Freedom Holding Corp.

Financial Conglomerates • Financial Services • New York, NY, United States • FRHC (NCM)

212 980 4400 40 Wall Street, New York, NY 10005, United States

Quarter: Q3 2024 Reported: September 23, 2024 Sentiment: Positive

Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, retail and commercial banking, and insurance products. It offers retail brokerage services for exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange traded options and futures contracts, government bonds, and mutual funds; securities trading; underwriting services; margin lending services collateralized by securities and cash in the customer's account; various investment education and training courses; investment research services; and commercial banking services, including payment cards, digital mortgages, and digital business and digital auto loans, as well as Freedom Box, a package of payment acquiring services. The company also provides capital raising solutions for corporate clients through initial public offerings and follow-on offerings; and debt capital markets solutions that focuses on structuring and distributing private and public debt for various purposes, including buyouts, acquisitions, growth capital financings, and recapitalizations, as well as information processing services. In addition, it facilitates repurchase and reverse repurchase agreements in proprietary trading activities; and covers short positions and settle other securities obligations to accommodate customers' needs and finance its inventory positions. Further, the company offers proprietary trading and investment services; and Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Kazakhstan, Armenia, Cyprus, the United States, and internationally. The company was formerly known as BMB Munai, Inc. Freedom Holding Corp. is based in New York, New York.

Analysis Summary

Freedom Holding Corp. successfully conducted its 2024 Annual Meeting of Stockholders on September 19, 2024, with all four presented proposals receiving overwhelming shareholder approval. This 8-K filing details the outcomes of these votes, not financial performance. Detailed Governance Outcomes: 1. Election of Directors: Andrew Gamble, Amber Williams, and Kairat Kelimbetov were elected as Class II directors, each serving until the 2027 Annual Meeting. The voting results showed substantial support, with Gamble receiving 42,618,684 votes For, Williams 42,570,028 For, and Kelimbetov 42,602,690 For, indicating strong shareholder confidence in the board's composition. 2. Executive Compensation (Advisory): Shareholders approved the compensation of named executive officers on an advisory basis, with 42,599,378 votes For, reflecting satisfaction with the current compensation structure. 3. Frequency of Executive Compensation Vote (Advisory): The company's stockholders voted to hold future advisory votes on named executive officer compensation annually, with 42,611,768 votes for the "1 Year" option. This decision underscores a commitment to regular shareholder input on executive pay. 4. Auditor Ratification: The appointment of Deloitte LLP in Kazakhstan as the independent registered public accounting firm for the 2025 fiscal year was ratified with 44,568,387 votes For, demonstrating confidence in the company's financial oversight. Overall Sentiment and Implications: The unanimous and strong approval across all proposals suggests a stable governance environment and positive shareholder relations. The decision for annual advisory votes on executive compensation indicates a proactive approach to corporate transparency and accountability. It is important to note that this 8-K filing focuses solely on corporate governance matters and does not contain any financial performance data, strategic initiatives, or forward guidance typically found in an earnings call transcript. Therefore, an analysis of financial metrics, business segments, or market trends cannot be derived from this document.

Key Highlights

• All four proposals at the 2024 Annual Meeting were overwhelmingly approved by shareholders.
• Andrew Gamble, Amber Williams, and Kairat Kelimbetov were elected as Class II directors until 2027.
• Shareholders approved the compensation of named executive officers on an advisory basis.
• An annual frequency was chosen for future advisory votes on executive compensation.
• Deloitte LLP was ratified as the independent registered public accounting firm for fiscal year 2025.
• Strong shareholder support indicates stable corporate governance.

Financial Metrics

eps

YoY: N/A - Not an earnings report

revenue

N/A

YoY: N/A - Not an earnings report

guidance

net income

N/A

YoY: N/A - Not an earnings report

Stock Performance (90 Days)

Data through May 15, 2026

Positive Signals

• Overwhelming shareholder approval for all governance proposals.
• Successful election of all proposed directors with high vote counts.
• Ratification of the independent auditor with strong shareholder support.
• Shareholder preference for annual advisory votes on executive compensation, indicating transparency and accountability.

Risks & Concerns

— No financial or operational risk factors were discussed in this 8-K filing.
— The document is solely focused on the outcomes of shareholder votes at the annual meeting.
— Lack of financial performance details in this specific filing limits comprehensive business risk assessment.