RESOLUTION OF THE NATIONAL COMMISSION ON SECURITIES

of November 29, 2001 No. 32/6

About approval of procedure for exposure to security sale from portfolios of investment funds, in the course of liquidation

For the purpose of ensuring effective realization of property in the course of liquidation of investment funds, the National commission on securities DECIDES:

I. Determine that packets of securities from portfolios of investment funds, in the course of liquidation are on sale through Stock exchange of Moldova at voice auctions according to Regulations about the organization and accomplishment of transactions with single packets of securities (the accepted Council of Stock exchange of Moldova and the approved Resolution of the National commission on securities of N31/10 of 18.12.2003), and also by means of or in the conditions of the public offer on acquisition announced by the issuer of these securities, or other persons according to the current legislation.

II. Possible forms of security sale are established by the National commission on the financial market (further - the National commission) (in case of involuntary liquidation) or liquidation commission (in case of voluntary liquidation) depending on specific conditions of this joint-stock company and can be the following:

a) securities are offered in the form of single packet (single lot) which can be acquired by one buyer;

c) securities are divided into slightly different or identical packets (several lots) which can be acquired by several buyers separately or one buyer.

The administrator (liquidation commission) has the right to offer for auction the enlarged blocks of shares from portfolios of several investment funds in the course of liquidation. In this case the established form of sale is used also for the enlarged blocks of shares.

III. Establish the following procedure for security sale from portfolios of investment funds, in the course of liquidation, through Stock exchange of Moldova:

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