The Chairman of the Board of Directors of the Fund is the Prime Minister of the Republic of Kazakhstan. Under the Regulations on the Board of Directors, the Chairman of the Management Board of the Fund cannot simultaneously hold the position of Chairman of the Board of Directors of the Fund or be a member of the Board's committees.

The Board of Directors is a management body accountable to the Sole Shareholder and provides strategic leadership and oversight of the Management Board's activities. The Board of Directors ensures implementation of the Corporate Governance Code, considers strategic matters of sustainability, and approves the Sustainability Report.

Members of the Board of Directors are elected for a term of up to three years, with the option of re-election for a further term of the same length, subject to a satisfactory performance review.

In the reporting period, the Board of Directors considered matters of strategic oversight, risk management and internal control, including reports from the Chairman of the Management Board with operational data on production and financial indicators, support measures for domestic producers, and R&D development.

The agenda also included consolidated reports on critical risks, including risks associated with delivering large investment projects, liquidity, cyber risks, production-safety risks, and social and reputational risks. The Board of Directors also reviewed the Annual Report and the Sustainability Report.

The Fund's Board of Directors is composed of the Chairman of the Board of Directors and members elected by the Sole Shareholder of the Fund.

The General Meeting of Shareholders of portfolio companies elects members of the Board of Directors on the basis of transparent procedures, taking into account candidates' competencies, skills, achievements, business reputation and professional experience. In accordance with the Fund's Corporate Governance Code, the following are taken into account when selecting Board candidates:

• experience in senior management positions;
• experience as a Board member;
• length of service;
• education and specialism, including international certifications;
• competencies in relevant areas and industries (industries may vary depending on the asset portfolio);
• business reputation;
• absence of any direct or potential conflict of interest upon election to the Board.

Compliance functions of the Fund Group provide opinions on whether candidates¹⁰ for the management bodies of portfolio companies meet the independence criteria¹¹ and on the absence of any affiliation and conflict of interest before they are added to the list of candidates for election to Boards of Directors or Supervisory Boards.

In accordance with the Fund's Corporate Governance Code, the recommended share of independent directors on the Board of Directors is up to 60% of the total number of members.

The management of conflicts of interest at Board level is governed by the Corporate Governance Code and the Conflict of Interest Resolution Policy. Members of the Board of Directors declare conflicts of interest upon assuming office and on a regular basis thereafter. Where a conflict exists, the Board member does not vote on the relevant matter, and this is recorded in the minutes of the meeting.

In 2025, no changes were made to the remuneration policy for members of the Board of Directors and the Management Board.

Members of the Board of Directors continually update their knowledge, including in current Republic of Kazakhstan legislation, corporate governance, risk management, finance and audit, and sustainable development. The Fund has Rules on the Professional Development of Board Members in place.

We annually evaluate the performance of the Board's committees, its Chairman and members in accordance with the Regulations on the Performance Evaluation of the Board of Directors.

The Board's performance review allows us to determine the contribution of the Board and its individual members to long-term value growth and the Fund's sustainable development, and to identify areas for improvement and develop appropriate recommendations.

The Fund applies both self-assessment and assessment with the involvement of an independent consultant to enhance objectivity and quality. Assessment involving an independent consultant is conducted at least once every three years. The results of the assessment are taken into account in decisions on the re-election or early termination of the powers of Board members.

In 2025, a self-assessment of the Fund's Board of Directors for the year 2024 was conducted through a questionnaire of the members of the Board, its committees and the Corporate Secretary's Service.

Detailed information is provided in the Annual Report, in the "Evaluation of the Board of Directors` Performance" section.