Joint Stock Co Kaspikz

Except where the context otherwise requires or where otherwise indicated, the terms “Kaspi.kz,” “Kaspi,” the “Company,” “we,” “us,” “our,” “our company” and “our business” refer to Joint Stock Company Kaspi.kz, in each case together with its consolidated subsidiaries as a consolidated entity.

All references in this annual report to “tenge,” “KZT” or “₸” are to the Kazakhstan tenge and to “dollar,” “USD” or “$” are to the U.S. dollar.

All references in this annual report to the “Commission” or the “SEC” are to the United States Securities and Exchange Commission, to the “Exchange Act” are to the U.S. Securities Exchange Act of 1934, as amended, and to the “Securities Act” are to the U.S. Securities Act of 1933, as amended.

All references to “Kazakhstan” are to the Republic of Kazakhstan, to the “NBK” are to the National Bank of the Republic of Kazakhstan, to the “ARDFM” are to the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and to “Qazstat” are to the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan.

With respect to our business and operations, all references to:

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“Active Merchants” are to the total number of merchant stores that completed at least one sale of goods or services, or a transaction to or with a consumer, during the prior 12 months;

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“APMs” are to automated parcel machines;

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“Average Balances on Current Accounts” are to the average monthly total balance of Payments Platform’s accounts (including Kaspi Pay and Kaspi Gold accounts) for the respective period;

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“Average DAU” are to average daily active users, which we define as the monthly average of the daily number of users with at least one discrete session (visit) in excess of 10 seconds on the Kaspi.kz Super App in the last three months of each relevant period;

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“Average MAU” are to average monthly active users, which we define as the monthly average number of users with at least one discrete session (visit) in excess of 10 seconds on the Kaspi.kz Super App in the last three months of each relevant period;

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“Average DAU to Average MAU ratio” are to the ratio of Average DAU to Average MAU for the same period;

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“Average Net Loan Portfolio” are to the average monthly balance of the Fintech net loan portfolio for the respective period;

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“Average Savings” are to the monthly average of customer accounts, which consists of total deposits of individuals and legal entities, for the respective period;

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“B2B” are to business-to-business;

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“BNPL” are to buy-now-pay-later;

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“Cost of Risk” are to the total provision expense for loans divided by the average balance of gross loans to customers for the same period (see “Selected Statistical Information— Distribution of Assets, Liabilities and Equity”);

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“Delinquency rate” are to the share of loans that were not delinquent in the previous month but missed their current due date;

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“Fintech Active Consumers (deposits)” are to the total number of consumers that had a deposit for at least one day within Fintech during the prior 12 months;

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“Fintech Active Consumers (loans)” are to the total number of consumers that received at least one financing product within Fintech during the prior 12 months;

(1)

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“Fintech Yield” are to the sum of Fintech interest income on loans to customers and Fintech fee revenue divided by Average Net Loan Portfolio;

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“First payment default rate” are to the share of loans where borrowers failed to pay the first payment under their loan agreements;

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“Government Services” are to services offered through our GovTech platform;

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“Kaspi Bank” are to Kaspi Bank JSC;

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“Kaspi Cloud” are to Kaspi Cloud LLC;

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“Kaspi Office” are to Kaspi Office LLC;

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“Kaspi Pay” are to Kaspi Pay LLC;

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“Kaspi Shop” are to Kaspi Shop LLC;

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“Kaspi Travel” are to Kaspi Travel LLC;

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“Kolesa” are to Kolesa JSC;

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“Loss rate vintages” are to expected loss rate of portfolio originated in specific quarter or month as a combination of actual NPL as of reporting date and expected recovery of NPL based on statistics;

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“Magnum” are to Magnum Cash&Carry LLP;

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“Magnum E-commerce Kazakhstan” are to Magnum E-commerce Kazakhstan LLC;

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“Marketplace Active Consumers” are to the total number of consumers that completed at least one purchase of goods and services within Marketplace during the prior 12 months;

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“Marketplace Gross Merchandise Value (GMV)” are to the total transaction value of goods and services sold within Marketplace (on an aggregate, “third-party” or “first-party” basis, as applicable);

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“Marketplace Purchases” are to the total number of goods or services purchase transactions made by consumers within Marketplace;

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“Marketplace Take Rate” are to the ratio of Marketplace fee revenue to Marketplace 3P GMV;

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“Monthly Transactions per Active Consumer” are to the ratio of the total number of transactions for the prior 12 months to the total number of active consumers (the total number of consumers which have used any of our products or services at least once during the prior 12 months), divided by 12;

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“NPLs” are to non-performing loans, which we define as loans with principal or accrued interest in arrears for more than 90 days;

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“P2P” are to peer-to-peer;

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“Payments Active Consumers” are to the total number of consumers that completed at least one transaction within Payments during the prior 12 months;

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“Payments Take Rate” are to the ratio of fees generated from B2B transactions, consumer card and QR transactions and membership fees included in Payments fee revenue to TPV for the same period;

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“POS” are to point-of-sale;

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“Second payment default rate” are to the share of loans where borrowers failed to pay the first and the second payments under their loan agreements;

(2)

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“SMEs” are to small and medium-sized enterprises, which we define as enterprises established in Kazakhstan with less than 250 employees and annual revenue of less than | 9.2 billion in each of the most recent three years;

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“TFV” are to total finance value, which we define as the total value of loans to customers issued and originated within our Fintech Platform for the period indicated;

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“TFV to Average Net Loan Portfolio Conversion Rate” are to TFV for the prior 12 months divided by Average Net Loan Portfolio for the same period;

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“TPV” are to total payment value, which we define as the total value of B2B and payment transactions made by Active Consumers within our Payments Platform, excluding free P2P and QR payments;

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“TPV Payments Transactions” are to the total number of TPV transactions; and

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“90+ collection vintages” are tothe share of recovery (repayment) of loans that became delinquent by more than 90 days during the specific quarter/month.