RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of August 27, 2024 No. PP-303

About formation of the National investment fund of the Republic of Uzbekistan

For the purpose of increase in investment appeal of the country, increase in amount of direct foreign investments, and also acceleration of processes of transformation of the large companies and commercial banks with the prevailing state share, implementations of modern mechanisms of corporate management:

1. Agree with the offer of the Ministry of Economics and finance and Agencies on management of the state assets about formation of the National investment fund of the Republic of Uzbekistan (further - Fund).

2. Determine that:

The fund is formed in the form of joint-stock company which single shareholder before public placement of its shares is the Ministry of Economics and finance;

the authorized capital of Fund is created by transfer of part of the state block of shares to it (further - investment assets) the companies and commercial banks on estimated market value;

based on the decision of general meeting of shareholders of Fund it is allowed to attract in Fund of the trustee with investment assets (further - the Trustee).

3. Approve the List of the companies and commercial banks, the state share in which is transferred for forming of the authorized capital of JSC National Investment Fund of the Republic of Uzbekistan, according to appendix.

4. Determine the main objectives of Fund:

increase in market value of net assets of Fund;

share placing of Fund on the leading foreign stock exchanges;

involvement of the leading international institutional investors for participation in processes of investment attraction in assets of Fund and their privatization;

implementation of standards of corporate management of Organization for Economic Cooperation and Development, transition to international accounting standards, participation in implementation of standards of ecological, social and corporate management (ESG) in investment assets of Fund.

5. To the Ministry of Economics and finance together with Agency on management of the state assets to take measures for involvement of experienced managing company for transfer of Fund to trust management and to determine the primary obligations of this managing company including providing:

placement until the end of 2026 of shares of Fund on Tashkent and the international stock exchanges, including London;

activation of processes of transformation in investment assets, including implementation of technology systems of increase in efficiency and transparency, improvement business, operating and business activity in each company;

implementation in Fund of modern risk management system.

6. Determine that during the period till 2030 at least 50 percent of net profit of investment assets of Fund goes for dividend payout following the results of the corresponding year.

7. Implement according to the procedure of experiment procedure according to which:

a) it is allowed to pay share value of Fund with securities at the rate to 100 percent of its authorized capital;

b) do not extend to the Trustee:

the requirement for availability of the authorized capital in the amount of at least 5 percent of annual average cost of the investment assets which are in its management;

restrictions on the volume of investment into securities, proceeding from net assets value, within activities of Fund.

To the Ministry of Economics and finance together with the interested ministries and departments till September 1, 2025 to enter analytical information on results of the made experiment and relevant proposals in the Cabinet of Ministers.

8. To impose control of execution of this resolution on the deputy prime minister D. A. Kuchkarov.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of August 27, 2024 No. PP-303

The list of the companies and commercial banks, the state share in which is transferred for forming of the authorized capital of JSC National Investment Fund of the Republic of Uzbekistan,

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