RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of September 19, 2025 No. PP-289

About measures for further enhancement of activities of the National investment fund of the Republic of Uzbekistan

For the purpose of thorough training to initial public offering of the National investment fund of the Republic of Uzbekistan on local and the international stock exchanges by further enhancement of its activities and increase in investment appeal I decide:

1. Agree with offers of the Ministry of Economics and finance, Agencies on management of the state assets about transfer:

(a) belonging to the National investment fund of the Republic of Uzbekistan (further - Fund):

(i) shares of JSC Uzbekistan Airports, JSB Bank razvitiya businessa and JSB Mikrocreditbank - to the Ministry of Economics and finance due to reduction of the state share in the authorized capital of Fund;

(ii) shares of JSC Uzbekiston pochtasi - to Agency on management of the state assets due to reduction of the state share in the authorized capital of Fund;

(b) 30 percent share fraction of JSB Uzpromstroybank belonging to Fund of reconstruction and developments - to the Ministry of Economics and finance for the subsequent transfer to Fund;

(c) additional 20 percent share fraction of JSC Uzbekgidroenergo, 10 percent share fraction of JSC Uzbekinvest and 15 percent share fraction of JSC Temiryulinfratuzilma - To fund.

2. Provide in two weeks transfer to the Ministry of Economics and finance:

(a) Fund of reconstruction and development (Sh. Vafayev) - 30 percent share fraction of JSB Uzpromstroybank belonging to Fund of reconstruction and developments;

(b) Agency on management of the state assets (A. Ortikov) - 10 percent share fraction of JSC Uzbekinvest;

(c) JSC Uzbekiston temir yullari (Z. Narzullayev) - 15 percent share fraction of JSC Temiryulinfratuzilma due to reduction of the state share in the authorized capital.

3. And finance (D. Kuchkarov) to provide to the Ministry of Economics transfer to Fund of reconstruction and the development of share fraction of JSB Agrobank and other commercial banks having the state share, belonging to the Ministry of Economics and finance in the amount of, equal to the share fraction specified in the subitem "an" of Item 2 of this resolution in a month.

4. Determine that in case of increase in the state share in the authorized capital of the companies and commercial banks entering investment portfolio of Fund shares for preserving the size of its share are in proportion contributed to Fund.

5. Form the Working group on coordination of works on placement on primary public trading in shares of the National investment fund of the Republic of Uzbekistan in structure according to appendix No. 1.

6. Make offers in the Cabinet of Ministers:

(a) To the Ministry of Economics and finance together with Agency on management of the state assets and the Tax Committee in two-month time - on modification of the Tax code of the Republic of Uzbekistan, the Fund providing release of the income in the form of dividends from the dividend tax;

(b) To the national agency of perspective projects together with the Ministry of Economics and finance in three-months time - on modification and amendments in the laws of the Republic of Uzbekistan "About investment and share funds" and "About the security market", the transactions providing extension of the list permited the trustee.

7. Make changes and additions to some resolutions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan according to appendix No. 2.

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

Appendix № 1

to the Resolution of the President of the Republic of Uzbekistan of September 19, 2025 No. PP-289

Structure of the Working group on coordination of works on placement on primary public trading in shares of the National investment fund of the Republic of Uzbekistan

Appendix № 2

to the Resolution of the President of the Republic of Uzbekistan of September 19, 2025 No. PP-289

Changes and additions made to some resolutions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan

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

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

2. No. PP-253 "About additional measures for strengthening of financial stability and acceleration of privatization of Uzpromstroybank Joint stock bank to declare the subitem "g" of Item 2 of the resolution of the President of the Republic of Uzbekistan of July 31, 2023 invalid.

3. "About formation of the National investment fund of the Republic of Uzbekistan" to state appendix to the resolution of the President of the Republic of Uzbekistan of August 27, 2024 to No. PP-303 in the following edition:

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