Approved the State Property Committee of the Republic of Uzbekistan of March 31, 1997

Procedure for release and circulation of derivative securities

1. General provisions

1.1. This Procedure according to the Law of the Republic of Uzbekistan "About the security market" and other acts of the legislation regulates procedure for release and the circulation of derivative securities (which cornerstone securities of joint-stock companies are) in the territory of the Republic of Uzbekistan.

1.2. In this Procedure the following concepts are used:

derivatives of securities (further - PTsB) - the securities certifying the rights or obligations of their owners in relation to other securities and issued by legal entities in the form of options, futures for securities and other financial instruments;

the option - the issued security certifying the right to purchase in the time of certain quantity of securities of her issuer provided in it on fixed price;

the future for securities (further - the future) - the security certifying the obligation on purchase or sale in the time of certain quantity of securities provided in it on fixed price;

basic asset - the securities of joint-stock companies which are the cornerstone of PTsB and being traded on the securities market;

effective period of PTsB - the period (or specific date) during which the holder of PTsB can exercise the right of purchase or sale of basic asset;

the buyer (holder) of PTsB - person acquiring the right (or the obligation) sales or purchases of basic asset;

the seller of PTsB - person undertaking the obligation to deliver or accept basic asset upon the demand of the buyer of PTsB;

the global certificate - the document which is drawing up all release of PTsB (or its part) in paperless form including all details required for the single certificate, the list of general terms of issue and the address of this release of PTsB;

The agency - Agency on market development of the capital of the Republic of Uzbekistan.

2. Procedure for release and appeal of PTsB

2.1. In the address in the territory of the Republic of Uzbekistan only those PTsB which release underwent state registration in accordance with the established procedure are allowed.

2.2. PTsB can be issued:

in documentary or paperless form (paperless releases are drawn up by global certificates); nominal.

PTsB are subdivided into classes and series.

2.3. Issuer is the legal entity issuing PTsB and incurring on its own behalf obligations according to them to holders of PTsB. Issue of warrants (according to Item 2.10 of this Procedure) can be performed by that legal entity who at the same time emits the securities which are the cornerstone of the warrant.

2.4. Completion date of the obligation expressed to PTsB cannot exceed effective period of basic asset.

2.5. The specification of basic asset of PTsB shall contain the following information:

- type (type, category) of security;

- security nominal;

- unit price;

- quantity;

- issuer;

- total cost;

- other characteristics, depending on type of securities.

Release of options

2.6. Options can certify the right to purchase or sale as issued earlier own securities of the issuer of options, and securities of the third parties. The option holder can how to use the right to purchase (sale), and to refuse it.

2.7. Release of options which basic asset are for the first time the emitted securities is not allowed (except warrants).

2.7.1. The option for sale (put option) - grants the right to the option holder for sale of basic asset in the future, according to the specification of basic asset specified in PTsB.

2.7.2. The purchase option (call option) - grants the right to purchase of basic asset in the future, on the conditions determined in PTsB.

2.8. The option price called by award is paid by the buyer to the seller according to the purchase and sale agreement of the option.

2.9. The option shall contain the following obligatory details (appendix No. 1):

- name "purchase option" or "option for sale";

- date and number of state registration;

- date of the statement of the option;

- name, address and bank details of the issuer of the option;

- the obligation of the issuer to sell (for the purchase option) or to purchase (for the option for sale) basic asset;

- effective period or completion date of the option;

- specification of basic asset;

- signature of the issuer.

2.9-1. Conditions of release of the share option can provide restrictions for their address.

The joint-stock company has no right to place share options if the number of the announced shares of this society are less than number of shares, the right to which acquisition is granted by such options.

The decision on issue of award or incentive payment to members of labor collective and the supervisory board of joint-stock company share options is accepted by general shareholder meeting.

The number of shares of certain type, the right to which acquisition is granted by options, cannot exceed 5 percent of shares of this type, the documents placed for date of representation for state registration of release of share options.

Placement of share options perhaps after complete payment of the authorized capital of joint-stock company under its organization.

2.10. Special kind of the option is the warrant which certifies the right of his holder to purchase during the certain period of time (or in specific day) the securities for the first time issued by the issuer of warrants. Release of the warrants tied to securities is performed together with the securities constituting basic asset. At the same time one issue of securities, being basic asset of the warrant, is followed only by one release of warrants.

2.11. Release of warrants is forbidden:

- on already emitted securities which are in property of the third parties or redeemed by the issuer;

- with the price of basic asset below nominal of securities (except bonds).

2.12. Issuers of warrants shall provide equal price conditions of their acquisition for the first holders of warrants that means establishment of the uniform price certified by warrants at which holders of warrants have the right to acquire securities. At the same time, the price of securities placement for holders of warrants can differ from the placement price to the investors who are not owning warrants.

2.13. The warrant shall contain the following obligatory details (appendix No. 2):

- name "warrant";

- date and number of state registration;

- date of the statement of the warrant;

- name, address and bank details of the issuer of the warrant;

- the obligation of the issuer to sell basic asset;

- effective period or completion date of the warrant;

- specification of basic asset;

- the name of the buyer of the warrant (for the personalized warrant);

- signature of the issuer of the warrant.

Release of futures.

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