Briefing About Regular General Meeting of the Shareholders

Regular general meeting of the shareholders of “National Bank for Foreign Economic Activity of the Republic of Uzbekistan” JSC (hereinafter) was held on 11^th July 2020 as a result of 2019.

In accordance with the Decree of the President of the Republic of Uzbekistan dated 30 November 2019, the unitary enterprise NBU was transformed into a joint-stock company. Shareholders of the bank were defined Ministry of Finance of the Republic of Uzbekistan (41.5%) and the Fund for Reconstruction and Development of Uzbekistan (58.5%).

The following agenda were discussed during the meeting:

• Approval of the annual report for 2019;
• Approval of the members of the supervisory board;
• Approval of members of the audit committee;
• Extension of employment contracts with the Chairman and members of the Management Board etc.

During the meeting, the annual report as of 2019 was discussed. As of 1 January 2020 NBU's assets were 66.6 trln. sum, loan portfolio 55.0 trln. sum, equity 13.1 trln. sum, attracted deposits 15.3 trln. sum.

Also an audited report by international audit organization «Ernst & Young» LLC were discussed at the meeting, in particular regarding the bank's activities YE’2019. Based on the audited report as of 2019, it was decided that part of the net profit should be allocated to the payment of dividends and the rest to increase the authorized capital.

At the meeting, a new member of the Supervisory Board was approved. The First Deputy Minister of Finance of the Republic of Uzbekistan Nasritdinhojaev Omonullo Zabikhullaevich was approved as the Chairman of the Supervisory Board.

For the first time, an international expert of “Old Street Advisory Limited” (London, UK) Mr. Muslimov Elbek was admitted as an independent member of the supervisory board. Mr. Muslimov graduated from Yale Business School (Yale School of Management) in the USA, in the area of business administration, worked in international financial institutions such as Citigroup Inc., Deutsche Bank and Goldman Sachs Group.

In accordance with the requirements of the Law of the Republic of Uzbekistan “On Joint Stock Companies and the Protection of Shareholders' Rights”, the issue of extending employment contracts with the Chairman and Members of the Management Board was also considered. Shareholders of the bank unanimously approved the extension of employment contracts with the Chairman of the Management Board and Members of the Management Board.

The meeting also reviewed and approved the implementation of transformation processes in the bank and the bank's indicators for 2020.

At the end of the meeting, the Chairman of the Supervisory Board set the task of improving the corporate governance system at NBU in accordance with modern requirements, holding quarterly meetings of the Supervisory Board and maintaining the bank's financial performance.

Based on the results of the discussion, all issues included in the agenda of the General Meeting of Shareholders of NBU were considered and appropriate decisions were made.