According to relevant privatization programs, State Assets Management Agency informs that it reached an agreement (Deal) with Swiss company Valleyroad Capital S.A. (Buyer) on the sale of 100% state share in authorized capital of Humo Air LLC (Company) for 27.2 billion UZS with obligation on development of air fleet and increasing local flights in 2023-2026.

As part of the Deal, the Buyer undertakes the following obligations:

• The Company purchases 18 aircraft by 2026, including 3 aircraft by the end of the second quarter of 2023, with launching flights in the first half of 2023;
• Increasing the number of domestic flights to 16 weekly in the initial phase and increasing it to 60 over the next five years;
• Organization of the staged renewal of the aircraft fleet of special (agricultural and public sector) aviation;
• Attracting qualified foreign specialists with long-time experience in aviation to manage the airline;
• Ensuring that at least 80 percent of the airline's employees are residents of Uzbekistan;
• Organizing new flights at affordable prices, including on routes not served by other airlines of the Republic of Uzbekistan.

The acquisition of the Company by a foreign investor under the above conditions will contribute to the development of a competitive environment through private sector entry into the civil aviation market, mitigate the demand for domestic flights and provide air transportation services to passengers at affordable prices.

For information: Valleyroad Capital S.A., founded in Switzerland in 2006, is an independent corporate finance company serving large businesses and entrepreneurs in Switzerland and internationally. With more than a century of combined experience of team members, Valleyroad Capital S.A. offers extensive and diverse corporate finance experience across a wide range of industries and countries. The activities of foreign investor in Uzbekistan are carried out by Valleyroad Capital LLC, established by it with 100% shareholding.

Humo Air LLC was established on the basis of the property of the SUE "Airline of Special Air Operations " in 2020. The authorized capital of Humo Air LLC includes 43 An-2 airplanes, aircraft engines, flight simulators and other property.