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Approved at meeting of State commission on the security market of July 27, 1995

The instruction about procedure for re-registration of shares addressed to privatization investment funds and trust companies and to combination of accounts of shareholders/bond holders in the register of shareholders/bond holders of the privatized joint-stock companies

(In the editorial office GKRTsB N 29-2 of 12.01.96)

I. General provisions

1.1. This Instruction is developed according to the Order of the Government of the Republic of Moldova N 734 of September 29, 1994. "About the organization of maintaining the shareholder register".

1.2. The instruction regulates the procedure of re-registration registrars in the shareholder register of the privatized joint-stock companies of the shares acquired addressed to owners of BND by privatization investment fund or trust company addressed to the specified fund as the shareholder or trust company as the nominee holder of shares.

1.3. According to the Provisional regulations for investment funds approved by the Presidential decree of the Republic of Moldova N 50 of February 18, 1994 privatization investment fund acquires the right of the shareholder of the privatized joint-stock companies acquired by it addressed to owners of BND which transferred the bonds to this fund for the declaration of trust only after exchange of shares of fund of the second and the subsequent issues on the specified shares. At the same time founders trastavladelets of BND become shareholders of this privatization investment fund.

1.4. Shares of the privatized joint-stock companies acquired by trust company addressed to owners of BND which transferred the bonds of this company according to the declaration of trust remain in management of this company for the benefit of founders of trust. At the same time the trust company is nominee holder of the specified shares.

1.5. After obtaining, according to Regulations on procedure for forming of the database of the shareholder register of the joint-stock companies founded in the course of privatization, approved by the Order of the Government N 316 of May 17, 1995 of the database of the shareholder register the registrar creates the register and informs on it the privatization investment funds and trust companies acting on behalf of owners of BND.

1.6. For the purposes of this Instruction the following terms are applied:

The founder of trust - the owner of BND who gave the BND of trust company or to privatization investment fund according to the declaration of trust.

The nominee holder - the professional participant of the security market (trust company) which holds securities on its own behalf at the request of other person (the owner of securities or other nominee holder), without being owner of these securities.

II. Re-registration of shares addressed to privatization investment funds and trust companies

2.1. After obtaining, according to Regulations on procedure for forming of the database of the shareholder register of joint-stock companies approved by the Order of the Government N 316 of May 17, 1995 of the database of the shareholder register the independent registrar creates the register and transfers the shares acquired addressed to owners of BND by privatization investment fund or trust company addressed to the specified fund as the shareholder or trust company as the nominee holder.

This procedure is performed by means of the corresponding entry in each mentioned account when maintaining the register on papers or by means of the corresponding software when maintaining the register on electronic media.

2.2. When making this transaction the registrar shall verify that the number of shares of the owners of BND re-registered from accounts into the account of fund or trust company matched.

2.3. The registrar notifies investment fund or trust company that the re-registration of shares addressed to fund as real owner or addressed to trust company as nominee holder was performed and that it possesses the corresponding number of shares. The registrar saves initial information on registered persons whose shares were re-registered addressed to mutual fund or shopping mall within a month from the date of the notification of mutual fund or shopping mall.

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