RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of January 18, 2018 No. PP-3481

About further enhancement of activities of Urgench Excavator joint-stock company

For the purpose of the accelerated development of economy and increase in investment appeal of the Khorezm region, active involvement of foreign investors to the sphere of production and repair of the meliorative and road-building equipment:

1. Take into consideration that:

according to the order of the President of the Republic of Uzbekistan of February 10, 2016 No. R-4613 "About additional measures for implementation of the agreements reached during the International investment forum in Tashkent" between JSC Uzbekiston temir yullari and corporation "Xuzhou Construction Machinery Group Co., Ltd" is signed on June 28, 2016 (People's Republic of China) (further - the foreign investor) the intermediate agreement on realization to the foreign investor of 51 percent of shares of JSC Urgench ekskavator;

based on the signed intermediate agreement the foreign investor undertook the obligation on introduction of investments within six months in delivery type of processing equipment, tools, modern assembly line and non-material property, with determination of their total amount in the procedure established by the legislation by the independent estimative organization;

according to requirements of article 18 of the Law of the Republic of Uzbekistan "About joint-stock companies and protection of shareholder rights" the authorized capital (authorized capital) of society can be increased by placement of additional shares;

JSC Uzbekiston temir yullari which is the single shareholder of JSC Urgench ekskavator makes the decision on increase in authorized fund (authorized capital) in JSC Urgench ekskavator by release of additional shares for bringing share of the foreign investor to 51 percent, with subsequent their registration in accordance with the established procedure and implementation of payment of these shares for the investment account introduced by the foreign investor on the amount of estimated value of processing equipment, tools, modern assembly line and non-material property.

2. Agree with offers of JSC Uzbekiston temir yullari, Ministry of Finance, Ministry of Economics of the Republic of Uzbekistan, the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition on increase in authorized fund (authorized capital) in JSC Urgench ekskavator by release of additional shares for bringing share of the foreign investor to 51 percent, with subsequent their registration in accordance with the established procedure in the Center for coordination and market development of securities.

At the same time shares in authorized capital (authorized capital) of JSC Urgench ekskavator are distributed in the following procedure:

the foreign investor - 51 percent;

JSC Uzbekiston temir yullari - 49 percent.

3. To provide to the state committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition in accordance with the established procedure registration of in addition issued shares of JSC Urgench ekskavator, with subsequent their registration in Central Securities Depository.

4. In three-months time to provide to JSC Uzbekiston temir yullari in accordance with the established procedure the conclusion between JSC Urgench ekskavator and the foreign investor of the transaction on purchase and sale of in addition issued shares with registration of this transaction in Central Securities Depository.

5. Recognize invalid some acts of the President of the Republic of Uzbekistan according to appendix.

6. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan - the chairman of the board of JSC Uzbekiston temir yullari A. Zh. Ramatov and the chairman of the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition of R. A. Gulyamov.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of January 18, 2018 No. PP-3481

The list of the acts of the President of the Republic of Uzbekistan recognized invalid

1. The subsection "GAZhK "Uzbekiston Temir Yullar"" and line item of 31 appendices No. 1 to the resolution of the President of the Republic of Uzbekistan of April 28, 2015 No. PP-2340 "About measures for increase in share and value of private property in economy".

2. Subsection 6 and line item of the 26th appendix No. 2 to the resolution of the President of the Republic of Uzbekistan of November 16, 2015 No. PP-2432 "About measures for implementation of the agreements reached during the International investment forum in Tashkent".

3. Section 6 and line item of the 26th appendix No. 2 to the order of the President of the Republic of Uzbekistan of February 10, 2016 No. R-4613 "About additional measures for implementation of the agreements reached during the International investment forum in Tashkent".

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