The National Investment Fund of Uzbekistan Hosts Inaugural Investor Day in Tashkent

Tashkent, Uzbekistan, 27 October 2025 – Franklin Templeton as the Fund Manager and Trustee of the National Investment Fund of the Republic of Uzbekistan (“UzNIF” or the “Fund”) hosted its inaugural Investor Day from 22 to 24 October 2025 in Tashkent. The event showcased investment opportunities in strategic sectors in one of the world’s most dynamic frontier markets. This three-day event brought together representatives of local, regional, and global investment funds, banks and other financial institutions, and attracted over 200 participants from more than 67 local and international investment firms that collectively manage over USD 1 trillion in assets. The event hosted participants from major financial centers across North America, Europe, the Middle East and Asia, and highlighted the strong global institutional investor interest UzNIF has attracted to Uzbekistan.

The Investor Day’s comprehensive agenda included site visits to key UzNIF portfolio companies, panel discussions on key topics such as the macroeconomic outlook, the energy sector, and the financial sector, as well as one-on-one and group meetings with portfolio companies. The main day featured keynote speeches and special addresses by H.E. Jamshid Kuchkarov, Deputy Prime Minister, Minister of Economy and Finance of the Republic of Uzbekistan, and H.E. Timur Ishmetov, Chairman of the Board of the Central Bank of Uzbekistan.

Manraj Sekhon, Chief Investment Officer of Templeton Global Investments (“TGI”), commented: “Franklin Templeton is honored to present Uzbekistan's potential to international investors. Since the start of reforms in 2017, Uzbekistan has undergone a remarkable transformation, opening itself to international investment and positioning itself as a leader in promoting reforms. With a highly skilled and youthful population, Uzbekistan is rapidly adopting the digital economy including new services and products. Supported by government incentives and effective pro-business policies, this creates unique opportunities for the growth of new industries in communications and financial services as well as the dynamic development of traditional sectors such as mining, infrastructure, transport, and energy. We were delighted to facilitate an open dialogue with the global investment community in Tashkent to showcase the present and future of Uzbekistan.”

Marius Dan, CEO, Central Asia at Templeton Global Investments (“TGI”), added: “Uzbekistan has become one of the fastest-growing economies in the world, and we expect this trend to continue in the future. The UzNIF portfolio companies reflect some of the country's key sectors – utilities, energy, banking, financial services, and transportation. Franklin Templeton is excited about the opportunity to partner with the government and the portfolio companies to drive the transformation of the key assets. Engaging with the Fund's portfolio companies means gaining direct insight into the economy of Uzbekistan. We also welcomed the participation of other private and state-owned companies from Uzbekistan, which helped provide a comprehensive overview of the investment opportunities the country offers.”

Contacts:

Hudson Sandler Charlie Jack, Maria Shiryaevskaya, Alisher Makhsudov 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

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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.

Franklin Templeton Asset Management Foreign Enterprise Limited Liability Company, a wholly-owned indirect subsidiary of Franklin Resources Inc, based in Tashkent, has been appointed as Trustee and Fund Manager of UzNIF (the “Trustee”), following the signing of an Investment Management Agreement with the Ministry of Economy and Finance of Uzbekistan. The Fund became operational on 1 May 2025 and all management powers were transferred to the Trustee on 11 August 2025.

UzNIF owns strategic stakes ranging from 25% to 40%, in some of the country's most important SOEs. According to the Presidential Decree dated 22 September 2025, the final UzNIF portfolio will comprise minority stakes in the following 15 Uzbek SOEs:

1. Joint Stock Company "Uzbekistan Airways"
2. Joint Stock Company "Temiryulinfratuzilma" (Railway Infrastructure company)
3. Joint Stock Commercial Bank "O‘zbekiston sanoat-qurilish banki" (SQB)
4. Joint Stock Company "Uzbekhydroenergo" (UzHydro)
5. Joint Stock Company "Hududgaztaminot" (Regional Gas Supply)
6. Joint Stock Company "O’zbekiston Milliy Elektr Tarmoqlari" (Uzbekistan National Electric Grid)
7. Joint Stock Company "Uzbektelecom"
8. Joint Stock Company "Hududiy Elektr Tarmoqlari" (Regional Electric Networks)
9. Joint Stock Company "Issqiliq Elektr Stansiyalar" (Thermal Power Plants)
10. Joint Stock Commercial Bank "Xalq Bank" (People’s Bank)
11. Joint Stock Company "Uzbekistan Republican Commodity Exchange" (UzEx, UzRTSB)
12. Joint Stock Company "Navoiyazot"
13. Joint Stock Company "Uzbekinvest"
14. Joint Stock Company "Toshshahartranskhizmat" (Tashkent City Transport Service)
15. Joint Stock Company "Uzsuvtaminot" (Water Supply of Uzbekistan)

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