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LAW OF THE REPUBLIC OF ARMENIA

of August 16, 2001 No. ZR-206

About privatization of Yerevan Power Supply Network, Northern Power Supply Network, Southern Power Supply Network and Central Power Supply Network Private companies

Accepted by National Assembly of the Republic of Armenia on July 27, 2001

(In edition of the Law of the Republic of Armenia of 23.12.2008 No. ZR-209)

Chapter 1 General Provisions

Article 1. The basic concepts used in the Law

The basic concepts used in sense of this Law are:

the societies distributing the electric power (further - RE of society) – the Yerevan Power Supply Network, Northern Power Supply Network, Southern Power Supply Network and Central Power Supply Network private companies and also formed on their basis as a result of reorganization of society, performing activities for electricity distribution;

the strategic investor – person according to this Law declared the winner as a result of international contest on privatization of RE of societies with which the Government signs the sales agreement of shares;

the sales agreement of shares – the sales agreement of the shares included in the block of shares concluded between the Government and the strategic investor as a result of international contest;

the agreement on direct sale of shares – the agreement on direct sale of shares RE of societies signed between the Government and the international financial institution or between the Government and the strategic investor;

the block of shares – shares of those RE of societies determined by the Government which are sold by method of international contest in total;

the amount received for shares – the amount received as a result of privatization from the strategic investor and financial institution based on sales agreements and direct sale of shares from the moment of representation of packet of competitive documents about day of the expiration of the fifth month from the moment of privatization – with deduction of the amount of remuneration of consultants of process of privatization and payment for success, and also compensation paid to the strategic investor;

tariff margin – difference between the prices of acquisition of the electric power by societies RE and sales to her consumers;

previously skilled person – person meeting the conditions established by the Government which has the right to participate in international contest;

conditions of participation in tender – the conditions approved by the Government and requirements which regulate participation of previously qualified persons in international contest on sale of shares;

necessary guarantees – the guarantees represented by the participant of tender in the form established by the Government which observance by it of conditions of participation in tender makes sure;

envelope of competitive documents – set of the documents officially sent to previously qualified persons in whom conditions of participation in tender, forms of necessary guarantees, and also the draft agreement of sale of shares, the license conditions required guarantee, etc. are generalized;

the competitive offer – the offer on the price for the block of shares expressed in currency of the USA;

reliability of necessary guarantees – compliance of the necessary guarantees provided by participants of tender to conditions of participation in tender;

the privatization moment – transition of the property right to shares RE of societies to the strategic investor based on the share sale contract.

Article 2. Subject of regulation of the Law

1. This Law governs the relations connected with privatization of RE of societies and establishes the basic principles and conditions of such privatization.

2. The law of the Republic of Armenia "About privatization of state-owned property", and also other laws regulating privatization of state-owned property extend to privatization of RE of societies so far as do not contradict this Law.

Article 3. Main objectives of privatization

Main objectives of privatization of RE of societies are:

a) ensuring regular and reliable round-the-clock supply with the electric power of consumers according to the established technical regulations and conditions of the license for activities;

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