According to the announcement published by the State Assets Management Agency (UzSAMA) dated January 23, 2023, it was reported about the completion of the Express of Interest stage for the purchase of 100% state share (the "Transaction") in the authorized capital of Chinaz Oil Refinery LLC (the "Company" or the "Asset") and the start of the next Non-Binding Offer (NBO) stage.

Mosaic Financial LLC (hereinafter referred to as the "Consultant") acts as a leading consultant of UzSAMA on this transaction.

In order to confirm applicants’ participation in the privatization process, a Non-Disclosure Agreement (NDA) had been signed, and access was granted to the virtual data room (VDR), which allowed them to study the Information Memorandum prepared by the Consultant, which contains the necessary information for the preparation of non-binding offers to buy the Asset.

As a result, the Consultant received Non-Binding Offers (NBO) from 6 applicants during the specified period.

The offers were reviewed by the Consultant for compliance with the requirements of this stage of the sales process, including their financial performance, level of solvency, and based on the Consultant's recommendation 5 applicants were advised to join the next stage for the acceptance of Binding Offers (BO).

Applicants at the Binding Offers stage will be given access to financial, tax, legal, and environmental reports prepared by a Consultant. Additionally, applicants will have the opportunity to visit the Company directly and meet with the management.

Binding Offers (BO) for the acquisition of the Asset will be accepted by the Consultant until 18:00 (Tashkent time) April 18, 2023.

UzSAMA and Mosaic Financial express their gratitude to all participants who have shown interest in the privatization process and submitted offers and also express confidence in further constructive cooperation with applicants who have successfully passed the Non-binding Offers stage.