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Here are 1-3 brief analogies for Freedom Holding Corp. (FRHC):

• A diversified financial services firm like a regional Charles Schwab or Fidelity, also providing commercial banking and investment banking services, primarily in Central Asia and Europe.

• A financial conglomerate similar to a smaller, regionally focused JPMorgan Chase or Morgan Stanley, but with a strong emphasis on retail brokerage and everyday banking in Central Asia.

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• Retail Brokerage Services: Facilitates client trading of exchange-traded and over-the-counter securities, money market instruments, options, futures, government bonds, and mutual funds, including margin lending.
• Commercial Banking Services: Offers payment cards, digital mortgages, digital auto loans, and insurance products.
• Investment Banking and Underwriting: Provides capital raising solutions for corporate clients through initial public offerings, follow-on offerings, and debt capital market solutions.
• Securities Trading and Market Making: Engages in proprietary trading, investment activities, and market making, including repurchase agreements and managing short positions.
• Investment Advisory and Education: Delivers investment counseling, research services, and educational courses to clients.
• Tradernet Software Platform: A proprietary platform for client margin risk evaluation and middle office security transfer requests.

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1. Individual Investors and Traders: These customers utilize Freedom's brokerage services for investing in a wide array of securities, including stocks, bonds, options, futures, and mutual funds. They also access margin lending, investment research, and educational courses.
2. Individual Banking and Loan Customers: This category encompasses individuals who use Freedom's commercial banking services, such as payment cards, digital mortgages, digital auto loans, and various insurance products.
3. Corporate and Institutional Clients: Freedom provides corporate investment banking and underwriting services to companies. These clients seek capital raising solutions (e.g., initial public offerings and follow-on offerings) and debt capital markets solutions for purposes like buyouts, acquisitions, growth capital financings, and recapitalizations.

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Timur Turlov – Chief Executive Officer & Chairman of the Board

Timur Turlov is the founder, CEO, and Chairman of the Board of Freedom Holding Corp.. He founded Freedom Finance in 2008, which later consolidated into Freedom Holding Corp.. His professional journey began at 16 as a trader at World Capital Investments (WCI), and he later contributed to developing infrastructure for trading on American stock exchanges at Uniastrum Bank. Under his leadership, Freedom Holding Corp. went public on Nasdaq in October 2019, marking it as the first financial organization from the CIS to be listed on that platform. Mr. Turlov controls 69% of the company's shares. He also holds board positions in various other businesses, including other securities brokerage firms, insurance companies, and a bank.

Evgeniy Ler – Chief Financial Officer

Evgeniy Ler has served as the Chief Financial Officer of Freedom Holding Corp. since November 2015. Prior to this role, he was the CFO of BMB Munai, Inc., the company's predecessor, from April 2009 to November 2015. Mr. Ler joined BMB Munai in 2006, where he held positions such as finance manager and reporting manager before his appointment as CFO. From September 2011 to December 2012, he also served as a Deputy Director for Emir Oil, LLP, a wholly-owned subsidiary of BMB Munai. Before joining BMB Munai, Mr. Ler was a senior auditor at Deloitte & Touche from 2002 to 2006, leading significant engagements for financial institutions and oil and gas companies. He holds a bachelor's degree in financial management and is a licensed CPA.

Askar Tashtitov – President & Director

Askar Tashtitov has been a director of Freedom Holding Corp. since May 2008 and currently serves as its President. He was employed with BMB Munai, Inc., the predecessor of the company, from 2004 through 2015, serving as president from May 2006 to November 2015. Mr. Tashtitov played a role in the process of acquiring the shell company BMB Munai and relisting it on a U.S. stock exchange to establish Freedom Holding. He earned a Bachelor of Arts degree in Economics and History from Yale University in 2002 and passed the AICPA Uniform CPA Examination in 2006.

Renat Tukanov – Chief Technology Officer

Renat Tukanov is the Chief Technology Officer of Freedom Holding Corp.. He is responsible for strengthening the technological direction at the Holding level and ensuring effective interaction between FRHC member companies and corporate governance in information technology and information security. Mr. Tukanov possesses over 15 years of experience in the information technology sector, with more than a decade in leadership roles. His previous positions include serving as the General Director of a system integrator company and as an IT Director in a subsidiary of the Ministry of Energy in the Republic of Kazakhstan. He is also currently the Chief Executive Officer at Freedom Finance Global PLC and Deputy Chairman of the Board at Freedom Finance JSC.

Jason Kerr – Chief Legal Officer & Acting Corporate Secretary

Jason Kerr serves as the Chief Legal Officer and Acting Corporate Secretary of Freedom Holding Corp.. He transitioned to the Chief Legal Officer role in June 2024 after stepping down as a director. Mr. Kerr holds a Bachelor of Science degree in economics and a Juris Doctor from the University of Utah. He was a founding member of the commercial litigation firm Price, Parkinson Kerr and also served as the General Counsel of Basic Research, LLC, a company specializing in food, cosmetic, and dietary supplements. Additionally, he was a partner in the insurance practice at the law firm Plant, Christensen & Kanell and a commercial litigator at Lewis Roca.

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Here are the key risks to Freedom Holding Corp. (FRHC):

1. Regulatory and Compliance Risks: Freedom Holding Corp. faces substantial regulatory and compliance risks across its various operating jurisdictions, including the U.S., EU, and UK. The company has been subject to allegations and disclosures regarding providing services to individuals and entities under international sanctions, leading to scrutiny, an S&P Global Ratings CreditWatch with negative implications in 2023, and an ongoing SEC investigation. Concerns have also been raised about deficiencies in corporate governance and risk management, particularly concerning anti-money laundering (AML) and know-your-customer (KYC) requirements, and the alleged use of a Belizean affiliate to bypass these regulations and potentially commingle customer funds. Non-compliance can result in significant fines, civil or criminal penalties, and severe reputational damage.
2. Geopolitical Risks: The company's operations are exposed to significant geopolitical risks, largely stemming from the ongoing Russia-Ukraine conflict and its extensive presence in Central Asia, particularly Kazakhstan. Despite divesting its Russian business in 2023, there have been allegations that Freedom Holding Corp. continues to engage in business within the Russian market and has circumvented sanctions, as well as AML and KYC rules. The company's primary market, Kazakhstan, while growing, is an emerging economy that presents country-specific risks such as macroeconomic downturns, social unrest, and a high degree of state involvement in the economy. Central Asia's role as a transit zone for rerouted trade due to Russian sanctions further exposes FRHC to potential secondary sanctions and reputational harm.
3. Credit and Market Risks: Freedom Holding Corp. is exposed to significant credit risk, particularly from its loan portfolio and margin lending activities, where economic or market stresses could lead to higher default rates and substantial losses. The company's relatively limited operational history has coincided with a period of sustained market growth, meaning its past performance may not reliably predict future results, especially if it encounters prolonged macroeconomic or industry downturns. Furthermore, operating in multiple countries subjects the company to foreign currency fluctuation risks and interest rate volatility, particularly in Kazakhstan, which could materially impact its financial performance.

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Addressable Markets for Freedom Holding Corp.'s Main Products and Services

Corporate Investment Banking

• The **U.S. investment banking market** is valued at approximately USD 135 billion. More specifically, it is expected to grow from USD 54.74 billion in 2025 to USD 56.68 billion in 2026, with a forecast to reach USD 67.47 billion by 2031. Individuals represent the largest segment, engaging in personal banking services including asset management, wealth planning, and brokerage services, while corporate institutions are rapidly increasing their demand for investment banking services for mergers and acquisitions, capital raising, and financial advisory.
• The **Europe investment banking market** was estimated at USD 46.23 billion in 2024 and is projected to grow to USD 50.34 billion in 2025 and USD 117.89 billion by 2035. Another estimate places the market value at USD 107.6 billion in 2025, projected to reach USD 130.9 billion by 2033. Europe held approximately 26% of the global market share in 2024.
• The **Russia Investment Banking Market** is projected at USD 6.8 billion in 2025, with an expected growth to USD 7.9 billion by 2033. Another source indicates a market share of USD 6,283.14 million in 2024.
• The **Middle East Investment Banking Market** is valued at approximately USD 3 billion. The Middle East and Africa region's investment banking market size was USD 2702.42 million in 2024. The Saudi Arabia Investment Banking Market alone is valued at USD 5 billion.

Digital Lending (including Digital Mortgages and Digital Auto Loans)

• The **United States Digital Lending Market** size was valued at USD 303.51 billion in 2025 and is estimated to grow to USD 339.22 billion in 2026. The U.S. digital lending platform market generated a revenue of USD 2,420.9 million in 2024. North America's digital lending platform market size reached USD 3.82 billion in 2024.
• The **Europe Digital Lending Platform Market** generated a revenue of USD 2,673.3 million in 2024 and is expected to reach USD 10,982.0 million by 2030. Another report indicates a market size of USD 1,541.57 million in 2023, projected to reach USD 7,865.12 million by 2032.
• The **Middle East & Africa Digital Lending Platforms Market** recorded revenues of USD 5.5 billion in 2024. Other estimates for the Middle East and Africa Digital Lending Platform market include USD 803.9 million in 2024, USD 145.02 million in 2024, and USD 604.3 million in 2024.
• The **Russia Online Loan and Fintech Lending Market** is valued at USD 15 billion.

Payment Cards

• The **U.S. cards and payments market** was valued at USD 9.28 trillion in 2024. The U.S. credit card market size stood at USD 190 billion in 2024, with a projection to reach USD 388.4 billion by 2032.
• Globally, the credit card payments market was valued at USD 622.76 billion in 2024.

Insurance Products

• **Kazakhstan's insurance sector** assets rose to 3.9 trillion tenge (approximately US$7.9 billion) in 2025, with insurance premiums growing to 1.7 trillion tenge (approximately US$3.4 billion) in the same year. The insurance market assets increased by 25.1% in 2025, reaching KZT 3.9 trillion (~EUR 6.59 billion). The total insurance market from January to October 2025 amounted to KZT 1.3 trillion (~EUR 2.13 billion).

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Freedom Holding Corp. (FRHC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. International Expansion and Strategic Acquisitions: Freedom Holding Corp. is actively pursuing a global expansion strategy, particularly by entering new banking and brokerage markets. This includes the acquisition of Turkish Bank A.Ş., which will grant the company a full banking license in Turkey, a market with approximately 90 million people. Additionally, Freedom Holding has expanded its banking division into Tajikistan, is in the process of acquiring a bank in Georgia, and obtained a brokerage license in Abu Dhabi in December 2025. This geographical expansion aims to leverage its ecosystem model for quicker scaling in new countries.
2. Growth of the Digital Ecosystem and SuperApp: A central element of Freedom Holding's strategy is the creation and expansion of its digital financial ecosystem, centered around its SuperApp. This platform integrates banking services, investments, payments, and various lifestyle offerings such as ticket booking and online shopping. The SuperApp has already demonstrated significant user growth in Kazakhstan, reaching 5 million users, and is projected to grow to 8 million users by the end of the year. The company plans to replicate this digital ecosystem model in new markets like Turkey, which is considered suitable for developing such a model due to its active entrepreneurial culture and rapidly growing digital economy.
3. Broad Customer Base Expansion across Core Segments: Freedom Holding is consistently increasing its customer base across its primary business segments: banking, brokerage, and insurance. The banking customer base grew significantly from 2.5 million to 4.5 million over nine months by December 2025. The brokerage client base also saw growth, increasing by over 20% by December 2025, reaching 828,000 customers. Similarly, the insurance segment expanded its client base to 1.4 million people. This continuous growth in customer numbers across these diversified financial service offerings contributes directly to increased revenue.
4. Expansion of Product Portfolio and Digital Offerings: The company is focused on enhancing and diversifying its product lineup, particularly targeting retail customers and small and medium-sized businesses (SMEs) in its expanding markets. This includes investing in the technological modernization of acquired entities, such as Turkish Bank, to introduce new services faster and make banking more convenient for customers. Freedom Holding aims to offer modern financing tools, digital payment solutions, and access to investment products for entrepreneurs, while retail clients can manage finances, investments, and payments through a single digital app. The company is also investing in technology, including AI, to build out its service portfolio.

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Share Issuance

• Freedom Holding Corp. reported approximately 60,993,949 shares issued and outstanding as of March 31, 2025, compared to 60,321,813 shares as of March 31, 2024, indicating an increase of 672,136 shares during fiscal year 2025.
• Weighted average common shares outstanding used to compute diluted earnings per share for the fiscal years ended March 31, 2025, and 2024 were 60.5 million and 59.4 million, respectively.
• Directors of Freedom Holding Corp. were awarded restricted shares as part of the 2019 Equity Incentive Plan in September 2025.

Inbound Investments

• In August 2025, BlackRock invested nearly $89 million in Freedom Holding Corp., becoming the company's second-largest shareholder with a 0.85% stake, and increased its position later that fall.
• State Street Corp. invested $31.9 million in Freedom Holding Corp., increasing its total holdings to 186,779 shares.

Outbound Investments

• On April 30, 2025, Freedom Holding Corp. completed the acquisition of 100% of Astel Group Ltd. for $22.6 million, expanding into the telecommunications market in Kazakhstan as part of building a digital fintech ecosystem.
• Freedom Holding Corp. is set to acquire a 99.32% stake in Turkish Bank A.Ş. as of March 11, 2026.
• Freedom Bank TJ obtained its banking license on October 15, 2024, reflecting an expansion into new banking regions.

Capital Expenditures

• Freedom Holding Corp. had capital expenditure commitments of approximately $96,671 related to Freedom Telecom Operations Ltd. for equipment and software acquisition, expected to be settled within a five-year period.
• The company has focused investments on digital infrastructure and artificial intelligence to enhance its diversified fintech-based services.