Company Announcements

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIES OR MAY QUALIFY AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018

THE REPUBLIC OF UZBEKISTAN ANNOUNCES FINAL RESULTS OF TENDER OFFER

28 May 2024 - On 17 May 2024, the Republic of Uzbekistan (the "Issuer" or "Uzbekistan"), represented by the Ministry of Economy and Finance of the Republic of Uzbekistan announced an invitation to holders (the "Noteholders") of the UZS 2,500,000,000,000 14.00% Notes due 2024 (the "Notes") issued by the Issuer (Reg S ISIN: XS2365392450 / Reg S Common Code: 236539245 / 144A ISIN: US91822Q2F39 / 144A CUSIP: 91822Q2F3) to tender their Notes for purchase by the Issuer for cash, subject to the offer and distribution restrictions and upon the terms and conditions set forth in a tender offer memorandum dated 17 May 2024 (the "Tender Offer Memorandum"), in accordance with the procedures described therein. The invitation to tender the Notes for purchase is referred to herein as the "Tender Offer".

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The Tender Offer has been made subject to the terms and conditions set forth in the Tender Offer Memorandum, including the settlement of the issuance of a new series of notes by the Issuer (such settlement, the "Financing Condition"). On 27 May 2024, the Issuer signed a subscription agreement in respect of an issue of UZS 3,000,000,000,000 16.625% Notes due 2027 and the Issuer therefore currently expects the Financing Condition to be satisfied by the Payment Date (as defined below).

The Issuer hereby informs Noteholders that, subject to the satisfaction or waiver (at the sole discretion of the Issuer) of the Financing Condition, it has accepted for purchase all Notes validly tendered pursuant to the Tender Offer at or prior to 10:00 pm (London time) on 24 May 2024 at the Purchase Price as set forth in the table below:

^{1                     As at 28 May 2024.}
                    

^{2                     Payment of the Purchase Price, along with Accrued Interest Amounts, shall be made in U.S. Dollars, calculated as set out below.}               

On or about 29 May 2024 (the "Payment Date"), subject to the conditions described in the Tender Offer Memorandum, Noteholders of such Notes will be paid: (i) the Purchase Price for the validly tendered and accepted Notes, and (ii) the Accrued Interest Amount from (and including) the immediately preceding interest payment date up to but not including the Payment Date.

Payment of the Purchase Price and Accrued Interest Amounts shall be made in U.S. Dollars and will be calculated by the Tender Agent for payment in U.S. Dollars by dividing the relevant Soum amounts by the FX Rate, where "FX Rate" means UZS 12,687.70 per U.S.$1.

The Notes acquired in the Tender Offer will be cancelled.

The Tender Offer has now expired and no further Notes can be tendered for purchase.

Notes that have not been successfully tendered and accepted for purchase pursuant to the Tender Offer in accordance with the terms and conditions set out in the Tender Offer Memorandum will remain outstanding.

The Dealer Managers

The Dealer Managers for the Tender Offer are:

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB             

United Kingdom

For information by telephone: +44 20 7986 8969

E-mail: liabilitymanagement.europe@citi.com

Attention: Liability Management Group

J.P. Morgan Securities plc

25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom              

For information by telephone: +44 20 7134 2468

E-mail: em_europe_lm@jpmorgan.com

Attention: Liability Management

Société Générale

17, cours Valmy

92987 Paris La Défense cedex

France

For information by telephone: +33 1 42 13 32 40

E-mail: liability.management@sgcib.com

Attention: Liability Management

Standard Chartered Bank
One Basinghall Avenue

London EC2V 5DD

United Kingdom

For information by telephone: +44 207 885 5739
Email: Liability_Management@sc.com

Attention: Liability Management

The Tender Agent

The Tender agent for the Tender Offer is:

Citibank, N. A., London Branch

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Telephone: +44 20 7508 3867

Email: Citiexchanges@citi.com

DISCLAIMER

This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or exchange any notes is being made pursuant to this announcement. This announcement and the Tender Offer Memorandum contain important information, which must be read carefully. If any Noteholder is in any doubt as to the contents of this announcement or the Tender Offer Memorandum, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial adviser. This announcement is for informational purposes only.