RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, STATE PROPERTY COMMITTEE OF THE REPUBLIC OF UZBEKISTAN, STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of March 25, 2002 No. 47, No. 10-1-48, No. 2002-33

About approval of the Regulations on procedure for control of charge, and payment of dividends by business entities for the state share fraction (the state share)

According to the Law of the Republic of Uzbekistan "About joint-stock companies and protection of shareholder rights" and based on resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of August 18, 1997 "About measures for enhancement of placement of blocks of shares and increase in role of shareholders in management of joint-stock companies formed based on state-owned property", of October 20, 1997 No. 481 "About measures for streamlining of use of means from privatization and privatization of state-owned property" and of December 31, 2001 No. 490 "About the forecast of the main macroeconomic indicators and parameters of the Government budget of the Republic of Uzbekistan for 2002", the Ministry of Finance of the Republic of Uzbekistan, the State committee of the Republic of Uzbekistan on management of state-owned property and support of entrepreneurship and the State Tax Committee of the Republic of Uzbekistan decide No. 404:

1. Approve the enclosed Regulations on procedure for control of charge and payment of dividends by business entities for the state share fraction (the state share).

2. Consider invalid the Regulations on procedure for control of use of dividends by the companies for the state shares, blocks of shares approved by the Ministry of Finance of the Republic of Uzbekistan on October 17, 1997, the State committee of the Republic of Uzbekistan on management of state-owned property and support of entrepreneurship on October 17, 1997 and the State Tax Committee of the Republic of Uzbekistan on October 20, 1997 (reg. No. 372 of 24.10.1997).

3. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the Resolution of the Ministry of Finance, State Property Committee and State Tax Committee of March 25, 2002 No. 47, No. 10-1-48, No. 2002-33

Regulations on procedure for control of charge, and payment of dividends by business entities for the state share fraction (state share)

This Provision is developed according to the Law of the Republic of Uzbekistan "About joint-stock companies and protection of shareholder rights" and based on resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of August 18, 1997 No. 404 "About measures for enhancement of placement of blocks of shares and increase in role of shareholders in management of joint-stock companies formed based on state-owned property", of October 20, 1997 No. 481 "About measures for streamlining of use of means from privatization and privatization of state-owned property" and of December 31, 2001 No. 490 "About the forecast of the main macroeconomic indicators and parameters of the Government budget of the Republic of Uzbekistan for 2002" and determines procedure for control of charge and payment of dividends by business entities for the state share fraction (the state share).

I.

It is excluded

II. Procedure for accounting of the business entities having the state share fraction (the state share)

3. The state committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition (further - Goskomkonkurention) and its territorial authorities together with the Center for management of the state assets in case of Goskomkonkurention quarterly represent to the Ministry of Finance of the Republic of Uzbekistan, the Ministry of Finance of the Republic of Karakalpakstan, financial managements of areas and the city of Tashkent (further - monitoring body) the list of the created (privatized) business entities having the state share fraction (the state share) in authorized fund, with indication of legal address of business entities, and also details of the confided (trustees) appointed state.

4. Based on the documents received from Goskomkonkurention the Monitoring body sends to business entity the copy of this provision for management and execution. The monitoring body also sends inquiry State by the confided (Trustee) for submission of data on all bank accounts by them (including accounts in foreign currency) in the serving banks, bank codes, identification taxpayer number, First name, middle initial, last name the head and the chief accountant, phone numbers and faxes of business entity. The term of submission of the information required to Monitoring body shall not exceed 20 (twenty) days after receipt of request.

5. In case of reorganization or liquidation of business entity, Goskomkonkurention either his territorial authorities or its territorial subdivisions report about it to the relevant Monitoring body.

III. Procedure for provision by business entities of information on the dividends added on the state share fraction (the state share)

6. The business entity in whose authorized capital there is the state share fraction (the state share) provides information to Monitoring body about results of economic activity for the accounting period and about the added dividends on the state share fraction (the state shares) no later than 15 days from decision date about charge of dividends.

It is necessary to include in information on results of economic activity for the accounting period provided in Monitoring body:

a) minutes abstract of general shareholder meeting (founders, participants) about charge of dividends, payment due dates and the size of the paid dividends on one share (share) certified by the chairman of the Supervisory board (or the state attorney, the trustee);

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