Kaspi.kz Issues Statement On Short-Seller Research; Says "In Our View, The Report Is Misleading, Inaccurate And Misrepresents Our Business. Being The First Company From Kazakhstan To Successfully List On Nasdaq Has Obviously Raised Our Profile Amongst Short Sellers. For Those Investors Who Have Known Us Over The Years, Our Reputation Speaks For Itself."

The company is issuing the following statement following the research report published by Culper Research today:

In our view, the report is misleading, inaccurate and misrepresents our business.

Being the first company from Kazakhstan to successfully list on Nasdaq has obviously raised our profile amongst short sellers.

For those investors who have known us over the years, our reputation speaks for itself.