Exhibit10.51

Limited Liability Company‘‘Promyshlenno-finansovayakompania’’(LESSOR)

and

MOSCOWREPRESENTATIVE OFFICE OF CTC MEDIA,INC.(LESSEE)

PRELIMINARYCONTRACT ON CONCLUSION OFAGREEMENTS

November  10,2006City of Moscow

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TABLE OFCONTENTS

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| 1.  |  |  | TermsandDefinitions                                                                     |  |  |  |  | 3  |  |
| 2.  |  |  | Subject-Matterof Contract and Term ofContract                                           |  |  |  |  | 3  |  |
| 3.  |  |  | TheLessor’sObligations                                                            |  |  |  |  | 4  |  |
| 4.  |  |  | TheLessee’sObligations                                                            |  |  |  |  | 6  |  |
| 5.  |  |  | CoordinationProcedure for the Working Project and Conduction of the Lessee’sWorks |  |  |  |  | 7  |  |
| 6.  |  |  | Insurance                                                                               |  |  |  |  | 8  |  |
| 7.  |  |  | Executionof the Lease Agreement and the ParkingAgreement                                |  |  |  |  | 9  |  |
| 8.  |  |  | SecurityDeposit                                                                         |  |  |  |  | 12 |  |
| 9.  |  |  | VAT                                                                                     |  |  |  |  | 12 |  |
| 10. |  |  | Refusalof Contract Execution. Liability of theParties                                   |  |  |  |  | 12 |  |
| 11. |  |  | Procedureof DisputeResolution                                                           |  |  |  |  | 15 |  |
| 12. |  |  | ConfidentialInformation                                                                 |  |  |  |  | 15 |  |
| 13. |  |  | Notices                                                                                 |  |  |  |  | 16 |  |
| 14. |  |  | OtherProvisions                                                                         |  |  |  |  | 16 |  |
| 15. |  |  | LegalAddresses, Bank Requisites and Signatures of theParties                            |  |  |  |  | 17 |  |
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| ScheduleNo.1  |  |  | DEFINITIONS                                                                                                                       |  |  |  |  | 18 |  |
| ScheduleNo. 2 |  |  | FLOOR PLANS OF THEPREMISES                                                                                                        |  |  |  |  | 20 |  |
| Schedule No.3 |  |  | DESCRIPTION OF THE PREMISES AND OF THE BUILDING AT THE MOMENTWHEN THE PREMISES ARE ‘‘READY FORFINISHING’’ |  |  |  |  | 22 |  |
| ScheduleNo. 4 |  |  | REQUIREMENTS TO THE BUILDING AND THE PREMISES ON THEBUILDING START-UP DATE IN ACCORDANCE WITH PARAGRAPH 3.7HEREOF                 |  |  |  |  | 24 |  |
| Schedule No.5 |  |  | FORM OF THE ACT OFACCESS                                                                                                          |  |  |  |  | 35 |  |
| Schedule No.6 |  |  | LIST OF SERVICES NECESSARY FOR CONDUCTION OF THELESSEE’S WORKS IN THEPREMISES                                               |  |  |  |  | 36 |  |
| Schedule No.7 |  |  | LEASE AGREEMENTDRAFT                                                                                                              |  |  |  |  | 38 |  |
| Schedule No.8 |  |  | COMPOSITION OF THE WORKINGPROJECT                                                                                                 |  |  |  |  | 91 |  |
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PRELIMINARY CONTRACT ON CONCLUSION OFAGREEMENTS

THE PRESENT PRELIMINARY CONTRACT ON CONCLUSION OFAGREEMENTS (hereinafter referred to as the‘‘**Contract**’’) is executed inMoscow, Russian Federation on November  10,  2006between:

Limited Liability Company‘‘Promyshlenno-finansovaya kompania’’(hereinafter referred to as the‘‘**Lessor**’’), a legal entityorganized and existing under the laws of the Russian Federation,certificate Series 77 No. 000662507 of state registration under No.1027731004861, issued on October  15,  2002 by the Ministryon taxes and levies of the Russian Federation, located at 23, OsennyBoulevard, Moscow, represented by the General Director, Mr.Rasskazov  Nikolay  Nikolaevitch, acting on the basis ofthe Charter, on the one hand, and

Moscow Representative Office ofCTC Media, Inc. (hereinafter referred to as the‘‘**Lessee**’’), Certificate ofregistration in the unified state register No. 14167 issued onOctober  4,  2004 by the State Registration Chamber at theMinistry of Justice of the Russian Federation, Authorization No. 10172issued on October  4,  2004 by the State RegistrationChamber at the Ministry of Justice of the Russian Federation, locatedat 12, 3rd Khoroshevskaya Ul., Moscow, acting in theinterests of CTC Media, Inc. (a legal entity organized and existingunder the laws of Delaware, USA, with its registered office at2711,  Centerville Road, Suite 400, Wilmington, Delaware 19808,USA) represented by the Head of Representative Office, Mr.Gikalo  Stanislav  Aleksandrovitch, acting on the basis ofthe power of attorney dated March  23,  2005, on the otherhand, (hereinafter the Lessor and the Lessee can be separately referredto as the ‘‘**Party**’’ andjointly — as the‘‘**Parties**’’).

Herebythe Parties have agreed as follows:

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| 1.  | Terms andDefinitions |

Definitions of the terms used in the presentContract are contained in Schedule 1 hereto or in the texts of theLease Agreement and Parking Agreement.

Unless otherwise providedin the text hereof, in the present Contract:

referencesto numbers of articles, sections, paragraphs and schedules shall meanreferences to the corresponding articles, sections, paragraphs andschedules hereof;

an obligation of a Party not tocommit an action or not to omit an action shall include the obligationto prevent any third parties from such actions or omission of suchactions;

numeration, titles of the articles, sections,paragraphs and schedules hereof are used exclusively for convenienceand do not affect interpretation of such articles, sections, paragraphsand schedules;

unless otherwise is provided for in thepresent Contract, a ‘‘day’’ shall mean acalendar day.

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| 2.  | Subject-Matter of Contract and Term ofContract |

The Parties have concluded the present Contract relyingon the following:

The Lessor is the investor ofconstruction of the Building according to the Investment Contract withOOO ‘‘Rybstroyinvest’’ (hereinafter— the‘‘**Developer**’’).

The Developer constructs the Building on the basis of theResolution of the Government of Moscow No. 372-ПП‘‘On projection and construction of a multifunctionalcomplex with an office part and parking at Krylatskye Holmy in front ofvladenie 1-3 (western administrative district)’’ datedMay  20,  2003, the Agreement on Lease of the Land Plot andthe Construction Authorization.

ZAO‘‘MonolitKapitalStroy’’ is the GeneralContractor of the construction of the Building.

Inaccordance with the provisions of the Investment Contract, the Buildingshall be put into service not later than December  30,2007 and after this date the ownership right to the Building and allits premises, including the Premises, shall be registered in theLessor’s name.

Upon termination of construction,the Building shall serve as a high-class business center.

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Subject to terms and conditions agreed bythe Parties and specified in Article 7, the Lessor and the Lessee shallconclude the Lease Agreement according to which the Lessor will grantthe Lessee, subject to payment, for temporary holding and use, and theLessee will accept for such use non-residential premises located partlyon the 20th and 26th floors and marked with greencolor on the floor plans contained in Schedule 2 hereto (hereinafter— the ‘‘**Premises**’’).The Parties confirm that the above information on the Premises allowsto determine with certainty the property to be transferred to theLessee as the lease object under the Lease Agreement.

Totalconstruction area of the Premises shall constitute approximately 589.74(five hundred eighty nine point seventy four) square meters. Upontermination of the construction of the Building the area of thePremises will be adjusted in accordance with the data ofBTI*, and on the basis of these data the Leased Area of the Premises, Rent,Payments for Utility and Maintenance Services shall be calculated forthe purposes of the Lease Agreement. Simultaneously with signing of theLease Agreement the Parties shall conclude the Parking Agreement. TheParties shall agree on provisions of the Parking Agreement afterexecution hereof and shall execute it as an additional agreement heretonot later than February  1,  2007. For this purpose theParties shall cooperate. The maximum number of parking places to beprovided by the Lessor to the Lessee under the Parking Agreement shallbe 8 (eight) places (hereinafter — the ‘‘MaximumNumber of Places’’), which shall constitute an essentialterm of the Parking Agreement.

The exact price of theLessor’s services under the Parking Agreement shall bedetermined after the Lessee has decided on the exact number of parkingplaces consisting of fixed and non-fixed parking places, whereby:

the Lessee may use not more than 3 (three) places, for useof which 250 (two hundred fifty) Conventional Units per month for eachfixed place of the Lessee on the 2nd floor of the Buildingwill be charged;

the Lessee may use not more than 5(five) places, for use of which 225 (two hundred twenty five)Conventional Units per month for each non-fixed place of the Lessee onthe 3rd and 4th floors of the underground parkingof the Building will be charged, provided that for each unused place onthe 2nd floor of the Building the Lessee shall have theright to use one additional place on the 3rd and4th floors.

The Parties also agree to fulfill withrespect to each other certain additional obligations expressly providedfor in the present Contract.

The present Contract shall comeinto force upon its execution by the Parties and shall continue inforce till July  1,  2010 (hereinafter — the‘‘**Term of the Contract**’’).The present Contract may be terminated before expiration of the Term ofthe Contract on the grounds provided for in the present Contract or bythe effective laws. Hereby the Parties agree that execution of theLease Agreement and the Parking Agreement by the Parties shall mean dueperformance thereof by the Parties with respect to fulfillment of theobligations specified in paragraphs 2.2., 2.3. and 7.3. of the Contractand shall result in termination thereof with respect to suchobligations, whereby certain separate obligations of the Partiesexpressly provided for in the present Contract may continue to existafter execution of the Lease Agreement and Parking Agreement by theParties.

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| 3.  | The Lessor’s Obligations |

TheLessor shall be obliged to:

comply with all obligationsof the investor under the Investment Contract. The Lessor shallpromptly notify the Lessee of all cases of breaches of the InvestmentContract by any of its parties, if in the Lessor’s reasonableopinion such breach may impede due termination of construction of theBuilding, putting of the Building in service, registration of theLessor’s ownership right to the Building or to the Premises orfulfillment of the Lessor’s obligation hereunder. The Lessorshall promptly notify the 

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| * | BTI— Technical Inventory Bureau (translator’snote) |

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Lessee of termination of the InvestmentContract before putting the Building in service and of all amendments,additions and modifications of the Investment Contract. The Lessorshall provide the Lessee with the effective edition of the InvestmentContract at any time throughout the Term of the Contract within 24hours after receipt of the corresponding written request from theLessor.

the Lessor shall promptly notify the Lessee ofall other events which in the Lessor’s reasonable opinion mayimpede due termination of construction of the Building, putting of theBuilding in service, registration of the Lessor’s ownershipright to the Building or to the Premises or fulfillment of theLessor’s obligation under the Contract. In particular, suchevents include: suspension or annulment of the ConstructionAuthorization; annulment of the positive decision of the statecommission of experts with respect to the construction project of theBuilding entirely or in any part thereof; suspension or annulment(withdrawal) of the license of the Developer, general contractor ofconstruction of the Building; early termination of the Agreement on theLease of the Land Plot on which the Building is to be constructed.

provide all authorizations for conduction of correspondingworks in accordance with the effective laws permitting construction ofthe Building without any interruptions throughout the period of timestarting on the day of execution hereof and ending on the date of thedocument permitting putting of the Building in service in accordancewith the requirements of the effective laws.

not laterthan June  30,  2007 notify the Lessee in writing of theexact date of provision to the Lessee of access to the Premises incondition ‘‘ready for finishing’’ forconduction of the Lessee’s Works.

not later thanDecember  31,  2007 provide the Lessee with access to thePremises in condition ‘‘ready forfinishing’’ for beginning of conduction of theLessee’s works. Detailed requirements to condition of thePremises and the Building at the moment of readiness of the Premises‘‘for finishing’’ are contained in Schedule3 hereto. Hereby the Parties agree that at the moment of provision tothe Lessee of the access to the Premises they shall correspond to thedescription contained in Schedule 3 hereto, except for paragraphs 3,5.1.2 and 5.7 (hereinafter — the‘‘**Requirements on the AccessDate**’’). The Lessor’s fulfillment of theobligation to provide the Premises in condition corresponding to theRequirements on the Access Date shall be confirmed by signing by theParties of an Act of Access which shall contain (1) description of theactual condition of the Premises at the moment of provision of theright of access to the Lessee; (2) all defects of the Building and thePremises discovered during inspection and the agreed terms of theirelimination by the Lessor, and (3)  requirements to condition ofthe Building and the Premises which are not included into theRequirements at the Access Date, but are contained in Schedule 3 andthe terms for compliance with such requirements by the Lessor. TheLessor shall eliminate all defects of the Building and the Premisesdiscovered during such inspection in terms agreed by the Parties andspecified in the Act of Access and comply with all requirements to theBuilding and the Premises not included in the Requirements on theAccess Date and contained in Schedule 3. Upon execution of the Act ofAccess by the Parties the Lessor shall provide the Lessee’sauthorized representatives with access to the Premises for conductionof the Lessee’s Works 24 hours a day and 7 days a weekthroughout the period of time necessary for conduction of theLessee’s Works.

not later than January31,  2008 notify the Lessee in writing of an approximate date ofputting of the Building into service upon termination of itsconstruction.

in any case not later than June30,  2008 ensure putting of the Building into service upontermination of its construction in accordance with all requirements ofthe effective laws. Hereby the Parties agree that at the moment ofputting of the Building into service the Building and the Premisesshall comply with all requirements contained in Schedule 4 hereto. Iffor purposes of putting the Building into service is necessary tochange the Lessee’s Works already executed in conformity withthe Working Project approved by the Lessor in accordance with theprovisions of Article 5 hereof, the Lessor shall conduct all necessaryworks at its own cost with engagement of the contractor approved by theLessee.

not later than October  31,  2008provide registration of the Lessor’s ownership right to theBuilding including the Premises and deliver a notice of it togetherwith a copy of the Ownership Certificate to the Lessor.

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not to enter in any transactionwith any third parties with respect to the Premises, including not todispose of, assign or encumber in any other way its rights to theBuilding entirely or in any part arising from the Investment Contract,except for conclusion of agreements similar to the present Contractwith respect to premises in the Building other than the Premises andpledge of the rights from the Investment Contract and/or mortgage ofthe Building, and subject to a prompt written notice of all suchtransactions to the Lessee; not to change or amend the InvestmentContract without first obtaining a written consent of the Lessee ifsuch changes or amendments of the Investment Contract may result in anybreach of the Lessor’ obligations hereunder. In case of pledgeof the rights from the Investment Contract and/or mortgage of theBuilding, the Lessor shall obtain a written consent of the mortgagee toenter into the Lease Agreement on terms, specified in Schedule 7hereto, before signing the corresponding mortgage or pledge agreementand provide the Lessee with a notarized copy of such mortgagee’sconsent to the terms of the Lease Agreement.

promptlynotify the Lessor in writing of the following changes in composition ofthe Lessor’s shareholders: change in composition of the directshareholders of the Lessor existing on the date of execution of thepresent Contract provided that such change of shareholders results inredistribution of 30% (thirty percent) or more of theshareholdings in the charter capital of the Lessor, and redistributionof the shareholdings in the charter capital of the Lessor among itsshareholders provided that such redistribution regards 30%(thirty percent) or more of the shareholdings in the Lessor’scharter capital, and change of beneficial owners of legal entities whoare shareholders of the Lessor on the date of execution of the presentContract regardless of whether such changes took place as result of oneor more transactions, — throughout the Term of the presentContract.

submit in writing for the Lessee’sapproval all changes in the construction project of the Building whichmay result in modification of constructional characteristics of theBuilding and the Premises agreed by the Parties and contained inSchedule 4 hereto.

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| 4.  | The Lessee’sObligations |

The Lessee shall be obliged to:

notlater than December  31,  2007 provide the Lessee with acertified copy of the contractor’s agreement concluded by theLessee for conduction of the Lessee’s Works.

within 6 calendar month after signing the Act of Accessensure at its own cost completion of all the Lessee’s Works inthe Premises in accordance with the Working Project. All expenses ofthe Lessee for drafting and approval of the Working Project andconduction of the Lessee’s Works shall be accounted for by theLessee; the Lessee shall have the ownership right to all results of theLessee’s Works until those results of the Lessee’s Workswhich are considered Inseparable Improvements in accordance withprovisions of the present Contract or the Lease Agreement aretransferred to the Lessor.

Upon termination of theLessee’ Works in the Premises by the Lessee and putting of theBuilding into service in accordance with provisions of paragraph 3.7hereof the Parties may sign a Report on Advance Payments from the dateof which the Lessee shall be obliged to make monthly advance paymentson account of the Rent, due in accordance with the Lease Agreement forthe first year of the Lease Term, and Payments for Utility andMaintenance Services as follows:

Advance monthlypayments of the Rent for the first year of the Lease Term shall be madein Rubles in amount equal to 1/12 (one twelfth) of the product of617.76 (six hundred seventeen point seventy six) Conventional Units forthe area of the Premises in square meters determined on the basis ofthe Lessee’s Working Project;

Advance monthlypayments of the Payments for Utility and Maintenance Services shall bein amount equal to 1/12 (one twelfth) of the product of 2,754 (twothousand seven hundred fifty four) Rubles for the area of the Premisesin square meters determined on the basis of the Lessee’s WorkingProject.

Advance payments provided for in paragraphs4.3.1 and 4.3.2 shall be made in equal advance monthly payments notlater than the 5th day of the paid calendar month, and suchmonthly payments 

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shall be increased for the rate of the appliedVAT, unless otherwise is provided for by the effective laws of theRussian Federation. For calculation of payments for a period less thanone calendar month, it shall be deemed that any month is equal to 30(thirty) days. Such payment shall be made throughout the term beginningon the date of execution of the Report on Advance Payments and endingon the date of execution of the Lease Term and Transfer Act. If theParties sign such Report on Advance Payments, the Parties agree thatSchedule 7 hereto containing the terms of the Lease Agreement agreed bythe Parties shall be amended so that the Rent and the Payments forUtility and Maintenance Services for the first year of the Lease Termshall be recalculated under consideration of the corresponding advancepayments adjusted in accordance with the Leased Area and paid by theLessee in accordance with this paragraph 4.3, and such advance paymentsshall be set off in equal amounts with the Lessee’s obligationto pay the Rent and for Utility and Maintenance Services during thefirst year of the Lease Term.

From the date of the Report onAdvance Payments till the date of the Transfer Act the Lessee shall bealso obliged to compensate to the Lessor on a monthly basis the chargesfor electricity actually consummated in the Premises, and suchelectricity charges shall be calculated on the basis of the actualreading of the meters installed by and at the Lessor’s cost inthe place agreed by the Parties after submission of the Working Projectby the Lessee to the Lessor, and on the basis of the rates of theMoscow Utility Service being the electricity supplier for the Building(hereinafter — ‘‘Compensation of ElectricityCharges’’). The Lessee shall pay the Compensation ofElectricity Charges on a monthly basis in accordance with the actualcosts for the past month within 10 (ten) Business Days after receipt ofa duly executed invoice from the Lessor. The Lessee shall have theright to demand from the Lessor presentation of documents relating tocalculation of the Compensation of Electricity Charges indicated in theinvoice received by the Lessor from the Moscow Utility Service beingthe electricity supplier for the Building and the document confirmingthe payment of such invoice by the Lessor.

If the Parties decidenot to execute a Report on Advance Payments, the Lessee shall not beobliged to make any payments upon termination of the Lessee’sWorks in the Premises.

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| 5.  | Coordination Procedure for theWorking Project and Conduction of the Lessee’s Works |

Notlater than February  1,  2007 the Lessee shall submit tothe Lessor a final project for conduction of the Lessee’s Worksin the Premises together with other documents specified in Schedule 8hereto (hereinafter — the ‘‘**WorkingProject**’’), and the Parties agree that the Lesseeshall have the right to change insignificantly the Working Projectduring the period beginning on February  1,  2007 andending on June  15,  2007. For purposes of this paragraph5.1 ‘‘insignificant changes’’ shall meansuch changes which (a) do not involve any changes of the constructionproject of the Building, and (b) do not involve any additionalapprovals of the State Authorities with respect to the constructionproject of the Building. After June  15,  2007 no changesof the Working Project shall be allowed and the Lessor shall not takethem into consideration. The Lessor shall at its own cost and by itsown means make all necessary changes in the construction project of theBuilding and receive all necessary approval and authorizations from theState Authorities, so that the Lessee could begin the Lessee’sWorks not later than the date of signing by the Parties of the Act ofAccess and could conduct the Lessee’s Works in accordance withthe Working Project.

For purposes of preparation of the WorkingProject the Parties shall cooperate with each other in bona fide, dulyprovide each other with all required information and documents relatingto construction of the Building and its supply systems. If the Lesseeprovides the Lessor not later than December  30,  2006 witha requirements specification on introducing changes to the constructionproject and project of re-equipment of the emergency power-supplysystem of the Building based on the Lessee’s necessities, theParties shall execute an additional agreement hereto where they willdetermine the rights and obligations of the Parties with respect toexecution by the Lessor of such changes of the construction project andproject of re-equipment of the emergency power-supply system of theBuilding and compensation by the Lessee all document supported expensesof the Lessor.

Not later than March  1,  2007 theLessor shall notify the Lessee in writing of the Lessor’sapproval of the Working Project and the changes of the constructionproject of the Building corresponding to the 

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Working Project, so that the Lessee could havethe possibility to begin the Lessee’s Works not later than thedate of signing by the Parties of the Act of Access. If the Lesseefulfills the obligation provided for above in paragraph 5.1 afterFebruary  1,  2007, the date of fulfillment by the Lessorof the obligation provided for in this paragraph 5.3 shall be postponedfor the period of the Lessee’s delay in fulfilling theobligation provided for in paragraph 5.1.

Within 6 (six)calendar months beginning from the date of signing of the Act of Accesstill termination by the Lessee of the Lessee’s Works, the Lessorshall provide the Services to the Premises, so that the Lessee couldconduct the Lessee’s Works, and provisions of such Services inthe Premises shall comply with the terms contained in Schedule 6hereto.

The Lessee shall compensate the Lessor expenses incurredby the Lessor in connection with fulfillment of its obligationsprovided for in paragraph 5.4 on the amount of 1 275 (onethousand two hundred seventy five) Rubles for 1 (one) square meter ofthe area of the Premises, established on the basis of theLessee’s Working Project, per annum. The Lessee shall compensatethe Lessor’s expenses in accordance with this paragraph by equalmonthly advance payments not later than the 5th day of thepaid month on the basis of the invoices duly issued by the Lessor anddelivered to the Lessee not later than the 1st day of thepaid month, and monthly payments for a complete month shall be equal to1/12 (one twelfth) of product of 1 275 (one thousand two hundredseventy five) Rubles and the area of the Premises established on thebasis of the Lessee’s Working Project; payments for a periodwhich is not a complete calendar month shall be effectuated on thebasis of the number of days in the paid month.

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| 6.  | Insurance |

The Lessee shall ensure thatthe contractor conducting the Lessee’s Works has a contract oninsurance of its civil liability against damages caused to life and/orproperty of third parties within limits of full recovery costs of thedamaged property.

The Lessee shall insure at its own cost itscivil liability in cases of any damage caused to life and/or healthwith the liability limit not less than 1 000 000 (onemillion) US dollars and any damage caused to property of third partieswith the liability limit not less than 200 000 (two hundredthousand) US dollars which may arise as result of the Lessee’spossession of the results of the Lessee’s Works including allSeparable and Inseparable Improvements as defined in the LeaseAgreement, upon termination of the Lessee’s Works and signing bythe Parties of the Report on Advance Payments.

Upon terminationof the Lessee’s Works the Lessee shall insure theLessee’s finishing in the Premises including all effectuatedSeparable and Inseparable Improvements from all kinds of risks ofdamage or destruction.

Hereby the Parties agree that insuranceagreements provided for in paragraphs 6.2 and 6.3 of this Article 6(hereinafter — the ‘‘**InsuranceAgreements**’’) shall cover ‘‘allrisks’’ usually insured with respect to similar objects.At the Lessor’s first written request the Lessee shall providethe Lessor with a notarized copy of the insurance contract (insurancepolice) concluded with an insurance company and confirming theLessee’s compliance with its obligation specified in paragraphs6.2 and 6.3 within 15 (fifteen) business days upon receipt of theLessor’s request, but not earlier than the beginning of theLessee’s Works. The Lessee shall not act or fail to act, so thatany of the Insurance Agreements specified in this paragraph (insurancepolices) will become invalid or that insurance premiums will beincreased. The Lessee shall comply in all material aspects with theprovisions of the Insurance Agreements and with all reasonablerequirements of the insurance companies including requirements to payany increase of the insurance contribution, and the Lessee shall informthe Lessor of occurrence of any insurance event covered by theInsurance Agreement and of any other events of which insurancecompanies shall be notified.

Insurance compensation paid to theLessee shall be immediately used by the Lessee to restore the finishingof the Premises or in corresponding cases to compensate damages causedto the Lessor or to the third parties as result of occurrence of aninsurance event.

The Lessor shall ensure that all contractorsconducting construction of the Building and/or internal finishing worksin its separate premises and parts have insured their civil liabilityfor damage caused to life and/or health and/or property of thirdparties within limits of full recovery costs of the damaged

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property, and shall include such requirementin all agreements according to which third parties by their own meansand by using the contractors have the right to conduct any constructionor finishing works in the Building.

The Lessor shall provide atits own cost immediately after putting the Building into service as itis provided in paragraph 3.7 hereof and maintain throughout the Term ofthe present Contract insurance for damages to the Building for the fullrecovery cost of the Building and insurance of the Lessor’scivil liability to the Lessee and third parties with the limit of civilliability for damages caused to life and/or health not less than1 000 000 (one million) US dollar and with the limit ofcivil liability for damages caused to the third parties property notless than 200 000 (two hundred thousand) US dollars. The Partiesagree that insurance agreements provided for in this paragraph shallcover ‘‘all risks’’ usually insured withrespect to similar objects.

At the Lessee’s first writtenrequest, the Lessor shall provide the Lessee a notarized copy of theinsurance agreement (insurance police) with the insurance companyconfirming the Lessor’s compliance with the provisions ofparagraph 6.7 not later than 15 (fifteen) business days after receiptof the corresponding request. The Lessor shall not act or fail to act,so that any of the insurance agreements specified in this paragraph(insurance polices) will become invalid or that insurance premiums willbe increased. The Lessor shall comply in all material aspects with theprovisions of such insurance agreements and with all reasonablerequirements of the insurance companies.

If the Building or anypart of the Building is damaged or destructed as result of the eventsagainst which the Lessor is obliged to conclude insurance agreements inaccordance with paragraph 6.7 hereof, the Lessor shall restore thoseparts of the Building which were damaged or destructed within areasonable time.

With reference to insurance provided for inparagraphs 6.2, 6.3 and 6.7 the Parties agree to conclude insuranceagreements provided for in this Article 6 with an insurance companychosen by the Lessee or, if the Lessor does not agree to conclude aninsurance contract with the insurance company chosen by the Lessee, theParties agree that insurance agreements provided for in paragraphs 6.2,6.3 and 6.7 hereof shall be concluded by the Parties with the conditionthat the insurance companies waive their rights to take recourseactions against the wrongdoers.

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| 7.  | Executionof the Lease Agreement and the Parking Agreement |

The wording ofthe Lease Agreement agreed by the Parties and attached hereto shallconstitute an integral part hereof. The wording of the Lease Agreementmay be changed only by a written agreement of the Parties. Whereby theParties agree that:

prior to signing of the LeaseAgreement by the Parties, the following amendments, additions andcorrections shall be made, and this list of amendments, additions andcorrections shall be comprehensive:

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|  | i.  | on the title-page it shall benecessary to indicate the number of the Agreement on Lease of Premisesand the exact address of the Building in which the Premises areleased; |

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|  | ii.  | on page 1 in the firstline it shall be necessary to indicate the number of the LeaseAgreement and the execution date of the Lease Agreement; |

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|  | iii.  | on page 1 in paragraph (1) it shallbe necessary to indicate the number of the certificate of stateregistration of a legal entity issued to the Lessor, the date of issue,the Lessor’s actual address, name and surname of the signatoryof the Lease Agreement in the name of the Lessor and the details of thedocument on the basis of which this person acts; |

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|  | iv.  | on page 1 in paragraph (2) it shallbe necessary to indicate the Lessee’s address, the number of thecertificate of state registration, the date of its issue, name andsurname of the signatory of the Lease Agreement in the name of theLessee and the details of the document on the basis of which thisperson acts; |

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|  | v.  | in paragraph (A) ofthe introduction it shall be necessary to indicate the exact address ofthe Building and its area according to the OwnershipCertificate; |

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|--|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | vi.  | inparagraph 1.1 it shall be necessary to fill in the table cells incorrespondence with the column titles according to the BTI documents ofthe Premises and specify the Leased Area of the Premises; |

|  |            |                                                                                         |
|--|------------|-----------------------------------------------------------------------------------------|
|  | vii.  | in paragraph 1.4 it shall benecessary to indicate details of the Ownership Certificate; |

|  |             |                                                                                                                                                                                                                     |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | viii.  | in paragraph 1.5 it shall benecessary to indicate details of the mortgage agreement and informationabout the Mortgagee if the Building is mortgaged under the terms of thepresent Contract and the Lease Agreement; |

|  |           |                                                                                                                                                                                                                                                                               |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | ix.  | in paragraph 4.4 it shall benecessary to indicate the amount of the First Lease Payment inConventional Units calculated in accordance with the provisions of PartI of Schedule 4 to the Lease Agreement and subject to the provisions ofparagraph 4.6 of the Lease Agreement; |

|  |          |                                                                                                                                                                    |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | x.  | in paragraph 4.17 it shall benecessary to indicate the place of installation of electricity supplymeters to calculate the electricity consummated in the Premises; |

|  |           |                                                                              |
|--|-----------|------------------------------------------------------------------------------|
|  | xi.  | in paragraph 5.2 it shall benecessary to indicate the execution date hereof; |

|  |            |                                                                                                                      |
|--|------------|----------------------------------------------------------------------------------------------------------------------|
|  | xii.  | in paragraph 20.1 it shall benecessary to indicate the Lessor’s and the Lessee’s thecontact information; |

|  |             |                                                                                                      |
|--|-------------|------------------------------------------------------------------------------------------------------|
|  | xiii.  | inparagraph 22 it shall be necessary to indicate the details of theParties and of their signatories; |

|  |            |                                                                                                                                                     |
|--|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xiv.  | in paragraph 1 of Schedule 2 itshall be necessary to indicate the date in the definition of the‘‘Date of Lease Beginning’’; |

|  |           |                                                                                                                                                                     |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xv.  | in paragraph 1 of Schedule 2 itshall be necessary to indicate the address and the area of the Buildingin the definition of the‘‘Building’’; |

|  |            |                                                                                                                                                          |
|--|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xvi.  | inparagraph 1 of Schedule 2 it shall be necessary to indicate the addressof the land plot in the definition of the‘‘Territory’’; |

|  |             |                                                                                                                                                                                  |
|--|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xvii.  | in Part I of Schedule 4 it shallbe necessary to indicate in numbers and words the Leased Area of thePremises in the definition of ‘‘S’’ used informulas; |

|  |              |                                                                                                                                                                                   |
|--|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xviii.  | in Part II ofSchedule 4 it shall be necessary to indicate in numbers and words theLeased Area of the Premises in the definition of‘‘S’’ used in formulas; |

|  |            |                                                                                                           |
|--|------------|-----------------------------------------------------------------------------------------------------------|
|  | xix.  | in Schedule 6 to the Contract itshall be necessary to indicate the Contract number and its executiondate; |

|  |           |                                                                                                                                                                                                                                                                                                                                                                                                 |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xx.  | in paragraph (1) ofSchedule 6 of the Lease Agreement it shall be necessary to indicate thenumber of the certificate of state registration of a legal entityissued to the Lessor, the date of its issue, the Lessor’s actualaddress, name and surname of the signatory of the Transfer Act in thename of the Lessor and the details of the document on the basis ofwhich this person acts; |

|  |            |                                                                                                                                                                                                                                                                                                                                                      |
|--|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xxi.  | inparagraph (2) of Schedule 6 to the Lease Agreement it shall benecessary to indicate the Lessee’s address, the number of thecertificate of state registration, the date of its issue, name andsurname of the signatory of the Lease Agreement in the name of theLessee and the details of the document on the basis of which thisperson acts; |

|  |             |                                                                                                                                                                                                                                                             |
|--|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xxii.  | in paragraph 1 ofSchedule 6 to the Lease Agreement it shall be necessary to fill in thetable cells in correspondence to the column titles according to the BTIdocuments of the Premises and specify in numbers and in words theLeased Area of the Premises; |

|  |              |                                                                                                                                                             |
|--|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | xxiii.  | in paragraph 3 of Schedule 6 tothe Lease Agreement it shall be necessary to indicated the executiondate of the Act of Access and the execution date hereof; |

from the date of the Lease beginning under the LeaseAgreement and till termination of the Lease Term the Parties’relationships shall be governed by the Lease Agreement.

Within 7(seven) days after state registration of the Lessor’s ownershipright to the Building the Lessor shall notify the Lessee thereof inwriting and attach to such notice a copy of the Ownership 

10

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Certificate and the text of the LeaseAgreement, executed in accordance with paragraph 7.1, and the ParkingAgreement. The Parties agree that the Ownership Certificate shallcomply with the following requirements:

|  |           |                                                                                            |
|--|-----------|--------------------------------------------------------------------------------------------|
|  | (1)  | theline ‘‘Rightholder’’ shall contain theLessor’s full name; |

|  |           |                                                                                                                                                                                                                                                                           |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (2)  | the line‘‘Object of Right’’ shall containinformation on a non-residential building, the short description ofwhich shall correspond to the description of the Building contained inSchedule 4 hereto in extent provided for by the effective laws; |

|  |           |                                                                                                                                                                                                                                             |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3)  | the line ‘‘Existing Restrictions(Encumbrances) of the Right’’ shall not contain any entryof registered encumbrances other than those on which the Lessee wasduly notified in accordance with paragraph 3.10 hereof. |

TheParties shall execute the Lease Agreement and the amendments,modifications and corrections provided for in paragraph 7.1. and theParking Agreement within 3 business days after receipt by the Lessee ofthe Lessor’s written notice (the ‘‘Date ofCommencement of the Obligation to sign the LeaseAgreement’’) given in accordance with the provisionsof paragraph 7.2 hereof, for purposes of which the authorizedrepresentatives of the Parties shall meet in the place and at timewhich shall be agreed on by the Parties additionally. The Date ofCommencement of the Obligation to sign the Lease Agreement shall bedeemed to have not begun only if the Lessee notifies the Lessor inwriting of incompliance of the Ownership Certificate, the LeaseAgreement or the Parking Agreement with the conditions hereof. In suchcase the Date of Commencement of the Obligation to sign the LeaseAgreement shall be deemed to have occurred after correction by theLessor of all defects of the Ownership Certificate and the LeaseAgreement and the Parking Agreement so that they shall comply with theprovisions hereof, and any Party may give the other Party acorresponding notice thereof.

If one of the Parties does notsend its authorized representative in accordance with provisions ofthis Article 7 hereof or such authorized representative does not arrivein the place and in time agreed by the Parties for signing of the LeaseAgreement and the Parking Agreement, it shall be deemed a breach of theParty’s obligation to sign the Lease Agreement and the ParkingAgreement.

The Lessee shall have the right to notify the Lessorin writing of the state registration of the Lessor’s ownershipright to the Building subject to attaching to such notice of a copy ofan extract fromEGRP*and the text of the Lease Agreement, executed in accordance withparagraph 7.1, and the Parking Agreement, except for such informationwhich the Lessee does not possess and requirements to the Lessor tospecify in the text of the Lease Agreement such information which theLessee does not possess or provide the Lessor with documents necessaryfor specification of such information in the text of the LeaseAgreement. The Parties agree, that the extract from EGRP shall complywith the following requirements:

|  |           |                                                                                                  |
|--|-----------|--------------------------------------------------------------------------------------------------|
|  | (1)  | the line‘‘Rightholder’’ shall contain theLessor’s exact full name; |

|  |           |                                                                                                                                                                                                                                                                           |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (2)  | the line‘‘Object of Right’’ shall containinformation on a non-residential building, the short description ofwhich in extent provided for by the effective laws shall correspond tothe description of the Building contained in Schedule 4 hereto; |

|  |           |                                                                                                                                                                                                                                                |
|--|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3)  | the line ‘‘Existing Restrictions(Encumbrances) of the Right’’ shall not contain anyentrance on registered encumbrances other than those on which theLessee was duly notified in accordance with paragraph 3.10 hereof. |

In case of the Lessee’s notice indicated in this paragraph,the Parties agree to comply with provisions of paragraphs 7.3 and 7.4correspondingly.

Within 7 (seven) business days after receipt ofthe Lessor’s written request the Lessee shall provide the Lessorwith the Lessee’s documents and information necessary to applyfor state registration of the Lease Agreement. The Lessor shall beresponsible for submission of documents to Rosregistration and for allother actions necessary for state registration of the Lease Agreement.The Lessee shall compensate the Lessor 50% of theLessor’s document supported expenses in connection with thestate registration.

|  |
|--|

|   |                                                                       |
|---|-----------------------------------------------------------------------|
| * | EGRP— Unified State Register of Rights (translator’snote) |

11

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|          |                 |
|----------|-----------------|
| 8.  | SecurityDeposit |

The Parties agree that ‘‘SecurityDeposit’’ shall mean for the purposes hereof an amount ofmoney to be paid by the Lessee to the Lessor exclusively to secure theLessee’s obligation to sign the Lease Agreement and the ParkingAgreement and compensate any possible damage of the Lessor which mayarise in case of the Lessee’s failure to sign the LeaseAgreement and the Parking Agreement. Upon signing by the Parties of theLease Agreement and the Parking Agreement, the entire amount of theSecurity Deposit shall be set off for fulfillment of theLessee’s obligation to pay the Deposit under the LeaseAgreement. The Security Deposit shall no constitute an advance paymentmade under the present Contract and the Lease Agreement to pay theBasic Rent and/or other payments. The Security Deposit shall not beadjusted in case of adjustment of the area of the Premises on the basisof BTI documents. The Parties agree that the amount of the SecurityDeposit shall constitute an amount in Rubles equal to 58,706.00 (fiftyeight thousand seven hundred six) Conventional Units.

The Lesseeshall transfer to the Lessor the Security Amount together with thecharged VAT within 14 (fourteen) business days upon execution hereof bythe Parties.

No interest shall be accrued on the amount of theSecurity Deposit in the Lessor’s legal possession and nocompensation for use of such amount in money shall be paid. The Partiesagree that in cases provided for in the present Contract the amount inRussian Rubles equal to the amount of the Security Deposit expressed inConventional Units shall be returned. If the Lessor fails to return theSecurity Deposit to the Lessee in time provided for hereby, the Lesseeshall be entitled to charge the Lessor an interest (penalty) in theamount of 0.15% (zero point fifteen per cent) of the due amountfor each day of the Lessor’s delay to fulfill itsobligation.

All payments hereunder shall be made in RussianRubles on the Parties’ bank accounts specified in the presentContract; if an amount in the present Contract is expressed inConventional Units, the payment shall be made in Rubles in the amountequal to the amount expressed in Conventional Units at the officialexchange rate of the Central Bank of the Russian Federation(hereinafter — the ‘‘CB of the RF’’)on the payment date which for purposes hereof shall be the date ofwriting-off of the amount from the banc account of the paying Party. Apayment obligation hereunder shall be deemed fulfilled at the momentwhen the corresponding amount is written off from the correspondentaccount of the bank of the paying Party.

Any Party may changeits bank account by giving a notice thereof to the other Party at least20 (twenty) days before the corresponding amount is to be paid. Thepaying Party shall pay all bank charges and commissions due to the bankin connection with the payments hereunder, except for charges andcommissions of the bank of the receiving Party.

|          |     |
|----------|-----|
| 9.  | VAT |

In addition to the amounts paid bythe Parties hereunder, the Party making a payment shall also pay VAT ifsuch VAT is applied in accordance with the effective laws. If inaccordance with the effective Russian laws the Lessee is exempted fromthe obligation to pay VAT, the Lessee shall provide the Lessor copiesof the documents confirming the Lessee’s tax status in areasonable time after receipt of the Lessor’s writtenrequest.

|           |                                                        |
|-----------|--------------------------------------------------------|
| 10.  | Refusal of Contract Execution.Liability of the Parties |

The Lessee shall be entitled to refuseunilaterally execution of the present Contract without any ground andto terminate it by giving a written notice thereof to the Lessor atleast 5 (five) days prior to such termination. If the Lessee exercisesthis right, (1) the entire amount of the Security Deposit shall remainby the Lessor and shall not be returned to the Lessee; (2) in case ofany debts with respect to any payments hereunder, the Lessee shall paysuch amounts within 30 (thirty) days after the date of suchtermination; (3) the Lessee shall compensate the Lessor’sdocument supported expenses on modification of the construction projectwith respect to bearing structures of the Building in connection withthe Lessee’s Working Project. The Lessee shall not be liable tothe Lessor for refusal of execution hereof in any other way.

12

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The Lessee shall be entitled to refuseunilaterally execution of the present Contract by giving a writtennotice thereof to the Lessor at least 5 days prior to such terminationin case of the Lessor’s failure to fulfill its obligationsprovided for in paragraphs 2.2, 3.7, 3.8, 3.9, 3.11 and 7.3 hereof,after the Lessee has given the Lessor a written notice of such defaultand an additional time of 30 business days to cure such default. If theLessee refuses to execute the present Contract on the grounds providedfor in this paragraph 10.2, (1) the Lessor shall return to the Lesseethe Security Deposit in double amount and compensate to the full extentthe Lessee’s document supported expenses in connection with theLessee’s Works in the amount not exceeding the amount in Rublesequal to the product of 170 (one hundred seventy) Conventional Unitsfor 1 sq. m. of the finished area of the Premises determined on thebasis of the Lessee’s Working Project, within 30 days after suchearly termination hereof; (2) in case of any debts with respect to anypayments hereunder, the Lessee shall pay such amounts within 30(thirty) days after the date of such termination.

The Lesseeshall be entitled to refuse unilaterally execution of the presentContract by giving a written notice thereof to the Lessor at least 30(thirty) days prior to such termination in the following cases:

|  |          |                                                                                                                |
|--|----------|----------------------------------------------------------------------------------------------------------------|
|  | a)  | termination of the Investment Contract prior toputting of the Building into service regardless of the reasons; |

|  |          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | b)  | if the Lessee becomes aware of the circumstanceswhich in the Lessee’s reasonable opinion may impede the duetermination of construction of the Building, putting of the Buildinginto service, registration of the Lessor’s ownership right tothe Building or to the Premises or fulfillment of the Lessor’sobligations hereunder (in particular, such circumstances include:suspension or annulment of the Construction Authorization; annulment ofthe positive decision of the state commission of experts on theconstruction project of the Building entirely or in any part;suspension or cancellation (withdrawal) of the Developer’s orthe general contractor’s license, early termination of theAgreement on Lease of the Land Plot on which the Building is beingconstructed); |

|  |          |                                                                                                                                                                                                           |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | c)  | if at any time during the Termof the present Contract any authorization for conduction of any worksin the Building, which the Developer or its contractors are responsiblefor, is suspended or withdrawn; |

|  |          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | d)  | change incomposition of the direct shareholders of the Lessor existing on thedate of execution of the present Contract provided that such change ofshareholders results in redistribution of 30% (thirty percent)or more of the shareholdings in the charter capital of the Lessor, andredistribution of the shareholdings in the charter capital of theLessor among its shareholders provided that such redistribution regards30% (thirty percent) or more of the shareholdings in theLessor’s charter capital, and change of beneficial owners oflegal entities who are shareholders of the Lessor on the date ofexecution of the present Contract regardless of whether such changestook place as result of one or more transactions; |

subject to the Lessee’s written notice to the Lessorof occurrence of such grounds for early termination hereof andprovision to the Lessor of a reasonable time to eliminate such groundsand to cure a corresponding default hereunder. In case of theLessee’s refusal to execute the present Contract on the groundsprovided for in this paragraph 10.3, (1) the Lessor shall return to theLessee the Security Deposit in double amount and compensate to the fullextent the Lessee’s document supported expenses in connectionwith the Lessee’s Works in the amount not exceeding the amountin Rubles equal to the product of 170 (one hundred seventy)Conventional Units for 1 sq. m. of the finished area of the Premisesdetermined on the basis of the Lessee’s Working Project, within30 days after such early termination hereof; (2) in case of any debtswith respect to any payments hereunder, the Lessee shall pay suchamounts within 30 (thirty) days after the date of such termination.

The Lessor shall be entitled to refuse unilaterally execution hereofby giving a written notice thereof to the Lessee at least 5 days priorto such termination in case of the Lessee’s failure to fulfillits obligations provided for in paragraphs 2.2, 7.3 and 8.2 hereof,after the Lessor has given the Lessee a written notice of such defaultand an additional time of 5 business days to cure such default. If theLessor exercises its 

13

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right provided for in this paragraph 10.4 inconnection with the Lessee’s failure to fulfill obligationsspecified in paragraphs 2.2 and 7.3, (1) the entire amount of theSecurity Deposit shall remain by the Lessor and shall not be returnedto the Lessee, and the expenses on the Lessee’s Works and otherexpenses incurred by the Lessee in connection with execution hereofshall not be returned or compensated to the Lessee; (2) the Lesseeshall compensate the Lessor’s document supported expenses onmodification of the construction project with respect to bearingstructures of the Building in connection with the Lessee’sWorking Project; (3) in case of any debts with respect to any paymentshereunder, the Lessee shall pay such amounts within 30 (thirty) daysafter the date of such termination.

In case of theLessor’s delay in fulfilling its obligation stipulated inparagraph 3.5 hereof or breach of the obligation stipulated inparagraph 3.5 hereof, the Lessee shall be entitled to reduction of theRent for the first year of the Lease Term for the amount equal to theamount of the daily Rent (calculated on the basis of the rate of 617,76(six hundred seventeen point seventy six) Conventional Units for 1square meter of the Premises per annum without VAT, whereby the area ofthe Premises shall be equal to the Leased Area) for each day of suchdelay, provided that the total period of delay shall not exceed 90(ninety) days, and the Parties agree that such reduction of the Rentfor the first year of the Lease Term in accordance with this paragraphshall not be applied to the entire period of the Lessee’s breachof its obligations stipulated in paragraph 5.1 hereof, provided thatsuch breach of the Lessee’s obligations has caused theLessor’s breach of its obligation stipulated in paragraph 3.5hereof.

In case of the Lessor’s delay in fulfilling itsobligation stipulated in paragraph 3.7 hereof or breach of theobligation stipulated in paragraph 3.7 hereof, the Lessee shall beentitled to reduction of the Rent for the first year of the Lease Termfor the amount equal: (a) to the amount of the daily Rent (calculatedon the basis of the rate of 617,76 (six hundred seventeen point seventysix) Conventional Units for 1 square meter of the Premises per annumwithout VAT, whereby the area of the Premises shall be equal to the areof the Premises in accordance with BTI information) for each day ofsuch delay, provided that the total period of delay shall not exceed 90(ninety) days, and (b) to the double amount of the daily Rent(calculated on the basis of the rent of 617,76 (six hundred seventeenpoint seventy six) Conventional Units for 1 square meter of thePremises per annum without VAT, whereby the area of the Premises shallbe equal to the Leased Area) for each day of delay upon expiration of90 (ninety) days of the delay provided for in paragraph 10.5, but notmore than 45 (forty five) days, and the Parties agree that suchreduction of the Rent for the first year of the Lease Term inaccordance with this paragraph shall not be applied to the entireperiod of the Lessee’s breach of its obligations stipulated inparagraph 5.1 hereof, provided that such breach of the Lessee’sobligations has caused the Lessor’s breach of its obligationstipulated in paragraph 3.7 hereof.

When applying theconsequences of the Lessor’s breach of its obligations specifiedin paragraphs 10.5 and 10.6, the Parties agree that the Lessor’sfulfillment of its obligations stipulated in paragraphs 3.5 and 3.7hereof shall be postponed for the period (a) equal to the period of theLessee’s delay in fulfilling its obligation provided for inparagraph 5.1 hereof, provided that the total period of such delay doesnot exceed 90 (ninety) days, and (b) equal to the double period of theLessee’s delay in fulfilling its obligation provided for inparagraph 5.1 hereof after expiration of 90 (ninety) days of delay ifthe total period of such Lessee’s delay has exceeded 90 (ninety)days, but not more than for 45 (forty five) days.

The Lessorshall be entitled to refuse unilaterally execution of the presentContract by giving a written notice thereof to the Lessee at least 5(five) days prior to such termination in case of the Lessee’sfailure to fulfill its obligation stipulated in paragraph 5.1 hereofwithin 90 (ninety) days after the term provided for in paragraph 5.1and after the Lessor’s written notice to the Lessee of thedefault and provision of an additional term of 30 business days to theLessee to cure such default. In case of the Lessor’s refusal toexecute the present Contract on the grounds provided for on thisparagraph 10.8, (1) the Lessor shall return to the Lessee 50 (fifty)per cent of the amount of the Security Deposit, (2) the cost of theLessee’s Works and other expenses incurred by the Lessee inconnection with execution hereof shall not be returned or compensatedto the Lessee.

The Lessee shall be entitled to refuseunilaterally execution of the present Contract by giving a writtennotice thereof to the Lessor at least 5 days prior to such terminationif the Preliminary Contract with ZAO‘‘CTC’’ will be terminated on the groundsprovided for in paragraphs 10.2 and 10.3 of the 

14

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Preliminary Contract with ZAO‘‘CTC’’. If the Lessee refuses to executethe present Contract on the grounds provided for in this paragraph10.9, (1) the Lessor shall return to the Lessee the Security Deposit indouble amount and compensate to the full extent the Lessee’sdocument supported expenses in connection with the Lessee’sWorks in the amount not exceeding the amount in Rubles equal to theproduct of 170 (one hundred seventy) Conventional Units for 1 sq. m. ofthe finished area of the Premises determined on the basis of theLessee’s Working Project, within 30 days after such earlytermination hereof; (2) in case of any debts with respect to anypayments hereunder, the Lessee shall pay such amounts within 30(thirty) days after the date of such termination.

The Lesseeshall be entitled to refuse unilaterally execution of the presentContract by giving a written notice thereof to the Lessor at least 5days prior to such termination if the Preliminary Contract with ZAO‘‘CTC’’ will be terminated on the groundsprovided for in paragraph 10.4 of the Preliminary Contract with ZAO‘‘CTC’’. If the Lessee refuses to executethe present Contract on the grounds provided for in this paragraph10.10, (1) the entire amount of the Security Deposit shall remain bythe Lessor and shall not be returned to the Lessee, and the cost of theLessee’s Works and other expenses incurred by the Lessee inconnection with execution hereof shall not be returned or compensatedto the Lessee; (2) the Lessee shall compensate the Lessor’sdocument supported expenses on modification of the construction projectwith respect to bearing structures of the Building in connection withthe Lessee’s Working Project; (3) in case of any debts withrespect to any payments hereunder, the Lessee shall pay such amountswithin 30 (thirty) days after the date of such termination.

TheLessee shall be entitled to refuse unilaterally execution of thepresent Contract by giving a written notice thereof to the Lessor atleast 5 days prior to such termination if the Preliminary Contract withZAO ‘‘CTC’’ will be terminated on thegrounds provided for in paragraph 10.8 of the Preliminary Contract withZAO ‘‘CTC’’. If the Lessee refuses toexecute the present Contract on the grounds provided for in thisparagraph 10.11, (1) the Lessor shall return to the Lessee 50 (fifty)per cent of the amount of the Security Deposit, (2) the cost of theLessee’s Works and other expenses incurred by the Lessee inconnection with execution hereof shall not be returned or compensatedto the Lessee.

If any Party exercises its right of unilateralrefusal of execution hereof granted to it under this Article 10, thepresent Contract shall be deemed terminated from the date indicated inthe corresponding notice which, unless the Parties agree otherwise,shall not be earlier than 5 (five) Business Days after the date ofdelivery to the other Party of the notice of the Party’s refusalto execute the present Agreement in accordance with the provisions ofthis Article 10.

|           |                                |
|-----------|--------------------------------|
| 11.  | Procedure ofDispute Resolution |

All disputes which may arise betweenthe Parties with respect to the present Contract shall be resolved bythe Arbitration Court of Moscow in accordance with the procedurestipulated by the effective procedural laws of the RussianFederation.

The present Contract shall be governed by the lawsof the Russian Federation.

|           |                         |
|-----------|-------------------------|
| 12.  | ConfidentialInformation |

The Parties agree that information providedby them to each other in connection with the present Contract shall bedeemed confidential and shall constitute commercial secret of theParties within the limits provided for by the effective laws. TheParties shall not in any way disclose any information in connectionwith execution of the present Contract to any third parties,unless:

|  |              |                                                                                                                                                                                                                                        |
|--|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | such disclosure is requiredunder the effective laws of the Russian Federation and/or any otherstate, and/or under the regulations on disclosure by the stock marketparticipants of any state, and/or required by any StateAuthorities; |

|  |              |                                                                                                                                                                                                         |
|--|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | such informationbecomes public through other sources, except when such information wasillegally disclosed to such source by the Party received suchinformation in connection with the present Contract; |

|  |              |                                                                                                  |
|--|--------------|--------------------------------------------------------------------------------------------------|
|  | •  | the Party providing such informationhereunder has consented to disclosure of such information;or |

|  |              |                                                                              |
|--|--------------|------------------------------------------------------------------------------|
|  | •  | such information was disclosed tothe Party’s professional consultants. |

15

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|           |         |
|-----------|---------|
| 13.  | Notices |

All notices,information, communications and requests which the Parties may or mustgive or make hereunder shall be executed in writing in Russian anddelivered to the Parties’ addresses indicated below:

For the Lessor:OOO‘‘Promyshlenno-finansovayakompania’’(ООО«Промышленно-финансоваякомпания»)

23,Osenny boulevard, 121609 Moscow,Russia(Россия, 121609,г. Москва,Осеннийбульвар, д.23)Attention: Mr.  Rasskazov  NikolayNikolayevitch(РассказовНиколайНиколаевич)

Forthe Lessee:Moscow Representative Office of CTC Media, Inc.

15A, ul. Pravdy, Moscow, 125124,Russia(Россия, 125124,г. Москва,ул. Правды,д. 15А)Attention: Mr.  Lee  Sprague(Ли Спрейг)

All invoices, notices, information, correspondence,requests and other documents of the Parties hereunder shall be given ormade in the manner determined in this Article and shall be deemed tohave been duly sent and delivered to the Party to which they areaddressed:

|  |               |                                                                                               |
|--|---------------|-----------------------------------------------------------------------------------------------|
|  | 13.1.1.  | at the moment ofthe delivery on receipt in case of personal delivery or delivery by acourier; |

|  |               |                                                                                                                                                                                    |
|--|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 13.1.2.  | at the moment ofdelivery of the letter to the addressee indicated in the deliverynotice in case of delivery by an insured mail with the list ofenclosures or by a registered mail. |

The Parties shall notifyeach other in writing of any changes of the requisites specified inparagraph 14.1 of the present Contract in case of such changes. Suchchanges shall come into force after receipt by the other Party of thenotice on such change. All risks arising from an undue notificationshall be on the Party failed to execute its obligations under thisArticle hereof.

|           |                  |
|-----------|------------------|
| 14.  | Other Provisions |

The presentContract contains:

provisions having force ofa preliminary contract according to Article 429 of the Civil Code ofthe Russian Federation and stipulating the Parties’ obligationto conclude the Lease Agreement and the Parking Agreement on termsprovided for hereby and by the attached text of the Lease Agreement andschedules thereto, and

other obligations of theParties coming into force upon execution hereof. The present Contracttogether with the Schedules hereto shall constitute the entireagreement of the Parties as to its subject and shall supersede allprior correspondence, written agreements and negotiations of theParties.

Obligations hereunder relating to execution of theLease Agreement and the Parking Agreement shall be valid till executionof the Lease Agreement and the Parking Agreement. Obligations hereundernot relating to execution of the Lease Agreement and the ParkingAgreement shall remain in force till their complete fulfillment. Incase of any discrepancies between provisions hereof and of the LeaseAgreement, the provisions of the Lease Agreement shall prevail.

The present Contract shall be binding for the correspondingsuccessors of the Parties.

The Lessee shall have the right toassign its rights and obligations hereunder to its affiliates withoutfirst obtaining the Lessor’s consent of such assignment subjectto a written notice to the Lessor of the assignment that has takenplace.

If any provision (or its part) hereof becomes invalid atany time in accordance with a court decision or in any other way, itshall not affect the validity of other provisions hereof. If anyprovision (or its part) hereof is considered invalid, the Lessor andthe Lessee shall take all necessary and reasonable measures tointroduce such amendments and additions into the present Contract thatcorrespond the most to the intentions contained in the invalidprovision, subject to compliance with all requirements of the laws ofthe Russian Federation.

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The present Contract is executed in twocounterparts of equal legal force in Russian, one for each Party.

The present Contract contains the following Schedules which shallconstitute its integral part:

Schedule No. 1 —Definitions;

Schedule No. 2 — Floor Plans of thePremises;

|  |                    |                                                                                                                                              |
|--|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|  | Schedule No.  | 3 —Description of the Premises and of the Building at the moment when thePremises are ‘‘ready for finishing’’; |

|  |                    |                                                                                                                                  |
|--|--------------------|----------------------------------------------------------------------------------------------------------------------------------|
|  | Schedule No.  | 4 — Description ofthe Premises and of the Building on the Building Start-up Date inaccordance with parapgraph 3.7. hereof; |

Schedule No. 5— Form of the Act of Access;

|  |                   |                                                                                                 |
|--|-------------------|-------------------------------------------------------------------------------------------------|
|  | ScheduleNo.  | 6 — List of Services necessary forconduction of the Lessee’s Works in the Premises; |

|  |                                         |                                      |
|--|-----------------------------------------|--------------------------------------|
|  | Schedule No. 7  —  | ApprovedText of the Lease Agreement; |

|  |                                        |                                    |
|--|----------------------------------------|------------------------------------|
|  | Schedule No.8  —  | Composition of the WorkingProject. |

|           |                                                              |
|-----------|--------------------------------------------------------------|
| 15.  | Legal Addresses, Bank Requisitesand Signatures of theParties |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TheLessor: OOO‘‘Promyshlenno-finansovayakompania’’    Legal Address: 23, Osenny boulevard, 121609 Moscow,Russia     INN 7731262460 KPP 773101001                                                                                                                                                                                                                                                                                                                                           |  |  | TheLessee:Moscow Representative Office ofCTC Media,Inc.    Legal Address:12, 3rd HoroshevskayaUl., Moscow, 123298, Russia    INN 9909135763KPP773851001                                                                                                                                                                                                                                                                                                                                                          |
| Requisites for payments inRubles:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  | Requisites for payments inRubles:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Settlement Account No.40702810138260105245 in OCB Kievskoye No. 5278 of Sberbank ofRussia, Moscow Correspondent Account No. 30101810400000000225BIK 044525225                                                                                                                                                                                                                                                                                                                                                                                              |  |  | Settlement Account No.40807810738040000137in OCB Tverskoye No. 7982/0741 of Sberbank ofRussia, Moscow Correspondent Account No.30101810400000000225BIK044525225                                                                                                                                                                                                                                                                                                                                                                                          |
| Signatures ofthe Parties:     On behalf of the Lessor:    [Signed]                                                                         |  |  |         On behalf of the Lessee:    [Signed]                                                                         |
| Name: Rasskazov Nikolay Nikolayevitch Position: GeneralDirector SS [Stamp]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  | Name: Gikalo StanislavAleksandrovitch Position: Head of Representative OfficeSS[Stamp]                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

17

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ScheduleNo.1

DEFINITIONS

‘‘**Actof Access**’’ shall mean and act under the formstipulated in Schedule # 5 hereto confirming the transfer of thePremises to the Lessee in ‘‘for finishing’’condition.

‘‘**BTI**’’ shall meanthe corresponding department of Moscow branch of the Federal stateunitary enterprise ‘‘The Russian state center forinventory and accounting of the real estate objects’’ (orits successor) at the place of location of the Building.

‘‘**StateAuthority**’’ shall mean any state body authorizedpursuant to the effective legislation to issue acts binding for all theparticipants of business activities, as well as officers of any suchauthority acting within their powers.

‘‘**State acceptancecommission**’’ shall mean a temporary collectivebody appointed by the respective State authority and exercising theacceptance of the real estate object finished with construction intooperation, authorized to adopt decision on compliance of the realestate object to the project documents and the requirements and normsstipulated by the legislation.

‘‘**LeaseAgreement**’’ shall mean the Lease Agreement on thePremises, the approved text of which is contained in Schedule NO.7hereto. ‘‘**Agreement on Lease of the LandPlot**’’ shall mean Contract on granting of theland plot for use on the lease terms (land lease agreement) #M-07-025219 dated November 24,  2003 betweenMoscow land committee and the Developer, and registered onJanuary  9,  2004 by the Institution of justice on thestate registration of the rights regarding the real estate andtransactions therewith in the territory of the City of Moscow under No.77-01/05-119/2003-536 together with the additional agreement datedDecember  8,  2003.

‘‘**ParkingAgreement**’’ shall mean the contract, whichprovisions shall be agreed by the Parties upon execution hereof inaccordance with paragraph 2.3 hereof.

‘‘**EGRP**’’ shallmean the Unified state register of the rights to the real estate andtransactions therewith.

‘‘**Building**’’ shallmean 26-floor multi-functional building with an office part and parkingwith the construction address: in front of vladenie 1-3, ul. KrylatskyeKholmy, Moscow (Western Administrative district, rayon Krylatskoe).

‘‘**Investmentcontract**’’ shall mean Investment contract # 1-04dated September  12,  2003 concluded between the Developerand the Lessor.

‘‘**VAT**’’ shall meanvalue added tax.

‘‘**Preliminarycontract with ZAO “CTC**’’ shall mean thePreliminary contract on concluding contracts signed by the Lessor withClosed joint-stock company ‘‘CTC Network’’(Закрытоеакционерноеобщество«Сетьтелевизионныхстанций»)simultaneously upon signing hereof regarding other premises in theBuilding, the construction area of which constitutes approximately11,568 (eleven thousand five hundred and sixty-eight) squaremeters.

‘‘**ConstructionAuthorization**’’ shall mean Constructionauthorization of the object of city-planning activity # P-0114/98registered with the City-planning cadastre on February  2005under No. 77-ГГК/3.7.1.000129.

‘‘**The Lessee’sWorks**’’ shall mean construction and assembly,engineer and other works in the Premises executed pursuant hereto andthe Working project of the Lessee.

‘‘**Rosregistration**’’shall mean the Head Department of the Federal Registration Service forMoscow, (GU FRS for Moscow) or any other authorized body exercising thestate registration of real estate lease agreements.

‘‘**OwnershipCertificate**’’ shall mean the Certificate on thestate registration of the Lessor’s right of ownership to theBuilding.

18

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‘‘ConventionalUnits (C.U.)’’ shall mean a unit agreed by theParties for measuring Rent rate, which is equal to the sum of USD halfand EURO half, i.e. 1 C.U. = 1⁄2 USD +1⁄2EURO.

|                                                                        |  |  |                                                                                      |
|------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------|
| Lessor:                                                                |  |  | Lessee:                                                                              |
|                                                                   |  |  |                                                                                 |
| [Signed]                                                               |  |  | [Signed]                                                                             |
| Name:Rasskazov Nikolay NikolayevitchPosition: GeneralDirectorSS[Stamp] |  |  | Name: Gikalo StanislavAleksandrovitchPosition: Head of RepresentativeOfficeSS[Stamp] |
|                                                                        |

19

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ScheduleNo. 2

FLOOR PLANS OF THE PREMISES

Plan ofFloor 20 (20этаж)

Appendix #                   

To Contract #               

Dated                       ,2006

Thearea of the premises subject to lease = 268.34 sq.m.

20

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Leased premises (explanation ofthe sign in the lower part of the picture — translator’snote)

|                                                                                                                          |  |  |                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------|--|--|-----------------------------------------------------------------------------------------------------------------------------------------|
| RepresentativeOffice of CTC Media, Inc. Head of Representative Office    [Signed] S.A. Gikalo[Stamp] |  |  | General Director LLC‘‘Promyshlenno-finansovaya kompania’’    [Signed] N.N. Rasskazov[Stamp] |
|                                                                                                                          |

Plan of Floor 26 (26этаж)

Appendix #                   

To Contract #               

Dated                     ,2006

The areaof the premises subject to lease = 321.4 sq.m.

Leasedpremises (explanation of the sign in the lower part of the picture— translator’snote)

|                                                                                                                          |  |  |                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------|--|--|-----------------------------------------------------------------------------------------------------------------------------------------|
| RepresentativeOffice of CTC Media, Inc. Head of Representative Office    [Signed] S.A. Gikalo[Stamp] |  |  | General Director LLC‘‘Promyshlenno-finansovaya kompania’’    [Signed] N.N. Rasskazov[Stamp] |
|                                                                                                                          |

21

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Schedule No. 3

DESCRIPTIONOF THE PREMISES AND OF THE BUILDING AT THE MOMENT WHEN THE PREMISES ARE‘‘READY FOR FINISHING’’

|          |                        |
|----------|------------------------|
| 1.  | General specifications |

Office premises assigned for allocation of lessees shall be leasedin the form of open area (not finished, with the executed preparatoryworks for final finishing of the premises).

Baffles are madedividing public space and office premises, as well as vertical serviceswell walls.

|          |                    |
|----------|--------------------|
| 2.  | Premises condition |

|            |                       |
|------------|-----------------------|
| 2.1.  | Windows, leaded panes |

|         |                                                |
|---------|------------------------------------------------|
| *  | one-chamber glass package withthermo-isolation |

|         |                                |
|---------|--------------------------------|
| *  | slopes —painted aluminum |

|            |                              |
|------------|------------------------------|
| 2.2.  | Outside wallsof the Building |

|         |                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *  | Façadepanels (modules) covered with one-layer drywall with setting theshrinkage-expansion joints (for the finishing an additional fixing withdrywall with decorated cover isnecessary) |

|         |                                                      |
|---------|------------------------------------------------------|
| *  | Heating devices areinstalled according to theproject |

|            |                                                            |
|------------|------------------------------------------------------------|
| 2.3.  | Ceilings* Monolithreinforced concrete plates of the floors |

|        |                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Ceiling height from floor to floor:floors 14-23 — 3.9 m, floors 24-25 — in part 7.8 m, in part— 3.9 m, floor 26 — 6.3 m. |

|            |        |
|------------|--------|
| 2.4.  | Floors |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| *  | Blackfloors made of two-layer GVL plates on 5-fraction expanded clay, totalthickness up to 100 mm. |

|          |                                                                                     |
|----------|-------------------------------------------------------------------------------------|
| 3.  | Finishing of Public places(entrance group, corridor, staircase and elevator halls): |

|         |                                                        |
|---------|--------------------------------------------------------|
| *  | according to architectural plan(presented upon demand) |

|          |           |
|----------|-----------|
| 4.  | Elevators |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| *  | putting into operation of elevators isexercised only after finishing works are done according to theconstruction schedule |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| *  | cargo lift orelevating machine is presented for the time of finishing works to theLessee’s Premises. |

|          |                     |
|----------|---------------------|
| 5.  | Engineering systems |

|            |                                  |
|------------|----------------------------------|
| 5.1.  | Ventilation and airconditioning: |

|              |                                                                                                                    |
|--------------|--------------------------------------------------------------------------------------------------------------------|
| 5.1.1.  | The System isexecuted to the extent of central air-exchange standpipes without enddevices and layout in the floor. |

|              |                                                          |
|--------------|----------------------------------------------------------|
| 5.1.2.  | Ventilation system of elevatorhalls is executed in full. |

|              |                                                                    |
|--------------|--------------------------------------------------------------------|
| 5.1.3.  | Sanitary block ventilation systemis delivered without end devices. |

|              |                                                                                                                                                       |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.1.4.  | VRV-3 conditioning system shallassume exit of freon pipes from the standpipe to the floor without userlayout and installation of the internal blocks. |

|            |                                                                        |
|------------|------------------------------------------------------------------------|
| 5.2.  | Heating system in full with heatingradiators according to the project. |

|            |                                                                                      |
|------------|--------------------------------------------------------------------------------------|
| 5.3.  | Water supply and sewerage networksare assigned for ensuring sanitary-hygienic norms. |

|        |                                               |
|--------|-----------------------------------------------|
|   | Executed in the volumes of to sanitaryblocks. |

|            |                                                                                                                |
|------------|----------------------------------------------------------------------------------------------------------------|
| 5.4.  | Lighting system, generaland computer electrical network is executed without layout todistributing switchboard. |

22

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|        |                                                                                                                                                                                           |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Separatecapacity for the Premise — 686 Kwa (set capacity). On the basisof the following calculation: 50 Kwa (of the set capacity) for 1,000sq.m. Two supplied high-voltage feeders. |

|        |                                                                                                                                                                                                                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Existence of reserve power supplysources projected on the basis of the technical task issued by theLessee (provided execution by the latter of obligations on financing ofthe project creation and erection of the said schemes). |

|            |                                                                                                                                                                                                                                                                                              |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.5.  | Sprinkler and waterfire-extinguishing system as well as automatics of fire-fightingsystems is executed to the extent necessary for protection of theBuilding. The system is accumulated upon occurrence of floor planningdecisions according to the project and at the account of theLessee. |

|            |                                                                                                                                                                                                                                                                          |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.6.  | Notification andpeople’s evacuation management system under fire is executed tothe extent necessary for protection of the Building. The system isaccumulated upon occurrence of floor planning decisions according tothe project and at the account of the Lessee. |

|            |                                                                                                                                                                                            |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.7.  | Dispatcher system of the building isassigned for managing of engineering systems of the building, iscombined of the equipment of the leading engineering companies. It isexecuted in full. |

|            |                                                                                                                                                    |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.8.  | Access controland video control systems are executed to the extent of the Buildingperimeter control, entrances from staircases and elevator halls. |

|            |                                                                                                                                                |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.9.  | Low-voltage sewerage system,low-voltage and computer networks, radio-, telephone-set up areexecuted to the extent of central floor standpipes. |

|             |                                                                                     |
|-------------|-------------------------------------------------------------------------------------|
| 5.10.  | Television and radio networks areexecuted to the extent of leading-out to thefloor. |

|                                                                                                |  |  |                                                                                                              |
|------------------------------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------|
| Lessor:                                                                                        |  |  | Lessee:                                                                                                      |
|                                                                                           |  |  |                                                                                                         |
| [Signed]                                                                                       |  |  | [Signed]                                                                                                     |
| Name:Rasskazov Nikolay NikolayevitchPosition: GeneralDirectorSS    [Stamp] |  |  | Name: GikaloStanislav AleksandrovitchPosition: Head of RepresentativeOfficeSS    [Stamp] |
|                                                                                                |

23

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Schedule No.4

REQUIREMENTS TO THE BUILDING AND THE PREMISES AT THEBUILDING START-UP DATE IN ACCORDANCE WITH PARAGRAPH 3.7HEREOF

|          |          |
|----------|----------|
| 1.  | Location |

‘‘Profico’’ office business center islocated at the following address: in front of vladenie 1-3, ul.Krylatskie Kholmy, at the nearest distance to underground stations‘‘Molodezhanya’’ and‘‘Krylatskoe’’.

The constructionsite has a triangular shape and stretches out from north-east tosouth-west. In south-est it is limited by s aside slop leading toKrylatskaya uliza. The north border and boundary line adjoins aspecially guarded natural territory. From the western side theconstruction site is limited by uliza Krylatskie Kholmy.

Depending on the traffic density, approach to the two main citystreet-roads from ‘‘Profico’’ businesscenter takes: to Rublevskoe shosse — 2-5 minutes, toKrasnopresnensky prospect (under construction) 10-20 minutes, to Moscowring-road (МКАД) 15 minutes.

|          |                        |
|----------|------------------------|
| 2.  | Architecture solutions |

The outside ofthe Building combines the elements of modern architecture and moderndesign solutions in the shape of a rectangular. The Building is locatedon the land plot of 0.67 hectare.

The number of the Buildingfloors corresponds to the number of floors as it is determined in theBuilding construction project, and according thereto the permission toconstruction was given and is valid as of the date of executionhereof.

In the Building socle floors (-2,-3,-4,-5) a 4-levelunderground parking for 400 vehicles is situated. Beside the Building aground level guest parking for 35 vehicles is stipulated.

Onfloor — 1 there will be a dining-room, a café, a carwasher and technical rooms. On the first floor a conference hall and abank branch will be placed.

|          |                                     |
|----------|-------------------------------------|
| 3.  | Design andstructure of the Building |

The Building was erected as amonolith reinforced concrete frame with an attached module facade. Onthe roof of the Building there is a platform for baskets reserved forpeople’s evacuation.

|            |                                           |
|------------|-------------------------------------------|
| 3.1.  | Mainstructural parameters of the Building |

|                         |  |  |                                                                                                                 |
|-------------------------|--|--|-----------------------------------------------------------------------------------------------------------------|
| Constructionmaterial    |  |  | monolithreinforced concrete                                                                                     |
| Column net spacing      |  |  | 8100x8100 m, except axes E-D*4050*8100                                                                          |
| Floorheight             |  |  | 2-24 floors – 3.9 m, 24-25 floors – 7.8m, floor 26 – 6.3 m                                    |
| Building totalarea      |  |  | About 50,000 square meters                                                                                      |
| Office spacetotal area  |  |  | About 30,000 square meters(29,723.80)                                                                           |
| Hall                    |  |  | General height 7.8 m, twolights                                                                                 |
| Floor length            |  |  | From window to core from8.1 m to 12.3 m, the core of the Building has a rectangular shape ofthe size 25  m*11 m |
| Maximum permissibleload |  |  | 450 kg per 1 square meter                                                                                       |
| Intermediatefloors      |  |  |                                                                                                            |
|                         |

|          |                                               |
|----------|-----------------------------------------------|
| 4.  | Outsidefinishing and dressing of the Building |

In the outside finishingand dressing of the Building mostly panorama glazing is used, whichprovided an optimal use of the sun light. The module façadetechnology is developed by SCHUCO (Germany).

24

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|            |                                       |
|------------|---------------------------------------|
| 4.1.  | Elements of thefaçade dressing |

4.2.

|                                      |  |  |                                                                                                                         |
|--------------------------------------|--|--|-------------------------------------------------------------------------------------------------------------------------|
| Transparent glazingelements          |  |  | Onechamber tinted glass package and StopRay Safir energy saving glass of‘‘Giaverbel’’(Belgium). |
| Non-transparent glazing elements     |  |  | Glass package, outside hardened glass, insideglass-stemalit                                                             |
| Non-transparent façademodules |  |  | Composite plates                                                                                                        |
| Socle floorfaçade             |  |  | Natural stone-granite                                                                                                   |
|                                      |

|          |               |
|----------|---------------|
| 5.  | General areas |

|            |                               |
|------------|-------------------------------|
| 5.1.  | Inside finishing of the rooms |

TheBuilding is offered for rent with general areas of quality finishing,office premises are offered for rent without any insidefinishing.

|                                           |  |  |                                                                                                                                                                         |
|-------------------------------------------|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Hall of the firstfloor                    |  |  | Highquality design, natural stone flooring. Walls are finished with naturalstone or other modern materials                                                              |
| Flooring of elevatorhalls                 |  |  | Natural stone —granite                                                                                                                                            |
| Flooring of staircases                    |  |  | Graniteceramics tiles                                                                                                                                                   |
| Walls of elevator halls                   |  |  | Wallsof elevator halls are lined exclusively with natural stone —granite or marble                                                                                |
| Walls of staircases and technicalpremises |  |  | Plaster and high quality dispersionpaints                                                                                                                               |
| Hall                                      |  |  | General height 7.8 m, twolights                                                                                                                                         |
| Ceilings                                  |  |  | In all premises and area ofpublic use hanging ceilings are mounted according to the Armstrong typestandards. Behind them the main engineering communications areplaced. |
|                                           |

|          |      |
|----------|------|
| 6.  | Roof |

Theroof is operational, inversable with hydro-isolation cover, above whichthe warming layer is laid out, extrusion polystyrene, geotextile,crushed stone, plates.

|          |           |
|----------|-----------|
| 7.  | Elevators |

13 elevators are to be installed in the Building to provide aconvenient and comfortable transportation to all Building floors.Finishing of all elevator cabins was executed in ‘‘luxoption’’.

|                            |  |  |                                                                                     |
|----------------------------|--|--|-------------------------------------------------------------------------------------|
| l. Schindler ID(PLl-PL8)   |  |  | 8 psfor 26 stops, loading lifting capacity 1,350 kg                                 |
| 2.Schindler ID (PL9)       |  |  | 1 ps for 28 stops, loading lifting capacity1,000 kg                                 |
| 3. Schindler ID (L1O, L11) |  |  | 2 ps for6 stops (for fire brigade transportation), loading lifting capacity1,000 kg |
| 4. Thyssen (L I2)          |  |  | 1 ps for 3stops, loading lifting capacity 630 kg                                    |
| 5. Monitor(L13)            |  |  | 1 ps for 2 stops, loading lifting capacity 100kg                                    |
|                            |

25

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8.    Main engineering systems of theBuilding

|                        |  |  |                                                                                                                                                                     |
|------------------------|--|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ventilation            |  |  | Forced and exhaustventilation, smoke removal system. The Building ventilation systemprovides inflow of 60 m3 air per a person per hour (calculated 10 m2per person) |
| Conditioning           |  |  | DAIKIN (Japan)central conditioning with independent regulation of climate in eachroom.                                                                              |
| Heating                |  |  | Central heating from the maincity nets.                                                                                                                             |
| Main power supply      |  |  | Input withdouble reservation from the Mosenergo city nets with independenttransformer substation.                                                                   |
| Reserve power supply   |  |  | Two FG Wilson diesel generators for constant keeping in theoperating conditions of the main maintenance and safety systems in theBuilding                           |
| Water supply           |  |  | From Mosvodokanalcity nets                                                                                                                                          |
| Safety of the Building |  |  | Integratedsystems of fire alarming, warning and evacuation, security systems andvideo control                                                                       |
| Access control         |  |  | Modern systemsof access control and regulation based on non-contact plasticcards                                                                                    |
|                        |

9.    HVC (Heating, ventilation and airconditioning)

9.1.    Ventilation, airconditioning, cold supply 

Ambient air temperature in therooms with air conditioning is 20-22oC. Acoustic noise level inthese rooms does not exceed 36 dB.

Autonomous conditioningsystems with 50% reserve capacity are installed to keep constanttemperature round the year in server and commutation rooms.

Coldconsumption for inflow installations

Qx inflow = 840kilowatt

Heat amount to be assimilated by inflow air

Q =236000x0.288x6x1.16=473000Bt=473kilowatt

Cold consumption forcooling machines

ΣQ = 2280+30+13+27+840-470=2720x1.1=3000kilowatt

To provide rated meteorological conditions and airpurity in the rooms according to GOST (State standard) 12.1.005-88standards, inflow-exhaust ventilation with mechanical impulse isstipulated in all rooms of the complex.

Air exchange and itsregulation for different groups of rooms are as follows:

Parking— due to the terms of dissolving of noxious substances to thepermissible concentration in the air of operating zones. Inflow air ispumped into the upper room zone along the driving way and exhaust airis pumped out in equal parts from the upper and lower zones.

Ramps — due to the terms of dissolving of noxious substancesto the permissible concentration;

Offices — due to theterm of supplying of the minimum consumption of outside air, 60 m/hourper person.

The amount of inflow and exhaust systems isdetermined by the functional purpose of the rooms to be services and bythe space design solutions.

26

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Ventilation and conditioning systemsequipment producers

|                                        |  |  |                      |
|----------------------------------------|--|--|----------------------|
| Equipment                              |  |  | Potentialproducer    |
| Coolingmachines                        |  |  | DAIKIN               |
| Main inflow-exhaustinstallations       |  |  | AIRSETTROGES         |
| Additionalinflow-exhaust installations |  |  | SYSTEMAIR            |
| Exhaust ventilators                    |  |  | SYSTEMAIR, TROGES    |
| Diffusers                              |  |  | IMPKLIMAT            |
| Air regulating valves                  |  |  | IMPKLIMAT            |
| Pumps                                  |  |  | WILD,GRUNDFOSS       |
| Regulating-closing valves              |  |  | DANFOSS              |
| Thermo-isolation                       |  |  | THERMAFLEX,WIRED MAT |
|                                        |

9.2.    Heating and heating supplysystems

For the higher sections of the Building two independentheating systems were designed. System # 1 services office premises infloors 1-13, system # 2 services office premises in floors 14-26.Systems # 1 and # 2 are double piped with horizontal blind lines onevery floor. The vertical standpipes are laid in the communicationshaft. The floor horizontal pipelines are laid in the flooringconstruction.

For dining rooms, the restaurant, shopping zones,the bank and car washer independent horizontal double-piped heatingsystems were designed. Heating system # 3 services dining-rooms andtheir premises (-1 floor), heating system # 4 services the restaurant(1 floor), heating system # 5 services shopping zones (1 floor),heating system # 6 services the bank, heating system # 7 services carwasher chambers.

The main horizontal pipelines of the systems ##3-6 are laid in the flooring construction of the premises to beserviced. In the car washer chambers the main pipelines are laid at theflooring. All heating systems have separate independent heat controlrecords.

During business hours air heating is designed in theparkings. The air heating is combined with inflow ventilation. Airheating units operate in the car washer chambers under decrease of theinside air temperature during idle hours.

Accepted temperatureof the inside heated air:

For parking — 5oC

For car washer — 18oC

For office premises— 20oC

For technical premises —12oC

For café premises — depending on theirpurposes.

The heating system keeps the air temperature at about10-12oC during idle hours in the office premises, the airtemperature goes up to 20oC to the beginning of the businessday. The heating system keeps air temperature at 20oC round theclock 7 days a week, 365 days a year in the rented or leased premises.Vertical standpipes of the heating system and pipelines of the heatsupply system in the inflow units are made of steel water-gas-pipesaccording to GOST 3262-75, pipe diameter up to 57 mm, and of steelelectro-welded pipes according to GOST 10704-91, pipe diameter above 57mm.

The main horizontal pipelines on the floors to be laid inthe flooring construction are maid of metal-layer pipes.

Kermiradiators with lower connection are accepted as heating units. Smoothpipe registers are installed in the car washer.

To provide heatcomfort in the premises and to endure heat saving, the heating unitsare equipped with separate independent thermo-regulators of the leadingEuropean companies and isolated with pipe isolation material.

Main pipelines, vertical standpipes of the heating system and heatsupply pipelines are isolated with pipe isolation material.

27

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The air from the heating system is removedthrough air valves installed in the upper plug of the heating unit andthrough automatic air outlet ports.

The air removal from theheat supply system is carried out through air collectors and automaticair outlet ports.

Some branch pipelines of the heating systemand the heat supply system are provided with closing-regulating(balancing) valves with connections for measuring device.

Drainage lines were designed for draining the heating system, thatgo to into the IHP (ИТП) drainage pit.Installation of drainage valves with hose composition is stipulated inthe heat supply system. Closing-regulating valves of the leadingproducers are used for both systems.

Installation of water-airheat screens is planned at the entrances into garage-parking and theBuilding.

The complete net of the pipelines with connections tothe heating units, necessary closing-regulating valves and heatingunits will be presented at the disposal of a lessee.

Centralheating system is a horizontal two-pipe system with pumped circulationand passing movement of the heat carrier. The heating system oisconnected to the outside heating nets through plate heat exchangersaccording to the independent connection scheme. Heat carrier parametersin the heating system — 95-70.

Preparation of the heatcarrier is executed in the individual heat point (IHP) located in thetechnical zone on floor — 1. The heat control unit is installedin the heat point.

Separate branch pipelines are stipulated forperimeter heating of each group of premises divided according to theirfunctional purposes.

Each branch pipeline will haveclosing-regulating valves and a discharge outlet valve.

Heatingsystem equipment

|                                          |  |  |                    |
|------------------------------------------|--|--|--------------------|
| Equipment                                |  |  | Potentialproducers |
| Convectors                               |  |  | Kermi              |
| Under-flooring convectors                |  |  | Kermi              |
| Closing-regulating valves andaccessories |  |  | Danfoss,Oventrop   |
|                                          |

10.    Fire-fighting system

Fire preventing treatment of the ventilation and heating systems isstipulated according to SNIP (СНИП —set of norms and rules (translator’s note)) 2.04.05-91*,SNIP 21-02-99, MGSN (МГСН) 5.01.54,MGSN4.04-94.

The principle solutions and calculations were madeby the specialists of FGU VNIIPO of the Ministry for extraordinarysituations of Russia (ФГУВНИИПОМЧСРоссии).

Antismokeventilation was designed for people’s evacuation from theBuilding premises at the first stage of fire.

The smoke removalis stipulated from:

|               |         |
|---------------|---------|
| –  | parking |

|               |                      |
|---------------|----------------------|
| –  | isolated ramps space |

|               |                    |
|---------------|--------------------|
| –  | main entrance hall |

|               |                                                             |
|---------------|-------------------------------------------------------------|
| –  | corridors of floors — 1 and 1without natural lighting |

|               |                                      |
|---------------|--------------------------------------|
| –  | dininghall, without natural lighting |

|               |                                                               |
|---------------|---------------------------------------------------------------|
| –  | corridors of the office sections of theBuilding (floors 2-26) |

28

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A separate smoke removal system isstipulated for each fire section.

Gases and smoke removal afterfire from the premises protected by gas fire fighting units is alsostipulated. Fire setback valves with refractoriness limit of not lessthan 0.5 hours are installed in the crossing points of air ducts andpremises railing.

Inflow antismoke ventilation is stipulated.Outside air supply is designed:

|               |                                                                                     |
|---------------|-------------------------------------------------------------------------------------|
| –  | toair locks separating parking from technical premises not belonging tothe parking; |

|               |                     |
|---------------|---------------------|
| –  | to elevator shafts; |

|               |                                                           |
|---------------|-----------------------------------------------------------|
| –  | to air locks in front of elevators inthe basement floors; |

|               |                           |
|---------------|---------------------------|
| –  | to smoke-proofstaircases; |

|               |                                                                                                                   |
|---------------|-------------------------------------------------------------------------------------------------------------------|
| –  | to ari screens abovefire gates of the 1st type at the entrance to the parking(according to .2.26 of MGSN 5.01-01. |

Ventilators of the leadingproducers are installed in the smoke removal systems. Their workingcapacity under temperature of 600oC is not less than 1 hour andunder the temperature of 400oC is not less than 2 hours. Smokeexhaust into the atmosphere is stipulated for 2 m from the roof or fromthe ground.

Air ducts of the smoke removal system in the parkingand ramps are made of sheet steel, thickness 1.2 mm, by welding, withfire protection coating that ensures refractoriness limit of EI 60 (1hour) within the parking space and EI 150 (2.5 hours) in the Buildingconstructions beyond the service floor. The smoke removal shaftsservicing the corridors are made of building constructions that ensurerefractoriness limit of EI 45 (0.75 hour) within the fire section andEП 50 (2.5 hours) beyond the fire section. Air ducts of thesmoke removal system in the dining hall have refractoriness limit of EI60 (1 hour). Air ducts of the systems removing gas after the fire haverefractoriness limit of EI 15 (0.25 hour). Air ducts of the inflowantismoke ventilation are made of zinc coated steel, grade‘‘П’’, with fire protection coatingthat ensures refractoriness limit of EI 30 (0.5 hour).

KDM-2smoke valves installed in the smoke protection systems haverefractoriness limit of EI 60 (1  hour).

Smoke ventilationsystem starting occurs automatically, by remote control and by pushingbuttons manually on the evacuation path.

Automatic switch off ofinflow and exhaust systems is also stipulated, if the fire comesup.

All ventilation equipment is grounded.

Electricallydriven fire setback valves with rated refractoriness limit areinstalled in the crossing points of air ducts and fire protectionblocks.

Each fire section has independent inflow and exhaustventilation systems.

Space for ventilation equipment is locatedaccording to para. 4.102 of SNIP 2.04.05-91.

The gaps where airducts and pipelines go through floors and partitions are closed byfire-proof materials.

11.    Power supply system

Power supply to fire0fighting systems, security systems andelevators is provided in category I. The Building maintenance systemsbelong to a special electroreceiver group of category I.

Thesystem of steady power supply (3rd independent power supplysource) on the basis of 2 diesel generators is anticipated in theBuilding.

The load of the first category consumers is799kWA.

To the Building maintenance systems belong:

Electrical motors of the pumps for fire fighting;

29

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Water pipelines in the Building;

Equipment for the systems of automatic fire extinguishing in theBuilding;

Elevators equipment;

Electro-equipment forsmoke ventilation;

Equipment for fire alarm warning;

Equipment for the Building safety systems;

Equipment fordispatching systems;

Emergency lighting of the Building;

Fire setback valves;

Bank equipment;

Smoke removalvalves.

Video access control sources of continuous feeding areinstalled for steady reliable power supply to such equipment asautomatic fire alarm warning and signaling.

Power supply to thecomplex of other electro-receivers in the Building will be provided oncategory  II.

11.1.    Main distributing switchboardsof the Building

four main distributing switchboards arestipulated in the Building. Automatic devices for reserve switch on arestipulated too ensure reliable power supply of the first category.

11.2.    Energy metering

Metering boxes are stipulated inthe premises of MDS (main distributing switchboards), where energymeters are installed. Electronic counters of active and reactive energywith digital outputs are installed on the inputs of MDS.

Separate energy metering is stipulated for all water distributingunits.

11.3.    Protective grounding and zero-wire

TN-C-S grounding system is designed in the Building.

The maingrounding bars (MGB) must be installed for each MDS. MGBVs must beinstalled separately in the switchboard areas and connected to eachother by the conductors of the potential equalizing system. Theconductor cross-section must be equal to the smaller bar cross-sectionfrom the two paired bars (Technical instructions # 6/2004 of‘‘ROSELECTROMONTAZH’’(«РОСЭЛЕКТРОМОНТАЖ»).

11.4.    Information grounding

Functional grounding forthe equipment of information technologies is planned.

11.5.    Lighting

There are the following kinds oflighting in the Building: ordinary working lighting and extraordinarylighting consisting of emergency lighting and evacuation lighting.Maintenance lighting through transformer feeder sockets of 220/36 V isstipulated in switchboards, ventilation chambers and pump houses.

For emergency lighting lams with built-in batteries (autonomous time— 1 hour) are used.

The control of lighting in the publiczones is centralized and being executed from the dispatcher post. Thelighting control for technical and office premises is local throughswitches. The feeding of emergency lighting is independent of ordinaryworking lighting and carried out from different sections of the maindistributing switchboard.

30

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The calculation of the required capacityfor lighting switchboards is exercised taking into account ensuring ofthe following illumination levels in the premises:

The followingminimal levels of illumination intensity are stipulated:

Officesand conference halls 500 lux on the working surface (0.8 m from thefloor)

Information and computation units 500 lux on the workingsurface

Corridors in the office section 200 lux on thefloor

Technical premises with mechanical equipment 200 lux on thefloor

Switchboards 300 lux on the floor

Service corridors150 lux on the floor

Tilets 150-250 lux on thefloor

Cloak-rooms 150 lux on the floor

In the office(administrative) premises it is supposed to use luminescent lamps(600x600) with a mirror screening grid of category 2, fixed into thehanging ceiling.

In the floor corridors the lighting is providedwith fixed luminescent compact lamps 2x18 Watt.

Lamps fortechnical and storage premises, service corridors and other servicessections are supposed to be of ceiling type with prismatic oropalescent diffuser. Linear luminescent lamps and glow lamps can beused.

Illumination in the remaining premises corresponds tostandards СП 31-110-2003 and MGSN 2.06-99.

Powerfor outside lighting of the Building is stipulated in the Project.

11.6.    Equipment producers

|                           |  |  |                                                 |
|---------------------------|--|--|-------------------------------------------------|
| Equipment                 |  |  | Potentialproducers                              |
| Distribution switchboards |  |  | Schneider Electric                              |
| Switching equipment       |  |  | Schneider Electric                              |
| Lighting device           |  |  | Sonlux (Germany)                                |
| UPS                       |  |  | SchneiderElectric                               |
| Cable conduits            |  |  | VVGng LS(ВВГнгLS) |
|                           |

Redesign of this section is possible totransfer some of the energy consumers (floors) into category I withinstallation of the 5th main distributing switchboard incase of receiving of the Technical task (T3) from the Lessee andfinancing of certain project, construction-erection works.

|           |                           |
|-----------|---------------------------|
| 12.  | Security technical system |

Complextechnical system of security is used in the Building. It consists ofguard signaling system (COC = GSS) and video access control system(СКУД =VACS) combined in thejoint-program-instrument complex.

GSS is designed to detect abreak through into the premises of the object or an attempt thereof andtransfer of the warring signal to the round the clock guard post withfurther translation to the centralized control panel.

Videosystem is designed to control the situation on the object and along theperimeter thereof and to keep the coming information on the digitalrecord unit.

VACS allows controlling the moving of employees andvisitors through the guarded territory and to restrict the access tothe premises of higher security.

31

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The following is installed at the guardroom: guard panel, VACS computer, equipment for video control andrecord, telephone.

At the reception desk the following isinstalled: GSS emergency button, warming system microphone panel,telephone.

12.1.    Main principles of protection ofthe Building from the unauthorized access:

|  |              |                                                                                                          |
|--|--------------|----------------------------------------------------------------------------------------------------------|
|  | •  | during daytime the unauthorizedaccess into the Building is permitted till tourniquets on the firstfloor; |

|  |              |                                                                                                                 |
|--|--------------|-----------------------------------------------------------------------------------------------------------------|
|  | •  | for a single access tolessees’ premises a visitor can get a guest card upon request ofthe inviting party; |

|  |              |                                                       |
|--|--------------|-------------------------------------------------------|
|  | •  | access into officeand service premises is impossible; |

|  |              |                                                                          |
|--|--------------|--------------------------------------------------------------------------|
|  | •  | during the night the unauthorized accessinto the Building is impossible; |

|  |              |                                                                      |
|--|--------------|----------------------------------------------------------------------|
|  | •  | allaccess paths into the Building are controlled with video cameras. |

12.2.    Guard signaling system

|  |              |                                                           |
|--|--------------|-----------------------------------------------------------|
|  | •  | Guard signaling system consists of thefollowing elements: |

|  |              |                  |
|--|--------------|------------------|
|  | •  | Detectionsmeans; |

|  |              |                  |
|--|--------------|------------------|
|  | •  | Warning buttons; |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Guard signaling panel with controlunit. |

The following is equipped with the guard signalingsystem:

|  |              |                             |
|--|--------------|-----------------------------|
|  | •  | Entrances into theBuilding; |

|  |              |                                    |
|--|--------------|------------------------------------|
|  | •  | The Building first floorperimeter; |

|  |              |                    |
|--|--------------|--------------------|
|  | •  | Exits to the roof; |

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Technical premises; |

|  |              |                                                                                                                |
|--|--------------|----------------------------------------------------------------------------------------------------------------|
|  | •  | Entrance doors of the office premises fromthe elevator halls are equipped with the video access controlsystem. |

Doors to the fire non-operated staircases and from thestaircases outside are provided with‘‘anti-panic’’ locks ensuring free exit ofthe staff outside in any emergency situation.

Alarm warningbuttons are installed into reception desk and in the guard desks.

Server room is a space of higher security and protected by amagnetocontact indicator.

Guard indicators are combines to theguard panel integrated with other engineering systems through theinterface line.

The main guard signaling panel is located in theguard room and connected to the system of the guard video control insuch a way that the picture from the nearest video camera goes to amonitor in the guard room simultaneously through indicator impulse.

12.3.    Video access control system

The following isequipped with the video access control system:

|  |              |                                                                                                  |
|--|--------------|--------------------------------------------------------------------------------------------------|
|  | •  | Elevator hall and the first floor (eithercontrol system or access managing system is installed); |

|  |              |              |
|--|--------------|--------------|
|  | •  | Server room; |

|  |              |                  |
|--|--------------|------------------|
|  | •  | Dispatcher room; |

|  |              |             |
|--|--------------|-------------|
|  | •  | Guard room; |

32

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|  |              |                                                                                                                                                                                                                                   |
|--|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | Main premiseswith technological units and equipment for the Building maintenance(main distributing switchboards, transformer substation, UPS room,diesel generator, pump houses ventilation chambers, central heatingdesk, etc.). |

One-level VACS is designed in the Building,identification is exercised upon one feature — electronickey-card.

Car entrances into the Building are equipped withlifting gates or barriers and contactless card readers.

Bothentrance and exit is controlled in the elevators.

12.4.    Guard television system

The following isequipped with the guard television system:

|  |              |                            |
|--|--------------|----------------------------|
|  | •  | Perimeter of the Building; |

|  |              |                              |
|--|--------------|------------------------------|
|  | •  | Entrances into the Building; |

|  |              |                                  |
|--|--------------|----------------------------------|
|  | •  | Car entrances into the Building; |

|  |              |                 |
|--|--------------|-----------------|
|  | •  | Elevator halls; |

Guard televisionsystem ensures round the clock control over key desks and recording ofvideo information to magnetic carriers from all video cameras. Ifnecessary, any camera can be shown to the guard monitor withoutrecording breaking. Control monitors and recording units are located inthe guard room. The cameras of main entrances into the Building areshown in the guard monitors for permanent control.

13.    Communication system

The Building is provided withthe modern telecommunication facilities. The main feeder consists oftwo independent opto-fiber cables. Telecommunication services in theBuilding are provided by three operators.

13.1.    Structuredcable system

Laying out of the structured cable system(СКС = SCS) is planned for providing the wholecomplex with the general telecommunication system including telephonecommunication, data transfer system (local computer net, connection toInternet). User net is executed as SCS.

Central communicationroom is set for installation of active and passive equipment.

13.3.    Access to Internet

Structural cable system ofthe Building is used for distribution of access to Internet. Activeequipment of the commutation center is installed in the centralcommutation room.

13.4.    Telephone communicationsystem

Telephone communication system includes the followingelements:

|  |              |                   |
|--|--------------|-------------------|
|  | •  | Local telephones; |

|  |              |                  |
|--|--------------|------------------|
|  | •  | City telephones; |

|  |              |                                                          |
|--|--------------|----------------------------------------------------------|
|  | •  | Short-distance and long-distance telephonecommunication. |

14.    Air TV receiving system

MW andDMW (МВ и ДМВ) antennas areinstalled to provide receiving of air TV programs.

33

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15.    Authomatization and dispatchersystem of the Building

Authomatization and dispatcher system ofthe Building is based on the programmed logic controllers. Operation ofthe Building engineering systems and regulation of the technologicalprocesses is managed by means of controllers.

The system ensurescontrol, regulation, management, blocking and protection from emergencyregimes of the following technical equipment in the Building:

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Heat supply system; |

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Cold supply system; |

|  |              |                                                 |
|--|--------------|-------------------------------------------------|
|  | •  | Inflow-exhaust ventilation and airconditioning; |

|  |              |                           |
|--|--------------|---------------------------|
|  | •  | Power supply andlighting; |

|  |              |               |
|--|--------------|---------------|
|  | •  | Water supply. |

Automaticsystems operate independently, in case one of them breaks down.

16.    Water supply and sewerage lines

16.1.    Industrial and drinking water supply

Watersupply source is the city water pipeline. There is a separate system ofindustrial and drinking water pipeline and that of fire-fighting waterpipeline. Branch pipelines to automatic fire fighting are stipulatedfrom the water pipeline inlet to the water gage unit.

16.2.    Waste sewerage line

Standpipes and mainpipelines for waste water drainage from the planned sanitary zones forlessees are installed in the Building. Sanitary blocks and allocationof sanitary equipment therein ensures connection of sewerage line overthe floor.

The net is a self-flowing system with outlets for theconnection to the outside nets.

16.3.    Rain sewerageline

To the system of rain sewerage line belong:

|  |              |                                                                                  |
|--|--------------|----------------------------------------------------------------------------------|
|  | •  | Rain and thawed waters from the roofthrough heated drain cone-shaped pipe heads; |

|  |              |                                                                                                               |
|--|--------------|---------------------------------------------------------------------------------------------------------------|
|  | •  | Drainage waters from ventilation chambersand pump-houses with installation of drainage pumps in thepit-wells. |

16.4.    Drainage sewerage line in theparking

The system is designed for collection and drainage ofwater from the floor of the 4-level underground parking by switching onof the automatic fire fighting system.

|                                                                                |  |  |                                                                                              |
|--------------------------------------------------------------------------------|--|--|----------------------------------------------------------------------------------------------|
| Lessor:                                                                        |  |  | Lessee:                                                                                      |
|                                                                           |  |  |                                                                                         |
| [Signed]Name:Rasskazov Nikolay NikolayevitchPosition: GeneralDirectorSS[Stamp] |  |  | [Signed]Name:Gikalo Stanislav AleksandrovitchPosition: Head of RepresentativeOfficeSS[Stamp] |
|                                                                                |

34

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Schedule No.5

FORM OF THE ACT OFACCESS

                            ,2006City ofMoscow            

                                                                                                                                                        ,(‘‘Lessor’’) and                                                                                                                    (‘‘Lessee’’) hereby confirm that theauthorized representatives of the Lessee were granted access to thePremises for conduction of the Lessee’s Works on the basis ofthe Preliminary Contract on concluding agreements #             dated                                ,2006 as of the date of signing of the present Act by the Lessor and theLessee.

The Premises are transferred in the conditionsdescribed in Appendix 1 hereto.

The Parties agree on thefollowing Defects, that the Lessor is obliged to recover.

[Defects]    [to be filled uponsigning]

|                                                                          |  |  |                                                                                   |
|--------------------------------------------------------------------------|--|--|-----------------------------------------------------------------------------------|
| Lessor:                                                                  |  |  | Lessor:                                                                           |
|                                                                     |  |  |                                                                              |
|     Name:Position: SS [Stamp] [Signed]N.N. Rasskazov |  |  | [Signed] Name:Position:         SS[Stamp] |
|                                                                          |

|  | I agree withthe above stated in the Act of Access. |
|--|----------------------------------------------------|

|  | GeneralContractor |
|--|-------------------|

|  | [                            ] |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | Name:Position: Date: |
|--|----------------------|

35

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Schedule No.6

LIST OF SERVICES NECESSARY FOR CONDUCTION OF THELESSEE’S WORKS IN THEPREMISES

|          |                  |
|----------|------------------|
| 1.  | Utility Services |

|            |               |
|------------|---------------|
| 1.1.  | Power supply: |

|  |               |                                         |
|--|---------------|-----------------------------------------|
|  | –  | powersypply system on temporary scheme; |

|  |               |                                     |
|--|---------------|-------------------------------------|
|  | –  | lighting system on temporaryscheme. |

|            |               |
|------------|---------------|
| 1.2.  | Water sypply: |

|  |               |                           |
|--|---------------|---------------------------|
|  | –  | cold water supply system. |

|            |                                 |
|------------|---------------------------------|
| 1.3.  | Sewerage and waterpipe in full. |

|            |                  |
|------------|------------------|
| 1.4.  | Heating in full. |

|          |                       |
|----------|-----------------------|
| 2.  | Maintenance services: |

|            |                                       |
|------------|---------------------------------------|
| 2.1.  | Elevator/elevating machine servicing. |

|            |                                                                                          |
|------------|------------------------------------------------------------------------------------------|
| 2.2.  | Removal of containers with construction wastefrom the territory adjourning the building. |

|            |                                                                                                                                                                                    |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.3.  | Security of the building for the constructionperiod, direct ensuring of control-passing and inner-object regime isimposed to the security division exercising the following tasks: |

|  |               |                                                                                                              |
|--|---------------|--------------------------------------------------------------------------------------------------------------|
|  | –  | to accept under control in the idle time theconstruction site with the existing material values andproperty, |

|  |               |                                                                                                                                                          |
|--|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | to control the entrance and exitof persons, bringing-in and bringing-out of the material values andproperty to and from the construction site territory; |

|  |               |                                                                                                                                                           |
|--|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | to control the entrance and exit of vehicles,bringing-in and bringing-out of the material values and property to andfrom the construction site territory. |

Official rightsand duties of the security division employees regarding the buildingand the territory protection shall be determined by the jobinstructions approved by the management of the security agency andagreed upon by the Profico business-center management. Responsibilityfor organization and quality of conducting service at the object shallbe imposed to the security chief, to whom the division personnel isreporting.

|            |                                                                                                                                                                  |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.4.  | Control-passing regime duringconstruction and conduction of finishing works shall be the integralpart of the genreal security and is introduced with the aim to: |

|  |               |                                                                                                                                                                               |
|--|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | ensure sanctioned passage of constructioncompanies’ employees, bringing-in (bringing-out) of the materialvalues and property, systematic operation of the organization; |

|  |               |                                                                                                                  |
|--|---------------|------------------------------------------------------------------------------------------------------------------|
|  | –  | prevent the uncontrolled passage of strangersand outside vehicles to the protected territory and to thebuilding; |

|  |               |                                                                                                                                                   |
|--|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | duly reveal of threats to theorganizations’ interests, as well as of potentially dangerousconsitions facilitating material or moral damage; |

36

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|  |               |                                                                                                                                                                                                        |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | establish goodguarantees of maintening the organizational stability if outer andinner relations of the organization, practice of the operationalreaction mechanism to the threats and negative trends; |

|  |               |                                                                         |
|--|---------------|-------------------------------------------------------------------------|
|  | –  | suppresion of infringements to the legalinterests of the organizations. |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Lessor:                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  | Lessee:                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                          |  |  |                                                                          |
| [Signed]Name:Rasskazov Nikolay NikolayevitchPosition: GeneralDirectorSS[Stamp]                                                                                                                                                                                                                                                                                                                                                                   |  |  | [Signed]Name:Gikalo Stanislav AleksandrovitchPosition: Head of RepresentativeOfficeSS[Stamp]                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

37

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ScheduleNo. 7Lease Agreement Draft

LimitedLiability Company ‘‘Promyshlenno-finansovayakompania’’

And

Moscow Representative Office ofCTC MEDIA,INC.

AGREEMENT ON LEASE OFPREMISESNo [•]

inthe building located in[•]Moscow,Russia

38

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Exhibit10.51

TABLE OFCONTENTS

|     |  |  |                                                                   |  |  |  |  |    |  |
|-----|--|--|-------------------------------------------------------------------|--|--|--|--|----|--|
| 1.  |  |  | Subject-Matterof the Agreement                                    |  |  |  |  | 40 |  |
| 2.  |  |  | Useof Premises                                                    |  |  |  |  | 41 |  |
| 3.  |  |  | LeaseTerm; Transfer of Premises and Return ofPremises             |  |  |  |  | 45 |  |
| 4.  |  |  | Rent,Payments for Utility and MaintenanceServices                 |  |  |  |  | 47 |  |
| 5.  |  |  | Deposit                                                           |  |  |  |  | 49 |  |
| 6.  |  |  | Payments                                                          |  |  |  |  | 50 |  |
| 7.  |  |  | Provisionof Parking Places to theLessee                           |  |  |  |  | 51 |  |
| 8.  |  |  | Maintenanceand Repair of thePremises                              |  |  |  |  | 51 |  |
| 9.  |  |  | OtherRights of theLessor                                          |  |  |  |  | 55 |  |
| 10. |  |  | Insurance                                                         |  |  |  |  | 55 |  |
| 11. |  |  | Rulesof the Building                                              |  |  |  |  | 56 |  |
| 12. |  |  | Registration of theAgreement                                      |  |  |  |  | 57 |  |
| 13. |  |  | Terminationand Annulment of theAgreement                          |  |  |  |  | 57 |  |
| 14. |  |  | Language                                                          |  |  |  |  | 59 |  |
| 15. |  |  | Force-Majeure                                                     |  |  |  |  | 59 |  |
| 16. |  |  | Restriction ofLiability of the Parties under the presentAgreement |  |  |  |  | 59 |  |
| 17. |  |  | ApplicableLaw and DisputeResolution                               |  |  |  |  | 59 |  |
| 18. |  |  | ConfidentialInformation                                           |  |  |  |  | 60 |  |
| 19. |  |  | Term ofAgreement                                                  |  |  |  |  | 60 |  |
| 20. |  |  | Notices                                                           |  |  |  |  | 60 |  |
| 21. |  |  | Miscellaneous                                                     |  |  |  |  | 61 |  |
| 22. |  |  | Requisitesand Signatures of theParties                            |  |  |  |  | 61 |  |
|     |

|                                                                                   |  |  |  |  |    |  |
|-----------------------------------------------------------------------------------|--|--|--|--|----|--|
| Schedule1 List of Schedules                                                       |  |  |  |  | 62 |  |
| Schedule 2Terms and Definitions                                                   |  |  |  |  | 63 |  |
| Schedule3 Plans of Premises                                                       |  |  |  |  | 68 |  |
| Schedule 4Rent                                                                    |  |  |  |  | 69 |  |
| Schedule 5 List ofMaintenance Services                                            |  |  |  |  | 72 |  |
| Schedule 6Transfer Act                                                            |  |  |  |  | 75 |  |
| Schedule 7 Act onTermination of the Lessee’sWorks                           |  |  |  |  | 76 |  |
| Schedule 8 Act on Returnof Premises                                               |  |  |  |  | 77 |  |
| Schedule 9 Rulesfor Conduction of the Lessee’sWorks                         |  |  |  |  | 78 |  |
| Schedule 10 Requirementsto the Building and Premises on the Building Start-upDate |  |  |  |  | 80 |  |
|                                                                                   |

39

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Thepresent Agreement No. [•] (hereinafter referred toas the ‘‘**Agreement**’’) isexecuted in Moscow, Russian Federation on[•][•] 20[•](hereinafter referred to as the ‘‘**ExecutionDate**’’)between:

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | the Limited LiabilityCompany ‘‘Promyshlenno-finansovayakompania’’(Обществосограниченнойответственностью‘‘Промышленно-финансоваякомпания’’),a legal entity organized and existing under the laws of the RussianFederation, state registration certificate No. [•]issued on [•][•]20[•] by the Ministry on taxes and levies of theRussian Federation, located at[•][•], Moscow, represented by[•] acting on the basis of [•](hereinafter referred to as the‘‘**Lessor**’’), on the onehand, and |

|           |                                                                                                                                                                                                                                                                                                                                 |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Moscow RepresentativeOffice of CTC Media, Inc., Certificate of registration in the UnifiedState Register [•] dated[•][•] 20[•],located at [•], Moscow, represented by[•] acting on the basis of [•](hereinafter referred to as the‘‘**Lessee**’’), on the otherhand, |

hereinafter jointly referred to as the‘‘**Parties**’’ and separatelyreferred to as the‘‘**Party**’’.

Terms andDefinitions used herein are contained in Schedule 2. Some terms forpurposes of convenience are also defined in the body text of thepresent Agreement.

INTRODUCTION:

|           |                                                                                                                                                        |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A)  | The Lessor owns the Building locatedat [•], Moscow, Russian Federation of[•] ([•]) sq.m. (the‘‘**Building**’’), |

|           |                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------|
| (B)  | TheLessee wishes to rent the non-residential premises located partly onthe 20th and 26th floors. |

NOWTHEREFORE the Parties have agreed as follows:

|          |                                 |
|----------|---------------------------------|
| 1.  | Subject-Matter of the Agreement |

TheLessor shall lease to the Lessee the Premises consisting of the roomsas indicated below in the schedule:

|          |  |  |               |  |  |             |  |  |                           |  |  |              |
|----------|--|--|---------------|--|--|-------------|--|--|---------------------------|--|--|--------------|
| Floor    |  |  | PremiseNumber |  |  | Room Number |  |  | Purpose ofPremises(Rooms) |  |  | Area (sq.m.) |
| [•] |  |  | [•]      |  |  | [•]    |  |  | [•]                  |  |  | [•]     |
| [•] |  |  | [•]      |  |  | [•]    |  |  | [•]                  |  |  | [•]     |
|          |

of[•] ([•]) sq.m. (hereinafterreferred to as the ‘‘**LeasedArea**’’) located partly on the 20th and26th floors, and the Lessee shall lease the Premises fromthe Lessor, pay the Rent in due time and perform all other obligationsprovided hereby.

For purposes of identification the descriptionand the borders of the Premises are marked in green color on the copiesof the floor plans prepared by BTI (Technical Inventory Bureau) andcontained in Schedule  3.

As agreed by the Parties theRent, Payments for Utility and Maintenance Services and other paymentshereunder shall be calculated on the basis of the Leased Area and theLeased Area of the Premises shall not be changed for purposes ofsettlement throughout the Lease Term.

Registration of theLessor’s ownership right to the Building including the Premisesis confirmed by  [•].

The Lessorrepresents and warrants that at the moment of execution of the presentAgreement the Premises are not disposed of, are not subject of anylitigation, are not under arrest or restriction, are not in trustownership or in lease or encumbered in favor of any third party otherthan the Lessee. The Lessor warrants that on the Date of AgreementRegistration the Premises shall not be disposed of, be subject of anylitigation, be under arrest or restriction, be in trust ownership or inrent or encumbered in favor of any third party other than the Lesseeand Mortgagee under the Mortgage Agreement [•]entered on [•] between the Lessor and[•] (hereinafter referred to as the‘‘**Mortgagee**’’), and theLessee has received the 

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corresponding notice of such MortgageAgreement. The Mortgagee’s notice of consent for executionhereof shall be attached as Schedule 11. Entering into the presentAgreement the Lessee relies on the Lessor’s warrant contained inthis paragraph 1.5.

Agreement in Case of Change of the Ownerof the Building or Premises.

In case of change of:

|  |              |                       |
|--|--------------|-----------------------|
|  | 1.6.1.  | the Lessor hereunder; |

|  |              |                                                  |
|--|--------------|--------------------------------------------------|
|  | 1.6.2.  | the Owner of the Premises and/orthe Building; or |

|  |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 1.6.3.  | compositionof the direct shareholders of the Lessor existing on the date ofexecution of the Agreement provided that such change of shareholdersleads to redistribution of 30% (thirty percent) or more of theshareholdings in the charter capital of the Lessor, and redistributionof the shareholdings in the charter capital of the Lessor among itsshareholders provided that such redistribution regards 30%(thirty percent) or more of the shareholdings in the Lessor’scharter capital, and change of beneficial owners of legal entities whoare shareholders of the Lessor on the date of execution of theAgreement regardless of whether such changes took place as result ofone or more transactions, |

the Lessor shall give theLessee a written notice at least 30 (thirty) Business Days before suchchanges take place. Hereby the Parties confirm that occurrence of theevents stated in this paragraph shall not entitle the Lessor, the ownerof the Premises or of the Building, direct shareholders or beneficialowners of the Lessor’s company or other parties to amend orterminate the present Agreement, however, the Lessee shall have theright to disagree with the proposed changes by giving a written noticestating the reason of disagreement not later than 10 (ten) BusinessDays after receipt of the Lessor’s notice of the proposedchanges. If despite of the Lessee’s notice of disagreement suchchanges take place the Lessee shall have the right to an earlyunilateral refusal of execution and termination hereof by giving awritten notice to the Lessor. The Agreement shall be deemed terminatedon the date indicated in the notice given by the Lessee.

TheLessor shall stipulate in every agreement in accordance with theprovisions of paragraph 1.6 hereof a provision that any new owner ofthe Premises has to notify the Lessee about state registration of itsrights to the Premises.

Transfer of title to the Building(including the Premises) or to the Premises to any Person, exercise byany mortgagee of its right to satisfaction of the obligationsunfulfilled by the Lessor shall not constitute grounds for modificationof terms or termination hereof unless otherwise provided in the presentAgreement. The Lessee shall fulfill its obligations hereunder in favourof OOO ‘‘Promyshlenno-finansovayakompania’’ as the Lessor, until the Lessee receives theproofs of the rights of the new recipient of the Rent, Payments forUtility and Maintenance Services or other payments hereunder or theproofs of the new owner of the Premises.

Agreement onOutside Advertising

The Lessee shall have the right toplace outside advertising in form of signboards or installations on theroof of the Building (hereinafter — the‘‘**Outside Advertising**’’).The Lessee shall submit the dimensions and design of such OutsideAdvertising for approval of the authors of the Building Project, theDeveloper and the competent authorities of the city of Moscow. TheLessee shall manufacture, install such signboard and receive allnecessary Approvals at its own cost. Maintenance, registration andpayment for electricity for functioning of the Outside Advertisingshall be at the Lessee’s cost. Additional lease payments forplacement of the Outside Advertising shall not be charged.

|          |                 |
|----------|-----------------|
| 2.  | Use of Premises |

AuthorizedUse

The Premises are granted to the Lessee for office useand for conduction of principal production activity of the companies ofCTC Media Group including broadcast television complexes. Use ofPremises in accordance with the provisions of this paragraph shall bereferred hereinafter as the ‘‘**AuthorizedUse**’’.

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The Lessee shall be obliged from the Dateof Lease Beginning and till the date of return of the Premises to theLessor:

to use the Premises only within the limits ofthe Authorized Use; not to change the Authorized Use without theLessor’s prior written consent;

to meet allrequirements of the legislative acts of the competent state authoritiesand court decisions regarding the Premises.

The Lessee shallcomply with all legal standards and rules in connection with the use ofthe Premises for the Authorized Use including safety regulations andpreventive fire-fighting regulations (including rules of personalsecurity for employees and visitors), sanitary, hygienic and ecologicalstandards and rules of public order.

The Lessee shall complywith the Rules of the Building which (a) shall be previously approvedby the Lessee; (b) shall be brought to the Lessee’s notice inwriting and signed by the Lessee; (c) shall be binding for all lesseesin the Building; and (d) shall be applied by the Lessor to all lesseesin the Building. In case of any contradiction or inconsistency betweenthe provisions contained in the Rules of the Building and theprovisions hereof, the provisions hereof shall prevail.

TheLessee shall have the right to use Places of Common Use together withthe Lessor and other lessees of the Building in accordance with theirpurposes and the Rules of the Building. On a pay basis in accordancewith a separate agreement with the Lessor, the Lessee shall have theright to use the hall on the ground floor of the Building, whichconstitutes a part of the Places of Common Use, and the Territory forbusiness purposes including for advertising and informationpurposes.

The Lessee shall have the right together with theLessor and other persons to whom the Lessor granted the same right toconnect to Engineering Networks, utility infrastructure and Equipmentinstalled in the Premises and serving them, and to use EngineeringNetworks, utility infrastructure and Equipment installed in thePremises and serving them. However, the Lessee shall not have the rightof access to the areas outside the Premises for these purposes unlessit is authorized by the Lessor. The Lessee shall treat carefully Placesof Common Use, Engineering Networks and Equipment. The Lessee shall notuse Engineering Networks and Equipment for purposes for which they arenot intended or exceeding their construction (project) capacity.

Assignment and Sublease

The Lessee shall be entitled(a) to assign its rights and obligations hereunder (all or in part) tothe Lessee’s affiliated companies, and (b) to sublease thePremises (all or in part) to the Lessee’s affiliated companieswithout first obtaining the Lessor’s consent, and the Lesseeshall give the Lessor a written notice of any such assignment orsublease within 14 (fourteen) business days from the execution date ofa sublease and/or assignment agreement and provide the Lessor withcertified copies of the agreements and charter documents of thesub-lessees. In case of sublease and/or assignment the Premises shallbe used in accordance with the Authorized Use. If a writtenconfirmation of the Lessor’s consent is needed for purposes ofstate registration of such sublease or assignment agreements, theLessor shall be obliged to provide a written confirmation of itsconsent provided for in this paragraph at the Lessee’s firstrequest.

Engineering Networks

Throughout theLease Term the Lessor shall maintain Engineering Networks and/orEquipment in the Building in working condition within the limits setforth in the Acts of Balance Liability Division, and for this purposethe Lessor shall have the right to control compliance by the Lesseewith the rules and conditions for their use provided for in the presentAgreement and in other acts.

The Lessor’s Access tothe Premises

Upon receipt of the Lessor’s priorwritten request the Lessee shall grant the Lessor the access to thePremises in presence of the Lessee’s representatives (the‘‘Right of Access’’). In the writtenrequest the Lessor shall indicate the date, time and terms of therequired access to the Premises which shall be 

42

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approved by the Lessee, and subject to suchapproval, such time may be any reasonable time within 5  BusinessDays from the date of receipt of the written request by the Lessee. TheLessee’s approval of the Lessor’s access shall not beunreasonably delayed or refused. The Parties agree that the Lessorshall exercise its Right of Access in such a manner as not to disturbthe Lessee and to ensure the Undisturbed Use of the Premises.

Subject to the above provisions, the Lessor shall have the right ofaccess to the Premises in accordance with the provisions below. TheLessor’s Right of Access shall mean:

|  |               |                                                                                                                                                                                                  |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.10.1.  | the Right of Access to thePremises of the Lessor’s representatives and employees,employees and contractors of the Operating Organization orrepresentatives of the Moscow utility services; |

|  |               |                                                                                                                                                                                                                                                                                                               |
|--|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.10.2.  | the Right of Access to thePremises of the Lessor’s contractors/subcontractors fortechnical maintenance of Engineering Networks and/or Equipment in thePremises, conduction of repair works in the Premises and/or in theBuilding if an access to the Premises is necessary for conduction ofsuch works; |

|  |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.10.3.  | the Right ofAccess to the Premises of the Lessor’s representatives fordemonstration of the Premises to potential buyers of the Building or ofthe part of the Building including the Premises if the lessee under theLease Agreement with ZAO ‘‘CTC’’ hasrefused to acquire the Building or the Premises and has not confirmedits interest to such transaction with the affiliated person of suchlessee as it is provided for in paragraph 1.6. of the Lease Agreementwith ZAO ‘‘CTC’’;and |

|  |               |                                                                                                                                                                                                                                                                                                  |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.10.4.  | the Right of Access tothe Premises of the Lessor’s representatives for demonstrationof the Premises to potential lessees during last 6 (six) months of theLease Term, except when the Parties have agreed on extension of theAgreement for a new term in accordance with Article 3 hereof. |

General check-outs, technical maintenance and repairs.

|  |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.11.1.  | The Lessor shall have the Rightof Access to the Premises in order to control their condition,conduction of maintenance and engineering works necessary to maintainthe Building, Places of Common Use and Premises in working condition orto eliminate any defect in the Building or in any part of it, in Placesof Common Use and/or Premises and to fulfill any other obligations ofthe Lessor in respect of maintenance of the Building, Places of CommonUse and Premises. Exercising the Right of Access to the Premises inaccordance with this paragraph, the Lessor shall have the right to takethe following measures: |

|  |           |                            |
|--|-----------|----------------------------|
|  | (i)  | inspection of thePremises; |

|  |            |                                                                                                    |
|--|------------|----------------------------------------------------------------------------------------------------|
|  | (ii)  | examination of documentsregarding the Lessee’s Works conducted by the Lessee in thePremises; |

|  |               |                                                                                                                                                                                                                                                                                                                                                                                   |
|--|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.11.2.  | In any of thesecases the Right of Access to the Premises shall be granted only afteragreement between the Lessor and the Lessee on the date, time and termsof the requested access contained in the Lessor’s request whichthe Lessee shall receive at least 3 (three) Business Days before theproposed date of access, unless otherwise is agreed in writing by theParties. |

Check-out of condition and repair of EngineeringNetworks and Equipment.

|  |               |                                                                                                                                                                                                                                          |
|--|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.12.1.  | TheLessor shall have the Right of Access to the Premises to control thecondition of Engineering Networks and Equipment installed in thePremises, to control compliance with safety standards and rules and, ifnecessary, to repair them. |

|  |               |                                                                                                    |
|--|---------------|----------------------------------------------------------------------------------------------------|
|  | 2.12.2.  | Check-outs and/or repair shallbe duly carried out by the Lessor’s authorizedrepresentatives. |

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|  |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.12.3.  | In anyof these cases the Right of Access to the Premises shall be grantedonly after agreement between the Lessor and the Lessee on the necessarycheck-outs or repairs in the Premises and on the date, time and termsof the their conduction contained in the Lessor’s request whichthe Lessee shall receive at least 3 (three) Business Days before theproposed beginning date of the check-out or repair, unless otherwise isagreed in writing by the Parties. |

Access in case of EmergencyEvents.

|  |               |                                                                                                                                                                                                                  |
|--|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.13.1.  | In case of EmergencyEvents requiring immediate exercise of the Right of Access, the Lessorshall be entitled to use the Right of Access to the Premises, subjectto a prompt notice of such actions to the Lessee. |

|  |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.13.2.  | The Lessee shall provide theLessor in advance with contact telephone numbers and names of theemployees to be contacted by the Lessor for purposes of notification ofEmergency Events before entering the Premises. Lack of technicalpossibility of the Lessor to contact promptly such employees of theLessee shall not constitute the ground for termination or anyrestriction of any right of the Lessor provided for in sub-paragraph2.13.1. hereof. |

Other lessees of the Premises.

|  |               |                                                                                                                                                                                                                                                                          |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.14.1.  | If the Lessee does not exercisethe right to prolong the present Agreement in accordance with Article 3hereof, the Lessor shall have the Right of Access to the Premisesduring the last 6 (six) months of the Lease Term to demonstrate thePremises to potential lessees. |

|  |               |                                                                                                                                                                                                                                                                                                                                                                           |
|--|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.14.2.  | In this case the Right of Accessto the Premises shall be granted only after agreement between theLessor and the Lessee on the date, time and terms of the requestedaccess contained in the Lessor’s request which the Lessee shallreceive at least 3 (three) Business Days before the proposed date ofaccess, unless otherwise is agreed in writing by the Parties. |

Throughout the Lease Term the Lessor shall have the Right ofAccess to the Premises for purposes  of:

|  |               |                                                                                                                                                              |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.15.1.  | demonstration of the Premises topotential buyers in case of the Lessee’s refusal to acquire theBuilding or the Premises provided for in paragraph 1.6; |

|  |               |                                                                                                                                                                                                                                                                                                                                                                           |
|--|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2.15.2.  | In this case the Right of Accessto the Premises shall be granted only after agreement between theLessor and the Lessee on the date, time and terms of the requestedaccess contained in the Lessor’s request which the Lessee shallreceive at least 3 (three) Business Days before the proposed date ofaccess, unless otherwise is agreed in writing by the Parties. |

Undisturbed Use

The Lessee shall have the rightto use the Premises unimpeded and uninterrupted during the Lease Termwithout any unreasonable interference in its activity, demands to leavethe Premises or other demands of the Lessor not provided for in thepresent Agreement.

Information Indicator in the Hall on theGround Floor of the Building

The Lessee shall have theright to include its company name as agreed with the Lessor into theinformation indicator, common for all lessees of the Building andsituated in the central hall of the Building, by the Lessor and at theLessor’s cost.

Operating Organization

TheLessor shall be obliged to render all services specified in Schedule 5by itself or through the Operating Organization throughout theAgreement Term.

The Lessor shall be entitled to change theOperating Organization at any time, however, provided that the qualityof the Maintenance Services of the new Operating Organization will notbe worse and the range of rendered Maintenance Services will not bereduced in comparison to the list of services contained 

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in Schedule 5 hereto. In case of any changeof the Operating Organization the amount of the Maintenance Costsspecified in the present Agreement shall not be modified.

Usingthe services of any Operating Organization the Lessor shall remainresponsible for provision of Maintenance Services to the Lessee.

|          |                                                        |
|----------|--------------------------------------------------------|
| 3.  | Lease Term; Transfer of Premises and Returnof Premises |

Lease Term

The present Agreement isconcluded for a term starting on the Execution Date of the presentAgreement and of the Transfer Act (the ‘‘Date of LeaseBeginning’’) and ending upon expiration of 10 (ten)years from the Date of Lease Beginning (the ‘‘Date ofLease End’’). Period of time between the Date ofLease Beginning and the Date of Lease End shall be hereinafter referredto as the Lease Term or the Term.

Transfer ofPremises

The Lessor shall transfer the Premises to theLessee for lease purposes on the basis of the Transfer Act signed bythe Parties simultaneously with signing of the Lease Agreement in theform specified in Schedule 6.

Return of Premises

Upon expiration of the term of the present Agreement (including theLease Term, early termination, unilateral refusal of performancehereof) the Lessee shall return the Premises to the Lessor in goodcondition subject to normal wear, free from any Equipment of theLessee, Separable Improvements and/or other property of the Lesseeand/or third Persons and without any material damage resulting fromsuch removal.

Return of the Premises shall be based on an act ofreturn of Premises executed in accordance with the form specified inSchedule 8 hereto (‘‘**Act ofReturn**’’) which the Parties shall sign on thelast day of the Lease Term or in any case of early termination hereof,unilateral refuse of performance hereof not later than:

|  |              |                                                                                                                                                                         |
|--|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.4.1.  | the day when the presentAgreement was terminated by an agreement of the Parties or by aunilateral request of one of the Parties in accordance with Article 13hereof; or |

|  |              |                                                                                                                  |
|--|--------------|------------------------------------------------------------------------------------------------------------------|
|  | 3.4.2.  | 10 (ten) BusinessDays from the date of effectiveness of the court decision on annulmentof the present Agreement. |

If the Lessee returns the Premises incondition not corresponding to the provisions of paragraph 3.3 hereof,the Lessor shall prepare an estimate of expenditure on works necessaryto eliminate the defects in the Premises and/or to keep theLessee’s property left in the Premises and shall present suchestimate to the Lessee, and the Lessee shall compensate the amountagreed by the Parties within 7 (seven) Business Days from the date ofreturn of the Premises to the Lessor.

If the Lessee does notreturn the Premises to the Lessor in the manner established by the lawand provisions hereof on the last day of the Lease Term, or if theLessee continues to occupy all Premises or any part of them aftertermination of the present Agreement, but subject to provisions ofparagraph 3.10.1 hereof, the Lessee shall pay the Lessor for the wholeperiod of delay in leaving the Premises a penalty in the amount equalto the amount of the Lease Payment paid hereunder at the moment oftermination of the present Agreement for the period of delay inreturning the Premises or any part of the Premises in proportion to thearea of the Premises or any part thereof which was not returned to theLessor. Payment of such penalty shall not be deemed as prolongation ofthe Lease Agreement, shall not grant any prolongation rights to theLessee and shall not be considered as extension of the Lease Term or asbeginning of the Extension Period.

Extension of the LeaseTerm

Subject to a written notice to the Lessor at least 6(six) months prior to the expiry of the Lease Term and subject to theprovisions of paragraph 3.8, the Lessor shall be entitled to extensionof the Lease Term 

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hereunder for 10 (ten) years (hereinafter— the ‘‘**ExtensionPeriod**’’) on the same conditions of the presentAgreement except for (1) the Basic Lease Rate which shall correspond tothe market level of the lease rates for comparable premises and shallbe established in the manner specified in paragraph 3.8 hereof(hereinafter — the ‘‘**New LeaseRate**’’); (2) provisions on the amount of the Rentfor the first year of the Lease Term and (3) the Payment for Utilityand Maintenance Services which shall be equal to the payment for suchservices charged in accordance with the agreements on lease of premisesin the Building concluded in that period of time.

The New BasicLease Rate shall mean an annual sum of money for 1 sq.m. of the LeasedArea of the Premises which shall be applied in accordance with theterms of the lease agreements concluded in respect of premises in othercomparable with the Building business centers in Moscow, provided thatthe principal terms of the compared lease agreements are comparablewith the principal terms of this Lease Agreement including proportionof the area of the leased premises in the area of the building. Notlater than 1 (one) year before expiration of the Lease Term the Lessorshall notify the Lessee in writing on the proposed New Basic LeaseRate. Within 3 (three) months upon receipt by the Lessee theLessor’s notice, the Parties shall agree by way of negotiationson the New Basic Lease Rate. If the Parties fail to agree on the NewBasic Lease Rate within three months after receipt of theLessor’s written notice by the Lessee, the Parties shall takenecessary measures and bear in equal parts the costs in this connectionto determine the New Basic Lease Rate not later than 7 months aftertermination of the Lease Term with the help of independent experts ofinternational level in the sphere of commercial real estate. The NewBasic Lease Rate with the help of such independent experts shall bedetermined as follows:

|  |              |                                                                                                                                                               |
|--|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.8.1.  | eachParty appoints at its own discretion one of the companies consideredamong experts of international level in the field of commercial realestate in Moscow; |

|  |              |                                                                                                                                                                                                                              |
|--|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.8.2.  | thecompanies appointed by the Parties in accordance with paragraph 3.8.1.choose together a third company corresponding to the definition of anexpert of international level in the field of commercial real estate inMoscow; |

|  |              |                                                                                                                                                                                            |
|--|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.8.3.  | each of threecompanies appointed in accordance with paragraphs 3.8.1 and 3.8.2.shall give its own estimate of the lease rate for the Extension Periodon terms stipulated in paragraph 3.7; |

|  |              |                                                                                                                                         |
|--|--------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.8.4.  | the New Basic Lease Rate shall becalculated as an arithmetic average of three lease rates determined inaccordance with paragraph 3.8.3. |

If the Lessee agrees to prolongthe Agreement on the terms of the New Basic Lease Rate, the Partiesshall sign a corresponding additional agreement hereto or a new leaseagreement in the shortest possible time, but in any case not later thanthree months before expiration of the Lease Term.

If the Lesseedoes not agree to prolong the present Agreement for the ExtensionPeriod on the terms of the New Basic Lease Rate:

|  |               |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.10.1.  | the Lessee shall have the rightto use the Premises during a period up to 6 (six) months afterexpiration of the Lease Term. Such use of the Premises shall be deemedas a unilateral prolongation of the present Agreement on the same termsregarding the Lease Payments and other payments hereunder existing atthe moment of the Lessee’s decision not to prolong the presentAgreement for the Extension Period. |

|  |               |                                                                                                                                                                               |
|--|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 3.10.2.  | the Lessor shall be entitled atits own discretion to transfer the premises to any third person,subject to the right granted to the Lessee in accordance with paragraph3.10.1. |

If the Lessee has not notified the Lessor of itsintention to prolong the present Agreement for the Extension Period intime specified in paragraph 3.7 hereof, the Lessor shall be entitled toenter into agreements of lease of the Premises with the third partiesfor the term beginning after expiration of the Lease Term of thePremises, subject to the right granted to the Lessee in accordance withparagraph 3.10.1 hereof.

Particular Case of EarlyTermination

The Lessee shall have the right to terminatethe present Agreement unilaterally without judicial recourse in respectto all Premises or any part thereof at any time upon expiry of thefirst 5 (five) years 

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of the Lease Term, provided a written noticewas given to the Lessor at least 12 (twelve) months before suchtermination date. The Lessee may use the right of termination inrespect of separate parts of the Premises provided for in thisparagraph an unlimited number of times.

|          |                                                   |
|----------|---------------------------------------------------|
| 4.  | Rent, Payment for Utility and MaintenanceServices |

Rent

The Basic Lease Rate shall be617.76 (six hundred seventeen point seventy six) Conventional Units forone square meter of the Leased Area per annum (plus VAT, if VAT isapplied under the Russian laws). The Basic Lease Rate shall not bemodified throughout the Lease Term.

The Rent shall be calculatedduring the Lease Term in accordance with Schedule 4 hereto. The Rentshall be charged on a monthly basis starting from the Date of LeaseBeginning and ending on the Date of Lease End.

The Lease Paymentto be paid by the Lessee every month throughout the Lease Term forevery full month of the Lease Term shall be the sum equal to 1/12 (onetwelfth) of the annual Rent and shall be calculated in accordance withPart I of Schedule 4 hereto.

The First Lease Payment in amountequal to [•] ([•]) ConventionalUnits for the period from the Date of Lease Beginning till the end ofthe calendar month in which the Date of Lease Beginning occurred shallbe paid within 5 (five) Business Days from the Date of LeaseBeginning.

Later on the Lessee shall pay the rent in advance ona monthly basis in the amount of the corresponding Lease Paymentdetermined in accordance with paragraph 6 hereof.

The LeasePayment for every incomplete month shall be calculated in proportion tothe actual number of days during which the Premises were used.

The Rent shall include payments for use of the Premises on terms ofthe present Agreement and shall not include:

Paymentsfor Utility and Maintenance Services;

Compensation ofElectricity Charges;

Payment for Parking.

TheLessee shall not be liable for payment by the Lessor of income tax, taxon property or land relating to the Building or to the piece of landwhere the Building is located and of any other similar taxes or dutiesto be paid by the Lessor under the Russian laws, and the Lessor may notdemand any modification of the Basic Lease Rate in connection withmodification of the above indicated or any other taxes or duties orwith introduction of any new taxes or duties.

Payments forUtility and Maintenance Services

Payments for Utility andMaintenance Services shall constitute payment for rendering by theLessor in favour of the Lessee throughout the Lease Term of MaintenanceServices specified in Schedule 5 hereto and compensation of the costsof Utility Services specified in Schedule 5 hereto, except for chargesfor electricity actually consummated by the Lessee, which will becompensated in accordance with the provisions of paragraphs 4.17— 4.20 hereof.

In accordance with the provisions of Art.313 of the Civil Code of the Russian Federation the Lessor shall beentitled to entrust an Operating Organization with performance of itsobligation to render Maintenance Services to the Lessee, however, theLessor shall be liable for any default or undue performance by theOperating Organization of the above obligations.

The amount ofPayments for Utility and Maintenance Services to be paid by the Lesseeduring the first year of the Lease Term shall be 2,754 (two thousandseven hundred fifty four) Rubles per 1 (one) sq.m. of the Leased Areasof the Premises per annum. The amount of Payments for Utility andMaintenance Services to be paid by the Lessee during the rest of theLease Term shall be calculated in accordance with Part II of Schedule4.

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The Lessee shall pay for Utility andMaintenance Services in advance on a quarterly basis in equal amountsin accordance with the provisions of Article 6 hereof.

The firstpayment for the Utility and Maintenance Services for the periodstarting from the Date of Lease Beginning till the end of the calendarquarter, during which the Date of Lease Beginning occurred, shall bemaid by the Lessee in advance not later than 5 (five) Business Daysfrom the Date of Lease Beginning.

The Lessee shall pay forUtility and Maintenance Services from the Date of Lease Beginning tillthe date of the actual return of the Premises to the Lessor inaccordance with the Act of Return.

General Conditions ofRent Payment and Payments for Utility and Maintenance Services

The Lessee shall pay the Rent and for Utility and MaintenanceServices as follows: (1) the Rent shall be paid monthly in advance notlater than the 5th (fifth) day of the paid calendar month(the ‘‘Payment Date’’) on the basis of thecorresponding invoice received from the Lessor at least 10 (ten)Business Days before the Payment Date; (2) the Lessee shall pay forUtility and Maintenance Services in advance every three calendar monthnot later than the 5th (fifth) day of the first month of thepaid calendar quarter on the basis of the corresponding invoicereceived from the Lessor at least 10 (ten) Business Days before the5th (fifth) day of the first month of the paid calendarquarter. Unless otherwise provided by law, the present Agreement orother additional agreements of the Parties, the payments shall be madein full amount without any deductions, off-sets, including relating towithholding of existing or future taxes, duties, fees and othercharges.

Monetary amounts to be paid as the Rent and for Utilityand the Maintenance Services shall be charged off from thecorrespondent account of the Lessee’s bank not later than thecorresponding Settlement Date.

Compensation of Charges forElectricity Actually Consummated by the Lessee in the Premises

The Lessee shall compensate to the Lessor on a monthly basis chargesfor electricity actually consummated in the Premises, and suchelectricity charges shall be calculated on the basis of the actualreading of the meters installed by and at the Lessor’s cost in[•] and on the basis of the rates of the MoscowUtility Service being the electricity supplier for the Building(hereinafter — ‘‘**Compensation ofElectricity Charges**’’).

The Lessee shallpay the Compensation of Electricity Charges on a monthly basis inaccordance with the actual costs for the past month within 10 (ten)Business Days after receipt of the duly executed invoice from theLessor. The Lessee shall have the right to request from the Lessor thedocuments relating to calculation of the Compensation of ElectricityCharges within the invoice received by the Lessor from the MoscowUtility Service being the electricity supplier for the Building and thedocument confirming the payment of such invoice by the Lessor, and theLessee shall be entitled not to pay until receipt of suchdocuments.

In case of any change of the electricity rates theLessor shall inform the Lessee on such changes within 5 (five) BusinessDays after the Lessor became aware of such changes.

TheCompensation of Electricity Charges shall be charged and paid by theLessee starting from the Date of Lease Beginning till the date ofactual return of the Premises to the Lessor in accordance with the Actof Return.

Impossibility of Access to the Premises

If (a) the Lessor is deprived of the access to the Building and/orPremises or (b) the significant part of the Premises becomes unsuitablefor use by the Lessee in accordance with the Authorized Use as resultof (i) repeating and/or continuing interruptions (with duration over 24(twenty four) consecutive hours) in the electricity, heating,ventilation, water supply and/or canalization systems which disturb theLessee’s use of the Premises during the Working Hours of theLessee, or (ii) any other events or actions resulting from any actionor failure to act of the Lessee, its employees, representatives, agentsor (sub−) 

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contractors, the Lessee shall be entitled toa proportional reduction of the Rent and the Payments for Utility andMaintenance Services, until the Premises are not completely suitablefor use. Reduction of the Lessee’s payments in accordance withthis paragraph shall be in proportion to the part of the Premises towhich the Lessee is deprived of access or which is unsuitable for useby the Lessee in accordance with the Authorized Use. If the eventsresulting in the Lessee’s deprivation of access to the Premisesor to any part thereof last for more than 7 (seven) consecutiveCalendar Days, the Lessee shall be entitled (1) to a proportionalreduction of the Rent and Payments for Utility and Maintenance Servicesfor the whole period of time during which it can not use the Premisesin accordance with the provisions hereof, or (2)  to refuseunilaterally the performance of the present Agreement by giving awritten notice to the Lessor if such events continue for more than 30Calendar Days.

Destruction

If the Premisesand/or the Building are destructed or damaged entirely or partly to theextent that such damage impedes the use of the Premises in accordancewith the Authorized Use, the Lessee shall be entitled to a proportionalreduction of the Rent and Payments for Utility and Maintenance Servicesand of any other payments to be paid by the Lessee hereunder from thedate of such destruction or damage till the moment when the Premisesand/or the Building are brought into the due condition corresponding tothe condition on the execution date of the present Agreement. Reductionof the Lessee’s payments in accordance with this paragraph shallbe in proportion to the part of the Premises which the Lessee can notuse as result of such destruction or damage. If the events resulting inthe Lessee’s deprivation of access to the Premises or to anypart thereof continue for more than 7 (seven) consecutive CalendarDays, the Lessee shall be entitled (1) to a proportional reduction ofthe Rent for the whole period of time during which it can not use thePremises in accordance with the provisions hereof, or (2) to refuseunilaterally the performance of the present Agreement by giving awritten notice to the Lessor if such events continue for more than 30(thirty) Calendar Days.

General Payment Terms under thepresent Agreement

The Lessor may not demand from the Lesseeany other payments in connection with the present Agreement except forthose provided for in the present Agreement.

For avoidance ofany misunderstanding, the Rent and Payments for Utility and MaintenanceServices shall not be increased as result of the Lessor’sperformance of the Lessor’s obligation of capital repairs of theBuilding stipulated in paragraph 8.13 hereof.

|          |         |
|----------|---------|
| 5.  | Deposit |

The deposit made by theLessee hereunder (hereinafter — the‘‘**Deposit**’’) shall mean anamount equal to 58 706 (fifty eight thousand seven hundred six)Conventional Units.

The Deposit shall be a security forperformance of the Lessee’s obligation to pay the Rent, Paymentsfor Utility and Maintenance Services and payment of the penaltystipulated by the provisions hereof.

The Deposit shall not bechanged if the Lessee exercises its rights provided for in paragraphs1.10 and 3.12 hereof.

The Parties agree that the Lessee’sobligation to pay the Deposit hereunder shall be set off with theSecurity Deposit paid in accordance with the terms of the PreliminaryAgreement on Contracts Conclusion executed by the Parties on[•][•]20[•].

The Lessor shall return to the Lesseethe Deposit or a lesser amount received from the Lessee within 30(thirty) Business Days after termination of the Agreement in accordancewith the provisions of Article 13 hereof, but not before the executionof the Act of Return by the Parties. The payments shall be effectuatedin Rubles at the exchange rate of the Central Bank established on thePayment Date of the Deposit return.

The Parties agree that theDeposit shall be set off with the Lease Payments for the last twomonths of the Lease Term in cases provided for in the presentAgreement.

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In case if:

the Lesseedoes not fulfill in due time and/or in due manner any of itsobligations specified in the second part of paragraph 5.1 hereof, theLessor shall be entitled to demand to cure the default in connectionwith the failure to fulfill the Lessee’s obligations by giving anotice of such default (‘‘**DefaultNotice**’’).

If the Lessee fails to cure thedefault specified in the Default Notice (the ‘‘Event ofDefault’’) within 3 (three) Business Days after receiptof the Default Notice, the Lessor shall be entitled to withhold fromthe amount of the Deposit the amount of money due to the Lessor inconnection with the Event of Default in the following manner:

The Lessor shall give the Lessee a notice of set-offrequiring to pay the amount of the debt relating to the Event ofDefault (hereinafter these amounts are referred to as‘‘Withholding Amount from theDeposit’’).

If the Lessee fails to paythe Withholding Amount from the Deposit to the Lessor within 3 (three)Business Days after receipt of the set-off notice, then the Lessor atits discretion shall withhold a part of the Deposit equal to theWithholding Amount from the Deposit.

If the Lessor decided towithhold the Deposit (a part thereof) in accordance with the provisionsof the previous paragraph 5.6 hereof, the Lessor shall give to theLessee a written notice on the effectuated withholding and shall issueto the Lessee a corresponding invoice to recover the withheld amount ofthe Deposit within 10 (ten) Business Days after the date ofwithholding. The Lessor’s notice shall contain calculation ofthe Withholding Amount from the Deposit, motivation of withholding onthe date of withholding. In each case of withholding of any part of theDeposit the Lessee shall recover the amount of the Deposit specified inparagraph 5.1 by transferring to the Lessor the withheld amount within10 (ten) Business Days after receipt by the Lessee of theLessor’s corresponding invoice for recovery of the withheldamount of the Deposit.

No interest shall be accrued on theDeposit.

|          |          |
|----------|----------|
| 6.  | Payments |

GeneralProvisions

All amounts hereunder shall be paid in Rubles onthe basis of invoices duly issued and delivered to the paying Party.The Lease Payments shall be effectuated in amounts equal to the amountsin Conventional Units at the Exchange Rates of the Central Bank of theRussian Federation on the Payment Date.

All payment hereundershall be by cashless settlements.

Each Party may change its bankaccount for receipt of payments hereunder by giving a correspondingnotice to the other Party at least 20 (twenty) calendar days beforethese changes come into force.

The paying Party shall also payall bank charges due to the bank in connection with the paymentshereunder, except for charges of the receiving bank which shall be paidby the Party receiving the payment.

All payments hereunder shallbe deemed effectuated by a Party and received by the other Party on thedate when the payment amount is written off from the correspondentaccount of the paying Party’s bank.

In all events ofpayments hereunder the paying Party shall present at the request of thereceiving Party an evidence of the money transfer in form of a copy ofthe payment order with the bank’s receipt note and such copyshall be certified by the paying Party.

VAT

Inaddition to the amounts of Lease Payments, Payments for Utility andMaintenance Services and other payments of the Lessee in accordancewith the provisions hereof, requirements of the Russian tax

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laws, the Lessee shall pay VAT if such VATis applied in accordance with the Russian laws. If in accordance withthe effective Russian laws the Lessee is exempted from the obligationto pay VAT, the Lessee shall provide the Lessor copies of the documentsconfirming the Lessee’s tax status in reasonable time afterreceipt of the Lessor’s written request.

Penalty inCase of Delay in Performing a Monetary Obligation

TheLessor shall have the right to demand the payment of a penalty(interest) in the amount of 0.15% of the amount of the defaultedpayment obligation for each day of delay in payment of any amounts tobe paid by the Lessee and not duly paid in accordance with theprovisions hereof, provided that the Lessor has given to the Lessee awritten notice of the default and a possibility to cure the defaultwithin 5 (five) Business Days after receipt of the correspondingnotice. The penalty shall be charged from the first day of delay tillthe date of full payment of these amounts but in any case it can notexceed 10 (ten) per cent of the defaulted amount. The Penalty shall bepaid in the basis of an invoice issued by the Lessor and within 10(ten) days after receipt of the corresponding invoice by theLessee.

The Lessee shall have the right to demand the payment ofa penalty (interest) in the amount of 0.15% of the amount of thedefaulted payment obligation for each day of delay in payment of anyamounts to be paid by the Lessor and not duly paid in accordance withthe provisions hereof, provided that the Lessee has given to the Lessora written notice of the default and a possibility to cure the defaultwithin 5 (five) Business Days after receipt of the correspondingnotice. The penalty shall be charged from the first day of delay tillthe date of full payment of these amounts but in any case it can notexceed 10 (ten) per cent of the defaulted amount. The Penalty shall bepaid in the basis of an invoice issued by the Lessee and within 10(ten) days after receipt of the corresponding invoice by theLessor.

|          |                                          |
|----------|------------------------------------------|
| 7.  | Provision of Parking Places tothe Lessee |

|            |                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.1.  | The Lessor shallprovide the Lessee a possibility to use parking places located at theunderground parking of the Building(‘‘**Parking**’’) in quantitydetermined by the Lessee’s necessities, but not exceeding theMaximum Number of Places as specified below, in accordance with theParking Agreement to be signed by the Parties together with the presentAgreement. |

The maximum number of places granted to theLessee by the Lessor under the Parking Agreement shall be 8 (eight)places (hereinafter — the ‘‘**Maximum Numberof Places**’’). The exact price of theLessor’s services under the Parking Agreement shall bedetermined after the Lessee decides on the exact number of parkingplaces consisting of fixed and non-fixed parking places, and:

the Lessee may use not more than 3 (three) places, for useof which 250 (two hundred fifty) Conventional Units per month for eachfixed place of the Lessee on the 2nd floor of the Buildingwill be charged;

the Lessee may use not more than 5(five) places, for use of which 225 (two hundred twenty five)Conventional Units per month for each non-fixed place of the Lessee onthe 3rd and 4th floors of the underground parkingof the Building will be charged, provided that for each unused place onthe 2nd floor of the Building the Lessee shall have theright to use one additional place on the 3rd and4th floors.

|          |                                        |
|----------|----------------------------------------|
| 8.  | Maintenance andRepairs of the Premises |

Throughout the Lease Term the Lesseeshall maintain the Premises in good condition subject to normal wear,providing their normal operating in accordance with the Authorized Useand sanitary standards and preventive fire-fighting regulations.

The Lessee’s Obligations

The Lessee shall beobliged:

to maintain the Premises, the Lessor’sEquipment and other property located in the Premises clean, in workingand safe condition and in accordance with rules and regulations appliedto the 

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Authorized Use of the Premises includingsanitary and hygienic standards, preventive fire-fighting and technicalsafety measures;

to fulfill all obligations under thelaws applied to the Premises and to the activities conducted in thePremises in accordance with the Authorized Use;

toprevent any discharge outside of the Premises of any smells,exhalations, vibrations, noises and temperature variations originatingfrom the Premises;

not to use in accordance with theAuthorized Use and for purposes of storing of its property in thePlaces of Common Use, Territory and evacuation passages being a part ofthe Premises;

to inform promptly the Lessor of allevents or received notices, orders, requirements or indications and allevents which may damage the Lessor’s interest relating to thePremises and/or the Building as soon as the Lessee becomes aware ofthem;

not to bring, to place in the Building and totransfer using the Building’s elevators any objects which may,due to their nature, quantity or weight, damage the Premises or theBuilding or cause overweight of elevators, electricity networks orother utility infrastructures of the Premises or the Building;

to conclude a contract with the Operating Organization onservices for technical control over the Lessee’s Works, if suchLessee’s Works affect:

|  |           |                                                  |
|--|-----------|--------------------------------------------------|
|  | (i)  | any structural components of theBuilding, and/or |

|  |            |                                                                                                                                              |
|--|------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii)  | any furnishingelements, Equipment and Engineering Networks of the Building, foroperation and maintenance of which the Lessor is responsible. |

The cost of such services of technical control shall notexceed:

|  |           |                                                                                                              |
|--|-----------|--------------------------------------------------------------------------------------------------------------|
|  | (i)  | 7 (seven) per cent ofthe budget of the Lessee’s Works specified in sub-paragraph (1)of this paragraph; |

|  |            |                                                                                                              |
|--|------------|--------------------------------------------------------------------------------------------------------------|
|  | (ii)  | 3 (three)per cent of the budget of the Lessee’s Works specified insub-paragraph (2) of this paragraph. |

The Lessee shall be obligedduly, by its own means and at its own cost:

totake measures necessary to maintain the Premises in accordance withsanitary standards and preventive fire-fighting regulations to theextent these measures and activities are not included into the list ofMaintenance Services. In particular, the Lessee shall clean thePremises, place wastes and garbage into appropriate containers andother places indicated by the Lessor and maintain the Premises clean,in working and safe condition;

to effectuatecurrent repairs of the Premises to the extent reasonably necessary formaintenance of the Premises in normal condition;

within the limits set forth by the Acts onDivision of Balance Responsibility, to maintain the Lessee’sEquipment in technically good condition and to provide for itsuninterrupted operation and maintenance and repair of defects,consequences of accidents, faults and damages in the Premises, and whennecessary to exchange the Lessee’s Equipment. The Lessor shallnot be liable in any case for condition of the Lessee’sEquipment, except when the Lessee’s Equipment was damaged asresult of any action and/or failure to act of the Lessor or theLessor’s agents, contractors or other invited persons;

in cases provided for by the effective laws, toorganize and provide for periodic trainings of employees on safetyrules, preventive fire-fighting regulations, civil defense, preventionand liquidation of emergencies and other rules.

Improvements

The Lessee may not change in any wayany structural components of the Premises and/or the Building oreffectuate any replanning, repair or other works in the Premiseswithout first obtaining a 

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written Approval of the Lessor andAuthorization of the competent State Authorities if it is required bythe effective laws, except for urgent repair works in case of EmergencyEvents and the Lessee’s Works for which the Lessor’sApproval was received.

The Lessee shall have the right toreconstruct, replan, reequip the Premises, change, add or improve thePremises subject to the prior written Approval of the Lessor andprovided that the Lessee at its own cost and by its own means shallduly receive all necessary approvals of the replanning project andshall present all necessary information and documents to BTI (TechnicalInventory Bureau) for entering the necessary changes in theBuilding’s technical passport and shall provide the Lessor withall documents necessary to receive a new registration certificate forthe Lessor’s ownership right to the Building.

Inseparable Improvements.    Before signing the Act ofReturn Inseparable Improvements shall be the Lessee’s property,shall be used and accounted for by the Lessee who bears the risk ofaccidental destruction and/or damage of Inseparable Improvements. Upontermination of the Lease Term the ownership right to InseparableImprovements shall be transferred to the Lessor, and the Lessee may notdemand any compensation of the cost of Inseparable Improvements. If theLessee exercises its right of prolongation in accordance with paragraph3.8 hereof, the ownership right to Inseparable Improvements shall betransferred to the Lessor upon expiration of the Extension Period.

Separable Improvements.    All Separable Improvementsshall be the Lessee’s property and shall be removed from thePremises by the Lessee and at its cost till the end of the LeaseTerm.

Contractors

The Lessee shall have theright to hire Contractors to effectuate works in the Premises withoutany approval of the Lessor.

The Lessor’sObligations

The Lessor shall provide conditions forunlimited and uninterrupted use of the Premises in accordance with theAuthorized Use including rendering of the Maintenance Servicesspecified in Schedule 5, and the Lessor shall enter into correspondingagreements with the Moscow Utility Service for provision of UtilityServices in the Building and in the Premises throughout the Lease Termand fulfill them in bona fide including due and full payment for suchUtility Services. The Lessor shall not be liable for quality defectsand delay in rendering the Utility Services by the Moscow UtilityServices, unless default by any of the Moscow Utility Services wascaused by the Lessor’s and/or Operating Organization’sfault.

Without prejudice to the Lessee’s right to reducethe amounts of payments due to the Lessor under paragraph 4.21(Impossibility of Access to the Premises) and/or paragraph 4.22(Destruction) and/or the Lessee’s right to terminate the presentAgreement in accordance with paragraph 13.6, the Lessor shall not beliable to the Lessee in the following cases:

if anydamage is caused to the Lessee as result of actions of the MoscowUtility Services;

if damage is caused as result ofexceeding by the Lessor of the electricity network load and heating andwater supply network loads over the maximums indicated theLessor’s Working Project;

if damage is caused asresult of interruptions in water or electricity supply caused by theactions of the Moscow Utility Services;

in any case,provided that any such event has not occurred as result of theLessor’s action and/or failure to act.

At the same timethe Lessor shall seek to avoid the events or to prevent the events orconsequences of the events specified in subparagraphs 8.10.1-8.10.3hereof. The Lessor shall take all possible measures to resume provisionof the above indicated services and shall resume provision thereofimmediately after termination (elimination) of such events preventingprovision of such services.

The Lessor shall apply in theBuilding safety measures similar to safety measures applied in similarbuildings in Moscow. The Lessor shall not be liable for safety systemsinstalled by the Lessee in the 

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Premises and for any damage caused to thePremises or to the property in the Premises by the actions of any thirdparties, unless such damage was caused as result of any actions and/orfailure to act of the Lessor or the Lessor’s agents, contractorsor invited persons.

The Lessor shall maintain the Building inthe condition appropriate for its rent and shall effectuate currentrepairs of the Building and shall effectuate at its own cost and by itsown means capital repairs of bearing structures of the Building, roof,foundation, basement, facades, Places of Common Use, EngineeringNetworks and Equipment. In doing this the Lessor shall make everyeffort to reduce inconveniences caused to the Lessee by the workseffectuated in the Building and shall take all necessary measure toavoid damaging the Premises and the Lessee’s property.

Ifthere is a necessity to carry out repair works in the Premises or inany part of the Building adjoining the Premises, the Lessor shallcoordinate with the Lessee duration and terms of such repair works inorder to avoid or minimize interruption of the Lessee’s work inthe Premises. In case of any forced interruption in the Lessee’swork caused by such repair works, all payments of the Lessee hereundershall not be charged and shall not be paid by the Lessee for the periodproportional to the number of days of the forced interruption in theLessee’s work, unless such repair works are carried out due tothe damage caused by the Lessee’s fault. The Lessee shall giveto the Lessor in due time a notice on such forced interruption in theLessee’s work for the above indicated reasons.

If any ofthe Parties does not perform its obligation to repair and maintain ingood condition the Premises and the Building, the other Party may byits own means and at its own cost effectuate such repair works andeliminate any damage resulting from accidents, failures and defects. Inthis case all reasonable expenses of such Party to effectuate suchworks shall be compensated by the Party responsible for due conductionof corresponding repair works hereunder and incapable to fulfill itsobligations. Both the Lessor and the Lessee shall compensate each otherall reasonable and document supported expenses on repair works incurredby the corresponding Party within 10 (ten) Business Days after receiptby the paying Party the corresponding invoice and pro-forma from thereceiving Party.

If any works must be conducted in respect ofthe Building or the Premises, the Lessee shall not demand from theLessor to reduce the Rent and/or Maintenance Costs as indemnificationfor damages or to pay any compensation, if conduction of such worksdoes not disturb the Lessee’s use of the Premises.

TheLessee understands that during the Lease Term repair work may be andwill be conducted in other premises/parts of the Building, and theLessor shall take all possible measures to ensure that such repairworks do not cause any inconvenience to the Lessee and are conducted inaccordance with the Rules (Schedule 9 hereto).

Telecommunications. The Lessee shall be entitled to conclude aseparate agreement for provision of communication services in thePremises (Building) with any Network Operator.

The Lessor shallrender Maintenance Services and manage the Building to ensure thatthroughout the Lease Term (1) the following characteristics of theBuilding correspond to the corresponding characteristics of real estateobjects which are class A business centers in accordance withparameters and estimates applied by the leading real estate companiesin the Moscow real estate market: safety of the lessees and visitors inthe Building, appearance of the Building and adjoining territory,design of the Building and Public places, the lessees’composition (respectable Western and Russian investment, finance,insurance, consulting firms and companies and principal offices of bigWestern and Russian industrial enterprises and companies, provided thatsuch principal offices are used only for representative purposes),image and good name of the Building in the real estate market,competence of the managing company and other characteristics which theleading real estate companies in Moscow will consider as significantfor classification of a real estate object as of class A; and (2)technical characteristics of the Building agreed by the Parties inSchedule 10 hereto are not impaired.

The Lessor shall provide inthe Building throughout the Lease Term continuous work of a canteen anda café for the lessees’ employees not later than 2 (two)months after the date of the Certificate of the Lessor’sownership right to the Building.

The Lessor shall provide in theBuilding throughout the Lease Term continuous work of aconference-hall, first-aid post, car-wash not later than 1 (one) monthafter the date of the Certificate of the Lessor’s ownershipright to the Building.

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The Lessor shall provide in the Buildingthroughout the Lease Term continuous work of a branch bank as soon aspossible after the date of the Certificate of the Lessor’sownership right to the Building.

|          |                           |
|----------|---------------------------|
| 9.  | OtherRights of the Lessor |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.1  | Subject tothe provisions of the present Agreement on the Rights of Access andUndisturbed Use, the Lessor shall have the right to conduct any repairworks, reconstruction, capital repairs and other works in otherpremises of the Building not being a part of the Premises or Places ofCommon Use and to authorize any third parties to conduct such worksnecessary to maintain or modernize the above objects, to eliminate orprevent any damage or destruction or to bring the Building and theadjoining Territory in the condition corresponding to the purpose andnature thereof including modification, renovation or change ofEquipment or Engineering Networks and modification of planning,furnishing or design of the Building and the adjoining Territory and toreconstruct the Building at its own discretion, provided that as resultof such Lessor’s actions the quality and quantity of theMaintenance and Utility Services in favor of the Lessee shall not beinterrupted or reduced. Conduction of such works shall not becoordinated with the Lessee, unless such works affect theLessee’s use of the Premises in accordance with the AuthorizedUse. The Lessor shall take all possible measures to ensure that suchworks do not cause any inconvenience to the Lessee and are conducted inaccordance with the Rules (Schedule 9 hereto). |

|           |           |
|-----------|-----------|
| 10.  | Insurance |

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1  | The Lessee shall insure at its owncost its civil liability which may arise as result of theLessee’s Works in the Premises conducted by the Lessee or anyperson authorized by the Lessee and as result of holding and using ofthe Premises and Places of Common Use by the Lessee, and the limit ofcivil liability for damage caused to life and/or health shall not beless than 1 000 000 (one million) US dollar and the limitof civil liability for damage caused to the third parties propertyshall not be less than 200 000 (two hundred thousand) USdollars. |

The Lessee shall provide the Lessor with acopy of an insurance police certified by the Lessee’s stamp andconfirming the Lessee’s compliance with the provisions of thefirst part of this paragraph not later than 10 (ten) Business Daysafter the Date of the Lease Beginning. If a notarized copy of theinsurance contract (insurance police) confirming the insurance of theLessee’s civil liability is not presented to the Lessor in thespecified period, the Lessor shall be entitled to insure theLessee’s risks specified in the first part of this paragraph byconcluding an insurance agreement with an insurance company at itsdiscretion. The Lessee shall pay the expenses incurred by the Lessor inconnection with such insurance within 10 (ten) Business Days afterpresentation by the Lessor of the corresponding written request andreceipt by the Lessee the corresponding invoice from the Lessor.

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.2  | The Lessee shall provide propertydamage insurance relating to the Lessee’s furnishing in thePremises including all Separable and Inseparable Improvements againstall damage or destruction risks. The Lessee shall provide the Lessor anotarized copy of the insurance contract (insurance police) concludedwith an insurance company and confirming the Lessee’s compliancewith its obligation specified in the first part of this paragraphwithin 10 (ten) Business Days after the Date of the Lease Beginning andreceipt of the Lessor’s request. If a notarized copy of theinsurance contract (insurance police) confirming insurance of theLessee’s property liability in accordance with this paragraph isnot presented to the Lessor in due time, the Lessor shall be entitledto insure the Lessee’s risks specified in the first part of thisparagraph by concluding an insurance agreement with an insurancecompany at its discretion. The Lessee shall pay the expenses incurredby the Lessor in connection with such insurance within 10 (ten)Business Days after presentation by the Lessor of the correspondingwritten request and receipt by the Lessee the corresponding invoicefrom the Lessor. |

|            |                                                                                                                                                                                                                                                                                                                                                          |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.3  | Hereby theParties agree that insurance agreements provided for in paragraphs 10.1and 10.2 of this Article (hereinafter — the‘‘Insurance Agreements’’) shall cover‘‘all risks’’ usually insured with respectto similar objects. The Lessee shall not act or fail to act so that anyof the Insurance |

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|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Agreements specified in this paragraph(insurance polices) will become invalid or insurance premiums will beincreased. The Lessee shall comply in all material aspects with theprovisions of the Insurance Agreements and with all reasonablerequirements of the insurance companies including to pay any increaseof the insurance police, and the Lessee shall inform the Lessor ofoccurrence of any insurance event covered by the Insurance Agreementand of any other events on which insurance companies shall benotified. |

|            |                                                                                                                                                                                                                                                                     |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4  | Insurance compensationpaid to the Lessee shall be immediately used by the Lessee to restorethe furnishing of the Premises or in corresponding cases to compensatedamages caused to the Lessor or to the third parties as result ofoccurrence of an insurance event. |

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.5  | The Lessor shall provide at its owncost and maintain throughout the Lease Term insurance for damages tothe Building for the full recovery cost of the Building and insuranceof the Lessor’s civil liability to the Lessee and third partieswith the limit of civil liability for damages caused to life and/orhealth not less than 1 000 000 (one million) US dollarand with the limit of civil liability for damages caused to the thirdparties property not less than 200 000 (two hundred thousand) USdollars. The Parties agree that insurance agreements provided for inthis paragraph shall cover ‘‘all risks’’usually insured with respect to similar objects. |

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.6  | At the Lessee’s first writtenrequest, the Lessor shall provide the Lessee a notarized copy of theinsurance agreement (insurance police) with the insurance companyconfirming the Lessor’s compliance with the provisions ofparagraph 10.5 not later than 15 (fifteen) Business Days after receiptof the corresponding request. The Lessor shall not act or fail to actso that any of the insurance agreements specified in this paragraph(insurance polices) will become invalid or insurance premiums will beincreased. The Lessor shall comply in all material aspects with theprovisions of the Insurance Agreements and with all reasonablerequirements of the insurance companies. |

|            |                                                                                                                                                                                                                                                                                                                   |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.7  | If the Building or any part of theBuilding was damaged or destructed as result of the events againstwhich the Lessor is obliged to conclude insurance agreements inaccordance with paragraph 10.5 hereof, the Lessor shall restore thoseparts of the Building which were damaged or destructed in reasonabletime. |

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8  | The Parties agree toconclude insurance agreements provided for in this Article 10 with aninsurance company chosen by the Lessee or, if the Lessor does not agreeto conclude an insurance contract with the insurance company chosen bythe Lessee, the Parties agree that insurance agreements provided for inparagraphs 10.1, 10.2 and 10.5 hereof shall be concluded by the Partieswith the condition that the insurance companies refuse their rights totake recourse actions against the wrongdoers. |

|           |                       |
|-----------|-----------------------|
| 11.  | Rules of the Building |

The Rules ofthe Building determine the rules how to use and access to the Places ofCommon Use. The Lessee shall comply with the Rules of the Building,provided that such Rules may not infringe the Lessee’s rightgranted by the present Agreement.

The Lessor shall guarantee tothe Lessee that irrespective of any changes in the Rules of theBuilding:

the Lessee’s employees shall haveaccess to the Premises 24 hours a day and 7 days a week on the basis ofspecial permits;

the Lessee’s visitors shallhave access to the Premises on the basis of permits during theLessee’s Working Hours;

the Lessee’semployees shall have the right to bring into the Premises and take outof the Premises materials and office equipment in accordance with theRules of the Building.

The Lessor reserves the right to prohibitor restrict the access to the Building, Premises or Territory of theLessee’s employees or visitors in case of any Emergency Event inthe Building or in the Premises — for the period of duration ofsuch Emergency Event.

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The Lessor reserves the right to prohibitor restrict the access of the Lessee’s visitors violating theeffective laws to the Building, Premises or Territory, subject to animmediate notice to the Lessee.

The Lessor reserves the right tocharge a fine to the Lessee for violating the Rules of the Building inthe amount provided for in these Rules and provided that such finesshall be equally applied to all lessees of the premises in theBuilding.

The Lessee shall provide the Lessor within 7 (seven)Business Days from the Date of Lease Beginning with the information onthe Lessee’s employees necessary to issue permits to theBuilding.

|           |                              |
|-----------|------------------------------|
| 12.  | Registration of theAgreement |

The present Agreement and all modifications andadditions hereto shall be subject to state registration in accordancewith the requirements of the effective laws in the Unified stateregister of the rights to real estate and transactions therewith by theHead Department of the Federal Registration Service for Moscow, alsoreferred to as‘‘**Rosregistration**’’.

The Lessor shall present the present Agreement signed by bothParties together with all necessary Schedules and other documents toRosregistration for purposes of the Lease Registration within 7 (seven)Business Days after the Execution Date of the present Agreement,provided that the Lessee has fulfilled its obligations on presentationof the necessary documents.

The Lessee shall provide the Lessorwithin 7 (seven) Business Days after receipt of the Lessor’swritten request with the Lessee’s documents and informationnecessary to apply for state registration of the present Agreement inaccordance with the requirements of Rosregistration.

The Lesseeshall cooperate with the Lessor in providing additional documents andinformation which Rosregistration may require for purposes of the LeaseRegistration.

The Lessee shall compensate the Lessor 50%of the Lessor’s document supported expenses required under theeffective laws for registration of (a) the present Agreement, (b)modifications and additions to the present Agreement.

|           |                                           |
|-----------|-------------------------------------------|
| 13.  | Termination and Annulment of theAgreement |

The present Agreement may be terminated beforeexpiration of its Term by agreement of the Parties, on the basis of thedecision of the Arbitration Tribunal of Moscow or in accordance withthe provisions hereof.

If the present Agreement isterminated by agreement of the Parties, the present Agreement shall beterminated at the date when a termination agreement is signed by bothParties unless other date is provided for by the Parties in suchtermination agreement.

Termination of the Agreementupon expiration of the Lease Term:

The presentAgreement shall be terminated as result of expiration of the Lease Termwithout any actions of the Parties, unless the term of the presentAgreement is not extended in accordance with the provisions hereof.

In case of termination of the present Agreement underparagraph 13.2.1, the present Agreement shall be terminated on thefirst day after termination of the Lease Term.

Early Termination on othergrounds:

The present Agreement may be annulled,cancelled or recognized as invalid by a court decision on the groundsprovided for by the effective laws;

In case oftermination of the present Agreement under paragraph 13.3.1, thepresent Agreement shall be terminated on the day indicated in thecorresponding judicial decision after it comes into force;

Incase of termination of the present Agreement under paragraphs 13.1,13.2 and 13.3 the Lessor shall return to the Lessee the Deposit, unlessit was set-off with the Lease Payments and Unused Advance Payments (ifapplied) not later than 5 (five) Business Days after termination of thepresent Agreement.

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Early Termination on theLessor’s request:

The Lessor shall have theright to refuse unilaterally the execution of the present Agreement bygiving a written notice to the Lessee before termination of the presentAgreement in the following cases:

|  |           |                                                                                                                                     |
|--|-----------|-------------------------------------------------------------------------------------------------------------------------------------|
|  | (i)  | the Lessee does not pay the LeasePayments in due time for two consecutive months, provided the followingprocedure is complied with: |

|  |          |                                                                                                                                                |
|--|----------|------------------------------------------------------------------------------------------------------------------------------------------------|
|  | a.  | in case of theLessee’s delay to pay any amount of 5 (five) Business Days theLessor shall give the Lessee a written notice of such delay; |

|  |          |                                                                                                                                                                                                                                                                                                                                                  |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | b.  | the Lessor may use its right to refuse theexecution hereof under this subparagraph 13.5.1.1 only if (a) theLessee has not paid its debt in full amount within 5 (five) BusinessDays after receipt by the Lessee of the Lessor’s notice of delayand (b) the Lessor can not satisfy the requirement to pay the LeasePayments by the Deposit. |

|  |            |                                                                                                        |
|--|------------|--------------------------------------------------------------------------------------------------------|
|  | (ii)  | theLessee has not fulfilled its obligation to recover the Deposit providedfor in paragraph 5.7 hereof. |

If the Lessor exercisesthe right under this paragraph 13.5, the present Agreement shall bedeemed terminated from the date specified in the Lessor’snotice, which, unless the Parties agree otherwise, shall not be before5 (five) Business Days after the date of receipt by the Lessee of theLessor’s notice of refusal of execution of the present Agreementin accordance with this paragraph 13.5.

Termination ofthe present Agreement on the above indicated grounds shall exempt theLessee from payment of the penalty in accordance with the provisionshereof.

Early Termination on theLessee’s request:

The Lessee shall have theright to refuse unilaterally the execution of the present Agreement bygiving a written notice to the Lessor before termination of the presentAgreement in the following cases:

|  |           |                                                                       |
|--|-----------|-----------------------------------------------------------------------|
|  | (i)  | if the Lessee exercises its rightspecified in paragraph 1.6 hereof;or |

|  |            |                                                                                    |
|--|------------|------------------------------------------------------------------------------------|
|  | (ii)  | if the Lessor does notfulfill its obligation specified in paragraph 8.19 hereof;or |

|  |             |                                                                         |
|--|-------------|-------------------------------------------------------------------------|
|  | (iii)  | if the Lessor obstructs theUndisturbed Use of the Premises hereunder;or |

|  |            |                                                                                                                                                                                                                                                                                                                                                      |
|--|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (iv)  | if the Premises havesignificant defects impeding the Lessee’s use of the Premisesand the Lessor has not warned the Lessee on such defects when enteringinto the present Agreement, and such defect were not known to theLessee and could not be found during inspection of the Premises whenexecuting the Act of Access or the Transfer Act;or |

|  |           |                                                                                                                                             |
|--|-----------|---------------------------------------------------------------------------------------------------------------------------------------------|
|  | (v)  | if due to the circumstancesbeyond the Lessee’s control the Premises become unsuitable foruse in accordance with the Authorized Use;or |

|  |            |                                                                                                                      |
|--|------------|----------------------------------------------------------------------------------------------------------------------|
|  | (vi)  | if the access to the Premisesor to any part thereof is impossible as provided for in paragraphs 4.21and 4.22 hereof; |

|  |             |                                                                                                                                                                                                                                                                                                                     |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (vii)  | if the Lessorand/or the Operating Organization does not fulfill their obligation ofprovision of the Maintenance Services which renders impossible thenormal use of the Premises in accordance with the Authorized Use formore than 30 (thirty) consecutive calendar days during any calendaryear of the Lease Term. |

The Lessee shall be entitled torefuse unilaterally execution of the present Agreement, if the LeaseAgreement of ZAO ‘‘CTC’’ will be terminatedon the grounds specified in paragraphs 13.1,.13.3, 13.5, 13.6.1 and13.6.2 of the Lease Agreement of ZAO‘‘CTC’’.

If the Lesseeexercises the right under this paragraph 13.6, the present Agreementshall be deemed terminated from the date specified in theLessee’s notice, which, unless the Parties agree otherwise,shall not be before 5 (five) Business Days after the date of receipt bythe Lessor of 

58

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the Lessee’s notice of refusal ofexecution of the present Agreement in accordance with this paragraph13.6. In case of termination of the present Agreement under thisparagraphs 13.6 the Lessor shall return to the Lessee the Deposit inthe amount, left after set-off with the Lease Payments, and UnusedAdvance Payments (if applied) not later than 5 (five) Business Daysafter termination of the present Agreement.

In case of aunilateral refusal of one of the Parties to execute the presentAgreement under provisions of paragraphs 13.5 and 13.6, the Partiesagree that the Parties shall not execute an additional agreement ontermination of the present Agreement and that a copy of a dulydelivered notice of termination shall be the document which will bepresented to the Registering Authority as a document confirmingtermination of the present Agreement in accordance with paragraphs 13.5and 13.6 hereof and being legal foundation for the correspondingmodification of the legal relationship of the Parties.

|           |          |
|-----------|----------|
| 14.  | Language |

All notices, communicationsand other documents to be provided by any Party in connection with thepresent Agreement shall be executed in Russian and shall be certifiedby an authorized representative of the Party signed such notice,communication or any other document.

|           |               |
|-----------|---------------|
| 15.  | Force-Majeure |

The Parties shall notbe liable for any default under the present Agreement if such defaultis caused by an Event of Force-Majeure significantly affected the Partyreferring to such event for the period of duration of such event.

The Party referring to an Event of Force-Majeure shall promptly, butin any case not later than 30 (thirty) days from occurrence of suchevent, give notice to the other Party of occurrence of such event inwriting. Such notice shall contain information on the nature of suchEvent of Force-Majeure and, if possible, give an estimate ofprobability whether the Party referring to such event will perform itsobligations hereunder, and a presumable period of duration of suchevent.

Upon termination of the Event of Force-Majeure the Partyreferring to it shall promptly, but in any case not later than 30(thirty) days from termination of such event, give notice to the otherParty of termination of such event in writing. If the referring Partyfails to give notice or gives an undue notice on occurrence ortermination of such events, such Party shall be liable to the otherParty for the damage caused as result of such failure to give notice orundue notice.

The Parties shall fulfill all other obligationsunder the present Agreement which are not affected by the Events ofForce-Majeure.

If an Event of Force-Majeure continues over 6(six) months, or it is reasonable to suppose that such event willcontinue over 6 (six) months, or such events occurred as result of anylegal act, the Parties shall immediately start negotiations and agreesuch necessary modification to the present Agreement permitting theParties to continue the performance of their obligations in the mannerat the most corresponding to achievement of such economic result onwhich the Parties counted when entering in the present Agreement.

Regardless of any other provision of the present Agreement, if anEvent of Force-Majeure continues for more than 3 (three) months andobstructs the Lessee’s access to the Premises or use of thePremises, the Lessee shall have the right to refuse unilaterally theperformance of the present Agreement by giving a written notice to theLessor. The present Agreement shall be deemed terminated from the dateindicated in such notice.

|           |                                                                    |
|-----------|--------------------------------------------------------------------|
| 16.  | Restriction ofLiability of the Parties under the present Agreement |

The Partywhich is in breach of its obligations hereunder shall be liable to theother Party within the limits of actual (real) damage caused by suchdefault. The Parties agree not to claim any lost profits.

|           |                                       |
|-----------|---------------------------------------|
| 17.  | Applicable Law and Dispute Resolution |

The present Agreement and the Parties’ rights and obligationshereunder shall be subject to the Russian laws.

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All disputes arising from the presentAgreement including disputes in connection with its conclusion shall beresolved by the Arbitration Tribunal of Moscow.

|           |                          |
|-----------|--------------------------|
| 18.  | Confidential Information |

The Partiesagree that information provided by them to each other in connectionwith the present Agreement shall be deemed confidential and shallconstitute commercial secret of the Parties within limits provided forby the effective laws. The Parties shall not in any way disclose anyinformation in connection with execution of the present Agreement toany third parties, unless:

such disclosure is requiredunder the effective laws of the Russian Federation and/or any otherstate, and/or under the regulations on disclosure by the stock marketparticipants of any state, and/or required by any StateAuthorities;

such information becomes public throughother sources, except when such information was illegally disclosed tosuch source by the Party received such information in connection withthe present Agreement;

the Party providing suchinformation hereunder has consented to disclosure of such information;or

such information was disclosed to the Party’sprofessional consultants.

|           |                  |
|-----------|------------------|
| 19.  | Term ofAgreement |

The present Agreement comes into force on the Date ofLease Registration and applies to the Parties’ relationshipsfrom the Date of Lease Beginning.

|           |         |
|-----------|---------|
| 20.  | Notices |

All notices, information,communications and requests which the Parties may or must deliverhereunder shall be executed in writing and delivered to theParties’ addresses and/or fax numbers as below:

For the Lessor:

To:                    [•]

Cc:                      [•]

Address:             [•]

Fax:                     [•]

Forthe Lessee:

To:                    [•]

Cc:                      [•]

Address:             [•]

Fax:                     [•]

Exceptfor regulations on the Right of Access in case of Emergency Events, allnotices, information, correspondence, requests and other documents ofthe Parties hereunder shall be exchanged between the Parties in themanner determined in the present Agreement and shall be deemeddelivered:

on the date indicated in the deliveryreceipt in case of personal deliver or by a courier;and

on the date indicated in the delivery notice as thedelivery date in case of delivery by a registered mail.

TheParties shall notify each other in writing on any changes of addressesor other requisites specified in the present Agreement within 3 (three)Business Days from the date of such changes. All risks relating orarising from failure to notify of changes in address or otherrequisites shall be on the defaulting Party.

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|           |               |
|-----------|---------------|
| 21.  | Miscellaneous |

The present Agreement shall constitute the entire agreement of theParties with respect to its subject matter and shall replace all priorcorrespondence, negotiations or understanding of the Parties in regardsof its terms and conditions.

All modifications and amendments tothe present Agreement shall be effective only if they are made inwriting and certified by signature of authorized representatives of theParties and, if it is required by the effective laws, registered byRosregistration.

If any provision of the present Agreement is orbecomes invalid, it shall not affect the validity of other terms andprovisions, unless otherwise provided by the Russian laws. If any termor provision of the present Agreement or its applicability to anyPerson under any conditions becomes invalid or unenforceable to anyextent, it shall not affect other provisions hereof as well as theirapplicability to other Persons and circumstances, except for those asresult of which these terms and provisions are deemed invalid orunenforceable. Each term and provision of the present Agreement isvalid and enforceable to the full extent allowed by the laws.

The Parties shall provide each other with all documents which can benecessary for execution of terms and provisions hereof.

TheLessor represents and warrants that:

it has taken allnecessary corporate actions and received all necessary Approvals fordue execution of the present Agreement and for any other necessaryactions (including signing of any other necessary documents) withrespect to the present Agreement.

The Lessee represents andwarrants that:

it has taken all necessary corporateactions and received all necessary Approvals for due execution of thepresent Agreement and for any other necessary actions (includingsigning of any other necessary documents) with respect to the presentAgreement.

The present Agreement is executed in 3 (three)counterparts in Russian, one for each Party and one for the RegisteringAuthority.

All Schedules to the present Agreement arean integral part hereof.

|           |                                         |
|-----------|-----------------------------------------|
| 22.  | Requisites andSignatures of theParties: |

|                                                                                                                                                                                                                                                                                                                                                                              |  |  |                                                                                                                                                                                                                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| TheLessor:                                                                                                                                                                                                                                                                                                                                                                   |  |  | TheLessor:                                                                                                                                                                                                                                                                                                                                                                   |
| Name and Address:                                                                                                                                                                                                                                                                                                                                                            |  |  | Name andAddress:                                                                                                                                                                                                                                                                                                                                                             |
| BankDetails:                                                                                                                                                                                                                                                                                                                                                                 |  |  | Bank Details:                                                                                                                                                                                                                                                                                                                                                                |
| Account No.                                                                                                                                                                              |  |  | AccountNo.                                                                                                                                                                               |
| in                                                                                             |  |  | in                                                                                             |
| CorrespondentAccount                                                                                                                                                                                                   |  |  | CorrespondentAccount                                                                                                                                                                                                   |
| BIK(Bank Identification Code)                                                                                                                                                                                                                                                           |  |  | BIK (BankIdentification Code)                                                                                                                                                                                                                                                           |
| INN(Individual Tax Number)                                                                                                                                                                                                                                          |  |  | INN (IndividualTax Number)                                                                                                                                                                                                                                          |
| OK ONH                                                                                    |  |  | OK ONH                                                                                    |
| OKPO                                                             |  |  | OKPO                                                             |
| Signature:                                                                                                                                                                                                                                                                                                                                                                   |  |  | Signature:                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                         |  |  |                                                                                                                                                                                                                                                                                                                                                                         |
| Name:Position:                                                                                                                                                                                                                                                                                                                                                               |  |  | Name:Position:                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                              |

61

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Schedule 1

List ofSchedules

|                                                                                   |  |  |  |  |    |  |
|-----------------------------------------------------------------------------------|--|--|--|--|----|--|
| Schedule1 List of Schedules                                                       |  |  |  |  | 62 |  |
| Schedule 2Terms and Definitions                                                   |  |  |  |  | 63 |  |
| Schedule3 Plans of Premises                                                       |  |  |  |  | 68 |  |
| Schedule 4Rent                                                                    |  |  |  |  | 69 |  |
| Schedule 5 List ofMaintenance Services                                            |  |  |  |  | 72 |  |
| Schedule 6Transfer Act                                                            |  |  |  |  | 75 |  |
| Schedule 7 Act onTermination of the Lessee’sWorks                           |  |  |  |  | 76 |  |
| Schedule 8 Act on Returnof Premises                                               |  |  |  |  | 77 |  |
| Schedule 9 Rulesfor Conduction of the Lessee’sWorks                         |  |  |  |  | 78 |  |
| Schedule 10 Requirementsto the Building and Premises on the Building Start-upDate |  |  |  |  | 80 |  |
|                                                                                   |

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Schedule2

Terms and Definitions

1.    If not otherwisefollowed from the context, the provisions of the present Schedule shallmean the following:

‘‘**Lessee**’’ shallmean CTC Media, Inc.;

‘‘**Rent**’’ shallmean the payment by the Lessee for the temporary possession and use ofthe Premises, the amount of which is determined herein;

‘‘**Lease Payment**’’shall mean 1/12th part of the annual Rent;

‘‘**Lessor**’’ shallmeans the owner of the Building granting the Premises into lease underthe terms hereof and which is as of signing hereof LLC‘‘Promyshlenno-finansovaya kompania’’;

‘‘**Affiliated person**” or“**Affiliated**’’ shall mean withregards to any Person, such aPerson who expressly or by implication,through one or more Persons manage, is managed, or is under generalmanagement of such Person. For the purposes hereof‘‘management’ (including in their respectivemeanings ‘‘managed’’ and‘‘under general management’’) shall meanwith regards to any Person possessing of express or implied power todirect or influence the direction of the activity and politics of suchPerson, or the opportunity to prohibit strategic decisions of suchPerson adopted on the basis of the ownership right or rights for votingsecurities, due to a contract or any other bases;

‘‘**Building BaseSystems**’’ shall mean Engineering Networks set bythe Lessor, thereto the Lessee (Lessee’s Contractor) shallconnect the engineering systems and end devices of the Premises, whenconducting the Lessee’s Works or any other constructionworks.

‘‘**BTI**’’shall mean the corresponding department of Moscow branch of the Federalstate unitary enterprise ‘‘The Russian state center forinventory and accounting of the real estate objects’’ (orits successor) at the place of location of the Building.

‘‘**StateAuthority**’’ shall mean any supranational,national, federal, state, municipal, local or foreign stateorganization or institution, or any department, commission, board,bureau, agency, court, or a body, division, or any power, or any otherquasi-state organization exercising any regulatory, tax or other stateor quasi-state authorities;

‘‘**Dateof Lease Beginning**’’ shall mean[•], when the Parties signed the Lease Agreement andTransfer Act;

‘‘**Date of AgreementExecution**’’ including any references to the‘‘date of execution hereof’’ shall mean thedate of signing hereof set on the 1st page hereof;

‘‘**Date of AgreementRegistration**’’ shall mean the date of the stateregistration hereof with Rosregistration;

‘‘**Payment Date**’’shall mean the date when any due sum is written-off from thecorrespondent account of ht payment sender’s bank, that shouldnot be later for Rent than the 5th (fifth) day of thecalendar month subject to paying, and for Utility and MaintenanceServices — it should be not later than the 5th(fifth) day of the calendar quarter subject to paying.

‘‘**SettlementDate**’’ shall mean each 5th (fifth) dayof each calendar month of each calendar year during the Lease Term orExtension Period referring to Lease Payments and each January  5,April  5, July  5 and October  5 of each calendaryear during the Lease Term or Extension Period referring to Utility andMaintenance Services, if applicable, or if the respective day is not aBusiness Day, — than the first Business Day following such date,and the term ‘‘Settlement Dates’’ shallmean any of the mentioned Settlement Dates;

‘‘**Deposit**’’ shallmean the payment, the amount of which is set in para. 5.1. hereof andthat secures the execution of the Lessee’s obligations under theterms set herein;

‘‘**ZAO**“**CTC**” **LeaseAgreement**’’ shall mean the lease agreementconcluded by the Lessor with closed joint-stock company‘‘CTC Network’’ (or a successor thereof)regarding the premises in the Building situated on the floors from 14to 25 inclusively, excluding a part of Floor 20;

63

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‘‘**USDDollars**’’ shall mean dollars of the United Statesof America, the legal currency of the United States of America;

‘‘**Euro**’’ shallmean the unified European currency;

‘‘**Law on the Registration of the RealEstate**’’ shall mean the Law of the RussianFederation ‘‘On the state registration of the rights toreal estate and transactions therewith’’ # 122-FZ datedJuly  21,  1997, effective as of today;

‘‘**Building**’’ shallmean the finished with construction twenty-six-floor building at theaddress: [•], Moscow, of the general area[•] ([•]) sq.m.;

‘‘**Consumer PriceIndex**’’ shall mean consumer price index as ofDecember of the year preceding the reported calendar year to theDecember of the year preceding the previous calendar year, upon thedata of the Federal service on the state statistics of the RussianFederation;

‘‘**EngineeringNetworks**’’ shall mean existing or futureengineering communications in the Building for water-, heat- and energysupply, as well as all accompanying equipment and device;

‘‘**UtilityServices**’’ shall mean services, the quantitativeand qualitative parameters of which are stipulated in Schedule 5;

‘‘**Central BankRate**’’ shall mean the official USD rate to theRussian ruble or Euro set by the Central Bank of the Russian Federationas of the Payment Date;

‘‘**Person**’’ shallmean any physical person, officer, legal entity, corporation, company,partnership, jount venture, association, society (company) with limitedliability, joint-stock society (joint-stock company), organization andsuccessors;

‘‘**Publicplaces**’’ shall mean hall at the first floor ofthe Building, staircase cells, staircase, corridors, lobbies, elevatorhalls, elevators, public bathrooms and other places in the Building nottransferred by the Lessor to the temporary use and assigned by theLessor for the common use by the lessees and visitors of theBuilding;

‘‘**Moscow UtilityServices**’’ shall mean jointly and separatelyMostopenergo, Mosenergo, Mosvodokanal, MGTS and other utilityinstitutions with a dominant or monopoly status in the field of utilityservices in the territory of location of the Building, which dominantposition in the market does not allow the consumers or potentialconsumers of utility services to receive these services or materialsfrom other alternative suppliers;

‘‘**VAT**’’ shall meanvalue added tax of the Russian Federation;

‘‘**Unused AdvancePayments**’’ shall mean sums of Rent and Utilityand Maintenance Services Payment, as well as other payments of theLessee exercised by the Lessee pursuant hereto referring to the timeperiod after Lease Term expiry;

‘‘**InseparableImprovements**’’ shall mean results of theLessee’s conduction of Works in the Premises that cannot beparted from the Building or the Premises without causing any damage tothe Building and/or the Premises;

‘‘**Insignificantdefects**’’ shall mean defects of the Premiseslisted in the Act of Access, that despite their existence do notprevent the Lessee form executing the Lessee’s Works and/or usethe Premises pursuant to any other Authorized Use, if applicable;

‘‘**Equipment**’’shall mean all equipment adjusted in the Premises and servicing thePremises not considered Separable Improvements;

‘‘**Lessee’sEquipment**’’ shall mean shall mean the Equipmentinstalled in the Premises and servicing them belonging to the Lessee onany right;

‘‘**Force majeurecircumstances**’’ shall mean circumstances andevents considered as such by the effective legislation;

64

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‘‘**CommunicationOperator**’’ shall mean a legal entity orindividual entrepreneur rendering communication services on the basisof the corresponding license;

‘‘**SeparableImprovements**’’ shall mean results of theLessee’s conduction of Works in the Premises that can be partedfrom the Building or the Premises without causing any damage to theBuilding and/or the Premises;

‘‘**First LeasePayment**’’ shall mean the first payment exercisedbt the Lessee to the account of the due Rent;

‘‘**Transfer Act**’’shall mean act of transfer and acceptance of the Premises hereunderfrom the Lessor to the Lessee that is to be signed by the Partiestogether herewith;

‘‘**UtilityServices Payment**’’ shall mean the Lessee’spayments fro the Utility services;

‘‘**Maintenance ServicesPayment**’’ shall mean expenses on the maintenanceof the Building incurred by the Lessee pursuant to the provisionshereof including expenses on compensating of (i) property tax regardingthe building, (ii) payments for the use of the land plot where theBuilding is situated, (iii) Maintenance Services described in Schedule5, and (iv) remuneration of the Operating Organization for the Buildingmanagement and rendering of Maintenance Services;

‘‘**The Lessee’sContractor**’’ shall mean any contractors andsub-contractors attracted for conduction of the Lessee’s Works,as well as any repair works of the Lessee in the Premises;

‘‘**Premises**’’ shallmean a part of the Building described in paragraph 1.1 hereof marked inthe plans stipulated in Schedule 3 and provided with the UtilityServices;

‘‘**Lessee’sWorks**’’ shall mean construction, engineering,finishing and other works connected to the development or finishing ofthe Premises executed by the authorized persons of the Lessee pursuantto the Lessor’s Authorization;

‘‘**WorkingProject**’’ shall mean the total of documentsregarding the Lessee’s Works in the Premises pursuant to therequirements of the effective legislation of the RF and the City ofMoscow, construction norms and rules, and technical regulations;

‘‘**Authorization**’’shall mean a written approval, sanction or any other similarpreliminary consent to the actions of the one Party by the other Partywithin the frames of the agreement that cannot be rejected or delayedwithout any reason. Any further approval by one Party of anotherParty’s actions, if granted, shall also be consideredAuthorization;

‘‘**Lessee’sbusiness hours**’’ shall mean daily 24 hours a day,7 (seven) days a week, 365 (three hundred sixty five) days a year;

‘‘**Business day**’’shall mean any Monday, Tuesday, Wednesday, Thursday or Friday exceptfor holidays and days-off, i.e. such days of the week that may be orshould be announced by the bank institutions in the City of Moscow,Russian Federation, to be non-working days pursuant to the legislationof the Russian Federation;

‘‘**LeaseRegistration**’’ shall mean the state registrationof the Lease Agreement pursuant to the requirements of the Law on theRegistration of the Real Estate;

‘‘**RegistrationAuthority**’’ shall mean Federal registrationservice for the City of Moscow, also known as‘‘**Rosregistration**’’, or anyother body, institution or services that is authorized to conduct theUnified state register of the rights to real estate and transactionstherewith according to the legislation of the Russian Federation;

‘‘Rosregistration’’ seethe definition ‘‘RegistrationAuthority’’;

‘‘**Rubles**’’shall mean Russian rubles, the legal currency of the RussianFederation;

‘‘**Consents**’’ shallmean any registration or permission, quota, exemption, decree,approval, recognition, sanctioning or waiver of the right to sanction,acceptance or any other confirmation or any notices of any stateauthority or any other Person including creditors and mortgagesrequired for concluding hereof or conducting of any actions ortransaction stipulated herein;

65

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‘‘**PeacefulUse**’’ shall mean the Lessee’s right forundisturbed and durable use of the Premises pursuant to the AuthorizedUse within the Lease Term without any interference in their affairs,demanding on relief and any other demands on behalf of the Lessor;

‘‘**Lease Term**’’shall mean 10 (ten) years as of the Date of the Lease Beginning;

‘‘**Party**’’ shallmean the Lessor or the Lessee;

‘‘**SubstantialDefects**’’ shall mean such defects of the Premisesthat make it impossible to use it for conduction of the Lessee’sWorks and/or according to any other Authorized Use, if applicable;

‘‘**Territory**’’shall mean the land plot at the address: [•], Moscowbelonging to the Lessor on the right of lease and situated around andunder the Building;

‘‘**DefaultNotice**’’ shall mean notice directed by the Lessorin accordance with paragraph 5.5 hereof;

‘‘Conventional Units(C.U.)’’ shall mean a unit agreed by the Parties formeasuring Rent rate, which is equal to the sum of USD half and EUROhalf, i.e. 1 C.U. = 1⁄2 USD + 1⁄2EURO, abbreviated form —  C.U.;

‘‘**Constituentdocuments**’’ shall mean any document regardingincorporation, charter and/or paragraph of the charter of thejoint-stock company, corporation charter, agreement on establishing alimited liability company, regulations, effective agreements and otherorganizational documents confirming the legal capacity of the legalentity;

‘‘Extraordinarycircumstances’’ shall mean fire, explosion, flooding ofthe Building, Premises, Engineering Networks and/or the BuildingEquipment threatening to the other premises in the Building;

‘‘**MaintenanceServices**’’ shall mean services rendered by theLessor and/or Operating Organization to the Lessee stipulated inSchedule 5 hereof;

‘‘**OperatingOrganization**’’ shall mean OOO Sluzhba ExpluataziiZdaniy ‘‘Kontur’’, abbreviated form OOO SEZ‘‘Kontur’’, as of the moment of executionhereof;

‘‘**CPI-U**’’ ConsumerPrice Index for All Urban Consumers — consumer price index inthe urban area of the USA in the December of year preceding thereporting calendar year to December of the year preceding the previouscalendar year, upon the official data of the US Department of Labor,calculated in per cent;

2.    Herein:

|  |              |                                                                                                                                                                                                                                                                 |
|--|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | reference to a provision of law shallinclude reference to a provision of law as amended or newly adopted, orboth, prior to the Date of Execution, as well as any normative actsadopted in furtherance of the given provision of law prior to theExecution date; |

|  |              |                                                                                                                                                                            |
|--|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | reference to thepresent Agreement shall be considered as the reference to such anagreement that can be corrected, amended, added, renewed or transferredfrom time to time; |

|  |              |                                                                                                                                                                          |
|--|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | reference to anarticle, paragraph or Schedule, if not followed by any reference to acertain document shall be the reference to the article, paragraph orSchedule hereto; |

|  |              |                                                                                                                                                                 |
|--|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | reference to the termsdefined herein shall include plural or singular of such terms, as wellas masculine, feminine or neuter gender of the term, if applicable; |

|  |              |                                                                                                                                                                                                                                                                                                             |
|--|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | ‘using of words‘‘**hereby**”,“**herein**”,“**hereof**” “**within the frameshereof**’’ and other similar words (if otherwisenot followed from the context) shall refer to the entire presentAgreement and not to its Article or paragraph; |

|  |              |                                                                                                                                                                                                                                                          |
|--|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | it is considered that the words‘‘**include**’’ and‘‘**including**’’ are followedby the phrase ‘‘but not limited to’’, andthat does not restrict the generality of the foregoing; |

66

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|  |              |                                                                                                                             |
|--|--------------|-----------------------------------------------------------------------------------------------------------------------------|
|  | •  | headings and thecontent are inserted for convenience of reference only and shall notinfluence the interpretation hereof;and |

|  |              |                                                                                                                                        |
|--|--------------|----------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | all printed terms not defined in thepresent Schedule 2 shall have the meanings assigned to them in the texthereof or Schedules hereto. |

|                                                                                                                                                                                                                                                                                                                                                                          |  |  |                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Lessor:                                                                                                                                                                                                                                                                                                                                                                  |  |  | Lessee:                                                                                                                                                                                                                                                                                                                                                                  |
|                                                              |  |  |                                                              |
| Name:             Position:            SS                                                                                                                                                                                                        |  |  | Name:            Position:            SS                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                          |

67

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Schedule3

Plans of Premises

|                   |  |  |                   |
|-------------------|--|--|-------------------|
| Lessor:           |  |  | Lessee:           |
|              |  |  |              |
| Name:Position: SS |  |  | Name: Position:SS |
|                   |

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Schedule4

Rent

Part I. Rent

The Rentwithin the Lease term shall be calculated in accordance with the belowformulas:

|  |          |                                                                       |
|--|----------|-----------------------------------------------------------------------|
|  | 1.  | Rent for the first year of theLease Term is equal to:(S*BLR)-(S*170); |

|  |          |                                                               |
|--|----------|---------------------------------------------------------------|
|  | 2.  | Rent for the second year of theLease Term is equal to:S* BLR; |

|  |          |                                                                 |
|--|----------|-----------------------------------------------------------------|
|  | 3.  | Rent forthe third year of the Lease Term is equal to:S* BLR*K3; |

|  |          |                                                                      |
|--|----------|----------------------------------------------------------------------|
|  | 4.  | Rent for the fourth year of the LeaseTerm is equal to:S* BLR *K3*K4; |

|  |          |                                                                       |
|--|----------|-----------------------------------------------------------------------|
|  | 5.  | Rent forthe fifth year of the Lease Term is equal to:S* BLR*K3*K4*K5; |

|  |          |                                                                          |
|--|----------|--------------------------------------------------------------------------|
|  | 6.  | Rent for the sixth year of theLease Term is equal to:S* BLR*K3*K4*K5*K6; |

|  |          |                                                                               |
|--|----------|-------------------------------------------------------------------------------|
|  | 7.  | Rent for the seventh year of theLease Term is equal to:S* BLR*K3*K4*K5*K6*K7; |

|  |          |                                                                                 |
|--|----------|---------------------------------------------------------------------------------|
|  | 8.  | Rent for the eighth year ofthe Lease Term is equal to:S* BLR*K3*K4*K5*K6*K7*K8; |

|  |          |                                                                                   |
|--|----------|-----------------------------------------------------------------------------------|
|  | 9.  | Rent for the ninth year ofthe Lease Term is equal to:S* BLR*K3*K4*K5*K6*K7*K8*K9; |

|  |           |                                                                                               |
|--|-----------|-----------------------------------------------------------------------------------------------|
|  | 10.  | А Rent for thetenth year of the Lease Term is equal to:S* BLR*K3*K4*K5*K6*K7*K8*K9*K10, |

In the above formulas thefollowing definitions are used:

S — Leased Area ofthe Premises, equal to [•] ([•])sq.m. and not subject to changing during the whole Lease Term;

BLR (=Бар) — Base Lease Rate,equal to 617.76 (six hundred seventeen point seventy six) C.U.;

КЗ — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the second calendar year of the Lease term to the Decemberof the first calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

К4 — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the third calendar year of the Lease term to the Decemberof the second calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

К5 — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the fourth calendar year of the Lease term to the Decemberof the third calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

К6 — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the fifth calendar year of the Lease term to the Decemberof the fourth calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

69

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К7 — index calculatedunder the formula (100% + CPI-U): 100%, where CP1-U isthe CPI-U of December of the sixth calendar year of the Lease term tothe December of the fifth calendar year of the Lease term, calculatedin per cent — provided that CPI-U constitutes not less than3%. If CPI-U is less than 3%, the index is equal to 1.03;if CPI-U is more than 6%, the index is equal to 1.06.

К8 — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the seventh calendar year of the Lease term to the Decemberof the sixth calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

К9 — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the eighth calendar year of the Lease term to the Decemberof the seventh calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

К10 — index calculated under the formula(100% + CPI-U): 100%, where CP1-U is the CPI-U ofDecember of the ninth calendar year of the Lease term to the Decemberof the eighth calendar year of the Lease term, calculated in per cent— provided that CPI-U constitutes not less than 3%. IfCPI-U is less than 3%, the index is equal to 1.03; if CPI-U ismore than 6%, the index is equal to 1.06.

Part II.Utility and Maintenance Services Payment

Utility andMaintenance Services Payment within the Lease Term shall be calculatedaccording to the formulas below;

UMS1    = S*R;

UMS2    = S* R*I2;

UMSЗ    = S* R*I2*I3;

UMS4    = (8* R*I2*IЗ*I4;

UMS5    = S* R*I2*I3*I4*I5;

UMS6    = S* R*I2*I3*I4*I5*I6;

UMS7    = 8* R*I2*IЗ*I4*I5*I6*I7;

UMS8    = 8* R*I2*IЗ*I4*I5*I6*I7*I8;

UMS9    = 8* R*I2*IЗ*I4*I5*I6*I7*I8*I9;

UMS10 = 8* R*I2*IЗ*I4*I5*I6*I7*I8*I9*I10;

In the above formulasthe following definitions are used:

UMS1(=КЭП1) — the sum of Utility andMaintenance Services Payment during the first year of the LeaseTerm,

UMS2 — the sum of Utility and MaintenanceServices Payment during the second year of the Lease Term,

UMS3 — the sum of Utility and Maintenance ServicesPayment during the third year of the Lease Term,

UMS4— the sum of Utility and Maintenance Services Payment during thefourth year of the Lease Term,

UMS5 — the sum ofUtility and Maintenance Services Payment during the fifth year of theLease Term,

UMS6 — the sum of Utility andMaintenance Services Payment during the sixth year of the LeaseTerm,

UMS7 — the sum of Utility and MaintenanceServices Payment during the seventh year of the Lease Term,

UMS8 — the sum of Utility and Maintenance ServicesPayment during the eighth year of the Lease Term,

UMS9— the sum of Utility and Maintenance Services Payment during theninth year of the Lease Term,

70

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UMS10 — the sum of Utilityand Maintenance Services Payment during the tenth year of the LeaseTerm,

S — Leased Area of the Premises, equal to[•] ([•]) sq.m. and not subjectto changing during the whole Lease Term;

R(=Ст) — the Rate of the Utility and MaintenanceServices Payment, equal to 2,754 (two thousand seven hundred andfifty-four) rubles per year for 1 (one) square meter of the Lease Areaof the Premises;

I2 — index, equal to the Consumerprice index of the December of the first calendar year of the Leaseterm to the December of the year preceding the first calendar year ofthe Lease term;

I3 — index, equal to the Consumerprice index of the December of the second calendar year of the Leaseterm to the December of the first calendar year of the Lease term;

I4 — index, equal to the Consumer price index of theDecember of the third calendar year of the Lease term to the Decemberof the second calendar year of the Lease term;

I5— index, equal to the Consumer price index of the December ofthe fourth calendar year of the Lease term to the December of the thirdcalendar year of the Lease term;

I6 — index, equalto the Consumer price index of the December of the fifth calendar yearof the Lease term to the December of the fourth calendar year of theLease term;

I7 — index, equal to the Consumerprice index of the December of the sixth calendar year of the Leaseterm to the December of the fifth calendar year of the Lease term;

I8 — index, equal to the Consumer price index of theDecember of the seventh calendar year of the Lease term to the Decemberof the sixth calendar year of the Lease term;

I9 —index, equal to the Consumer price index of the December of the eighthcalendar year of the Lease term to the December of the seventh calendaryear of the Lease term;

I10 — index, equal to theConsumer price index of the December of the second ninth year of theLease term to the December of the eighth calendar year of the Leaseterm;

|                   |  |  |                   |
|-------------------|--|--|-------------------|
| Lessor:           |  |  | Lessee:           |
|              |  |  |              |
| Name:Position: SS |  |  | Name: Position:SS |
|                   |

71

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Schedule5    List of Maintenance Services

1.    List of UtilityServices

|            |                |
|------------|----------------|
| 1.1.  | Electric power |

|            |            |
|------------|------------|
| 1.2.  | Heat power |

|            |           |
|------------|-----------|
| 1.3.  | Hot water |

|            |                          |
|------------|--------------------------|
| 1.4.  | Cold water and sewerage. |

|            |             |
|------------|-------------|
| 1.5.  | Water pipe. |

UtilityServices should comply with the requirements stipulated by paragraphs9.2, 11 and 16 Schedule 10 hereto.

2.    List of MaintenanceServices

|            |                                                                                        |
|------------|----------------------------------------------------------------------------------------|
| 2.1.  | Operating and servicingof engineering systems within the responsibility of the Lessor: |

|              |                     |
|--------------|---------------------|
| 2.1.1.  | Power supply system |

|              |                                                         |
|--------------|---------------------------------------------------------|
| 2.1.2.  | Lighting system, includingemergency and evacuation ones |

|              |                                 |
|--------------|---------------------------------|
| 2.1.3.  | Hot and cold water supplysystem |

|              |                 |
|--------------|-----------------|
| 2.1.4.  | Sewerage system |

|              |                 |
|--------------|-----------------|
| 2.1.5.  | Heating system; |

|              |                                         |
|--------------|-----------------------------------------|
| 2.1.6.  | Ventilation system and airconditioning; |

|              |                         |
|--------------|-------------------------|
| 2.1.7.  | Structured cablesystem; |

|              |                     |
|--------------|---------------------|
| 2.1.8.  | Elevatorsservicing; |

|              |                                                                                                                               |
|--------------|-------------------------------------------------------------------------------------------------------------------------------|
| 2.1.9.  | Fire-fightingsystems of the building (fire alarm, sprinkler system offire-extinguishing, alarm system, smoke removal system); |

|               |                                          |
|---------------|------------------------------------------|
| 2.1.10.  | Security alarm and access controlsystem; |

|               |                                         |
|---------------|-----------------------------------------|
| 2.1.11.  | Signaling system andradio-transmitting; |

|               |                         |
|---------------|-------------------------|
| 2.1.12.  | Videomonitoring system; |

|               |                                 |
|---------------|---------------------------------|
| 2.1.13.  | TVcollective acceptance system; |

|               |                     |
|---------------|---------------------|
| 2.1.14.  | Dispatcher systems; |

To theoperating and servicing of engineering systems the following measuresare included:

System and equipment operation accordingto the requirements of the equipment producer and SNIPrequirements;

Conduction of works within serviceregulations worked out by the operating department on the basis of theplants-manufacturer’s documents for the respective equipmentaccording to the normative requirements;

Controlexamination of all installed equipment and systems according to theregulations;

Conduction of operating journals on thestatus of operating parameters;

Control over signals ondefects;

Operating reaction to the signals on defects inthe equipment under normative terms of the conduction of the worksapproved by the plants-manufacturers of the equipment, contracts withsub-contractors, as well as maintenance department regulations;

72

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Control over the quality and termsof conduction of the works in case of attracting of contractororganizations/

|            |                     |
|------------|---------------------|
| 2.2.  | Document management |

|              |                                                                    |
|--------------|--------------------------------------------------------------------|
| 2.2.1.  | Exercising of documents under theequipment and systems parameters; |

|              |                                                                                                                   |
|--------------|-------------------------------------------------------------------------------------------------------------------|
| 2.2.2.  | Introduction of necessary changesto the executor documents of the object in the process of operating thebuilding; |

|              |                                                                                                                                                                                                    |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.2.3.  | working out of theactions plan in the emergency situations, as well as working out of theregulations of technical servicing of the equipment and other documentsrelated to the building operation; |

|              |                                                                                                                                                                                                                                                                                           |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.2.4.  | interaction with the stateauthorities and city municipal services — solving of currentmatters arising in the process of operating the building, as well asmanagement of the contracts and interaction with the city technical andutility services regarding the building operation; |

|              |                                                     |
|--------------|-----------------------------------------------------|
| 2.2.5.  | taking measurements of metersregarding each lessee; |

|              |                                    |
|--------------|------------------------------------|
| 2.2.6.  | Workwith contractor organizations. |

|            |                                                  |
|------------|--------------------------------------------------|
| 2.3.  | Cleaningof the premises and adjourning territory |

|              |                 |
|--------------|-----------------|
| 2.3.1.  | Inner cleaning: |

|  |                |                                                                                                                     |
|--|----------------|---------------------------------------------------------------------------------------------------------------------|
|  | 2.3.1.1.  | daily cleaning of public zonesof the building, including floors, staircases and elevator cabins— twice a day; |

|  |                |                                                                                |
|--|----------------|--------------------------------------------------------------------------------|
|  | 2.3.1.2.  | regular cleaning of the lightingdevices, ventilation bars, upon getting dirty; |

|  |               |                                                                                                                   |
|--|---------------|-------------------------------------------------------------------------------------------------------------------|
|  | 2.3.1.3  | regular cleaning of technicalpremises, from once per week to once a month depending on the purposeof the premise; |

|              |                  |
|--------------|------------------|
| 2.3.2.  | Outsidecleaning: |

|  |                |                                           |
|--|----------------|-------------------------------------------|
|  | 2.3.2.1.  | daily cleaning ofthe territory in summer; |

|  |                |                                           |
|--|----------------|-------------------------------------------|
|  | 2.3.2.2.  | daily cleaning of the territoryin winter; |

|  |                |                                    |
|--|----------------|------------------------------------|
|  | 2.3.2.3.  | daily cleaningand removal of snow; |

|  |                |                                           |
|--|----------------|-------------------------------------------|
|  | 2.3.2.4.  | dailyremoval of waste from the territory; |

|  |                |                               |
|--|----------------|-------------------------------|
|  | 2.3.2.5.  | daily cleaning of theparking; |

|  |                |                            |
|--|----------------|----------------------------|
|  | 2.3.2.6.  | Daily cleaning ofthe roof; |

|  |                |                                                            |
|--|----------------|------------------------------------------------------------|
|  | 2.3.2.7.  | Removal of icingand icicles from the roof, when theyappear |

|              |                                                                                           |
|--------------|-------------------------------------------------------------------------------------------|
| 2.3.3.  | Washing of outer glass ofthe whole complex and inner glass in public places twice a year. |

|            |                            |
|------------|----------------------------|
| 2.4.  | Arranging of the territory |

|              |                                                                      |
|--------------|----------------------------------------------------------------------|
| 2.4.1.  | Organization of the outsideplanting (with seasonal change ofplants)/ |

|            |                                                                 |
|------------|-----------------------------------------------------------------|
| 2.5.  | Monthly measures ondisinfections, desinsection and deratization |

|            |                                  |
|------------|----------------------------------|
| 2.6.  | Round the clock securityservice: |

|              |                                                              |
|--------------|--------------------------------------------------------------|
| 2.6.1.  | physicalprotection of the building and adjourning territory; |

|              |                                    |
|--------------|------------------------------------|
| 2.6.2.  | round the clock dispatcherservice; |

|              |                                                                                                                                          |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------|
| 2.6.3.  | servicing of thebuilding security and access control systems; security alarm and videomonitoring of the building and adjourningterritory |

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|            |                               |
|------------|-------------------------------|
| 2.7.  | Receptionservice organization |

The main duties of the receptionservice are: accepting visitors, issueing of guestcards

Reception service working hours: from Monday toFriday, excluding weekends and holidays from 8 a.m. till 8 p.m.

|            |                |
|------------|----------------|
| 2.8.  | Other services |

|              |                                                      |
|--------------|------------------------------------------------------|
| 2.8.1.  | Coordination of car entrance andexit of the Lessees; |

|              |                                                                                                                                                            |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.8.2.  | Consideration of theLessees’ technical projects, check for the compliance of theprojects to the requirements of the building and maintenancesystems; |

|                                                                                                                                                                                                                                                                                                                                                                          |  |  |                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Lessor:                                                                                                                                                                                                                                                                                                                                                                  |  |  | Lessee:                                                                                                                                                                                                                                                                                                                                                                  |
|                                                              |  |  |                                                              |
| Name:             Position:            SS                                                                                                                                                                                                        |  |  | Name: Position:SS                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                          |

74

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Schedule6

Transfer Act

The present Transfer Act to Leaseagreement # [•] dated[•][•] 20[•]concluded in Moscow, Russian Federation (hereinafter referred to as the‘‘Lease agreement’’) between:

(1)    Limited Liability Company‘‘Promyshlenno-finansovaya kompania’’(hereinafter the‘‘**Lessor**’’), a legal entityorganized and existing under the laws of the Russian Federation, stateregistration certificate No. [•] issued on[•][•] 20[•]by the Ministry on taxes and levies of the Russian Federation, locatedat [•][•], Moscow, represented by[•] acting on the basis of [•],on the one hand,

and

(2)    MoscowRepresentative Office of CTC Media, Inc., (hereinafter the‘‘**Lessee**’’), Certificate ofregistration in the Unified State Register [•] dated[•][•] 20[•],located at [•], Moscow, represented by[•] acting on the basis of [•],on the other hand,

hereinafter jointly referred to as the‘‘**Parties**’’ and separatelyreferred to as the‘‘**Party**’’.

1.    Pursuant to the Lease agreement concluded between theLessor and the Lessee, by the present Act the Lessor shall transfer andthe Lessee shall accept to the temporary possession and use thePremises consisting of the rooms listed in the table below:

|          |  |  |            |  |  |          |  |  |                            |  |  |            |
|----------|--|--|------------|--|--|----------|--|--|----------------------------|--|--|------------|
| Floor    |  |  | PremiseNo. |  |  | Room No. |  |  | Purpose of premises(rooms) |  |  | Area,sq.m. |
| [•] |  |  | [•]   |  |  | [•] |  |  | [•]                   |  |  | [•]   |
| [•] |  |  | [•]   |  |  | [•] |  |  | [•]                   |  |  | [•]   |
|          |

Ofthe area [•] ([•]) sq.m. situatedon the floors from 14 to 26 inclusively of the Building at the address:[•],[•], Moscow.

2.    The Premises condition description is attached to thepresent Transfer act.

3.    The Premises aretransferred and accepted with all necessary accessories and documentsand the Lessee has no claims to the Lessor with their regard excludingthe Defects mentioned in the Act of Access signed by the Parties on[•][•] 20[•]pursuant to the Preliminary contract on concluding Agreements enteredinto by the Parties on [•][•]20[•];

|                   |  |  |                   |
|-------------------|--|--|-------------------|
| Lessor:           |  |  | Lessee:           |
|              |  |  |              |
| Name:Position: SS |  |  | Name: Position:SS |
|                   |

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Schedule7

Act on Termination of the Lessee’s Works

City ofMoscow[•][•],20[•]                

Bysigning the present Act [•](‘‘Lessor’’), on the one hand, and[•] (‘‘Lessee’’), on theother hand, in execution of the Lease agreement #[•] dated[•][•] 20[•](hereinafter r- ‘‘Lease agreement’’) havemade the present Act confirming the following:

1.        The Lessee’s Works presented by theLessee in the Premises determined in the Lease agreement executed bythe Lessee within the period from[•][•] 20[•]to [•][•]20[•] are fulfilled.

2.        Building constructions and engineering systemsare witnessed, tested and are in working condition.

3.        One set of executor documents is transferred tothe Lessor. The list of Inseparable Improvements exercised by theLessee in the Premises will be composed and signed by the Parties notlater than in 20  calendar days upon executing of the presentAct.

4.        The Lessee shall be entitled to startusing the Premises in accordance with the Authorized Use (as determinedin the Lease agreement).

Signatures of theParties

|                                                                                                                                                                                                                                                                                                                                                                          |  |  |                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Lessor:                                                                                                                                                                                                                                                                                                                                                                  |  |  | Lessee:                                                                                                                                                                                                                                                                                                                                                                  |
|                                                              |  |  |                                                              |
| Name:             Position:            SS                                                                                                                                                                                                        |  |  | Name: Position:SS                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                          |

76

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Schedule8

Act on Return of Premises

Execution date:[•]Place of act execution and return of thePremises: Russian Federation, City of Moscow,                                                                                               

By signing the present Act [•](‘‘Lessor’’), on the one hand, and[•] (‘‘Lessee’’), on theother hand, confirm the transfer by the Lessee to the Lessor andacceptance by the Lessor of the Premises stipulated in paragraph 1.1.and Schedule to Lease agreement of the Premises #[•] dated[•][•] 20[•](hereinafter r- ‘‘Contract’’).

The transfer of the Premises by the Lessee to the Lessor isin full compliance with the Contract’s terms.

Obligations of the Parties on return of the Premises areexecuted in full. There are no claims as the Premises condition.

The Act is executed in two counterparts: 1st copy— to the Lessor, 2nd copy — to the Lessee.

|                   |  |  |                   |
|-------------------|--|--|-------------------|
| Lessor:           |  |  | Lessee:           |
|              |  |  |              |
| Name:Position: SS |  |  | Name: Position:SS |
|                   |

77

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Schedule9

Rules for Conduction of the Lessee’s Works

Should the Lessee take the decision on replanning, thefinishing of the leased Premises, putting of engineering networks andcommunications, equipment assembly, the latter shall be obliged to:

1.    Work out the Working Project and present it forapproval to the Lessor (drawings and specifications should be done by aqualified specialist with a license granting the right to make projectsin the RF and in the City of Moscow and comply with SNIP, GOST andnormative acts of the RF and the City of Moscow) according to thefollowing requirements;

|  |          |                                     |
|--|----------|-------------------------------------|
|  | 1)  | Floor planis done on a scale M-100; |

|  |          |                                                                                                                                                                                             |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | 2)  | Architecturalscheme of the leased Premises with location of partitions, windows anddoors and specifying of the applied finishing materials (all materialsshould have quality certificates); |

|  |          |                                               |
|--|----------|-----------------------------------------------|
|  | 3)  | Constructive scheme regarding the partitions; |

|  |          |                                          |
|--|----------|------------------------------------------|
|  | 4)  | Lessee’s works volumes (estimate); |

|  |          |                                                                                 |
|--|----------|---------------------------------------------------------------------------------|
|  | 5)  | Technological drawing with allocation of alltechnological and office equipment; |

|  |          |                                                                                                                        |
|--|----------|------------------------------------------------------------------------------------------------------------------------|
|  | 6)  | Engineering systems drawing: ventilation,conditioning, heating, water supply, sewerage, electro-technical partin full. |

|  |          |                                |
|--|----------|--------------------------------|
|  | 7)  | Details description,including: |

|  |               |                                                                                   |
|--|---------------|-----------------------------------------------------------------------------------|
|  | –  | sections with clearexplanation of all assumed construction methods and materials; |

|  |               |                                                                                                                               |
|--|---------------|-------------------------------------------------------------------------------------------------------------------------------|
|  | –  | estimate of the premises finishingspecifying the applied finishing materials (all materials should havequality certificates); |

|  |               |                |
|--|---------------|----------------|
|  | –  | table ofdoors. |

|  |          |                |
|--|----------|----------------|
|  | 8)  | Design project |

|  |               |                                                             |
|--|---------------|-------------------------------------------------------------|
|  | –  | visual information signs placement, theirdetails and sizes: |

|  |               |                                                     |
|--|---------------|-----------------------------------------------------|
|  | –  | colours and materialsfor manufacturing those signs. |

|  |          |                          |
|--|----------|--------------------------|
|  | 9)  | Ceiling plan, including: |

|  |               |                          |
|--|---------------|--------------------------|
|  | –  | hanging ceiling carcass; |

|  |               |                                    |
|--|---------------|------------------------------------|
|  | –  | lighting devices — location; |

|  |               |                                    |
|--|---------------|------------------------------------|
|  | –  | ventilation bars — location; |

|  |               |                                                             |
|--|---------------|-------------------------------------------------------------|
|  | –  | other details fixed on the ceiling orpassing there through; |

|  |               |                                    |
|--|---------------|------------------------------------|
|  | –  | ceiling systemand decoration type; |

|  |               |                                                                              |
|--|---------------|------------------------------------------------------------------------------|
|  | –  | location of theaccess panel to the ventilation installments of the Building; |

|  |           |                                                |
|--|-----------|------------------------------------------------|
|  | 10)  | Sanitary equipment plan executed by theLessee: |

|  |               |                                    |
|--|---------------|------------------------------------|
|  | –  | Location of water supplypipelines; |

|  |               |                       |
|--|---------------|-----------------------|
|  | –  | location of gangways; |

|  |               |                                                        |
|--|---------------|--------------------------------------------------------|
|  | –  | location of toilet bowls, basins, fatcollectors, etc.; |

|  |               |                                           |
|--|---------------|-------------------------------------------|
|  | –  | location of sprinklerpipelines and heads. |

78

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|  |           |                                      |
|--|-----------|--------------------------------------|
|  | 11)  | Mechanicalpart locations, including: |

|  |               |                                                                                                     |
|--|---------------|-----------------------------------------------------------------------------------------------------|
|  | –  | location,type and sizes of conditioners using condensate water or ventilators,if such are required; |

|  |               |                               |
|--|---------------|-------------------------------|
|  | –  | location ofventilation boxes; |

|  |               |                          |
|--|---------------|--------------------------|
|  | –  | equipmentspecifications; |

|  |               |                                                               |
|--|---------------|---------------------------------------------------------------|
|  | –  | heat supply, ventilationand conditioning loading calculation; |

|  |           |                                               |
|--|-----------|-----------------------------------------------|
|  | 12)  | Electric wiring plan indicating thefollowing: |

|  |               |                         |
|--|---------------|-------------------------|
|  | –  | electric wiring scheme; |

|  |               |                                |
|--|---------------|--------------------------------|
|  | –  | wire sections and the breaker; |

|  |               |                                                      |
|--|---------------|------------------------------------------------------|
|  | –  | location of electric and telephone socketconnectors; |

|  |               |                                   |
|--|---------------|-----------------------------------|
|  | –  | lighting, includingemergency one. |

2.    Agree the worked-out WorkingProject and Plan-Schedule of conduction of works with the followingorganizations:

|  |               |                      |
|--|---------------|----------------------|
|  | –  | Projectorganization; |

|  |               |                            |
|--|---------------|----------------------------|
|  | –  | UGPS of the city ofMoscow; |

|  |               |      |
|--|---------------|------|
|  | –  | SES; |

|  |               |         |
|--|---------------|---------|
|  | –  | Lessor; |

|  |               |                                                                               |
|--|---------------|-------------------------------------------------------------------------------|
|  | –  | otherorganizations according to the requirements of the effectivelegislation. |

3.    Prior to beginning of thedecoration-construction, repair, assembly and other Works of theLessee, the latter shall be obliged to fulfill the followingrequirements:

|  |               |                                                                                                                                               |
|--|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | Insurance of all types ofconstruction works conducted by the Lessee’s Contractor andsubmitting of the insurance policies to the Lessor; |

|  |               |                                                                                                                                                  |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | Agreeing with the Lessor of the access (thelist with surnames of the Contractor’s employees) and the timeof construction works conduction. |

4.    When conductingthe decoration-construction, repair, assembly and other Works of theLessee, the latter shall be obliged to fulfill the followingrequirements:

|  |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | –  | conduct Works onre-planning, decoration of the leased Premises, putting of additionalengineering networks and communications only on the basis of thedrawing agreed upon with the Lessor. The Lessee shall be responsiblefor notifying the Contractor on changes in Works resulting from theLessor’s remarks. It is prohibited to break withoutAuthorization the entirety of the roof membrane and assemble antennasand their accessories on the roof and facades. |

|  |               |                                                                                       |
|--|---------------|---------------------------------------------------------------------------------------|
|  | –  | obtain permission of GPS for conduction ofwelding and any other fire-dangerous works; |

|  |               |                                                                              |
|--|---------------|------------------------------------------------------------------------------|
|  | –  | Obtain permissions from the Lessor to getconnected to power and water supply |

5.    Uponfinishing of the decoration-construction, repair, assembly and otherWorks to deliver the object to the acceptance commission.

|                   |  |  |                   |
|-------------------|--|--|-------------------|
| Lessor:           |  |  | Lessee:           |
|              |  |  |              |
| Name:Position: SS |  |  | Name: Position:SS |
|                   |

79

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Schedule10

Requirements to the Building and Premises on the BuildingStart-up Date

|          |          |
|----------|----------|
| 1.  | Location |

‘‘Profico’’ office business center islocated at the following address: in front of vladenie 1-3, ul.Krylatskie Kholmy, at the nearest distance to underground stations‘‘Molodezhanya’’ and‘‘Krylatskoe’’.

The constructionsite has a triangular shape and stretches out from north-east tosouth-west. In south-est it is limited by s aside slop leading toKrylatskaya uliza. The north border and boundary line adjoins aspecially guarded natural territory. From the western side theconstruction site is limited by uliza Krylatskie Kholmy.

Depending on the traffic density, approach to the two main citystreet-roads from ‘‘Profico’’ businesscenter takes: to Rublevskoe shosse — 2-5 minutes, toKrasnopresnensky prospect (under construction) 10-20 minutes, to Moscowring-road (МКАД) 15 minutes.

|          |                        |
|----------|------------------------|
| 2.  | Architecture solutions |

The outside ofthe Building combines the elements of modern architecture and moderndesign solutions in the shape of a rectangular. The Building is locatedon the land plot of 0.67 hectare.

The number of the Buildingfloors corresponds to the number of floors as it is determined in theBuilding construction project, and according thereto the permission toconstruction was given and is valid as of the date of executionhereof.

In the Building socle floors (-2,-3,-4,-5) a 4-levelunderground parking for 400 vehicles is situated. Beside the Building aground level guest parking for 35 vehicles is stipulated.

Onfloor — 1 there will be a dining-room, a café, a carwasher and technical rooms. On the first floor a conference hall and abank branch will be placed.

|          |                                     |
|----------|-------------------------------------|
| 3.  | Design andstructure of the Building |

The Building was erected as amonolith reinforced concrete frame with an attached module facade. Onthe roof of the Building there is a platform for baskets reserved forpeople’s evacuation.

3.1.    Main structuralparameters of the Building

|                         |  |  |                                                                                                                |
|-------------------------|--|--|----------------------------------------------------------------------------------------------------------------|
| Constructionmaterial    |  |  | monolith reinforced concrete                                                                                   |
| Columnnet spacing       |  |  | 8100x8100 m, except axesE-D*4050*8100                                                                          |
| Floor height            |  |  | 2-24 floors— 3.9 m, 24-25 floors — 7.8 m, floor 26 — 6.3m                                    |
| Building total area     |  |  | About 50,000 squaremeters                                                                                      |
| Office space total area |  |  | About 30,000square meters (29,723.80)                                                                          |
| Hall                    |  |  | Generalheight 7.8 m, two lights                                                                                |
| Floor length            |  |  | Fromwindow to core from 8.1 m to 12.3 m, the core of the Building has arectangular shape of the size 25 m*11 m |
| Maximumpermissible load |  |  | 450 kg per 1 squaremeter                                                                                       |
| Intermediatefloors      |  |  |                                                                                                           |
|                         |

|          |                                               |
|----------|-----------------------------------------------|
| 4.  | Outside finishingand dressing of the Building |

In the outside finishing anddressing of the Building mostly panorama glazing is used, whichprovided an optimal use of the sun light. The module façadetechnology is developed by SCHUCO (Germany).

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4.3.    Elements of the façadedressing

4.4

|                                      |  |  |                                                                                                                          |
|--------------------------------------|--|--|--------------------------------------------------------------------------------------------------------------------------|
| Transparentglazing elements          |  |  | One chamber tinted glass package and StopRaySafir energy saving glass of ‘‘Giaverbel’’(Belgium). |
| Non-transparent glazing elements     |  |  | Glass package, outside hardened glass, insideglass-stemalit                                                              |
| Non-transparent façademodules |  |  | Composite plates                                                                                                         |
| Socle floorfaçade             |  |  | Natural stone —granite                                                                                             |
|                                      |

5.    General areas

5.1.    Inside finishing of the rooms

The Building isoffered for rent with general areas of quality finishing, officepremises are offered for rent without any inside finishing.

|                                           |  |  |                                                                                                                                                                         |
|-------------------------------------------|--|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Hallof the first floor                    |  |  | High quality design, natural stone flooring.Walls are finished with natural stone or other modernmaterials                                                              |
| Flooring of elevator halls                |  |  | Natural stone — granite                                                                                                                                           |
| Flooring ofstaircases                     |  |  | Granite ceramics tiles                                                                                                                                                  |
| Walls ofelevator halls                    |  |  | Walls of elevator halls are lined exclusivelywith natural stone —  granite ormarble                                                                               |
| Walls of staircases and technicalpremises |  |  | Plaster and high quality dispersionpaints                                                                                                                               |
| Hall                                      |  |  | General height 7.8 m, twolights                                                                                                                                         |
| Ceilings                                  |  |  | In all premises and areaof public use hanging ceilings are mounted according to the Armstrongtype standards. Behind them the main engineering communications areplaced. |
|                                           |

|          |      |
|----------|------|
| 6.  | Roof |

Theroof is operational, inversable with hydro-isolation cover, above whichthe warming layer is laid out, extrusion polystyrene, geotextile,crushed stone, plates.

|          |           |
|----------|-----------|
| 7.  | Elevators |

13 elevators are to be installed in the Building to provide aconvenient and comfortable transportation to all Building floors.Finishing of all elevator cabins was executed in ‘‘luxoption’’.

|                           |  |  |                                                                                      |
|---------------------------|--|--|--------------------------------------------------------------------------------------|
| l.Schindler ID(PLl-PL8)   |  |  | 8 ps for 26 stops, loading liftingcapacity 1,350 kg                                  |
| 2. Schindler ID (PL9)     |  |  | 1 psfor 28 stops, loading lifting capacity 1,000 kg                                  |
| 3.Schindler ID (L1O, L11) |  |  | 2 ps for 6 stops (for fire brigadetransportation), loading lifting capacity 1,000 kg |
| 4. Thyssen (L I2)         |  |  | 1 ps for 3 stops, loading liftingcapacity 630 kg                                     |
| 5. Monitor (L13)          |  |  | 1 ps for 2stops, loading lifting capacity 100 kg                                     |
|                           |

81

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8.    Main engineering systems of theBuilding

|                        |  |  |                                                                                                                                                                      |
|------------------------|--|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ventilation            |  |  | Forced and exhaust ventilation, smokeremoval system. The Building ventilation system provides inflow of 60m3 air per a person per hour (calculated 10 m2 perperson). |
| Conditioning           |  |  | DAIKIN (Japan)central conditioning with independent regulation of climate in eachroom.                                                                               |
| Heating                |  |  | Central heating from the maincity nets.                                                                                                                              |
| Main power supply      |  |  | Input withdouble reservation from the Mosenergo city nets with independenttransformer substation.                                                                    |
| Reserve power supply   |  |  | Two FG Wilson diesel generators for constant keeping in theoperating conditions of the main maintenance and safety systems in theBuilding.                           |
| Water supply           |  |  | From Mosvodokanalcity nets.                                                                                                                                          |
| Safety of the Building |  |  | Integrated systems of fire alarming, warning and evacuation,security systems and video control.                                                                      |
| Accesscontrol          |  |  | Modern systems of access control and regulation basedon non-contact plastic cards.                                                                                   |
|                        |

9.    HVC(Heating, ventilation and air conditioning)

|            |                                           |
|------------|-------------------------------------------|
| 9.1.  | Ventilation, air conditioning,cold supply |

Ambient air temperature in the rooms with airconditioning is 20-22oC. Acustic noise level in these rooms doesnot exceed 36 dB.

Autonomous conditioning systems with50% reserve capacity are installed to keep constant temperatureround the year in server and commutation rooms.

Cold consumptionfor inflow installations

Q x inflow = 840 kilowatt

Heatamount to be assimilated by inflow air

Q = 236000 x 0.288 x 6 x1.16 = 473000Bt = 473kilowatt

Cold consumption for coolingmachines

ΣQ = 2280 + 30 + 13 + 27 + 840 - 470 = 2720 x1.1 = 3000 kilowatt

To provide rated meteorological conditionsand air purity in the rooms according to GOST (State standard)12.1.005-88 standards, inflow-exhaust ventilation with mechanicalimpulse is stipulated in all rooms of the complex.

Air exchangeand its regulation for different groups of rooms are as follows:

Parking — due to the terms of dissolving of noxioussubstances to the permissible concentration in the air of operatingzones. Inflow air is pumped into the upper room zone along the drivingway and exhaust air is pumped out in equal parts from the upper andlower zones.

Ramps — due to the terms of dissolving ofnoxious substances to the permissible concentration;

Offices— due to the term of supplying of the minimum consumption ofoutside air, 60 m/hour per person.

The amount of inflow andexhaust systems is determined by the functional purpose of the rooms tobe services and by the space design solutions.

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Ventilation and conditioning systemsequipment producers

|                                        |  |  |                      |
|----------------------------------------|--|--|----------------------|
| Equipment                              |  |  | Potentialproducer    |
| Coolingmachines                        |  |  | DAIKIN               |
| Main inflow-exhaustinstallations       |  |  | AIRSETTROGES         |
| Additionalinflow-exhaust installations |  |  | SYSTEMAIR            |
| Exhaust ventilators                    |  |  | SYSTEMAIR, TROGES    |
| Diffusers                              |  |  | IMPKLIMAT            |
| Air regulating valves                  |  |  | IMPKLIMAT            |
| Pumps                                  |  |  | WILD,GRUNDFOSS       |
| Regulating-closing valves              |  |  | DANFOSS              |
| Thermo-isolation                       |  |  | THERMAFLEX,WIRED MAT |
|                                        |

9.2.    Heating and heating supplysystems

For the higher sections of the Building two independentheating systems were designed. System # 1 services office premises infloors 1-13, system # 2 services office premises in floors 14-26.Systems # 1 and # 2 are double piped with horizontal blind lines onevery floor. The vertical standpipes are laid in the communicationshaft. The floor horizontal pipelines are laid in the flooringconstruction.

For dining rooms, the restaurant, shopping zones,the bank and car washer independent horizontal double-piped heatingsystems were designed. Heating system # 3 services dining-rooms andtheir premises (-1 floor), heating system # 4 services the restaurant(1 floor), heating system # 5 services shopping zones (1 floor),heating system # 6 services the bank, heating system # 7 services carwasher chambers.

The main horizontal pipelines of the systems ##3-6 are laid in the flooring construction of the premises to beserviced. In the car washer chambers the main pipelines are laid at theflooring. All heating systems have separate independent heat controlrecords.

During business hours air heating is designed in theparkings. The air heating is combined with inflow ventilation. Airheating units operate in the car washer chambers under decrease of theinside air temperature during idle hours.

Accepted temperatureof the inside heated air:

For parking —5oC For car washer — 18oC For officepremises — 20oC For technical premises —12oC For café premises — depending on theirpurposes.

The heating system keeps the air temperature at about10-12oC during idle hours in the office premises, the airtemperature goes up to 20oC to the beginning of the businessday. The heating system keeps air temperature at 20oC round theclock 7 days a week, 365 days a year in the rented or leased premises.Vertical standpipes of the heating system and pipelines of the heatsupply system in the inflow units are made of steel water-gas-pipesaccording to GOST 3262-75, pipe diameter up to 57 mm, and of steelelectro-welded pipes according to GOST 10704-91, pipe diameter above 57mm.

The main horizontal pipelines on the floors to be laid inthe flooring construction are maid of metal-layer pipes.

Kermiradiators with lower connection are accepted as heating units. Smoothpipe registers are installed in the car washer.

To provide heatcomfort in the premises and to endure heat saving, the heating unitsare equipped with separate independent thermo-regulators of the leadingEuropean companies and isolated with pipe isolation material.

Main pipelines, vertical standpipes of the heating system and heatsupply pipelines are isolated with pipe isolation material.

83

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The air from the heating system is removedthrough air valves installed in the upper plug of the heating unit andthrough automatic air outlet ports.

The air removal from theheat supply system is carried out through air collectors and automaticair outlet ports.

Some branch pipelines of the heating systemand the heat supply system are provided with closing-regulating(balancing) valves with connections for measuring device.

Drainage lines were designed for draining the heating system, thatgo to into the IHP (IТП) drainage pit. Installation ofdrainage valves with hose composition is stipulated in the heat supplysystem. Closing-regulating valves of the leading producers are used forboth systems.

Installation of water-air heat screens is plannedat the entrances into garage-parking and the Building.

Thecomplete net of the pipelines with connections to the heating units,necessary closing-regulating valves and heating units will be presentedat the disposal of a lessee.

Central heating system is ahorizontal two-pipe system with pumped circulation and passing movementof the heat carrier. The heating system is connected to the outsideheating nets through plate heat exchangers according to the independentconnection scheme. Heat carrier parameters in the heating system— 95-70.

Preparation of the heat carrier is executed inthe individual heat point (IHP) located in the technical zone on floor— 1. The heat control unit is installed in the heat point.

Separate branch pipelines are stipulated for perimeter heating ofeach group of premises divided according to their functionalpurposes.

Each branch pipeline will have closing-regulatingvalves and a discharge outlet valve.

Heating systemequipment

|                                          |  |  |                    |
|------------------------------------------|--|--|--------------------|
| Equipment                                |  |  | Potentialproducers |
| Convectors                               |  |  | Kermi              |
| Under-flooring convectors                |  |  | Kermi              |
| Closing-regulating valves andaccessories |  |  | Danfoss,Oventrop   |
|                                          |

|           |                     |
|-----------|---------------------|
| 10.  | Fire-fightingsystem |

fire preventing treatment of the ventilation and heatingsystems is stipulated according to SNIP(СНIП—set of norms and rules(translator’s note)) 2.04.05-91*, SNIP 21-02-99, MGSN(МГСН) 5.01.54, MGSN4.04-94.

Theprinciple solutions and calculations were made by the specialists ofFGU VNIIPO of the Ministry for extraordinary situations of Russia(ФГУ ВНIIПОМЧС РоссII).

Antismoke ventilation was designed for people’s evacuationfrom the Building premises at the first stage of fire.

The smokeremoval is stipulated from:

–    parking–    isolated ramps space –    main entrancehall –    corridors of floors — 1 and 1 withoutnatural lighting –    dining hall, without naturallighting –    corridors of the office sections of theBuilding (floors 2-26)

A separate smoke removal system isstipulated for each fire section.

Gases and smoke removal afterfire from the premises protected by gas fire fighting units is alsostipulated. Fire setback valves with refractoriness limit of not lessthan 0.5 hours are installed in the crossing points of air ducts andpremises railing.

84

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Inflow antismoke ventilation isstipulated. Outside air supply is designed:

–    to air locks separating parking from technicalpremises not belonging to the parking;–    to elevatorshafts; –    to air locks in front of elevators in thebasement floors; –    to smoke-proof staircases;–    to ari screens above fire gates of the 1st typeat the entrance to the parking (according to .2.26 of        MGSN5.01-01.

Ventilators of the leading producers are installed inthe smoke removal systems. Their working capacity under temperature of600oC is not less than 1 hour and under the temperature of400oC is not less than 2 hours. Smoke exhaust into theatmosphere is stipulated for 2 m from the roof or from the ground.

Air ducts of the smoke removal system in the parking and ramps aremade of sheet steel, thickness 1.2 mm, by welding, with fire protectioncoating that ensures refractoriness limit of EI 60 (1 hour) within theparking space and EI 150 (2.5 hours) in the Building constructionsbeyond the service floor. The smoke removal shafts servicing thecorridors are made of building constructions that ensure refractorinesslimit of EI 45 (0.75 hour) within the fire section and EП 50(2.5 hours) beyond the fire section. Air ducts of the smoke removalsystem in the dining hall have refractoriness limit of EI 60 (1 hour).Air ducts of the systems removing gas after the fire haverefractoriness limit of EI 15 (0.25 hour). Air ducts of the inflowantismoke ventilation are made of zinc coated steel, grade‘‘П’’, with fire protection coatingthat ensures refractoriness limit of EI 30 (0.5 hour).

KDM-2smoke valves installed in the smoke protection systems haverefractoriness limit of EI 60 (1 hour).

Smoke ventilation systemstarting occurs automatically, by remote control and by pushing buttonsmanually on the evacuation path.

Automatic switch off of inflowand exhaust systems is also stipulated, if the fire comes up.

All ventilation equipment is grounded.

Electrically drivenfire setback valves with rated refractoriness limit are installed inthe crossing points of air ducts and fire protection blocks.

Each fire section has independent inflow and exhaust ventilationsystems.

Space for ventilation equipment is located according topara. 4.102 of SNIP 2.04.05-91.

The gaps where air ducts andpipelines go through floors and partitions are closed by fire-proofmaterials.

11.    Power supply system

Power supply tofire0fighting systems, security systems and elevators is provided incategory I. The Building maintenance systems belong to a specialelectroreceiver group of category I.

The system of steady powersupply (3rd independent power supply source) on the basis of2 diesel generators is anticipated in the Building.

The load ofthe first category consumers is 799kWA.

To the Buildingmaintenance systems belong:

Electrical motors of the pumps forfire fighting;

Water pipelines in the Building;

Equipmentfor the systems of automatic fire extinguishing in the Building;

Elevators equipment;

Electro-equipment for smokeventilation;

Equipment for fire alarm warning;

85

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Equipment for the Building safetysystems;

Equipment for dispatching systems;

Emergencylighting of the Building;

Fire setback valves;

Bankequipment;

Smoke removal valves.

Video access controlsources of continuous feeding are installed for steady reliable powersupply to such equipment as automatic fire alarm warning andsignaling.

Power supply to the complex of otherelectro-receivers in the Building will be provided on categoryII.

11.1.    Main distributing switchboards of theBuilding

four main distributing switchboards are stipulated inthe Building. Automatic devices for reserve switch on are stipulatedtoo ensure reliable power supply of the first category.

11.2.    Energy metering

Metering boxes are stipulated inthe premises of MDS (main distributing switchboards), where energymeters are installed. Electronic counters of active and reactive energywith digital outputs are installed on the inputs of MDS.

Separate energy metering is stipulated for all water distributingunits.

11.3.    Protective grounding and zero-wire

TN-C-S grounding system is designed in the Building.

The maingrounding bars (MGB) must be installed for each MDS. MGBVs must beinstalled separately in the switchboard areas and connected to eachother by the conductors of the potential equalizing system. Theconductor cross-section must be equal to the smaller bar cross-sectionfrom the two paired bars (Technical instructions # 6/2004 of‘‘ROSELECTROMONTAZH’’(«РОСЭЛЕКТРОМОНТАЖ»).

11.4.    Information grounding

Functional grounding forthe equipment of information technologies is planned.

11.5.    Lighting

There are the following kinds oflighting in the Building: ordinary working lighting and extraordinarylighting consisting of emergency lighting and evacuation lighting.Maintenance lighting through transformer feeder sockets of 220/36 V isstipulated in switchboards, ventilation chambers and pump houses.

For emergency lighting lams with built-in batteries (autonomous time— 1 hour) are used.

The control of lighting in the publiczones is centralized and being executed from the dispatcher post. Thelighting control for technical and office premises is local throughswitches. The feeding of emergency lighting is independent of ordinaryworking lighting and carried out from different sections of the maindistributing switchboard.

The calculation of the requiredcapacity for lighting switchboards is exercised taking into accountensuring of the following illumination levels in the premises:

The following minimal levels of illumination intensity arestipulated:

Offices and conference halls 500 lux on the workingsurface (0.8 m from the floor)

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Information and computation units 500 luxon the working surface

Corridors in the office section 200 lux onthe floor

Technical premises with mechanical equipment 200 lux onthe floor

Switchboards 300 lux on the floor

Servicecorridors 150 lux on the floor

Tilets 150-250 lux on thefloor

Cloak-rooms 150 lux on the floor

In the office(administrative) premises it is supposed to use luminescent lamps(600x600) with a mirror screening grid of category 2, fixed into thehanging ceiling.

In the floor corridors the lighting is providedwith fixed luminescent compact lamps 2x18 Watt.

Lamps fortechnical and storage premises, service corridors and other servicessections are supposed to be of ceiling type with prismatic oropalescent diffuser. Linear luminescent lamps and glow lamps can beused.

Illumination in the remaining premises corresponds tostandards СП 31-110-2003 and MGSN 2.06-99.

Powerfor outside lighting of the Building is stipulated in the Project.

11.6.    Equipment producers

|                           |  |  |                                                 |
|---------------------------|--|--|-------------------------------------------------|
| Equipment                 |  |  | Potentialproducers                              |
| Distribution switchboards |  |  | Schneider Electric                              |
| Switching equipment       |  |  | Schneider Electric                              |
| Lighting device           |  |  | Sonlux (Germany)                                |
| UPS                       |  |  | SchneiderElectric                               |
| Cable conduits            |  |  | VVGng LS(ВВГнгLS) |
|                           |

Redesign of this section is possible totransfer some of the energy consumers (floors) into category I withinstallation of the 5th main distributing switchboard incase of receiving of the Technical task (T3) from the Lessee andfinancing of certain project, construction-erection works.

12.    Security technical system

Complex technical systemof security is used in the Building. It consists of guard signalingsystem (COC = GSS) and video access control system(СКУД = VACS) combined in thejoint-program-instrument complex.

GSS is designed to detect abreak through into the premises of the object or an attempt thereof andtransfer of the warring signal to the round the clock guard post withfurther translation to the centralized control panel.

Videosystem is designed to control the situation on the object and along theperimeter thereof and to keep the coming information on the digitalrecord unit.

VACS allows controlling the moving of employees andvisitors through the guarded territory and to restrict the access tothe premises of higher security.

The following is installed atthe guard room: guard panel, VACS computer, equipment for video controland record, telephone.

At the reception desk the following isinstalled: GSS emergency button, warming system microphone panel,telephone.

12.1.    Main principles of protection of theBuilding from the unauthorized access:

|  |              |                                                                                                          |
|--|--------------|----------------------------------------------------------------------------------------------------------|
|  | •  | during daytime the unauthorizedaccess into the Building is permitted till tourniquets on the firstfloor; |

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|  |              |                                                                                                                 |
|--|--------------|-----------------------------------------------------------------------------------------------------------------|
|  | •  | for a singleaccess to lessees’ premises a visitor can get a guest card uponrequest of the inviting party; |

|  |              |                                                       |
|--|--------------|-------------------------------------------------------|
|  | •  | accessinto office and service premises is impossible; |

|  |              |                                                                          |
|--|--------------|--------------------------------------------------------------------------|
|  | •  | during the night the unauthorized accessinto the Building is impossible; |

|  |              |                                                                      |
|--|--------------|----------------------------------------------------------------------|
|  | •  | allaccess paths into the Building are controlled with video cameras. |

12.2.    Guard signaling system

|  |              |                                                           |
|--|--------------|-----------------------------------------------------------|
|  | •  | Guard signaling system consists of thefollowing elements: |

|  |              |                  |
|--|--------------|------------------|
|  | •  | Detectionsmeans; |

|  |              |                  |
|--|--------------|------------------|
|  | •  | Warning buttons; |

|  |              |                                         |
|--|--------------|-----------------------------------------|
|  | •  | Guard signaling panel with controlunit. |

The following is equipped with the guard signalingsystem:

|  |              |                             |
|--|--------------|-----------------------------|
|  | •  | Entrances into theBuilding; |

|  |              |                                    |
|--|--------------|------------------------------------|
|  | •  | The Building first floorperimeter; |

|  |              |                    |
|--|--------------|--------------------|
|  | •  | Exits to the roof; |

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Technical premises; |

|  |              |                                                                                                                |
|--|--------------|----------------------------------------------------------------------------------------------------------------|
|  | •  | Entrance doors of the office premises fromthe elevator halls are equipped with the video access controlsystem. |

Doors to the fire non-operated staircases and from thestaircases outside are provided with‘‘anti-panic’’ locks ensuring free exit ofthe staff outside in any emergency situation.

Alarm warningbuttons are installed into reception desk and in the guard desks.

Server room is a space of higher security and protected by amagnetocontact indicator.

Guard indicators are combines to theguard panel integrated with other engineering systems through theinterface line.

The main guard signaling panel is located in theguard room and connected to the system of the guard video control insuch a way that the picture from the nearest video camera goes to amonitor in the guard room simultaneously through indicator impulse.

12.3.    Video access control system

The following isequipped with the video access control system:

|  |              |                                                                                                  |
|--|--------------|--------------------------------------------------------------------------------------------------|
|  | •  | Elevator hall and the first floor (eithercontrol system or access managing system is installed); |

|  |              |              |
|--|--------------|--------------|
|  | •  | Server room; |

|  |              |                  |
|--|--------------|------------------|
|  | •  | Dispatcher room; |

|  |              |             |
|--|--------------|-------------|
|  | •  | Guard room; |

|  |              |                                                                                                                                                                                                                                    |
|--|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | •  | Main premises with technological units andequipment for the Building maintenance (main distributing switchboards,transformer substation, UPS room, diesel generator, pump housesventilation chambers, central heating desk, etc.). |

One-levelVACS is designed in the Building, identification is exercised upon onefeature — electronic key-card.

Car entrances into theBuilding are equipped with lifting gates or barriers and contactlesscard readers.

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Both entrance and exit is controlled inthe elevators.

12.4.    Guard television system

Thefollowing is equipped with the guard television system:

|  |              |                            |
|--|--------------|----------------------------|
|  | •  | Perimeter of the Building; |

|  |              |                              |
|--|--------------|------------------------------|
|  | •  | Entrances into the Building; |

|  |              |                                  |
|--|--------------|----------------------------------|
|  | •  | Car entrances into the Building; |

|  |              |                 |
|--|--------------|-----------------|
|  | •  | Elevator halls; |

Guard televisionsystem ensures round the clock control over key desks and recording ofvideo information to magnetic carriers from all video cameras. Ifnecessary, any camera can be shown to the guard monitor withoutrecording breaking. Control monitors and recording units are located inthe guard room. The cameras of main entrances into the Building areshown in the guard monitors for permanent control.

13.    Communication system

The Building is provided withthe modern telecommunication facilities. The main feeder consists oftwo independent opto-fiber cables. Telecommunication services in theBuilding are provided by three operators.

13.1.    Structuredcable system

Laying out of the structured cable system(СКС = SCS) is planned for providing the wholecomplex with the general telecommunication system including telephonecommunication, data transfer system (local computer net, connection toInternet). User net is executed as SCS.

Central communicationroom is set for installation of active and passive equipment.

13.3.    Access to Internet

Structural cable system ofthe Building is used for distribution of access to Internet. Activeequipment of the commutation center is installed in the centralcommutation room.

13.4.    Telephone communicationsystem

Telephone communication system includes the followingelements:

|  |              |                   |
|--|--------------|-------------------|
|  | •  | Local telephones; |

|  |              |                  |
|--|--------------|------------------|
|  | •  | City telephones; |

|  |              |                                                          |
|--|--------------|----------------------------------------------------------|
|  | •  | Short-distance and long-distance telephonecommunication. |

14.    Air TV receiving system

MW andDMW (МВ I ДМВ) antennas areinstalled to provide receiving of air TV programs.

15.    Automatization and dispatcher system of the Building

Automatization and dispatcher system of the Building is based on theprogrammed logic controllers. Operation of the Building engineeringsystems and regulation of the technological processes is managed bymeans of controllers.

The system ensures control, regulation,management, blocking and protection from emergency regimes of thefollowing technical equipment in the Building:

|  |              |                     |
|--|--------------|---------------------|
|  | •  | Heat supply system; |

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|  |              |                    |
|--|--------------|--------------------|
|  | •  | Cold supplysystem; |

|  |              |                                                 |
|--|--------------|-------------------------------------------------|
|  | •  | Inflow-exhaust ventilation andair conditioning; |

|  |              |                           |
|--|--------------|---------------------------|
|  | •  | Power supply andlighting; |

|  |              |               |
|--|--------------|---------------|
|  | •  | Water supply. |

Automaticsystems operate independently, in case one of them breaks down.

16.    Water supply and sewerage lines

16.5.    Industrial and drinking water supply

Watersupply source is the city water pipeline. There is a separate system ofindustrial and drinking water pipeline and that of fire-fighting waterpipeline. Branch pipelines to automatic fire fighting are stipulatedfrom the water pipeline inlet to the water gage unit.

16.6.    Waste sewerage line

Standpipes and mainpipelines for waste water drainage from the planned sanitary zones forlessees are installed in the Building. Sanitary blocks and allocationof sanitary equipment therein ensures connection of sewerage line overthe floor.

The net is a self-flowing system with outlets for theconnection to the outside nets.

16.7.    Rain sewerageline

To the system of rain sewerage line belong:

|  |              |                                                                                  |
|--|--------------|----------------------------------------------------------------------------------|
|  | •  | Rain and thawed waters from the roofthrough heated drain cone-shaped pipe heads; |

|  |              |                                                                                                               |
|--|--------------|---------------------------------------------------------------------------------------------------------------|
|  | •  | Drainage waters from ventilation chambersand pump-houses with installation of drainage pumps in thepit-wells. |

16.8.    Drainage sewerage line in theparking

The system is designed for collection and drainage ofwater from the floor of the 4-level underground parking by switching onof the automatic fire fighting system.

|                                                                                |  |  |                                                                                              |
|--------------------------------------------------------------------------------|--|--|----------------------------------------------------------------------------------------------|
| Lessor:                                                                        |  |  | Lessee:                                                                                      |
|                                                                           |  |  |                                                                                         |
| [Signed]Name:Rasskazov Nikolay NikolayevitchPosition: GeneralDirectorSS[Stamp] |  |  | [Signed]Name:Gikalo Stanislav AleksandrovitchPosition: Head of RepresentativeOfficeSS[Stamp] |
|                                                                                |

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Schedule No.8

COMPOSITION OF THE WORKING PROJECT

...in accordance with the requirements of the Resolution of the major #378-PM dated April  11,  2000, Regulations on the unifiedprocedure of pre-project and project preparation of the construction inthe city of Moscow, SNIP 11-01-95, MPP-3.2.06.03-99 approved by theDecree of the major of the city of Moscow # 294-PM dated 05.04.00 (inthe 3rd edition), including:

|          |                                                              |
|----------|--------------------------------------------------------------|
| 1.  | Taskfor making project of initial materials for the project. |

|          |                           |
|----------|---------------------------|
| 2.  | General explanatory note. |

|          |                                          |
|----------|------------------------------------------|
| 3.  | Architecture and construction solutions. |

Explanatory note.

Main drawings (invariants):

|  |               |                                                              |
|--|---------------|--------------------------------------------------------------|
|  | –  | floor plans of non-repeatedfloors M 1:100 (M 1:50, M 1:200); |

|  |               |                              |
|--|---------------|------------------------------|
|  | –  | facadesand sections M 1:100; |

|  |               |                                                                         |
|--|---------------|-------------------------------------------------------------------------|
|  | –  | constructiveschemes (units-for non-traditional constructive solutions); |

|  |               |                                                                           |
|--|---------------|---------------------------------------------------------------------------|
|  | –  | main drawings of frameworks (as a part of theapproved working documents). |

4.    Working documents onengineering equipments and systems.

|            |                                        |
|------------|----------------------------------------|
| 4.1.  | Cold water supply and airconditioning; |

|            |              |
|------------|--------------|
| 4.2.  | Ventilation; |

|            |                                |
|------------|--------------------------------|
| 4.3.  | Anti-smoke inflow ventilation; |

|            |                |
|------------|----------------|
| 4.4.  | Smoke removal; |

|            |              |
|------------|--------------|
| 4.5.  | Heat supply; |

|            |          |
|------------|----------|
| 4.6.  | Heating; |

|            |                              |
|------------|------------------------------|
| 4.7.  | Water-pipeline and sewerage; |

|            |                                                               |
|------------|---------------------------------------------------------------|
| 4.8.  | Automatic sprinkler installations ofwater fire-extinguishing; |

|            |                               |
|------------|-------------------------------|
| 4.9.  | Fire-fighting water pipeline; |

|             |                           |
|-------------|---------------------------|
| 4.10.  | Electric power equipment; |

|             |                    |
|-------------|--------------------|
| 4.11.  | Electric lighting; |

|             |                                                                                  |
|-------------|----------------------------------------------------------------------------------|
| 4.12.  | Dispatching and engineering systemsmanagement (to the extent of Technical task); |

|             |                                                                                                                                     |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------|
| 4.13.  | Automatic installing of foamextinguishing (Automatic system of gas fire extinguishing in accordancewith a separate technical task); |

|             |                                                              |
|-------------|--------------------------------------------------------------|
| 4.14.  | Signaling system and system ofnotifying of people upon fire; |

|             |                                                                             |
|-------------|-----------------------------------------------------------------------------|
| 4.15.  | Automatic installing of fire alarmand automatics of fire-fighting measures; |

|             |                       |
|-------------|-----------------------|
| 4.16.  | TV monitoring system; |

|             |                                                    |
|-------------|----------------------------------------------------|
| 4.17.  | Telephone communication net andlocal computer net; |

|             |                                           |
|-------------|-------------------------------------------|
| 4.18.  | Cityradio-transmission communication net; |

|             |                  |
|-------------|------------------|
| 4.19.  | Broadcasting TV; |

|             |                         |
|-------------|-------------------------|
| 4.20.  | Lower-voltage sewerage; |

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5.    Technologicalsolutions.

|            |                   |
|------------|-------------------|
| 5.1.  | Explanatory note. |

|            |                                                                          |
|------------|--------------------------------------------------------------------------|
| 5.2.  | Floor plans with locations andspecifications of technological equipment. |

6.    Organization of the construction (Works ConductionProject).

7.    Joint estimated calculation of theconstruction cost.

Paragraphs 2-7 shall be worked out anddelivered to the Lessor to the extent as it is stipulated in Appendix13 to # 378-PM dated April  11,2000.

|                                                                        |  |  |                                                                                      |
|------------------------------------------------------------------------|--|--|--------------------------------------------------------------------------------------|
| Lessor:                                                                |  |  | Lessee:                                                                              |
|                                                                   |  |  |                                                                                 |
| [Signed]                                                               |  |  | [Signed]                                                                             |
| Name:Rasskazov Nikolay NikolayevitchPosition: GeneralDirectorSS[Stamp] |  |  | Name: Gikalo StanislavAleksandrovitchPosition: Head of RepresentativeOfficeSS[Stamp] |
|                                                                        |

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|  | [Signed][Stamp] |
|--|-----------------|

|  | [Signed][Stamp] |
|--|-----------------|

[Signed]10.11.06

[Signed]

[Signed]

[Signed]

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