144 0002025162 XXXXXXXX LIVE 0001985487 Joint Stock Co Kaspi.kz 001-41921 154A Nauryzbai Batyr Street Almaty 1P 050013 7-727-3306710 Asia Equity Partners Ltd Affiliate American depositary shares ("ADSs") Morgan Stanley & Co. LLC

1585 Broadway New York NY 10036

1000000 87240000.00 190784522 09/09/2025 NASDAQ ADSs 11/22/2006 Private placement Issuer N 1000000 11/22/2006 Cash N Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/14/2025 9583 775878.01 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/15/2025 30265 2529418.56 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/16/2025 10371 880625.46 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/17/2025 9566 822918.02 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/18/2025 8624 743139.57 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/21/2025 10676 942428.17 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/22/2025 11309 988138.58 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/23/2025 6853 607913.18 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/24/2025 11012 960781.58 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/25/2025 5434 463854.39 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/28/2025 8654 743492.83 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/29/2025 13285 1144837.53 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/30/2025 23710 1960314.35 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 07/31/2025 26678 2138183.01 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/01/2025 141 11139.00 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/04/2025 32954 2792647.19 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/05/2025 18569 1633464.79 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/06/2025 12934 1143679.90 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/07/2025 22690 2052941.28 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/08/2025 27082 2555671.47 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/11/2025 22367 2151358.71 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/12/2025 14460 1397142.55 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/13/2025 12559 1228081.82 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/14/2025 7924 762230.16 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/15/2025 9567 914485.61 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/18/2025 16615 1571126.03 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/19/2025 12036 1131804.06 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/20/2025 11676 1064262.73 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/21/2025 8252 747864.73 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/22/2025 6539 603703.37 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/25/2025 5657 523864.22 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/26/2025 23190 2138925.01 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/27/2025 9547 874339.08 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/28/2025 12704 1181092.15 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 08/29/2025 8419 787271.63 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 09/02/2025 22892 2093665.69 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 09/03/2025 12103 1090312.07 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 09/04/2025 7413 672952.14 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 09/05/2025 12929 1156561.11 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 09/08/2025 13701 1198934.78 Asia Equity Partners Ltd

32 Kritis Street Papachristoforou Building, 4th Floor Limassol G4 3087

ADSs 09/09/2025 13601 1183029.94 09/09/2025 /s/ Holly Nielsen