to the results of the voting Kaliyev E.M.6blJI BbI6paH Bxanecrse Cexperapa c06paHH5I.. was elected as Secretary of the meeting.

Ilpencenarens c06paHH5I. - r-a PYCJIaH Chairman of the meeting - Mr. Ruslan MoldabekovMOJI.ll.a6eKOB npoHH<popMHPOBaJI informed the attendees that according to the articlenpHcYTcTByIDIll,HX,qTOCOfJIaCHOcrarse 46 3aKOHa 46 of the Law of the Republic of Kazakhstan «OnPecny6JIHKH Ka3aXCmH «06 aKll,HOHepHbIX Joint-Stock Companies» where shareholder'sofiutecraax», rne KOJIHqeCTBO aKll,HOHepOB number in the company is less than one hundred,Ofimecrsa MeHbllle CTa, <PYHKll,HHCqeTHOH functions of returning board are performed byKOMHCCHHBbInOJIH5I.lOTC5I.Cexperapexr ofirnero Secretary of the general meeting of shareholders.c06paHH5I. aKll,HOHepOB. OH npennozcnn He suggested authorize the Secretary of theyrIOJIHOMOqHTb cexperapa c06paHH5I meeting to carry the function of returning board.ocymeCTBJI5ITb<PYHKll,HJOCqeTHOHKOMHCCHH.

PyCJIaH MOJI.ll.a6eKoB:MMeJOTC5IJIH KaKHe-JIH6o6 Ruslan Moldabekov: Are there any objections atB03pa)KeHlUl na co paHHH aKll,HOHepOB no

nanenemno Cexperapa co6paHH5I. - r-na KaJIHeBa the meeting of shareholders on authorizingSecretary of the meeting - Mr. Kaliyev E.M withE.M. <PYHKll,H5I.MHCqeTHOHKOMHCCHH?functions of the returning board?

B03pa)KeHHHHe nocrynano.There were no objections.

r-» PYCJIaH MOJI.ll.a6eKOB nOCTaBHJI HafOJIOCOBaHHenpennoacenae no ocymeCTBJIeHHlO<PYHKll,HHCqeTHOHKOMHCCHHCexperapexr ofimeroC06paHH5IaKll,HOHepOB- f-HOMKaJIHeBbIME.M.

Mr. Ruslan Moldabekov put to vote a proposal onperforming functions of the returning board bySecretary of the general meeting of shareholders -

rOJIOCOBaHl'le OTKpbITbIM cnocofiosr rrpOIIIJIO rronpaaunny «O)J,HaaKlJ,IDI- O)J,HHrOJIOc»:

Mr. Kaliyev E.M

Open voting took place according to the principle«one share-. one vote»:

IITorH f"OJIOCOBaHHH: Vote returns:

«sa» - 430 527 rOJIOCOB;

«npOTHB» - HET;

«B03)J,epiKaBmHeCH»- HET;

"affirmative" - 430 527 votes;

"negatively" - NO;

"abstained" - NO;

Ha 06IlJ,eMc06paHHH aKlJ,HOHepOB6bIJIOBbI6paHo At the general meeting of shareholders open votingOTKpbITOe rOJIOCOBaHHe, rne rOJIOCOBaHHewas elected, where voting was according to thenpoxozmno rro rrplfHlJ,Hrry «O)J,HaaKlJ,IDI- O)J,HH principle «one share - one vote»: «affirmatively» -rOJIOc»: «sa» - 430 527 rOJIOCOB,«rrporna» - HeT, 430527 votes, «negatively» - no, «abstained» - no.«B03)J,ep:II<aBIIIlfeC5l»- HeT.

nbIJIO pemeno: B03JIO)KlITb <PYHKlJ,lfHCqeTHOHKOMliCClilina Cexperapa c06paHIDI axnaonepoa -r-na Kanaesa E.M.

IIOBECTKA ,l1.IDI:

l.Bnecetrae li3MeHeHlfHBCOCTaBCOBeTa)J,lipeKTOpOB06IlJ,ecTBa.2. B CB5I3HC nocryrmanrav 3a5lBJIeHlfeM OT3JIbneplfHa M.M., 0 CJIO)l(eHHlf C ce651nOJIHOMOqlfHHe3aBlfClfMoro )J,lfpeKTopa qneHaCOBeTa )J,lfpeKTOpOB,nOBeCTKa )J,H5I)J,orrOJIH5IeTC5IBonpocoM 0 )J,OCPOqHOM rrpeKpaIlJ,eHlilfnOJIHOMOqlfH qneHa3JIbrreplfHa M.M.

COBeTa )J,lipeKTopOB

It was resolved: to put functions of the returningboard on Secretary of the meeting of shareholders -Mr. Kaliyev E.M

AGENDA:

1. Changes to the Board of Directors of theCompany.

2. In connection with the applications receivedfrom Elperin MMabout resignation ofindependent director member of the Board ofDirectors, the agenda is complemented by theissue of early termination of office of a memberof the Board of Directors MM Elperin

IITorH rOJIOCOBaHHH: The voting was open:

«sa» - 430 527 rOJIOCOB;

«npOTHB» - HET;

«B03)J,epiKaBmHeCH»- HET;

"affirmative" - 430 527 votes;

"negatively" - NO;

"abstained" - NO;

PEllHJIH: DECIDED:

Course of session

f-H PYCJIaH MOJI)J,a6eKoB nocrasan Ha

Ruslan Moldabekov: It is necessary to approve theregulations on the meeting; it is proposed to setfollowing time limits:

IIoBecTKa )J,IDIC )J,orrOJIHeHIDIMHH H3MeHeHIDIMH, The amended agenda proposed at the generalrrpe)J,JIO)l(eHHa51 na 06Il1,eM c06paHHH 6bIJIa meeting was approved unanimously.0)J,06peHa e)J,HHomaCHO.

PYCJIaH MOJI)J,a6eKoB: He06xo)J,HMo 0)J,06PHTbpernaaenr 0 c06paHHH; npennaraercs YCTaHOBHTbCJIeeylOIlI,He speaenasre HOPMbI:

• )J,JI5IrryHKTOBrrOBeCTKH)J,IDI-)J,O 10 MHHYT;• )J,JI5I)J,e6aToB - )J,O5 MHHYT. • for the items of agenda - up to 10m inutes;

• for debates - up to 5 minutes.

rOJIOCOBaHHerrpe)J,JIO)l(eHHbII1pernasretrr. Mr. Ruslan Moldabekov put to vote the proposedregulations.

HTorH rOJlOCOBaHHSI: The voting was open:

«sa» - 430 527 rOJlOCOB, "affirmative" - 430 527 votes;

«npOTHB» - HET; "negatively" - NO;

«B03AepiKaBIDHecSI»- HET; "abstained" - NO;

Pernasterrr 6blJI rrpHIDITe)J,HHomaCHO. The regulations were accepted unanimously.

nbIJIOpeureno npoaonars cotipanae 6e3 nepepsma. Itwas resolved to hold the meeting without a break.

H.o. Teaepansnoro zmpexropa r-H KacafiexosM.A. ssrcryrran C peqbIO no nepBoMY BonpocynOBeCTKH AHSI. fJIaBHbIM YCJIOBHeMKOBeHaHT,cO)J,ep)l(aIll,HXC5IB Ilpocnexre BbIIIycKa06JIHraIJ,HI1H H3MeHeHIDIX K HeMY rrpH CJIO)l(HBllIHXC5I06CT05lTeJIbCTBaX 51BJI5IeTC5I 06513aTeJIbHOenaxoacneane B COCTaBe C,l.( rrpe)J,cTaBHTeJI5Inepacareneti 06JIHraIJ,HH.

General Director Mr. Kassabekov Muratbekdelivered a speech on the first item of agenda.

Mr. Kassabekov Muratbek The main condition ofthe covenants contained in the Prospectus of theIssue and amendments thereto under thecircumstances IS mandatory presence ofbondholder's representative 10 the Board ofDirectors.

B CB5I3HC 3aKJIlOQeHHeMMe)l(,lJ,yAO «XOJIHHrKA33KCIIOPTACTbIK» H AO «BCCInvest»norosopa I1,[(O .N214-14 OT«08» 51HBap512015 rona,a raiose )J,orrOJIHHTeJIbHOrOcornameaas KHeMYOT

In connection with the conclusion between JSC"Holding KAZEXPORTASTYK» and JSC«BCCInvest» N214-14 contract PD~ from the"08" in January 2015 and the additional

«01» MapTa 2015 rona AOKA33KCIIOPTACT1IK» 06513yeTc~

«XOJI,lJ,HHr agreement to it from the "01" in March 2015BBeCTH B godaAO "Holding KAZEXPORT ASTYK" is

obliged to enter in the Council Directorsrepresentative of bondholders. Due to the abovestated it is necessary introduce to the Board ofDirectors Kyshpanakov VA

«sa» - 430 527 rOJlOCOB, "affirmatively" - 430 527 votes;

COCTaB COBeTa ,lJ,HpeKTOpoB rrpe,lJ,CTaBHTe~,lJ,ep)KaTeJIeH06J1HrauwH. B CB~3H C BbIIIIeH3JIO)KeHHbIMHe06xo,lJ,HMOBBeCTHBCOCTaBCOBeTa,lJ,HpeKTOpOBMIIImaHaKoBa B.A.

,ll;pymx rrpe,lJ,JIO)KeHHHHe nocrynano. Other proposals have been received.

IIocJIe 06cy)K,1J,eH~ aananocs r0JIOCOBaHHeKaCaTeJlbHOnpeztnoacemra r-na Kacafiexosa M.A.ua c06paHHH.fOJIOCOBaHHe6bIJIOOTKpbITbIM:

After discussion began voting on the proposal ofMr. MA Kasabekova at the meeting. Voting wasopen:

HTorH rOJlOCOBaHHH: Vote returns:

«sa» - 430 527 rOJlOCOB, "affirmatively" - 430 527 votes;

«nporan» - HET; "negatively" - NO;

"abstained" - NO;

PEllHJIH: DECIDED:

BBecTH B COCTaB COBeTa ,11.HpeKTopoB Introduce to the Board of Directors06~ecTBa Ksnnnaaaxoaa B.A., B xasecrae Kyshpanakov V.A.He3aBHCHMoronnpexropa

H.o. Teneparrsuoro ,lJ,HpeKTOpar-n KacafiexosM.A. nsrcrynan c pe-mo no BTOPOMYBonpocynOBeCTKH P;HH, B CB~3H C nocrynasuraa3MBJIeHHeM3a~BJIeHHeM0 ,lJ,OCPOqHOMCJIO)KeHHHrrOJIHOMOqHH He3aBHCHMoro napexropa3JIbITepHHa M.M., OT 09.06.2015 rona HarOJIOCOBaHHeBbIHOCHTC~sorrpoc 0 ,lJ,OCPOqHOMnpexpauieuaa rrOJIHOMOqHH3JIbrrepHHaM.M.

General Director Mr. Kassabekov Muratbekdelivered a speech on the first item of agenda. inconnection with the applications receivedapplications for early resignation of independentdirector Elperin M.M., 09.06.2015. On the questionof voting shall be made for the early termination ofpowers Elperin MM

Other proposals have been received.,ll;pymx rrpe,lJ,JIO)KeHHHHe nocrynano.

IIocJIe 06cy)K,1J,eH~ nananocs rOJIOCOBaHHeKaCaTeJIbHOnpe,lJ,JIO)KeH~r-na Kacafiexosa M.A.na c06paHHH.fOJIOCOBaHHe6bIJIOOTKphlTbIM:

After discussion began voting on the proposal ofMr. MA Kasabekova at the meeting. Voting wasopen:

HTorH rOJlOCOBaHHH: Vote returns:

«npornn» - BET; "negatively" - NO;

«Bo3AepiKaBmUeCSI»- BET; "abstained" - NO;

DECIDED:PEmHJIH:

OCBo6oAUTb OT 3aHUMaeMoii AOJIiKHOCTU­He3aBUCUMoro napeicropa 3JIbnepUHa M.M.,na OCHOBaHUU3aHBJIeHUH nocrynanurero OT09.06.2015 r.

Release from the post of independent directorElperin MM, based on his application dated09.06.2015.

,n;pymx rryHKTOBB I10BecTKe ,lI;IDIHe 6bIJIO.Ha3TOMOfimee cofipaaae 6bIJIOsaxpsrro.

AKguoHepbI KOTopbIe BJIal!eIOTl!eCHTblOUJIU60JIee n 0 eHTaMUrOJIOC06meCTBa:

PYCJIaHMOJIAa6eKoB

,[I;upeKTOp

TOO «IIHBecTuu;uoHHaH KOMnaHuH AIIK»

There being no further items in agenda. Here on theGeneral Meeting is closed.

Chairman of the Meeting:

Ruslan Moldabekov

The Secretary of the Meeting - Returningboard:

Kaliyev Yerme~ --

Shareholders that own ten or more percent ofvoting shares of the Company:

Ruslan Moldabekov

Director of

LLP «Investment Company APK»