Freedom Finance Joint-Stock Company (KAS:FFIN) signed an agreement to acquire Bank Kassa Nova JSC from ForteBank Joint Stock Company (KAS:ASBN) for KZT 17.2 billion on July 29, 2020. The purchase price is subject to adjustments. Freedom Finance will acquire 9.4 million shares of Bank Kassa. Freedom Finance will acquire all the preference shares from Bulat Zhamitovich Utemuratov and expects to acquire Bank Kassa's subordinate debt under separate agreements. At the completion of the transaction Bank Kassa Nova will be a wholly-owned subsidiary of Freedom Finance JSC. The transaction is also subject to approval by the Committee on Regulation of Natural Monopolies, Protection of Competition and Consumers of the Ministry of National Economy of the Republic of Kazakhstan and the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan and entry into certain other agreements including agreement regarding acquisition of preference shares of Bank Kassa from Bulat. As of September 17, 2020 Freedom entered into an agreement to acquire all of the issued and outstanding preferred shares of Bank Kassa. As of December 21, 2020 the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has approved the transaction. The Closing Date cannot be the date later than December 28, 2020.

Freedom Finance Joint-Stock Company (KAS:FFIN) completed the acquisition of Bank Kassa Nova JSC from ForteBank Joint Stock Company (KAS:ASBN) on December 28, 2020. As a condition to closing the acquisition of the preferred shares, Freedom Finance Joint-Stock Company also acquired all of the outstanding subordinated loans of the Bank from Maglink Limited and Global Development LLP.