Templeton Global Investments Appointed Trustee and Manager of The National Investment Fund of the Republic of Uzbekistan

Tashkent, Uzbekistan 3 February 2025 – Templeton Global Investments, a specialist investment manager of Franklin Templeton¹ is pleased to announce the signing of an Investment Management Agreement (IMA) with the Ministry of Economy and Finance of Uzbekistan. Under the terms of the IMA, Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company, a wholly-owned indirect subsidiary of Franklin Resources Inc., based in Tashkent, Uzbekistan, has been appointed as Trustee and Manager of the National Investment Fund of the Republic of Uzbekistan (UzNIF).

UzNIF will be endowed with minority stakes in 18 state-owned enterprises (SOEs) which Franklin Templeton estimates to be valued at approximately US $1.5 billion². This strategic partnership is a significant step in Uzbekistan's ongoing economic reform programme, which is focused on building stronger capabilities in key SOEs, attracting international investments, strengthening its capital markets, and maximising corporate value to drive economic growth and development.

Manraj Sekhon, Chief Investment Officer of Templeton Global Investments commented: "We are honoured to partner with the Government of Uzbekistan as Trustee and Manager of UzNIF to support the acceleration of the transformation of these SOEs and the development of the local capital markets. Emerging markets are at the vanguard of an incredible period of growth and UzNIF represents a unique initiative which will showcase Uzbekistan on the global stage and provide international investors access to the attractive opportunities benefitting from the rapid modernisation of the country’s economy.”

He continued: “With a track record of almost 40 years, Templeton Global Investments is a pioneer in emerging markets investments. Our extensive experience in emerging markets and strong global platform underpins our ability to help improve the efficiency, profitability and appeal of UzNIF’s portfolio companies to global investors in partnership with the Government. The economic transformation of Uzbekistan will be aided by the specialised management of UzNIF, which will provide long-term sustainable economic growth for the benefit of the people of Uzbekistan.”

UzNIF was established as a joint-stock company through the Decree of the President of the Republic of Uzbekistan on 27 August 2024. It owns strategic stakes ranging from 20% to 40%, in some of the country's most important SOEs. The Government of Uzbekistan will initially hold 100% ownership of UzNIF.  To boost growth and attract global investors, a key priority of the mandate will be to help list UzNIF on both the Tashkent Stock Exchange (TSE) as well as a leading international stock exchange. In addition, Templeton Global Investments will work closely with the Government on value-enhancing strategic projects, focusing on increasing the effectiveness of the SOEs within the portfolio.

Marius Dan, Director of Market Development Strategies, Templeton Global Investments said: "We are committed to raising the profile of Uzbekistan and UzNIF with major institutional investors around the globe, as we believe this will offer a highly attractive and exciting opportunity through its diversified portfolio. We have extensive experience and a proven track record in managing emerging market funds, positioning us as the ideal partner for this project. We are looking forward to opening our office in Tashkent this year and building a strong local team, which will be supported by the wider organisation.”

Templeton Global Investments will partner with the Ministry of Economy and Finance and key local stakeholders for the Fund launch which is expected in April 2025. The investment manager has a robust track record of over 15 years in actively managing similar specialised emerging markets mandates including Fondul Proprietatea, a London and Bucharest-listed Romanian closed-end fund, which at its peak, had a market capitalisation of over US $3 billion ³.

Templeton Global Investments is a pioneer in global and emerging markets, with decades of experience navigating financial markets.  Its investment professionals have extensive knowledge of local industries and sectors. With more than 100 dedicated investment professionals and offices in 19 countries, the specialist investment manager has over US $70 billion⁴ of assets under management. Templeton Global Investments is part of Franklin Templeton, one of the world’s largest asset managers with approximately US $1.6 trillion⁴ in assets under management and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. The company offers specialisation on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions.

-ENDS-

Contacts:

Hudson Sandler Charlie Jack, Oliver Aplin, Francis Kerrigan Tel: +44 20 7796 4133 Email: [email protected]

Elena Birjovanu Senior Corporate Communications Manager Franklin Templeton Tel: + 40 725 301 189 Email: [email protected]

Notes to Editors: About Franklin Templeton

1. Franklin Resources, Inc. [NYSE:BEN] is a global investment management organisation with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialisation on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over US $1.6 trillion in assets under management as of 31 December 2024. For more information, please visit www.franklinresources.com
2. Source: estimated by Franklin Templeton as of 27 January 2025.
3. Source: Franklin Templeton. Total shareholder return of 632.4% in US $ terms and 983.2% in local currency since the listing on 25 January 2011 until 31 March 2024. The Net Asset Value of the Fund as of 30 June 2023, pre-Hidroelectrica IPO, was US $ 2.84 billion. Franklin Templeton distributed over US $ 7.0 billion via dividends and share buybacks to the shareholders of Fondul Proprietatea.
4. Source: Franklin Templeton as of 31 December 2024.

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