RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of February 25, 2026 No. PP-74

About measures of increase in efficiency of activities of the companies with participation of the state and commercial banks

For the purpose of enhancement of corporate management system and activities of the companies with participation of the state and commercial banks on the basis of the best foreign practices, and also acceleration of their transition to market mechanisms I decide:

I. Purposes

1. Determine main objectives of this resolution:

(a) cultural development of corporate management, application of its modern methods at the companies with participation of the state and in commercial banks (further - societies), finishing share of independent members as a part of the supervisory board of societies to 50 percent;

(b) carrying out until the end of 2026 primary public offer (IPO) of the block of shares to 30 percent of the authorized capital of JSC National Investment Fund of the Republic of Uzbekistan (further - Fund) in the international and domestic stock markets;

(c) increase in competitiveness of societies by active involvement of profile specialists from abroad, including compatriots, to management of them on the basis of international contest, implementation of technologies of artificial intelligence, reduction of product cost and services.

II. Increase in efficiency of activities of societies

2. Approve the following offers of the Ministry of Economics and finance, Agencies on management of the state assets and Fund on:

(a) to inclusion of representatives of the trustee of Fund - overseas enterprise Franklin Templeton Asset Management LLC in structure of the supervisory boards of societies and to increase in number of their independent members;

(b) to transfer to the Ministry of Economics and finance in a month the state blocks of shares in the authorized capital of JSC Uzsuvtajminot and JSC Uzbekinvest belonging to Agency on management of the state assets;

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