RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 20, 2005 No. PP-204

About measures for improvement of financial condition of the companies of Uzplodoovoshchvinprom-holding Holding company and Uzspirtsanoat joint-stock company

The analysis which is carried out by the special commission formed by the Order of the President of the Republic of Uzbekistan of August 10, 2005 NP-2306, showed that the companies for production of alcohol and alcoholic products which are a part of the system HK "Uzplodoovoshchvinprom-holding" and JSC Uzspirtsanoat have unsatisfactory financial performance: 85 percent of the companies are low-profitable, 65 percent - insolvent.

Availability of large number of the obsolete and not used equipment, vehicles, buildings, constructions, other fixed assets, and also objects of construction in progress is the reason of difficult economic situation of the companies. Thereof the level of use of production capacities remains low and constitutes on the spirit companies 52 percent, on wine-making - 50 percent.

For the purpose of increase in efficiency of use of the created potential production, reducing unproductive costs and implementation on this basis of financial improvement of the companies for production of alcohol and alcoholic products:

1. Accept offers of the special commission on action research of the companies of HK "Uzplodoovoshchvinprom-holding" and JSC Uzspirtsanoat about:

realization through biddings of the fixed assets which are not used in production process according to appendix No. 1;

realization at the exchange biddings of objects in the form of property complexes according to appendix No. 2;

realization on competitive basis of objects, the state blocks of shares (shares), and also objects of construction in progress, on "zero" redemption value with adoption of investment obligations by investors according to appendix No. 3;

to transfer on balance of the relevant companies and organizations of property complexes together with the parcels of land on which they are located according to the appendix N4;

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