The State Assets Management Agency of the republic of Uzbekistan

As previously reported, in accordance with the relevant privatization programs, the open sales process of 100% state-owned shares in JSC "National Interbank Processing Center" (hereinafter - the Company) has commenced, and six applicants were invited to participate at the stage of submitting Binding Offers (BO).

At this stage, applicants who signed a Non-Disclosure Agreement (NDA) were given the opportunity to review comprehensive analytical reports (due diligence) on the financial, tax, legal, and environmental activities of the Company, prepared by the privatization consultant, the international company "Deloitte" (hereinafter - the Consultant). Additionally, they were provided the chance to meet with the Company's management body.

The applicants were also provided with a "Term Sheet" agreement in accordance with the announcement made by the State Assets Management Agency on September 30, 2024.

Within the established timeframe, the Consultant received Binding Offers (BO) from three applicants, and the winner of the sales was recognized as JSC "Paynet", which offered the highest purchase price of 65 million USD.

It should be noted that the buyer's offer is within the range of indicative prices calculated by the Consultant and also exceeds the valuation determined by the international independent appraiser "KPMG".

The buyer has committed to implementing additional measures aimed at ensuring the stable and uninterrupted operation of the "Humo" payment system, owned by the Company, as well as protecting the confidential (personal and banking) information of the system's users.

The privatization results of the Company have been approved by the relevant decision of the State Commission for Privatization of State Assets and Coordination of Privatization Processes.

For reference: JSC "Paynet" is one of the largest payment operators in Uzbekistan, operating in the financial technology (fintech) sector for 18 years. The system enables payments for more than 1,500 providers of goods and services, and the annual number of users exceeds 20 million.