RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 31, 2023 No. PP-253

About additional measures for strengthening of financial stability and acceleration of privatization of Uzpromstroybank Joint stock bank

For the purpose of increase in financial stability, investment appeal, operating efficiency and preparation for privatization of Uzpromstroybank Joint stock bank (further - JSB Uzpromstroybank), and also involvement of strategic investors in banking sector:

1. Take into consideration that:

credit lines of the International Finance Corporation (further - IFC) and the European Bank for Reconstruction and Development (further - the EBRD) in the amount of only 125 million US dollars with possibility of converting in the common shares which are in addition issued by JSB Uzpromstroybank are attracted;

The IFC, Asian Development Bank (further - ABR) and the EBRD provide joint recommendations about questions of transformation and privatization of JSB Uzpromstroybank.

2. Approve offers of the Agency of strategic reforms in case of the President of the Republic of Uzbekistan (further - the Agency), Agencies on management of the state assets, and also Fund of reconstruction and developments directed to increase in investment appeal of JSB Uzpromstroybank, providing:

a) complete implementation of practice of independent position assignment and dismissal of the chairman of the board of bank and its members the Supervisory board of JSB Uzpromstroybank, and also strengthening of role of committee to destination and to stimulation in this direction;

b) not distribution of net profit without dividend payout on common shares of bank before privatization of JSB Uzpromstroybank;

c) until the end of 2023:

signing with ABR of the agreement on attraction in JSB Uzpromstroybank of its borrowing facilities in the amount of 50 million US dollars and provision of possibility of converting of these borrowing facilities in the bank share;

attraction of subordinary borrowed funds of IFC in the amount of 40 million US dollars;

involvement of foreign specialists on executive positions of bank;

implementation of the principles of ecological, social and corporate management (ESG) in cooperation with the EBRD, IFC and ABR;

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