/KASE, June 23, 2025/ – Teniz Capital Investment Banking JSC (KASE ticker – TCIB) reported the following:

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THIS ANNOUNCEMENT SHALL NOT BE POSTED AND ITS COPIES SHALL NOT BE DISTRIBUTED OR SENT TO THE UNITED STATES (EXCEPT FOR DIRECT SENDING TO THE USA TO QUALIFIED INSTITUTIONAL BUYERS AS DEFINED IN RULE 144A OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED), CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

The Republic of Kazakhstan, rated Baa1 by Moody's, BBB- by S&P and BBB by Fitch (all stable), has appointed Citi, JP Morgan and Societe Generale as Joint Lead Managers and Joint Bookrunners together with Halyk Finance and Teniz Capital as Kazakhstan's Joint Lead Managers, to organize a Global Investor Call at 13:00 London time / 14:00 CET / 08:00 New York time / 17:00 Astana time on Monday, June 23, 2025, and a series of meetings with investors concerning fixed income instruments and commencing on the same day. This will be followed by placement of US dollar-denominated senior unsecured Eurobonds in two tranches, benchmark size 144A/Reg S, with maturities of 7 and 12 years, subject to market conditions. The placement will be carried out under the Republic's GMTN Program with a triple listing on the London Stock Exchange, Astana International Exchange (AIX) and Kazakhstan Stock Exchange (KASE). Relevant stabilization rules apply, including FCA/ICMA.

This announcement does not constitute an offer of securities for sale in the United States, Canada, Australia, Japan or any other jurisdiction. The Republic of Kazakhstan has not registered and does not intend to register securities in any of these jurisdictions or conduct a public offering of securities in any of these jurisdictions. In particular, none of the Republic of Kazakhstan's securities mentioned in this announcement have been or will be registered under the U.S. Securities Act of 1933, as amended ("the Securities Act"), and such securities may not be offered, sold or delivered within the United States or to or for the benefit of U.S. persons (as defined in Regulation S under the Securities Act), except for cases of exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with applicable state securities laws. In the United States, any offer will be made only to "qualified institutional buyers" as defined in and pursuant to Rule 144A under the Securities Act or pursuant to another available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Outside the United States, any offering will be made to persons who are not "U.S. persons" within the meaning of Regulation S under the Securities Act. Prospective purchasers are hereby notified that sellers or issuers of securities may rely on the exemption from registration requirements of the Securities Act provided by Rule 144A under the Securities Act or other available exemption from registration.

MiFID II/UK MiFIR: The producer's target market includes only eligible counterparties and professional customers (all distribution channels).

This announcement does not constitute an offer of securities to the public in the United Kingdom. This announcement is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments subject to Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order from 2005 ("the Order"), (iii) high net worth entities subject to Article 49(2) of the Order, (iv) and other persons to whom it may lawfully be communicated (all such persons together referred to as "the relevant persons"). This announcement must not be used or relied upon by any person other than the relevant persons. Any investment or investment activities to which this announcement relates are available only to the relevant persons and will only be engaged in with the relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

This message is not intended to form or support interest in any securities or promote their sale and, therefore, does not constitute an advertisement of securities in the Republic of Kazakhstan.

A RATING DOES NOT CONSTITUTE A RECOMMENDATION TO PURCHASE, SELL, OR HOLD SECURITIES AND MAY BE SUBJECT TO REVISION, SUSPENSION OR WITHDRAWAL AT ANY TIME BY THE RATING ORGANIZATION. SIMILAR RATINGS FOR DIFFERENT TYPES OF ISSUERS AND FOR DIFFERENT TYPES OF SECURITIES DO NOT NECESSARILY MEAN THE SAME THING. THE MEANING OF EACH RATING SHOULD BE ANALYZED INDEPENDENTLY OF ANY OTHER RATING.

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[2025-06-23]