As previously reported, the first stage of the open sales process – submission of Expression of Interest (EoI) applications for 70% state share in the authorized capital of LLC “UZ CHASYS” (hereinafter – “Asset”) had commenced.

“Portfolio Investments” (hereinafter – “Consultant”) was engaged as a privatization consultant to organize this process.     

As part of the first stage, the Consultant conducted large-scale marketing and promotion activities, in particular, investment teasers were sent to various potential investors.  Within the established deadline, by August 1, 2025, Expression of Interest (EoI) applications were received from 5 local and foreign investors.

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

• sufficiency of the applicants' financial capabilities;
• absence of legal (juridical) obstacles;
• compliance with legislation on combating the legalization of proceeds from criminal activity and the financing of terrorism;
• absence of applicants on the sanctions lists of the European Union, the United States, and international financial institutions.

After reviewing the applications received, the Consultant determined that all applicants fully complied with the above criteria and invited them to participate in the next stage of the privatization process—the submission of Binding Offers (BO). The Consultant will send detailed information about the process (Process Letter) to each applicant individually.

Information about the next stage:

All applicants who have expressed interest in acquiring the Asset:

• are required to sign a Non-Disclosure Agreement (NDA);
• will be granted access to a virtual data room (VDR) containing financial, legal, and operational information about the Asset, as well as analytical reports prepared by the Consultant;
• will be given the opportunity to visit the Asset and ask questions to its management.

Binding offers (BO) will be accepted until 23:59 (Tashkent time) on September 3, 2025.

By the specified deadline, applicants are required to make a security payment of at least 1% of the amount of their binding offer to the special account of JSC “Organization of Electronic Online Auctions” through their personal account opened on the electronic trading platform “E-auksion”. Security payment:

• is returned to the applicant if they are not declared the winner;
• is credited towards purchase price if the applicant is declared the winner.

The details of the personal account and the procedure for its use will be provided by the Consultant via an individual Process Letter.

Conditions for the acquisition of the Asset:

1. Maintenance of the main type of activity of the enterprise for at least 10 (ten) years from the date of state registration of the sale and purchase agreement for the Asset. During this period, it is necessary to strictly comply with:

• the terms of existing technical support license agreements with a supplier approved by General Motors (USA) - the product licensee;
• the requirements and related restrictions of the Main Alliance agreement on the use of General Motors technologies.

2. Maintenance of existing jobs and the number of employees at the Enterprise for 2 years (except for jobs vacated for natural reasons), do not reduce the current wage fund, and do not worsen the terms of the collective agreement.

In turn, all applicants who have passed to the stage of submitting Binding Offers (BO) will sign an “Agreement on the basic terms and conditions for the acquisition of the Asset and its further activities” (Term Sheet).

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

Disclamer

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) 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 the State Assets Management Agency 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.