The State Assets Management Agency of the republic of Uzbekistan

As previously reported, according to the relevant privatization programs, the open sales processes of the state share in the authorized capitals of “Xiva Plaza” LLC (Farovon Khiva Hotel), “Xiva Lokomotiv” LLC (Khiva Lokomotiv Hotel) and “Uz Chasys” LLC (hereinafter - “Assets”) has started.

In turn, in order to conduct privatization processes of the Assets based on international experience, for the hotels in Khiva the company “RSM Uzbekistan” and for “UZ CHASYS” LLC the company “Portfolio Investments” (hereinafter - “Consultants”) were attracted as Privatization Consultants of the UzSAMA.

According to previously provided information, for “Xiva Plaza” LLC 2 applicants, for “Xiva Lokomotiv” LLC 5 applicants and for “UZ CHASYS” LLC 2 applicants were admitted to the stage of acceptance of Binding Offers (BO) of privatization processes.

Within the established deadlines for each of “Xiva Lokomotiv” LLC and “UZ CHASYS” LLC 2 applicants submitted Binding Offers (BO), while for “Xiva Plaza” LLC no offers were received. Based on the Consultants' analysis, taking into account the fact that the submitted offers were lower than the indicative market value of the Assets, it was recommended to continue privatization processes from the stage of Expression of Interest (EoI).

Considering the above, the UzSAMA informs all interested parties and potential investors about extension of the deadline for receipt of Expression of Interest applications until 23:59 (Tashkent time) on May 26, 2025.

All other clauses of the previous announcement on the beginning of Expression of Interest stage remain unchanged.

The UzSAMA will continue to inform the public about each stage of the privatization processes.

Disclamer

This announcement, or any part of its content, should not be taken as a form of obligation on the part of UzSAMA, "Portfolio Investments" in relation to the Assets sale, as one might assume in connection with the publication of this announcement. UzSAMA 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) Change the stages of the sales process;

(iii) 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 UzSAMA and "Portfolio Investments", to the exclusion of any other potential buyer(s) without prior notice;

(iv) Stop the sale process for any reason;

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

UzSAMA reserves the right to change the sequence of the privatization process or refuse to sell to any participant and potential buyer(s) or negotiate with them at any time without explanation.