Essential Investments

Essential Advisory Group ## June #### p. # of # JSCB Mikrokreditbank Table ##. Reporting date: ## June #### Change in price of shares, % Common Preferred # month # # Since beginning of #### # #.## ## months #

Essential Advisory Group ## June #### p. # of # OJSCB Kapitalbank Table ##. Reporting date: ## June #### Change in price of shares, % Common # month # Since beginning of #### # ## months #.##% EAG Rating Hold

Essential Advisory Group ## June #### p. # of # Ipotekabank Table ##. Reporting date: ## June #### Change in price of shares, % Common Preferred # month # ##.##% Since beginning of #### +##.##% #.##% ## months

Essential Advisory Group ## June #### p. # of # OJSCB Hamkorbank Table ##. Reporting date ## June #### Change in price of shares, % Common Preferred # month # # Since beginning of #### # # ## months # #

Essential Advisory Group ## June #### p. # of # SC Halk Bank (People s Bank) Table ##. Reporting date: ## June #### Change in price of shares, % Common # month Since beginning of #### ## months Shares are not

Essential Advisory Group ## June #### page # of ## OJSCB CreditStandard Table ##. Reporting date: ## June #### Change in price of shares, % Common Preferred # month # Since beginning of #### # ## months # No trades on

Essential Advisory Group ## June #### p. # of # Asakabank Table ##. Reporting date: ## June #### Change in price of shares, % Common # month Since beginning of #### ## months Shares are not traded on the stock exchange

Essential Advisory Group ## June #### POJSCB Alp Jamol Bank Table ##. Reporting date: ## June #### Change in price of shares, % Common # month # Since beginning of #### # ## months # Free float, number of shares (% of

Essential   Report:   Telecommunications    Telecommunications   industry:   tendencies   of   #   months   of   ####     Telecommunications   industry   is   one   of   the   fastest   growing   sectors   of   national   economy.   Significant   volume   of   investments,   interest   of   major   foreign   companies   and   active   marketing   policy   result   in   growth   of

Uzbekistan:   Essential   Markets   Weekly   UZBEKISTAN:    Essential   Markets   Weekly   ##.##.####  \##  ##.##.####   • Trading   results   on   Tashkent   Stock   Exchange.............#   • Market   leaders ..................................................................#   • Trades   on   Tashkent   Stock   Exchange ............................#   • Last   quotes   of   most   active   stocks   on   Tashkent   Stock

M&A,   Privatization   Page   #   of   #       Mergers   and   acquisitions,   privatization:   results   of   #   months   of   ####.   For   #   months   of   the   current   year   GDP   grew   by   #.#%,   industry   output   increased   by   ##.#%   and   inflation   was   at   #

Uzbekistan:   Essential   Markets   Weekly   UZBEKISTAN:    Essential   Markets   Weekly   ##.##.####  \##  ##.##.####   • Trading   results   on   Tashkent   Stock   Exchange.............#   • Market   leaders ..................................................................#   • Trades   on   Tashkent   Stock   Exchange ............................#   • Last   quotes   of   most   active   stocks   on   Tashkent   Stock

                                                                                  Macroeconomy:   tendencies   of   nine   months   of   ####     Growth   of   all   indicators    For   the   period   of   January   to   September   the   state   budget   was   implemented   with   a   surplus   equal   to   #.#%   of   GDP,   i.e.   about   ###   bln   UZS.      Industry   For

  Results   of   trading   session   at   the   Republican   Stock   Exchange   “Tashkent”   for   #   months   of   ####         Trading   turnover   on   the   stock   exchange ##,## ##,## ##,## ##,## ##,## ###,## ##,# ##,# ##,# #

Oil   and   Gas   sector   of   Uzbekistan:   the   trends   of   the   first   half   of   ####     Production   volumes   of   main   oil   product # #### #### #### #### #### #### Oil   and   gas condensate Gazoline Diesel Fuel   oil Kerosene Lubricants Liquefied petroleum   gas

  Macroeconomics:   tendency   of   first   six   months   of   ####       Essential   Report:   Macroeconomy    In   the   first   six   months   there   were   a   tendency   towards   economy   growth   of   Uzbekistan   and   creation   of   favorable   climate   in   the   country.    There   were   GDP   growth,   positive   assessment   of

N         Open   Joint \## Stock   Company   «Bekabadcement»     Open   Joint \## Stock   company   “Bekabadcement”   was   created   in   ####   on   the   base   of   “Bekabad   Cement   Combine”,   which,   in   turn,   was   established   almost   ##   years   ago.    This   was   the   first   cement   plant   in

        Open   Joint \## Stock   Company   «Kizilqumcement»     Open   Joint \## Stock   company   “Kizilqumcement”   is   situated   in   Navoi   region   and   it   is   the   only   state \## controlled   cement   producing   company   in   the   country.   The   company   is   more   than   ##   years   old.   First

N       Open   Joint \## Stock   Company   «Toshneftgazqurilish»   (OJSC   “TNGQ”)     OJSC   “Toshneftgazqurilish”   (OJSC \##  Tashneftegazstroy \## ,   or   in   English   OJSC   “Tashkent   oil   &   gas   construction”)   was   established   on   the   basis   of   building   units,   which   ##   years   ago,   gained   experience   in   the   construction

N         Joint \## Stock   Company   «Tashkent   Coaches   Repair   Factory»   (OJSC   “TVRZ”)     Joint \## Stock   Company   “Tashkent   Coaches   Repair   Factory”   is   the   company   engaged   in   capital   repair   and   restoration   of   passenger   wagons   (coaches).   It   is   the   only   company   making   repairs   of

Uzbekistan:   Stock   Market         Uzbekistan   Sector:   Other,   Commodity   Exchange   OJSC   “UzRTSB”     ##.##.####       OJSC   “UZBEK   REPUBLICAN   COMMODITY   EXCHANGE”   (“UZEX”)       General   Information     Date   of   establishment:   #   April   ####   Legal   form:   Open   joint \## stock   company   Main   activities:   Intermediary   services   on   commodity

N         Joint \## Stock   Company   «Dori   Darmon»     Joint \## Stock   company   “Dori \## Darmon”   is   the   largest   retail   chain   of   drug   stores.   It   operates   more   than   ###   drug   stores   on   all   regions   of   Uzbekistan.      Furthermore,   the   company   is   not   only

Uzbekistan:   Stock   Market             ##.##.#### Uzbekistan   Sector:   construction   materials   OJSC   «Nerudnik»     Open   Joint \## Stock   Company   «Nerudnik»     Industry:   non \## metallic   materials,   extraction   and   processing   of   sands   and   gravel     OJSC   «Nerudnik»   is   an   industrial   company   engaged   in   extraction   and

Uzbekistan: Stock Market           ##.##.#### Uzbekistan Investment opportunities: stocks SJSC «TAPOICH» State \## owned   Joint \## Stock   Company   «Tashkent   Aero   Production   Corporation   named   after   Chkalov»   (SJSC   «TAPOICH»)       Industry:   aerospace   production     Current   situation:     SJSC   «TAPOICH»   is   the   only   aero \##