Regulations on Listing Fees Payable by Issuers Listed

on the Stock Exchange

Regulations on Listing Fees Payable by Issuers

Listed on the JSC ‘Toshkent’ Republican Stock Exchange

These Regulations are developed in accordance with Laws of the Republic of Uzbekistan ‘On Exchanges and Exchange Activities’ (amended) approved by Law of the Republic of Uzbekistan No.ZRU-375 dated 12 September 2014 (Collected legislation of the Republic of Uzbekistan, 2014 No.38, Art. 481), ‘On the Securities Market’ No.ZRU-163 dated 22 July 2008 (Collected legislation of the Republic of Uzbekistan, 2008 No.29-30, Art. 278), ‘The Regulations on the Procedure for the Compulsory Listing of Joint-Stock Companies with the Authorized Capital over 500 Million Soums on the Stock Exchange’ (registered with the Ministry of Justice of the Republic of Uzbekistan, No.1801 dated 01 May 2008), other legislative instruments, the Charter of the JSC ‘Toshkent’ Republican Stock Exchange, and other internal documents of the JSC ‘Toshkent’ Republican Stock Exchange and determines the procedure for payment and collection of listing fees when an issuer’s securities are included and remain in the quotation list  on the JSC ‘Toshkent’ Republican Stock Exchange.

1. I. General Provisions
2. The following definitions shall apply in these Regulations:-

‘Stock Exchange’ refers to the JSC ‘Toshkent’ Republican Stock Exchange;

‘stock exchange’s quotation list’ means a list of securities that are admitted to trading on the Stock Exchange in the relevant ‘A’, ‘B’, ‘C’, and ‘P’ categories;

 ‘stock exchange listing’ refers to the procedure for admission of securities to stock trading with including them in the stock exchange’s quotation list;

‘delisting’ refers to the procedure of removal of an issuer’s securities from the stock exchange’s quotation list;

‘responsible unit of the Stock Exchange’ means the organizational unit of the Stock Exchange that is responsible for working with listed companies;

 ‘“A” category of the stock exchange’s quotation list’ means a list of securities of issuers that have been listed and satisfy the listing requirements of this category;

 ‘“B” category of the stock exchange’s quotation list’ means a list of securities of issuers that have been listed and satisfy the listing requirements of this category;

‘“C” category of the stock exchange’s quotation list’ means a list of securities of issuers that have been listed and satisfy the listing requirements of this category;

‘“Р” category of the stock exchange’s quotation list’ means a list of public stock and securities that have been listed on the stock exchange, put out to stock trading pursuant to decisions of the President of the Republic of Uzbekistan and/or the Cabinet of Ministers of the Republic of Uzbekistan (if the issuer and its securities were not included in the “A”, or “B”, or “C” categories earlier);

‘listed companies’ mean issuers whose securities are included in the stock exchange’s quotation list;

‘Listing Committee (the Committee)’ means the committee of the Stock Exchange that carries out listing and delisting of securities on the Stock Exchange;

1. Charges and Listing Fees Payable When Securities Are Included and Remain in the Stock Exchange’s Quotation List
2. When an issuer submits an application to have its securities included into the stock exchange’s quotation list, the issuer shall pay the Stock Exchange a charge in the amount of one minimum wage (MW), established by the President of the Republic of Uzbekistan on the date of filing the application, for appraisal of the issuer’s financial condition.
3. When the securities remain listed in the stock exchange’s quotation list, the listed company shall pay the Stock Exchange an annual listing fee for monitoring the issuer’s financial condition, assessing the liquidity of its securities (maintenance of listing) and quoting in accordance with these Regulations.
4. The annual listing fee is established for listed companies that are in “A”, “B” and “C” categories of the stock exchange’s quotation list.
5. The charge payable by the issuer for appraisal of its financial condition at the time of submitting an application to have its securities included into the stock exchange’s quotation list shall be paid to the settlement account (demand deposit account) of the Stock Exchange in a lump.
6. A copy of the payment document confirming the payment of the charge for appraisal of the issuer’s financial condition at the time of submitting an application to have its securities included into the stock exchange’s quotation list shall be submitted to the Stock Exchange simultaneously with the above application.
7. If upon appraisal of the documents submitted by an issuer, the Stock Exchange refuses to include them into the stock exchange’s quotation list, the amount of the charge that has been paid to the Stock Exchange shall not be returned to the issuer.
8. The annual listing fee is charged quarterly and paid by the issuer after inclusion of its securities into the stock exchange’s quotation list on the basis of the relevant agreement.
9. If the securities of a listed company have been included into the stock exchange’s quotation list, the listed company shall pay the first quarterly contribution in the quarter that follows the quarter in which the issuer and its securities were included into the stock exchange’s quotation list. 

III. Amounts of Listing Fees

1. При этом: The amounts of an annual listing fee are established depending on the category (“A”, “B”, “C”) of the stock exchange’s quotation list to which a company is listed. Wherein:

for “A” Category - 50 minimum wages;

for “B” Category - 30 minimum wages;

for “C” Category - 20 minimum wages.

1. No charge or annual listing fee is collected for public stock and securities sold pursuant to the decision of the Government of the Republic of Uzbekistan and included into the “P” category of the stock exchange’s quotation list.
2. No charge or annual listing fees for securities removed from the stock exchange’s quotation list shall be returned to the issuer.

1. Terms of and Procedures for Listing Fees Payment 
2. When an issuer and its securities have been included into a relevant category of the stock exchange’s quotation list, the issuer shall make the first quarterly payment in the framework of an annual listing fee in the quarter that follows the quarter in which the issuer and its securities were included into the stock exchange’s quotation list, namely:

            а) if securities are included in the 1^st quarter of the current calendar year, then an annual listing fee shall be charged by the Stock Exchange only for the 2^nd, 3^rd, and 4^th quarters of the year;

1. b) if securities are included in the 2^nd quarter of the current calendar year, then an annual listing fee shall be charged by the Stock Exchange only for the 3^rd and 4^th quarters of the year;
2. c) if securities are included in the 3^rd quarter of the current calendar year, then an annual listing fee shall be charged by the Stock Exchange only for the 4^th quarter of the year;
3. d) if securities are included in the 4^th quarter of the current calendar year, an annual listing fee shall be charged by the Stock Exchange in accordance with the established procedure starting from the subsequent calendar year.
4. An issuer shall pay the annual listing fee established by the Stock Exchange within the following time period at its own opinion:

either quarterly by paying the relevant part of the annual listing fee before the 10^th day of the month following the first quarter;

or by a one-time single payment made at any one time:

а) if its securities were included in the stock exchange’s quotation list in the previous year - by paying the annual listing fee before the 10^th day of the month following the first quarter;

1. b) if its securities have been included in the stock exchange’s quotation list in the current calendar year - by paying the annual listing fee before the 10^th day of the month following the quarter in which its securities were included in the stock exchange’s quotation list.
2. If the issuer pays the annual listing fee by a one-time single payment made at any one time before the 10^th day of the month following the first quarter or for subsequent quarters, no re-calculation of the listing fee due to a change in the minimum wage established in the Republic of Uzbekistan is made.

15-1. If the issuer has paid the annual listing fees for the current quarter, but the Stock Exchange has delisted its securities, the listing fees paid for the above quarter will not be returned to the issuer.

15-2. If the issuer has paid the annual listing fees for the current quarter, and the Stock Exchange has promoted its securities to a higher category or downgraded them to a lower category of the stock exchange’s quotation list in the quarter, the amount of the annual listing fees shall be adjusted by the Stock Exchange from the date of such promotion or downgrading taking into account the amount of listing fees established for the relevant categories of the stock exchange’s quotation list.

6. The issuer shall pay the annual listing fee against an invoice prepared by the Financial Service of the Stock Exchange.
7. The invoice is issued on the date of the last working quarter and delivered to the issuer by courier or by certified mail with a return receipt. In case the signed invoice is not returned to the Stock Exchange, it shall be considered received and recognized.
8. V. Final Provisions
9. In case an issuer fails to pay the annual listing fee in due time, the Board of the Stock Exchange has the right to delist the issuer’s securities and remove it from the stock exchange’s quotation list.
10. All amendments and additions to these Regulations shall be adopted by the Supervisory Board of the Stock Exchange after they have been submitted by the Board of the Stock Exchange.