National Investment Fund of Uzbekistan (UzNIF) London (Global Depositary Receipts, GDRs) & Tashkent (Uzbekistan) Dual-Listing IPO Raised $603 Million at $1.95 Billion Valuation with Conditional IPO Listing on 13th May 2026 & Full IPO Listing on 18th May 2026, UzNIF Founded in 2024 & Managed by United States $1.7 Trillion Asset Manager Franklin Templeton, UzNIF Owns 25% to 40% Stake in 13 Uzbekistan State-Owned Companies, Uzbekistan GDP at $181 Billion with 38 Million Population

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National Investment Fund of Uzbekistan (UzNIF) London (Global Depositary Receipts, GDRs) & Tashkent (Uzbekistan) Dual-Listing IPO Raised $603 Million at $1.95 Billion Valuation with Conditional IPO Listing on 13th May 2026 & Full IPO Listing on 18th May 2026, UzNIF Founded in 2024 & Managed by United States $1.7 Trillion Asset Manager Franklin Templeton, UzNIF Owns 25% to 40% Stake in 13 Uzbekistan State-Owned Companies, Uzbekistan GDP at $181 Billion with 38 Million Population

14th May 2026 | Hong Kong

National Investment Fund of Uzbekistan (UzNIF) London (Global Depositary Receipts, GDRs) & Tashkent (Uzbekistan) dual-listing IPO has raised $603 million at $1.95 billion valuation, with conditional IPO listing on 13th May 2026 & full IPO listing on 18th May 2026.UzNIF was founded in 2024, and managed by United States asset manager Franklin Templeton ($1.7 trillion AUM).  UzNIF owns 25% to 40% stake in 13 Uzbekistan state-owned companies.  Uzbekistan GDP at $181 billion, and has more than 38 million population.  National Investment Fund of Uzbekistan (UzNIF) – The National Investment Fund of the Republic of Uzbekistan (“UzNIF”) was established through the Decree of the President of the Republic of Uzbekistan on 27 August 2024. UzNIF owns strategic stakes ranging from 25% to 40% in some of the country’s most important State-Owned Enterprises (“SOEs”). The Fund’s primary goal is to drive long-term sustainable economic growth and development for the benefit of the people of Uzbekistan.  The 13 SOEs valued at approximately USD 2.44 billion will undergo significant efficiency and profitability improvements, guided by OECD governance standards and ESG principles, to attract international investment and modernise Uzbekistan’s economy.  See below for 3 Uzbekistan state-owned companies in National Investment Fund of Uzbekistan (UzNIF) portfolio:

“ National Investment Fund of Uzbekistan (UzNIF) London (Global Depositary Receipts, GDRs) & Tashkent (Uzbekistan) Dual-Listing IPO Raised $603 Million at $1.95 Billion Valuation with Conditional IPO Listing on 13th May 2026 & Full IPO Listing on 18th May 2026, UzNIF Founded in 2024 & Managed by United States $1.7 Trillion Asset Manager Franklin Templeton, UzNIF Owns 25% to 40% Stake in 13 Uzbekistan State-Owned Companies, Uzbekistan GDP at $181 Billion with 38 Million Population “

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National Investment Fund of Uzbekistan (UzNIF) Portfolio

1. Uzbekistan Airways — 25%
2. Uzbekhydroenergo — 40%
3. Uzbektelecom — 30%
4. Railway Infrastructure Company — 40%
5. SQB (Sanoatqurilishbank) — 40%
6. National Electric Grid — 40%
7. Regional Gas Supply Company — 40%
8. Uzbek Commodity Exchange — 40%
9. Thermal Power Plants — 25%
10. Regional Electric Networks Company — 40%
11. Uzbekinvest — 40%
12. Tashkent City Transport Services — 25%
13. 13. Water Supply Company — 40%

National Investment Fund of Uzbekistan (UzNIF) – The National Investment Fund of the Republic of Uzbekistan (“UzNIF”) was established through the Decree of the President of the Republic of Uzbekistan on 27 August 2024. UzNIF owns strategic stakes ranging from 25% to 40% in some of the country’s most important State-Owned Enterprises (“SOEs”). The Fund’s primary goal is to drive long-term sustainable economic growth and development for the benefit of the people of Uzbekistan.  The 13 SOEs valued at approximately USD 2.44 billion will undergo significant efficiency and profitability improvements, guided by OECD governance standards and ESG principles, to attract international investment and modernise Uzbekistan’s economy.

National Investment Fund of Uzbekistan (UzNIF) London (Global Depositary Receipts, GDRs) & Tashkent (Uzbekistan) Dual-Listing IPO Raised $603 Million at $1.95 Billion Valuation with Conditional IPO Listing on 13th May 2026 & Full IPO Listing on 18th May 2026, UzNIF Founded in 2024 & Managed by United States $1.7 Trillion Asset Manager Franklin Templeton, UzNIF Owns 25% to 40% Stake in 13 Uzbekistan State-Owned Companies, Uzbekistan GDP at $181 Billion with 38 Million Population

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