Approved by the Order of the Chairman of the State Committee on securities in case of the President of the Azerbaijan Republic of August 30, 2004 No. 143

Rules of share issue in case of increase in the authorized capital of joint-stock company

1. General provisions

1.1 These rules are prepared according to the Civil Code of the Azerbaijan Republic and "Regulations on the State committee on the securities in case of the President of the Azerbaijan Republic" approved by the Presidential decree of the Azerbaijan Republic of July 26, 1999 No. 161.

1.2 These rules establish procedure for share issue in case of increase in the authorized capital of joint-stock company (further - the issuer).

1.3 These rules are not applied to share issue during reorganization of issuers, converting of conversion debt bonds in the share and increase in share par value.

2. Share issue stages

2.1 The share issue consists of the following consecutive stages:

2.1.1 decision by the issuer about share issue;

2.1.2 creation of the prospectus of the issue of shares (in case of share issue of open joint stock company);

2.1.3 state registration of share issue;

2.1.4 illumination of the data containing in the prospectus of the issue of shares (in case of share issue of open joint stock company);

2.1.5 share placing;

2.1.6 state registration of the report on share issue results;

2.1.7 illumination of the data containing in the report on share issue results (in case of share issue of open joint stock company).

2.2. Before state registration of share issue advertizing of these shares, their official proposal are prohibited any investor and submission of the prospectus of the issue to prospective clients.

3. Decision on share issue

3.1 The share issue is performed based on the decision on increase in the authorized capital of the issuer by share issue (daleeresheniye about share issue).

3.2 On each share issue the separate decision on issue is made.

3.3 In the decision on share issue the following data are specified:

3.3.1 full name of the issuer and place of its stay;

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