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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On February 20, 1999 No. 646

Approved the State Property Committee of the Republic of Uzbekistan of December 10, 1998, No. 11 by the Ministry of Finance of the Republic of Uzbekistan of December 31, 1998 No. 30-01-12-/329

Approximate charter of Privatization Investment Fund

I. General provisions

1.1. Name of privatization investment fund:

in Uzbek:

complete: "_____________" ochik aktsiyadorlik zhamiyat hususiylashtirish investment fund.

reduced: "___________________" HIF.

in Russian:

complete: open joint stock company privatization investment fund "_______________".

reduced: ______________ Mutual Fund.

1.2. Location: __________________________________________.

1.3. Postal address: ___________________________________________.

II. Legal position of privatization investment fund

2.1. The privatization investment fund "________" (further referred to as "mutual fund"), is the open joint stock company operating according to the laws of the Republic of Uzbekistan "About the companies in the Republic of Uzbekistan", "About economic societies and partnerships", "About joint-stock companies and protection of shareholder rights", "Provision on investment funds", "Provision on privatization investment funds", other acts of the legislation of the Republic of Uzbekistan, and also constituent documents and this charter.

2.2. The mutual fund is investment fund of the closed type and does not make the redemption of the shares from shareholders.

2.3. The rights and obligations of the legal entity the mutual fund acquires from the date of its state registration. The mutual fund has seal with the name, logo (symbolics), settlement and other accounts.

2.4. Effective period of mutual fund ____________ years (or "it is not limited).

2.5. Founders and mutual fund: _________________________________________

                       (full name, number and date

                        state registration, 

___________________________________________________ (legal entities);

         legal address, settlement account)

___________________________________________________ (physical persons);

          (Full name, passport data)

 2.6. Legal entities and physical persons, including the companies in which authorized capital the state possesses less than 25 percent can be founders and shareholders of mutual fund. State governing bodies cannot be founders and shareholders of mutual funds.

2.7. The mutual fund bears responsibility according to the obligations all the property. The mutual fund does not answer for obligations shareholders, shareholders answer for obligations mutual fund within cost of the stocks of mutual fund owned by them.

III. Purpose and object of activity of mutual fund

3.1. The purpose of activities of mutual fund is attraction of general population in process of privatization by accumulation of their money and the subsequent direction on share acquisition of the privatized state companies.

3.2. Object of activity of mutual fund are:

- attraction of financial resources in securities of the privatized companies due to issue of own shares, investment of own means and the obtained special public credits;

- securities trading;

- participation as the shareholder in development and increase in efficiency of the companies which shares he holds.

3.3. Combination of activities of mutual fund with other types of activity is not allowed.

3.4. Activities mutual fund can perform only after receipt of the license by it in the Center for coordination and control of functioning of the security market (further "Center").

IV. Investment declaration of mutual fund

4.1. Purposes of investments: Assistance to process of privatization by means of attraction of money of general population and their investment in the share of the privatized companies, and also special public credits issued in the form of payment deferral for shares of the privatized companies.

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