RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN AND STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of September 27, 2011 No. No. 24, 2010-47

About approval of the Regulations on procedure for calculation and the tax discharge for use of natural resources (royalty) on the oil and gas condensate extracted within the Production sharing agreement concerning fields in the territories of southwest gissar and the Ustyurt region of the Republic of Uzbekistan between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited company of January 23, 2007

According to the Tax code of the Republic of Uzbekistan (Collection of the legislation of the Republic of Uzbekistan, 2007, No. 52 (II)), article 7 of the Law of the Republic of Uzbekistan "About the State Tax Service" (1997, No. 9, the Art. 232) and the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited Company of January 23, 2007 the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan decide sheets of Oliy Majlis of the Republic of Uzbekistan:

1. Approve Regulations on procedure for calculation and tax discharge for use of natural resources (royalty) on the Oil and Gas condensate extracted within the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited Company of January 23, 2007 according to appendix.

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

Appendix

to the Resolution of the Ministry of Finance and State Tax Committee of the Republic of Uzbekistan of September 27, 2011 No. No. 24, 2010-47

Regulations on procedure for calculation and tax discharge for use of natural resources (royalty) on the oil and gas condensate extracted within the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited Company of January 23, 2007

This Provision according to the Tax code of the Republic of Uzbekistan (Collection of the legislation of the Republic of Uzbekistan, 2007, No. 52 (II)), article 7 of the Law of the Republic of Uzbekistan "About the State Tax Service" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1997, No. 9, of the Art. 232) and the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited Company of January 23, 2007 (further - "Production Sharing Agreement") determines procedure for calculation and tax discharge for use of natural resources (royalty) by the Oil and Gas condensate extracted within the Production sharing agreement concerning fields in Southwest Gissar's territories and the Ustyurt region of the Republic of Uzbekistan between the Republic of Uzbekistan and the SoyuzNefteGaz Vostok Limited Company.

I. General provision

1. The concepts from capital letter used in this Provision have the values determined in the Production Sharing Agreement if in this Provision other is directly not specified.

II. Taxpayers

2. Taxpayer for use of natural resources (royalty) concerning Oil and Gas condensate is the Investor. At the same time the actual payments of tax for use of natural resources (royalty) can be made by the Investor's representatives - the Marketing company or other persons authorized according to the Production Sharing Agreement.

III. Taxation object. Taxable basis

3. The taxation object for use of natural resources (royalty) on Oil according to conditions of the Production Sharing Agreement is the Oil amount on metering stations at the exit from installations on preparation of oil on the respective fields as it is determined in Section 11.9 Production Sharing Agreement.

4. The taxation object for use of natural resources (royalty) on Gas condensate according to conditions of the Production Sharing Agreement is the amount of Gas condensate on metering stations of installations of preliminary preparation of gas, and also on bulk platform of the Shurtansky gas-chemical complex as it is determined in Section 11.9 Production Sharing Agreement.

5. In case of oil sale and/or Gas condensate without their conversion calculation of tax for use of natural resources (royalty) on the corresponding amounts is performed according to Chapter 43 of the Tax code of the Republic of Uzbekistan and Section 11.9 Production Sharing Agreement. At the same time for determination of taxable basis according to Section 11.9 Production Sharing Agreement the Price in the Delivery point is used.

6. If the Oils and/or Gas condensate extracted within the Production Sharing Agreement are processed on basis to be provided with the subsequent sales of products of their conversion (further - "Oil products"), the estimated price in the Delivery point of Oil and/or Gas condensate determined by the principle by "reverse motion" ("Netback") is applied to determination of taxable basis.

The estimated price in the Delivery point for determination of taxable basis in case of realization of Oil products (further - "Netback Price") is determined as:

RTsPD = FSRN / FOIS, where:

RTsPD is the weighted estimated price in the Delivery point for determination of taxable basis in case of realization of the Oil and gas product;

FSRN is actual cost of the realized products of conversion of Oil products for the accounting period less:

the incurred Expenses on realization (costs from the Delivery point of products of oil refining and Gas condensate which are intended for realization to sale Item, according to the determination specified in Section 13.3 Production Sharing Agreement) these oil products;

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