<SEC-DOCUMENT>0001654954-19-012258.txt : 20191101
<SEC-HEADER>0001654954-19-012258.hdr.sgml : 20191101
<ACCEPTANCE-DATETIME>20191101163209
ACCESSION NUMBER:		0001654954-19-012258
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20191101
DATE AS OF CHANGE:		20191101
EFFECTIVENESS DATE:		20191101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Freedom Holding Corp.
		CENTRAL INDEX KEY:			0000924805
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				300233726
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234446
		FILM NUMBER:		191187161

	BUSINESS ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101
		BUSINESS PHONE:		801-355-2227

	MAIL ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BMB MUNAI INC
		DATE OF NAME CHANGE:	20031218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERUNION FINANCIAL CORP
		DATE OF NAME CHANGE:	19960719
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>frhc_s8.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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As filed with the Securities Exchange Commission on November 1,
2019</font></div>
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Registration No. 333-</font></div>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Washington, D.C. 20549</font></div>
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FORM S-8</font></div>
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REGISTRATION STATEMENT UNDER THE</font></div>
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SECURITIES ACT OF 1933</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
FREEDOM HOLDING CORP.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">Exact
name of registrant as specified in its charter</font>)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Nevada</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
30-0233726</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 20%;">
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<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">State
or other jurisdiction of</font></font> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">incorporation or
organization</font>)</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">I.R.S.
Employer</font></font> <font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">Identification No</font>.)</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 10"><br>
</font></div>
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<table cellpadding="0" cellspacing="0" style="text-align: center; width: 65%; font-family: Times New Roman; font-size: 13px; margin: 0px auto;">
<tr>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#x201C;Esentia Tower&#x201D; BC, Floor 7</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
77/7 Al Farabi Ave</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Almaty, Kazakhstan</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
050040</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">Address
of principal executive offices</font>)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">Zip
code</font>)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Freedom Holding Corp. 2019 Equity Incentive Plan</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">Full
title of the plan</font>)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Evgeniy Ler</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Chief Financial Officer</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#x201C;Esentia Tower&#x201D; BC</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
77/7 Al Farabi Ave</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Almaty, Kazakhstan</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(888) 996-3742</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(<font style="font-style: italic">Name,
address and telephone number, including area code of agent for
service</font>)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Copies to:</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Ronald L. Poulton</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Poulton &amp; Yordan</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
324 South 400 West, Suite 250</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Salt Lake City, Utah 84101</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(801) 355-1341</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer or a smaller
reporting company or an emerging growth company. See the
definitions of &#x201C;large accelerated filer,&#x201D;
&#x201C;accelerated filer&#x201D; &#x201C;smaller reporting
company&#x201D; and &#x201C;emerging growth company&#x201D; in Rule
12b-2 of the Exchange Act. (Check one):</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Large
accelerated filer</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Accelerated
filer</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2612;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-accelerated
filer</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Smaller
reporting company</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2612;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 24%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 7(a)(2)(B) of the Securities Act. [
]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
CALCULATION OF REGISTRATION FEE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-size: inherit; font-family: inherit;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 42%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 11px">&#xA0; <font style="font-weight: bold; font-family: Times New Roman;">Title of
securities to be registered</font></font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman;"><font style="font-weight: bold">Amount to be registered</font><font style="font-size:70%;vertical-align:top;"><font style="font-size: 9px"><font style="font-size: 70%; vertical-align: top">(1)</font></font></font></font></div>
</td>
<td style="width: 1%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font>&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 13%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Times New Roman;">Proposed maximum
offering price</font> <font style="font-family: Times New Roman;"><font style="font-weight:bold;">per
share</font><font style="font-size: 70%;"><font style="font-size: 70%; vertical-align: top">(3)</font></font></font></div>
</td>
<td style="width: 1%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font>&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 13%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Times New Roman;">Proposed maximum
aggregate offering price</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font>&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 13%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Times New Roman;">Amount of
registration fee</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 42%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Common Stock, par
value $0.001 per share</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: right"><font style="font-size: 9px"><font style="font-family: Times New Roman;"><font style="font-size: 13px">3,740,000</font><font style="font-size: 70%; vertical-align: top">(2)</font></font></font></div>
</td>
<td style="width: 1%;">
<div><font style="font-size: 9px"><font style="font-size: 70%; vertical-align: top"><br></font></font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>$</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: right"><font style="font-size: 13px; font-family: Times New Roman;">13.25<br></font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;$</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: right"><font style="font-size: 13px; font-family: Times New Roman;">49,555,000<br></font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>$</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: right"><font style="font-size: 13px; font-family: Times New Roman;">6,432.24<br></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Pursuant to Rule
416(a) under the Securities Act of 1933, as amended (the
&#x201C;Securities Act&#x201D;), this Registration Statement shall
also cover any additional shares of the Registrant&#x2019;s Common
Stock that may be offered or issued under the Freedom Holding Corp.
2019 Equity Incentive Plan by reason of any stock dividend, stock
split, recapitalization or any similar transaction effected without
receipt of consideration.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The number of
shares being registered is the maximum aggregate number of shares
currently issuable under the Freedom Holding Corp. 2019 Equity
Incentive Plan.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Estimated solely
for purposes of calculating the registration fee. The fee is
calculated pursuant to Rules 457(c) and 457(h) under the Securities
Act. The fee for the Common Stock was calculated using the average
of the high and low prices per share of the Common Stock as
reported on the Nasdaq Capital Market on October 29,
2019.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXPLANATORY NOTE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
Registration Statement on Form S-8 (the &#x201C;Registration
Statement&#x201D;) is being filed to register 3,740,000 shares of
Freedom Holding Corp. common stock, par value $0.001 per share
(&#x201C;Common Stock&#x201D;) <font style="font-size: 13px">issuable
pursuant to the Freedom Holding Corp. 2019 Equity Incentive Plan
(the &#x201C;2019 Plan&#x201D;). The shareholders of Freedom Holding
Corp. approved the 2019 Plan on September 20, 2018. As of November
1, 2019, no awards have been granted pursuant to the 2019
Plan.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART I</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
information specified in Item 1 and Item 2 of Part I of Form S-8 is
omitted from the Registration Statement in accordance with the
provisions of Rule 428 under the Securities Act, and the
introductory note to Part I of Form S-8. The documents containing
the information specified in Part I of Form S-8 will be delivered
to the participants in the 2019 Plan as required by Rule 428(b)
under the Securities Act. Such documents are not required to be,
and are not, filed with the Securities and Exchange Commission (the
&#x201C;Commission&#x201D;) either as part of this Registration
Statement or as a Section 10(a) prospectus or prospectus supplement
pursuant to Rule 424 of the Securities Act.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<br>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART II</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
In this Registration Statement, Freedom Holding Corp., is sometimes
referred to as &#x201C;Registrant,&#x201D; &#x201C;we,&#x201D;
&#x201C;us&#x201D; or &#x201C;our.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
3. Incorporation of Documents by Reference.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Commission allows us to &#x201C;incorporate by reference&#x201D; the
information we file with them, which means that we can disclose
important information to you by referring to those documents. The
information incorporated by reference is considered to be part of
this Registration Statement, and later information filed with the
Commission will update and supersede this information. We hereby
incorporate by reference into this Registration Statement the
following documents previously filed with the SEC:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our Annual Report
on Form 10-K for the fiscal year ended March 31, 2019, filed with
the Commission on June 14, 2019;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2019,
filed with the Commission on August 9, 2019;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our Current Reports
on Form 8-K filed with the Commission on September 10, 2019, and
October 2, 2019;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(iv)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The description of
our capital stock contained in the our Registration Statement on
Form 8-A filed with the Commission on October 10, 2019, including
any amendment or report filed by the Company for the purpose of
updating or modifying such description.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>&#xA0;
 <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Except
to the extent that information is deemed furnished and not filed
pursuant to securities laws and regulations, all documents filed
with the Commission by the Registrant pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act subsequent to the date
hereof, as amended, and prior to the filing of a post-effective
amendment to this Registration Statement that indicates that all
securities offered hereby have been sold or that deregisters all
securities then remaining unsold, shall also be deemed to be
incorporated by reference herein and to be a part hereof from the
dates of filing of such documents.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Any
statement contained herein or in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any
subsequently filed document which also is or is deemed to be
incorporated by reference herein, modifies or supersedes such
statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Under
no circumstances shall any information furnished under Item 2.02 or
7.01 of Form 8-K be deemed incorporated herein by reference unless
such Form 8-K expressly provides to the contrary.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 4. Description of Securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 5. Interests of Named Experts and Counsel.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
validity of the issuance of the common stock being registered has
been passed upon by the law firm of Poulton &amp; Yordan. As of
November 1, 2019, members of Poulton &amp; Yordan owned 218,260
shares of restricted Common Stock of Freedom Holding Corp., none of
which are being registered in connection with this Registration
Statement. It is anticipated that members of Poulton &amp; Yordan
will receive 30,000 shares that will be registered in connection
with this Registration Statement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 6. Indemnification of Directors and Officers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Restated Articles of Incorporation, as filed with the Nevada
Secretary of State on February 7, 2019, indicate that we shall
indemnify (a) our directors to the fullest extent permitted by the
laws of the State of Nevada, including the advancement of expenses
under the procedures provided by such laws, (b) all of our officers
to the same extent as we shall indemnify our directors, and (c) our
officers who are not directors to such further extent as shall be
authorized by the Board of Directors and be consistent with law.
Subject only to any limitations prescribed by the laws of the State
of Nevada now or hereafter in force, the foregoing shall not limit
our authority to indemnify the directors, officers and other
employees and agents consistent with law and shall not be deemed to
be exclusive of any rights to which those indemnified may be
entitled as a matter of law or under any resolution, By-Law
provision, or agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0; <font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>&#xA0;
 <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
By-Laws provide that we will indemnify any person who was or is a
party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by
or in the right of the Corporation) by reason of the fact that he
is or was a director or officer, or is or was a director or officer
serving at our request as a director or officer, employee or agent
of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&#x2019; fees),
judgments, fines and amounts paid in settlement, and in connection
with the defense of such action or suit, actually and reasonably
incurred by such person in connection with such action, suit or
proceeding to the fullest extent permitted by Nevada
Law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Section
78.7502 of Chapter 78 of the Nevada Revised Statutes (the
&#x201C;NRS&#x201D;) provides for discretionary and mandatory
indemnification of any person who was or is a party or is
threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, except an action by or in the
right of the corporation, by reason of the fact that the person is
or was a director, officer, employee or agent of the corporation,
or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against
expenses, including attorneys&#x2019; fees, judgments, fines and
amounts paid in settlement actually and reasonably incurred by the
person in connection with the action, suit or proceeding if the
person (a) acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe the conduct was
unlawful; or (b) is not liable pursuant to Section 78.138 of the
NRS. Under Section 78.138, a director or officer is not
individually liable to the corporation unless such person breached
their fiduciary duty and such breach involved intentional
misconduct, fraud or a knowing violation of law. If the action or
suit is by or in the right of the corporation, indemnification may
not be made for any claim, issue or matter as to which such a
person has been adjudged by a court of competent jurisdiction,
after exhaustion of all appeals therefrom, to be liable to the
corporation or for amounts paid in settlement to the corporation,
unless and only to the extent that the court in which the action or
suit was brought or other court of competent jurisdiction
determines upon application that in view of all the circumstances
of the case, the person is fairly and reasonably entitled to
indemnity for such expenses as the court deems proper.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Insofar
as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise,
we have been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy
as expressed in the Securities Act and is, therefore,
unenforceable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
rights of indemnification described above are not exclusive of any
other rights of indemnification to which the persons indemnified
may be entitled under any By-Law, agreement, vote of stockholders
or directors, or otherwise.&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
foregoing description is necessarily general and does not describe
all details regarding the indemnification of officers, directors,
or controlling persons of the Registrant.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>&#xA0;
 <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 7. Exemption from Registration Claimed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 8. Exhibits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
exhibits to this Registration Statement are listed on the Exhibit
Index, which appears elsewhere herein and is incorporated herein by
reference.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 9. Undertakings.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 24px"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;The
undersigned Registrant hereby undertakes:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;To file,
during any period in which offers or sales are being made, a
post-effective amendment to this Registration
Statement:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To include any
prospectus required by Section 10(a)(3) of the Securities
Act;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To
reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the Registration Statement; Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more
than 20% change in the maximum aggregate offering price&#xA0;set
forth in the &#x201C;Calculation of Registration Fee&#x201D; table in
the effective registration statement; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To
include any material information with respect to the Plan not
previously disclosed in this Registration Statement or any material
change to such information in this Registration
Statement;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">p<font style="font-style: italic">rovided however</font>, that the undertakings
set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply
if the information required to be included in a post-effective
amendment by those paragraphs is contained in the reports filed
with or furnished to the Commission by the Registrant pursuant to
Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in this Registration
Statement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;That, for the
purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To remove from
registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination
of the offering.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div style="margin-left: 0px; text-indent: 24px"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;The
undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of
the Registrant&#x2019;s annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan&#x2019;s annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to
be initial bona fide offering thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 24px"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;Insofar
as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item 6 of
this Registration Statement, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered hereunder, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 10"><br>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Almaty,
Republic of Kazakhstan, on October 31, 2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<br>
</font></div>
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</td>
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<div><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
FREEDOM HOLDING CORP.</font></font></font></div>
</td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<br></td>
<td style="vertical-align: top; width: 3%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ <font style="color: #000000; font-family: Times New Roman; font-size: 13px">Timur
Turlov</font> &#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Timur
Turlov</font></td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Chairman
and Chief Executive Officer</font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<br>
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="poa">P</a>OWER OF ATTORNEY</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Each
person whose signature appears below appoints each of Timur Turlov
and Evgeniy Ler, jointly and severally, his attorneys-in-fact, each
with full power of substitution for such person in any and all
capacities, to sign this Registration Statement, and any amendments
thereto, (including post-effective amendments), and to file the
same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that said attorneys-in-fact, his
substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following
persons on behalf of the Registrant in the capacities and on the
dates indicated.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Signatures</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Capacity in which Signed</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Date</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
/s/ Timur Turlov</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Chairman and Chief Executive Officer</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
October 31, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Timur Turlov</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(principal executive officer)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
/s/ Evgeniy Ler</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Chief Financial Officer</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
October 31, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Evgeniy Ler</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(principal financial and accounting officer)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
/s/ Boris Cherdabayev</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
October 31, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Boris Cherdabayev</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">/s/
Jason Kerr</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">November
1, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Jason Kerr</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
/s/ Leonard Stillman</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">October
31, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Leonard Stillman</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
/s/ Askar Tashtitov</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">October
31, 2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Askar Tashtitov</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXHIBIT INDEX</font></div>
<div style="null"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;</font>
<font><br></font></div>
<div style="text-align: left">
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<tr>
<td style="vertical-align: top; width: 12%;">
<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
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</td>
<td style="vertical-align: top; width: 43%;">
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</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 32%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Incorporated
by Reference</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Filed
or Furnished</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit
Number</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit
Description</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Form</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Filing
Date</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Herewith</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/924805/000165495419001107/frhc_ex31.htm">
<font style="font-family: Times New Roman; font-size: 13px">4.01</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Restated
Articles of Incorporation</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8-K</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.01</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">02/06/19</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/924805/000165495419001107/frhc_ex32.htm">
<font style="font-family: Times New Roman; font-size: 13px">4.02</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By-Laws
of Freedom Holding Corp. (as amended through February 4,
2019)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8-K</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.02</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">02/06/19</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/924805/000165495418010363/frrhc_ex101.htm">
<font style="font-family: Times New Roman; font-size: 13px">4.03</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Freedom
Holding Corp. 2019 Equity Incentive Plan</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8-K</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.01</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">09/21/18</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="frhc_ex51.htm"><font style="font-family: Times New Roman; font-size: 13px">5.01</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Opinion
of Poulton &amp; Yordan</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">X</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="frhc_ex231.htm"><font style="font-family: Times New Roman; font-size: 13px">23.01</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Consent
of WSRP, LLC</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">X</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="frhc_ex51.htm"><font style="font-family: Times New Roman; font-size: 13px">23.02</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Consent
of Poulton &amp; Yordan (included in Exhibit 5.1)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">X</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#poa"><font style="font-family: Times New Roman; font-size: 13px">24.01</font></a></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 43%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Power
of Attorney (included on the signature page hereto)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">X</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>frhc_ex51.htm
<DESCRIPTION>OPINION ON LEGALITY
<TEXT>
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Exhibit 5.01</font></div>
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<font style="font-size: 16px">P</font>OULTON &amp; <font style="font-size: 16px">Y</font>ORDAN</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">ATTORNEYS
AT LAW</font></div>
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&#xA0;&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">November
1, 2019</font></div>
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&#xA0;&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Board
of Directors</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Freedom
Holding Corp.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Esentia
Tower&#x201D; BC, Floor 7</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">77/7 Al
Farabi Ave</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Almaty,
Kazakhstan 050040</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -36px">
<font style="font-family: Times New Roman; font-size: 13px">Re:
<font style="text-decoration: underline">Registration Statement on
Form S-8; 3,740,000 shares of Common Stock, par value $0.001 per
share</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
acted as counsel to Freedom Holding Corp., a Nevada corporation
(the &#x201C;<font style="font-weight: bold">Company</font>&#x201D;),
in connection with the registration under the Securities Act of
1933, as amended (the &#x201C;<font style="font-weight: bold">Securities Act</font>&#x201D;), of (i) 3,740,000
shares (the &#x201C;<font style="font-weight: bold">Shares</font>&#x201D;) of the common stock, par
value $0.001 per share (the &#x201C;<font style="font-weight: bold">Common Stock</font>&#x201D;), of the Company
issuable pursuant to the Company&#x2019;s 2019 Equity Incentive Plan
(the &#x201C;<font style="font-weight: bold">Plan</font>&#x201D;) as
described in the Company&#x2019;s Registration Statement on Form S-8
(as may subsequently be amended, the &#x201C;<font style="font-weight: bold">Registration
Statement</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
examined the Registration Statement as filed with the Securities
and Exchange Commission. We have also examined and relied upon the
minutes of the meetings of the stockholders and the Board of
Directors, or committees thereof, of the Company as provided to us
by the Company, the Restated Articles of Incorporation, the By-laws
of the Company, the Plan and such other documents as we have deemed
necessary for purposes of rendering the opinion hereinafter set
forth, and we have made no independent investigation of such
matters.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">In our
examination of the foregoing documents, we have assumed the
genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to original documents
of all documents submitted to us as copies, the authenticity of the
originals or such latter documents and the legal competence of all
signatories to such documents.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
express no opinion herein as to the laws of any state or
jurisdiction other than the Nevada Revised Statutes and we express
no opinion with respect to any other laws.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">For
purposes of the opinion set forth below, we have assumed that a
sufficient number of authorized but unissued shares of the
Company&#x2019;s Common Stock will be available for issuance when
the Shares are issued.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Based
upon the foregoing, and subject to the assumptions, qualifications
and limitations stated herein, it is our opinion that the Shares
have been duly authorized for issuance and, when such Shares are
issued and paid for in accordance with the terms and conditions of
the Plan and pursuant to the agreements that accompany the Plan,
such Shares will be validly issued, fully paid and
nonassessable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Please
note that we are opining only as to the matters expressly set forth
herein, and no opinion should be inferred as to any other
matters.&#xA0;&#xA0;This opinion is based upon currently existing
statutes, rules, regulations and judicial decisions, and we
disclaim any obligation to advise you of any change in any of these
sources of law or subsequent legal or factual developments which
might affect any matters or opinions set forth herein.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not hereby
admit that we are in the category of persons whose consent is
required under Section&#xA0;7 of the Securities Act or the
rules&#xA0;and regulations of the Securities and Exchange
Commission.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 336px">
<font style="font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 336px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">POULTON
&amp; YORDAN</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 336px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">/s/ Poulton &amp;
Yordan</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 336px">
<font style="font-family: Times New Roman; font-size: 13px">Attorneys at
Law</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>frhc_ex231.htm
<DESCRIPTION>CONSENTS OF EXPERTS AND COUNSEL
<TEXT>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit 23.01</font></div>
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&#xA0;&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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We hereby consent to the incorporation by reference in this
Registration Statement on Form S-8 of Freedom Holding Corp. of our
report dated June 14, 2019, relating to the consolidated financial
statements and the effectiveness of internal controls over
financial reporting which appears in the Annual Report on Form 10-K
of Freedom Holding Corp. for the year ended March 31,
2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
/s/ WSRP LLC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">WSRP
LLC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Salt Lake City, Utah</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
November 1, 2019</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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