Approved by the Protocol of General Meeting of Founders of the Exchange of May 19, 2003 of Republican Real estate exchange of March 20, 2003

Accepted by the Minutes of the Board of Directors of Republican Real estate exchange of the Republic of Uzbekistan of April 21, 2003

Rules of carrying out the exchange biddings on the republican real estate exchange (RREE) and in its regional branches

These "Rules" also resolutions of the Cabinet of Ministers of the Republic of Uzbekistan by N66 of February 4, 2003 "About licensing of exchange activities" are drafted based on requirements of the law of the Republic of Uzbekistan "About the exchanges and exchange activities" in the new edition, accepted on August 29, 2001.

I. General provisions

1.1. These "Rules" are the main regulating document determining procedure for carrying out the exchange biddings on Republican real estate exchange and its regional branches (further in the text - "RBN").

1.2. Modification and amendments in these rules is performed according to the Charter of RBN.

1.3. The exchange biddings on RBN are performed by owners of broker (dealer) places (further in the text - "members of the exchange").

1.4. Transactions of purchase and sale of the real estate and other property on RBN are performed based on the these rules and other regulating documents determined by the current legislation.

1.5. RBN in the course of carrying out the exchange biddings is "The organizer of the biddings".

II. Bidders and requirements imposed to them

2.1. At the exchange biddings has the right to participate:

- members of the exchange are the brokers, dealers and/or their representatives having the certificates of the professional participant of the exchange biddings issued by the State Property Committee of the Republic of Uzbekistan;

- persons invited on permission of management of RBN (owners of property, buyers or their representatives).

2.2. The right to conclude bargains at the biddings is granted only to members of the exchange, regardless of that, they are physical persons or legal entities.

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