/KASE, October 21, 2025/ – Teniz Capital Investment Banking JSC as a joint bookrunner has provided Kazakhstan Stock Exchange (KASE) with the following notice:

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Hereby, Teniz Capital Investment Banking JSC announces an updating of the indicative yield benchmark during the collection of orders from members of Kazakhstan Stock Exchange JSC for participation in the initial offering of bonds of the Ministry of Finance of the Republic of Kazakhstan (the Issuer) issued in accordance with the legislation of a foreign state (hereinafter – the Eurobonds).

All orders from investors are collected through the ASTS+ trading and clearing system (stock market) (hereinafter – the trading and clearing system) on KASE.

Collection of orders from potential investors through the trading and clearing system on KASE begins simultaneously with the start of the offering of Eurobonds on the territory of a foreign state, on the same terms of offering of Eurobonds (including the conditions for determining the price of their offering) as when they are placed in the territory of a foreign state.

Local Bookrunner on KASE: Teniz Capital (partner code RG_S_)

Joint Bookrunners: Citi, J.P. Morgan, Standard Chartered Bank, Teniz Capital Investment Banking, Halyk Finance

EUROBOND PARAMETERS:

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Issuer Name:                                  Ministry of Finance of the Republic of Kazakhstan                       
Issuer Ratings:                               (Baa1 (Stable) / BBB- (Positive) / BBB (Stable)                         
                                              by Moody's / S&P / Fitch                                                
Brief description of Eurobonds:               Senior unsecured debt Eurobonds issued in                               
                                              accordance with English law and placed in accordance                    
                                              with Rule 144A ("Rule 144A") and Regulation S                           
                                              ("Regulation S")                                                        
Term:                                         5 years                                                                 
Security:                                     unsecured                                                               
Yield to maturity is determined               it is determined based on the results of the investor order             
based on the results of the order collection: collection. The benchmark of the                                        
                                              indicative yield to maturity on Eurobonds: UST 5y+ 90/95 b.p.           
Expected nominal issue volume:                USD 1-1.5 billion                                                       
Issue currency:                               US dollar                                                               
Settlement currency:                          All settlements on Eurobonds (including settlements at                  
                                              the initial offering, coupon and principal payments are                 
                                              made in US dollars)                                                     
Denomination:                                 200,000 (two hundred thousand) US dollars or a larger                   
                                              amount multiple of 1,000 (one thousand) US dollars                      
Applicable law:                               English law                                                             
Listing:                                      Kazakhstan Stock Exchange JSC Astana International                      
                                              Exchange, London Stock Exchange.                                        
Clearing:                                     Euroclear                                                               
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PROCEDURE FOR OFFERING EUROBONDS FOR PURCHASE IN KAZAKHSTAN:                                                         
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Order collection day:                         October 21, 2025                                                        
Order collection start time:                  13:00 Almaty time                                                       
Order collection deadline:                    18:00 Almaty time                                                       
Expected settlement date:                     October 28, 2025
Settlements for the initial offering will be made in US
                                              dollars                                                                 
Order price:                                  The yield to maturity is indicated, expressed as a                      
                                              percentage per annum (in the "Link" field). The price                   
                                              indicated in an order is 100 (for technical                             
                                              purposes only). In case of market orders, the price                     
                                              is indicated "At the counterparty's price".                             
Order volume:                                 Order volumes must be indicated in US dollars. The                      
                                              minimum order volume is 200,000 (two hundred                            
                                              thousand) US dollars or a larger amount multiple                        
                                              of 1,000 (one thousand) US dollars                                      
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Terms of Eurobond settlements:

By submitting a buy order, a trading participant agrees to the blocking of the single limit by KASE Clearing Centre JSC (hereinafter referred to as the CCP) with subsequent cash delivery to the CCP's account at the CD no later than 16:00 on October 28, 2025 (T+5) if the submitted buy order is executed.

If the submitted buy order is executed, the trading participant who submitted the buy order is responsible for cash delivery to the CCP's account at the CD no later than 16:00 on October 28, 2025 (T+5).

The buyer is responsible for the accuracy of the information provided in the buy order.

For any questions or additional information, please contact representatives of Teniz Capital Investment Banking JSC using the following contact information:

+7 776 456 01 79

+7 776 306 7727

+7 775 714 81 65

ib@tenizcap.kz

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[2025-10-21]