Semi-Annual Report

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

unaudited results for the six months ended 30 June 2026

London and Tashkent, 28 August 2026 - The "National Investment Fund of the Republic of Uzbekistan" JSC ("UzNIF" or the "Fund") (LSE: UZNF, UZ20; RSE "Toshkent": UZNF) has published today its unaudited results for the six months ended 30 June 2026.

The Fund's Semi-Annual Report for the six-month period ended 30 June 2026 will shortly become available on the Fund's website at https://www.uznif.com/en-uz/corporate-governance#information-disclosures.

The condensed interim financial statements included in the Semi-Annual Report are unaudited and have not been reviewed by the Fund's independent auditor.

Highlights:

· NAV per share was UZS 6.2659 as at 30 June 2026. On a like-for-like basis, after adjusting the 31 December 2025 figure for the April 2026 five-for-one share consolidation, NAV per share increased by approximately 6.1%, from UZS 5.9082. The increase was driven principally by the June 2026 portfolio valuation update.

· Total NAV increased by 6.1% in UZS terms to UZS 31,670 billion (USD 2.63 billion) as of 30 June 2026, compared with UZS 29,862 billion (USD 2.48 billion) as of 31 December 2025.

· Profit for the period was UZS 2,056.6bn, driven primarily by net unrealised gains on equity investments of UZS 2,174.8bn, alongside gross dividend income of UZS 341.0bn.

· At 30 June 2026, the ordinary share price was UZS 5.65, 21.5% above the UZS 4.65 IPO offer price, while the GDR price was USD 31.60, 26.4% above the USD 25.00 IPO offer price.

· Key contributors to the portfolio valuation update included increases in the fair values of JSC "Thermal Power Plants" (+~114%), JSC "National Electric Grid of Uzbekistan" (+~81%) and JSC "Regional Electric Networks" (+~50%). These companies benefitted from favourable regulatory developments in the electricity generation and distribution sector, including the implementation of the Regulatory Asset Base (RAB) framework, as well as in JSC "Uzbektelecom" (+~30%) and JSCB "SQB" (+~9%), supported by stronger operating performance and improved macroeconomic outlook.

· During the six months ended 30 June 2026, the Fund recorded annual gross dividend income of UZS 340,996 million from three portfolio companies (JSC "Thermal Power Plants", JSC "Uzbek Commodity Exchange" and JSC "Uzbektelecom"). 

Events after the reporting period:

Subsequent to the reporting date, the Interdepartmental Tariff Commission approved revised regulated tariffs for electricity generation, transmission, distribution and supply and for natural gas transportation and supply services. The revised tariffs became effective on 1 August 2026 and were publicly announced by the Ministry of Economy and Finance on 7 August 2026. The new tariffs apply to financial settlements between regulated energy-sector entities and do not change tariffs applicable to households, businesses or other final consumers. The tariffs were not reflected in the Fund's 30 June 2026 valuations, and their Portfolio Company-specific effects remain under assessment.

On 13 August 2026, the Supervisory Board convened an Extraordinary General Meeting of Shareholders of the Fund, to be held on 16 September 2026. The main agenda items concern the proposed election of Mr Hugh van Cutsem as an independent member of the Supervisory Board and the approval of the related remuneration and contractual arrangements. The EGM notice and shareholder materials were published on 17 August 2026 and are available on the Fund's website.

As of 30 June 2026, following an issue of additional shares by Uzbekhydroenergo, UzNIF's interest in that Portfolio Company was 37%. Subsequent to the reporting date and prior to publication of the Semi-Annual Report, UzNIF's interest returned to 40%.

On 11 August 2026, the Supervisory Board of JSC "Temiryo'linfratuzilma" approved the appointment of a new Chief Financial Officer, recommended by UzNIF. The appointee is expected to commence duties in early September 2026.

Marius Dan, General Director of FE "Franklin Templeton Asset Management" LLC, trustee of the Fund, commented:

"We are pleased to report UzNIF's first set of results following the successful completion of its IPO on the London Stock Exchange and RSE "Toshkent" in May 2026, a major milestone and a key objective for the Fund.

During the first half of 2026, we strengthened governance and laid important foundations for improved operational discipline and long-term value creation. As of 30 June 2026, independent non-executive directors ("INEDs") and directors appointed by Franklin Templeton represented the majority on Supervisory Boards of 11 of our 13 portfolio companies, including 10 newly elected INEDs.

While significant transformation work remains, we are encouraged by the momentum across the portfolio and remained focused on delivering sustainable returns for our shareholders and supporting Uzbekistan's broader economic agenda."

Webcast presentation for analysts and investors

Franklin Templeton Asset Management, the trustee and fund manager of UzNIF, will host a webcast and live Q&A conference call for analysts and investors today, 28 August 2026 at 3 pm BST / 7 pm Tashkent time, to discuss the Fund's H1 2026 results.

Participants are invited to register for the webcast via the following link.

The recording of the webcast will be made available on the Company's website in the Investor Relations section at uznif.com/en-uz/investor-relations.

Enquiries:

About UzNIF

The "National Investment Fund of the Republic of Uzbekistan" JSC ("UzNIF") was established pursuant to Presidential Decree RP-303 dated 27 August 2024 as part of Uzbekistan's economic reform programme, with a mandate to support the development of the country's capital markets, attract international investment and enhance the value of state-owned enterprises. UzNIF's investment objective is to maximise shareholder returns and net asset value per share through active ownership, improved governance, and disciplined capital allocation. Its diversified portfolio comprises equity stakes ranging from 25% to 40% in 13 state-owned enterprises across sectors including transport, financial services, energy, utilities and telecommunications.

UzNIF is listed on the London Stock Exchange and the Republican Stock Exchange "Toshkent". FE "Franklin Templeton Asset Management" LLC, a Tashkent-based wholly owned indirect subsidiary of Franklin Resources, Inc., acts as trustee and fund manager of UzNIF.