Stabilisation Notice

21 October 2020

Not for distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan, South Africa or any jurisdiction in which such distribution would be unlawful.

Joint Stock Company Kaspi.kz Post-Stabilisation Notice

Further to the pre-stabilisation period announcement dated 15 October 2020, Morgan Stanley & Co. International plc (contact:  James Manson-Bahr; telephone: +44 20 7425-3672) hereby gives notice that no stabilisation within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014) or the rules of the Financial Conduct Authority was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

The information contained in this announcement is restricted and is not for release, publication or distribution in or into, the United States, Canada, Australia or Japan. This announcement does not contain or constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities in the United States, Canada, Australia, Japan, South Africa or in any other jurisdiction where such offer or solicitation is unlawful.

The offer and sale of the Ordinary Shares referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration under the Securities Act or an exemption from registration. There will be no public offer of the securities referred to herein in the United States.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State or the United Kingdom (each, for the purposes of this provision, a "Relevant State") before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Relevant State in accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation") (or which has been approved by a competent authority in another Relevant State and notified to the competent authority in that Relevant State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in that Relevant State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Relevant State. This announcement is not an offer of securities for sale into the United States.

END.