ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of October 2, 2008 No. 556

About approval of the Regulations on release, placement, the address and repayment of government securities of the Kyrgyz Republic

For the purpose of further market development of government securities of the Kyrgyz Republic the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on release, placement, the address and repayment of government securities of the Kyrgyz Republic.

2. To the Ministry of Finance of the Kyrgyz Republic and other persons performing transactions with government securities to bring the decisions into accord with this resolution.

3. Determine that the state treasurer bills of exchange with circulation periods are effective 18 and 24 months before the termination of term of their address.

4. Recognize invalid:

- the order of the Government of the Kyrgyz Republic of May 11, 1998 No. 260 "About approval of the Regulations on release, placement and repayment of the government medium-term coupon securities";

- the order of the Government of the Kyrgyz Republic of December 12, 2006 No. 845 "About approval of the Regulations on release, placement, the address and repayment of the state treasurer bills of exchange of the Kyrgyz Republic".

5. This resolution becomes effective from the date of official publication.

6. To impose control over the implementation of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.

Approved by the Order of the Government of the Kyrgyz Republic of October 2, 2008 No. 556

Regulations on release, placement, address and repayment of government securities of the Kyrgyz Republic

I. General provisions

1. This Regulations on release, placement, the address and repayment of government securities of the Kyrgyz Republic (further the Provision) determine procedure for release, placement, the address and repayment of government securities of the Kyrgyz Republic (further - GTsB) in the territory of the Kyrgyz Republic.

2. GTsB are the debt obligations emitted by the Ministry of Finance of the Kyrgyz Republic (further - the Issuer) on behalf of the Cabinet of Ministers of the Kyrgyz Republic.

II. The terms and determinations used in this Provision

3. For the purposes and understanding of this provision the following terms and determinations are used:

Auction - form of the biddings of GTsB under which the satisfaction of requests is made on competitive basis;

The state treasurer bills of exchange (further - GKV) short-term, interest-free (discount) GTsB;

The government treasury bonds (further - state treasury bills) long-term GTsB with interest income (coupon);

Treasury obligations (further - CO) - the long-term securities of the Ministry of Finance of the Kyrgyz Republic nominated in national currency, issued for settlement of obligations of state bodies;

Depositary - the legal entity of the Kyrgyz Republic performing accounting, storage of securities, registration of transition and confirmation of the property right to GTsB, maintaining the register of owners of securities;

Additional (extra auction) placement of GTsB - non-competitive sale of GTsB;

Competitive sale - sale with indication of the price and the number of GTsB acquired on the specified (declared) price;

The coupon - the interest income charged on GTsB;

Non-competitive sale - sale of GTsB on the weighted average price which developed at auction;

The operator by calculations - the legal entity of the Kyrgyz Republic perfroming cash calculations for transactions with GTsB;

The organizer of the biddings - the legal entity of the Kyrgyz Republic performing transactions on placement, the address and repayment of GTsB;

The return redemption - transaction on purchase by the Issuer of GTsB which are in circulation;

The return sale - transaction on sale by the owner of GTsB which are in circulation;

Release parameters - information on release of GTsB: number, date, release amount, the repayment date and other information characterizing GTsB;

Repayment of GTsB - transfer of nominal value into accounts of holders of GTsB of repayable release;

Repayment of payments for the coupon - transfer of payments for the coupon into accounts of holders of GTsB;

The authorized person Emitenta is the person who is acting on behalf of Emitent and having the appropriate authority fixed by the official letter, the power of attorney or the notice;

The issuer - the Ministry of Finance of the Kyrgyz Republic acting on behalf of the Cabinet of Ministers of the Kyrgyz Republic.

III. General terms of release, placement, address and repayment of GTsB

4. The purpose of release of GTsB is financing of the current deficit of the republican budget of the Kyrgyz Republic and refinancing of public debt on which there comes the payment due date, and also market development of government securities, development of economy and financing of investment and infrastructure projects, repayment of the budget obligations to the legal entities and physical persons performing business and non-commercial activity.

5. The amount of each release of GTsB is determined by the Issuer, proceeding from the limiting amount established for the corresponding year by the Law of the Kyrgyz Republic "About the republican budget of the Kyrgyz Republic".

6. GTsB can be provided to GKV, state treasury bills and CO.

7. GKV have circulation period from 1 to 12 months, the term of their address in days shall be always multiple 7, for example: since 28 days till 1-month, and 364 days on 12-month GKV. Nominal value of one GKV is equal to 100 som.

Release of GKV is made in paperless form.

8. State treasury bills have circulation period over 1 year. Nominal value of one state treasury bills and parameters of each release are determined by the Issuer at the time of release of state treasury bills. Release of state treasury bills is made in documentary and paperless forms. The issuer has the right to perform release of state treasury bills in national currency of the Kyrgyz Republic and foreign currency.

8-1. TO are personalized government securities. The CO parameters are determined by the issuer and established in each release. CO are issued in paper form and can act as pledge, and also are the document granting the right at the scheduled time to unconditional satisfaction of monetary requirement which the owner of CO imposes on the issuer.

9. The relations between the Issuer, the Organizer of the biddings, the Operator by calculations and Depositary are regulated by the relevant agreements.

10. Rules of placement, the address, carrying out calculations, the organizations of accounting of GTsB are determined by the legal documents of the Organizer of the biddings approved with the Issuer, the Operator by calculations and Depositary.

11. Involvement of the Organizer of the biddings by the Issuer of services, Depositary and Operator by calculations is made according to the legislation of the Kyrgyz Republic.

12. Owners of GTsB can make civil transactions with GTsB, except for the restrictions set by the legislation of the Kyrgyz Republic.

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