[Form 4] Joint Stock Co Kaspi.kz Insider Trading Activity

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of American Depositary Shares (ADSs). On April 8–9, 2026, he sold a total of 29,471 ADSs in six transactions at prices generally in the $75–$79 range, with each reported price representing a weighted average for multiple trades.

After these sales, Kim directly held 39,372,440 ADSs, indicating that the disposals represent a very small portion of his overall reported position.

Insider Trade Summary 10b5-1

Net Seller: 29,471 shares ($2,267,476)

Net Sell 6 txns

Insider Kim Vyacheslav

Role Director

Sold 29,471 shs ($2.27M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	8,773	$75.427	$662K
Sale	American Depositary Shares, no par value	237	$76.174	$18K
Sale	American Depositary Shares, no par value	6,702	$76.681	$514K
Sale	American Depositary Shares, no par value	9,553	$77.701	$742K
Sale	American Depositary Shares, no par value	4,107	$78.804	$324K
Sale	American Depositary Shares, no par value	99	$79.39	$8K

Holdings After Transaction: American Depositary Shares, no par value — 39,372,677 shares (Direct)

Footnotes (1)

1. Each American Depositary Share (ADS) represents one common share of the issuer. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $76.20 to $77.18, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $77.26 to $78.235, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $78.2875 to $79.19, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $75.00 to $76, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $76.005 to $76.40, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kim Vyacheslav

(Last) (First) (Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY 050013

(City) (State) (Zip)

KAZAKSTAN

(Country)

2. Issuer Name and Ticker or Trading Symbol
Joint Stock Co Kaspi.kz [ KSPI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	04/08/2026		S		6,702		(1)	(1)	American Depositary Shares, no par value	(1)	$76.681(2)	39,395,636	D
American Depositary Shares, no par value	(1)	04/08/2026		S		9,553		(1)	(1)	American Depositary Shares, no par value	(1)	$77.701(3)	39,386,083	D
American Depositary Shares, no par value	(1)	04/08/2026		S		4,107		(1)	(1)	American Depositary Shares, no par value	(1)	$78.804(4)	39,381,976	D
American Depositary Shares, no par value	(1)	04/08/2026		S		99		(1)	(1)	American Depositary Shares, no par value	(1)	$79.39	39,381,549	D
American Depositary Shares, no par value	(1)	04/09/2026		S		8,773		(1)	(1)	American Depositary Shares, no par value	(1)	$75.427(5)	39,372,677	D
American Depositary Shares, no par value	(1)	04/09/2026		S		237		(1)	(1)	American Depositary Shares, no par value	(1)	$76.174(6)	39,372,440	D

Explanation of Responses:

1. Each American Depositary Share (ADS) represents one common share of the issuer.

2. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $76.20 to $77.18, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

3. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $77.26 to $78.235, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

4. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $78.2875 to $79.19, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

5. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $75.00 to $76, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

6. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $76.005 to $76.40, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the "Act"), the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act.

	/s/ Yuri Didenko, as attorney-in-fact for Vyacheslav Kim	04/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)