| As of December 31, 2024, the Company owned, directly or indirectly, the following companies: 
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  
| Name of subsidiary |  | Jurisdiction of Incorporation |  | Number of subsidiaries | Business Area |  
| Brokerage Segment |  |  |  |  |  |  
| Freedom Finance JSC  ("Freedom KZ") |  | Kazakhstan |  | 3 | Securities broker-dealer |  
| Freedom Finance Global PLC ("Freedom Global") |  | Kazakhstan |  | — | Securities broker-dealer |  
| Freedom Finance Europe Limited ("Freedom EU") |  | Cyprus |  | 2 | Securities broker-dealer |  
| Freedom Finance Armenia LLC ("Freedom AR") |  | Armenia |  | — | Securities broker-dealer |  
| Prime Executions, Inc. ("PrimeEx") |  | USA |  | — | Securities broker-dealer |  
| Foreign Enterprise LLC Freedom Finance |  | Uzbekistan |  | — | Securities broker-dealer |  
| Freedom Broker LLC |  | Kyrgyzstan |  | — | Securities broker-dealer |  
| Banking Segment |  |  |  |  |  |  
| Freedom Bank Kazakhstan JSC ("Freedom Bank KZ") |  | Kazakhstan |  | 2 | Commercial bank |  
| Freedom Bank Tajikistan CJSC ("Freedom Bank TJ") |  | Tajikistan |  | — | Commercial bank |  
| Insurance Segment |  |  |  |  |  |  
| Freedom Finance Life JSC ("Freedom Life") |  | Kazakhstan |  | — | Life/health insurance |  
| Freedom Finance Insurance JSC ("Freedom Insurance") |  | Kazakhstan |  | — | General insurance |  
| Other Segment |  |  |  |  |  |  
| Ticketon Events LLP ("Ticketon") |  | Kazakhstan |  | 3 | Online ticket sales |  
| Freedom Finance Special Purpose Company LTD ("Freedom SPC") |  | Kazakhstan |  | — | Issuance of debt securities |  
| Freedom Finance Commercial LLP |  | Kazakhstan |  | — | Sales consulting |  
| Freedom Technologies LLP ("Paybox") |  | Kazakhstan |  | 5 | Payment services |  
| Aviata LLP ("Aviata") |  | Kazakhstan |  | — | Online travel ticket aggregator |  
| Internet-Tourism LLP ("Internet Tourism") |  | Kazakhstan |  | — | Online travel ticket aggregator |  
| Arbuz Group LLP ("Arbuz") |  | Kazakhstan |  | 3 | Online retail trade and e-commerce |  
| Comrun LLP ("ReKassa") |  | Kazakhstan |  | — | Mobile and web application |  
| Freedom Telecom Holding Limited ("Freedom Telecom") |  | Kazakhstan |  | 5 | Telecommunications |  
| Freedom Kazakhstan PC Ltd |  | Kazakhstan |  | 9 | Holding company | 
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  
| Freedom Advertising Ltd |  | Kazakhstan |  | — | Advertising |  
| Freedom Shapagat Corporate Fund  |  | Kazakhstan |  | — | Non-profit |  
| FRHC Fractional SPC LTD  |  | Kazakhstan |  | — | Issuance of debt securities |  
| Freedom Holding Operations LLP |  | Kazakhstan |  | — | Human resources |  
| Freedom Horizons LLP |  | Kazakhstan |  | — | Business consulting and services |  
| CLUB T LLP ("CLUB T") |  | Kazakhstan |  | — | Restaurant and cafe operations |  
| Freedom Finance Azerbaijan LLC |  | Azerbaijan |  | — | Financial educational center |  
| Freedom Finance FZE. |  | UAE |  | — | Consulting |  
| Freedom Management Ltd. |  | UAE |  | — | Consulting |  
| Freedom Finance Turkey LLC |  | Turkey |  | — | Financial consulting |  
| Freedom Finance Technologies Ltd |  | Cyprus |  | — | IT development |  
| Freedom Prime UK Limited ("Prime UK") |  | UK |  | — | Management consulting |  
| Freedom Structured Products PLC |  | Cyprus |  | — | Financial services |  
| FFIN Securities, Inc.  |  | USA |  | — | Dormant |  
| Freedom U.S. Market LLC |  | USA |  | 2 | Management company |  
| LD Micro ("LD Micro") |  | USA |  | — | Event platform |  
| Freedom US Technologies LLC |  | USA |  | — | Technology services |  
| Total subsidiaries |  |  |  | 57 |  |  |