Solid Position Across Key Areas

2 Macroeconomic outlook for Uzbekistan IPOTEKA BANK SNAPSHOT OF UZBEKISTAN REAL GDP GROWTH Y.O.Y (%) 2019 2020 2021 (f-cast) 5,4% 5,6% 5,0% 5,5% Population 33.3m 34.6m 35.0m 4,5% UZS 511.8tn/ GDP USD 57.9bn UZS 580.2tn/ USD 55.2bn UZS 608.0tn/ USD 57.8bn 1,6% GDP Growth 5.6% 1.6% 4.8% Unemployment 5.9% 10.5% 12.0% 2017 *IMF projections as of Oct-2020 2018 2019 2020 2021* 2025* Debt as % of GDP 32.8% 40.4% 42.0% UZBEKISTAN'S GDP STRUCTURE (2020) ANTI-COVID AND OTHER MEASURES & UPDATES Apr – Nov 19, 2020: • Commercial loan repayment deferrals til 1-Oct-2020. No tax on accrued & deferred loans & waiver of penalties. Cut in CBU main rate from 16% to 15% and then to 14%. . Add'l UZS2.6tn liquidity thru easing mandatory reserves. . CBU's special non-recallable credit line Nov - Apr 2021: ✓ Receipt of CBU's special non-recallable credit line (+640 bn) ✓ Subordinated debt issue was resolved (+240 bn) ✓ Cancellation of CBU's acceptable interest rates (+) ✓ Further FX market liberalization in Feb 2021 (+) ✓ Changes on capital adequacy calculation (-) ✓ Continued of the ban on dividend payments (+220 bn) 7% 8% 33% 26% 26% ■Services Industry Agriculture, forestry and fishing ■Net taxes on products ■Construction PRESENCE OF GOLD IN THE COUNTRY 1 Year Gold Price in USD/oz Last Close: 1848.64 Export composition of Uzbekistan High: 2070.05 Low: 1477.30 278.84 17.76% 2100 2050 2000 13,2% 1950 1900 38,4% 1850 1800 1750 1700 wwwww 1650 48,4% 1600 1550 1500 ■Gold ■Goods ■Services 145 Feb 20 Mar Apr May Jun Jul Aug Sep Oct Nov Dec goldprice.org Jan 21 Sunday, January 31, 2021. as of 31-Dec-2020 Sources: The State Committee of the Republic of Uzbekistan on Statistics

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