The State Assets Management Agency of the republic of Uzbekistan

As previously stated, the final stage of the international open privatization process for the 100% state share in the authorized capital of LLC “Universal Mobile Systems” (MobiUz) is progressing.

To ensure transparency and competitiveness throughout the privatization process, the following international consulting firms have been engaged:

• Rothschild & Co - as the strategic and financial consultant;
• KPMG - as the financial consultant and responsible for conducting financial, tax, and legal vendor due diligence;
• Deloitte - as the independent appraiser.

At the NBO stage 10 foreign investors submitted their non-binding offers (NBOs). Based on the evaluation results and upon the recommendations of the Consultants, 7 applicants were admitted to the final BO stage.

Within the final stage, these applicants were granted access to a Virtual Data Room (VDR) containing comprehensive vendor due diligence reports prepared by the Consultants, covering the financial, tax, and legal activities of MobiUz. Applicants were also provided an opportunity to visit MobiUz for an in‑depth review of its operations, meet with senior management, and address relevant questions during a Management Presentation.

Furthermore, all participants signed a Term Sheet outlining the principal terms of the proposed acquisition of MobiUz and its subsequent operations.

By the established deadline of 19 December 2025, 6 applicants submitted binding offers (BOs) for the acquisition of MobiUz.

Following an analysis of the submitted BOs and taking into account international best practices, 3 applicants offering the most competitive purchase terms and key transaction parameters have been selected. These applicants have been granted additional time to improve their offers until 23:59 (Tashkent time) on 23 January 2026.

The Consultants will issue individual Process Letters to all participants summarizing the outcomes of the BO stage and outlining subsequent steps in the privatization process.

This decision has been approved by the State Commission for Privatization of State Assets and Coordination of Privatization Processes.

The State Assets Management Agency, together with the Consultants, will continue to provide the public with information on each stage of the sales process and ensure proper communication with all participants.

Disclaimer

The State Assets Management Agency reserves the right to amend the sequence of the sale process or decline the sale to any potential buyer(s), or to discontinue negotiations with them at any time without providing reasons.

This announcement, in whole or in part, shall not be construed as creating any form of obligation on the part of the State Assets Management Agency with respect to the sale of the Company that might otherwise be implied by its publication. The State Assets Management Agency reserves the right, at its sole discretion, at any time and in any manner, without assuming joint or individual responsibility, to:

(i) amend the timeline for any stage of the privatization process;
(ii) apply different procedures to different interested parties and/or negotiate with one or more potential buyers according to a process and schedule determined by the State Assets Management Agency, excluding any other potential buyer(s) without prior notice;
(iii) terminate the sale process for any specific reason;
(iv) and/or discontinue any discussions and negotiations with any potential buyer(s) regarding the Transaction at any time and without explanation.