Extract from Minutes No.20/14 dated 29 April 2014

English

 

On 29 April 2014 a meeting in absentia of the Board of Samruk-Kazyna Sovereign Wealth Fund (Minutes No. 20/14) was held. The following decisions were taken at the meeting:

1. Take note of the information on implementation by the Company of the decisions taken at the previous meeting.

2. Take note of the information on meeting by the Company's of the expectations of the Sole shareholder.

3. Take note of the information on the progress of the Annual Action Plan on implementation of the Fund Development Strategy for 2012-2022 and long-term strategy of the Company.

4. Take note of the information on the progress of the Development Plan of the Company for 2013.

4.2 Take note of the parameters of the amended Development Plan of the Company for 2014-2018.

4.3 The Board of Directors was recommended to instruct the management of the Company to implement the following activities in 2014:

4.3.1 Correlate the spending growth to increase in revenues;

4.3.2 Take measures to improve the financial stability of the Company;

4.3.3 Ensure the growth of EVA and the value of the Company measured in accordance with the Company value assessment procedure, approved by the Board of Directors of Samruk-Kazyna No. 102 dated 12 December 2013.

5. Take note of information on the progress of investment projects of the Company.

6. Take note of information on Remuneration of the members of the Board of Directors and the Management Board and the achievement of motivational KPIs. Instruct the Company's Board of Directors to take measures to achieve strategic and motivational KPIs by the Company's Management Board members in 2014.

7. The Management Board of the Company shall resume the Company's efforts to enter on the stock market under the People's IPO Programme in accordance with the attached action plan.