**Exihibit4.51**

**EXECUTIONCOPY**

**CREDIT AGREEMENT**

###### Dated 14 December 2005

between

OJSC Mobile TeleSystems, Russian Federation

as Borrower

and

# Citibank, N.A.

# ING Bank N.V.

as Mandated LeadArrangers

# Citibank International plc

# ING Bank N.V.

# as Lenders

# and

# ING Bank N.V.

as Facility Agent

and

CitibankInternational plc.

as EKN Agent

1

----

 

**Tableof Contents**

Preamble

Clause
| 1.  | Definitions  and Interpretations                                          | 5  |
|-----|---------------------------------------------------------------------------|----|
| 2.  | Amount and Purpose of the Credits                                         | 8  |
| 3.  | Disbursements / Reimbursements                                            | 11 |
| 4.  | Conditions Precedent to Disbursements /  Reimbursements                   | 13 |
| 5.  | Interest Periods,  Interest, Increased Costs                              | 15 |
| 6.  | Fees                                                                      | 18 |
| 7.  | Calculation of  Periods                                                   | 18 |
| 8.  | Repayment and  Prepayment                                                 | 18 |
| 9.  | Payments                                                                  | 19 |
| 10. | Taxes, Levies, Duties  and Other Costs                                    | 20 |
| 11. | Guarantee of  Exportkreditnamnden for tied Buyer’s Credits           | 23 |
| 12. | Suspension of  Disbursement, Payments Immediately Due (Events of Default) | 24 |
| 13. | Representations and  Warranties                                           | 26 |
| 14. | Financial  Statements, Information and Undertakings (Covenants)           | 27 |
| 15. | Assignability                                                             | 29 |
| 16. | Statements and Notices                                                    | 30 |
| 17. | Miscellaneous                                                             | 30 |
| 18. | Currency Indemnity                                                        | 31 |
| 19. | Applicable Law and  Jurisdiction                                          | 31 |
| 20. | General Provisions                                                        | 32 |

 

2

----

**Annexesto the Credit Agreement**

 
| 1a – 1f | Certificates  for Disbursement and Reimbursement and Request for a fixed interest rate                                                                |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2a – 2b | Confirmation of Mean Delivery of Equipment  and Software in relation to the Export Contracts / in relation to the  Additional Export Contract

  |
| 3            | Specimen Signature List of the Borrower                                                                                                               |

 

3

----

This Agreement is made by and between:

OJSC Mobile TeleSystems, Moscow, RussianFederation (the “Borrower”)

And

Citibank, N.A., 33 Canada Square, CanaryWharf, London E14 5LB

and

ING Bank N.V., Bijlmerplein 888, 1102 MGAmsterdam, The Netherlands

(each a “Mandated Lead Arranger” and togetherthe “Mandated Lead Arrangers”)

Citibank International plc,  33 Canada Square, Canary Wharf, London E145LB

and

ING Bank N.V., Bijlmerplein 888, 1102 MGAmsterdam, The Netherlands

(each a “Lender” and together the “Lenders”)

 

and

ING Bank N.V., Bijlmerplein 888, 1102 MGAmsterdam, The Netherlands as Facility Agent (“the Facility Agent”)

and

Citibank International plc Citigroup Centre,33 Canada Square, Canary Wharf, London E14 5LB as EKN Agent (the “EKN Agent”).

Preamble
| A.    | On 20 December 2004 the Borrower  concluded an amendment to the supply contract number FCP 1035153 dated 15 July 2004  and on 31 March 2005 the Borrower concluded a supply contract number FCP  1035458 (together the “Export Contracts”) with Ericsson AB, 164 80, Stockholm,  Sweden (the “Exporter”) for the delivery of telecommunication equipment. |
|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                                                                                                                                                                                                                                                                                                         |
| B.    | The total contract value of the deliveries  that may be made under the Export Contracts amounts to USD 143,012,522 (the “Total  Contract Value”).                                                                                                                                                                                                                                  |
|                 |                                                                                                                                                                                                                                                                                                                                                                                         |
| C.    | According to the Export Contracts the  deliveries were/shall be made through the placement of individual purchase  orders issued between 07 December 2004 and 30 September 2006.  Installation and commissioning work was/will be carried out by Ericsson  Corporatia AO, Moscow, Russian Federation, and is not subject of financing  hereunder.                                  |

4

----

 
| D.    | The value of the orders expected to be made  by the Borrower under the Export Contracts until 30 September 2006 or  such later date as may be agreed between the Borrower and the Exporter  amounts to USD 143,012,522 and is to be paid, according to the terms of the  Export Contracts, as follows:                                                                                                                                  |
|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                 | (1)

(2)                                                                                                                                                                                                                                                                                                                                                                                                                                     | 15% down payments

85% of the value of each delivery or service  (the “Partial Contract Value”)

pro rata to deliveries made within 30 days  of such deliveries/services. |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| E.                   | The Borrower and the Exporter may also agree  to enter into a further contract for the supply of additional  telecommunications equipment or to make additional orders under the Export  Contracts (in either case the “Additional Export Contract”) up to the Total  Additional Contract Value, the financing terms of which may provide for  additional payments partially being made under the terms of this Credit  Agreement. |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| F.                   | The total additional contract value of  further deliveries to be made under the Additional Export Contract (if such  Additional Export Contract is agreed) is expected to amount up to USD  40,000,000 (the “Total Additional Contract Value”).                                                                                                                                                                                    |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| G.                   | The terms of the Additional Export Contract  (if agreed) are expected to enable deliveries to be made through a series of  purchase orders beginning 01 November 2005.                                                                                                                                                                                                                                                                  |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| H.                   | The Total Additional Contract Value (if the  Additional Export Contract is agreed) is expected to  consist of 15% down payments and a portion  of 85% as partial additional contract value (the “Partial Additional Contract  Value”) to be financed hereunder at the option of the Borrower, subject to  the agreement of EKN (as defined below) and the Lenders.                                                            |

 

This being premised, it is hereby agreed asfollows:

1.                             Definitions andInterpretations
| Additional Export Contract    | means an additional contract which may be  entered into between the Borrower and the Exporter or additional deliveries  or services rendered under the Export Contracts as defined in Article E  of the Preamble |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                  |
| Additional Insurance  Premium | means the premium as  defined in Clause 11.3                                                                                                                                                                          |
|                          |                                                                                                                                                                                                                  |
| Additional Repayment  Date    | means the date(s) as  defined in Clause 5.1 d)                                                                                                                                                                   |
|                          |                                                                                                                                                                                                                  |
| Affiliate

              | means, in relation to any person a  Subsidiary of that person, or a Holding Company of that person, or any other  Subsidiary of that Holding Company                                                                  |
|                          |                                                                                                                                                                                                                  |
| Agent for Service of  Process | means the person or entity as defined in  Clause 19.4                                                                                                                                                                 |
|                          |                                                                                                                                                                                                                  |
| Agreed Currency               | means the currency as defined  in Clause 18                                                                                                                                                                           |
|                          |                                                                                                                                                                                                                  |
| Availability Period           | Means the period  commencing on the date of this Agreement and ending on the date ten months  thereafter                                                                                                              |
|                          |                                                                                                                                                                                                                  |
| Banking Day                   | means a day (other than Saturday or Sunday)  on which banks are generally open for business in New York, London, Amsterdam  and Moscow                                                                                |

5

----

 
| Borrower              | means OJSC Mobile TeleSystems, 4  Marksistskaya Street, Moscow 109147, Russian Federation

Payment  details: foreign currency account No. 40702840500001001817 with ING Bank  (Eurasia) ZAO, 36, Krasnoproletarskaya Ulitsa, Moscow, 127473, Russian  Federation, SWIFT code INGBRUMM. |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |                                                                                                                                                                                                                                                                                        |
| Credit A              | means the principal amount as specified in  Clause 2.1 already disbursed and/or still to be disbursed as the context  requires and shall include each of Tranche 1 and Tranche 2                                                                                                            |
|                  |                                                                                                                                                                                                                                                                                        |
| Credit B              | means the principal amount as specified in  Clause 2.1 already disbursed and/or still to be disbursed as the context  requires and shall include each of Tranche 3 and Tranche 4                                                                                                            |
|                  |                                                                                                                                                                                                                                                                                        |
| Credit or Credits     | means the aggregate principal amount as  specified in Clause 2.1 already disbursed and/or still to be disbursed as the  context requires and “Credits” shall include Credit A and Credit B                                                                                   |
|                  |                                                                                                                                                                                                                                                                                        |
| Credit Agreement      | means this agreement                                                                                                                                                                                                                                                                        |
|                  |                                                                                                                                                                                                                                                                                        |
| Export Contracts      | means the contracts between the Borrower and  the Exporter defined in Article A of the Preamble                                                                                                                                                                                        |
|                  |                                                                                                                                                                                                                                                                                        |
| EKN                   | Exportkreditnamnden,  the Swedish Export Credits Guarantee Board, Sweden                                                                                                                                                                                                                    |
|                  |                                                                                                                                                                                                                                                                                        |
| EKN Starting Point    | Means the mean delivery  date under the Export Contracts being August 31st, 2005, or the Additional  Export Contract, as applicable, or such other date as may be approved by EKN.                                                                                                     |
|                  |                                                                                                                                                                                                                                                                                        |
| Exporter              | means Ericsson AB, 164 80  Stockholm, Sweden                                                                                                                                                                                                                                                |
|                  |                                                                                                                                                                                                                                                                                        |
| Facility Agent        | means ING Bank N.V.,  Bijlmerplein 888, 1102 MG Amsterdam, The Netherlands                                                                                                                                                                                                                  |
|                  |                                                                                                                                                                                                                                                                                        |
| Holding Company       | means, in relation to a  person, any other person in respect of which it is a Subsidiary                                                                                                                                                                                                    |
|                  |                                                                                                                                                                                                                                                                                        |
| Insurance Agreement   | means the agreement as per  Clause 11.1                                                                                                                                                                                                                                                     |
|                  |                                                                                                                                                                                                                                                                                        |
| Insurance Premium     | means the premium as  defined in Clause 11.2                                                                                                                                                                                                                                                |
|                  |                                                                                                                                                                                                                                                                                        |
| Interest Payment Date | means the date as defined  in Clause 5.2.e)                                                                                                                                                                                                                                                 |
|                  |                                                                                                                                                                                                                                                                                        |
| Interest  Period(s)   | means the period(s) as  defined in Clause 5.1                                                                                                                                                                                                                                          |
|                  |                                                                                                                                                                                                                                                                                        |
| Judgement  Currency   | means the currency as  defined in Clause 18                                                                                                                                                                                                                                                 |
|                  |                                                                                                                                                                                                                                                                                        |
| Lender(s)             | ING Bank N.V., Bijlmerplein 888, 1102 MG  Amsterdam, The Netherlands  Payment details: SWIFT CHASUS33, account number 001.1.643293 held with  JPMorgan Chase, New York, for further credit to INGBNL2A                                                                                      |

6

----

 
|                                    | quoting ref. SF&AS/HE03.01/MTS-Ericsson

and

Citibank International plc,  33 Canada Square, Canary Wharf, London E14  5LB, United KingdomPayment  details: SWIFT CITIUS33, Citibank, N.A., New York, for further credit to  Citibank International plc, SWIFT CITTGB2L, account number 10963054, Attn UK  loans dept, quoting ref: MTS-Ericsson  |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| LIBOR                              | means the interest rate as defined in Clause  5.2.a)                                                                                                                                                                                                                                                                                                            |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Margin                             | means the margin as defined in Clause 5.2.a)                                                                                                                                                                                                                                                                                                                    |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Partial Contract Value             | means the part of the value of the  deliveries made or services rendered as defined in Article D of the  Preamble                                                                                                                                                                                                                                          |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Partial Additional Contract  Value | means the part of the value of the  deliveries made or services rendered as defined in Article H of the  Preamble                                                                                                                                                                                                                                          |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Reference Banks

             | means the London offices of ING Bank N.V.  and Citibank, N.A.                                                                                                                                                                                                                                                                                                   |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Repayment Date(s)                  | means the date(s) as defined in Clause  5.1.d)                                                                                                                                                                                                                                                                                                             |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Passport Bank                      | means ING Bank (Eurasia) ZAO, 36, Krasnoproletarskaya  Ulitsa, Moscow 127473, Russian Federation or such other bank as  approved by the Facility Agent                                                                                                                                                                                                          |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Special Payment Procedure          | means the special payment procedure provided  for under a certain disbursement facility agreement to be entered into by and  between the Borrower, the Facility Agent and the Passport Bank.                                                                                                                                                                    |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Subsidiary                         | means an entity from time to time of which a  person has direct or indirect control or owns directly or indirectly more  than 50% of the share capital or similar right of ownership                                                                                                                                                                            |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Supplemental Insurance Agreement   | means the supplemental agreement as per  Clause 11.1                                                                                                                                                                                                                                                                                                            |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Total Assets                       | means the book value of the consolidated  total assets of the Borrower as determined by reference to the Borrower’s  most recent annual consolidated balance sheet delivered in accordance with  Clause 14 a)                                                                                                                                              |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Total Contract Value               | means the aggregate price agreed upon in the  Export Contracts for deliveries made and services rendered thereunder as  defined in Article B of the Preamble                                                                                                                                                                                               |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Total Additional  Contract Value   | means the aggregate price agreed upon in the  Additional Ex­port Contract for deliveries to be made and services to be  rendered thereunder as defined in Article F of the Preamble                                                                                                                                                                   |
|                               |                                                                                                                                                                                                                                                                                                                                                            |
| Tranche 1                          | means the part of Credit A as defined in  Clause 2.2.a) hereof                                                                                                                                                                                                                                                                                                  |

7

----

 
| Tranche 2        | means the part of Credit A as defined in  Clause 2.2.b) hereof                                                                                                                                                                                                                                |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                                                                                                                                                                                                                                                                                          |
| Tranche 3        | means the part of Credit B as defined in Clause  2.2.c) hereof                                                                                                                                                                                                                                |
|             |                                                                                                                                                                                                                                                                                          |
| Tranche 4        | means the part of Credit B as defined in  Clause 2.2.d) hereof                                                                                                                                                                                                                                |
|             |                                                                                                                                                                                                                                                                                          |
| Tranches

  | means, collectively, Tranche 1 and Tranche 2  and, if applicable Tranche 3 and Tranche 4 as defined in Clause 2.2                                                                                                                                                                             |
|             |                                                                                                                                                                                                                                                                                          |
| UMC

       | Means Closed Joint Stock Company “Ukrainian  Mobile Communications”, 15 Leiptsyzka Street, Kyiv, Ukraine                                                                                                                                                                            |
|             |                                                                                                                                                                                                                                                                                          |
| UMC Litigation   | means any of the claims, proceedings  (present of future) and causes of action involving the Borrower, and/or any  Affiliate thereof (including UMC) relating to or arising out of the sale of  UMC to the Borrower, or the acquisition, reorganization or ownership of UMC  by the Borrower. |
|             |                                                                                                                                                                                                                                                                                          |
|             |                                                                                                                                                                                                                                                                                          |
| USD              | means the lawful currency of the United  States of America                                                                                                                                                                                                                                    |
|             |                                                                                                                                                                                                                                                                                          |

2.                             Amount and Purpose ofthe Credits
| 2.1   | The Lenders grant to the Borrower a credit  in an aggregate amount of up to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            | USD  130,752,548

(in  words: United States Dollars one hundred and thirty million seven hundred and  fifty two thousand five hundred and forty eight)

(“Credit  A”)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|            |  

With reference to the Additional Export  Contract, and subject to the agreement of EKN, the Lenders may elect in their  absolute and free discretion to grant to the Borrower upon its written  request a further credit in an aggregate amount of up to:                                                                                                                                                                                                                                                                                                                                                                                         |
|            |  

USD  36,570,937

(in  words: United States Dollars thirty six million, five hundred and seventy  thousand, nine hundred and thirty seven)

(“Credit  B”)

 

It is hereby agreed and understood by the  Borrower and the Lenders that the Lenders, by entering into this Credit  Agreement, do not assume any commitment to grant Credit B but that the  granting of such Credit B is at their sole discretion and will only  materialise upon the Lenders written approval.

 

Credit A and Credit B shall  hereinafter be referred to individually as a “Credit” or collectively as “Credits”.

  |

8

----

 
| 2.2   | Credits shall consist of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|            | a)        Tranche  1 in an amount of USD 121,560,644 (in words: United States Dollars one  hundred and twenty one million five hundred and sixty thousand six hundred  and forty four) which shall be available for the financing of the Partial  Contract Value either (i) still due and payable to the Exporter  resulting from deliveries made/services rendered under the Export Contracts,  or (ii) payable to the Borrower resulting from deliveries made /  services rendered under the Export Contracts for which payment has been made,  directly by the Borrower to the Exporter; and

b)       Tranche  2 in an amount of USD9,191,904 (in words: United States Dollars nine million  one hundred and ninety one thousand nine hundred and four) which shall be  available for the financing of up to 100% of the Insurance Premium for cover  of the Lenders’ payment claims under the Insurance Agreement as per Clause  11.1 paid or payable by the Lenders through the Facility Agent to EKN; and if  so applicable

c)        Tranche  3 in an amount of up to USD 34,000,000   (in words: United States Dollars thirty four million) which shall be  available for the financing of the Partial Additional Contract Value either (i) still  due and payable to the Exporter resulting from deliveries made/services  rendered under the Additional Export Contract, or (ii) payable to the  Borrower resulting from deliveries made / services rendered under the  Additional Export Contract for which payment has been made directly by the  Borrower to the Exporter; and

d)       Tranche 4 in an amount of up to USD  2,570,937 (in words: United States Dollars two million five hundred and  seventy thousand nine hundred and thirty seven) which shall be available for  the financing of up to 100% of the Additional Insurance Premium for cover of  the Lenders’ payment claims under the Supplemental Insurance Agreement as per  Clause 11.1 paid or payable by the Lenders through the Facility Agent to EKN; |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|            | unless otherwise stipulated hereinafter, any  reference in this Credit Agreement to the Credit shall include the Tranches  applicable to that Credit, and to Credits or to credit amounts or to any  other similar term shall include the Tranches.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

9

----

 
| 2.3 | The amounts borrowed under this Credit  Agreement are exclusively available (i) provided that payment of the  Partial Contract Value for deliveries made/services rendered has been  effected by the Borrower to the Exporter prior to fulfilment of all  conditions precedent to disbursements / reimbursements under Clause 4 of this  Credit Agreement or waiver thereof by the Lenders by means of payment from  sources other than this Credit Agreement, for reimbursement thereof to the  Borrower; (ii) with effect from the date of fulfilment of all conditions  precedent to disbursements / reimbursements under this Credit Agreement or  waiver thereof by the Lenders, for reimbursement to the Borrower in the  amount of the Partial Contract Value resulting from deliveries made/services  rendered under the Export Contracts for which payment  has been made directly by the Borrower to  the Exporter; (iii) with effect from the date of fulfilment of all  conditions precedent to disbursements / reimbursements under this Credit  Agreement or waiver thereof by the Lenders, for the payment of sums due to  the Exporter in the amount of the Partial Contract Value resulting from  deliveries made/services rendered under the Export Contracts; (iv) for  reimbursement to the Borrower of up to 100% of the Insurance Premium paid by  the Borrower to the Lenders through the Facility Agent and the EKN Agent to  EKN; (v) in respect of the additional financing of Credit B if so  required by the Borrower, and subject to the agreement of EKN and the  Lenders, for reimbursement to the Borrower in the amount of the Partial  Additional Contract Value resulting from further deliveries made/services  rendered under the Additional Export Contract for which payment has been made  directly by the Borrower to the Exporter; (vi) in respect of the  optional financing of Credit B if so required by the Borrower, and subject to  the agreement of EKN and the Lenders, for the payment of sums due to the  Exporter in the amount of the Partial Additional Contract Value resulting  from deliveries made/services rendered under the Additional Export Contract;  and (vii) in respect of the additional financing of Credit B if so  required by the Borrower, and subject to the agreement of EKN and the  Lenders, for reimbursement to the Borrower of up to 100% of the Additional  Insurance Premium paid by the Borrower to the Lenders through the Facility  Agent. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

10

----

 
| 2.4   | Upon and subject to the terms and conditions  of this Credit Agreement each of the Lenders shall participate in each  disbursement or reimbursement of the Credits in the proportion of its maximum  liability mentioned in this Clause 2.4 as percentage of the maximum credit  amounts mentioned in Clause 2.1 hereof.

                                                                                                                                                                                                                               |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|            | ING Bank N.V.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Credit A |
|            | Bijlmerplein 888                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 50%, max. USD 65,376,274 |
|            | 1102 MG Amsterdam                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (in words: United States Dollars sixty five million  three hundred and seventy six thousand two hundred and seventy four) |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Credit B (optional financing) |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 50%, up to max. USD 18,285,468.50 |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (in words: United States Dollars eighteen million,  two hundred and eighty five thousand, four hundred and sixty eight point  fifty) |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|            | Citibank International plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Credit A |
|            | 33 Canada Square                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 50%, max. USD 65,376,274 |
|            | Canary Wharf , London, E14 5LB                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (in words: United States Dollars sixty five million  three hundred and seventy six thousand two hundred and seventy four) |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| 2.5             | The Credit shall  be made available under exclusion of any joint liability. Therefore, each of  the Lenders shall only be responsible for the fulfilment of its own  obligations and shall not be liable for the fulfilment of the obligations of  the other Lenders under this Credit Agreement. The failure of any of the  Lenders to provide funds according to its obligation under this Credit  Agreement shall neither release the other Lenders nor the Borrower from any  of their respective obligations towards each other hereunder***.***

  |

3.                             Disbursements/ Reimbursements
| 3.1   | Tranche 1 (and if applicable, Tranche 3)  shall be disbursed in credit portions directly to the Borrower or, as the  case may be, the Exporter to such account and to such financial institution  as specified by the Borrower or, as the case may be, the Exporter to the  Facility Agent.

The Borrower hereby irrevocably agrees that  - under Clause 3.2.b) below - only the Exporter shall have the exclusive  right to request payments under Tranche 1 (and if applicable, Tranche 3) and  that such direct payments to the Exporter will constitute disbursements of  Tranche 1 (and if applicable, Tranche 3) to the Borrower under this Credit  Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 3.2   | a)        In  the event that prior to or after fulfilment of the conditions precedent to  disbursements / reimbursements under the Credit Agreement or the waiver  thereof by the Facility Agent acting on behalf of the Lenders, payments are  made by the Borrower to the Exporter in the amount or amounts of the  respective Partial Contract Value (or Partial Additional Contract                                                                                                                                                                                                                                           |

11

----

 
|                        |            Value)  out of funds other than out of this Credit Agreement in and towards  satisfaction and fulfilment of sums due to the Exporter resulting from the  Export Contracts, then reimbursements under Tranche 1 (and if applicable,  Tranche 3) will be made by the Lenders through the Facility Agent against  presentation by the Borrower to the Facility Agent of a certificate as per  Annex 1a or 1d hereto in an amount or amounts equal to the aggregate  principal amount or amounts of such payments in the maximum amount of the  respective Partial Contract Value (or Partial Additional Contract Value) to  the Borrower to such account as specified by the Borrower to the Facility  Agent.

The Borrower and the Lenders acknowledge and  agree to the Exporter’s intent to provide the Facility Agent, upon any  delivery having been made/service having been rendered under the Export  Contracts for which the Borrower shall make direct payment to the Exporter  out of other funds than of this Credit Agreement before being reimbursed in  accordance with this Clause 3.2.a), with copies of the respective delivery documents  or invoice, as the case may be. It is the common understanding of the parties  hereto that the dispatch of such copies to the Facility Agent shall be for  information purposes only; therefore shall neither the failure of the  Exporter to send such copies prevent the Lenders in any way from making  reimbursements, nor shall the delivery of such copies oblige the Lenders to  make reimbursements under this Clause 3.2.a), in particular not in case of  any of the conditions precedent for disbursement / reimbursement not being  fulfilled.

b)       With  effect from the date of fulfilment of all conditions precedent to  disbursements / reimbursements under this Credit Agreement or the waiver  thereof by the Facility Agent acting on behalf of the Lenders, Tranche 1 (and  if applicable, Tranche 3) shall be disbursed    directly to the Exporter on a pro rata basis against deliveries  made/services rendered in an amount equal to 85% of the value of such  deliveries/services only upon presentation by the Exporter to the Facility  Agent of a certificate as per Annex 1b hereof and of the following documents***:***             In case of equipment deliveries

-       a copy of the commercial invoice issued  by the Exporter;

-       a  copy of the international waybill relating to such equipment.

In case of licenses

-       a copy of the commercial invoice issued  by the Exporter;

-       a  copy of the acceptance certificate, signed by the Borrower and the Exporter.

The Facility Agent shall  accept and make disbursements against the aforementioned documents as they  are being presented to it without any obligation of examination thereof; in  particular the Facility Agent shall not be obliged to verify whether or not  any documents delivered to it under this Clause 3.2.b) are in compliance with  the Uniform Customs and Practices for Documentary Credits, 1993 Revision, ICC  Publication No. 500.

  |
|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.3     | Disbursements / reimbursements under Tranche  1 (and if applicable, Tranche 3) as per Clause 3.2 shall be made in minimum  amounts of USD 1,000,000.00 provided, however, that, in the event that 85% of  the value of any documents presented to the Facility Agent during a calendar  month for disbursements under Tranche 1 (and if applicable, Tranche 3) or the  amount mentioned in a reimbursement certificate as per Annex 1a or 1d, as the  case may be, is less than the aforementioned minimum amount, disbursements or  reimbursements under Tranche 1 (and if applicable, Tranche 3) will be made at  the end of the relevant calendar month in one amount equal to 85% of the  aggregate value of all documents or equal to the aggregate value of all  certificates, as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

12

----

 
|                 | the case may be, received by the Lenders  during that month in relation to which disbursement or reimbursement under  Tranche 1 (and if applicable, Tranche 3) has not previously been made.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 3.4   | Disbursement under Tranche 2 (and if  applicable, Tranche 4) for the financing of up to 100% of the Insurance  Premium (or as the case may be, the Additional Insurance Premium) shall in  either event,  whether the Insurance  Premium has become due and payable prior to or after the fulfilment of all  conditions precedent to disbursements / reimbursements under this Credit  Agreement or the waiver thereof by the Facility Agent, acting on behalf of  the Lenders, and provided that the Borrower has paid the total amount of the  Insurance Premium (or the Additional Insurance Premium) to the Facility Agent  as per Clause 11.2 hereof, be made without any request or action by the  Borrower upon fulfilment of the conditions precedent to disbursements /  reimbursements or waiver thereof by the Lenders through the Facility Agent to  the Borrower to such account as will be specified by the Borrower to the  Facility Agent. |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 3.5             | Each disbursement or reimbursement of the  Credits or any portion thereof under this Credit Agreement shall be made at  the latest on the 5th Banking Day after all conditions precedent  applicable to such disbursement or reimbursement pursuant to Clause 4 hereof  have been fulfilled or waived, as the case may be, and provided that the date  of such disbursement or reimbursement falls on a Banking Day within the  Availability Period and further provided that the Lenders through the  Facility Agent have not exercised any of their rights under Clause 12 hereof.

                                                                                                                                                                                                                                                                                                                                                                |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 3.6             | The Borrower may - in case of disbursements  according to Clause 3.2.b) - only waive disbursement of the Credits, in full  or in part, with the prior written consent of the Lenders and the Exporter.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

4.                             Conditions Precedentto Disbursements / Reimbursements
| 4.1 | In relation  to Credit A
The first disbursement or reimbursement  under Credit A of this Credit Agreement shall be conditional upon the  Facility Agent having received the following documents free of expense in  form and substance satisfactory to the Lenders: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

13

----

 
|        | a)        an  English legal opinion and a Russian legal opinion to be issued by Freshfields  Bruckhaus Deringer, Moscow, Russian Federation;

b)       a legal opinion by Wistrand, Stockholm,  Sweden

c)        a written confirmation in accordance  with Annex 2 hereof certifying that the Export Contracts have come into  force;

d)       a specimen signatures list as per Annex  3 hereof with the specimen signatures of such persons authorised by the  Borrower to act on its behalf in connection with this Credit Agreement;

e)        a copy of the executed Export  Contracts;

f)        a certificate as per Annex 1a, 1b, 1c,  1d or 1e , as the case may be;

g)       confirmation  issued by the Passport Bank certifying its appointment by the Borrower as  Passport Bank;

h)       evidence that the down payment referred  to in Article D of the Preamble has been made to the Exporter by the  Borrower; and

i)         such other certificates and  documentation and other evidence reasonably requested by the Lenders in order  for them to carry out and be satisfied with the results of all necessary “know  your customer” or similar requirements, including those reasonably required  to ensure compliance with money laundering procedures in their relevant  jurisdictions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | In relation to  Credit B (if applicable)

The first disbursement or reimbursement  under Credit B of this Credit Agreement shall be conditional upon the  Facility Agent having received the following documents free of expense in  form and substance satisfactory to the Lenders:

a)        a written confirmation issued by  Freshfields Bruckhaus Deringer, Moscow, as Lenders’ counsel confirming that  the original legal opinion rendered under Clause 4.1.a) above is applicable  mutatis mutandis to this Credit Agreement as increased by Credit B, such  confirmation stating inter alia that all necessary permits, authorisations  and registrations in the Russian Federation have been obtained;

b)       a written confirmation issued by Wistrand,  Stockholm, as Lenders’ counsel confirming that the original legal opinion  rendered under Clause 4.1.b) above is applicable mutatis mutandis to this  Credit Agreement as increased by Credit B;

c)        a  copy of the executed Additional Export Contract;

d)       a  written confirmation in accordance with Annex 2 hereof certifying that the  Additional Export   Contract has come  into force; and

e)        an  undertaking by the Exporter in favour of the Lenders with regard to certain  risks and obligations not covered by the Supplemental Insurance Agreement as  per Clause 11.1 hereof.                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 4.2    | Furthermore, the first disbursement or  reimbursement under Credit A or, if applicable Credit B, is conditional upon  receipt by the Lenders of the following payments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

14

----

 
|        | a) payment of the fee as per Clause 6.2 hereof in  the case of Credit A and, payment of   additional fees pursuant to Clause 6.4 hereof in the case of Credit B;  and

b) payment of 100% of the Insurance Premium  and, as the case may be, 100% of the Additional Insurance Premium.                                                                                                                                                                                                                                             |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.3    | Moreover, the  first disbursement under this Credit Agreement by way of direct disbursement  to the Exporter as per Clause 3.2.b) is subject to such disbursement  procedure being in full and strict compliance with the Russian laws (in  particular but not limited to the Law on Currency Regulation and Currency  Control dated 10 December 2003); such compliance to be evidenced to the  Lenders in form and substance satisfactory to the Lenders.                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.4    | Each  reimbursement under Tranche 1 or Tranche 3 as per Clause 3.2. a) hereof is  furthermore subject to evidence satisfactory to the Lenders that payments  were made by the Borrower for deliveries made/services rendered under the  Export Contracts or the Additional Export Contract, as the case may be, and  have been received by the Exporter in amounts corresponding to those  mentioned in the relevant reimbursement certificate in form and substance as  per Annex 1a or 1d, as the case may be, hereto.                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.5    | Each  disbursement or reimbursement under this Credit Agreement is subject to the  condition that the Insurance Agreement and, as the case may be, the  Supplemental Insurance Agreement, as per Clause 11.1 is in full force and  effect and covers the Lenders’ claims under this Credit Agreement.                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.6    | The Lenders  through the Facility Agent shall together be entitled to waive any one or  more of the aforementioned conditions precedent to disbursements /  reimbursements as the Lenders at their sole discretion deem fit, whereupon —  unless otherwise notified in writing by the Facility Agent to the Borrower -  any such condition precedent shall be deemed to constitute a condition  subsequent which the Borrower undertakes to satisfy within such period of  time which the Facility Agent may reasonably determine. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.7    | The Facility  Agent will notify the Borrower, the Lenders and the Exporter without delay in  writing of the fulfilment of the conditions precedent to first disbursement  or reimbursement and, if applicable,   conditions subsequent.

                                                                                                                                                                                                                                                                                     |

5.                             InterestPeriods, Interest, Increased Costs
| 5.1 | For the purpose of  periodical calculation of interest and its pay­ment by the Borrower as  determined hereinafter, each interest period (the “Interest Period”) shall be  of a duration of 6 months, provided that:

a)        the first Interest Period in respect  of the first disburse­ment or reimbursement shall commence on the date of  that disburse­ment or reimbursement and end 6 months after the date of that  disburse­ment or reimbursement subject to 5.1 d and 5.1 e below;

b)       the first Interest Period in respect of  any subsequent disbursement or reimbursement shall commence on the date of  that disbursement or reimbursement and end upon expiry of the then current  Interest Period relating to the respective Credit A or Credit B, as the case  may be***;***

c)        each subsequent Interest Period shall  commence on the expiry of the preceding Interest Period;

d)       any Interest Period which would otherwise  extend be­yond the due date of any repayment instalment pursu­ant to Clause  8.1 of this Credit Agreement (any such repayment date hereinafter re­ferred  to as a “Repayment Date” or “Additional Repayment Date”, if applicable) shall  be shortened to the extent necessary to end upon such Repayment Date or  Additional 

  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

15

----

 
|        |            Repayment Date, as the case may be;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | e)        any Interest Period which would  otherwise end on a day which is not a Banking Day shall end on the next  Banking Day unless the result of such extension would be to carry such  Interest Period over into another calendar month, in which event such  Interest Period shall end on the preceding Banking Day.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 5.2    | a)        Subject to Clause 5.2 d) below, for as  long as any principal amounts repayable under this Credit Agreement remain  outstanding, the Borrower shall pay to the Lenders through the Facility Agent  for each Interest Period on each credit amount outstanding interest at a rate  per annum to be the aggregate of (i) a margin of 0.30% p.a. (in words  zero point three per cent per annum) (the “Margin”) and (ii) the London  Interbank Offered Rate (“LIBOR”) relating to such Interest Period (rounded  upwards - if necessary - to a full month).

           LIBOR shall mean, in relation to such Interest Period,  the rate per annum determined by the Facility Agent to be equal to the  arithmetic mean (rounded upwards, if necessary, to five decimal places) of  the London interbank offered rates for deposits of USD for a period equal to  such period as are displayed at or about 11.00 a.m. (London time) on the  second Banking Day prior to the commencement of such period on the relevant page on  the Reuter Monitor Money Rates Services (or such other page as may  replace such page on such service for the purpose of displaying London  interbank offered rates of leading banks for deposits of USD) or, if on such  date the offered rates for the relevant period of fewer banks than two  leading banks are so displayed, as quoted to the Facility Agent by each of  the Reference Banks at the request of the Facility Agent and calculated on  the above mentioned basis. Interest (Margin plus LIBOR), as specified under  this Clause 5.2(a) is due from the Borrower exclusively against delivery  to the Borrower of the related invoices (originals) and the original  (apostilled and with notarised translation into Russian) residency  certificate for the Lenders and/or the Facility Agent, depending on the  Borrower’s request. Each Lender and the Facility Agent hereby undertake prior  to issuance of the relevant invoices to the Borrower for the purposes of this  Clause 5.2(a) to agree with the Borrower in written correspondence on  whether the Russian VAT shall apply to a receipt by, or payment to the Lender(s) and/or  the Facility Agent due from the Borrower under this Clause 5.2(a), as may be  required under the Russian law.

b)       The Facility Agent shall promptly  advise the Borrower in writing by letter or means of tele­communication of  the rate of interest determined from time to time as per Clause 5.2.a) hereof  and of the amount of interest to be paid at the end of the respective  Interest Period, provided that in cases where the interest rate is determined  by the Facility Agent on the basis of quotes from the Reference Banks, as  specified in Clause 5.2.a), is reasonable, proven and objective no failure by  the Facility Agent to so advise the Borrower shall relieve the Borrower from  its payment obligations here­under.

c)        The rate of interest as stipulated in  Clause 5.2.a) shall always apply without any further request, communication  or whatsoever as far and as long as no rate of interest is appli­cable in  accordance with Clause 5.2.d) hereof.

d)       For all amounts outstanding under this  Credit Agreement the Lenders shall, upon the Borrower’s request and subject to  the Lenders’ internal approvals and the approval of EKN and SEK (defined  below), offer a fixed interest rate (the Lenders using their best efforts to  ensure that such rate is commercially reasonable) for the whole remaining  amount and lifetime of the Credits provided that:

(i)       the last disbursement or reimbursement  under the Credit Agreement has been effected, in the case of either Credit A  or Credit B,

(ii)      the exact Repayment Dates for the  repayment instal­ments of the Credits stand firm in the case of either Credit  A or Credit B, |

16

----

 
|        | (iii)       the Borrower’s request in the form of  Annex 1 f hereto has been received by the Facility Agent at the latest 15  Banking Days prior to the next Repayment Date and,

(iv)       corresponding funds in like amounts and  for a duration equivalent to the term of the Credits under this Agreement are  available to the Lenders.

Such fixed interest rate takes binding effect for  the period starting with the next Repayment Date and ending on the last  Repayment Date for the Credits, in the case of either Credit A or Credit B,  as may be the case, provided that the Facility Agent has received the  Borrower’s agreement to the fixed rate offered by the Lenders through the  Facility Agent within the validity period of such offer.

e)        Interest on any credit amounts  outstanding shall accrue from day to day and be calculated on a per annum  basis from the date of each disbursement or reimbursement until the date on  which the respective repayment instalment is unconditionally credited on the  account specified in or to be indicated by the Facility Agent in accordance  with Clause 9.1 hereof. Interest on any credit amounts outstanding shall be  paid by the Borrower in arrears on each Interest Payment Date (each “Interest  Payment Date” being, (i) in the case of an interest rate applicable as  per Clause 5.2 a), the last day of any and each Interest Period; and  (ii) in case of  a fixed interest  rate applicable as per Clause 5.2 d) hereof each Repayment Date).

f)        The parties agree that they shall, following the execution of this  Credit Agreement, enter into discussions regarding amending the Credit  Agreement to provide for the interest on a portion of Credit A and/or Credit  B to be charged at a fixed rate (the “SEK CIRR Rate”) which shall be provided  by AB Svensk Exportkredit (“SEK”), subject to SEK and EKN approval.*** ***

  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 5.3    | Subject  to Clause 5.5 (Exceptions), if by reason of any change occurring after the  date of this Credit Agreement in any law, regulation, treaty or official  directive (whether or not having the force of law) or the interpretation or  application thereof (including but not limited to any reserve, deposit or  similar requirements) and for compliance by the Lenders and/or the Facility  Agent with any legally binding requirement of any central bank or other  governmental or monetary authority arising after the date of this Credit  Agreement any of the Lenders incur any Increased Costs (as defined  hereinafter), then, in any such case, the Borrower shall pay to the Facility  Agent for account of the Lenders within thirty days of a demand by the  Facility Agent such amounts of the Increased Costs as the Lenders through the  Facility Agent shall specify to be necessary to compensate the Lenders for  such increase or such reduction.

In this Agreement “Increased  Costs” means:

(i)              a  reduction in the rate of return from the Credits or on a Lender’s overall  capital;

(ii)             an  additional or increased cost; or

(iii)            a reduction of any amount due and  payable under the Credits,

which is incurred or  suffered by a Lender to the extent that it is attributable to that Lender  having entered into this Credit Agreement or funding or performing its  obligations under it.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 5.4.   | A Lender  intending to make a claim pursuant to Clause 5.3 (Increased Costs) shall notify  the Facility Agent of the event giving rise to the claim, following which the  Facility Agent shall promptly notify the Borrower. Each Lender shall, as soon  as practicable after a demand by the Facility Agent, provide a certificate  confirming the amount of its Increased Costs and the circumstances giving  rise to the claim.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 5.5    | **Clause 5.3 (Increased Costs)  does not apply to the extent any Increased Cost is:**

(i)  compensated  for under another Clause or would have been but for an exception to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

17

----

 
|  |       that Clause;

 (ii)  a  tax, levy, duty, charge or fee of whatever nature  on the overall net income of a

       Lender  or attributable to any deduction or withholding for or on account of any tax,

       Levy,  duty, charge or fee of whatever nature required by law to be made by the

        Borrower (provided that nothing in this sub-clause 5.5  (ii) reduces the Borrower’s

        Liability to make any payment on account of any tax, levy, duty,  charge or fee

       required pursuant to Clause 10); or

 (iii) attributable to a Lender being  grossly negligent or wilfully failing to comply with

**                   any law or regulation or  official administration order or court decision.**

  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

6.                             Fees
| 6.1    | From the date of  this Credit Agreement until disbursement of Credit A in full, the Borrower  shall pay to the Lenders through the Facility Agent a commitment fee at a  rate of 0.10% p.a. (in words: zero point one per cent per annum) calculated  on a daily basis on such portion of the maximum amount of Credit A not yet  disbursed at any time. The commitment fee is payable pro rata in arrears (i) prior  to the first disbursement or reimbursement on June 30 and December 30  of each year; and (ii) with effect from the first disbursement or  reimbursement on each Interest Payment Date. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 6.2    | The Borrower  will pay to the Mandated Lead Arrangers through the Facility Agent an  arrangement fee of 0.20% flat (in words: zero point two per cent flat)  calculated on the maximum amount of Credit A mentioned in Clause 2.1 hereof.

The arrangement  fee is due prior to the first disbursement or reimbursement under the Credit  Agreement, at the latest however, within 30 days after the date of this  Credit Agreement.                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 6.3    | From the date of  this Credit Agreement until all monies owing by the Borrower are fully repaid  to the Lenders, the Borrower shall pay to the Facility Agent an agency fee of  USD 10,000 per annum on the date of signature of this Credit Agreement and  annually thereafter on the anniversary date of this Credit Agreement.                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 6.4    | Clauses 6.1 and  6.2 shall apply mutatis mutandis in case of Credit B being made available by  the Lenders to the Borrower whereas calculation of the additional commitment  fee shall start on the date on which the Lenders will have approved the  granting of Credit B to the Borrower in writing; the additional arrangement  fee shall be paid within 30 days after the date of such approval, at the  latest, however, prior to disbursement or reimbursement under Credit B. 

                                                                                                                                     |

7.                             Calculationof Periods
|  | For the purpose  of calculating interest, commitment fee and other pay­ment obligations based  on periods of time, a year will be calculated on the basis of the actual  number of days elapsed and a year of 360 days. 

  |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

8.                             Repaymentand Prepayment
| 8.1 | Credit A
The credit  amounts disbursed under Credit A are to be repaid in 17 equal and consecutive  semi-annual repayment instalments each in an amount equal to 1/17th of Credit A or such other amount as agreed  between the Lenders and the Borrower and approved by EKN; the first of which  will be due on the earlier of (i) 28 February 2006 and (ii) the  date falling 6 months after the EKN Starting Point to be evidenced  concurrently to the Borrower and the Lenders (by delivery as specified in  Clause 16.1 hereunder) by a certificate in accordance with Annex 2a hereof_ |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

18

----

 
|     | Credit BIf  applicable, the credit amounts disbursed under Credit B will be repaid in 17  equal and consecutive semi-annual repayment instalments each in an amount  equal to 1/17th of Credit B or such other amount as agreed  between the Lenders and the Borrower and approved by EKN; the first of which  will, depending on the respective EKN approval, be due on the date falling 6  months after the EKN Starting Point, to be evidenced by a certificate in  accordance with Annex 2b hereof 
                                                                                                                                                                                                                                                                                                       |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.2 | Where the  interest rate defined in Clause 5.2 a) applies, the Borrower shall be  entitled upon 30 days’ prior notice to the Facility Agent to prepay on any  Interest Payment Date, in full or in part, any credit amounts outstanding  together with interest accrued thereon and any other amounts then due under  the Credit Agreement. Any such notice of the Borrower shall be irrevocable  and binding and obliges the Borrower to repay the credit amounts in  accordance with its notice of prepayment.

In case of  partial prepayments, any partial amount repaid may be applied by the Facility  Agent in the inverse order of their maturities.

Any amount prepaid  in accordance with this Clause 8.2 may not be reborrowed.

                                                                  |
| 8.3 | Where the  interest rate in Clause 5.2 d) applies, prepayment of any amounts not yet due  according to this Credit Agreement is not permitted.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 8.4 | Prior to the  first Repayment Date the Facility Agent shall furnish the Borrower with a  repayment schedule which sets out the Repayment Dates and the amount of  repayment instalments to be paid on each such Repayment Date or Additional  Repayment Date, if applicable, provided that no failure by the Facility Agent  to so advise the Borrower shall relieve the Borrower from its obligations  hereunder. In case of the granting of Credit B and if a repayment schedule in  relation to Credit A has already been delivered at such time, the Lenders  shall furnish the Borrower with a revised repayment schedule or an additional  repayment schedule, as the case may be. All other stipulations of the  preceding sentence shall apply mutatis mutandis to such revised or additional  schedule.

  |

9.          Payments
| 9.1    | All payments to be made  by the Borrower to the Lenders through the Facility Agent under this Credit  Agreement shall be made in USD without any deduction not later than 10.00 a.m.  London time on the respective due date at the Facility Agent’s free disposal  to the account of the Facility Agent held with JPMorgan Chase, New York,  SWIFT CHASUS33, account number 001.1.643293, for further credit to INGBNL2A  quoting ref. SF&AS/HE03.01/MTS-Ericsson or such other account with such  other financial institution as notified by the Facility Agent to the  Borrower.

  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.2    | The Borrower  shall not be entitled to exercise any right of reten­tion or to set off any  counterclaims against claims arising from this Credit Agreement against any  Lender unless such counterclaims exist against the Lender that the Borrower  exercises the right of retention or set off against, and such counterclaims  have been accepted by that Lender in writing or have otherwise been adopted  or consistently relied upon. 

                                                                                                                                                  |
| 9.3    | If the Facility  Agent receives a payment insufficient to discharge all the amounts then due  and payable by the Borrower under this Credit Agreement, the Facility Agent  on behalf of the Lenders shall, notwithstanding any converse instruction  given by the Borrower, apply incoming payments in the following order:

                                                                                                                                                                                                                                                                        |
|   | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | firstly, in or towards any costs and expenses due  and payable hereunder; |
|   | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | secondly, in or towards payment of any fees due and  payable hereunder; |
|   | (iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | thirdly, in or towards payment of any default  interest and/ or indemnification then due and payable as provided for in  Clauses 9.4 and 9.5; |
|   | (iv)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | fourthly, in or towards payment of any contractual  interest due and payable hereunder; |

 

19

----

 
|     | (v)      fifthly, in or towards repayment of any  principal amount due and payable hereunder;

(vi)     sixthly, in or towards payment of any  other amount (including any indemnification other than such as under Clause  9.5) due and payable hereunder.

                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.4 | The Lenders  through the Facility Agent shall be entitled to demand on repayment  instalments overdue default interest at a rate which is the sum of 2% p.a.  (in words: two per cent per annum) and the rate which would have been payable  if such overdue amount had, during the period of non payment, constituted a  Credit for successive periods of any duration as the Lenders (acting  reasonably) through the Facility Agent may determine from time to time.

                                                                                               |
| 9.5 | The Lenders  through the Facility Agent shall be entitled to demand on amounts overdue  other than repayment instalments, a lump sum indemnification which is the sum  of 2% p.a. (in words: two per cent per annum) and the rate which would have  been payable if such overdue amount had, during the period of non payment,  constituted a Credit for successive periods of any duration as the Lenders  (acting reasonably) through the Facility Agent may determine from time to  time.

                                                                          |
| 9.6 | All payments  owed by the Borrower as per Clauses 9.4 and 9.5 shall be made immediately  upon the Facility Agent’s first demand except when under the applicable Russian currency regulations the  Borrower is required to reserve a particular amount of payment at a special  account prior to proceeding with a transfer of such amounts to the benefit of  the Facility Agent. In the latter case the delay in payment shall not exceed  the particular reservation period specified in the Russian currency  regulations applicable to the Borrower. 

  |
| 9.7 | If a due date on  which a payment of the Borrower must have been received at the free disposal  of the Facility Agent is not a Bank­ing Day, the next succeeding Banking Day  shall be the due date, unless such Banking Day falls into a new calendar  month in which event the due date shall be the preceding Banking Day. The  obligations of the Borrower to pay interest and fees shall accrue  accordingly.

                                                                                                                                               |

10.                       Taxes,Levies, Duties and Other Costs

10.1                          Definitions

a)                                      Inthis Credit Agreement

“Protected Party” means a Lender, which is or will besubject to any liability, or required to make any payment, for or on account ofTax in relation to a sum received or receivable (or any sum deemed for thepurposes of Tax to be received or receivable) under this Credit Agreement.

“Qualifying Lender” means a Lender, which is situatedfor tax purposes in (i) the Russian Federation, (ii) in a Tax TreatyJurisdiction or (iii) in the United Kingdom or Sweden.

“Tax” means any tax, levy, duty or other charge orwithholding of a similar nature (including any penalty or interest payable inconnection with any failure to pay or any delay in paying any of the same).

“Tax Credit” means a credit against, relief orremission for, or repayment of any Tax.

“Tax Deduction” means a deduction or withholding foror on account of Tax from a payment under this Credit Agreement.

“Tax Payment” means an increased payment made by theBorrower to a Lender under Clause 10.2 or a payment underClause 10.3.

“Tax Treaty Jurisdiction” means a jurisdiction, whichhas in force a double tax treaty with the Russian Federation (or with the Unionof Soviet Socialist Republics to which the Russian 

20

----

Federation has succeeded), which provides for fullexemption from Russian withholding tax on interest derived from a source withinthe Russian Federation payable to a resident of such jurisdiction.

b)                                     Unlessa contrary indication appears, in this Clause 10 a reference to “determines”or “determined” means a determination made in the absolute discretion of theperson making the determination.

 
| 10.2         | Tax Gross up

a)            The Borrower shall make all  payments to be made by it without any Tax Deduction, unless a Tax Deduction  is required by law.

b)            The Borrower shall promptly upon  becoming aware that it must make a Tax Deduction (or that there is any change  in the rate or the basis of a Tax Deduction) notify the Facility Agent  accordingly. Similarly, a Lender shall notify the Facility                 Agent on becoming so aware in  respect of a payment payable to that Lender. Upon receipt by the Facility  Agent of such notification from a Lender, the Facility Agent shall notify the  Borrower.

c)            Subject to paragraph d) below, if  a Tax Deduction is required by law to be made by the Borrower, the amount of  the payment due from the Borrower to the Lenders shall be increased to an  amount which (after making any Tax Deduction) leaves an amount equal to the  payment which would have been due if no Tax Deduction had been required.

d)            The Borrower is not required to  make an increased payment to a Lender under paragraph c) above if, on the  date on which the payment falls due, the Borrower could have made such a  payment to that Lender without a Tax Deduction if that Lender was a  Qualifying Lender, but on that date that Lender is not, or has ceased to be,  a Qualifying Lender (other than as a result of any change after the date it  became a Lender under the Credit Agreement in (or in the interpretation,  administration, or application of) any law or treaty, or any published  practice or concession of any relevant taxing authority).

e)            If the Borrower is required to  make a Tax Deduction, it shall make that Tax Deduction and any payment  required in connection with that Tax Deduction within the time allowed and in  such amount as required by law.

f)             The Borrower shall pay to the  relevant taxation or other authorities within the period for payment  permitted by applicable law the full amount of the deduction or withholding  (including but without prejudice to the generality of the foregoing, the full  amount of any deduction or withholding from any additional amount paid  pursuant to this sub-clause).

g)            Promptly upon making either a Tax  Deduction or any payment required in connection with that Tax Deduction, the  Borrower shall deliver to the Facility Agent for a Lender entitled to the  payment an original receipt (or certified copy thereof) demonstrating that  the Tax Deduction has been made or (as applicable) any appropriate payment  paid to the relevant taxing authority.

  |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.3

  | Tax Indemnity

a)            The Borrower shall promptly pay to  a Protected Party through the Facility Agent an amount equal to the loss,  liability or cost which that Protected Party determines has been suffered for  or on account of Tax by that Protected Party in respect of this Credit  Agreement.

b)            Paragraph (a) above shall not  apply:

(i)            with  respect to any Tax assessed on a Lender:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

21

----

 
|      | (A)          under  the law of the jurisdiction in which that Lender is incorporated or, if different,  the jurisdiction (or jurisdictions) in which that Lender is treated as  resident for tax purposes; or

(B)          under the law of the jurisdiction in  which that Lender’s facility office is located in respect of amounts received  or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference  to the net income received or receivable (but not any sum deemed to be  received or receivable) by that Lender; or

(ii)           to the extent a loss, liability or  cost:

(C)          is compensated for by an increased  payment under Clause 10.2; or

(D)          would have been compensated for by  an increased payment under Clause 10.2 but was not so compensated solely  because one of the exclusions in paragraph d) of Clause 10.2 applied.

c)            A Protected Party making, or  intending to make, a claim under paragraph (a) above shall promptly  notify the Facility Agent of the event which will give, or has given, rise to  the claim, following which the Facility Agent shall notify the Borrower.

d)            A Protected Party shall, on  receiving a payment from the Borrower under this Clause 10.3, notify the  Facility Agent.

  |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4 | Tax Credit

If the Borrower  makes a Tax Payment and the relevant Lender determines that:

(a)           A Tax Credit is attributable to  that Tax Payment; and

(b)           the Lender has obtained, utilised  and retained that Tax Credit,

the Lender shall once  it has irrevocably obtained, utilised and retained that Tax Credit on an  affiliated group basis, promptly pay through the Facility Agent an amount to  the Borrower which that Lender determines will leave the Lender (after that  payment) in the same after-tax position as it would have been in had the Tax  Payment not been made by the Borrower.

However, if the  relevant Lender should be obliged by any law, regulation or court or any  other official decision to repay any Tax Credit obtained by such Lender and  paid to the Borrower pursuant to the preceding paragraph, or if any such Tax  Credit should otherwise be officially revoked, the Borrower shall promptly  upon demand of such Lender and against reasonable evidence of such repayment  obligation or revocation, as the case may be, refund the respective Lender  through the Facility Agent of such amount.

                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.5 | Without  prejudice to the Borrower’s obligations/the Lenders’ rights accord­ing to  Clause 10.2 and 10.3, in the event of withholding taxes being imposed in the  Russian Federation on payments due under this Credit Agreement that are  eligible for exemption and provided that the Borrower and/or the Lenders can  claim such exemption with the result that they are released from any  obligation to pay such taxes, the Borrower hereby undertakes to apply with  the competent authorities in the Russian Federation to be exempted and  released from such taxes and to provide the Facility Agent with a tax  exemption certificate or any other evidence of such tax exemption, all in  form and substance as reasonably may be required by the Lenders through the  Facility Agent. In turn, in order to enjoy the benefits of an applicable  convention on avoidance of double taxation each Lender undertakes to do  everything within its sole control to submit to the Borrower a certificate of  its residence in the form and in the manner required by Russian Law, provided  that any expenses incurred by a Lender in doing so shall be borne by the  Borrower. The form of the certificate as well                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

22

----

 
|        | as its main  items shall be advised by the Borrower to the Facility Agent and the Lenders  in writing reasonably in advance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.6   | Without  prejudice to the Lenders’ rights under this Credit Agreement, in particular  under this Clause 10, the Borrower shall pay to, or reimburse the Lenders  through the Facility Agent upon demand for (i) any stamp duties,  registration fees and similar taxes and charges in connection with this  Credit Agreement and (ii) all legal fees (including VAT) and  out-of-pocket expenses incurred by the Lenders and/or the Facility Agent in  connection with the negotiation, preparation, documentation and execution of  this Credit Agreement provided that in relation to Credit A only all such  fees and expenses shall not exceed USD 47,000.00 (plus VAT and disbursements,  plus costs for required translation of any of the finance documents related  to this Credit Agreement into the Russian language) and (iii) any costs,  including lawyer’s fees and taxes arising thereon, in connection with the  preservation and enforcement of the Lenders’ rights under this Credit  Agreement. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.7   | Each Lender and  the Facility Agent hereby undertake prior to issuance of any invoices to the  Borrower to discuss the invoicing procedure with the Borrower in written  correspondence and further undertake to provide the Borrower upon its written  request as soon reasonably practicable with the original invoices and an  original (updated) residency certificate (apostilled and together with a  translation into Russian)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.8   | No provision of this Credit Agreement will:

(a)           interfere with the right of any Lender to  arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

(b)           oblige any Lender to investigate or claim  any credit, relief, remission or repayment available to it or the extent,  order and manner of any claim; or

(c)           oblige any Lender to disclose any  information relating to its affairs (tax or otherwise) or any computations in  respect of Tax.

                                                                                                                                                                                                                                                                                                                                                                              |

11.                       Guaranteeof EKN for tied Buyer’s Credits
| 11.1 | The EKN Agent on  behalf of the Lenders has applied for insurance cover of 95% of the Lenders’  claims arising from this Credit Agreement by EKN by means of an insurance  agreement (the “Insurance Agreement”). Credit A will be made available on the  basis of such Insurance Agreement and the terms and conditions governing it.  In the event that additional insurance cover is provided by EKN for the  purposes of financing being made available for Credit B hereunder, then  Credit B will be made available on the basis of such supplemental insurance (“Supplemental  Insurance Agreement”) and the terms and conditions governing it.

The  LenThe Lender The Lenders are entitled to give informa­tion on the Credit  Agreement and the transactions contemplated thereby to EKN, the competent  authorities of Sweden and the European Union and to allow such authorities  perusal of all records that may be connected with this Credit Agreement and  to furnish them with copies thereof.

  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.2 | The Borrower  undertakes to reimburse and indemnify the Lenders through the Facility Agent  in full for and against the aggregate amount of premiums and charges (the “In­surance  Premium”) payable by the Lenders through the Facility Agent to EKN under the  Insurance Agreement for insurance cover of their payment claims arising from  Credit A of this Credit Agreement.

The Insurance  Premium shall be paid by the Borrower immediately upon written demand by the  Facility Agent in accordance with Annex 1c or Annex 1e, as the case may be,  provided that the insurance premium is payable (and is either already due or  will become due shortly) by the Lenders to EKN under the Insurance Agreement***.***

                                                                                                                                                                                                                                                                                                   |

23

----

 
| 11.3   | In the event  that additional financing in the form of Credit B is made available to the  Borrower, the Borrower undertakes to reimburse and indemnify the Lenders  through the Facility Agent in full for and against the additional amount of  premiums and charges (the “Additional Insurance Premium”) payable by the  Lenders through the Facility Agent to EKN under the Supplemental Insurance  Agreement for additional insurance cover of their payment claims arising from  Credit B of this Credit Agreement. The second paragraph of Clause 11.2 shall  apply mutatis mutandis hereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 11.4   | Prior to the  first Repayment Date under this Credit Agreement or - in case of  disbursements or reimbursements after such date - upon disbursement in full  of the Credits, the Facility Agent will procure the recalculation by EKN of  the amount of Insurance Premium (or as applicable, the amount of Additional  Insurance Premium) payable to EKN and will provide the Borrower with  reasonable evidence of the correctness of such recalculation if the Insurance  Premium (or as applicable, the Additional Insurance Premium) payable for  cover with respect to this Credit Agreement does not equal the aggre­gate  amounts which the Borrower has paid to the Facility Agent as per Clause 11.2  or, as the case may be, Clause 11.3 hereof towards reimbursement of such  Insurance Premium (or as applicable the Additional Insurance Premium).

If the aggregate amount reimbursed by the Borrower is more than the  respective Insurance Premium (or if applicable, the Additional Insurance  Premium), on the Interest Payment Date following the date on which the  Lenders have received the excess amount from EKN the Lenders through the  Facility Agent will refund the excess amount to the Borrower. Payment of the  excess amount to the Borrower as per the preceding sentence shall be made by  the Lenders through the Facility Agent by application of the amounts thus to  be refunded to the Borrower towards partial prepayment of the Credit  disbursed and then still outstanding under this Credit Agreement. In order to  achieve the purpose laid down in this paragraph on the due date thereof the  excess amount to be paid to the Borrower shall - at the option of the Lenders  either equally and proportionally or in the inverse order of maturities - be  set off by the Lenders against repayment installments then still outstanding  under this Credit Agreement without any prior notice by the Lenders to the  Borrower with regard thereto. The Lenders through the Facility Agent will  inform the Borrower without delay of any such set-off.

If the aggregate amount paid by the Borrower towards reimbursement  against the respective Insurance Premium (or if applicable, the Additional  Insurance Premium) was less than the Insurance Premium (or if applicable, the  Additional Insurance Premium) payable by the Lenders, the Borrower undertakes  upon request of the Facility Agent within 30 calendar days to pay to the  Facility Agent the balance in favor of the Lenders. 

  |

12.                       Suspensionof Disbursement, Payments Immediately Due (Events of Default)
| 12.1 | The  Lenders acting through the Facility Agent shall be entitled to suspend each  and/or any future disbursement of the Credits in whole or in part, and/or to  terminate this Credit Agreement, and/or to demand immediate repayment of all  credit amounts outstand­ing, as well as the payment of all interest and fees  accrued thereon, any charges and other claims incidental thereto, if:

a)        the Borrower fails to fulfil any  payment obligation whether in respect of principal, interest or any other  amount under this Credit Agreement when due and payable unless

(i) its failure  to pay is caused by administrative or technical error; and

(ii) payment is  made within three Banking Days of the due date;

or

b)       the Borrower breaches or fails to  fulfil any other obligation under this Credit Agreement and in case of any  such breach or failure capable of being remedied, such failure or breach is  not remedied within 10 Banking Days after the Facility Agent has notified the  Borrower in writing of such failure or breach;

  |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

24

----

 
|  | or

c)        any representation, warranty or  statement in this Credit Agreement or any other document provided by the  Borrower under the terms of this Credit Agreement  is or proves to be or to have been  incorrect or untrue in any material respect at any time during the term of  this Credit Agreement and in case that such incorrectness is capable of being  remedied - whereas the determination of such capability shall be upon the  sole but reasonable discretion of the Lenders - such incorrectness is not  cured within 15 Banking Days after the Facility Agent has notified the  Borrower in writing of such incorrectness;

or

d)       the Borrower shall fail to pay when due  or within any applicable period of grace any indebtedness owed to any of the  Lenders or to any other creditor, provided, however, that in relation to any  such indebtedness owed by the Borrower to any creditor other than any of the  Lenders (including any of their Affiliates) such failure by the Borrower  shall not constitute an event of default under this sub-clause if  (i) the overdue amounts in relation to the Borrower in aggregate do not  exceed USD 10,000,000.00 or the equivalent thereof in any other currency, or  (ii) in the event of any such failure by the Borrower exceeding the  aforementioned amount any such default is remedied (including by waiver or  amendment) within 15 calendar days after the due date of the respective  payment obligation or after lapse of any applicable period of grace unless  the respective creditor accelerates the relevant indebtedness before;

or

e)        at any time it shall become unlawful  for the Borrower (provided that such event, if capable of being cured in the  reasonable opinion of the Lenders, is not cured within 30 Business Days from  the date it became unlawful) to perform any or all of its obligations under  this Credit Agreement (including, without limitation, any governmental or  other consent, licence or authorisation required to make this Credit  Agreement legal, valid, binding and enforceable, or required at any time to  enable the Borrower to perform its obligations under this Credit Agreement,  ceasing to be in full force and effect);

or

f)        any material provision of this Credit  Agreement is or becomes invalid or unenforceable;

or

g)       the Borrower shall enter into voluntary  suspension of payments, bankruptcy, liquidation or dissolution, or shall  become insolvent, or a receiver or liquidator shall be appointed on all or  any material part of the under­taking or assets of the Borrower or  proceedings are commenced by or against the Borrower under any law or  regulation providing for any reorganisation, arrangement, readjustment of  debts, dissolution or liquidation or any act shall be done or event shall  occur which under the laws of the relevant jurisdiction has a substantially  similar effect to any of the fore­going act or event, provided that an event  of default will not occur under this sub-clause g) in respect of any petition  or application being initiated or commenced by any person other than the  Borrower if the petition or application is - in the sole discretion of the  Lenders - frivolous or vexatious and is withdrawn or rejected within 30  calendar days from the date of such application and before a court order for  the commencement of any such procedure has been made;

or

h)       the Borrower admits its inability to  meet its payment obligations to any of the Lenders or to any other creditor  or to convert the funds necessary to effect such payments into the currency  payable under agreements with parties domiciled out­side of its country or to  transfer such 

  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

25

----

 
|        |            payments,  or the Borrower admits - towards any of the Lenders - its unwillingness with  regard to any of the aforementioned actions;

or

i)         any material adverse change shall  occur in the financial condition or operations, assets, prospects, business  or the legal status of the Borrower such that it is reasonably likely that  the Borrower may not, or will be unable to perform or ob­serve its  obligations under this Credit Agreement,

provided,  however, that in case of the occurrence of any of the events as stipulated in  sub-clauses a), b), c) and d) of this Clause 12.1, for so long as such events  are continuing the Lenders through the Facility Agent shall be entitled to  suspend disbursements / reimbursements under this Credit Agree­ment prior to  the expiry of the grace period for remedy of the relevant events of default. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 12.2   | Insofar as any  statements made by the Facility Agent according to Clause 12.1 are sent by  airmail (with a copy by fax), these state­ments shall be deemed to have been  received not later than on the 10th Banking Day after their dispatch. If such  statements are made by means of telecommunication, the day following their  dispatch shall be deemed as the date of receipt.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

13.                       Representationsand Warranties

The Borrower hereby represents and warrants to theLenders that

a)                            theBorrower is a corporation duly incorporated under the laws of the RussianFederation, validly existing and in good standing;

b)                           theBorrower has the power to own its assets and carry on its business as it isbeing conducted;

c)                            theBorrower is not entitled to claim immunity from suit, execution, attachment orother legal process in any proceedings taken in the Russian Federation inrelation to this Credit Agreement;

d)                           theBorrower has full power and legal right to execute, deliver and to perform thisCredit Agreement;

e)                            theexecution, delivery and performance of this Credit Agreement will not violateany provisions of, and have duly and validly been authorised under, the laws,regulations, orders and decrees of the Russian Federation or any othercompetent Russian authority and all consents, licences, approvals,authorisations and instrumentalities of, and registrations and/or declarationswith any authority within the Russian Federation required in connection withthe valid execution, delivery, performance or enforceability of this CreditAgreement (including without limitation the obtaining and transfer in USD of allamounts due under this Credit Agreement) have been obtained and made and are infull force and effect;

f)                              eachaction necessary under the statutes of the Borrower or under any otheragreement or instrument binding on the Borrower to authorise the execution,delivery and/or performance of this Credit Agreement has been duly taken andthe execution, delivery and performance of this Credit Agreement will notconflict with, or constitute a breach of the statutes of the Borrower or anysuch agreement or instrument binding upon the Borrower;

g)                           theBorrower is not in default under any agreement or instrument constitutingpresent or future payment obligations as debtor, surety or guarantor;

h)                           otherthan the UMC Litigation no litigation, administration or insolvency proceedingsare pending or, to the knowledge of the Borrower are threatened, whichadversely determined, would reasonably be expected to have a material adverseeffect on the assets or financial 

26

----

 

                                      conditionof the Borrower or on its right or ability to perform its obligations hereunderor would affect the legality, validity or enforceability of this CreditAgreement; and

i)                               allits payment obligations in connection with this Credit Agreement rank at leastpari passu in point of preference and security with all other unsecured andunsubordinated existing and future indebtedness owed to any creditor other thanthe Lenders, except for any preference being due to mandatory law.

14.        Financial Statements, Information andUndertakings (Covenants)

Until such date as all obligations incurred under thisCredit Agreement have been fulfilled in full, the Borrower shall:

a)                            furnishthe Facility Agent within 6 months from the end of its financial year withaudited annual financial statements (including profit and loss accounts and ex­planatorynotes) prepared in accordance with US GAAP (US Generally Accepted AccountingPrinciples, Standards and Practices) and provide the Facility Agent with suchadditional financial information as the Facility Agent may from time to timereasonably request. In the event that completion and adoption of the financialstatements should be delayed, the Borrower shall furnish the Facility Agentwith provisional profit and loss accounts and balance sheet figures within 6months after the end of its financial year;

b)                           informthe Facility Agent without delay of the occurrence of any of the eventsmentioned in Clause 12 hereof and in the event any of the Representations andWarranties mentioned in Clause 13 hereof ceases to be true or correct in anymaterial respect;

c)                            onlywith the prior written consent of the Lenders agree upon any modificationand/or amendment to the Export Contracts or, as the case may be, the AdditionalExport Contract, which represents a material change to the Export Contracts orAdditional Export Contract, including but not limited to changes in theprice/currency, terms of payment, country of origin, delivery and/orinstallation periods etc.;

d)                           obtainand keep in full force all authorisations, licenses, approvals and permits(governmental or otherwise) which are required for the validity andenforceability of this Credit Agreement;

e)                            complywith all applicable laws, rules, regulations and orders including allenvironmental laws and all applicable restrictions imposed by all governmentalauthorities (including but not limited to the central bank of the RussianFederation) and do all such acts and things which are required thereunder, iffailure so to comply will or in the reasonable opinion of the Lenders may,materially impair the ability of the Borrower to perform its obligations,whether in respect of any payment of principal, interest, fees, costs orexpenses or otherwise, under this Credit Agreement in strict compliance withits terms;

f)                              procurethat no substantial change is made to the general nature or scope of itsbusiness from that carried out on the date of this Credit Agreement andforthwith inform the Facility Agent of any circumstances which might result insuch change provided that the Borrower may amalgamate, merge, demerge orconsolidate with any Affiliate as part of any corporate restructuring unlessany such action would result in a material adverse change which falls withinthe scope of application of Clause 12.1.i) hereof;

g)                           immediatelyupon the Borrower’s knowledge or awareness thereof inform the Facility Agent ofany forthcoming amalgamation, demerger, merger, consolidation or corporatereconstruction of the Borrower;

h)                           ensurethat neither in a single transaction nor in a series of transactions, whetherrelated or not, all or any substantial part of its assets are sold,transferred, granted or leased or 

27

----

 

                                      otherwisedisposed of unless such sale, transfer, grant, lease or disposal is:      (i)            madein the ordinary course of trading of the disposing entity;

(ii)                                  ofassets in the exchange for other assets comparable or superior as to type,value and quality;

(iii)                               madeby the Borrower to any Affiliate of the Borrower unless any such transactionwould result in a material adverse change which falls within the scope ofapplication of Clause 12.1.i) hereof;

(iv)                              forcash or cash equivalents;

(v)                                 wherethe book value of such asset (when aggregated with the book value of each otherasset disposed of under this sub-clause (v)) (in each case as calculated inaccordance with US GAAP) does not exceed 25% of the Borrower’s Total Assets inany financial year of the Borrower and provided that at all times the disposalof such assets will be made for full consideration and will not lead to anymaterial adverse change which would fall within the scope of Clause 12.1 i). Atthe request of the Facility Agent (any such request to be made no more thanonce per calendar quarter, unless an Event of Default is continuing), theBorrower shall provide a certificate to the Agent setting out in reasonabledetail the book value of any assets disposed of under this sub-clause (v) (calculatedin accordance with US GAAP); or

(vi)                              involvingthe transfer of any or all of the Borrower’s shares in UMC pursuant to the UMCLitigation to a person that is not the Borrower or any of its Subsidiaries.******

When calculating the Borrower’s Total Assets under sub-clause (v) above,if the annual consolidated balance sheet of the Borrower for the immediatelypreceding financial year of the Borrower is not available, the Borrower’s TotalAssets shall be calculated by reference to the draft audit report thenavailable for that financial year and any other evidence reasonably requestedby, and reasonably satisfactory to, the Facility Agent.

i)                               doall such things as are necessary to maintain its corporate existence and ensurethat it has the right and is duly qualified to conduct its business;

j)                               notcreate or agree to create any mortgage, charge, pledge, lien or other securityinterest on the whole or any part of its assets to secure any indebtedness owedto any creditor other than the Lenders (for the avoidance of doubt, anysuretyship or guarantee shall not be deemed a security for the purposes of thisparagraph), unless the Credits shall at the same time be secured equally andrateably therewith to the Lenders’ satisfaction other than any Permitted Lien(as defined hereinafter)

“Permitted Lien” means:

(i)          anylien on any property or assets of any person existing at the time such personis merged or consolidated with or into the Borrower and not created incontemplation of such event;

(ii)       anylien existing on any property or assets prior to the acquisition thereof by theBorrower and not created in contemplation of such acquisition;

(iii)           any lien on any property or assets securingindebtedness of the Borrower incurred or assumed for the purpose of financingall or part of the cost of acquiring or constructing or refurbishing anyproperty or assets, provided that the aggregate principal amount of allindebtedness secured by liens under this sub-Clause (iii) shall not exceedthe lower 

28

----

 

                     of (x) thepurchase price of such property or assets and (y) the fair market value ofsuch property or assets at the time of acquisition, or construction orrefurbishment;

(iv)          any netting or set-offarrangement entered into in the ordinary course of the Borrower’s bankingarrangements for the purpose of netting debit and credit balances;

(v)         any lien arising by operation of law either (a) inthe ordinary course of business; or (b) in respect of taxes, assessments,government charges or claims, including without limitation those in favour ofRussian governmental fiscal authorities;

(vi)          any lien on the property or assets of theBorrower securing inter-company indebtedness;

(vii)       any extension, renewal or replacement of anylien described in sub-Clauses (i) to (vi) above, provided that (a) suchextension, renewal or replacement shall be no more restrictive in any materialrespect than the original lien, (b) the amount of indebtedness secured bysuch lien is not increased and (c) if the property, income or assetssecuring the indebtedness subject to such lien are changed in connection withsuch refinancing, extension or replacement, the fair market value of theproperty, income or assets is not increased;

(viii)    any other lien, pledge, mortgage or other typeof encumbrance, provided that immediately after giving effect to such lien,pledge, mortgage or other type of encumbrance the Borrower’s securedindebtedness in the aggregate do not exceed 10% of the book value of theaggregate amount of the Borrower’s total assets, determined by reference to itsmost recent quarterly or, as the case may be, audited  annual unconsolidated balance sheet;

(ix)        easements, rights-of-way,and any other similar charges and legally binding restrictions or encumbrancesincurred in the ordinary course of business and not interfering in any materialrespect with the business of the Borrower or the Business of any Subsidiary ofthe Borrower, including any encumbrance with respect to an equity interest ofany joint venture agreement;

k)                            ensurethat its payment obligations under this Credit Agreement rank at least paripassu with all its other present and future unsecured payment obligations.

15.                       Assignability

15.1                 The Borrower maynot assign all or any of its rights and claims under this Credit Agreement.

15.2                 Unless (i) theassignment is to an Affiliate of a Lender or to another Lender or to EKN or SEKor (ii) an Event of Default has occurred, any assignment occurring afterthe date of this Credit Agreement by any Lender shall require the consent ofthe Borrower, provided that (x) such consent shall not be unreasonablywithheld or delayed; and (y) unless the Borrower has notified the FacilityAgent to the contrary within 5 Banking Days of receiving notice of the intendedassignment, the Borrower will be deemed to have given consent to thatassignment.

15.3                 Any Lender mayalso disclose to any person to whom it assigns or intends to assign its rightsand obligations hereunder such information about the Borrower and the CreditAgreement, as such Lender shall consider necessary.

 

29

----

 

16.                       Statementsand Notices
| 16.1 | Any  notices or other communications in connection with this Credit Agreement are  to be made by letter or by written means of telecommunication, and to be sent  to the following addresses: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| Borrower:             | OJSC Mobile TeleSystems                                                                                                         |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                  | 4 Marksistskaya Street                                                                                                          |
|                  | Moscow 109147                                                                                                                   |
|                  | Russian Federation                                                                                                              |
|                  |                                                                                                                            |
|                  | Telefax: + 7 095 223-2168   Attention of Ms. Marina V. Zabolotneva   Head of the Treasury Department                       |
|                  |                                                                                                                            |
| Facility Agent:       | ING Bank N.V.                                                                                                                   |
| (for and on behalf of | Syndicated Loans / Agency HD 01.05                                                                                              |
| the Lenders)          | Bijlmerplein 888                                                                                                                |
|                  | 1102 MG Amsterdam                                                                                                               |
|                  | The Netherlands                                                                                                                 |
|                  |                                                                                                                            |
|                  | Telephone:+31 20 563 5140   Telefax:+31 20 576 8785   Attention of: Mr Kenneth   van Coblijn, Senior Officer   Syndicated Loans |

 
| 16.2   | The Borrower shall  provide the Facility Agent with specimen signatures in form and substance as  per Annex 4 of those persons who are authorised to act on its behalf.                                                                                                                                                                                            |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                               |
| 16.3   | Any alteration  in the above-mentioned companies’ names, addresses and power of  representation shall be binding upon the other contracting party only upon  receipt by such other party of written notification or documents evidencing  such alteration.                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                               |
| 16.4   | All correspondence between the parties hereto shall  be conducted and carried out in the English lan­guage. Should the wording of  any document be in a language other than English such document shall be  accompanied by a translation certified to be true and accurate that is either  authorised by the person who produced it or by a sworn translator. |

17.                     Miscellaneous
| 17.1   | The Borrower shall  perform its obligations under this Credit Agreement notwithstanding any  failure by the Exporter to fulfil its obligations under the Export Contracts,  or any Additional Export Contract or otherwise and the Borrower shall not use  any such failure as an excuse, defence, set-off or counterclaim in respect of  the Borrower’s obligations under this Credit Agreement. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| 17.2   | In satisfaction of the  Lenders’ respective obligations under the Money Laundering Act, to record the  economical beneficiary of borrowing hereunder, the Borrower hereby confirms  that the borrowing of the Credits is made on its own behalf and for its own  account.

                                                                                                                  |

18.                       CurrencyIndemnity

In the event that for thepurpose of obtaining judgement in any court of any country or enforcement ofany judgement by the Lenders it becomes necessary to convert an amount of thecurrency due hereunder (the “Agreed Currency”), into an amount of anothercurrency (the “Judgement 

30

----

 

Currency”), then theamount due hereunder, expressed in the Judgement Currency, shall be determinedon the basis of the rate of exchange at which the Facility Agent for account ofthe Lenders is able to purchase the relevant amount of the Judgement Currencyon the Banking Day immediately before the day on which the judgement is givenor on such earlier date as may be required by the procedural law of the courtin which the judgement is sought (the “Agreed Conversion Date”).

In the event of a change in such rate of exchangebetween the Agreed Conversion Date and the date of actual payment, the Borrowershall pay such additional amounts of the Judgement Currency (or the Lendersthrough the Facility Agent shall remit to the Borrower amounts of suchcurrency) as may be appropriate to ensure that the amounts of the JudgementCurrency paid by the Borrower, when converted at the rate of exchange asdefined above prevailing at the date of actual payment, shall produce in totalthe amount of the Agreed Currency due hereunder together with any premium orcosts of exchange payable in connection with the purchase or conversion intothe Agreed Currency.

Any such additional amounts due shall be due as aseparate debt and shall not be affected by a judgement being obtained for anyother sums due under or in respect of this Credit Agreement.

19.                       ApplicableLaw and Jurisdiction
| 19.1   | This Credit Agreement,  as well as all the rights and obli­gations arising there­from, shall be  governed by and construed in accor­dance with the laws of England.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 19.2   | Any  dispute, claim or controversy arising out of or in connection with this  Credit Agreement including any question regarding its existence, validity or  termination, shall be referred to and finally resolved by arbitration under  the London Court of International Arbitration (LCIA) Rules (for the  purpose of this subclause, the Rules).

 

The  Rules are incorporated by reference into this subclause and capitalised  terms used in this Subclause which are not otherwise defined in this  Agreement, have the meaning given to them in the Rules.

 

Such  arbitration shall be conducted by three arbitrators, one of whom shall be  nominated by the claimant(s), one by the defendant(s) and the third to  be agreed between the two arbitrators so appointed and, if the two  arbitrators cannot appoint the third arbitrator within 30 days of their  appointment, the third arbitrator shall be appointed by the President of the  LCIA. If no arbitrator is appointed by either of the parties within 30 days  of a party electing to use arbitration under paragraph (a) above, all  three arbitrators will be appointed by the President of the LCIA. If all  disputing parties agree, the President of the LCIA may appoint a sole  arbitrator.

 

The seat, or legal  place of any arbitration shall be London and the language to be used in the  proceedings English.

  |

20.        General Provisions
| 20.1   | This Credit Agreement  shall not be capable of being waived, modified or varied otherwise than by an  express waiver, modification or variation in writing. Any delay or failure on  the part of the Lenders and/or the Facility Agent in exercis­ing any of their  rights under this Credit Agreement shall not be regarded as a waiver of these  rights or as acquiescence in any conduct contravening the terms of this  Credit Agreement. Exer­cise of single rights only, or merely partial exercise  of any rights shall not preclude the claiming in the future of any rights not  yet or only partially exercised. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 20.2   | In the event of any  provisions laid down in this Credit Agreement being or becoming wholly or  partially ineffective in law, the other provi­sions of this Credit Agreement  shall remain in force.                                                                                                                                                                                                                                                                                                                                                                                                                            |

31

----

 
|      | Any insuffi­ciency  thus created shall be filled by a corresponding provision consistent with the  spirit and purpose of this Credit Agreement.

  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 20.3 | This Agreement  shall be executed in the English language.                                                                                                   |

 
|        | OJSC Mobile TeleSystems                                    |
|--------|------------------------------------------------------------|
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | (legally binding signature(s))                             |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | Citibank, N.A., in its capacity as Mandated Lead  Arranger |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | (legally binding signature(s))                             |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | ING Bank N.V., in its capacity as Mandated Lead  Arranger  |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | (legally binding signature(s))                             |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | ING Bank N.V., in its capacity as Facility Agent           |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | (legally binding signature(s))                             |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | ING Bank N.V., in its capacity as Lender                   |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | (legally binding signature(s))                             |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | Citibank International plc in its capacity as Lender       |
|   |                                                       |
|   |                                                       |
|   |                                                       |
|   | (legally binding signature(s))                             |

32

----

 
|        | Citibank International plc. in its capacity as EKN  Agent |
|--------|-----------------------------------------------------------|
|   |                                                      |
|   |                                                      |
|   |                                                      |
|   | (legally binding signature(s))                            |

 

33

----

 

Annex 1a

 
| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans  / Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG  Amsterdam                                                     |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Certificate forReimbursement

CreditAgreement dated [date],2005 in the amount of USD 130,752,548

 [as increased by USD 36,570,937 *](the “CreditAgreement”)

Wehereby confirm to you that we have paid to the Exporter an amount of USD _____________representing the last 85% of the total value of deliveries made by the Exporterunder the Export Contracts / Additional Export Contract* during the period from______________(date) to ___________(date).

Accordingto Clause 3.2.a) of the Credit Agreement, the amount of USD__________ is thusto be paid to us to our account no. _________ with _______________

Weconfirm that the Representations and Warranties mentioned under Clause 13 ofthe Credit Agreement are true and correct in all material respect as of thedate hereof.

____________________________________(place)(date)

OJSC Mobile TeleSystems

____________________________________(legally binding signature(s) of the Borrower)

We,the undersigned, herewith confirm that:

(i) Wehave made the above captioned deliveries and have received the above-mentionedamount(s)

(ii) Wehave received the 15% down payment associated with the above captioneddeliveries*.*

(iii) Thegoods delivered are eligible for financing under this Credit Agreement and areeligible for support under the terms of the [Insurance Agreement] /  [the Supplemental Insurance Agreement] *

___________________________________(place)(date)

Ericsson AB

___________________________________(legally binding signature(s) of the Exporter)

**** Please delete as appropriate***

34

----

 

Annex 1b

 
| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans  / Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG  Amsterdam                                                     |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Certificate forDisbursement

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

Wehereby confirm to you that during the period from ______________(date) to ___________(date)we have made deliveries of _____________ under the Export Contracts /Additional Export Contract* in the total value of USD ____________ and we havepresented to you documents in conformity with Clause 3.2.b) of the CreditAgreement.

Atpresent, the amount due to us under the Export Contracts / Additional ExportContract* on the basis of the aforementioned deliveries amounts to 85% of thedeliveries*.*

Weconfirm having received the 15% down payment associated with the aforementioneddeliveries*.*

Accordingto Clause 3.2.b) of the Credit Agreement, the amount of USD _________ is thusto be paid to us. Please effect payment to us to our account no. _______ with ____________..

We,the undersigned, herewith confirm that:

(i) Wehave made the above captioned deliveries and have received the above-mentionedamount(s)

(ii) Wehave received the 15% down payment associated with the above captioneddeliveries*.*

(iii) Thegoods delivered are eligible for financing under this Credit Agreement and areeligible for support under the terms of the [Insurance Agreement] /  [the Supplemental Insurance Agreement] *

______________           ________________(place)                                (date)

EricssonAB

___________________________________(legally binding signature(s) of the Exporter)

* ***Please delete as appropriate***

35

----

 

Annex 1c

To

OJSCMobile TeleSystems

4Marksistskaya Street

Moscow109147

RussianFederation

__________________

Certificate for Disbursementfor the Insurance Premium

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

DearSirs,

Asper the attached copy of the EKN Guarantee offer dated ___________ theInsurance Premium / Additional Insurance Premium* in the amount of USD __________was/will become due and payable to EKN on _______________ . According toClause 11.2 / 11.3* of the Credit Agreement, the amount of USD _____________ ispayable to us/ In order to achieve fulfilment of the condition precedent as perArticle 4.2.b) and your obligations as per Article 11.2 / 11.3*please pay to us the Insurance Premium / Additional Insurance Premium*calculated by the Facility Agent to amount to USD _____________ which willbecome due and payable to EKN shortly*.

Pleaseremit the aforementioned amount to [ ]. Reimbursement to you will be madepursuant to Clause 3.4 of the Credit Agreement.

Amsterdam,_____________                                                             __________________________                                                                                                                 INGBank N.V.

*** Please delete as appropriate**

36

----

 

Annex 1d

 
| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans  / Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG  Amsterdam                                                     |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Certificate forReimbursementin case of application of the Special Payment Procedure

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

Wehereby confirm to you that the Exporter made deliveries/rendered services*under the Export Contracts / Additional Export Contract* during the period from______________(date) to ___________(date) in the total amount of USD __________and that we have instructed the Passport Bank to effect payment of USD ____________to the Exporter representing the last 85% of the total value of such deliveriesmade/services rendered*.

Accordingto Clause 3.2.a) of the Credit Agreement, the amount of USD__________ is thusto be paid to us to our account no. _________ with the Passport Bank.

Weconfirm that the Representations and Warranties mentioned under Clause 13 ofthe Credit Agreement are true and correct in all material respect as of thedate hereof.

___________________________________(place)(date)

OJSC Mobile TeleSystems

___________________________________(legally binding signature(s) of the Borrower)

**** Please delete as appropriate***

37

----

 

Annex 1e

To

OJSCMobile TeleSystems

4Marksistskaya Street

Moscow109147

RussianFederation

__________________

Certificate for Disbursement for the Insurance Premiumin case of application of the Special Payment Procedure

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD 36,570,937*](the “CreditAgreement”)

DearSirs,

Asper the attached copy of the EKN guarantee offer dated ___________ theInsurance Premium in the amount of USD __________ was/will become due andpayable to EKN in connection with the first Drawdown as specified by EKN

Accordingto Clause 11.2 of the Credit Agreement, the amount of USD _____________ ispayable to us/In order to achieve fulfilment of the condition precedent as per Article 4.2.b)and your obligations as per Article 11.2 please pay to us, through thePassport Bank, the Insurance Premium calculated by the Facility Agent to amountto USD ___________ which will become due and payable to EKN shortly*.

Pleaseinstruct the Passport Bank to remit the aforementioned amount to us inaccordance with the terms and conditions of the certain disbursement agreemententered into between you, us and the Passport Bank, and which provides for theSpecial Payment Procedure. Reimbursement to you will be made pursuant to Clause3.4 of the Credit Agreement.

Amsterdam,_____________                                                             __________________________                                                                                                                 INGBank N.V.

#### **** Please delete as appropriate***

38

----

####  

Annex 1f

 
| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans /  Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG Amsterdam                                                      |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Request for afixed interest rate

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

Werefer to Clause 5.2 (d) of the Credit Agreement. We hereby request theLenders to offer us a fixed interest rate for all amounts outstanding under theCredit Agreement and for the remaining amount and lifetime of the Credits.

Weconfirm that the Representations and Warranties mentioned under Clause 13 ofthe Credit Agreement are true and correct in all material respect as of thedate hereof.

___________________________________(place)(date)

OJSC Mobile TeleSystems

___________________________________(legally binding signature(s) of the Borrower)

39

----

 

#### Annex 2a

| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans /  Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG Amsterdam                                                      |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Confirmation ofMean delivery of Equipment and Softwarein relation to the Export Contracts

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

We hereby confirm to youthat in respect of the Export Contracts as mentioned in the Preamble of theabove-mentioned Credit Agreement the mean delivery of equipment and softwareand for operation in relation to the several operation units (starting point)took place on ______________ .

_____________              _____________(place)                                (date)

_________________

___________________________________(legally binding signature(s) of the Exporter)

****Please delete as appropriate***

40

----

 

Annex 2b

 
| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans /  Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG Amsterdam                                                      |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Confirmation ofMean delivery of Equipment and Softwarein relation to the Additional Export Contract

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

We hereby confirm to youthat in respect of the Additional Export Contract as mentioned in the Preambleof the above-mentioned Credit Agreement the mean delivery of equipment andsoftware in relation to the additional operation units (starting point) tookplace on ______________ .

_____________              _____________(place)                                (date)

_________________

___________________________________(legally binding signature(s) of the Exporter)

****Please delete as appropriate***

41

----

 

Annex 3

 
| ING Bank N.V.                                                          |
|------------------------------------------------------------------------|
| Syndicated Loans /  Agency HD 01.05                                    |
| Bijlmerplein 888                                                       |
| 1102 MG Amsterdam                                                      |
| The Netherlands                                                        |
|                                                                   |
| Attention of: Mr  Kenneth van Coblijn, Senior Officer Syndicated Loans |

 

Specimen Signature List

CreditAgreement dated [date],2005 in the amount of USD 130,752,548 [as increased by USD [36,570,937]*](the “CreditAgreement”)

Dear Sirs,

Pursuant to the provisions of the above Credit Agreement we arerequired to provide you with certified specimen signatures of those personsauthorised to act on our behalf in connection with the said Credit Agreement.

Accordingly, we herewith confirm to you that the persons listedhereafter are authorised to act on our behalf in connection with the saidCredit Agreement.

42

----

 

A. Persons (if any) authorised to sign singly:
| **Person** | ** ** | **First Name** | ** ** | **Surname** | ** ** | **Position** | ** ** | **Date of Birth** | ** ** | **Place of Birth** | ** ** | **Nationality** | ** ** |
|------------|------------|----------------|------------|-------------|------------|--------------|------------|-------------------|------------|--------------------|------------|-----------------|------------|
| 1          |       |           |       |        |       |         |       |              |       |               |       |            |       |
| 2          |       |           |       |        |       |         |       |              |       |               |       |            |       |
| 3          |       |           |       |        |       |         |       |              |       |               |       |            |       |

 
| **Person** | ** ** | **Address** | ** ** | **Sort and Number  of Identity Card** | ** ** | **Identity Card  Issuing Authority** | ** ** | **Specimen Signature** | ** ** |
|------------|------------|-------------|------------|---------------------------------------|------------|--------------------------------------|------------|------------------------|------------|
| 1          |       |        |       |                                  |       |                                 |       |                   |       |
| 2          |       |        |       |                                  |       |                                 |       |                   |       |
| 3          |       |        |       |                                  |       |                                 |       |                   |       |

 

B. Persons authorised to sign jointly with any person from Group A orB:
| **Person** | ** ** | **First Name** | ** ** | **Surname** | ** ** | **Position** | ** ** | **Date of Birth** | ** ** | **Place of Birth** | ** ** | **Nationality** | ** ** |
|------------|------------|----------------|------------|-------------|------------|--------------|------------|-------------------|------------|--------------------|------------|-----------------|------------|
| 1          |       |           |       |        |       |         |       |              |       |               |       |            |       |
| 2          |       |           |       |        |       |         |       |              |       |               |       |            |       |
| 3          |       |           |       |        |       |         |       |              |       |               |       |            |       |

 
| **Person** | ** ** | **Address** | ** ** | **Sort and Number  of Identity Card** | ** ** | **Identity Card  Issuing Authority** | ** ** | **Specimen Signature** | ** ** |
|------------|------------|-------------|------------|---------------------------------------|------------|--------------------------------------|------------|------------------------|------------|
| 1          |       |        |       |                                  |       |                                 |       |                   |       |
| 2          |       |        |       |                                  |       |                                 |       |                   |       |
| 3          |       |        |       |                                  |       |                                 |       |                   |       |

 

I, ____________________________(please specify title), hereby certifythat the specimen signatures listed above are the authentic signatures ofpersons authorised to act on the Borrower’s behalf in connection with theCredit Agreement in the amount of USD ___________

______________           ________________                                ____________________________(place)                                (date)                                                           (legallybinding signature of

                                                                                                ______________________)

I/We, ___________________________(ING Bank (Eurasia) ZAO, Moscow),hereby certify the authenticity of the above signature of

43

----

_________________    _________________                               ___________________                                                                                                                 (INGBank (Eurasia) ZAO, Moscow)                                                                                                                 (place)                                (date)

_____________________________(legally binding signature(s))

****Please delete as appropriate***

 

44

----