Risk Factors Update Summary

• The expansion of Russia-related sanctions could significantly increase risks to our business relationships. This change might result in heightened operational challenges and potential revenue loss.
• We plan to incur losses in our new telecommunications and media businesses, impacting future profitability.
• Non-compliance with U.S., EU, UK, Russian, or other sanctions programs could adversely impact our company. This change highlights the potential for regulatory penalties affecting financial performance.
• Our revenues are concentrated in certain customers and products, which may adversely affect financial condition.
• Our customer liabilities relating to individuals and entities in Kazakhstan were $17.8 million, representing approximately 0.92% of total customer liabilities. This change indicates significant exposure in a volatile market.
• Our recently established telecommunications subsidiary, Freedom Telecom, is expected to incur losses for several years.
• We sold 7,500,000 shares at a loss of $73.4 million due to market volatility from the Russia-Ukraine conflict.
• Technical breaches of anti-money laundering laws could materially affect our business, results of operations, and cash flows. This change emphasizes the importance of compliance in maintaining financial stability.
• We have engaged in related party transactions, with approximately 61%, 60%, and 82% of fee income from FST Belize.
• Our risk management framework may not effectively mitigate risks, potentially leading to significant financial losses.
• The government of Kazakhstan is developing a new Tax Code that could significantly affect our business. This change indicates potential financial implications due to evolving regulatory environments.
• The ongoing Russia-Ukraine conflict poses challenges, impacting our business operations and financial results significantly.