Document:

EX-10.3

SHARE OPTION AGREEMENT

This Share Option Agreement (this “Agreement”) in respect of common shares and preferred shares in
Fortland Limited, a company validly registered and existing under the laws of the British Virgin
Islands is made as of December 15, 2006 by and among:

SFMT-CIS, INC. (“SFMT”), a corporation organized and validly existing under the laws of the State
of Delaware, United States, with its principal place of business at 2831 29th Street,
NW Washington, D.C. 20008 USA; and

NAVIC CONSULTING LTD (“Navic”), a company registered and validly existing under the laws of the
British Virgin Islands, with its principal place of business at Sea Meadow House, Blackburne
Highway, P.O. Box 116, Road Town, Tortola, British Virgin Islands; and

BELMARK ENTERPRISES, INC. (“Belmark”), a company registered and validly existing under the laws of
the British Virgin Islands, with its principal place of business at Sea Meadow House, Blackburne
Highway, P.O. Box 116, Road Town, Tortola, British Virgin Islands, and itself a wholly-owned
subsidiary of Navic;

hereinafter referred to individually as a Party and together as Parties.

RECITALS

WHEREAS, on or about the date hereof SFMT and Belmark have entered into a share purchase agreement
(the “Share Purchase Agreement”) for the acquisition by SFMT of 65% (as of the closing thereunder)
of all issued and outstanding shares of Fortland Limited, a company organized and existing under
the laws of the British Virgin Islands (“Fortland”), representing (as of the closing thereunder);

WHEREAS, Fortland owns 100% of the participation interest in the charter capital of LLC
Kolangon-Optim, a limited liablity company, organized and existing under the laws of the Russian
Federation (“Kolangon”);

WHEREAS, Navic currently owns 100% of the issued and outstanding share capital of Belmark and 15%
of the issued and outstanding shares of Fortland;

WHEREAS, it is one of the conditions to closing under the Share Purchase Agreement that the Parties
enter into this Agreement,

NOW, THEREFORE, the Parties hereto have agreed as follows:

1. Definitions and Interpretation

1.1 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings:

"Action” means any legal, administrative, governmental or regulatory proceeding or other action,
suit, proceeding, claim, arbitration, mediation, alternative dispute resolution procedure, inquiry
or investigation by or before any arbitrator, mediator, court or other Competent Authority.

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with such Person. For purposes of the immediately preceding
sentence, the term “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through ownership of voting securities, by contract or
otherwise. With respect to an individual, “Affiliate” shall also mean such individual’s spouse and
other immediate relatives.

"Alfa Share” shall mean the aggregate number of issued and outstanding common shares of GTI owned
by Sunbird Limited, an indirect wholly-owned subsidiary of Altimo Holdings & Investments Limited.

"Appointment Period” has the meaning set forth in Section 4.2(a).

"Appraiser” has the meaning set forth in Section 4.2(a).

"Approved Appraiser” means any of UBS, Morgan Stanley, PricewaterhouseCoopers LLP, Goldman Sachs
Group, Inc., Deloitte or their affiliates operating in the Russian Federation or in the British
Virgin Islands.

"Belmark Shares” means issued and outstanding Shares owned or held by Belmark.

"Authorization” means any consent, permission, waiver, allowance, novation, authorization,
declaration, filing, registration, notification, application, license, permit, certificate,
variance, exemption, franchise or other approval issued, granted, given, required or otherwise made
available by any Governmental Entity.

"Business Day” means a day upon which banks are open for business in each of the Russian Federation
and the United States of America.

"Call Option” has the meaning set forth in Section 2.1(a).

"Completion Period ” has the meaning set forth in Section 6.2(b).

"Determination Period” has the meaning set forth in Section 4.2(b).

"First Refusal Period ” has the meaning set forth in Section 6.2(a).

"Governmental Entity” means, in any applicable jurisdiction or international forum, any (a)
federal, state, territorial, oblast, okrug, rayon, municipal, local or foreign parliament or
government, (b) court, arbitral or other tribunal, (c) governmental authority of any nature, and
including but not limited to international organizations having jurisdiction over matters
concerning intellectual property or (d) agency, commission, authority or body exercising, or
entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or
taxing authority or power of any nature.

"GTI” means Golden Telecom Inc., a Delaware corporation.

"Indemnified Party” means either both Obligors (collectively) or SFMT, as the context requires.

"Indemnifying Party” means either both Obligors (collectively) or SFMT, as the context requires.

"Initial Period” has the meaning set forth in Section 4.1.

"Laws” means all laws, statutes, constitutions, treaties, rules, regulations, directives,
ordinances, codes, judgments, rulings, orders, writs, decrees, stipulations, normative acts,
instructions, injunctions and determinations of any Governmental Entity.

“Lien” means any charge or claim, community property interest, condition, lien (statutory or
otherwise), encumbrance, option, proxy, pledge, security interest, mortgage, right of first
refusal, right of first offer, retention of title agreement, defect of title or restriction of any
kind or nature, including any restriction on use, voting, transfer, receipt of income or exercise
of any other attribute of ownership.

"Navic Shares” means issued and outstanding Shares owned or held by Navic.

"Notice of Interest” has the meaning set forth in Section 6.2(a).

"Obligors” means collectively Navic and Belmark, and an “Obligor” means either of them.

"Option” means a Call Option or a Put Option, as the context requires.

"Option Closing Date” shall mean the date specified in the Option Notice, which shall be no later
than sixty (60) days and no earlier than forty five (45) days from the date of delivery of the
Option Notice, provided that where the appraisal procedure has been initiated as provided for in
Section 4.2, such Option Closing Date shall be the fifth (5th) Business Day after the determination
of the Option Price in accordance with Section 4.

"Option Notice” shall mean a written notice signed by a Party stating that it is exercising its
rights under the relevant Option and stating the Option Closing Date.

"Option Period” means

(i) in respect of any Option, the period commencing on September 30, 2010 or;

(ii) in respect of the Put Option only (in addition to (i) above for either Obligor),

	 	(1)	 	the 30-day period following the occurrence of a SFMT Change
of Control Event if it has occurred prior to September 30, 2010;

	 	(2)	 	in respect of an Obligor, the 30-day period after September
30, 2010 following the exercise by SFMT of the Call Option to acquire the
other Obligor’s Option Shares or the exercise by such other Obligor of its
Put Option.; or

	 	(3)	 	30 day period following the Obligors’ consent to SFMT
to sell its shares in Fortland to an entity not being Affiliate of GTI.

"Option Price” means the price for the relevant Option Shares in US Dollars that for Navic Shares
shall constitute 15% of the value of Shares and for Belmark Share shall constitute 20%of the value
of the Shares, the value of the Shares shall be determined in accordance with Section 4.

"Option Shares” means either (1) all of the Belmark Shares or, in respect of the Put Option only,
such number of the Belmark Shares as set forth in the relevant Option Notice; or (2) all of the
Navic Shares or, in respect of the Put Option only, such number of the Navic Shares as set forth in
the relevant Option Notice, as the context requires;

"Person” means any individual, firm, partnership, joint venture, trust, corporation, limited
liability entity, limited liability partnership, unincorporated organization, estate or other
entity.

“Pledge Agreement” means the Pledge and Security Agreement dated December 15, 2006 by and between
Navic, Fortland Limited, a BVI business company and GTS Finance, Inc., a Delaware corporation.

"Put Option” has the meaning set forth in Section 2.1(b).

"Related Agreements” shall mean the Share Purchase Agreement and all other agreements by and among
the Parties hereto in connection with the transactions contemplated thereby and hereby.

"SFMT Change of Control Event” means the occurrence of any of the following at any time before
September 30, 2010:

	 	(i)	 	the Alfa Share becomes greater than 39.4% (thirty nine and four tenths
percent) of the issued and outstanding common shares of GTI or less than 19.4%
(nineteen and four tenths percent) of the issued and outstanding common shares of GTI;
or

	 	(ii)	 	the Telenor Share becomes more than 30.2% (thirty and two tenths percent) of
the issued and outstanding common shares of GTI or less than 10.2% (ten and two tenths
percent) of the issued and outstanding common shares of GTI.

"Shares” means any shares of capital stock issued by Fortland.

“Taxes” means any present or future taxes, withholding obligations, duties and other charges
of whatever nature levied by any Governmental Entity.

"Telenor Share” shall mean the aggregate number of issued and outstanding common shares of GTI
owned by Nye Telenor East Invest AS, a corporation organized and existing under the laws of Norway,
with its registered office or any its Affiliates.

"Third Appraiser” has the meaning set forth in Section 4.4(b).

"Third Party Purchaser” has the meaning set forth in Section 6.2(a).

"Transfer Notice” has the meaning set forth in Section 6.2(a).

“Transfer Instrument” has the meaning set forth in the Share Purchase Agreement.

“US$” or “US Dollars” means the lawful currency of the United States of America.

1.2 Interpretation. In this Agreement, unless otherwise specified:

(a) reference to a document in the “agreed terms” is a reference to that document in
the form approved and for the purposes of identification signed by or on behalf of each
Party;

(b) “includes” and “including” shall mean including without limitation;

(c) a “Party” means a party to this Agreement and includes its assignees (if any)
and/or the successors in title to substantially the whole of its undertaking;

(d) a reference to section, paragraph or schedule means a reference to a section,
paragraph or schedule to this Agreement;

(e) “writing” includes any methods of representing words in a legible form other than
writing on an electronic or visual display screen or in other non-transitory form;

(f) words denoting the singular shall include the plural and vice versa, and words
denoting any gender shall include all genders; and

(g) the recitals, the schedules and documents in the agreed terms form part of the
operative provisions of this Agreement and references to this Agreement shall, unless
otherwise expressly stated, include references to the recitals, the schedules and documents
in the agreed terms.

2. Option to Purchase Shares

2.1 Options. Pursuant to the terms and the conditions herein,

(a) SFMT shall have the right to purchase from any Obligor the Option Shares of such
Obligor by delivering an Option Notice at any time during the Option Period, and a relevant
Obligor shall be obligated to sell all of its Option Shares to SFMT (the “Call Option”) on
conditions set forth in this Agreement.

(b) Each Obligor shall have the right to require that SFMT purchase from the
exercising Obligor all (not part) of its Shares (the “Put Option”) by delivering an Option
Notice to SFMT at any time during the Option Period and SFMT shall be obligated to
purchase all of Option Shares offered to it by any of the Obligor on conditions set forth
in this Agreement

(c) Where the Option Notice by an Obligor is delivered at any time during the period
beginning on the date of delivery of the Option Notice by SFMT on such Obligor and ending
on the relevant Option Closing Date, the Option Notice delivered by such Obligor shall be
disregarded and shall be deemed to have never been issued.

2.2 Actions Pending Closing.

Each Party shall use its reasonable endeavors to ensure that the conditions precedent in
Section 3.2 are satisfied.

2.3 Exercise.

(a) A Call Option may be exercised by SFMT only in respect of all (not part) of the
Option Shares by delivering to the other the Option Notice at any time during the relevant
Option Period.

(b) Any Put Option may be exercised only once by the relevant Obligor by delivering to
SFMT the Option Notice at any time during the relevant Option Period. Any Put Option may
be exercised in respect of any number of the Option Shares.

(c) An Option Notice, once served, may not be revoked.

3. Conditions Precedent; Closing

3.1 Closing. Subject to satisfaction of the conditions set forth in Section 3.2, SFMT
and the relevant Obligor shall consummate the sale and purchase of the Option Shares pursuant to
the Transfer Instrument, substantially in the form of Exhibit 2 to the Share Purchase Agreement on
the Option Closing Date, at the representative office of Golden TeleServices, Inc., located at 1,
Kozhevnichesky Proezd, 2nd floor, Moscow, Russia, unless otherwise agreed by SFMT and such Obligor
in writing.

3.2 Conditions Precedent. The obligations of SFMT to consummate any purchase of any
Option Shares shall be subject to the receipt, on or prior to the Option Closing Date, of all
Authorizations required to be obtained prior to the Option Closing Date by the Parties from any
Governmental Entity in connection with the transfer of the Option Shares to SFMT.

3.3 Failure to satisfy conditions precedent. In the event that the conditions
precedent in Section 3.2 are not satisfied on the Option Closing Date, SFMT and the Obligor shall
defer the closing of the relevant Option for a period not exceeding sixty (60) days.

3.4 Closing Matters.

(a) On the Option Closing Date, the relevant Obligor shall

	 	(i)	 	execute and deliver to SFMT the relevant
transfer instrument (substantially in the same form as attached to
the Share Purchase Agreement); and

	 	(ii)	 	unless otherwise is agreed by SFMT, procure
that (1) all its nominees to the board or an executive position of
Fortland or any of its direct or indirect subsidiaries shall resign
(without cost to the relevant company).

(b) SFMT shall pay the Option Price to such Obligor (subject to the terms of this
Agreement).

4. Determination of the Option Price

4.1 Initial Period. Upon delivery of any Option Notice, SFMT and the relevant Obligor
shall use their best reasonable efforts to mutually determine the value of the Shares and determine
the Option Price within thirty (30) days (such 30-day period referred to as the “Initial Period”)
after the delivery of the relevant Option Notice. In the event that such Share value is agreed
between the relevant Obligor and SFMT, it shall be binding upon the other Obligor if it exercises
its Put Option during the period prior to the Option Closing Date with respect to this first
Option.

4.2 Appraisal Procedure. In the event that the relevant Obligor and SFMT cannot agree
upon the Option Price within the timeframe of the Initial Period, then:

	 	(a)	 	Each of SFMT and the relevant Obligor at its own expense shall select and
appoint one appraiser (the “Appraiser”) from among the Approved Appraisers within
fourteen (14) days (the “Appointment Period”) after the expiration of the Initial
Period.

	 	(b)	 	Within ninety (90) days (the “Determination Period”) after the expiration of
the Appointment Period, each Appraiser appointed by each respective Party shall
independently determine the Option Price (the fair value of the Option Shares), each
having done so without consultation with the other Appraiser or having any knowledge
of the determination of the other Appraiser.

	 	(c)	 	The Option Price shall be determined as of the date of delivery of the
relevant Option Notice.

	 	(d)	 	SFMT and the relevant Obligor shall resolve a difference in valuation between
the Appraisers in accordance with the procedures of Section 4.4 below.

4.3 Failure to Appoint Appraiser. If either SFMT or the relevant Obligor fails to
appoint an Appraiser within the Appointment Period as prescribed above in Section 4.2, or an
Appraiser selected by either SFMT or the relevant Obligor fails to complete a valuation or make a
determination of the fair value within the Determination Period, then the valuation of the fair
value made by the other Appraiser that has been appointed by the other Party shall be binding,
final and enforceable on all of the Parties.

4.4 Difference in Valuation. If the determination of the fair value by the Appraisers
under Section 4.2 differs and the higher value differs from the lower value by

(a) not more than fifteen percent (15%) from the lower valuation, then the Option
Price shall be an amount equal to the average of both valuations and such amount shall be
binding, final and enforceable on the Parties; or

(b) more than fifteen percent (15%) from the lower valuation, then within fourteen
(14) days after the expiry of the Determination Period, the Appraisers selected by the
Parties shall select and appoint a third Appraiser (the “Third Appraiser”) from the
Approved Appraisers. If the Appraisers fail to select a Third Appraiser within fourteen
(14) days after the expiration of the Determination Period, such Third Appraiser shall be
selected by SFMT at its own expense from among the Approved Appraisers.

4.5 Third Appraiser. The Third Appraiser shall determine the Option Price (fair
value) of the Option Shares as quickly as practical, but in any event, not later than ninety (90)
days from the date of the appointment of the Third Appraiser. The appraisal of fair value by the
Third Appraiser shall not be lower than the lowest valuation made by an Appraiser under Section
4.2, nor higher than the highest valuation made by an Appraiser under Section 4.2. Where such
valuation by the Third Appraiser falls beyond the range of the lowest valuation or the highest
valuation made during the Determination Period, then the Option Price shall be equal to that value
(either the highest or the lowest), which is closest to the Third Appraiser’s valuation. Such
value shall be the Option Price, which shall be binding and final on all of the Parties.

4.6 Access to Records. Each Appraiser, during the Determination Period, shall have
access to all financial information, as well as all books and records and such other information of
Fortland, Kolangon and its subsidiaries as may be required in order to conduct and complete a
valuation. The Third Appraiser shall also have full access to all financial information and all
books and records and such other information as may be required in order to conduct and complete a
valuation of Fortland, Kolangon and its subsidiaries (including access to the results and all other
materials received by the Parties from the Appraisers appointed under Section 4.2).

5. Representations and Warranties

5.1 Each Party represents and warrants to the other Party as follows:

(a) Organization and Authority. It is a corporation duly organized and
validly existing under the Laws of its jurisdiction of incorporation, with full corporate
power and authority to execute and deliver this Agreement and any documents or instruments
required in connection with this Agreement, to perform its obligations under this Agreement
and to consummate the transactions contemplated by this Agreement.

(b) Due Authorization; Binding Obligation.

	 	(i)	 	The execution, delivery and performance by
it of this Agreement and the consummation of the transactions
contemplated by this Agreement have been duly authorized by all
necessary corporate action on its part.

	 	(ii)	 	This Agreement has been duly and validly
executed and delivered by it.

	 	(iii)	 	This Agreement constitutes its valid and
binding obligations, enforceable against it in accordance with its
terms, subject to the qualification, however, that the enforcement of
the rights and remedies created by this Agreement are subject to
bankruptcy and other similar laws of general application relating to
or affecting the rights and remedies of creditors and that the
availability of the remedy of specific enforcement or of injunctive
relief is subject to the discretion of the court before which any
such proceedings may be brought.

(c) Non-Contravention. The execution, delivery and performance of this
Agreement by it and the consummation of the transactions contemplated by this Agreement do
not and will not, with or without the giving of notice or the lapse of time, or both,
violate, conflict with, result in the breach of or constitute a default under, or give rise
to any right of termination, cancellation or acceleration of any Authorization or
obligation of each to any Person or result in the creation of any Lien upon any property or
assets of each under any of the terms, conditions or provisions of:

	 	(i)	 	the articles of association, certificates
of incorporation or other constitutional documents of each; or

	 	(ii)	 	any covenant or agreement to which it is a
party or by which the property or assets of each are bound; or

	 	(iii)	 	any Laws to which it is subject.

(d) No Legal Proceedings. No injunction is in effect prohibiting or
restraining the transactions contemplated by this Agreement and no Action has been
commenced or threatened by any Governmental Entity to restrain or challenge the
transactions contemplated by this Agreement or seeking to obtain material damages from each
or any of their Affiliates if such transactions are consummated.

5.2 Obligors’ Warranties. The Obligors represent and warrant to SFMT that

(a) each Obligor is the sole registered, legal and beneficial owner of the relevant
Option Shares, and such shares have been validly issued and are fully paid and
non-assessable shares;

(b) each Obligor has good and marketable title, free and clear of any Liens to the
relevant Option Shares except for Navic Shares pledged under the Pledge Agreement.

5.3 Warranties Repeated. The representations and warranties under Section 5.1 and 5.2
are made as of the date hereof and shall be repeated on (a) the date of any Option Notice and (b)
immediately prior to closing on the relevant Option Closing Date.

6. Restrictions on Transfer

6.1 Transfers.

(a) No transfer of the Shares by the Obligors or SFMT to any third Person shall be
permitted without the prior written consent of SFMT or the Obligors, as the case may,
except in accordance with Section 6.2

(b) Any purported transfer of the Shares by the Obligors in violation of the
provisions of this Agreement shall be void and of no force or effect whatsoever.

6.2 Right of First Refusal.

(a) Right of First Refusal. Neither SFMT nor any Obligor may make any transfer of its
Shares in whole or in part to any Person (other than transfer of Shares from Belmark to
Navic, from Navic to Belmark and from SFMT to any of its Affiliates), unless, before it
does so, it shall first give SFMT or the Obligors a notice (a “Transfer Notice”) of the
proposed transfer together with details of the proposed bona fide third party purchaser
(the “Third Party Purchaser”), the purchase price and other material terms which that party
and the Third Party Purchaser have agreed. A Transfer Notice is irrevocable. On receipt
of a Transfer Notice SFMT or the Obligors shall have the right to buy all (but not part
only) of the other’s Shares subject to the proposed transfer at the price and on other
terms and conditions specified in the Transfer Notice by giving notice (the “Notice of
Interest”) to the transferring Obligor or SFMT within thirty (30) days of receiving the
Transfer Notice (the “First Refusal Period”). For the avoidance of doubt, failure by SFMT
or the Obligors to give a Notice of Interest within the First Refusal Period shall be
considered as a waiver of its right to first refusal as afforded to it in this Section 6.2.

(b) Obligation to Complete. Following service of a Notice of Interest, completion of
the sale and purchase of the relevant Shares shall take place within ninety (90) days of
the giving of the Transfer Notice (the “Completion Period”).

(c) Right to Sell. If SFMT or the Obligors do not exercise its rights to purchase the
transferring Obligor’s or SFMT’s Shares under Section 6.2(a), the transferring holder of
Shares Obligor may transfer such Shares in a bona fide sale to the Third Party Purchaser on
the terms specified in the Transfer Notice, provided that the Transfer is completed within
the Completion Period, whereupon any transfer shall be subject to the compliance with the
terms of Section 6.2(a).

7. Confidentiality

7.1 Confidential Information. Each Party hereto agrees that the terms and conditions
of the transaction contemplated by this Agreement and any other Related Agreement herein shall be
deemed to be confidential and may not be disclosed by either Party without the prior written
consent of the other Parties hereto, except as may be required by applicable Law or the rules of a
stock exchange applicable to a Party or pursuant to rules and regulations of any regulatory agency
having oversight over a Party or where necessary to a Party to exercise its rights hereunder.

7.2 Public Disclosure. Each Party to this Agreement hereby agrees that no Party
shall make any public announcement regarding the transactions contemplated by this Agreement or any
other Related Agreement, except where such Party is required to make such announcement or
disclosure by operation of law or rules of any stock exchange applicable to such Party, or pursuant
to the rules or regulations of a regulatory agency having oversight over such Party.

8. Miscellaneous

8.1 Severability. It is expressly understood and agreed that any condition or
provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the enforceability of the remaining terms and provisions of this Agreement, nor
shall it affect the validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction. The Parties shall negotiate in good faith to modify such
severed term, clause or provision or Article of this Agreement so as to give effect to the original
intent of the Parties with a view to completing the transaction contemplated in this Agreement.

8.2 Indemnity. The Indemnifying Party will indemnify, defend, save and hold the
Indemnified party and any of its Affiliates and any of its or their respective directors, officers,
employees or agents harmless from and against any and all damage, liability, loss, penalty,
expense, assessment, judgment or deficiency of any nature whatsoever (including reasonable
attorneys’ fees and expenses, consultants’ and investigators’ fees and expenses and other costs and
expenses incident to any suit, action or proceeding) that may be suffered or incurred by any of
them arising directly or indirectly out of, or in connection with (a) any breach of any
representation and warranty given or made by the Indemnifying Party herein or in any other document
related hereto, or (b) the noncompliance with or nonperformance of any agreement, obligation or
covenant of the Indemnifying Party under this Agreement or in any other document related hereto.

8.3 Entire Agreement. This Agreement and the Related Agreements and documents
referred to herein and therein constitute the entire agreement and understanding of the Parties
relating to the subject matter of this Agreement and supersede all prior agreements and
understandings, whether oral or written, relating to the subject matter of this Agreement.

8.4 Assignment. This Agreement may not be assigned by any Party, in whole or in
part, without the prior written consent of other Party, which consent may not be unreasonably
withheld.

8.5 Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which together shall constitute one and
the same instrument.

8.6 Waiver; Requirement of Writing. This Agreement cannot be changed or any
performance, term or condition waived in whole or in part except by a document in writing signed by
the Party against whom enforcement of the change or waiver is sought. Any term or condition of
this Agreement may be waived at any time by a Party hereto entitled to the benefit of this
Agreement. No delay or failure on the part of any Party in exercising any rights under this
Agreement, and no partial or single exercise of such rights, will constitute a waiver of such
rights or of any other rights under this Agreement.

8.7 Notices. Any notice, request, consent, waiver or other communication required or
permitted hereunder shall be effective only if it is in writing and personally delivered or sent by
facsimile or sent, postage prepaid, by registered or certified mail, return receipt requested, or
by recognized overnight courier service, postage or other charges prepaid, and shall be deemed
given when so delivered by hand or facsimiled, or when received if sent by mail or by courier, as
follows:

	 	 	 
	If to SFMT:

	 	

	SFMT-CIS, Inc.

	 	

	 
	 	 
	2831 29th Street NW

	 
	 	 
	Washington, D.C. 20008

USA

Attn:

	 	

Julia Marx

Fax: +1 (202) 332-4877

Telephone: +1 (202) 332-5997

with a copy to:

	 	 	 
	Moscow Representative Office of Golden TeleServices, Inc.

	 
	 	 
	1, Kozhevnichesky Proezd, 2nd floor

Moscow, 115114, Russia

Attn:

	 	

General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

If to Navic:

British Virgin Islands , P.O. Box 116, Sea Meadow House, Blackburne Highway, Road Town,
Tortola, British Virgin Islands

Attention: E. Roytman

Fax: + 7 (495) 969 23 88

If to Belmark:

British Virgin Islands , P.O. Box 116, Sea Meadow House, Blackburne Highway, Road Town,
Tortola, British Virgin Islands

Attention: E. Roytman

Fax: + 7 (495) 969 23 88

or such other person or address as the addressee may have specified in a notice duly given to the
sender as provided herein.

8.8 Governing Law.

(a) This Agreement (and any dispute, controversy, proceedings or claim of whatever
nature arising out of, or in any way relating to, this agreement or its formation) shall be
governed by and construed in accordance with the laws of the State of New York, United
States of America (without regard to the principles of conflict of law).

(b) Appointment of Agents of Service of Process; Consent to Jurisdiction.
Each Party irrevocably appoints CT Corporation System, located on the date hereof at 111
Eighth Avenue, 13th Floor, New York, New York 10011, USA, as its true and lawful
agent and attorney to accept and acknowledge service of any and all process against it in
any judicial action, suit or proceeding under this Agreement, with the same effect as if
such Party were a resident of the State of New York and had been lawfully served with such
process in such jurisdiction, and waives all claims of error by reason of such service,
provided that the Party effecting such service shall also deliver a copy thereof on the
date of such service to the other Parties by facsimile as specified in Section 8.7. Each
Party will enter into such agreements with such agent as may be necessary to constitute and
continue the appointment of such agent hereunder. In the event that any such agent and
attorney resigns or otherwise becomes incapable of acting, the affected Party will appoint
a successor agent and attorney in New York reasonably satisfactory to each other party,
with like powers. Each Party hereby irrevocably submits to the non-exclusive jurisdiction
of the United States District Court for the Southern District of New York and of any New
York state court sitting in New York City, in connection with any such action, suit or
proceeding, and agrees that any such action, suit or proceeding may be brought in such
court, provided, however, that such consent to jurisdiction is solely for the purpose
referred to in this Section 8.8 and shall not be deemed to be a general submission to the
jurisdiction of said courts of or in the State of New York other than for such purpose.
Each Party hereby irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such action, suit or
proceeding brought in such a court and any claim that any such action, suit or proceeding
brought in such a court has been brought in an inconvenient forum. Nothing herein shall
affect the right of any Party to serve process in any other manner permitted by law or to
commence legal proceedings or otherwise proceed against any other Party in any other
jurisdiction in a manner not inconsistent with Section 8.8.

(c) WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM ARISING IN
CONNECTION WITH THIS AGREEMENT, THE BREACH THEREOF AND/OR THE SCOPE OF THE PROVISIONS OF
THIS SECTION 8.8, WHETHER SOUNDING IN CONTRACT OR TORT, AND INCLUDING ANY CLAIM FOR
FRAUDULENT INDUCEMENT THEREOF.

8.9 No Third-Party Beneficiaries. Nothing in this Agreement will be construed as
giving any Person or other entity, other than the Parties hereto, their successors and permitted
assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof.

8.10 Shareholders’ Matters

During the period from execution of this Agreement until the Option Closing Date SFMT and the
Obligors as shareholders of Fortland have agreed to amend the Articles of Association of Fortland
to set forth the following provisions:

(a)  Fortland shall not take any of the following actions without prior
written consent of Navic and Belmark:

	 	(i)	 	 revision, amendment or change of
the foundation documents of Fortland;

	 	(ii)	 	 sale, encumbrance or other
alienation by Fortland of its shares in Kolangon (present or future).

(b) Belmark and Navic shall have the right to appoint one (1) observer to Fortland
board of directors, who shall be provided, concurrently with the members of Fortland board,
and in the same manner, notice of the board meetings and copies of all materials provided
to Fortland board members.

[signature page follows]

1

IN WITNESS WHEREOF, this Agreement has been validly executed and
delivered by the duly authorized representatives of the Parties on the date stated on the front
page of this Agreement.

SFMT-CIS Inc.

     By: Jean-Pierre Vandromme Title CEO

NAVIC CONSULTING LTD

     

By: E.Roytman

Under Power of Attorney dated April 24,
2006

BELMARK ENTERPRISES INC.

     

	 	 	 	By:
E.Roytman

	 	 	 	Under Power of Attorney dated July 18,
2006

2EX-10.4

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”) is made December 15, 2006 (the “Execution Date”)
between GTS Finance Inc., a corporation validly existing under the laws of the State of Delaware,
whose principal place of business is at 2831 29th Street NW, Washington, D.C. 20008 USA
(hereinafter referred to as the “Lender”) and Navic Consulting, LTD, a company validly registered
and existing under the laws of the British Virgin islands, whose principal place of business is at
Sea Meadow House, Blackburne Highway, P.O. Box 116, Road Town, Tortola, British Virgin Islands
(hereinafter referred to as “Navic” or the “Borrower”).

RECITALS

WHEREAS, on or about the date hereof SFMT-CIS, Inc., a Delaware corporation, (an affiliate of
the Lender) (the “Buyer”) and Belmark Enterprises Inc., a company organized and existing under the
laws of the British Virgin Islands (a wholly-owned subsidiary of Navic) (“Belmark”) have entered
into a share purchase agreement (the “Share Purchase Agreement”) for the acquisition by the Buyer
of 65% (as of the closing thereunder) of all issued and outstanding share capital of Fortland
Limited, a company organized and existing under the laws of the British Virgin Islands
(“Fortland”);

WHEREAS, the Lender is a subsidiary of Golden Telecom, Inc., a Delaware corporation (“GTI”),

WHEREAS, Navic currently owns 100% of the issued and outstanding share capital of Belmark and
15% of the issued and outstanding share capital of Fortland (the “Navic Shares”);

WHEREAS, it is one of the conditions to closing under the Share Purchase Agreement that the
parties hereto enter into this Agreement;

	 	 	ACCORDINGLY, IT IS HEREBY AGREED AS FOLLOWS:

1. The Loan Amount. The Lender hereby agrees to lend to the Borrower an amount not to exceed
US$12,119,000 (twelve million one hundred and nineteen thousand US dollars) (the “Loan Amount”),
upon the terms and conditions set forth in this Agreement (the “Loan”).

2. Maturity Date. The “Maturity Date” shall be the date of payment by the Buyer of the Option
Price for the Option Shares (as these terms are defined in the Share Option Agreement (as defined
in Section 7(b) below) on the terms set forth in the Share Option Agreement, or on April 30, 2011,
whichever occurs later.

3. Loan. On the date where all conditions precedent set forth in Section 8 of this Agreement
have been fulfilled to the satisfaction of the Lender but not later than the date of Closing under
the Share Purchase Agreement (and where such conditions are no fulfilled at Closing, the commitment
of the Lender to make the Loan available to the Borrower shall terminate), the Lender shall make a
loan to the Borrower in the full amount of the Loan Amount (the “Loan Disbursement”). The Lender
shall transmit the Loan Amount directly to the Borrower with the Loan Amount to be transmitted by
bank transfer to the following account in favor of Navic Consulting Ltd:

	 	 	 	Bank: BANK OF CYPRUS PLC, IBU NICOSIA

	 	 	 
	28 Michalakopoulou street, CY - 1075 Ayii Omolyitae, Nicosia, Cyprus

	 
	 	 
	SWIFT.:

Acct. Name:

Acct. No.:

	 	BCYPCY2N

Navic Consulting Ltd.

0155 — 40 — 572574 — 06

4. Payment. The Loan Amount, together with all accrued and unpaid interest thereon shall be
due and payable by the Borrower on the Maturity Date, in readily available funds denominated in US
Dollars, transmitted by bank transfer to the following account of Lender (or such other account as
Lender may notify Borrower of in writing):

GTS Finance, Inc.

Citibank N.A.

Citibank River North

400 N. Clark St.,

Chicago, IL 60610

ABA # 271-070-801

SWIFT: CITIUS33

5. Interest

5.1 The Borrower shall pay interest to the Lender in respect of the Loan Amount for the period
during which the Loan Amount remains outstanding at the rate equal to 8% (eight percent) annually.
Interest on the Loan Amount shall be payable on the Maturity Date. Interest shall be calculated
based on the number of days of the period during which all or a portion of the Loan Amount remains
outstanding, including the day upon which the Loan Amount is received by the Borrower but excluding
the day on which the Loan Amount (or a portion thereof) is repaid and assuming a 360-day calendar
year.

5.2 Any portion of the Loan Amount which is not paid by the Borrower when due and payable
shall bear interest at an additional rate of 3% (three percent) annually, calculated on the basis
of the actual number of days elapsed over the course of a 360-day year.

6. Prepayment. Borrower may prepay the unpaid outstanding balance of the Loan Amount at any
time in part or in full without premium or penalty, with interest and Lender’s costs accruing to
the date of prepayment. In the event that Borrower elects to prepay part or all of such unpaid
balance, Borrower shall give written notice of its intent to make such prepayment which sets forth
the amount it intends to prepay (the “Prepayment Notice”) not less than 10 (ten) days prior to the
intended prepayment date.

7. Related Agreements. 

The Borrower hereby agrees to duly and validly execute and deliver to the Lender prior to the
date of the Loan Disbursement:

(a) a pledge agreement (“Pledge Agreement”), in form and substance similar to Exhibit
A, attached hereto, granting a security interest to the Lender in the collateral set forth
therein;

(b) a share option agreement (the “Share Option Agreement”) in form attached to the
Share Purchase Agreement;

collectively with the Share Purchase Agreement, the “Related Agreements”.

8. Conditions Precedent to the Loan Disbursement. The obligation of the Lender to disburse
the Loan Amount shall be subject to the satisfaction of the following conditions:

8.1 Delivery of Documents. The Lender shall have received the following documents
(each in form and substance satisfactory to the Lender):

(a) This Agreement. This Agreement fully executed by the parties hereto, which shall
be in full force and effect (with, if necessary, evidence that this Agreement has been
registered with the appropriate authorities in the British Virgin Islands).

(b) Existence. Evidence that the Borrower is duly organized and validly existing
under the laws of the British Virgin Islands, with full power, authority and legal right to
own its property and carry on its business as now conducted, including, without limitation,
a copy of any applicable enabling legislation.

(c) Authority. Evidence of (i) the authority of the Borrower to execute, deliver,
perform and observe the terms and conditions of this Agreement and the Related Agreements
(ii) authority (including specimen signatures) for each person who, on behalf of the
Borrower, signed this Agreement, the Related Agreements, or will otherwise act as the
Borrower’s representative in the operation of this Agreement.

(d) Government Authorizations. Copies, certified as true copies by a duly authorized
officer of the Borrower, of each consent, license, authorization or approval of, and
exemption by, any Governmental Authority, which are necessary for the execution, delivery,
performance and observance by the Borrower of its obligations under this Agreement and the
Related Agreements.

(e) Related Agreements. The counterparts of the Related Agreement duly executed by
the Borrower and the other parties thereto (other than the Lender) and become fully
effective pursuant to their respective terms.

8.2 No Event of Default. No Event of Default and no event which but for the giving of
notice or the lapse of time or both would constitute an Event of Default exist at the time all the
foregoing conditions have been satisfied or waived.

8.3 Related Agreements. The Related Agreements are in full force and effect and no
default has occurred thereunder. The Share Purchase Agreement has been duly executed by the
parties thereto and is in full force and effect and the Closing thereunder has occurred.

8.4 Security. The security established under the Pledge Agreement shall have been
fully perfected to the satisfaction of the Lender.

9. Representations and Warranties of Borrower. The Borrower hereby represents and warrants as
follows:

9.1 Corporate Power; Authorization; Enforceable Obligations.

(a) The Borrower is duly organized and validly existing under the laws of the
jurisdiction of its organization, and has the corporate power and authority, and the legal
right, to make, deliver and perform this Loan Agreement, the Related Agreements and each
other document or instrument to which it is a party and to borrow hereunder and has taken
all necessary corporate action to authorize the borrowings on the terms and conditions of
this Agreement, the Related Agreements and each other document or instrument to which it is
a party and to authorize the execution, delivery and performance of this Agreement and each
other document or instrument to which it is a party.

(b) No consent or authorization of, approval by, notice to, filing with or other act
by or in respect of, any governmental authority (“Governmental Authority”) which is defined
as any nation, regional authority or government, any state or other political subdivision
thereof and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, or any other person is required in
connection with the borrowings hereunder or with the execution, delivery, performance,
validity or enforceability of this Agreement or any other document or instrument.

(c) This Agreement and the Related Agreements (to which the Borrower is a party), have
been duly executed and delivered on behalf of the Borrower.

(d) This Agreement constitutes a legal, valid and binding obligation of the Borrower
enforceable against the Borrower in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws
affecting the enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law).

9.2 No Material Adverse Change. Since September 15, 2006, there has been no
development or event, which has had or could have a material adverse effect (“Material Adverse
Effect”), which is defined as a material adverse effect on (a) the business, operations, property,
condition (financial or otherwise) or prospects of the Borrower, taken as a whole, or (b) the
validity or enforceability of (i) this Agreement, the Related Agreements or (ii) the rights or
remedies of the Lender hereunder.

9.3 Compliance with Law. The Borrower has the power and authority, and the legal
right, to own and operate its property, to lease the property it operates as lessee and to conduct
the business in which it is currently engaged, (c) is duly qualified as a foreign corporation under
the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of
its business requires such qualification and (d) is in compliance with all requirements of
applicable law (“Law”) which is defined as any treaty, international agreement, law, statute,
decree, directive, regulation, ordinance, administrative or judicial order or injunction or other
normative act promulgated or enforced by any Governmental Authority, except to the extent that the
failure to comply therewith could not, in the aggregate, have a Material Adverse Effect. Neither
the Borrower, nor any director, officer, agent, employee or other person acting on behalf of the
Borrower has violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act
of 1977, as amended, or made any bribe, rebate, payoff, influence payment, kickback or unlawful
payment to any foreign or domestic government or political party official, employee, appointee or
candidate.

9.4 No Material Litigation. The Borrower is not engaged in any litigation,
investigation or proceeding of or before any arbitrator or Governmental Authority and no such
litigation is pending or, to the knowledge of the Borrower, threatened by or against the Borrower
of its or their respective properties or revenues (a) with respect to this Agreement or any of the
transactions contemplated hereby, or (b) which could have a Material Adverse Effect.

9.5 No Default. The Borrower is not in default under or with respect to any of its
contractual obligations or indebtedness, or in any respect which could otherwise have a Material
Adverse Effect. No Event of Default (as defined in Section 12 hereof) has occurred and is
continuing.

9.6 Title to Assets. Borrower owns or has a legally valid right to use all material
assets necessary for the conduct of their respective businesses in the ordinary course as currently
conducted.

9.7 Intellectual Property. The Borrower does not own, or are licensed to use, all
patents, trademarks, tradenames, copyrights, technology, know-how and processes necessary for the
conduct of its business as currently conducted.

9.8 Taxes. Borrower has paid all taxes required to be paid by it through the date
hereof as required by law, and all obligations, fees and other governmental charges upon the
Borrower, or its properties, or its income or assets, which are due and payable or to be withheld,
have been paid or withheld.

9.9 Survival of Borrower’s Representations and Warranties. All of Borrower’s
representations, warranties covenants and agreements contained in this Agreement shall survive
until the obligations of Borrower hereunder are fully discharged.

10. Representations and Warranties of Lender. The Lender hereby represents and warrants as
follows:

10.1 Corporate Existence. The Lender (a) is duly organized and validly existing under
the laws of the jurisdiction of its organization, and (b) has the power and authority, and the
legal right, to own and operate its property, to lease the property it operates as lessee and to
conduct the business in which it is currently engaged.

10.2 Corporate Power; Authorization; Enforceable Obligations.

(a) The Lender has the corporate power and authority, and the legal right, to make,
deliver and perform this Agreement and to lend the Loan Amount hereunder and has taken all
necessary corporate action to authorize the loan on the terms and conditions of this
Agreement.

(b) This Agreement has been duly executed and delivered on behalf of the Lender.

11. Certain Covenants of the Borrower.

11.1 Affirmative Covenants  The Borrower hereby covenants and agrees that the
Borrower shall:

(a) maintain its corporate existence, comply with its foundation documents and conduct
its business with due diligence and efficiency and in accordance with all Laws and
regulations;

(b) conduct its business in all material respects with all applicable requirements of
Law;

(c) obtain, comply with the terms and do all that is legally necessary to maintain in
full force and effect all authorizations, approvals, licenses and consents required to be
obtained by the Borrower;

(d) comply with this Agreement; and

(e) promptly inform the Lender of any Event of Default, or possible Event of Default,
as Borrower becomes aware of such occurrence, as well as take all necessary steps to remedy
such occurrence.

11.2 Certain Negative Covenants. Unless Lender shall agree in writing, the Borrower
shall not:

(a) incur, assume or permit any additional debt other than the Loan Amount
contemplated by this Agreement, except as may be incurred in the ordinary course of
business with a maximum maturity of thirty (30) days;

(b) create or permit to exist any charge or claim, community property interest,
condition, lien (statutory or otherwise), encumbrance, option, proxy, pledge, security
interest, mortgage, right of first refusal, right of first offer, retention of title
agreement, or restriction of any kind or nature, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of ownership (“Liens”) on
any property, revenues or other assets of the Borrower (including the Navic Shares), except
for such Liens as already exist as of the date of this Agreement and disclosed in writing
to the Lender or as contemplated by or permitted under the Related Agreements (the
“Permitted Liens”);

(c) transfer any Navic Shares except as contemplated or permitted by the Related
Agreements; permit any transfer of any of Belmark’s shares in Fortland or granting a Lien
in respect of such shares (except as contemplated or permitted by the Related Agreements);

(d) make any substantial change in the scope or nature of its business or operations;

(e) merge or consolidate with any other entity; dissolve or terminate its legal
existence; sell, lease, transfer or otherwise dispose of any substantial part of its
properties (excluding the sell or transfer shares in Navic shares in Fortland as
contemplated by Relevant Agreements) or any of its properties essential to the conduct of
its business or operations, as now or hereafter conducted, or enter into any agreement to
do any of the foregoing, except as specifically approved by the Lender in writing; and

(f) make or permit to exist loans or advances to or deposits (except for commercial
bank deposits in the ordinary course of business) with other persons, or investments in any
person or enterprise (other than Fortland), other than for the purchase of short-term
marketable securities.

12. Events of Default. If any of the following events shall occur and be continuing, it shall
constitute an event of default (“Event of Default”):

12.1 The Borrower fails to pay:

(a) any of the Loan Amount when due in accordance with the terms of this Agreement; or
interest thereon or any other amount payable hereunder, within five (5) days after the
Maturity Date, or the date set forth in a Prepayment Notice (if and when submitted by the
Borrower in accordance with this Agreement); or

(b) any amount payable under any agreement or instrument (other than this Agreement)
providing for the payment by the Borrower of borrowed money, in an amount equal to or
greater than US$100,000 in the aggregate on respective due date, or any such amount has,
prior to the stated maturity thereof, become due, or any event specified in such agreement
or instrument has occured, the effect of which is to cause such amount to become due, or to
be repaid in full, prior to maturity; or

12.2 Any representation or warranty made by the Borrower herein or any other document or
instrument which is contained in any certificate, document or financial or other statement
furnished at any time under this Agreement shall prove to have been incorrect, untrue or misleading
on or as of the date made; or

12.3 Any failure by the Borrower to perform or comply with any of the covenants or provisions
set forth in this Agreement, which failure shall continue unremedied for a period of thirty (30)
days after receipt of written notice of such default; or

12.4 (a) The Borrower shall commence any case, proceeding or other action (i) under any
existing or future Law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other
relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its
assets, or the Borrower shall make a general assignment for the benefit of its creditors; or (b)
there shall be commenced against the Borrower any case, proceeding or other action of a nature
referred to in clause (a) above which (i) results in the entry of an order for relief or any such
adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of
thirty (30) days; or (c) there shall be commenced against the Borrower any case, proceeding or
other action seeking issuance of a warrant of attachment, execution, distraint or similar process
against all or any substantial part of its assets which results in the entry of any order for any
such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal
within thirty (30) days from the entry thereof; or (d) the Borrower shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in clause (a), (b), (c) or (d) above; or (e) the Borrower shall generally not, or shall be
unable to, or shall admit in writing its inability to, pay its debts as they become due; or

12.5 One or more judgments or decrees shall be filed for or entered against the Borrower (by
any claimant whatsoever, including a vendor) involving in the aggregate a liability (not paid or
fully covered by insurance) of US $100,000 or more and all such judgments or decrees shall not have
been vacated, discharged, stayed or bonded pending appeal within thirty (30) days from the entry
thereof; or

12.6 The Borrower or any of its subsidiaries ceases to carry on its business that it carries
on as of the date hereof; or

12.7 The Borrower ceases for any reason to own shares in Fortland free and clear of any Liens
other than Permitted Liens; or

12.8 Any material license of the Borrower required for it to carry on its business, is
suspended, revoked or found to be invalid, and such suspension, revocation or invalidation, in the
reasonable opinion of the Lender, has a Material Adverse Effect on the financial condition of the
Borrower.

13. Acceleration.

(a) Upon the occurrence of an Event of Default, the Lender shall have the right in its sole
discretion to terminate this Agreement and to declare the Loan Amount, and all interest accrued and
unpaid thereon and all of other Lender’s reasonable costs with respect to the enforcement of this
Acceleration hereof through such date, immediately due and payable.

(b) Upon the occurrence of a such Acceleration, Lender shall notify Borrower of the same in
writing, setting out the nature of the Event of Default and the occurrence of Acceleration,
whereupon the entire unpaid Loan Amount, together with any accrued and unpaid interest thereon and
all such other costs of the Lender with respect to the enforcement of this Acceleration shall be
due and payable in full within ten (10) business days of issuance of the notice by the Lender.

14. Assignment. Neither party may assign its rights and obligations under this Agreement
without the written consent of other party.

15. Indemnification. The Borrower shall indemnify and hold harmless the Lender with respect
to any cost, loss or liability reasonably incurred by the Lender as a result of or in connection
with any Event of Default, breach of any representation or warranty or covenant as defined herein,
and against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs or expenses relating to the enforcement of Lender’s rights and remedies with respect to this
Agreement, including but not limited to reasonable attorneys’ fees and settlement costs whether or
not the transaction contemplated herein is consummated.

16. Notices. Any notice delivered hereunder shall be in writing and shall be personally
delivered or transmitted by courier or fax or by postage prepaid certified mail, return receipt
requested, addressed to the party receiving such notice at the coordinates set forth below or such
other address as a party may by notice specify in writing to the other party.

	 	 	 	To Lender: GTS Finance Inc.

	 	 	 
	2831 29th Street NW

	 
	 	 
	Washington D.C., 20008

USA

Fax:

Tel:

Attn:

	 	

+1(202) 332 4877

+1(202) 332 5997

Boris Svetlichny

	 	 	 
	with a copy (which itself shall not constitute notice) to:

	 
	 	 
	Moscow Representative Office of Golden TeleServices, Inc.

	 
	 	 
	1, Kozhevnichesky Proezd, 2nd floor

Moscow, 115114, Russia

Attn:General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

	 	

	 
	 	 
	To Borrower:

	 	Navic Consulting LTD

British Virgin Islands , P.O. Box 116, Sea Meadow House, Blackburne Highway, Road
Town, Tortola, British Virgin Islands

	 	 	 
	 
	 	 
	
 
	 	Fax:+ 7 (495) 969 23 88

Attn: E. Roytman

	 	 	 	with a copy (which itself shall not constitute notice) to

	 	 	 
	Fax:

Attn:

	 	+7 (495) 755-6048

A.Menshikova

17. Governing Law and Dispute Resolution.

(a) This Agreement shall be governed by and construed in accordance with the laws of
the State of New York without regard to the Laws of such State as to choice or conflict of
Laws. 

(b) Appointment of Agents of Service of Process; Consent to Jurisdiction.
Each Party irrevocably appoints CT Corporation System, located on the date hereof at 111
Eighth Avenue, 13th Floor, New York, New York 10011, USA, as its true and lawful
agent and attorney to accept and acknowledge service of any and all process against it in
any judicial action, suit or proceeding under this Agreement, with the same effect as if
such Party were a resident of the State of New York and had been lawfully served with such
process in such jurisdiction, and waives all claims of error by reason of such service,
provided that the Party effecting such service shall also deliver a copy thereof on the
date of such service to the other Parties by facsimile as specified in Section 16. Each
Party will enter into such agreements with such agent as may be necessary to constitute and
continue the appointment of such agent hereunder. In the event that any such agent and
attorney resigns or otherwise becomes incapable of acting, the affected Party will appoint
a successor agent and attorney in New York reasonably satisfactory to each other party,
with like powers. Each Party hereby irrevocably submits to the non-exclusive jurisdiction
of the United States District Court for the Southern District of New York and of any New
York state court sitting in New York City, in connection with any such action, suit or
proceeding, and agrees that any such action, suit or proceeding may be brought in such
court, provided, however, that such consent to jurisdiction is solely for the purpose
referred to in this Section 17 and shall not be deemed to be a general submission to the
jurisdiction of said courts of or in the State of New York other than for such purpose.
Each Party hereby irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such action, suit or
proceeding brought in such a court and any claim that any such action, suit or proceeding
brought in such a court has been brought in an inconvenient forum. Nothing herein shall
affect the right of any Party to serve process in any other manner permitted by law or to
commence legal proceedings or otherwise proceed against any other Party in any other
jurisdiction in a manner not inconsistent with Section 17.

(c) WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM ARISING IN
CONNECTION WITH THIS AGREEMENT, THE BREACH THEREOF AND/OR THE SCOPE OF THE PROVISIONS OF
THIS SECTION 17, WHETHER SOUNDING IN CONTRACT OR TORT, AND INCLUDING ANY CLAIM FOR
FRAUDULENT INDUCEMENT THEREOF.

18. Effectiveness.

(a) Notwithstanding anything to the contrary herein, this Agreement is not shall not
be deemed to be effective and no rights or obligations of any party hereto are created
hereby unless and until the Board of Directors of GTI, approves the Related Agreements and
notice of such approval is sent to the Seller (the “Effective Date”). For the avoidance of
doubt, this Agreement shall become fully effective on the Effective Date.

(b) The Borrower acknowledges and agrees that the Board of Directors of GTI has no
obligation to approve the Related Agreements.

19. Confidentiality. Each Party hereto agrees that the terms and conditions of the transaction
contemplated by this Agreement shall be deemed to be confidential and may not be disclosed by
either Party without the prior written consent of the other Party hereto, except as may be required
by applicable Law or the rules of a stock exchange applicable to a Party or pursuant to rules and
regulations of any regulatory agency having oversight over a Party or where necessary to a Party to
exercise its rights hereunder.

20. No Insider Trading. If either Party obtains material, nonpublic information about the
other Party or any of its affiliates, businesses, subsidiaries or ventures in the course of the
transaction contemplated by this Agreement, such Party agrees that neither it nor its
representatives will trade, and that it will undertake reasonable precautions to disallow its
representatives from trading, in the securities of the other Party or any of its affiliates (to the
extent such securities are publicly traded) during such time as such information is material and
nonpublic.

21. Public Announcements. None of the Parties shall make any press release or public
announcement with respect to the transactions contemplated hereby without (a) in the case of
Borrower, obtaining the prior written approval of Lender and (b) in the case of Lender, obtaining
the prior written approval of Borrower, except in each case as may be required by Law or
regulations of securities exchanges. Approvals under this Section shall not be unreasonably
withheld or delayed.

22. Counterparts. This Agreement shall be executed in two counterparts one for each Party
hereto, each of such counterparts shall be deemed to be an original, but all of which together
shall constitute a single instrument.

[signature page follows]

1

IN WITNESS WHEREOF the parties have caused this Agreement to be
executed by their authorized representatives.

GTS FINANCE, INC. (“Lender”)

By:                                   

Name: Jean-Pierre Vandromme

Title: CEO

NAVIC CONSULTING LTD. (“Borrower”)

By:                                  
 

Name: E.Roytman

Under Power of Attorney dated April the
24th, 2006

2

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