RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 31, 2023 No. PP-253

About additional measures for strengthening of financial stability and acceleration of privatization of Uzpromstroybank Joint stock bank

For the purpose of increase in financial stability, investment appeal, operating efficiency and preparation for privatization of Uzpromstroybank Joint stock bank (further - JSB Uzpromstroybank), and also involvement of strategic investors in banking sector:

1. Take into consideration that:

credit lines of the International Finance Corporation (further - IFC) and the European Bank for Reconstruction and Development (further - the EBRD) in the amount of only 125 million US dollars with possibility of converting in the common shares which are in addition issued by JSB Uzpromstroybank are attracted;

The IFC, Asian Development Bank (further - ABR) and the EBRD provide joint recommendations about questions of transformation and privatization of JSB Uzpromstroybank.

2. Approve offers of the Agency of strategic reforms in case of the President of the Republic of Uzbekistan (further - the Agency), Agencies on management of the state assets, and also Fund of reconstruction and developments directed to increase in investment appeal of JSB Uzpromstroybank, providing:

a) complete implementation of practice of independent position assignment and dismissal of the chairman of the board of bank and its members the Supervisory board of JSB Uzpromstroybank, and also strengthening of role of committee to destination and to stimulation in this direction;

b) not distribution of net profit without dividend payout on common shares of bank before privatization of JSB Uzpromstroybank;

c) until the end of 2023:

signing with ABR of the agreement on attraction in JSB Uzpromstroybank of its borrowing facilities in the amount of 50 million US dollars and provision of possibility of converting of these borrowing facilities in the bank share;

attraction of subordinary borrowed funds of IFC in the amount of 40 million US dollars;

involvement of foreign specialists on executive positions of bank;

implementation of the principles of ecological, social and corporate management (ESG) in cooperation with the EBRD, IFC and ABR;

development of the three-year development strategy and digital transformation of JSB Uzpromstroybank with involvement of the international financial institutions and experts;

release into the stream of commerce in the domestic and international capital markets of "green" bonds in the amount of 100 million US dollars with assistance of IFC;

d) ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 19.09.2025 No. PP-289

3. Authorize the CEO of the Agency to conduct negotiations on attraction of financial resources of the international financial institutions in the capital of JSB Uzpromstroybank and to sign the relevant documents on behalf of the Republic of Uzbekistan.

4. Give JSB Uzpromstroybank the right of independent implementation in the course of privatization and transformation of bank of the following procurement processes and the conclusion of direct agreements according to the Provision approved by the Supervisory board by means of the screening committee consisting of qualified specialists:

involvement of the international law and audit companies, investment advisers and investment banks, advanced foreign and domestic educational institutions, highly skilled foreign experts and consultants;

the conclusion of contracts with the companies delivering devices of informatization, the software and ATMs.

5. And finance to provide to the Ministry of Economics renewal as subordinary debt of means of the credit line allocated to JSB Uzpromstroybank, total cost 1 280,12 billion sum without change of initial conditions in a month.

6. Make changes and additions to some decisions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan, according to appendix.

7. To impose control of execution of this resolution on the CEO of the Agency of strategic reforms in case of the President of the Republic of Uzbekistan Sh. A. Vafayev.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of July 31, 2023 No. PP-253

The changes and amendment brought in some decisions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan

1. In Item 7 of the resolution of the President of the Republic of Uzbekistan of March 18, 2022 No. PP-168 "About additional measures for further reducing the state participation in economy and privatization acceleration":

a) word in paragraph one to "Ministry of Finance" shall be replaced with words to "The agency of strategic reforms";

b) in the paragraph the second shall be replaced with words the words "till October 1, 2022" "till March 1, 2024";

c) third to state the paragraph in the following edition:

"privatization of the state shares till the end of 2024 - JSB Uzsanoatkurilishbank and till the end of 2025 - JSB Asakabank with involvement of the International Finance Corporation, European Bank for Reconstruction and Development, and also Asian Development Bank";

d) in paragraph four of the word "till July 1, 2023" shall be replaced with words "till January 1, 2025".

2. In the text in official language of the resolution of the Cabinet of Ministers of March 29, 2021 No. 161 "About measures for privatization and transformation of Uzpromstroybank Joint stock bank with participation of the international financial institutions":

a) add with Item 2-1 of the following content:

"2-1. Bankni hususiylashtirish va transformation kilish ishlarin zhadallashtirish maksadida:

Bank tomonidan yang beriladigan creditlar bozor of tamoyillara va hatarlarn boshkarish tizimidan kelib chikkan holda bank of siyosata of asosid of azhratilada;

Bankning of Kuzatuv of kengasha of raisa of 2023 Kadar yit 31 avgustg the uning mustakit ajzolar orasidan saylanad";

b) third Item 3 to exclude the paragraph;

c) in the paragraph the second Item 6 to replace figure "2023" with figure "2024";

d) Item 8 in paragraph four shall be replaced with words the abbreviation "HMKGA" "halkaro the moliya of institutlarig".

3. In the text in official language of "Road map" on the privatization of Uzpromstroybank Joint stock bank until the end of 2023 approved by the resolution of the Cabinet of Ministers of December 28, 2021 No. 778:

a) in line item 6:

state the column "Chora-tadbirlar" in the following edition:

"Mustakil ajzolar orasidan Bank of Kuzatuv of kengasha of raisina saylash";

in the column "Izhro of Muddata" of the word "Halkaro Moliya Institutidan Liniyasina Credit Converting Kilish T¸grisidag of Habarnom Olingandan Keyin 90 Kuna of Muddatd" shall be replaced with words "2023 Kadar yit 31 avgustg";

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