FAQ About Timur Turlov

Timur Turlov is an entrepreneur, investor and founder of the international FinTech holding Freedom Holding Corp. (FRHC, NASDAQ). He leads one of the largest digital ecosystems in Central Asia, which unites brokerage, banking, insurance, telecommunications, public services, lifestyle and payment services in a single app — the Freedom SuperApp. Under his leadership, Freedom Holding actively invests in education, sports and digitalization in Kazakhstan.

Timur Turlov is the president of the Kazakhstan Chess Federation (KazChess), a trustee of the IQanat High School of Burabay and the founder of the Freedom Shapagat charitable fund.

He is a member of the Advisory Committee of the UN Global Compact in Central Asia and participates in initiatives on water security and the development of green energy. Timur Turlov is known as one of the leaders of the digital transformation of Kazakhstan’s financial sector and an adherent of the concept of sustainable development.

According to Forbes, Timur Turlov’s personal net worth exceeded $6.5 billion as of early May 2026. This makes him one of the wealthiest entrepreneurs in Kazakhstan and the CIS countries. His wealth is primarily derived from his stake in Freedom Holding Corp., where he owns 70% of the company. The holding’s shares are traded on the NASDAQ stock exchange and are included in the Russell 3000, NASDAQ Financial‑100 and AIX Qazaq indexes. Since Freedom Holding Corp.’s listing on the US stock exchange in 2019, the value of the company’s securities has increased more than tenfold, which has also contributed to the growth of Timur Turlov’s personal wealth.

Timur Turlov became wealthy by building the Freedom Finance company from scratch in 2008. The company provided investors from the CIS with access to US stock exchanges. In 2011, he moved the business to Kazakhstan.

A key milestone was the listing of Freedom Holding Corp. shares on NASDAQ in 2019. The company gained not only direct access to international capital markets but also a high assessment from regulatory authorities — without a thorough review by these bodies, a listing on a US exchange would have been impossible. This allowed the company to build trust among both retail and institutional investors, including BlackRock, Vanguard and J.P. Morgan.

Since then, Timur Turlov’s business has evolved from a brokerage firm into a digital financial ecosystem operating in 21 countries worldwide, serving 11 million users and generating billions of US dollars in revenue. In 2026, the market capitalization of Freedom Holding Corp., in which Timur Turlov holds a majority stake of 70%, exceeded $9 billion.

Turlov’s success is attributed to a combination of a technological approach and a long‑term strategy: he focuses on transparency, public disclosure and corporate social responsibility.

Timur Turlov moved to Kazakhstan in 2011, seeing the country’s high potential for stock market and economic growth. Almaty is home to the headquarters of Freedom Holding Corp. and many of its subsidiaries, which have formed the holding’s digital ecosystem. In 2022, Timur Turlov renounced his nationality of Russia and Saint Kitts and Nevis and became a national of Kazakhstan. For the past fifteen years, he and his family have been permanently residing in Almaty.

“Kazakhstan is a country of great opportunities,” Turlov has always believed — and he still holds this view. In his interviews, the businessman regularly emphasizes the tech-optimism of Kazakhstanis, which is also supported at the government level. “Our people are not afraid to come up with new ideas. To walk paths that no one else in the world has walked. People who are not afraid to try these new technologies. And I believe that in such an environment, Kazakhstan will see new trillion‑dollar tech companies that will export their products around the world,” — Timur Turlov noted.

The profits Timur Turlov earns are invested not only in scaling the Freedom Holding Corp. ecosystem but also in developing public initiatives and human capital.

By the end of 2024, the company allocated more than KZT 41 billion to charitable and social projects.

In the second half of 2025, the company directed more than KZT 18 billion towards the same goals.

Key areas of support:

• Development of the Kazakhstan Chess Federation and chess players: the company annually allocates around $15 million for this purpose. In 2023, four Kazakhstani chess players became world champions, and by the end of 2025 this number had grown to 14 players;
• Regional sports development, including the construction of a football academy in Karaganda and the opening of a sports complex for people with disabilities in Uralsk. Freedom Holding Corp. has a dedicated investment program for developing Kazakhstan’s sports infrastructure. The holding will allocate KZT 18.5 billion for its implementation by 2029;
• Acquisition of the Karaganda football club Shakhter in November 2025. The goal is to revive the team, modernize the infrastructure and create a strong football academy;
• Since 2023, Timur Turlov has been the initiator and chairman of the board of trustees of the Freedom QJ League youth football league. The project’s three-year budget exceeds KZT 8.5 billion. This funding allows for championships, player development, and coach training. Teams from all regions of Kazakhstan are invited to participate in the league;
• Saving and restoring the water area and ecosystem of the Aral Sea: Freedom Holding Corp. allocated more than $2 million for this cause;
• The Eco‑Aul: Water, Energy, Life project in the Kyzylorda Region (one of the driest regions in the country), implemented by the Freedom Shapagat corporate fund. This project ensures access to clean drinking water, opportunities for landscaping and combating desertification. In total, the fund implements more than 60 social and environmental initiatives across Kazakhstan;
• Developing educational programs: the company has allocated KZT 1.32 billion for the construction and equipping of an AI center at SDU University;
• In November 2025, the holding signed an agreement with the government of Kazakhstan and OpenAI to provide 165,000 teachers in the country with access to ChatGPT Edu. The initiative is fully funded by Freedom Holding Corp.

The group’s companies annually pay billions of tenge in taxes to Kazakhstan’s state budget. By the end of 2025, Freedom Bank, Freedom Insurance and Freedom Finance JSC (the broker) alone paid more than KZT 26 billion in taxes.

More than 11 thousand employees work in the companies of the Freedom Holding Corp. ecosystem. Most of them are based in Kazakhstan, and the company itself annually ranks among the top five employers in the country.

Freedom Finance is a brand under which the company previously provided brokerage services in the CIS countries. Following the sale of its Russian business in 2022, the company now operates under the Freedom Broker brand — the holding’s brokerage division in the region. The rebranding is involved in the universalization of the naming approach for all companies within the Freedom ecosystem.

In Kazakhstan, two legal entities are registered:

• Freedom Finance JSC, which provides clients with access to trading on the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX);
• Freedom Finance Global PLC, whose clients gain access not only to Kazakhstani exchanges but also to international stock exchanges such as NASDAQ, the London Stock Exchange, Xetra and the Hong Kong Stock Exchange.

On the European market, brokerage services are provided under the Freedom 24 brand, while in the US market, similar services are offered by Freedom Capital Markets.

The total number of clients of the brokerage division of the Freedom Holding Corp. digital ecosystem across all regions of operation is approaching 1 million.

All these companies are subsidiaries of Freedom Holding Corp. (FRHC, NASDAQ), 70% of whose shares are owned by Timur Turlov.

The Freedom Holding Corp. ecosystem operates in 21 countries worldwide:

• Kazakhstan is the holding’s home region and serves as the digital hub of the entire ecosystem;
• In Uzbekistan, the holding’s brokerage division and payment services are operational;
• In Tajikistan, the company launched the fully digital Freedom Bank Tajikistan (a subsidiary of Freedom Bank Kazakhstan) in 2025. In this country, the bank introduced the first fully digital mortgage and is actively developing other retail banking products, a network of POS terminals and ATMs;
• Offices of the group’s brokerage division are present in the capitals of Armenia and Azerbaijan;
• In 2025, the holding announced its intention to open a subsidiary bank in Georgia. Approval has been obtained from the Kazakhstan regulator for this transaction. Once a banking license is issued by the National Bank of Georgia, Freedom Bank Georgia will expand the ecosystem’s products in the country;
• In Turkey, Freedom Holding Corp. obtained a license to establish the brokerage company Freedom Yatirim in early 2025. In early 2026, the group announced the acquisition of the local Turkish Bank. In this country with a population of over 90 million people, the company intends to develop its ecosystem, offering clients not only banking and brokerage services, but also insurance, its proprietary marketplace, and lifestyle services;
• In Abu Dhabi, the holding received authorization from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority to conduct brokerage and related activities in December 2025;
• In Europe, the head office of the broker Freedom 24 is located in Cyprus. The company operates in the markets of Germany, Poland, Greece, Spain, Italy, France, the Netherlands, Austria, Bulgaria, Lithuania, Belgium and the UK;
• In the US, the head office of Freedom Holding Corp. is located in New York. The group’s investment banking division, Freedom Capital Markets, also operates in this country. In 2023, the holding acquired the US‑based company LD Micro, a leading platform for conferences and networking for small and micro‑cap companies.

Freedom Holding Corp. (formerly Freedom Finance) is developing its proprietary digital ecosystem, offering clients more than just financial services.

• Brokerage services with access to leading global stock markets;
• Digital banking products (mortgages, loans, deposits, bank cards);
• General insurance and life insurance products;
• Sale of air and railway tickets and package tours;
• Sale of event tickets;
• Proprietary marketplaces for electronics and automotive goods;
• Delivery of groceries and ready‑made meals;
• Proprietary streaming platform and online cinema;
• Telecommunications services (home internet and eSIM).

The company focuses on digitalization and convenience: the clients conduct most transactions online.

The core of the Freedom Holding Corp. digital ecosystem is the Freedom SuperApp application. By the end of 2025, it had become the most popular financial app in Kazakhstan on Google Play and the App Store. Since the launch of SuperApp in 2024, the number of its users has grown to nearly 6 million by early 2026. The total number of clients of the Freedom Holding Corp. ecosystem, including partner companies across all regions of operation, has exceeded 11 million users.

Services available in SuperApp:

• Multi‑currency bank accounts, Visa and MasterCard credit and debit cards;
• Deposit account opening;
• Credit products, including digital mortgages on preferential terms and auto loans;
• Domestic and international money transfers;
• Payment for goods and services via QR code;
• Access to public services (obtaining certificates, paying fines, taxes and other budget payments, re‑registration of real estate and vehicles, replacement of driver’s licenses, registration of legal entities, filing returns, and more);
• Insurance policy issuance and claims processing;
• Grocery delivery from the company’s proprietary supermarket and ready‑made meal delivery from restaurants;
• Medicine delivery from pharmacies and doctor appointment booking;
• Purchase of electronics and automotive goods with home delivery;
• Booking of travel packages and airline tickets worldwide;
• Home internet connection and eSIM activation;
• Access to an online cinema and event ticket booking;
• Proprietary media platform with news, analytics and investment ideas;

Social network for app users.

The activities of Freedom Holding Corp. and its subsidiaries, including those operating under the Freedom Finance brand, are regulated by international supervisory authorities:

• SEC (USA) — the U.S. Securities and Exchange Commission;
• CySEC (Cyprus) — the regulator of the European subsidiary Freedom Finance Europe Ltd;
• AFSA (Kazakhstan) — oversight of Freedom Finance Global PLC within the AIFC;
• The National Bank of the Republic of Kazakhstan and the Agency for Regulation and Development of the Financial Market.

The company undergoes annual audits by Deloitte and discloses its financial statements to the SEC. The presence of a listing on NASDAQ and public shareholders (such as BlackRock and Vanguard) makes Freedom one of the most transparent FinTech businesses in the region.

Freedom Holding Corp.’s operations have never been the subject of legal proceedings initiated by regulatory authorities that would call into question the legality of its activities.

In 2023, short‑sellers from Hindenburg Research — a firm specializing in short‑selling (i.e., betting against stocks to profit from price declines) — published a report on the holding’s activities. The report questioned the transparency of certain Freedom Holding Corp. operations. The company issued a rebuttal of the report’s claims and later engaged independent consulting and law firms — Forensic Risk Alliance and Morgan Lewis & Bockius LLP — to conduct a detailed review of its operations. These firms confirmed that the allegations made by Hindenburg Research were false. US and European regulators also found no violations, and the investigation concluded without any sanctions or claims against Freedom Holding Corp.

The market did not accept the allegations either: Freedom Holding Corp. shares, contrary to the expectations of Hindenburg Research’s short‑sellers, rose by 15% during the attack period. This could have resulted in a short squeeze and material financial losses for the report’s authors and those who believed them.

In January 2025, Nathan Anderson, the founder of Hindenburg Research, announced his decision to close the company. At that time, Freedom Holding Corp. shares were trading at $135 per share — nearly twice the price during the period when Hindenburg Research’s report was published.

At the end of the Q3 2026 fiscal year, the total assets of Freedom Holding Corp. amounted to $12.38 billion, which is 25% higher than the figure at the end of the previous fiscal year ($9.91 billion).

The holding’s total revenue was $628.6 million for the Q3, driven by interest, brokerage, and commission incomes, as well as insurance premiums. Revenue for the nine months ended December 31, 2025, reached $1.69 billion.

The company has maintained a strong liquidity position and demonstrated the efficiency of its diversified business model, which integrates financial, insurance and technology segments.

As of April 2026, the company’s market capitalization on NASDAQ exceeded $9 billion.

In March 2026, S&P Global Ratings confirmed Freedom Holding Corp.’s long‑term credit rating at B− with a stable outlook. The agency also reaffirmed the ratings of the holding’s subsidiaries: Freedom Finance JSC, Freedom Finance Europe Ltd, Freedom Finance Global PLC, and Freedom Bank Kazakhstan — all at B+/B with a positive outlook.

At the same time, the international rating agency Moody’s assigned Ba3 long‑term deposit ratings in national and foreign currencies to Freedom Bank Kazakhstan JSC, with a Stable outlook.

Shares of Freedom Holding Corp. (FRHC) are traded on NASDAQ (USA), as well as KASE and AIX (Kazakhstan). The securities are included in the Russell 3000, NASDAQ Financial‑100 and AIX Qazaq indexes. Freedom became the first company from Central Asia to have its shares included in global US indexes.

Since its listing on NASDAQ in 2019, the value of the company’s shares has increased more than tenfold.

Freedom Holding Corp. has not conducted business in Russia since 2023. The holding sold its Russian assets (Freedom Finance and Freedom Bank) to former top manager Maxim Povalishin. These entities now operate under the “Tsifra” brand and are no longer affiliated with Freedom Holding Corp. After leaving Russia, the company focused on Kazakhstan, Central Asia, the Caucasus, the Middle East, the EU, and the USA.

Freedom Holding Corp.’s operations are regulated by the U.S. Securities and Exchange Commission (SEC), the Cyprus Securities and Exchange Commission (CySEC), the Independent Regulator of Financial Services and Related Activities at the AIFC (AFSA), and national regulators in the countries of operation.

The company’s brokerage services are provided via the Freedom Broker and Freedom24 trading terminals and mobile applications.

Clients of the company benefit from:

• Direct access to key global exchange platforms: NASDAQ, NYSE, LSE, Deutsche Börse, Euronext, HKEX, Xetra, KASE, AIX, ITS (AIFC);
• Ability to trade in stocks, bonds, exchange‑traded funds (ETFs), options, mutual investment funds (MIFs) and digital assets;
• Investment ideas and issuer analysis;
• Educational programs;
• 24/7 client support;
• Competitive fees.

Client funds and securities are held separately from the company’s proprietary assets. In each country of operation, they are allocated with local depositories (custodians), banks and brokerage firms authorized to conduct custody activities.

Before opening an account, investors should consider jurisdiction, tax treaties, and currency risks.