Iranian Privatization Organization

In the execution of the Law on Amendment of Articles of 4th Economic, Social and Cultural Development Plan of the Islamic Republic of Iran and Implementation of General Policies of Principle (44) of the Constitution and the regulations related to, Iranian Privatization Organization is considering divesting the shares of Islamic Republic of Iran Railways, National Iranian Oil Company (NIOC), Industrial Development and Renovation Organization of Iran (IDRO), Iranian Electrical Power Equipment Manufacturing and Provision Company (SATKAB) through the following companies, observing other conditions stated hereunder by resorting to the tender method, with the preferred shares (if any) at maximum 5 percent of the total divestible shares and installment shares of the other experienced, expert and efficient directors (if any) at maximum 5 percents of the state shares having been deducted: