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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of April 27, 2016 No. 19/13

About approval of the Provision "About procedure for placement, the return redemption and carrying out calculations with the government treasury bonds of the Government of the Kyrgyz Republic nominated in foreign currency through National Bank of the Kyrgyz Republic

(as amended on 26-04-2017)

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Procedure for Placement, the Return Redemption and Carrying Out Calculations with the Government Treasury Bonds of the Government of the Kyrgyz Republic Nominated in Foreign Currency through National Bank of the Kyrgyz Republic" it (is applied).

2. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective from the date of its official publication.

4. To management of monetary transactions to bring this resolution to the attention of commercial banks.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic N. Zhenish.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of April 27, 2016 No. 19/13

Provision "About Procedure for Placement, the Return Redemption and Carrying Out Calculations with the Government Treasury Bonds of the Government of the Kyrgyz Republic Nominated in Foreign Currency through National Bank of the Kyrgyz Republic"

Chapter 1. General provisions

1. This Provision determines procedure National Bank of the Kyrgyz Republic (further - National Bank) transactions by placement, the return redemption and carrying out calculations with the government treasury bonds of the Government of the Kyrgyz Republic nominated in foreign currency (further - GKO-V) and issued by the Ministry of Finance of the Kyrgyz Republic (further - the Ministry of Finance, the Issuer) in the territory of the Kyrgyz Republic.

2. The National Bank acts as the organizer of the biddings, depositary and the operator by calculations based on the agreement signed with the Ministry of Finance according to the Provision "About Release, Placement, the Address and Repayment of Government Securities of the Kyrgyz Republic" approved by the order of the Government of the Kyrgyz Republic of October 2, 2008 No. 556.

3. GKO-V are currency debt obligations of the Ministry of Finance.

4. The amount of each release of GKO-V, currency in which GKO-V is nominated nominal and coupon rate is determined by the Issuer.

5. The National Bank does not incur obligations on GKO-V, including on the credit and other risks connected with their servicing.

6. According to the Provision "About Release, Placement, the Address and Repayment of Government Securities of the Kyrgyz Republic" approved by the order of the Government of the Kyrgyz Republic of October 2, 2008 No. 556, the Issuer has the right to involve other from National Bank of the organizer of the biddings, depositary and the operator by calculations in implementation of transactions for placement, the address and repayment of GKO-V.

7. Placement of GKO-V is performed by National Bank on auction basis. The auction is held by method in case of which requests are satisfied at the prices specified in them.

8. The return redemption GKO-V is performed by the Issuer through National Bank and carried out at the price established by the Issuer within the amount of the return redemption GKO-V announced by the Issuer.

9. Assignment of registration number GKO-V is performed according to the Provision "About Procedure for Assignment of Registration Number State both to Municipal Securities and Maintaining the Register State and Municipal Securities in the Kyrgyz Republic" approved by the order of the Government of the Kyrgyz Republic and National Bank of September 13, 2010 No. 201.

10. At auctions for primary placement and the return redemption GKO-V the working interest owners conforming to requirements of this provision have the participation right. Indirect participants take part at auctions, submitting applications through the commercial banks (further - banks) which are working interest owners and/or acquire GKO-V in the secondary market.

Chapter 2. Determinations and terms

For the purposes of this provision the following determinations and terms are applied.

11. Auction - form of the biddings of GKO-V when which carrying out the satisfaction of requests is made on competitive basis.

12. Competitive sale - sale with indication of the price and the quantity of GKO-V acquired on the specified (declared) price.

13. Non-competitive sale - sale of GKO-V on the weighted average price which developed at auction.

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