In the name of God

decree No.: 206165 , Date: 26/2/2014

 ‘The Divestiture Board’

 ‘Manual of Style for Encouraging the Private Sector to Participate in Divestitures’

The Divestiture Board in its 276^th session on 15/2/2014 based on the Iranian Privatization Organization (IPO) proposal and in order to encourage the private sector to participate in divestitures, has approved this Manual of Style and recognized that the Iranian Privatization Organization (IPO) has authorization to implement its articles in divesting the block shares of enterprises:

1.    From the date of approval of this Manual of Style and in order to encourage the real private sector and with attainment the goal of attracting the public to purchase the enterprises’ shares in installment divestitures - either on case by case or on the whole basis for each enterprise - and provided that being mentioned in public issue ads, the following encouragements is applicable for private sector buyers:

-  Increasing the whole time limit and the total number of installments up to one third of the time and number of approved installments.

-  Stepwise repayment of installments with the annual growth of "10%" inclination based on "100" for the mid-term installments.

-  Interest of installment sale up to the "3%" lower than other buyers.

2.    The mean of real private sector purchasers subject of this manual of style is all real persons and legal entities that their management or ownership does not belong to or does not directly or indirectly depended on to one of the following institutions, agencies, and persons or their affiliated or depended companies and institutions:

-  Municipalities and their subsidiaries, and all non-governmental public institutions included in the list of non-governmental public entities and institutions approved by the Parliament in 1997 and its subsequent additions and extensions.

-  Mostazafan Foundation, 15^th Khordad Foundation, the Foundation of Martyrs and Veterans Affairs, the Islamic Revolution Bonyad Maskan.

-  Islamic Revolutionary Guard Bonyad Taavon, BETAJA, Bonyad Taavon NAJA, Basij Bonyad Taavon, Khatam al-Anbiya, the Khatam- Alavsya and their affiliated entities.

-  Setad (Setade Ejraiye Farmane Emam) and other institutions of the Islamic Revolution.

-  Astan Quds Razavi, all the sacred Astans and other economic institutions depend on charity and endowment.

-  Iranian Social Security Organization, The Civil Servants Pension Organization (C.S.P.O) and other social insurance funds, social services, pensions and securing the future.

-  Banks, monetary and banking institutions and insurance companies and investment companies owned by banks and mentioned insurance companies.

3.    Enjoying of above advantages is subject to identifying and suggesting by the Iranian Privatization Organization (IPO) and its approval by the Divestiture Board.

4.    In addition to other discounts and incentives accrued separately by Law on Implementation of General Policies of Principle (44) of the Constitution, incentives mentioned in the Manual of Style are separately apply-able to all buyers.

5.    Continuation of the ordained benefits in those divesting contracts that, according to the endorsement of the Iranian Privatization Organization (IPO) will conclude to transfer of private sector entities to non-governmental buyers cited in Note (2), is not allowed.

Ali Tayyeb Nia