Commentary & Deal Flow

JSC Development Bank of Kazakhstan (DBKAZ), exp issue ratings Baa1/BBB by Moody's/Fitch (issuer ratings Baa1/BBB/BBB- (s/s/p)), 144A/Reg S 2-part sr notes (USD long 5y due 1/31/31 and KZT-denom 3y due 10/16/28). Citi/JPM M(B&D)/SG as JGCs. Mashreq as joint books. Kazakhstan Manager: Forte Finance. Development Finance Structuring Agent: JPM. Coupons: FXD, payable semi-annually, Day Count 30/360. Settlement currency: USD (all payments in U.S. Dollars for both USD and KZT offering, incl. settlement, coupon, and principal). Clearing: Euroclear / Clearstream / DTC. Tranche Denoms: USD 200k x USD 1k; KZT100mm x KZT500k. Governing Law: English. Listing: Vienna MTF, AIX, KASE. Reference FX rate: USD/KZT at 541.63 (for settlement purposes), as published by the National Bank of Kazakhstan for the date of 8 October 2025. UOP: gcp. Pricing 10/8. Settle 10/16. IPTs: L5y 5.25% area, 3y 18.50% area.