We invite you to invest in a network of cold-storage warehouses

Project overview Timeline • 2018 – development of the warehouse Project scope chain design, construction of 6 warehouses, st • Development of 14 cold storage warehouses equipment procurement (1 wave) • 2019 – launch of the 1st wave warehouses with total capacity of 140 thousand tons or (6 warehouses) and construction of the 2nd 0,9 million m3 or 145 thousand m2 wave (4 warehouses) Geography • 2020 – launch of the 2nd wave (4 warehouses) and construction of the 3rd wave (4 warehouses) • 13 regions and Investment terms Financing • Investor will have ownership of the entire • 3 – 4 USD mn per 1 warehouse business

Risk adjusted investor NPV 30 USD mn IRR USD 21%

Business model: a network of 10 000 tons cold-storage warehouses for food products 1. Cold-storage warehouse operation process

Receiving Storage Picking Packaging Shipping

2. Warehouse description 3. 10 000 tons warehouse layout

Storage Handling Services

Storage Picking Food manufacturers Packaging Wholesalers and retailers Buffer space

Clients Food exporters Office Office Load area Load Upload area Fresh and processed food products (including canned) Products

Contacts State Investment Committee will be happy to answer any questions you may have Contact person: Sardor Kodirov, Leading specialist Telephone: +998 71 238 52 96 Postal address: 100029, Tashkent, street, 1 E-mail: [email protected] Demand: growth driven by increasing Export population and food production Domestic consumption

+6% p.a. 36 31 27 28 7 25 3 1 1 Food production 20 1 million tons 0 26 27 28 29 24 20

2010 12 14 16 18 2020

+2% p.a.

34 31 32 33 29 30 Population million people

2010 12 14 16 18 2020

Proposal: opening a network of 14 warehouses creates an opportunity to capture 9% market share

Estimated market of cold warehouses capacity in thousand tons

Proposed project Competitive landscape 1 544

140 9% Currently there are standalone warehouses in Uzbekistan with the total capacity 805 52% of 600 thousand tons 599 Launching a network of 14 warehouses (with capacity of 10 thousand tons each) will help capture 9-10% market 39% share in 2027 2017 Estimated growth 2027

Geographic footprint: 3 waves to reach national coverage Wave 3 Wave 2 2020 Wave 1 2019 2018

6 warehouses 4 warehouses 4 warehouses • • • • Tashkent city • region • • region • region • • • Khwarezm region • Sirdarya region • •

These materials are intended to the recipient solely for its information. Not for final investment decision purposes.