RESOLUTION OF THE MINISTRY OF ECONOMICS OF THE REPUBLIC OF UZBEKISTAN, MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of March 12, 2008 No. 41, on March 12, 2008 No. 21

About approval of the Regulations on procedure for realization of coal at the exchange biddings

According to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 2004 N 57 "About further implementation of market mechanisms of realization of highly liquid types of products, raw materials and materials" we decide:

1. Approve the enclosed Regulations on procedure for realization of coal at the exchange biddings.

2. Consider the voided resolution of the Ministry of Economics of the Republic of Uzbekistan, the State committee of the Republic of Uzbekistan on management of the State-owned property. Ministries of Finance of the Republic of Uzbekistan. JSC Ugol, the Uzgosenergonadzor, JSC UZRTSB from

08.04.2004 N 27, N 01/24-19, N 59, N 01-12/56. N BT-01-02/464, N 42-01/171 "About approval of Provisional regulations for procedure for realization of coal at the exchange biddings". (Reg. N 1351 of 11.05.2004, the Collection of the legislation of the Republic of Uzbekistan 2004, N 19, the Art. 224).

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 Economics, Ministry of Finance of the Republic of Uzbekistan of March 12, 2008 No. No. 41, 21

Regulations on procedure for realization of coal at the exchange biddings

This Provision according to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 2004 N 57 "About further implementation of market mechanisms of realization of highly liquid types of products, raw materials and materials" (The collection of the legislation of the Republic of Uzbekistan, 2004, N 5, of the Art. 57) determines procedure for realization of coal at the exchange auction held by the commodity raw exchanges (further - "Exchange").

I. General provisions

1. This Provision extends to the companies and the organizations - the residents of the Republic of Uzbekistan extracting, delivering and using coal.

2. The coal acquired according to this Provision can be used only in the territory of the Republic of Uzbekistan.

3. The realization of coal is enabled at the commodity and raw exchanges in real time with use of electronic systems of the exchange biddings.

II. Basic concepts

4. In this Provision the following basic concepts are used:

products - coal which according to the approved balance of resources and distributions of coal is implemented to consumers at the exchange biddings;

electronic system of the exchange biddings - the global distributed information system including complex of the software and hardware allowing members of the Exchange to participate in the exchange biddings in real time by means of remote access from any geographical point of the republic;

Clearing house (further - RCP) - the structural division of the Exchange providing carrying out clearing, calculations and settlement on stock exchange transactions;

the seller - JSC Uzbekkumir and other coal-mining companies enabling exposure and product sales at the exchange biddings;

the buyer - the companies and the organizations which are realizing coal to the population, having the license for wholesale trade and other consumers of the republic using coal for own needs;

the protocol of the transaction - the document issued to the buyer and the seller following the results of carrying out the exchange biddings signed by the representative of the seller, the buyer and the broker of the exchange obliging the parties to sign at the scheduled time the agreement of purchase - sale of products in the amount acquired by results of the exchange biddings at the price of the demand and supply;

deposit - funds of warranty providing transactions deposited by buyers and sellers for the secondary deposit account of RCP in the bank servicing the Exchange for providing guarantees of execution of the transactions made at the Exchange;

the quoted price - the weighted average price on products determined by results of the trading sessions held by the Exchange for day of the exchange biddings;

the register of the paid transactions - the document confirming revenues to personal account of the buyer in RCP of the means providing complete covering of obligations according to the signed purchase and sale agreement.

III. Forming of amounts of coal and procedure for its realization

5. Forming of sales amounts of products is performed, proceeding from annually approved balance of resources and distribution of coal.

6. Sellers no later than 10 days after receipt of the approved balance of resources and distribution of coal the forthcoming year in coordination with the Ministry of Economics of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship approve schedules of monthly exposure of products for realization it at the exchange biddings and bring them to the Exchange.

7. After approval of the schedule sellers sign with the Exchange cooperation agreements in which conditions of participation of sellers at the exchange biddings, the rights, obligations and responsibility of the parties which signed the agreement are determined.

The auction is held regularly in the working days.

8. The exchange biddings are performed according to the Law of the Republic of Uzbekistan "About the exchanges and exchange activities" and Rules of stock exchange trading.

9. Information on carrying out the exchange biddings, durations of exchange sessions, amounts of exposure of products, and also about the location of goods, the coal-mining company, the starting price is carried by the Exchange to buyers without fail through mass media, brokers, and also through other information channels, including the Internet.

10. The exchange shall provide possibility of simultaneous participation in the electronic biddings to all bidders, irrespective of their dislocation in the territory of the republic.

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