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THE KYRGYZ REPUBLIC
1st International Share Auction
for the Sale of Industrial Enterprises
by the State Property Fund

                     INTERNATIONAL SHARE AUCTION CONDITIONS

Domestic, regional and international investors or groups of investors are
invited to participate.  In accordance with  its legal mandate, the State
Property Fund (SPF) intends to sell  the  indicated companies by means of
an international share auction in the following manner:
1. Shares will be offered in lots through  an open-cry auction to be held
on November 8, 1995, at the  starting price  indicated herein. During the
auction, the  price  may  be  reduced  to no less than 75% of the auction
starting price;
2. Following the open-cry auction, a closed auction will be held the next
day, November 9, 1995, for any shares  remaining  unsold.  The bidder can
request a number of shares at the price of his choice, with shares awarded
first to the highest bidder;
3. Interested parties can obtain more information by mail or in person from
Group.  Neither  the  SPF  nor  the  ISA  advisors  are responsible for the
accuracy and completeness of this information.
Every  reasonable  effort  will  be  made  to  assist  prospective bidders
interested in visiting ISA companies;
4. Proof of deposit must be received by 2pm on November 7, 1995.  For more
details, please contact the ISA Advisory Group;
5. Upon announcement of the winner, the winner  must  sign  a contract with
the SPF and wire full payment within 15 banking days.

The State Property Fund of the Kyrgyz Republic
Chairman                                               Amangeldy Muraliev
First Deputy Chairman                                  Karim Urazbaev

International Share Auction (ISA) Advisory Group

475 Frunze Street, Suite #2
Bishkek, Kyrgyzstan, 720040
tel: 7 (3312) 22-84-16
tel/fax/answering machine: 7 (3312) 62-08-85
E-mail: isa@isa.bishkek.su
Office hours: Monday-Saturday
from 9 am until 6 pm
(local time).

Please find below the enterprises which will be privatized through the
International Share Auction Program:

MINING
SJSC AK-TUZ
(formerly the ore department of Kyrgyz Mining-Metallurgical Plant - Orlovka)
Open Auction Lots:
% of total shares                           starting price
51.00%                                      $ 268,000
9.99%                                       $  53,000
8.51%                                       $  45,000

METALLURGY
SJSC KYRGYZ CHEMICAL-METALLURGICAL PLANT
(formerly part of Kyrgyz Mining-Metallurgical Complex - Orlovka)
Open Auction Lots:
% of total shares                           starting price
51.00%                                      $ 2,380,000
10.00%                                      $   467,000
8.50%                                       $   397,000

SHEET GLASS PRODUCTION
SJSC AINEK
(formerly Tokmak Sheet Glass Plant)
Open Auction Lots:
% of total shares                           starting price
51.00%                                      $ 2,298,000
10.00%                                      $   451,000
8.89%                                       $   401,000

TEXTILES
JSC KYRGYZ WORSTED WOOLLEN FACTORY

Open Auction Lots:
% of total shares                           starting price
27.20%                                      $ 51,000

WOOL PROCESSING
JSC AK-BULA
(formerly Asia Wool Processing Factory)
Open Auction Lots:
% of total shares                            starting price
51.00%                                       $ 336,000

MARBLE & GRANITE PROCESSING
SJSC KYRGYZ TOO-TASH

Open Auction Lots:
% of total shares                            starting price
51.00%                                       $ 287,000
10.00%                                       $  56,000
8.50%                                        $  48,000

FOOD PROCESSING
SJSC KARASU OIL EXTRACTION PLANT

Open Auction Lots:
% of total shares                            starting price
51.00%                                       $ 372,000
10.00%                                       $  73,000
9.03%                                        $  66,000

MEAT PROCESSING
SJSC TOKCHULUK

Open Auction Lots:
% of total shares                            starting price
51.00%                                       $  24,000
10.00%                                       $   5,000
14.64%                                       $   7,000

ALCOHOLIC BEVERAGES
SJSC BISHKEK LIQUOR & VODKA PLANT

Open Auction Lots:
% of total shares                             starting price
20.00%                                        $ 220,000

GARMENTS MANUFACTURING
SJSC BUGU-ENE

Open Auction Lots:
% total of shares                             starting price
51.00%                                        $ 183,000
10.00%                                        $  36,000
9.24%                                         $  33,000

LEATHER PROCESSING
SJSC BISHKEK TANNERY

Open Auction Lots:
% of total shares                             starting price
51.00%                                        $  78,000
10.00%                                        $  15,000
7.95%                                         $  12,000

PAINTS & LACQUERS
SJSC BISHKEK CHEMICAL PLANT

Open Auction Lots:
% of total shares                             starting price
51.00%                                        $ 143,000
10.00%                                        $  28,000
9.59%                                         $  27,000


LINOLEUM PRODUCTION
SJSC LINOLEUM

Open Auction Lots:
% of total shares                              starting price
51.00%                                         $ 636,000
10.00%                                         $ 125,000
9.16%                                          $ 114,000

CLOSING DATE: NOVEMBER 7, 1995