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            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
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            <paymentDate>11/22/2006</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
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        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
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            <planAdoptionDates>
                <planAdoptionDate>06/12/2025</planAdoptionDate>
            </planAdoptionDates>
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144
0002025162
XXXXXXXX
LIVE
0001985487
Joint Stock Company Kaspi.kz
001-41921
154A NAURYZBAI BATYR STREET
ALMATY
1P
050013
77273306710
ASIA EQUITY PARTNERS LIMITED
Affiliate
ADS
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
1050000
85543500.00
190784522
07/14/2025
NASDAQ
ADS
11/22/2006
Private Placement
Issuer
N
1050000
11/22/2006
Cash
Y
07/14/2025
06/12/2025
/s/ Stathia Dimofanous