Publication of Registration Document

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL.

This announcement is an advertisement for the purposes of PRM 12 "Advertisements and other disclosure of information" under the Prospectus Rules: Admission to Trading on a Regulated Market ("PRM") and is not a prospectus nor an offer of securities for sale or subscription, nor a solicitation of an offer to acquire or subscribe for securities, in any jurisdiction, including in or into the United States, Canada, Australia, South Africa or Japan.

Neither this announcement, nor anything contained herein, nor anything contained in the Registration Document (as defined herein) shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should purchase any securities referred to in this announcement or the Registration Document solely on the basis of the information contained in a prospectus in its final form, including the risk factors set out therein, that may be published by the "National Investment Fund of the Republic of Uzbekistan" JSC in due course (the "Prospectus"). Any such Prospectus, if published, will be available for inspection on the Company's website at www.uznif.com, subject to certain access restrictions.

9 April 2026

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The "National Investment Fund of the Republic of Uzbekistan" JSC

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Announcement of Publication of Registration Document

London and Tashkent, 9 April 2026 - Further to the announcement by the "National Investment Fund of the Republic of Uzbekistan" JSC ("UzNIF" or the "Company") earlier today relating to its expected initial public offering (the "IPO" or the "Offering"), the Company confirms that its registration document (the "Registration Document") has been approved by the Financial Conduct Authority (the "FCA").

The Registration Document has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

A copy of the Registration Document is also available online at https://www.uznif.com/en-uz, subject to certain access restrictions.

Enquiries:

About UzNIF

UzNIF was established in December 2024 as a joint-stock company following the adoption of the Decree of the President of the Republic of Uzbekistan "On the establishment of the National Investment Fund of the Republic of Uzbekistan" dated 27 August 2024.

FE "Franklin Templeton Asset Management" LLC, a foreign enterprise limited liability company incorporated in Uzbekistan, a wholly-owned indirect subsidiary of Franklin Resources, Inc., based in Tashkent, has been appointed as Trustee of UzNIF, following the signing of an Investment Management Agreement with the Ministry of Economy and Finance of Uzbekistan. The Company became operational on 1 May 2025 and all management powers were transferred to the Trustee on 11 August 2025.

Important Legal Information

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

Some of the information in these materials includes statements that are, or may be deemed to be, "forward-looking statements" and which reflect the Company's views with respect to the Company's and the Portfolio Companies' results of operations, financial condition, business strategy and its plans and objectives for future operations.

These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "proposes", "plans", "believes", "expects", "aims", "forecasts", "intends", "will", "may", "might", "estimates", "projects", "envisages", "anticipates", "continues", "would", "could" or "should" or similar expressions or, in each case, their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. They appear in a number of places throughout these materials and include statements regarding the intentions, beliefs or current expectations of the Company and/or its management concerning, among other things, the results of operations, financial condition, liquidity, capital expenditures, prospects, growth, strategy and dividend policy of the Company or its Portfolio Companies and the industry in which they operate.

By their nature, such forward-looking statements are necessarily dependent on assumptions, data or methods which may be incorrect or imprecise and may be incapable of being realised. Such forward-looking statements are based on numerous assumptions regarding the Company's and the Portfolio Companies' present and future business strategies and the environment in which the Company or the Portfolio Companies will operate in the future. Moreover, they involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company or the Portfolio Companies to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause the Company's or the Portfolio Companies' actual results to so vary include, but are not limited to: the impact of certain laws and regulations and the interpretation, application or enforcement thereof; changes in the Company's portfolio and changes in the general economic, political, social or legal environment; changes in the development of the industry sectors in which the Portfolio Companies operate, including any delay or discontinuation of the ongoing reforms in certain sectors (e.g., the energy sector); liquidity of the Company's investments, or lack thereof; the Company's organisational, ownership and investment structure; the Company's ability to successfully implement any of its strategies; changes in the market expectations of the Company; inflation, fluctuations of interest rates and exchange rates; or factors not known by the Company as of the date of this announcement.

Certain data in this announcement, including financial, statistical, and operating information, have been rounded. As a result of the rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data. Percentages in tables may have been rounded and accordingly may not add up to 100%. Unless otherwise indicated, market, industry and competitive position data are estimated (and accordingly, approximate) and should be treated with caution. Such information has not been audited or independently verified, nor has the Company ascertained the underlying economic assumptions relied upon therein.

For the avoidance of doubt, the contents of the Company's website or any website directly or indirectly linked to the Company's website, including websites of the Portfolio Companies, are not incorporated by reference into, and do not form part of, this announcement.

These materials are not an offer for sale of securities in the United States or to U.S. persons. Securities may not be offered or sold in the United States or to U.S. persons absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or an exemption from registration under the Securities Act. The Company has not registered and does not intend to register any part of the offering in the United States or to conduct a public offering of any securities in the United States. Any securities sold in the United States will be sold only to investors that are known or reasonably believed to be (i) qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act and (ii) qualified institutional buyers pursuant to, and as defined in, Rule 144A under the Securities Act (or upon another exemption from the registration requirements of Section 5 under the Securities Act) and Section 3(c)(7) of the Investment Company Act, respectively. The Company has not been and will not be registered under the Investment Company Act and, as such, holders of the Company's securities will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Company's securities may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act. The Trustee neither has nor intends to register as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act") and, as such, it will not be subject to the obligations of the Advisers Act and the rules promulgated thereunder, including certain recordkeeping, disclosure and other fiduciary obligations, otherwise imposed on an SEC-registered investment adviser.

This announcement does not constitute an offer of securities to the public in any member state of the European Economic Area (the "EEA") (each a "Member State"). No prospectus has been or will be approved in any Member State in respect of the Securities. This announcement is only addressed to and is only directed at persons in Member States who are "qualified investors" ("Qualified Investors") within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (such Regulation, together with any applicable implementing measures in the relevant home Member State under such Regulation, the "Prospectus Regulation"). This announcement and the information contained herein must not be acted on or relied upon in any Member State by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is only available to, and any invitation, offer or agreement to purchase, subscribe or otherwise acquire the same will be engaged in only with, Qualified Investors. For the purpose of this paragraph, the expression "offer of securities to the public" means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable the investor to decide to purchase or subscribe for the Securities and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 and includes any amendments and relevant delegated regulations thereto.

For persons in the United Kingdom, this announcement is only addressed to, and directed at, persons who are "qualified investors" within the meaning of the Public Offers and Admissions to Trading Regulations 2024 (the "POATRs") who: (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); (ii) fall within Article 49(2)(a) to (d) of the Order; or (iii) are otherwise persons to whom it may otherwise lawfully be communicated (all such persons being referred to as "Relevant Persons"). This announcement and the information contained herein must not be acted on or relied upon in the United Kingdom, by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the same will be engaged in only with, Relevant Persons.

This communication is not a prospectus but an advertisement for purposes of PRM 12 "Advertisements and other disclosure of information" under the Prospectus Rules: Admission to Trading on a Regulated Market. Investors should purchase any securities referred to in this announcement or the Registration Document solely on the basis of the information contained in a prospectus in its final form, including the risk factors set out therein, that may be published by the Company. Any such Prospectus, if published, will be available for inspection on the Company's website at www.uznif.com, subject to certain access restrictions.

The Trustee has not been, and does not intend to be, authorised or registered under, and is not subject to the supervision of the FCA or any competent authority in the EU/EEA in respect of, the Alternative Investment Fund Managers Directive (2011/61/EU) or the UK Alternative Investment Fund Managers Regulations (SI 2013/1773). The Trustee has not registered the Company with any competent authority in the EU/EEA or the FCA, and the Trustee does not consider that it is currently required to comply with the various reporting, transparency and other regulatory obligations applicable to third country alternative investment fund managers that market alternative investment funds to EU/EEA and/or UK investors.

Securities of the Company have not been and will not be registered under the applicable securities laws of Australia, Canada, South Africa or Japan and, subject to certain exceptions, may not be offered or sold within Australia, Canada, South Africa or Japan except under circumstances which will result in the full compliance with the applicable laws and regulations promulgated by the relevant regulatory authorities in effect at the relevant time.

Investment in the offered securities may involve a risk of loss of capital.

This communication does not constitute an offer to sell or a solicitation of an offer to purchase securities except in accordance with the laws of the Republic of Uzbekistan or in any other jurisdiction where it would be unlawful to do so. Investors should carefully consider the risks associated with the investment and are advised to consult with their legal, financial, and tax advisers prior to making any investment decision.