The State Assets Management Agency of the republic of Uzbekistan

According to the published announcement on January 4, 2025, the stage of Expression of Interest of the privatization process of state share in the authorized capital of “Invest Group Centre” LLC (hereinafter - the “Asset”) was extended.

As part of the application acceptance stage, Portfolio Investments, the Privatization Consultant, conducted extensive marketing activities, including sending investment teasers to potential investors. As a result, within the appointed deadline (23:59 February 6, 2025) the Consultant received Expression of Interest applications from 3 investors.

All applications received by the Consultant were reviewed for compliance with the following previously announced criteria:

• Sufficient financial resources to acquire the Asset.
• Neither the Applicant (and in the case of a Consortium, any of the Consortium Members) nor its shareholders/participants shall be a state-owned company or a company with a state share in equity capital;
• Absence of any judicial, administrative, arbitration or other proceedings that could result in a ban on participation in the privatization process and a positive business reputation;
• Compliance with the Law of the Republic of Uzbekistan No. 660-II “On combating the legalization of proceeds from criminal activity, the financing of terrorism and the financing of the proliferation of weapons of mass destruction”,
• Neither the Applicant (nor, in the case of the Consortium, any of the Consortium Members) shall be/are listed on the public sanctions lists of the European Union and the United States, as well as any of the major international development banks (the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank), or, as of the date of submission of the Application, shall be/are a sanctioned person/s or the subject/s of any proceedings or investigation by the above-mentioned sanctions authorities. Also, neither the Applicant (and in the case of the Consortium, any of the Consortium Members) nor any of its/their Associated Persons shall be involved in any way in any activity (directly or through any subsidiary) that is contrary to the sanctions regime of the above-mentioned institutions and states, and neither the Applicant (and in the case of the Consortium, any of the Consortium Members) nor any of its/their Associated Persons shall have as main financiers or creditors banks or financial institutions that are sanctioned persons or persons controlled by or owned by sanctioned persons.

As a result of the analysis of the received applications by the Consultant, all applicants were found to be fully compliant with the above criteria.

In addition, all applicants will receive individual Process letters from the Consultant with detailed descriptions of the next stage of the privatization process.

Information about the next stage of the process:

After signing the Non-Disclosure Agreements (NDA), participants will be given access to a Virtual Data Room (VDR) containing detailed financial, legal and operational information on the Asset, including an analytical report prepared by the Consultant for the preparation of their Binding Offers (BO).

In accordance with the previous announcement, Binding Offers (BO) are accepted from applicants who have accepted the following conditions for the acquisition of the Asset and its future activity:

1. Maintain the type of activity of sports and recreation complex which are on the balance sheet of the Asset for at least 10 (ten) years.
2. Do not allow the construction of buildings and structures on the territory of the sports and recreation complex which are on the balance sheet of the Asset, which do not correspond to the sports and recreational activities (except for repair work), and to carry out any repair and renovation work on the territory of the facility strictly with the permission of the urban planning council.

Binding Offers (BO) are accepted by Consultant until 23:59 (Tashkent time) February 28, 2025.

Moreover, before this deadline, the applicants are required to transfer not less than 1% of the amount of the proposed Binding Offer as a guarantee payment through their personal account in the electronic trading platform “E-auksion”. This guarantee payment (deposit) will be returned to the participants upon completion of the process. However, for the winner of the privatization process, this payment will be counted as part of the redemption payment and transferred to the Privatization Fund.

The personal account and payment account indicators opened on the electronic trading platform “E-auksion” will be sent to the participants by the Consultant through individual letters (Process letter) regarding the sales process.

The State Assets Management Agency expresses gratitude to all participants who have shown interest in the privatization process and submitted applications, and also expresses confidence in further constructive cooperation with applicants who have successfully passed the “Expression of Interest” stage.

DISCLAIMER

The State Assets Management Agency reserves the right to change the sequence of the privatization process or refuse to sell to any potential buyer(s) or negotiate with them at any time without explanation.

This announcement, or any part of its content, should not be taken as a form of obligation on the part of the State Assets Management Agency, “Portfolio Investments” in relation to the Asset sale, as one might assume in connection with the publication of this announcement. The State Assets Management Agency and “Portfolio Investments” reserves the right, in its sole discretion, at any time and in any respect, without assuming joint or individual responsibility:

(i) Change the deadline for submission of applications;

(ii) Follow different procedures with respect to different stakeholders and/or negotiate with one or more potential buyers within the schedule and procedure established jointly by the State Assets Management Agency and “Portfolio Investments”, to the exclusion of any other potential buyer(s) without prior notice;

(iii) Stop the sale process for any reason;

(iv) Stop all discussions and negotiations with any potential buyer(s) in relation to the Transaction at any time and without explanation.