Document:

Exhibit
                                            10.3

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		

 

Execution version

            

July 31, 2019

   

IREALTOR LIMITED LIABILITY COMPANY

 

AS THE BORROWER

 

and

 

RAIFFEISENBANK JOINT-STOCK COMPANY

 

AS THE CREDIT MANAGER

 

and

 

RAIFFEISENBANK JOINT-STOCK COMPANY

 

AS THE PLEDGE MANAGER

 

and

 

RAIFFEISENBANK JOINT-STOCK COMPANY

 

ROSBANK PUBLIC JOINT STOCK COMPANY

 

AS THE ORIGINAL CREDITORS

 

	 	SYNDICATED CREDIT AGREEMENT	 

                        

Herbert Smith Freehills CIS LLP

     

    1 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

TABLE OF CONTENTS

   

	Article	Heading	Page

 

		1.	DEFINITIONS	4

 

		2.	SUBJECT MATTER OF THE AGREEMENT	18

 

		3.	PURPOSE	20

 

		4.	REQUIREMENTS TO THE BORROWER FOR GRANTING OF THE CREDIT	20

 

		5.	CREDIT ARRANGEMENT	21

 

		6.	TERMINATION OF THE CREDITOR’S OBLIGATION	22

 

		7.	REPAYMENT OF THE CREDIT	23

 

		8.	EARLY REPAYMENT AND REFUSAL OF THE CREDIT	23

 

		9.	INTEREST	25

 

		10.	INTEREST PERIODS	27

 

		11.	TAXES	27

 

		12.	ADDITIONAL PAYMENTS	28

 

		13.	ADDITIONAL COSTS	30

 

		14.	REIMBURSEMENT OF EXPENSES AND LOSSES	31

 

		15.	WARRANTIES AND REPRESENTATIONS	33

 

		16.	UNDERTAKINGS TO PROVIDE INFORMATION	39

 

		17.	UNDERTAKINGS TO COMPLY WITH THE FINANCIAL INDICATORS	42

 

		18.	GENERAL OBLIGATIONS	46

 

		19.	EVENTS OF DEFAULT	51

 

		20.	CREDIT SECURITY	55

 

		21.	REPLACEMENT OF THE PARTIES	59

 

		22.	FINANCE PARTIES	62

 

		23.	PAYMENT MECHANISM	68

 

		24.	NOTICES	71

 

		25.	PARTIAL INVALIDITY	72

 

		26.	AMENDMENT of the FINANCE DOCUMENTS	73

 

		27.	CONFIDENTIALITY	74

 

		28.	APPLICABLE LAW	76

 

		29.	DISPUTE RESOLUTION	76

 

		30.	FORCE MAJEURE	77

 

		31.	SIGNING	77

 

		Appendix 1	LIST OF THE ORIGINAL CREDITORS	78

 

		Appendix 2	REQUIREMENTS TO THE BORROWER FOR GRANTING OF THE CREDIT	81

 

		Appendix 3 	DRAWDOWN REQUEST FORM	86

  

		Appendix 4	CREDITOR RIGHTS ASSIGNMENT AGREEMENT FORM	87

 

		Appendix 5	CONFIRMATION OF COMPLIANCE WITH THE FINANCIAL INDICATORS FORM	93

 

    2 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		Appendix 6	NOTICE OF EARLY REPAYMENT FORM	95

 

		Appendix 7	DRAWDOWN SCHEDULE	96

 

		Appendix 8	repayment schedule	97

 

		Appendix 9	security agreements	99

 

		Appendix 10	Subsequent Conditions	101

 

		Appendix 11	ownership structure chart	104

 

		Appendix 12	trade marks	105

 

		Appendix 13	SOFTWARE WITHOUT REGISTRATION	106

 

		Appendix 14	FORM OF REPORT	107

       

    3 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

THIS SYNDICATED CREDIT AGREEMENT (hereinafter
the “Agreement”) is made on July 31, 2019 (hereinafter the “Signing Date”)

 

BETWEEN:

 

		(1)	Irealtor LLC, a limited liability company incorporated pursuant to the legislation of the Russian
Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under primary state registration number
(OGRN) 1137746481190 and located at 27, ul. Elektrozavodskaya, bldg. 8, room I, floor 5, Moscow, 107023, Russian Federation, as a borrower
(hereinafter referred to as the “Borrower”);    

 

		(2)	CREDIT INSTITUTIONS listed in Annex 1 (List of the Original Creditors) as creditors (hereinafter
referred to as the “Original Creditors”);

 

		(3)	RAIFFEISENBANK JSC as a credit manager (hereinafter referred to as the “Credit Manager”);
and

 

		(4)	RAIFFEISENBANK JSC as a pledge manager (hereinafter referred to as the “Pledge Manager”).

 

THE PARTIES HAVE AGREED as follows:

 

		1.	DEFINITIONS

 

		1.1	Terms

 

In this Agreement:

 

“Shareholders”
mean jointly:

 

		(a)	ELQ INVESTORS II LTD;

 

		(b)	MPOC Technologies;

 

		(c)	Melnikov M.A.;

 

		(d)	JOOX LIMITED and

 

		(e)	Ultimate Beneficial Owners.

 

and any of them referred to as the “Shareholder”.

 

“Shareholders’
Agreement” means the shareholders’ agreement dated 6 August 2018 entered into between Speedtime Trading, Ronder Investments,
MPOC Technologies, JOOX Limited, ELQ INVESTORS II LTD, Melnikov М.А. and Solaredge Holdings.

 

“Affiliate”
means a Subsidiary or an Associated Company of the person or a Holding Company of the person or any other Subsidiary or Associated Company
of such Holding Company.

 

“Base Rate”
means the key rate of the Central Bank of the Russian Federation based on the information specified on the official website of the Central
Bank of the Russian Federation (on http://cbr.ru or any other official website of the Central Bank of the Russian Federation, if changed)
on a daily basis. If the key rate of the Central Bank of the Russian Federation is repealed and (or) no longer used by the Central Bank
of the Russian Federation to determine the price terms for financing credit institutions of the Russian Federation, the “Base Rate”
(for the purposes of this Agreement) shall be calculated based on the similar indicator as at the moment of such rate's termination as
set by the Central Bank of the Russian Federation for pricing in refinancing transactions through repurchase transactions and (or) against
security of non-market assets, whichever indicator is greater.

 

If the specified rate is negative,
then it shall be considered to be equal to zero.

 

“Majority
of Creditors” means:

 

		(a)	Before the first Drawdown Date — the Creditors, which Credit Limits in the aggregate amount to 66
 2⁄3 per cent or more of the Aggregate Credit Limit;

 

		(b)	If there is no Outstanding Credit and the Aggregate Credit Limit was reduced to zero — the Creditors,
which Credit Limits in the aggregate amounted to 66 2⁄3 per cent or more of the Aggregate Credit
Limit immediately before the date of such reduction; or

 

    4 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		(c)	During any other period — the Creditors, which participation in the Outstanding Credit along with
their share in the Aggregate Unspent Credit Limit and in the sum of the Credits to be provided based on the valid, but not fulfilled Drawdown
Requests amounts to 66 2⁄3 per cent in the aggregate or more of the total amount of the Outstanding Credit along with the Aggregate
Unspent Credit Limit and the total amount of the Credits to be provided based on the valid, but not fulfilled Drawdown Requests.

 

“BVA”
means at any time the book value of the Borrower’s assets in accordance with the Borrower’s latest financial statements under
RAS.

 

“Drawdown”
means any disbursement of the Credit to the Borrower by the Credit Manager through crediting to the Borrower’s Account.

 

“Guarantors”
mean jointly legal entities specified in the “Pledger or Guarantor” column in the “Guarantees” section of Annex 9
(Security Agreements), and the “Guarantor” means any of them.

 

“Guarantees”
means jointly guarantees specified in Annex 9 (Security Agreements) and the “Guarantee” means any of them

 

“Civil
Code” means the Civil Code of the Russian Federation.

 

“Drawdown
Schedule” means a schedule provided in Annex 7 (Drawdown Schedule).

 

“Drawdown
Date” means the date, when the Credit or a part thereof is provided to the Borrower through crediting to the Borrower’s
Account.

 

“Final
Repayment Date” means:

 

		(a)	With regard to Instalment 1 — the date occurring in 36 months from the Signing Date; and

 

		(b)	With regard to Instalment 2 — the date occurring in 60 months from the Signing Date.

 

“Interest
Rate Determination Date” means in relation to any Interest Period the date one Business Day before the said Interest Period
begins.

 

“Pledge
Registration Date” means the date of providing by the Credit Manager of confirmation of the receipt of documents and information
listed in Clauses 1(A) and 2(A) of Annex 10 (Subsequent Conditions).

 

“Test Date”
has the meaning given in Article 17.1 (Interpretation).

 

“Margin
Increase Date” has the meaning specified in Article 9.2 (Margin Revision).

 

“Interest
Payment Date” means:

 

		(a)	March 15, June 15, September 15, and December 15 of each calendar year; and

 

		(b)	Each Final Repayment Date.

 

“Participatory
Interest Pledge Agreement” means the participatory interest pledge agreement specified in Annex 9 (Security Agreements).

 

“Software
Rights Pledge Agreement” means the agreement for pledge of rights to the Software as specified in Annex 9 (Security
Agreements).

 

“Trade
Marks Rights Pledge Agreement” means the Trade Marks rights pledge agreement specified in Annex 9 (Security Agreements).

 

“Licence
Agreements Rights Pledge Agreement” means the Licence Agreements rights pledge agreement specified in Annex 9 (Security
Agreements).

 

“Double
Tax Treaty” means any double tax treaty entered into by and between a foreign state (territory) and the Russian Federation
(or the USSR), which provides for full or partial exemption from payment in the Russian Federation of income tax of foreign legal
entities charged on payments provided for by this Agreement.

 

    5 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

“Creditor
Rights Assignment Agreement” means the agreement drawn up mainly in the form of Annex 4 (Creditor Rights Assignment Agreement
Form) or in any other form, whereby the Existing Creditor (as defined in Article 21 (Replacement of the Parties)) assigns its
claims and (or) transfers its obligations under this Agreement to a New Creditor (as defined in Article 21 (Replacement of the Parties)).

 

“Shareholders
Loan Agreements” mean jointly loan agreements between any of the Debtors as a borrower and any of the Shareholders as a lender,
which repayment date occurs no earlier than the Final Repayment Date relating to Instalment 2 (inclusively), and the “Shareholders
Loan Agreement” means any of them.

 

“Loan Agreements”
mean jointly subsequent loan agreements (other than the Shareholders Loan Agreement):

 

		(a)	Loan agreement between Solaredge Holdings as the borrower and the companies Ronder Investments, Speedtime
Trading, JOOX Limited and MPOC Technologies as the lenders dated January 22, 2019 for the amount not exceeding 2,687,600 US dollars;

 

		(b)	Loan agreement between the Borrower as a borrower and Solaredge Holdings as a lender dated January 18,
2019 to the amount not exceeding the total amount of the debt under the loan agreement indicated in point (a) of this definition; and

 

		(c)	Loan agreement between the Borrower as a borrower and Melnikov M.A. as a lender dated January 18, 2019
to the amount not exceeding 308,660 US dollars,

 

Provided that:

 

		(i)	The aggregate amount of the whole indebtedness under the said Loan Agreements does not exceed 300,000,000
Russian rubles (or the equivalent of this amount in another currency), and for the purpose of calculation of this amount, only indebtedness
under the loan agreements indicated in points (b) and (c) of this definition, shall be taken into account; and

 

		(ii)	The loans under the said Loan Agreements are granted for the Federal Marketing Campaign,

 

and “Loan
Agreement” means any of them.

 

“Pledge
Agreements” mean jointly:

 

		(a)	Each Share Pledge Agreement;

 

		(b)	Participatory Interest Pledge Agreement;

 

		(c)	Each Account Pledge Agreement; and

 

		(d)	Each Intellectual Property Items Pledge Agreement,

 

and “Pledge Agreement”
means any of them.

 

“Share
Pledge Agreements” mean jointly share pledge agreements specified in Annex 9 (Security Agreements), and the “Share
Pledge Agreement” means any of them.

 

“Intellectual
Property Items Pledge Agreements” mean jointly agreements for pledge of exclusive rights and licence agreement rights as specified
in Annex 9 (Security Agreements) (including the Software Rights Pledge Agreement, the Trade Marks Rights Pledge Agreement,
and the Licence Agreements Rights Pledge Agreement), and the “Intellectual Property Items Pledge Agreement” means any
of them.

 

“Account
Pledge Agreements” mean jointly agreements for pledge of rights under the pledge account as specified in Annex 9 (Security
Agreements), and the “Account Pledge Agreement” means any of them.

 

    6 

     

    

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

“Pledge
Account Agreements” mean jointly:

 

		(a)	Agreement dated June 19, 2019 for opening and maintaining pledge account No. [***]
                                                                  between the Borrower as a client and Raiffeisenbank JSC as a bank; and

 

		(b)	Agreement dated June 13, 2019 for opening and maintaining pledge account No. [***]
between the Borrower as a client and Rosbank PJSC as a bank,

 

and “Pledge
Account Agreement” means any of them.

 

“Security
Agreements” mean jointly:

 

		(a)	Each Pledge Agreement; and

 

		(b)	each Guarantee,

 

And “Security Agreement”
means any of them.

 

“Transaction
Documents” mean jointly:

 

		(a)	Each Financial Document;

 

		(b)	Each Pledge Account Agreement; and

 

		(c)	Each Licence Agreement,

 

And “Transaction Document”
means any of them.

 

“Debtors”
mean jointly the Borrower, each Guarantor, and each Pledger, and the “Debtor” means any of them.

 

“US dollar”
means the legal currency of the United States of America.

 

“Subsidiary”
means any legal entity (the “First Legal Entity”), if any other (main) company or partnership:

 

		(a)	Owns the majority of voting rights in the First Legal Entity; or

 

		(b)	Has a participatory interest and a right to appoint or remove the majority of members of the executive
body of the First Legal Entity; or

 

		(c)	Has a right to exert dominant influence on the First Legal Entity by virtue of the provisions contained
in the constituent documents of such First Legal Entity or in the control agreement; or

 

		(d)	Is a member (shareholder) of the First Legal Entity and, independently or as agreed upon with other members,
controls the majority of voting rights in the First Legal Entity,

 

Including any legal
entity, the shares or participatory interests in the authorized capital of which are a subject matter of the Encumbrance, and the ownership
right to such encumbered shares or participatory interests is registered by virtue of such Encumbrance in favour of a creditor or a nominee
acting for such creditor.

 

“euro”
means the official currency of the countries being members of the currency union acting in the framework of the European Union.

 

“Warranties
and Representations” mean representations made in accordance with Article 15 (Warranties and Representations).

 

“Associated
Company” means any legal entity, where any other (main) legal entity owns from 20 (inclusively) to 50 (inclusively) per cent
of the authorized capital.

 

“Bankruptcy
Law” means Federal Law of the Russian Federation No. 127-ФЗ dated October 26, 2002 On Insolvency (Bankruptcy).

 

“Credit
Records Law” means Federal Law of the Russian Federation No. 218-ФЗ dated December 30, 2004 On Credit Records.

 

“Regulated
Procurements Law” means Federal Law of the Russian Federation No. 223-ФЗ dated July 18, 2011 On Procurements of
Goods, Works, or Services by Certain Types of Legal Entities.

    7 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

“Syndicated
Credit Law” means Federal Law of the Russian Federation No. 486-ФЗ dated December 31, 2017 On Syndicated Credit
(Loan) and Amendments to Certain Legal Acts of the Russian Federation.

 

“Pledgers”
mean jointly legal entities specified in the “Pledger or Guarantor” column in the “Pledge Agreements” section
of Annex 9 (Security Agreements), and the “Pledger” means any of them.

 

“Drawdown
Request” means each drawdown request of the Borrower drawn up substantially in the form of Annex 3 (Drawdown Request Form).

 

“Intellectual
Property” means:

 

		(a)	Rights to any trade names, trade marks and service marks, appellations of origin, business names, domain
names (domains), data bases, inventions, utility models, industrial designs, secret processes (know how), computer programs, copyrights
and allied rights, any other intellectual property rights as well as rights to confidential information or information constituting trade
secret (whether existing or arising in the future), both registrable and unregistrable; and

 

		(b)	Any rights to use intellectual property items specified in clause (a) of this definition, owned by any
Debtor (whether existing or arising in the future) arising from any agreements, both registrable and unregistrable.

 

“Ultimate
Beneficial Owners” mean jointly:

 

		(a)	Elbrus Capital Fund II L.P., the fund incorporated and registered under the laws of the Cayman Islands,
registration number 63023, with the registered office located at: 190 Elgin Avenue, KY1-9005 George Town, Grand Cayman, Cayman Islands,
and

 

		(b)	Elbrus Capital Fund IIB L.P., the fund incorporated and registered under the laws of the Cayman Islands,
registration number 68103, with the registered office located at: 190 Elgin Avenue, KY1-9005 George Town, Grand Cayman, Cayman Islands.

 

“Confidential
Information” means any information, including personal data (including any documents and information recorded or saved as electronic
files or on any other data storage media) on the Borrower, other Debtors, the Finance Documents, or the Credit that becomes known to the
Finance Party or is received by any person intending to become the Finance Party (in each case, as part of exercising its rights or performing
its duties under the Finance Documents or in connection with a proposed assignment of rights under the Finance Documents) from:

 

		(a)	The Borrower, any other Debtor, or their consultants; or

 

		(b)	Other Finance Party, if the information was received by such Finance Party from the Borrower, any other
Debtor, or their consultants,

 

Except for the information that:

 

		(i)	Is or becomes available to the general public other than as a result of the Finance Party’s breach
of the terms and conditions of Article 27 (Confidentiality); or

 

		(ii)	Is transferred in a documentary form and is not classified in writing as confidential at the time of its
transfer by the Borrower, any other Debtor, or their consultants; or

 

		(iii)	Was known to the Finance Party before the date when such information was disclosed to it or was lawfully
obtained by the Finance Party after such date from the source, which is, as far as such Finance Party is aware, not associated with the
Debtors, and which, in any case, as far as such Finance Party is aware, was not obtained in breach of the confidentiality obligation.

 

    8 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

“Credit”
means monetary funds within the Aggregate Credit Limit being provided by the Creditors on credit to the Borrower under this Agreement.

 

“Creditor”
means:

 

		(a)	any Original Creditor; and

 

		(b)	Any banks, other credit institutions, or any other persons that acquire the rights of claim against the
Borrower and (or) an obligation to provide the Credit in accordance with the provisions of Article 21.2 (Assignment of Rights and Transfer
of Obligations by the Creditors) and the current legislation.

 

“Credit
Limit” means the amount of monetary funds that:

 

		(a)	In relation to the Original Creditor — such Original Creditor shall provide to the Borrower on credit
in accordance with the terms and conditions of this Agreement within the relevant Instalment, and that is indicated in the table opposite
the name of the relevant Original Creditor in Annex 1 (List of the Original Creditors) for the relevant period specified in Annex
1 (List of the Original Creditors); and

 

		(b)	In relation to any other Creditor — the relevant Creditor shall provide to the Borrower by virtue
of transfer to it by the other Creditor of the obligations to provide the Credit to the Borrower,

 

And that may be changed in accordance
with the terms and conditions of this Agreement.

 

“Licence
Agreements” mean jointly the following agreements:

 

		(a)	Licence agreement for granting a right to use trade marks under the terms and conditions of non-exclusive
licence dated January 18, 2019 (registration date: April 29, 2019; registration number: РД0293578) and entered into by and
between Fastrunner Investments as a licensor and the Borrower as a licensee in relation to the Trade Marks with registration numbers 607116,
619822, 628617, 628618 and 628707, being valid for ten years upon its state registration with Rospatent which was made on April 29, 2019;

 

		(b)	Licence agreement for granting a non-exclusive right to use trade marks dated January 1, 2017 (registration
date: August 3, 2017, registration number: РД0228788) by and between Cyan Technologies Ltd., 17, PISSAS BUILDING, Theklas
Lysioti, Apartment/Office 501, Limassol, 3030, Cyprus, as a licensor and the Borrower as a licensee in relation to Trade Marks with registration
numbers 389370 and 407622, under which the licensor’s rights and duties, including the exclusive rights, were further transferred
(by law) to Fastrunner Investments, being valid for ten years upon its state registration with Rospatent which was made on August 3, 2017,

 

and “Licence
Agreement” means any of them.

 

“Melnikov
M.A.” means the citizen of the Russian Federation, Melnikov Maksim Anatolievich, passport No. [***]
issued by OVD of the town of [***] on [***]; date of birth: January 23, 1977.

 

“Margin”
means:

 

		(a)	in relation to any Credit within Instalment 1:

 

		(i)	3.35 per cent per annum; or

 

		(ii)	5.35 per cent per annum in the cases specified in Article 9.2 (Margin Revision); and

 

		(b)	in relation to any Credit within Instalment 2:

 

		(i)	3.8 per cent per annum; or

 

		(ii)	5.8 per cent per annum in the cases specified in Article 9.2 (Margin Revision)

 

    9 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

“IFRS”
mean International Financial Reporting Standards mentioned in Regulation No.1606/2002 adopted by the European Parliament and the Council
of Europe on July 19, 2002, with regard to the part applicable to the respective financial statement.

 

“Tax”
means any tax, levy, duty, or any other similar amount charged or withheld (including any fines, penalties, or interest due in connection
with any failure to pay or any delay in paying any of the same) set forth by the applicable legislation.

 

“Tax Indemnity”
means exemption from the Tax (application of a reduced tax rate or tax indemnity) granted outside the Russian Federation in relation to
any Tax pertaining to payments under the Finance Documents.

 

“Tax Deduction”
means withholding an amount of any tax or levy, including, in particular, value-added tax and withholding income (profit) tax and any
similar taxes that may replace or supplement the existing taxes in accordance with the applicable legislation, from any payment under
the Finance Document in the amount and within the period provided for by the legislation.

 

“Tax Payment”
means an increase in the payment made by the Debtor to the Finance Party in accordance with the provisions of Article 11.1 (Reimbursement
of Expenses on Tax Deduction) or the Debtor’s payment to the Finance Party in accordance with the provisions of Article 11.2
(Reimbursement of Expenses in Connection with Tax Payment).

 

“Tax Certificate”
means a document issued by the competent tax authority of the state (territory) being the party to the Double Tax Treaty evidencing that
the relevant Creditor is a tax resident of this state (territory) being the party to the Double Tax Treaty.

 

“Default”
means:

 

		(a)	Event of Default; or

 

		(b)	Any event or circumstance that, upon (1) expiration of the period set forth by this Agreement to cure
the relevant breach, (2) sending a notice, or (3) taking the relevant decision under the Finance Documents, will become an Event of Default.

 

“Unspent
Credit Limit” means in relation to each Creditor the sum of its Credit Limits less (a) the monetary funds already provided to
the Borrower by this Creditor and (b) the amount to be provided by this Creditor based on the valid, but not fulfilled Drawdown Request.

 

“Outstanding
Credit” means at any time each amount of the monetary funds provided to the Borrower under the Credit in accordance with this
Agreement and not repaid to the Creditors.

 

“Encumbrance”
means any mortgage, pledge, lien, charge, assignment, right to direct debit funds from an account with advance acceptance of the payer
or any similar right to debit or other encumbrance created in order to secure performance of obligations of any person or any other agreement
concluded in order to secure performance of obligations.

 

“Ordinary
Course of Business” means:

 

		(a)	Advertising activities, including advertising in mass media by way of selling space and time for advertisement,
as well as the fact of the desired action (including call on telephone numbers placed on information pages on real properties, click on
advertising banners, issue of mortgage loan on the basis of a mortgage questionnaire filled in on the site https:/www.cian.ru);

 

		(b)	granting non-exclusive rights to the use of computer programs and databases;

 

		(c)	software development;

 

		(d)	development of Internet sites, advising in this field;

 

		(e)	sale of information data;

 

		(f)	activities on creating and use of databases and information resources, including database provisioning and maintenance;

 

		(g)	advising on acquisition, sale, rent and lease of real properties;

 

    10 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		(h)	investigation of the market conditions and opinion survey; and

 

		(i)	any administrative and business activities directly related
to the activities described in clauses (a) to (h) of this definition.

 

“Original
Financial Statements” mean the Borrower’s financial statements as at March 31, 2019 prepared in accordance with RAS.

 

“Initial
Requirements” have the meaning given in Article 4.1 (Initial Requirements).

 

“Drawdown
Period” means the period starting on the Signing Date (inclusive) and ending on the date occurring in 18 months after the Signing
Date (inclusive).

 

“Acceptable
Creditor” means the Creditor being:

 

		(a)	A Russian legal entity, or

 

		(b)	A tax resident of the state (territory) being the party to the Double Tax Treaty.

 

“Software” means jointly:

 

		(а)	computer programs registered with Rospatent under registration numbers [***]

 

		(b)	databases registered with Rospatent under registration numbers [***] and

 

		(c)	computer programs not registered with Rospatent which description is given in Annex 13 (Software without
Registration).

 

“Pro Rata
Share” means:

 

		(a)	For determining the Creditor’s participation in the Credit in accordance with any Drawdown Request,
the ratio between the Unspent Credit Limit of such Creditor and the Aggregate Unspent Credit Limit.

 

		(b)	For any other purposes:

 

		(i)	If there is no Outstanding Credit, the ratio between the Credit Limit of a particular Creditor and the
Aggregate Credit Limit, or

 

		(ii)	If there is Outstanding Credit, the ratio between the Outstanding Credit granted to the Borrower by a
particular Creditor and the aggregate Outstanding Credit granted to the Borrower by all Creditors.

 

“Interest
Period” means in relation to the Outstanding Credit each period, within which the interest is accrued, defined in accordance
with the provisions of Article 10 (Interest Periods), and in relation to any overdue amount each period defined in accordance with
the provisions of Article 9.4 (Forfeit).

 

“Business
Day” means any day, on which banks are open for general banking business in Moscow (Russian Federation) and exclusively in respect
of the actions performed directly by the Debtors, incorporated in the Republic of Cyprus, Nicosia (Cyprus).

 

“Permitted
Financial Indebtedness” means:

 

		(a)	Indebtedness occurring under the Finance Documents;

 

		(b)	Indebtedness occurring in accordance with the Permitted Loans or Permitted Suretyships;

 

		(c)	Indebtedness occurring in accordance with the Shareholders Loan Agreements, provided that this indebtedness
is repaid solely in accordance with Article 18.12 (Payments to the Shareholders);

 

		(d)	Indebtedness not being the indebtedness to the banks or other credit institutions and not stipulated by
the previous clauses, which, in the aggregate with all other outstanding Financial Indebtedness not specified in the previous clauses,
does not exceed 30,000,000 Russian rubles; and

 

		(e)	Indebtedness occurring subject to a prior written consent of the Credit Manager acting under the Consent
of the Majority of Creditors.

 

    11 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

“Permitted
Encumbrance” means:

 

		(a)	Encumbrance arising in accordance with the Security Agreements;

 

		(b)	Encumbrance of the Debtor’s property arising by law within the Ordinary Course of Business of the
Debtor; and

 

		(c)	Encumbrance occurring subject to a prior written consent of the Credit Manager acting under the Consent
of the Majority of Creditors.

 

“Permitted
Alienation” means the following transactions in sale, leasing (financial leasing) or any other alienation of any property:

 

		(a)	Transactions in relation to the Borrower’s property (except for shares, securities, participatory
interests, real estate, intellectual property, and enterprises) within the Ordinary Course of Business of the Borrower;

 

		(b)	Transactions performed in relation to deteriorated or substantially worn-out property of the Borrower,
which, as a result of deterioration or substantial wear, is not used in the Borrower’s activities;

 

		(c)	Solely in relation to the Borrower — transactions in relation to furniture, laptops, personal computers,
servers, and any other office equipment;

 

		(d)	Solely in relation to the Borrower — transactions in relation to the property, the aggregate book
value of which (under all transactions made under this clause (d)) does not exceed 25 per cent of BVA. For the avoidance of doubt, for
the purposes of calculating the threshold specified in this clause (d), the property alienated in accordance with clauses (a) to (c) of
this definition is not taken into account; and

 

		(e)	Transactions performed subject to a prior written consent of the Credit Manager acting under the Consent
of the Majority of Creditors;

 

“Permitted
Payments” mean:

 

		(a)	Payment of the distributed profit by the Borrower to any other Debtor in the amount not exceeding 60,000,000
Russian rubles in the aggregate for the Borrower’s financial year;

 

		(b)	Payment of the distributed profit by the Debtor not being the Borrower, received by such Debtor from the
Borrower in accordance with clause (a) of this definition (the “Distributed Profit Paid by the Borrower”), in favour
of another Debtor in the amount equal to the amount of the Distributed Profit Paid by the Borrower;

 

		(c)	Payment to repay the indebtedness under the Shareholders Loan Agreement, provided that, as a result of
such payment:

 

		(i)	As at the Test Date immediately following such payment, the Net Debt does not exceed EBITDA more than
twice; and

 

		(ii)	There will be no violation of any obligation stipulated by Article 17.2 (Financial Indicators);
and

 

		(d)	Payment performed subject to a prior written consent of the Credit Manager acting under the Consent of
the Majority of Creditors.

 

“Permitted
Loans” mean:

 

		(a)	A loan provided by the Debtor to any other Debtor, provided that no rights (of claim) under such loan
are assigned, and no debt is transferred to the persons not being the Debtors;

 

		(b)	A loan granted under the Loan Agreement;

 

    12 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		(c)	A loan granted under the Shareholders Loan Agreement, provided that:

 

		(i)	The indebtedness repayment date under the said Shareholders Loan Agreement does not occur before the Final
Repayment Date relating to Instalment 2; and

 

		(ii)	The indebtedness under the said Shareholders Loan Agreement is repaid in accordance with the provisions
of Article 18.12 (Payments to the Shareholders);

 

		(d)	The loans not being the indebtedness to the banks or other credit institutions and not stipulated by the
previous clauses which, in the aggregate with all other loans not specified in the previous clauses do not exceed 30,000,000 Russian rubles,
when calculating for each financial year of the Borrower (in the aggregate with the suretyships and guarantees specified in clause (b)
of the definition of the “Permitted Suretyship” term; and

 

		(e)	A loan preliminarily approved by the Credit Manager acting under the Consent of the Majority of Creditors.

 

“Permitted
Suretyships” mean:

 

		(a)	Guarantees provided on the basis of the Guarantees;

 

		(b)	Suretyships or guarantees not stipulated by the previous clause, which, in the aggregate with all other
guarantees and suretyships not specified in the previous clause and the loans specified in clause (d) of the definition of the “Permitted
Loans” term, do not exceed 30,000,000 Russian rubles, when calculating it for each financial year of the Borrower; and

 

		(c)	A suretyship or guarantee preliminarily approved in writing by the Credit Manager acting under the Consent
of the Majority of Creditors.

 

”Advertising Partners”
mean jointly:

 

		(a)	each following person:

 

[***]

 

    13 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

and their Affiliates,

 

and the “Advertising
Partner” means any of them.

 

“Rospatent”
mean the State Register of Trademarks and Service Marks of the Russian Federation.

 

“RAS”
mean the accounting rules in accordance with the Russian legislation.

 

“Russian
ruble” or “RUB” means a legal tender of the Russian Federation.

 

“Remote
Banking System” means the ensemble of software and hardware used in order to provide the service “Remote Banking System”
to the Borrower according to the contract entered into between the Credit Manager and the Borrower.

 

“Event
of Default” means any event or circumstance specified in Article 19 (Events of Default).

 

“Aggregate
Credit Limit” means the sum of Credit Limits of all Creditors amounting to 800,000,000 Russian rubles as at the Signing Date.

 

“Aggregate
Unspent Credit Limit” means the Unspent Credit Limits of all Creditors in the aggregate.

 

“Consent”
has the meaning ascribed to it in Article 22.1 (Procedure for Decision-Making by the Creditors. Consents of the Creditors).

 

“Party”
means a party to this Agreement.

 

“Finance
Party” means each Creditor, the Credit Manager, and the Pledge Manager.

 

“Material
Adverse Effect” means a material adverse effect on:

 

		(a)	Business activities or financial standing of any Debtor;

 

		(b)	Ability of any Debtor to perform any of its obligations under the Financial Document;

 

		(c)	Validity or priority of the security that is provided or should be provided under any Finance Document
or a possibility to levy an execution upon it; or

 

		(d)	Validity of any Finance Document or a possibility to exercise rights of the Finance Parties as provided
for by any Finance Document.

 

“Ownership
Structure Chart” means the Debtors’ ownership structure chart attached as Annex 11 (Ownership Structure Chart).

 

“Account
of the Credit Manager” means account of the Credit Manager No. [***]
or any other account, which details are communicated by the Credit Manager to the relevant Parties.

 

“Borrower’s
Account” means settlement account of the Borrower No. [***] opened
with Raiffeisenbank JSC and any other account agreed between the Borrower, the Credit Manager, and the Majority of Creditors.

 

“Account
of the Pledge Manager” means account of the Pledge Manager No. [***]
or any other account, which details are communicated by the Pledge Manager to the relevant Parties.

 

“Technical
Failure” means:

 

		(a)	A significant failure in the payment systems or the communications systems or on the financial
                                                                  markets, which operation, in each case, is necessary to make payments (or other operations to be performed) in accordance with the
                                                                  transactions provided for by the Finance Documents,
for any reasons beyond the control of either Party; or

  

    14 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

  

		(b)	An occurrence of any other event, which results in a failure (of a technical or system-related nature)
of cash or settlement operations of either Party, which does not allow this or any other Party:

 

		(i)	To perform its payment obligations under the Finance Document; or

 

		(ii)	To contact the other Parties to the Finance Documents,

 

And which was not caused by the Party,
which operations failed, and occurred for any reasons beyond the control of the Parties.

 

“Trade
Marks” mean jointly the trade marks specified in Annex 12 (Trade Marks), and the “Trade Mark” means
any of them.

 

“Instalment"
means Instalment 1 or Instalment 2.

 

“Instalment
1” means a part of the Credit granted to the Borrower under the terms and conditions of this Agreement, in the amount not exceeding
500,000,000 Russian rubles.

 

“Instalment
2” means a part of the Credit granted to the Borrower under the terms and conditions of this Agreement, in the amount not exceeding
300,000,000 Russian rubles.

 

“Federal
Marketing Campaign” means the system of advertising events aimed at promotion of CIAN brand on the territory of the Russian
Federation, including conducting research of the needs of the target group, creation of marketing materials and measuring the brand value.

 

“Financial
Indebtedness” means any indebtedness resulting from:

 

		(a)	Receiving the funds in the form of a loan or a credit;

 

		(b)	Receiving a supplier’s credit, a business credit or issuing a letter of credit, in each case, for
at least 180 days;

 

		(c)	Issuing bonds, bills of exchange, and any other debt instruments;

 

		(d)	Entering into a leasing agreement to be classified as “indebtedness” in accordance with RAS
being effective as at the Signing Date;

 

		(e)	Selling or discounting of accounts receivable (except for any accounts receivable being alienated on a
non-recourse basis);

 

		(f)	Making transactions in derivatives in order to protect itself, or obtain benefits, from fluctuations of
any rates, interest rates, or prices, and the amount of the transaction in such derivatives will be calculated based on trading multiples
at any specific time;

 

		(g)	Making repurchase transactions or any other transaction that, in accordance with RAS, is to be classified
as borrowing;

 

		(h)	Making transactions providing for assumption of obligations under a suretyship or a guarantee in relation
to performance of any obligations by any third parties or for reimbursement of the guarantor/surety under a guarantee/suretyship for the
payments under the guarantee/suretyship, state or municipal guarantee; and (or)

 

		(i)	Any other transaction classified as borrowing or indebtedness in accordance with RAS.

 

“Finance
Documents” mean:

 

		(a)	This Agreement;

 

		(b)	Each Security Agreement;

 

		(c)	Each Creditor Rights Assignment Agreement;

 

		(d)	Each Drawdown Request; and

 

		(e)	Any other document that the Credit Manager and the Borrower agreed to deem as a Finance Document in writing,

 

    15 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

and “Financial Document”
means any of them.

 

“Holding
Company” means in relation to a legal entity any other legal entity, for which the first legal entity is a Subsidiary.

 

“Net Debt”
has the meaning given in Article 17.1 (Interpretation).

 

“Equivalent”
means in relation to any amount such amount equivalent in the relevant currency calculated at the rate or the cross rate of the Bank of
Russia.

 

“Electronic
Document” means the documented information provided in the electronic form, signed with the electronic signature of authorized
persons and being of equal validity with an analogous document made on paper, signed manually by such authorized persons and certified
(if necessary) with an impress of the seal (if any).

 

“Legal
Reservations” mean restriction on the creditor’s right to judicial protection and enforcement of its claim by virtue of
the provisions of the Law on insolvency (bankruptcy) and other laws restricting the creditors’ rights in general.

 

“EBITDA”
has the meaning given in Article 17.1 (Interpretation).

 

“ELQ INVESTORS
II LTD” means ELQ INVESTORS II LTD incorporated and registered under the legislation of the United Kingdom, registration number
6375035, with the registered office located at Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom.

 

“Fastrunner
Investments” means Fastrunner Investments Limited incorporated in the Republic of Cyprus, registration number HE 381684,
with the registered office located at Tassou Papadopoulou, 6, Flat/Office 22, Agios Dometios, 2373, Nicosia, Cyprus. 

 

“Mimons
Investments” means Mimons Investments Limited incorporated in the Republic of Cyprus, registration number HE 321042, with
the registered office located at Agiou Georgiou Makri, 64, ANNA MARIA LENA COURT, Flat/Office 201, 6037, Larnaca, Cyprus.

 

“MPOC
Technologies” means MPOC TECHNOLOGIES LIMITED, incorporated and registered under the legislation of the British Virgin Islands,
registration number 1697700, with the registered office located at: Vistra Corporate Services Centre, Wickhams Cay II, Road Town,
Tortola, VG1110, British Virgin Islands.

 

“Ronder
Investments” means Ronder Investments Limited, incorporated and registered under the legislation of the British Virgin Islands,
registration number 1846514, with the registered office located at: Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin
Islands.

 

“Solaredge
Holdings” means Solaredge Holdings Limited incorporated in the Republic of Cyprus, registration number HE 371331, with
the registered office located at 64 Agiou Georgiou Makri Street, ANNA MARIA LENA COURT, Flat/Office 201, 6037 Larnaca, Cyprus.

 

“Speedtime
Trading” means Speedtime Trading Limited, incorporated in the Republic of Cyprus, registration number HE359694, with the registered
office located at: 6 loanni Stylianou, 2nd floor, office/flat 202, 2003, Nicosia, Cyprus.

 

“JOOX Limited”
means JOOX LTD, incorporated and registered under the legislation of the British Virgin Islands, registration number 1821787, with the
registered office located at: Quijano Chambers, P.O. Box 3159, Road Town, Tortola, British Virgin Islands.

 

		1.2	Interpretation

 

		1.2.1	In this Agreement, unless the context otherwise requires:

 

		(A)	A reference to the Credit Manager, the Pledge Manager, the Finance Party, the Creditor, the Borrower,
the Debtor, the Guarantor, the Pledger, the Party, or any other person also is a reference to their successors by law or by virtue of
this Agreement;

 

    16 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		(B)	A document in the agreed form means the document agreed in writing by the Credit Manager and the Borrower
or the document drawn up in the form acceptable to the Credit Manager;

 

		(C)	Assets and (or) property include any present or future property, revenues and rights of any nature;

 

		(D)	A reference to any Finance Document or any other agreement, document, or financial instrument means such
Finance Document or any other agreement, document, or financial instrument with all amendments made thereto at any time;

 

		(E)	A person includes any individual, legal entity, partnership, state authority, government, or state;

 

		(F)	Legislation means any law, decree, ordinance, order, decision, regulation, rules, official instructions,
requirements, or recommendations of any legislative or executive state, municipal, transnational, or international authority, ministry,
instrument, service, agency, or committee, or any judicial authority as well as any standards and rules of self-regulatory organizations
that are binding upon members of such self-regulatory organizations (solely in relation to members of such self-regulatory organizations);

 

		(G)	A reference to a legal provision means a reference to such provision with all amendments made thereto
at any time;

 

		(H)	It is understood that the words “include” and “including” and the expression “including,
but not limited to” are followed by the words “among other things”;

 

		(I)	A reference to a “day” (excluding the Business Day) means a reference to a calendar
day;

 

		(J)	A reference to a “date of receipt” by the Party of any notice or information under
the Finance Document means the date, on which the relevant notice or the information shall be deemed as received in accordance with Article
24 (Notices);

 

		(K)	Any Article, Clause, or Annex means a reference to the article, clause of or annex to this Agreement;
and

 

		(L)	Any time of the day means Moscow time, unless otherwise is particularly specified in the Agreement.

 

		1.2.2	Unless the context otherwise requires, a reference to a “month” means a period starting
on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

 

		(A)	If the relevant day is not a Business Day, such period shall end on the immediately following Business
Day, if any, in such month or, if there is no such Business Day in such month, on the preceding Business Day; and

 

		(B)	If there is no relevant day in such month, such period shall end on the last Business Day in such month.

 

		1.2.3	Unless otherwise is provided for by this Agreement, interest and remuneration payable under the Finance
Document shall be calculated based on the actual number of elapsed days and a year consisting of 365 days (or, in relation to the period
occurring during a leap year, 366 days).

 

		1.2.4	A reference to an inability to perform the financial liabilities means, in relation to the Debtor incorporated
in the Republic of Cyprus, any of the following events or actions:

 

		(A)	The creditor (based on an assignment or otherwise), which has a claim against the Debtor in the amount
of more than 5,000 euros, submitted to the Debtor a request to make the relevant
payment (by leaving the relevant request at the address of the Debtor’s registered office), and the said Debtor failed to perform
its obligation to pay the relevant amount, to provide security for payment of such amount, or to enter into any agreement acceptable to
the creditor in relation to payment of such amount within three weeks from the date of delivery of such notice; or

 

    17 

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because
such information is both (i) non-material and (ii) would be competitively harmful if publicly disclosed.***

 

		(B)	A failure to fulfil the requests of the Debtor’s creditor in full or in part within the enforcement
proceedings or any other procedure performed in relation to the court decision, ordinance, or order of any court rendered in favour of
the Debtor’s creditor; or

 

		(C)	It is proved at court that the Debtor is unable to perform its financial liabilities (taking into account
any contingent and future liabilities) within the set period; or

 

		(D)	It is proved at court that the Debtor’s liabilities (taking into account any contingent and future
liabilities) exceed its assets;

 

		1.2.5	For the purposes of Article 19.16 (Acceleration), the Event of Default is considered to continue
from the moment when such event or situation occurred, until the moment of receipt by the Borrower of the notice from the Credit Manager
informing that the Majority of Creditors agree not to exercise their rights provided for in Article 19.16 (Acceleration) in connection
with the occurrence of such event or situation.

 

		1.2.6	The headings in this Agreement do not affect its interpretation.

 

		2.	SUBJECT MATTER OF THE AGREEMENT

 

		2.1	Credit Relations

 

		2.1.1	Subject to compliance of the Borrower with the provisions of this Agreement, each Creditor shall grant
the Credit to the Borrower within the relevant Instalment in the amount of its relevant Credit Limit set forth in Annex 1 (List of
the Original Creditors) in relation to the period, during which the relevant Drawdown Date occurs, and the Borrower shall, within
the term of this Agreement, duly perform the obligations provided for by this Agreement, including the obligation to repay to each Creditor
the Outstanding Credit received from such Creditor, to pay interest on it, and to pay the Finance Parties any other amounts provided for
by this Agreement.

 

		2.1.2	The Creditor’s obligation to grant the Credit to the Borrower within the relevant Instalment within
the limits of its relevant Credit Limit shall arise after the Borrower fully complied with the requirements provided for by Article 4
(Requirements to the Borrower for Granting of the Credit).

 

		2.1.3	Each Creditor may independently claim that the Borrower should repay the Outstanding Credit (in the part
provided by the relevant Creditor), pay interest, and make any other payments provided for by the terms and conditions of this Agreement.
Except as provided for by Article 20 (Credit Security), each Finance Party may independently require enforcement of its rights
under the Finance Documents. At the same time, the Finance Parties shall exercise their rights subject to the provisions of Article 22
(Finance Parties).

 

		2.1.4	No Finance Party shall be liable for any other Finance Party’s obligations under the Finance Documents.
In case any Creditor refuses to grant the Credit on the basis provided for by this Agreement or in case any Creditor breaks its obligation
to grant the Credit within its Credit Limit, the Credit amount shall be decreased by the relevant Credit Limit of such Creditor.

 

    18 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		2.2	The Credit Manager

 

		2.2.1	This Agreement shall determine the terms and conditions and the procedure for appointing the Credit Manager
and performing legal and any other actions by it, on behalf and for the benefit of the Creditors. The authority of the person performing
the Credit Manager’s functions shall be determined in accordance with Article 22.3 (Appointment of the Credit Manager). At
the same time, the provisions of this Agreement governing the relations between the Credit Manager and the Creditors shall be effective,
where there are two or more Creditors.

 

		2.2.2	The Creditors (except for the Creditor performing the Credit Manager’s functions) and the Credit
Manager do hereby confirm that the Credit Manager performs its functions without and regardless of issuing a power of attorney to it.

 

		2.2.3	During any period, where there is no more than one Creditor, all provisions of this Agreement governing
the relations between the Credit Manager and the Borrower as well as between the Majority of Creditors and the Borrower shall be considered
as the provisions governing the relations between the relevant sole Creditor and the Borrower.

 

		2.3	The Pledge Manager

 

		2.3.1	This Agreement shall determine the terms and conditions and the procedure for appointing the Pledge Manager
and performing legal and any other actions by it, on behalf and for the benefit of all Creditors. The powers of the person performing
the Pledge Manager’s functions shall be determined in accordance with the provisions of Article 20.2 (Status of the Creditors
and Appointment of the Pledge Manager). At the same time, the provisions of this Agreement governing the relations between the Pledge
Manager and the Creditors shall be effective, where there are two or more Creditors.

 

		2.3.2	During any period, where there is no more than one Creditor, all provisions of this Agreement governing
the relations between the Pledge Manager and the Borrower shall be considered as the provisions governing the relations between the Creditor
and the Borrower.

 

		2.4	Application of Certain Provisions

 

During any period, where there is
no more than one Creditor:

 

		2.4.1	The provisions of Article 12.1 (Remuneration of the Credit Manager and Pledge Manager), Article
20 (Credit Security), Article 22 (Finance Parties), Article 23.1 (Payments to the Credit Manager), Article 23.2 (Distribution
by the Credit Manager of the Funds Received), Article 23.4 (Payments Bypassing the Credit Manager), and Clause 26.2.2 shall
not apply; and

 

		2.4.2	All references to the Credit Manager, the Pledge Manager, the Finance Party, and the Majority of Creditors
shall be construed as the references to the Creditor.

 

		2.5	Legal Nature of the Agreement

 

This Agreement is
a mixed agreement containing the elements of a syndicated credit agreement, a pledge management agreement, and an intercreditor agreement.
Accordingly, this Agreement shall also govern the relations between the Creditors, between the Credit Manager and the Creditors, between
the Pledge Manager and the Creditors, and between the Borrower, the Credit Manager, and the Pledge Manager.

 

    19 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		3.	PURPOSE

 

The Borrower shall use the Credit
solely for the following purposes:

 

		3.1.1	Financing of the Borrower’s expenses related to the Federal Marketing Campaign; and

 

		3.1.2	Repayment of the indebtedness under the Loan Agreements, to which the Borrower is a party, provided all
monetary funds received by Solaredge Holdings from the Borrower in the framework of this clause, should be allocated (and the Borrower
shall ensure that such monetary funds are allocated) by Solaredge Holdings to repayment of indebtedness under the loan agreement specified
in point (a) of the definition of the term “Loan Agreements”.

 

		4.	REQUIREMENTS TO THE BORROWER FOR GRANTING OF THE CREDIT

 

		4.1	Initial Requirements

 

		4.1.1	The Credit may be drawn down only if all following conditions are met:

 

		(A)	The Credit Manager acknowledged receipt of the documents and the information listed in Annex 2 (Requirements
to the Borrower for Granting of the Credit) in the scope and in the number of copies requested by the Credit Manager based on the
Creditors’ requirements (hereinafter referred to as the “Initial Requirements”); and

 

		(B)	The Borrower sent the Credit Manager a duly executed Drawdown Request in accordance with Article 4.2 (Submission
of the Drawdown Request).

 

		4.1.2	The Creditors’ duty to grant the Credit shall arise (subject to any other restrictions set forth
by this Agreement) only if the Borrower and the Creditors receive acknowledgement from the Credit Manager (via e-mail) that the Borrower
duly complied with the Initial Requirements.

 

		4.1.3	The copies of the documents provided by the Borrower to the Credit Manager under the Initial Requirements
shall be sent by the Credit Manager to the Creditors via e-mail on the same Business Day (if the documents are received before 5 p.m.
(inclusive)) or within the next Business Day (if the documents are received after the said time) specifying the information:

 

		(A)	In what form the relevant document was received by the Credit Manager (original, copy, notarized copy,
copy certified by the Borrower’s authorized representative); and (or)

 

		(B)	That the Credit Manager received the acknowledgement from the legal consultant that the legal consultant
had received particular documents in a particular form (specifying such form);

 

		4.1.4	Each Creditor acknowledges, within the next Business Day after receiving the relevant documents, to the
Credit Manager that (in the opinion of such Creditor) the relevant Initial Requirements are complied with or sends the Credit Manager
its questions on and (or) objections to the relevant documents (including via e-mail), and:

 

		(A)	The Credit Manager sends, within the next Business Day after receiving such questions and objections,
such questions and objections to the Borrower (including via e-mail);

 

		(B)	The Creditor, which did not send an acknowledgement, questions, or objections within the specified period,
shall be considered to have submitted its acknowledgement in relation to the relevant Initial Requirements.

 

    20 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		4.1.5	The Credit Manager sends (via e-mail) the Borrower and the Creditors the acknowledgements that the Initial
Requirements are complied with within the next Business Day after all Creditors submitted (or are deemed to have submitted) their acknowledgements
in relation to all Initial Requirements in accordance with Clause 4.1.4.

 

		4.1.6	The Credit Manager shall be under no obligation to independently check whether the Initial Requirements
are complied with and shall not be liable to other Parties for compliance or non-compliance with the Initial Requirements, and for the
content of the relevant documents. The acknowledgement under Clause 4.1.5 shall be made by the Credit Manager on the basis that the
Creditors submitted (or are deemed to have submitted) the relevant acknowledgements.

 

		4.2	Submission of the Drawdown Request

 

		4.2.1	Unless otherwise is agreed upon with the Credit Manager, the Borrower may send the Credit Manager any
number of duly executed Drawdown Requests, provided that the number of Drawdown Requests sent within a calendar quarter cannot exceed
three.

 

		4.2.2	The Credit (or a part thereof) specified by the Borrower in each Drawdown Request cannot be:

 

		(A)	Should be multiple of 1,000 Russian rubles;

 

		(B)	May not be less than 20,000,000 Russian rubles (unless otherwise is agreed upon with the Credit Manager);
and

 

		(C)	May not be more than the Unspent Credit Limit.

 

		4.2.3	Unless otherwise agreed upon with the Credit Manager:

 

		(A)	The Borrower shall submit the Drawdown Request to the Credit Manager within the period set forth in the
Drawdown Schedule;

 

		(B)	The Drawdown Request received later than 1 p.m. or not on the Business Day shall be deemed to be submitted
on the next Business Day; and

 

		(C)	The Drawdown Request submitted (or deemed to be submitted) later than two Business Days before the planned
Drawdown Date shall be deemed as not submitted.

 

		4.2.4	The Drawdown Request shall be signed by the Borrower’s authorized person. Each Drawdown Request
shall specify the requested Credit amount, the Instalment and the Drawdown Date, which is a Business Day within the Drawdown Period.

 

		4.2.5	The Borrower may transfer the Drawdown Request to the Credit Manager in the form of the Electronic Document
under the Remote Banking System, provided the powers of the person signing such Drawdown Request are confirmed, and provided that the
Credit Manager receives the original of such Drawdown Request on or before the Drawdown Date, in the quantity equal to the number of Creditors
in the framework of the respective Instalment.

 

		4.2.6	The Borrower may not revoke the Drawdown Request received by the Credit Manager.

 

		5.	CREDIT ARRANGEMENT

 

		5.1	Credit Arrangement. General Provisions

 

		5.1.1	After receiving the Drawdown Request, the Credit Manager shall, within the period set forth by the
Drawdown Schedule, send each Creditor a copy of the Drawdown Request and notify each relevant Creditor of the amount of its
participation in the relevant Drawdown (in each case, via e-mail).

 

    21 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		5.1.2	Each Creditor’s participation in the Drawdown shall be calculated in accordance with the Pro Rata
Share of each Creditor.

 

		5.1.3	The Drawdown amount in relation to each Instalment shall be calculated as at the relevant Drawdown Date
pro rata to the ratio between the Credit Limit for the specified Instalment for the relevant period specified in Annex 1 (List of Creditors
and Credit Limits) and the Aggregate Credit Limit for such period.

 

		5.1.4	If there are no circumstances specified in Article 6 (Termination of the Creditor’s Obligation),
each Creditor shall transfer to the Credit Manager (to the Account of the Credit Manager) the amount calculated in accordance with Clauses
5.1.2 and 5.1.3 within the period specified in the Drawdown Schedule.

 

		5.1.5	Within the period specified in the Drawdown Request, the Credit Manager shall transfer the amount of the
Credit specified in the Drawdown Request (but not exceeding the amount actually received by the Credit Manager from the Creditors) to
the Borrower’s account.

 

		5.1.6	In case an incomplete Credit amount is received from the Creditors, the Credit Manager transfers the amount
actually received by the Credit Manager from the Creditors to the Borrower’s Account.

 

		5.1.7	Regarding the Credit amount received by the Credit Manager from the Creditor upon expiration of the period
set forth for such action by the Drawdown Schedule, the Credit Manager, acting at its discretion, shall either:

 

		(A)	Send such amount in full to the Borrower’s Account within the period provided for such action by
the Drawdown Schedule (for charging interest, commission fees, and any other amounts under this Agreement, such part of the Credit shall
be deemed to be granted by the relevant Creditor to the Borrower on the date of its actual crediting to the Borrower’s Account);
or

 

		(B)	Return such amount in full to the relevant Creditor (for this purpose, all expenses related to such return
shall be borne by the relevant Creditor and, upon the request of the Credit Manager, the relevant Creditor shall immediately reimburse
such expenses to the Credit Manager).

 

		5.1.8	The Creditor, which did not grant the Credit Manager the Credit amount (or the Creditor, to which the
relevant amount was returned in accordance with Clause 5.1.7 due to its late granting), shall be deemed as not granted the Credit to the
Borrower and shall have no Creditor’s rights under this Agreement as to such amount not granted (or returned).

 

		5.1.9	Upon expiration of the Drawdown Period, the Unspent Credit Limit of each Creditor shall be rendered null.

 

		6.	TERMINATION OF THE CREDITOR’S OBLIGATION

 

		6.1.1	The obligation of each Creditor to grant the Credit to the Borrower shall be terminated in full or in
part, depending on the circumstances in relation to each Instalment:

 

		(A)	In case the Credit is granted under the relevant Instalment in the amount of the Credit Limit of the relevant
Creditor under such Instalment;

 

		(B)	Upon expiration of the Drawdown Period under such Instalment;

 

		(C)	In case the Borrower refuses from receiving the whole Credit of a part thereof in accordance with Article
8.3. (Voluntary Refusal of the Credit); and/or

 

		(D)	In other cases stipulated by the legislation.

 

    22 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		6.1.2	Each Creditor may withdraw from the obligation to grant the Credit to the Borrower:

 

		(A)	If there are circumstances that clearly evidence that the Credit will not be repaid by the Borrower within
the period set forth by this Agreement;

 

		(B)	Upon occurrence of any Event of Default; and (or)

 

		(C)	If there are circumstances specified in Article 8.1 (Illegality for the Creditor) or in Article
8.2 (Change of Control).

 

		6.1.3	In case any Creditor refuses to grant the Credit based on this Article, the Parties agree that such Creditor
shall not be liable to the Borrower or to any Finance Party for its refusal to grant the Credit.

 

		7.	REPAYMENT OF THE CREDIT

 

		7.1.1	Instalment 1

 

The Borrower undertakes
to repay the Outstanding Credit within Instalment 1 through its transfer to the Account of the Credit Manager in quarterly payments
in the amount and according to the procedure stipulated by Part 1 of Annex 8 (Repayment Schedule under Instalment 1)
and on the Final Repayment Date related to Instalment 1 the Borrower shall return all remaining amounts of the Outstanding Credit
within Instalment 1 in full.

 

		7.1.2	Instalment 2

 

The Borrower undertakes
to repay the Outstanding Credit within Instalment 2 through its transfer to the Account of the Credit Manager in quarterly payments
in the amount and according to the procedure stipulated by Part 2 of Annex 8 (Repayment Schedule under Instalment 2)
and on the Final Repayment Date related to Instalment 2 the Borrower shall return all remaining amounts of the Outstanding Credit
within Instalment 2 in full.

 

		8.	EARLY REPAYMENT AND REFUSAL OF THE CREDIT

 

		8.1	Illegality for the Creditor

 

If, in accordance with any applicable
legislation, granting of the Credit to the Borrower or participation in it becomes illegal for any Creditor, violates any legislation
applicable to such Creditor, or may result in any sanctions or liability for such Creditor, then:

 

		8.1.1	Such Creditor shall notify the Credit Manager and the Borrower thereof as soon as it becomes aware of
such event;

 

		8.1.2	Any non-performed obligation of the Creditor to grant the Credit shall terminate on the date of the notice
specified in Clause 8.1.1; and

 

		8.1.3	The Borrower shall early repay the amount corresponding to the Pro Rata Share of such Creditor in the
Credit on the earliest of the following dates:

 

(A)       the
date occurring after 45 days from the date of sending by the Creditor of a notice to the Credit Manager and the Borrower; or

 

(B)       the
date specified by the Creditor in the notice sent to the Credit Manager and the Borrower which, if the respective date is established
by the legislation, cannot occur earlier than the latest appropriate date set forth by the legislation,

 

and if according
to the legislation, the amount should be reimbursed immediately, the Borrower undertakes to reimburse, immediately and before schedule,
the amount corresponding to the Pro Rata Share of such Creditor in the Credit.

 

    23 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		8.2	Change of Control

 

		8.2.1	In case of the Change of Control:

 

		(A)	The Borrower shall notify the Credit Manager of such Change of Control immediately after the Borrower
becomes aware of such event;

 

		(B)	Each Creditor may refuse to grant the Credit; and

 

		(C)	Upon the request of any Creditor, the Credit Manager shall send the Borrower a notice demanding to early
repay the full amount corresponding to the Pro Rata Share of such Creditor in the Credit, including the accrued interest, remuneration,
commission fees, and any other amounts due to the Creditor under this Agreement, and the Borrower shall, within the period specified in
such notice, early repay and pay the said amounts, and such period shall be at least 15 Business Days from the date of notice receipt
by the Borrower.

 

		8.2.2	For the purposes of Clause 8.2.1:

 

“Change of
Control” means:

 

		(A)	That the Ultimate Beneficial Owners in the aggregate lost the right they had due to their direct or indirect
participation in the authorized capital of any Debtor based on a written agreement, by virtue of the legislation, or otherwise, to:

 

		(1)	Exercise the voting right (or control exercising of the voting right) based on the participatory interest
in the authorized capital of any Debtor; or

 

		(2)	Appoint or remove the person performing the functions of the sole executive body or most of the members
of any collective governing body of any Debtor; or

 

		(3)	Give any instructions binding in relation to the business lines or financial policy of any Debtor (and
the Parties acknowledge that the absence of such right of the Ultimate Beneficial Owners as on the Date of Signing, shall not be deemed
to be forfeiture of such right); or

 

		(B)	A decrease in the participatory interest in the authorized capital or in the number of issued ordinary
shares of the Debtor, which is (are) directly or indirectly owned by the Ultimate Beneficial Owners in the aggregate, if, as a result
of such decrease, the participatory interest in the authorized capital or the number of issued ordinary shares of such Debtor, which is
(are) directly or indirectly owned by the Ultimate Beneficial Owners in the aggregate, does not exceed 51 per cent of the authorized capital
or of the total number of issued ordinary shares of the Debtor (as relevant) any longer.

 

		8.3	Voluntary Refusal of the Credit

 

Within the Drawdown Period, the Borrower
is entitled, provided a prior notice is sent to the Credit Manager within 10 Business Days before the end of the Drawdown Period (unless
a shorter period is agreed with the Majority of Creditors), to refuse of drawdown of the whole Credit or a part thereof in the amount
of no less than 20,000,000 Russian rubles. The refusal of the Borrower of drawdown of a part of the Credit reduces pro rata the Credit
Limit of each Creditor from the date indicated in the notice to the Credit Manager.

 

		8.4	Voluntary Early Repayment

 

		8.4.1.	The Borrower may, subject to receipt
                                            by the Credit Manager of a prior notice from the Borrower (in the form given in Annex 6
                                            (Notice of Early Repayment Form)) (hereinafter referred to as the “Notice
                                            of Early Repayment”) at least five Business Days in advance (unless a shorter period
                                            is agreed upon with the Majority of Creditors), early repay the Outstanding Credit or any
                                            part thereof. 8.4.2.The Outstanding Credit amount repaid early (unless it is the Outstanding
                                            Credit in full) shall be at least 50,000,000 Russian rubles.

 

    24 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		8.4.3.	The Notice of Early Repayment shall be sent to the Credit Manager in the original. The Borrower may transfer
the Notice of Early Repayment to the Credit Manager in the form of the Electronic Document under the Remote Banking System, provided the
powers of the person signing such Notice of Early Repayment are confirmed, and provided that the Credit Manager receives the original
of such Notice of Early Repayment on or before the early repayment date, in the quantity equal to the number of Creditors.

 

		8.4.4.	Any voluntary
early repayment in accordance with this Article 8.4. shall be pro rata to all Instalments.

 

		8.4.5.	Any partial
repayment of the Outstanding Credit within one Instalment shall decrease pro rata the scope of the Borrower’s obligation to repay
the Outstanding Credit to each Creditor within the relevant Instalment.

 

		8.5	Miscellaneous

 

		8.5.1	The Borrower may not revoke its notices sent in accordance with this Article 8.

 

		8.5.2	If the Credit Manager receives any notice pursuant to this Article 8, it shall, within the next Business
Day, send a copy of such notice to the Party, to which this notice is addressed.

 

		8.5.3	In case of any early repayment of the Outstanding Credit or a part thereof, the Borrower shall repay the
Outstanding Credit (or a part thereof) together with all interest accrued on the repayment amount as at the repayment date, applicable
commission fees, remuneration, and any other amounts payable by the Creditor under this Agreement and, in case of early repayment in accordance
with Article 8.4 (Voluntary Early Repayment), with the Expenses Due to the Change of Dates (as defined in Article 12.4 (Early
Repayment Fee) according to the procedure provided for in Article 12.4. (Early Repayment Fee)).

 

		8.5.4	Any partial repayment of the Credit within the Instalment shall decrease pro rata each repayment amount
payable within this Instalment in accordance with the repayment schedule of the Outstanding Credit in relation to such Instalment.

 

		8.5.5	The Borrower may not early repay the Outstanding Credit or any part thereof or refuse to receive the Credit
or any part thereof under the terms and conditions not expressly provided for by this Agreement.

 

		8.5.6	The Borrower may not submit the Drawdown Request in relation to the amount of the Outstanding Credit repaid
by the Borrower.

 

		9.	INTEREST

 

		9.1	Calculation of Interest

 

		9.1.1	The interest rate on the Outstanding Credit in relation to each Instalment for each Interest Period shall
be the annual interest rate equal to the sum of:

 

		(A)	Margin for the relevant Instalment; and

 

		(B)	Basic Rate.

 

    25 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		9.1.2	For each Interest Period, the Base Rate shall be determined on the relevant Interest Rate Determination
Date.

 

		9.1.3	The Credit Manager` shall, on the Interest Rate Determination Date, notify each Party of the amount of
the interest rate accrued on the Outstanding Credit in relation to each Instalment.

 

		9.2	Margin Revision

 

		9.2.1	The Margin shall be automatically increased as follows:

 

		(A)	In relation to any Credit within Instalment 1 — up to 5.35 per cent per annum; and

 

		(B)	In relation to any Credit within Instalment 2 — up to 5.8 per cent per annum, 

 

In case any Event
of Default occurs.

 

		9.2.2	A Margin increase takes effect from the date (hereinafter referred to as the “Margin Increase
Date”) immediately following the earliest of:

 

		(A)	The date of sending by the Borrower to the Credit Manager a notice of an Event of Default; or

 

		(B)	The date, on which the Credit Manager became aware of the Event of Default;

 

		9.2.3	If, as at the Test Date immediately following the Margin Increase Date, there are no Events of Default,
then:

 

		(A)	The Margin shall be automatically decreased to the value being in effect before the Margin Increase Date;
and

 

		(B)	A Margin decrease takes effect on the first day of the Interest Period immediately following the above
Test Date (hereinafter referred to as the “Margin Decrease Date”), provided that, as at the Margin Decrease Date, there
is no Event of Default.

 

		9.3	Payment of Interest

 

The Borrower shall
pay the Credit Manager in favour of the Creditors the interest on the Outstanding Credit in relation to each Instalment on each Interest
Payment Date relating to such Instalment.

 

		9.4	Forfeit

 

		9.4.1	In case the Borrower fails to perform within the established deadline the duty to pay any amount it shall
pay under the Finance Document, a forfeit shall be charged on such overdue amount during the period from the date (inclusive) following
the due payment date to the actual payment date (inclusive) (both before and after rendering the relevant court decision) at the annual
interest rate equal to the doubled interest rate effective on the due payment date of such overdue indebtedness for each day of delay.

 

For the purposes
of this Clause 9.4.1, the Parties agree that, if the overdue amount relates to:

 

		(A)	The Outstanding Credit within any Instalment, then a reference to the “interest rate” relating
to such overdue amount should be considered as a reference to the interest rate relating to such Instalment;

 

		(B)	The interest, then a reference to the “interest rate” relating to such overdue amount should
be considered as a reference to the Instalment, to which such interest rate applies; and

 

		(C)	Any other amounts, then a reference to the “interest rate” relating to such overdue amount
should be considered as a reference to the arithmetical average of the interest rates referring to Instalment 1 and Instalment 2.

 

    26 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		9.4.2	The forfeit shall be paid by the Borrower within five Business Days after the relevant claim was sent
by the Credit Manager.

 

		9.4.3	The Parties agree that the Borrower’s payment of the forfeit provided for in this Article 9.4 shall
by no means limit the Creditors’ rights to use any other remedies, including a right to claim reimbursement by the Borrower for
the losses and expenses incurred due to the Borrower’s delay to the extent not covered by the forfeit.

 

		9.4.4	The Parties confirm that no interest provided for by Article 9.3 (Interest Payment) shall accrue
on the overdue amount, from which the forfeit provided for in this Article 9.4 is charged.

 

		10.	INTEREST PERIODS

 

		10.1	The first Interest Period in relation to each Instalment shall begin on the date following the first Drawdown
Date related to such Instalment and shall end on the nearest Interest Payment Date.

 

		10.2	Each subsequent Interest Period in relation to the relevant Instalment shall begin on the day following
the last day of the previous Interest Period in relation to such Credit and shall end on the immediately following Interest Payment Date.

 

		11.	TAXES

 

		11.1	Reimbursement of Expenses on Tax Deduction

 

		11.1.1	Immediately after the Debtor or the Creditor becomes aware that any Debtor shall make a Tax Deduction
(or change the rate or the base of the Tax Deduction), the Debtor shall, and the Borrower shall ensure that the Debtor will, or the Creditor
shall, as the case may be, notify the Credit Manager thereof. If the Credit Manager receives such notice from the Creditor, it shall notify
the relevant Debtor.

 

		11.1.2	If the Debtor is obliged, in accordance with the legislation, to make the Tax Deduction in relation to
any amount to be transferred to the Finance Party under the Finance Documents, then the amount being paid by the Debtor to the Finance
Party shall be increased so that, after the Tax Deduction, the relevant Finance Party would receive the amount, which it would receive
if no such withholding of the Tax Deduction was required. In the absence of the Default, the Debtor shall not increase in such a way the
amounts being paid to the Finance Party if, as at the date of the relevant payment, such Finance Party ceased to be the Acceptable Creditor
for any reason not related to any change in the legislation.

 

		11.1.3	Within 30 days after making the Tax Deduction, the Borrower shall ensure that the Debtor provides the
Credit Manager with the copies of payment documents (acceptable to the Credit Manager in form and substance) confirming that the withheld
amount of the Tax Deduction was transferred by the Debtor to the state budget in accordance with the requirements of the applicable legislation
in order to transfer such copies to the relevant Finance Party.

 

		11.1.4	The Finance Party registered not in the Russian Federation and being the Acceptable Creditor, within 20
Business Days from the date of receiving the correspondent request of the Borrower, shall provide the Borrower with a copy of the Tax
Certificate issued in respect of the said Finance Party.

 

    27 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		11.2	Reimbursement of Expenses in Connection with Tax Payment

 

		11.2.1	Within five Business Days after the Credit Manager submits the relevant claim, the Borrower shall ensure
that the Debtor pays the Finance Party, which is not a Russian legal entity, an amount equivalent to the Tax paid by the Finance Party
or the Tax, which is payable in accordance with the applicable legislation in connection with any Finance Document.

 

		11.2.2	The provisions of Clause 11.2.1 shall not apply:

 

		(A)	To the profit tax paid by the Finance Party in accordance with the legislation of the jurisdiction, where
it is a tax resident; or

 

		(B)	To the extent, where expenses in connection with the Tax payment are compensated by increasing the payment
amount pursuant to Article 11.1 (Reimbursement of Expenses on Tax Deduction).

 

		11.2.3	The Finance Party submitting, or intending to submit, a claim pursuant to Clause 11.2.1 shall immediately
notify the Credit Manager of the event, which will give, or gave, rise to such claim, whereupon the Credit Manager shall notify the Borrower
and the relevant Debtor thereof.

 

		11.3	Tax Indemnity

 

If the Debtor made the Tax Payment
and the relevant Finance Party finds that:

 

		11.3.1	Any Tax Indemnity may be applied to the additional payment, which includes such Tax Payment, to such Tax
Payment, or to the Tax Deduction, due to which such Tax Payment was required; and

 

		11.3.2	Such Finance Party received such Tax Indemnity, and it should notify the Borrower thereon at the earliest
convenience.

 

Then such Finance Party shall transfer
to such Debtor the amount that will put such Finance Party (after making such payment) in the position after paying the Taxes, in which
it would be if the Debtor did not have to make such Tax Payment.

 

		11.4	Charges and Duties

 

Within five Business Days after receiving
the relevant request of the Finance Party, the Borrower shall ensure that the Debtor reimburses this Finance Party for all its costs caused
by payment of the stamp duties, registration fees, and all other similar Taxes payable in connection with any Finance Document.

 

		11.5	Value Added Tax (VAT) and Other Taxes

 

		11.5.1	Unless otherwise is specified in the Finance Document, all amounts payable by the Debtor shall be specified
in the Finance Documents without VAT.

 

		11.5.2	To the extent set forth by the Russian legislation, the remuneration and fees due to the Finance Parties
shall be increased by VAT and any other applicable taxes, which levying or charging is not related to profit taxation of the net income
received or receivable by the Finance Party.

 

		12.	ADDITIONAL PAYMENTS

 

		12.1	Remuneration of the Credit Manager and Pledge Manager

 

		12.1.1.	The Borrower shall pay the Credit Manager and the Pledge Manager remuneration for the services of the
Credit Manager and the Pledge Manager related to:

 

		(A)	Maintenance by the Credit Manager of a register of the Parties
to this Agreement, recording of the Monetary Funds provided to the Borrower by the Creditors in accordance with this Agreement, exercise
by the Credit Manager of the Creditors’ rights within this Agreement, and performance by the Credit Manager of any other duties
provided for by this Agreement; and

 

    28 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		(B)	Performance
by the Borrower and the Finance Parties of their obligations and exercise by the Finance Parties of their rights under this Agreement
and the Security Agreements,

 

in the amount, according
to the procedure, and under the terms and conditions specified in Clauses 12.1.2 and 12.1.3.

 

		12.1.2.	Remuneration for rendering services of the Credit Manager shall be paid annually in the amount equal to
1,000,000 Russian rubles per year (net of VAT), and

 

		(A)	for the first time, the remuneration shall be paid within 10 Business Days from the Signing Date; and

 

		(B)	subsequently, the remuneration shall be paid on or before each anniversary of signing hereof.

 

		12.1.3.	Remuneration for rendering services of the Pledge Manager shall be paid annually in the amount equal to
1,000,000 Russian rubles per year (net of VAT), and

 

		(A)	for the first time, the remuneration shall be paid within three months from the Signing Date; and

 

		12.2	(B)subsequently, the remuneration shall be paid on or before each anniversary of signing hereof.Credit
Fee

 

		12.2.1	The Borrower shall pay the Credit Manager (for subsequent distribution by the Credit Manager among the
Creditors pro rata to their Pro Rata Share) a Credit fee under this Agreement in the amount and according to the procedure provided for
by Clause 12.2.2.

 

		12.2.2	The Credit Fee shall be paid by the Borrower to the Credit Manager:

 

		(A)	With regard to Instalment 1 — in the amount of 2,500,000 Russian rubles, in one instalment
before the first Drawdown Date related to Instalment 1 but in any case within ten Business Days from the Signing Date; and

 

		(B)	With regard to Instalment 2 — in the amount of 3,000,000 Russian rubles, in one instalment
before the first Drawdown Date related to Instalment 2 but in any case within ten Business Days from the Signing Date.

 

		12.3	Commitment Fee

 

		12.3.1	The Borrower shall pay the Credit Manager (for subsequent distribution among the Creditors pro rata to
their Pro Rata Share) a commitment fee in relation to each Instalment, which is calculated at the rate of 40 per cent of the Margin, which
relates to the relevant Instalment and is effective on the payment date, of the Unspent Credit Limit in relation to each Instalment.

 

		12.3.2	The said commitment fee shall be charged for the Drawdown Period and shall be paid on each Interest Payment
Date within the Drawdown Period up to the date, when the Aggregate Unspent Credit Limit becomes equal to zero (exclusive of such date).

 

		12.3.3	In case of early repayment of the Outstanding Credit in full before the end of the Drawdown Period, the
Borrower shall pay the commitment fee on the date of such early repayment of the Outstanding Credit.

 

		12.4	Early Repayment Fee

 

		12.4.1	In case of early repayment of the Outstanding Credit or any part thereof not on the Interest Payment Date
for the reasons provided for by this Article 8.4. (Voluntary Early Repayment), the Borrower shall (along with the Outstanding Credit
to be repaid early or on any other date preliminarily agreed upon with the Credit Manager)
pay a fee in the amount provided for by this Article 12.4.

 

    29 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		12.4.2	The fee specified in Clause 12.4.1 shall amount, in relation to each early repaid amount of the Credit,
to the total Expenses Due to the Change of Dates.

 

		12.4.3	In this Article:

 

“Expenses Due to the Change
of Dates” mean an amount, by which:

 

		(A)	The interest that the Creditor would receive for the period from the receipt date of the early repaid
amount of the Outstanding Credit to the last day of the Interest Period, if the relevant payment to repay the Outstanding Credit was made
on the last day of such Interest Period;

 

Exceeds

 

		(B)	The interest that the Creditor could receive for depositing the early repaid amount of the Outstanding
Credit received by it in the relevant currency with the Acceptable Bank (at the Creditor’s choice) for the period beginning on the
following Business Day after receiving such amount from the Borrower and ending on the last day of the relevant Interest Period.

 

“Acceptable Bank”
means a bank having a rating of at least “BB” according to the scale of S&P or Fitch or at least “Ba2” according
to the scale of Moody's.

 

		12.4.4	With regard to each early repayment of the Credit not on the Interest Payment Date, each Creditor shall
provide the Credit Manager with the information on the amount of the Expenses Due to the Change of Dates for this Creditor within two
Business Days before the expected early repayment date in order to transfer such information to the Borrower.

 

		13.	ADDITIONAL COSTS

 

		13.1	Additional Costs

 

		13.1.1	Subject to Article 13.3 (Exceptions), the Borrower shall, within ten Business Days after the Credit
Manager submits the relevant claim, reimburse the relevant Finance Party for the documented Additional Costs incurred by such Finance
Party as a result of introduction of any legislation into effect or amendments to the legislation after the Signing Date (or to the practice
of its interpretation or application).

 

		13.1.2	In this Article, “Additional Costs” mean:

 

		(A)	Additional costs, expenses, or losses incurred by the Finance Party due to reduction of any amounts received
or receivable; or

 

		(B)	Any additional or increased costs, expenses, or losses; or

 

		(C)	Expenses or losses related to a decrease in any amount payable by the Debtor in accordance with any Finance
Document,

 

Which arise for any Finance Party
due to the fact that it is a Party to this Agreement.

 

		13.2	Claims to Pay the Additional Costs

 

The Finance Party making a claim in
accordance with Article 13 (Additional Costs) shall notify the Credit Manager of the circumstances that served as a basis for such
claim and provide it with the calculation of the Additional Costs, whereupon the Credit Manager shall notify the Borrower thereof within
one Business Day and transfer to it the calculation received from the Finance Party.

 

    30 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		13.3	Exceptions

 

The provisions of Article 13 (Additional
Costs) shall not apply if:

 

		13.3.1	The Additional Costs are reimbursed to the Finance Party in accordance with any other Article of this
Agreement;

 

		13.3.2	The Additional Costs are caused by deliberate non-compliance of the Finance Party with the legislation
or this Agreement; or

 

		13.3.3	The relevant Finance Party did not take any reasonable measures to avoid or to decrease the Additional
Costs.

 

		14.	REIMBURSEMENT OF EXPENSES AND LOSSES

 

		14.1	Reimbursement of Currency Expenses

 

If any amount (hereinafter referred
to as “Amount”) payable to the Finance Party by any Debtor pursuant to the Finance Documents or based on a decision
rendered by court, commercial or arbitration court shall be converted from the currency, in which such amount shall be paid (hereinafter
referred to as the “First Currency”), into another currency (hereinafter referred to as the “Second Currency”),
or shall be calculated in the Second Currency, for:

 

		14.1.1	Making any claim against the said Debtor; or

 

		14.1.2	Enforcing any court or commercial court decision within any court, commercial, or arbitration proceedings,

 

Then the relevant Debtor shall, and
the Borrower shall ensure that such Debtor will, within ten Business Days after receiving the relevant claim from the Credit Manager,
reimburse each Finance Party, to which such Amount is due, for the expenses and losses arising from such conversion, including any difference
between (A) the exchange rate used to convert the said Amount from the First Currency into the Second Currency and (B) the exchange rate
available to that person at the time of receipt of the said Amount.

 

		14.2	Reimbursement of Other Expenses

 

Within ten Business
Days after receiving the relevant claim from the Credit Manager, the Borrower shall reimburse each Finance Party for all expenses reasonably
incurred, documented, and preliminarily agreed upon with the Borrower (including fees of legal and any other consultants subject to the
reservations and assumptions with regard to the preliminarily agreed fees) incurred by the relevant Finance Party as a result of:

 

		14.2.1.	Occurrence
of an Event of Default;

 

		14.2.2.	Early repayment
of the Outstanding Credit or a part thereof not in accordance with the provisions of this Agreement;

 

		14.2.3.	Non-provision
of the Credit to the Borrower pursuant to the Drawdown Request due to the Borrower’s breach of any provisions of this Agreement;
or

 

		14.2.4.	Failure to
early repay the Outstanding Credit or a part thereof, despite the notice of early repayment submitted to the Credit Manager in accordance
with the requirements of this Agreement.

 

		14.3	Reimbursement of the Credit Manager’s Expenses

 

Within ten Business Days after receiving
the relevant claim, the Borrower shall reimburse the Credit Manager for the amount of all expenses reasonably incurred, documented, and
preliminarily agreed upon with the Borrower (including fees of legal and any other consultants subject to the reservations and assumptions
with regard to the preliminarily agreed fees) incurred by the Credit Manager as a result of:

 

		14.3.1	Investigation of any event, which the Credit Manager reasonably believes to be an Event of Default; or

 

		14.3.2	Actions based on any notice or instruction of any Finance Party in accordance with this Agreement, which
the Credit Manager reasonably believes to be complied with.

 

    31 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		14.4	Reimbursement of the Pledge Manager’s Expenses

 

		14.4.1	Within ten Business Days after receiving the relevant claim, the Borrower shall reimburse the Pledge Manager
for the amount of all Pledge Manager’s expenses reasonably incurred, documented, and preliminarily agreed upon with the Borrower
(including fees of legal and any other consultants subject to the reservations and assumptions with regard to the preliminarily agreed
fees and excluding expenses and property losses which amount was reimbursed by the Debtor earlier in accordance with the Pledge Agreement)
incurred by the Pledge Manager as a result of the actions aimed at:

 

		(A)	Protecting the rights of the Finance Parties based on the Security Agreements; or

 

		(B)	Protecting the property pledged in favour of the Creditors subject to the relevant Security Agreements.

 

		14.4.2	The Pledge Manager may, on a priority basis, reimburse its expenses out of the cost of the property pledged
in favour of the Creditors subject to the relevant Security Agreements.

 

		14.5	Transaction Expenses and Amendment Expenses

 

		14.5.1	The Borrower shall, within ten Business Days after the date of receipt of the relevant claim from the
Credit Manager and (or) the Pledge Manager, reimburse the Finance Parties for all expenses reasonably incurred, documented, and preliminarily
agreed upon with the Borrower (including fees of legal and any other consultants and appraisers subject to the reservations and assumptions
with regard to the preliminarily agreed fees and excluding expenses which amount was reimbursed by the Debtor earlier in accordance with
the Pledge Agreement) due to the Credit arrangement, negotiations, preparation, execution, and signing of the Finance Documents.

 

		14.5.2	The Borrower shall, within ten Business Days after the date of receipt of the relevant claim from the
Credit Manager, reimburse the Finance Parties for all expenses reasonably incurred, documented, and preliminarily agreed upon with the
Borrower (including fees of legal and any other consultants and appraisers subject to the reservations and assumptions with regard to
the preliminarily agreed fees and excluding expenses which amount was reimbursed by the Debtor earlier in accordance with the Pledge Agreement)
due to agreeing upon and amending the Finance Documents and (or) obtaining a consent or a waiver from the Finance Parties, in each case,
if the relevant amendment, consent, or waiver is initiated by the Borrower or relates to the requirements of the applicable legislation.

 

		14.5.3	If the amount of the relevant expenses is not expressed in Russian rubles, the Borrower shall reimburse
the Equivalent of such amount in Russian rubles at the exchange rate on the date, when the relevant expenses are incurred by the relevant
Finance Party (unless otherwise is agreed upon between the Borrower and the relevant Finance Party).

 

		14.6	Enforcement Expenses

 

Within ten Business Days after
receiving the relevant claim from the Credit Manager, the Borrower shall reimburse each Finance Party for all expenses documented,
and preliminarily agreed upon with the Borrower and reasonably incurred (including fees of legal and any other consultants and
appraisers and excluding expenses which amount was reimbursed by the Debtor earlier in accordance with the Pledge Agreement) by the
relevant Finance Party due to enforcement of any Finance Document or protection by such Finance Party of its rights under the
Finance Documents (including court costs).

 

    32 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		14.7.	Compensation of Losses

 

		14.7.1.	Pursuant to Article 406 of the Civil Code, if the obligation of the Borrower, provided for
in Article 12.1 (Remuneration of the Credit Manager and Pledge Manager), Article 14.3. (Reimbursement of the Credit Manager’s
Expenses) or Article 14.4. (Reimbursement of the Pledge Manager’s Expenses) is or becomes invalid, illegal and (or) any
such obligation is not subject to judicial protection, the Borrower as the independent and principal obligation, upon the request of the
Finance Party, will unconditionally reimburse the respective Finance Party for the amounts of any expenses, commission fees, charges and
losses which it will incur due to non-payment of any amount, which, save for such invalidity, illegality and (or) impossibility of judicial
protection, would be subject to payment in accordance with Article 12.1. (Remuneration of the Credit Manager and Pledge Manager),
Article 14.3. (Reimbursement of the Credit Manager’s Expenses) or Article 14.4. (Reimbursement of the Pledge Manager’s
Expenses) on the date of making such payment or discharge of obligation.

 

		14.7.2.	The amounts subject to payment by the Borrower in accordance with this Article 14.7 (Compensation of
Losses), may not exceed the aggregate amount which the Borrower should have paid in accordance with Article 12.1 (Remuneration
of the Credit Manager and Pledge Manager), Article 14.3. (Reimbursement of the Credit Manager’s Expenses) and Article
14.4. (Reimbursement of the Pledge Manager’s Expenses) so, as if the declared amount was subject to payment by virtue of
Article 12.1. (Remuneration of the Credit Manager and Pledge Manager), Article 14.3. (Reimbursement of the Credit Manager’s
Expenses) or Article 14.4. (Reimbursement of the Pledge Manager’s Expenses).WARRANTIES AND REPRESENTATIONS

 

		15.	WARRANTIES AND REPRESENTATIONS

 

		15.1	Representations and Warranties

 

		15.1.1	The Warranties and Representations are made by the Borrower to each Finance Party in relation to itself
and in relation to each other Debtor not being a party to this Agreement.

 

		15.1.2	Each Finance Party relies on such Warranties and Representations and their reliability is material for
the Finance Parties.

 

		15.1.3	The Borrower acknowledges that neither Finance Party would enter into this Agreement if no Warranties
and Representations were made in their entirety.

 

		15.2	Status

 

		15.2.1	Each Debtor is a legal entity duly organised and validly existing in accordance with the applicable law.

 

		15.2.2	Each Debtor is the owner of its property and carries out its activities in accordance with the applicable
legislation.

 

		15.3	Capacity and Powers

 

		15.3.1	Each Pledger has legal capacity and powers to enter into and perform the Transaction Documents, a party
to which it is, and the transactions contemplated by them and has obtained all requisite approvals (consents) for the entry into and performance
of such Transaction Documents in the manner prescribed by the legislation and its constituent and other internal documents, including
the approval (provision of consent for the performance) of the transactions contemplated by such Transaction Documents as a major transaction and
an interested-party transaction (if such approvals (consents) are required).

 

		15.3.2	The persons acting on behalf of the Debtor have the authority to enter into the Transaction Documents,
to which the relevant Debtor is a party.

 

    33 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		15.4	Validity

 

		15.4.1	Taking into consideration the Legal Reservations, each Transaction Document, to which the Debtor is a
party, represents an obligation compliant with the applicable legislation, valid and legally binding upon the Debtor, which is enforceable.

 

		15.4.2	Taking into consideration the Legal Reservations, each Transaction Document, to which the Debtor is a
party, is drawn up in the form ensuring its enforceability in the jurisdiction, where the Debtor is incorporated and (or) registered.

 

		15.5	No Conflict

 

Entry into and performance
by the Debtor of each Transaction Document, to which it is a party, and the transactions based thereon do not contradict:

 

		15.5.1	Any applicable law;

 

		15.5.2	Its statutory and other internal documents;

 

		15.5.3	Any decisions of its governing bodies; and

 

		15.5.4	Any other documents or agreements that are binding on it, except for the cases when such conflict does
not result in and may not result in the Material Adverse Effect.

 

		15.6	Complying with the Laws

 

Business activities of each Debtor
are carried out in accordance with the current legislation, including, without limitation, special regulation of the industry, except
where any violation of the legislation does not and cannot result in a Material Adverse Effect.

 

		15.7	Complying with the Anti-Corruption Laws

 

The Debtor carries out its business
activities in accordance with the applicable anti-corruption legislation, except where any violation of such legislation does not and
cannot result in a Material Adverse Effect.

 

		15.8	Encumbrance and Financial Indebtedness

 

		15.8.1	There is no Encumbrance in relation to any property of the Debtor, except for the Encumbrance permitted
by the Finance Documents.

 

		15.8.2	The Debtor has no outstanding Financial Indebtedness, excluding the Financial Indebtedness permitted by
the Finance Documents.

 

		15.9	No Default

 

		15.9.1	No Default will arise from entry into or performance by the Debtor of any Finance Documents, to which
it is a party, or transactions based thereon.

 

		15.9.2	There are no events or circumstances representing a default on financial obligations by the Debtor under
any agreement or any other document binding upon the Debtor, which occurrence results in or may result in the Material Adverse Effect.

 

		15.9.3	There are no other events or circumstances representing a default, non-performance, or breach of the obligations
under any document binding upon the Debtor, if such event or circumstance with a reasonable degree of probability can have a Material
Adverse Effect.

 

    34 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		15.10	Permits

 

As at the Signing Date, all authorisations
and consents required in connection with the conclusion, performance, ensuring validity and enforceability of each Finance Document, to
which it is a party, and the transactions contemplated thereby have been obtained by each Debtor and remain valid.

 

		15.11	Registration Requirements

 

No notarial actions in connection
with any Finance Document or the registration of any Finance Document are required (and no payment of any state or registration fees or
taxes or levies is required in connection with the Finance Documents), including with any state authorities or agencies of the Russian
Federation and (or) the Republic of Cyprus, except for:

 

		15.11.1	Notarization of the Participatory Interest Pledge Agreement and payment of the relevant levies and duties;

 

		15.11.2	Entering of notices of the pledge of movable property occurring based on the Intellectual Property Items
Pledge Agreements (except for the Trade Marks Rights Pledge Agreement) in the register of notices of the pledge of movable property of
the unified information system of notaries, and payment of the relevant levies and duties;

 

		15.11.3	Registration of the pledge occurring based on the Participatory Interest Pledge Agreement in the Unified
State Register of Legal Entities, and payment of the relevant levies and duties;

 

		15.11.4	Registration of the pledge occurring based on the Trade Marks Rights Pledge Agreement, if Rospatent performs
respective registration, and the Licence Agreements Rights Pledge Agreements with Rospatent;

 

		15.11.5	Registration of the Participatory Interest Pledge Agreement and the Trade Marks Rights Pledge Agreement
in accordance with the laws of the Republic of Cyprus in the Register of Companies and the payment of the corresponding levies and fees;

 

		15.11.6	Registration of the Participatory Interest Pledge Agreement, each of the Share Pledge Agreement and Trade
Marks Rights Pledge Agreement pursuant to the legislation of the Republic of Cyprus in the internal pledge register of the respective
Debtor; and

 

		15.11.7	Payment of stamp duty in Cyprus with regard to the Finance Documents to which the Guarantors are a party.

 

		15.12	Financial Statements

 

		15.12.1	The latest financial statements / information (as the case may be) of the Borrower provided to the Credit
Manager:

 

		(A)	Are prepared in accordance with RAS; and

 

		(B)	In all material respects, reliably reflect the Borrower’s financial standing (if applicable, on
a consolidated basis) as at the date of their preparation.

 

		15.12.2	The latest financial statements / information (as the case may be) of each Debtor incorporated in the
Republic of Cyprus, provided to the Credit Manager:

 

		(A)	Are prepared in accordance with IFRS; and

 

		(B)	In all material respects, reliably reflect the respective Borrower’s financial standing (if applicable,
on a consolidated basis) as at the date of their preparation.

 

		15.12.3.	Since the date, on which the financial statements / information (as the case may be) specified in Clauses
15.12.1 and 15.12.2. were prepared, there were no events that could have a Material Adverse Effect.

 

    35 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		15.13	Insolvency

 

There are no corporate
actions, court proceedings, any other procedures, or actions specified in Article 19.7 (Insolvency), commenced or expected, as
far as the Borrower is aware, against the Debtors, and there are no circumstances specified in Article 19.8 (Insolvency Proceedings)
and Article 19.9.(Forcible Withdrawal or Restriction on Disposal of Property).

 

		15.14	Taxation

 

		15.14.1	The Debtor is not liable to make deductions towards Tax payments from the amounts of payments transferred
in favour of the Creditors under the terms and conditions of the Finance Documents.

 

		15.14.2	The Debtor timely and duly paid all Taxes and made any other mandatory payments to the budget and (or)
extra-budget funds levied on it and its property (assets), and the duty to pay them within the set period was performed without charging
any fines or penalties, except where:

 

		(A)	The aggregate amount of the indebtedness of all Debtors in respect of
Taxes and other obligatory payments to the budget and (or) extra budget funds does not exceed 20,000,000 Russian rubles (or its Equivalent
in any other currency); or

 

(B)       in
relation to the indebtedness all following conditions are met:

 

(1)       Such
payment is challenged in good faith;

 

(2)       Adequate
reserves are established for such challenged indebtedness; and

 

(3)        a
period is legally established in respect of such payment, during which it is allowed not to make such a payment, and such period has not
expired.

 

		15.14.3	The Debtor did not delay submission of tax returns for more than three Business Days.

 

		15.14.4	No claims are lodged against any Debtor due to the Taxes or any other mandatory payments to the budget
and (or) extra-budget funds which amount in the aggregate with the amount of claims declared in respect of other Debtors, exceeds 50,000,000
Russian rubles (or its Equivalent in any other currency).

 

		15.14.5	There are no Tax audits being conducted on any Debtor (and there is no reason to expect such claims or
audits), which may have a Material Adverse Effect.

 

		15.14.6	For the Taxation purposes:

 

		(A)	The Borrower is a tax resident of the Russian Federation only; and

 

		(B)	Every other Debtor is a tax resident of the Republic of Cyprus only.

 

		15.15	Ownership

 

		15.15.1	The Debtor has valid licences and authorizations, good title, and valid right to lease in relation to
the property necessary for the activities the Debtor carries out as at the Signing Date.

 

		15.15.2	The Debtor is the sole owner and beneficiary of the property items (assets), in relation to which it enters
into the Pledge Agreements (excluding the Intellectual Property Items Pledge Agreements), has good title and exclusive ownership or any
other property rights (as applicable) free from any claims and rights of third parties,
claims in relation to such property, apart from the Encumbrance occurring based on the said Pledge Agreements.

 

    36 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		15.16	Legal Proceedings

 

As at the Signing Date, there is no
court, arbitration, or administrative proceedings against the Debtor initiated or, as far as the Borrower is aware, expected; no investigative
actions resulting in a decision or a high degree of probability of negative decisions that may cause losses in excess of 20,000,000
Russian rubles or its Equivalent as at the calculation date are taken.

 

		15.17	Information

 

		15.17.1	All information provided by the Borrower to the Finance Party in writing (including by email) due to the
Transaction Documents is true and accurate as at its provision date or (as the case may be) as at the date (if any) specified as a current
date.

 

		15.17.2	Any financial forecasts contained in the information specified in Clause 15.17.1. are prepared as at the
date of their preparation based on the latest data and assumptions that are reasonable as at the date of their submission.

 

		15.17.3	The Borrower did not conceal any information, which, if disclosed, would result in the fact that any other
information specified in Clause 15.17.1. would become untrue or misleading as at the date, on which the relevant information was provided.

 

		15.18	Intellectual Property

 

		15.18.1	The Debtor being a party to the Intellectual Property Items Pledge Agreement is the only right holder
of exclusive rights and other rights in which respect the Debtor enters into the respective Intellectual Property Items Pledge Agreement,
free from any claims and third party rights, claims in respect of such rights, except for (i) the Encumbrance arising under the Intellectual
Property Items Pledge Agreements; (ii) the rights granted to the Borrower under the License Agreements, and (iii) non-exclusive rights
to use the Software provided by the Borrower to third parties as part of the Borrower's Ordinary Course of Business under the terms of
the license agreement posted on the website https://www.cian.ru/help/about/oferta-natural/.

 

		15.18.2	The Debtor is the sole right holder of exclusive rights and other rights in respect of all Intellectual
Property Items being material for the Debtor’s business activities and required for the Debtor’s activities being carried
out as at the Signing Date.

 

		15.18.3	When carrying out the business activities, the Debtor does not infringe any rights of third parties to
the Intellectual Property items, which results in a Material Adverse Effect or reasonable grounds to expect it to occur.

 

		15.18.4	The Debtor took all legal and technical actions (including payment of duties) required to maintain the
rights to the items that are the pledged items under the Intellectual Property Items Pledge Agreements, to which the relevant Debtor is
a party, and to all Intellectual Property items that are material for the Debtor’s business activities.

 

		15.19	Shares

 

		15.19.1	Shares (participatory interests) in the authorized capital of all companies, which are subject matter
of the Security Agreements, are fully paid-up; there are no put options or any other similar rights granted.

 

    37 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		15.19.2	The constituent documents of the companies, which shares (participatory interests) in the authorized capital
are a subject matter of the Security Agreements, provide for no restrictions and prohibitions to pledge shares (participatory interests)
that are a subject matter of the Security Agreements in favour of any third party, to transfer rights to the said shares (participatory
interests), when entering into the Security Agreements, and to levy execution upon their subject matter, except for mandatory legal restrictions
and requirements.

 

		15.20	Ranking of Security

 

		15.20.1	Taking into consideration provisions of Article 15.11 (Registration Requirements), the Encumbrance
imposed by each Pledge Agreement is a senior security, upon which the Pledge Manager may levy execution as a matter of priority.

 

		15.20.2	Third parties have no rights (to claim) or any other rights in relation to the property and assets of
the Debtors that are a subject matter of the Pledge Agreements.

 

		15.21	Ranking of Obligations

 

The Borrower’s
obligations to repay the Outstanding Credit, to pay the interest accrued on it and the fees provided for by this Agreement as well as
any other financial obligations of the Borrower under the Finance Documents are ranked as the obligations to other unsecured creditors
under their claims, in relation to which no preferential procedure is set.

 

		15.22	Regulated Procurements

 

The conclusion by the Debtors of this
Agreement and other Transaction Documents does not require compliance with any procedures under the Regulated Procurements Law or any
similar procedures.

 

		15.23	Accounting Reference Date

 

The Debtor’s accounting reference
date is December 31.

 

		15.24	No Immunity

 

No immunity is used in relation to
the Borrower, any other Debtor, or their property, with regard to filing suits and claims, granting injunctive reliefs, levying execution,
or any similar actions.

 

		15.25	Ownership Structure Chart

 

As at the Signing Date, the Ownership
Structure Chart is complete and accurate in all respects and corresponds to the facts.

 

		15.26.	Shareholders’ Agreement

 

		15.26.1.	There is no corporate agreement, shareholders’ agreement or agreement on exercising the rights of
the members of the company (including at the level of the respective Debtor and higher) or another analogous document in respect of shares
(participatory interests in the charter capital) in the Debtors, except for the Shareholders’ Agreement.

 

		15.26.2.	The Parties to the Shareholders’ Agreement do not include any third parties which are not expressly
specified in the definition of the notion of “Shareholders’ Agreement”.

 

		15.26.3.	The Shareholders’ Agreement contains no provisions stipulating prohibition or the terms and conditions
upon which the Finance Documents or any other analogous documents should be concluded, and contains no terms and conditions on acquisition
or alienation of shares (participatory interests in the charter capital) in the Debtors at a fixed price or upon the occurrence of specific
circumstances or on the restriction of the right to alienate
shares (participatory interests in the charter capital) in the Debtor before or upon the condition of the occurrence of specific circumstances.

 

		15.26.4.	Each Debtor received all necessary authorisations, consents and approvals, sent all necessary notices
provided for in the Shareholders’ Agreement in connection with entering into Finance Documents.

 

    38 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

15.27.       Effective
Periods of the Representations and Warranties

 

		15.27.1.	The Representations and Warranties set out in this Article (except for Representations and Warranties
set forth in Clause 15.12.2). are given by the Borrower as at the Signing Date.

 

		15.27.2.	The Borrower shall ensure that all Representations and Warranties (except for Representations and Warranties
set forth in Article 15.11. (Registration), Article 15.14 (Taxation) and Article 15.16. (Legal Proceedings) remain
true as if they were provided by the Borrower unchanged:

 

		(A)	At the date of each Drawdown Request;

 

		(B)	On each Drawdown Date; and

 

		(C)	On the first day of each Interest Period.

 

		15.27.3.	The Borrower shall ensure that all Representations and Warranties set forth in Article 15.14 (Taxation)
remain true as if they were provided by the Borrower unchanged:

 

		(A)	At the date of each Drawdown Request;

 

		(B)	On each Drawdown Date.

 

		16.	UNDERTAKINGS TO PROVIDE INFORMATION

 

		16.1	Financial Statements

 

The Borrower shall provide the Credit
Manager with the number of certified copies corresponding to the number of Creditors (bearing a mark on the method of sending of the document
to an office of the Federal Tax Service of Russia, if applicable):

 

		16.1.1	As soon as the same is prepared, but in any case on or before April 15 of each year — of the Borrower’s
financial statements for the previous financial year prepared in accordance with RAS; and

 

		16.1.2	As soon as the same is prepared, but in any case on or before May 16, August 15, and November 15 of each
year — of the Borrower’s quarterly financial statements for the previous quarter ending on March 31, June 30, and September
30 of such year, accordingly, prepared in accordance with RAS.

 

		16.1.3	As soon as the same is prepared, but in any case on or before:

 

		(A)	in respect of the statements for 2018 – August 15, 2019; and

 

		(B)	in respect of the statements for each subsequent year – July 1 of the year following the year under
report of
the audited consolidated financial statements of Solaredge Holdings for the previous financial year prepared in accordance with IFRS;

 

		16.1.4.	As soon as the same is prepared, but in any case on or before
September 1 of each year – of the consolidated management statements of Solarenge Holdings for the first six months of the respective
year prepared in accordance with IFRS in the form attached hereto in Annex 14 (Form of Report).

 

		16.1.5.	As soon as the same is prepared, but in any case on or before July 1 of the year following the year under
report – of the management statements of each Debtor incorporated in the Republic of Cyprus,
for the previous financial year prepared in accordance with IFRS in the form attached hereto in Annex 14 (Form of Report).

 

    39 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		16.2	Confirmation of Compliance with the Financial Indicators

 

		16.2.1	Along with each set of financial statements provided in accordance with Clauses 16.1.1 and 16.1.2, the
Borrower shall provide the Credit Manager with a confirmation of financial indicators calculating the financial indicators contained in
Article 17 (Undertakings to Comply with the Financial Indicators) as at the preparation date of such financial statements.

 

		16.2.2	The confirmation of financial indicators should be drawn up in the form provided for in Annex 5 (Confirmation
of Compliance with the Financial Indicators Form) and signed by the Borrower’s authorized representative.

 

		16.3	Requirements to the Financial Statements

 

The Borrower shall
ensure that each set of financial statements provided in accordance with Article 16.1 (Financial Statements) includes:

 

		16.3.1	In case of each statement of the Borrower — the Borrower’s balance sheet and profit and loss
statement, as well as information and explanation of the balance sheet; and

 

		16.3.2	In case of each statement for the financial year of the Borrower — the Borrower’s cash
                                                                    flow statement, as well as information and explanation of the balance sheet; and

 

		16.3.3	In case of each statement of each Debtor incorporated in the Republic of Cyprus – forms of accounting
and other statements prepared in accordance with IFRS and reflecting the financial standing and operations of the respective Debtor or,
in respect of Clauses 16.1.3 and 16.1.4., of the Debtor and other companies which statements are consolidated with the statements of the
Debtor, as well as, in respect of Clause 16.1.3, the letter of the auditor.

 

		16.4	End of the Financial Year

 

The Borrower shall ensure that the
financial year of the Borrower ends December 31.

 

		16.5	Information: Miscellaneous

 

The Borrower shall provide the Credit
Manager (in the number sufficient for all Creditors, if requested by the Credit Manager):

 

		16.5.1	Immediately, but in any case within three Business Days after it becomes aware, — with the information
on any court, arbitration, or administrative proceedings that are conducted, pending, or may be initiated against the Debtor and which
may result in liability exceeding 20,000,000 Russian rubles or its Equivalent as at the calculation date;

 

		16.5.2	Immediately, but in any case within five Business Days after occurrence of the relevant circumstance:

 

		(A)	With the information on any changes in the Debtor’s members (shareholders) owning (together with
the Affiliates) 10% and more per cent of the participatory interests in the Debtor’s authorized capital or in beneficial owners
that may control actions of, or give binding instructions to, the Debtor;

 

		(B)	With the information on any change of the Borrower’s legal form; and

 

		(C)	With the information on changes in the structure of the Debtor’s governing bodies or in the list
of persons included in such bodies (including a change of the sole governing body and transfer of its functions to a managing company);

 

    40 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		16.5.3	Immediately, but in any case within ten Business Days after receiving the relevant claim from the Credit
Manager:

 

		(A)	With the information and documents on the Debtor’s financial standing, property, and transactions
(including explanations of any item in the financial statements, budgets, or any other documents provided in accordance with the Finance
Documents), upon the request of the Credit Manager;

 

		(B)	With the certificate showing the calculation of dividends and other payments, to which Article 18.12 (Payments
to the Shareholders) applies, and confirmation of compliance with the restrictions set forth by the said Article;

 

		16.5.4	Immediately, but in any case within ten Business Days after receiving the relevant claim from the Pledge
Manager, with such information that the Pledge Manager may reasonably request on the property pledged under the Security Agreements and
on the fulfilment of the conditions of any Security Agreement; and

 

		16.5.5	Within ten Business Days after it becomes aware, with the information on any circumstances relating to
the Debtors, which may have a Material Adverse Effect.

 

		16.6	Notice of Default

 

		16.6.1	The Borrower shall notify the Credit Manager of any Default (and measures, if any, taken to cure such
Default) immediately after it becomes aware thereof.

 

		16.6.2	Upon the request of the Credit Manager, the Borrower shall provide the Credit Manager with the statement
signed by the Borrower’s authorized representative certifying that the Default was cured or, if the Default continues, detailing
the measures taken to cure it.

 

		16.7	Checking of the “Client Data”

 

		16.7.1	If, as a result of:

 

		(A)	Any changes in any applicable legislation after the Signing Date;

 

		(B)	Any changes in the legal form of the Borrower, any other Debtor, or their shareholders (members); or

 

		(C)	Assignment or transfer by any Creditor of all its rights and obligations or a part thereof under this
Agreement to the party that was not the Creditor before such assignment or transfer, or replacement of the Pledge Manager or any other
Finance Party in accordance with this Agreement, or any other change in the Parties to the Agreement;

 

The Credit Manager, the Pledge Manager,
the Creditor, or any other Finance Party (or, in case of clause (C), a potential new party), by virtue of the legislation applicable to
them, will have a duty to check the “client data” or to conduct similar client check procedures, and no necessary information
was previously provided by the Borrower or any other Debtor, the Borrower shall, and shall ensure that the Debtors will, provide the Credit
Manager (acting in its own name, in the name of the relevant Finance Party, or in the name of the potential new party) with the information
and documents required for the Credit Manager, the relevant Finance Party, or the potential new party to comply with the “client
data” check requirements applicable to them.

 

		16.7.2	Each Finance Party shall provide the Credit Manager with the information and documents required for the
Credit Manager to comply with the “client data” check requirements applicable to it.

 

    41 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		16.8	Intended Use of Funds

 

The Borrower shall,
within 30 days after the Drawdown Date, provide the Credit Manager with the original of the register of performed payments, duly signed
by an authorised person on behalf of the Borrower, in the form and substance satisfactory to the Credit Manager and confirming the intended
use of the Credit, and (or) copies of other documents duly certified by the Borrower in the form and substance satisfactory to the Credit
Manager and confirming the intended use of the Credit.

 

		17.	UNDERTAKINGS TO COMPLY WITH THE FINANCIAL INDICATORS

 

		17.1	Interpretation

 

		17.1.1	The terms used in this Article and not defined in Article 1.1 (Terms) have the meanings specified
below:

 

“EBITDA” means
the Borrower's profit before taxes (line 2300 of the balance sheet):

 

		(a)	Taking into account depreciation (credit turnover on account 02 “Depreciation of Fixed Assets”
of the balance sheet);

 

		(b)	Taking into account interest payable (line 2330 of the balance sheet);

 

		(c)	Taking into account expenses for making payments (except for payments towards the payment of the Outstanding
Credit) subject to payment by the Borrower in accordance with the Finance Documents, one-time non-operating expenses, including expenses
on sum and exchange rate differences, expenses on currency sale and purchase, expenses for the previous years, expenses on disposal of
fixed assets, inventories, investments and any other assets, and expenses on fixed assets and investments revaluation (line 2350 of the
balance sheet);

 

		(d)	Without taking into account interest receivable (line 2320 of the balance sheet);

 

		(e)	Without taking into account income from participation in any other entities (line 2310 of the balance
sheet); and

 

		(f)	Without taking into account one-time non-operating income, including income from sum and exchange rate
differences, income from currency sale and purchase, income for the previous years, income from disposal of fixed assets, inventories,
investments and any other assets, and income from fixed assets and investments revaluation, and income from write-off of accounts payable,
credits and loans granted (line 2340 of the balance sheet),

 

in each case, without double-entry
accounting.

 

“Revenue ” means
the revenue from sales (line 2110 of the balance sheet).

 

“Test Date” means
the last day of each Test Period.

 

“Cash and Cash Equivalents”
mean the amount in “cash and cash equivalents” item in accordance with the latest statements of the Borrower.

 

“Extraordinary Income or
Expense” means any extraordinary, one-time, or non-recurring income or expense.

 

“Current Liquidity Ratio”
means the ratio between current assets (line 1200 of the balance sheet) and short-term liabilities (line 1500 of the balance sheet); however,
short-term liabilities do not include prepaid income (line 1530 of the balance sheet) and provisions for future expenses (line 1540 of
the balance sheet).

 

“Test Period” means:

 

		(A)	In relation to Clause 17.2.1 — each period of three months ending March 31, June 30, September 30,
or December 31;

 

    42 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		(B)	In relation to Clause 17.2.2 — each period of 12 months ending December 31;

 

		(C)	In relation to Clause 17.2.3(A) and Clause 17.2.3(C) — each period of 12 months ending March 31,
June 30, September 30;

 

		(D)	In relation to Clause 17.2.3(B) –period of three months ending September 30, 2020 and December 31,
2020.

 

“Advertising Expenses”
means:

 

		(A)	Payments for advertising services to the Advertising Partners.

 

		(B)	Payments to any other persons, who are included in the calculation of financial indicators in accordance
with this Article 17 (Undertakings to Comply with the Financial Indicators) as previously agreed upon by the Credit Manager acting
based on the Consent of the Majority of Creditors.

 

“Financial Expenses”
mean the aggregate amount of interest, including capitalized interest, commission fees, remuneration, early repayment fees, payments in
relation to any liabilities for financial activities and any other payments that are financial expenses in accordance with RAS, paid,
charged and (or) payable during the relevant period (except for principal repayment).

 

“Net Debt” means
in relation to each Test Period:

 

		(a)	Liabilities of the Borrower for financial activities, including indebtedness on credits and loans, including
on bonded loans, and liabilities for leasing in accordance with RAS,

 

Less

 

		(b)	Cash and Cash Equivalents,

 

In each case, as at the Test Date.

 

		17.1.2	Unless otherwise is provided for by this Agreement, the accounting terms used in this Article 17 (Undertakings
to Comply with the Financial Indicators) shall be interpreted in accordance with RAS.

 

		17.1.3	The indicators specified in this Article 17 (Undertakings to Comply with the Financial Indicators)
are verified based on the financial statements and the financial information provided in accordance with Clauses 16.1.1 and 16.1.2 as
at each relevant Test Date.

 

		17.2	Financial Indicators

 

		17.2.1	Quarterly-Tested Financial Indicators

 

		(A)	The Borrower undertakes to ensure compliance with the following indicators with regard to each relevant
Test Period:

 

    43 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

	Indicator 	Each Test Period ending in 2019, beginning from the Test Period ending on  September 30, 2019	Each Test Period ending in 2020	Each Test Period ending in 2021
	Revenue	At
    least [***] Russian rubles	At least  [***] Russian rubles	At least  [***] Russian rubles
	Sum of EBITDA value and Advertising Expenses	at
least  [***] Russian rubles 	At
    least [***] Russian rubles	At least  [***] Russian rubles
	EBITDA	At least “-”  [***] Russian rubles	At least “-”  [***] Russian rubles	At
    least [***] Russian rubles

 

		(B)	The Borrower shall ensure that with regard to each relevant Test Period,
starting from the Test Period ending December 31, 2019, the Current Liquidity Ratio is at least 1.5:1.

 

		(C)	The Borrower shall make the Warranties and Representations provided below to each Finance Party, as at
the Signing Date. Each Finance Party relies on such warranties and representations of the Borrower and their reliability is material for
the Finance Parties:

 

Each finance indicator
specified in the table below is true and accurate in relation to each relevant Test Period:

 

	Indicator 	Test Period ending on December 31, 2018	Each Test Period ending on March 31, 2019 and June 30, 2019
	Revenue	At least  [***] Russian rubles	At least  [***] Russian rubles
	Sum of EBITDA value and Advertising Expenses	At least  [***] Russian rubles	
    For the Test Period ending on
    March 31, 2019 - at least  [***] Russian rubles

     

    For the Test Period ending
on June 30, 2019 - at least  [***] Russian rubles

	EBITDA	At least “-”  [***] Russian rubles	At least “-”  [***] Russian rubles

 

    44 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		17.2.2	Yearly-Tested Financial Indicators

 

The Borrower undertakes
to ensure compliance with the following indicators with regard to each relevant Test Period:

 

	Indicator 	Each Test Period ending in 2019 	Each Test Period ending in 2020	Each Test Period ending in 2021
	Sum of EBITDA value and Advertising Expenses	At
    least [***] Russian rubles	At least  [***] Russian rubles	At least  [***] Russian rubles
	EBITDA	At least “-”  [***] Russian rubles	At least  [***] Russian rubles	At least  [***] Russian rubles

 

		17.2.3	Other Financial Indicators

 

		(A)	The Borrower undertakes to ensure compliance with the following indicators with regard to each relevant
Test Period:

 

	Indicator 	Each Test Period ending in 2019, beginning from the Test Period ending on September 30, 2019	Each Test Period ending in 2020	Each Test Period ending in 2021
	Sum of EBITDA value and Advertising Expenses	At least  [***] Russian rubles	At least  [***] Russian rubles	At least  [***] Russian rubles

 

		(B)	The Borrower shall ensure that EBITDA for the relevant Test Period

 

		(1)	ending on September 30, 2020 – is at least [***]  Rubles; and

 

		(2)	ending on December 31, 2020 – is at least [***] Rubles.

 

    45 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		(C)	The Borrower shall make the Warranties and Representations provided below to each Finance Party, as at
the Signing Date. Each Finance Party relies on such warranties and representations of the Borrower and their reliability is material for
the Finance Parties:

 

Each finance indicator
specified in the table below is true and accurate in relation to each relevant Test Period:

 

	Indicator 	
    Each Test Period ending on March 31, 2019
and June 30, 2019

	Sum of EBITDA value and Advertising Expenses	At least [***] Russian rubles

 

		18.	GENERAL OBLIGATIONS

 

		18.1	Authorizations and Corporate Approvals

 

		18.1.1	The Borrower shall, and shall ensure that each other Debtor will, timely obtain, ensure validity, and
comply with the terms and conditions of any authorizations, consents, and approvals required pursuant to the applicable legislation to
perform its obligations under the Transaction Documents, to which it is a party.

 

		18.1.2	The Borrower shall ensure that it and each other Debtor timely obtain, ensure validity, and comply with
the terms and conditions of all material authorizations, consents, and patents required pursuant to any applicable legislation to carry
out its business activities of the relevant Debtor as they were carried out as at the Signing Date, non-obtaining, invalidity or non-compliance
with which may have a Material Adverse Effect.

 

		18.2	Complying with the Laws

 

The Debtor shall ensure that it and
each other Debtor will comply with all requirements of the applicable legislation, except where any violation of the said requirements
does not and cannot result in a Material Adverse Effect.

 

		18.3	Complying with the Anti-Corruption Laws

 

The Borrower shall ensure that it
and each other Debtor will:

 

		18.3.1	Carry out its business activities in accordance with the anti-corruption legislation, except where any
violation of such legislation does not and cannot result in a Material Adverse Effect; and

 

		18.3.2	Approve and ensure use of the internal policies and procedures aimed at ensuring compliance with the requirements
of such legislation.

 

		18.4	No Encumbrance of Assets

 

The Borrower shall
not create or permit any Encumbrance in relation to its property as well as shall not create or permit any Encumbrance in relation to
the property of any other Debtors, except for the Permitted Encumbrance.

 

		18.5	Alienation of Assets

 

		18.5.1	The Borrower shall not, and shall not allow Fastrunner Investments and
Mimons Investments to, sell, lease, or otherwise alienate any of its assets or property, except for the Permitted Alienation.

 

		18.5.2	The Parties agree that the Borrower’s granting of non-exclusive
rights to use the Software provided to third parties as part of the Borrower's Ordinary Course of Business under the terms of the license
agreement posted on the website https://www.cian.ru/help/about/oferta-natural/,
does not constitute a violation of the obligations provided for in Clause 18.5.1.

 

    46 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		18.6	Transactions

 

The Borrower shall ensure that it
and each other Debtor will enter into transactions with any parties solely on arm’s length conditions, except for

 

		18.6.1	transactions performed between the Debtors which are not the
Borrower;

 

		18.6.2	transactions performed between the Borrower and other Debtors,
provided:

 

		(A)	the price of the transaction under which the Borrower is a debtor (in the meaning of article 307 of the
Civil Code of the Russian Federation) is not excessive in comparison with the market price;

 

		(B)	the price of the transaction under which the Borrower is a debtor (in the meaning of article 307 of the
Civil Code of the Russian Federation) is not underestimated in comparison with the market price; and

 

		18.6.3	transactions based on a prior written consent of the Credit Manager acting in accordance with the Consent
of the Majority of Creditors.

 

		18.7	Issue of Loans and Suretyships

 

		18.7.1	The Borrower shall not, and shall not allow any other Debtor to, have any rights and duties of a creditor
in relation to any Financial Indebtedness, except for the Permitted Loans.

 

		18.7.2	The Borrower shall not, and shall not allow any other Debtors to, act as a guarantor or a surety in relation
to the obligations of any person, except for the Permitted Suretyships.

 

		18.8	Financial Indebtedness

 

The Borrower shall not, and shall
not allow any other Debtor to, make any transactions, in which the Borrower or any other Debtor incurs Financial Indebtedness, and shall
not permit outstanding Financial Indebtedness, except for the Permitted Financial Indebtedness.

 

		18.9	No Reorganization or Decrease in the Authorized Capital

 

The Borrower shall not, and shall
not allow any other Debtor to, reorganize or decrease the authorized capital without a prior written consent of the Credit Manager acting
under the Consent of the Majority of Creditors.

 

		18.10	Pari Passu Ranking of Claims

 

The Borrower shall ensure that at
any time any claims of any Finance Party against the Borrower under the Finance Documents are ranked at least pari passu as the claims
of all other unsecured and unsubordinated creditors of the Borrower, except for the claims of the creditors, which priority is established
by the legislation.

 

		18.11	No Amendments

 

		18.11.1	The Borrower shall not amend without preliminary written consent of the Credit Manager, and shall not
allow other Debtors to amend without preliminary written consent of the Credit Manager:

 

		(A)	Transaction Documents;
	 	 	 
	 	(B)	Their constituent documents, if such amendments relate to:

 

		(1)	Legal form;

 

		(2)	Issue (placement) of shares;

 

		(3)	Amount of the charter (share) capital;

 

    47 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		(4)	Procedure for the election of the General Director and (or) another
person authorised to act on behalf of the company, and (or) procedure for transfer of the powers of the sole executive body of the managing
company and (or) the manager;

 

		(5)	Structure and competence of the managing bodies and procedure for adoption
of their decisions (including procedure and (or) necessity to adopt decisions in respect of major transactions and related party transactions);

 

		(6)	Procedure and consequences of withdrawal of a member from the company;

 

		(7)	Transfer (alienation) of participatory interests (shares), as well as
restriction or setting conditions in respect of such transfer (alienation);

 

		(8)	The volume of rights and obligations granted to the members (shareholders),
as well as transfer of such rights and obligations; and (or) 

 

		(9)	Pledge of participatory interests (shares) and establishing another
encumbrance in respect of participatory interests (shares);

 

except for amendments to be made
in accordance with the applicable legislation.

 

		18.11.2	Without a prior written consent of the Credit Manager acting under the Consent of the Majority of Creditors,
the Borrower shall not, and shall not allow any other Debtor and shareholders (participants) of the Borrower and other Debtors to, enter
into any shareholders agreement, corporate agreement, or any other agreement for exercise of rights of shareholders (members), except
for the Shareholders’ Agreement.

 

		18.11.3	In case of receipt of a prior written consent of the Credit Manager to enter into the agreement specified
in Clause 18.11.2, the Borrower shall provide the Credit Manager with a copy of such agreement immediately after entering into it.

 

		18.12	Payments to the Shareholders

 

		18.12.1	Except for the Permitted Payments, the Borrower shall not, and shall not allow any other Debtor to:

 

		(A)	Declare, make or pay any dividends, charges, fees or any other distributions (or interest on any unpaid
dividends, charges, fees or any other distributions) (whether in cash or in kind) in relation to its authorized capital (or any class
of shares in its authorized capital);

 

		(B)	Repay or distribute any dividends or share premiums;

 

		(C)	Pay any management, consulting, or any other commission fee to shareholders (members) of the relevant
Debtor;

 

		(D)	Redeem, acquire, cancel, write off, or repay shares (authorized capital) of the relevant Debtor or make
a decision thereon; and

 

		(E)	Distribute any provision for dividend payment or any other similar payments.

 

		18.12.2	Except for the Permitted Payments, the Borrower shall not, and shall not allow any other Debtor to, make any payments under any Shareholders
Loan Agreement.

 

    48 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

	18.13	Taxation

 

The Borrower shall ensure on its behalf,
as well as on behalf of each other Debtor, the timey and due payment of all Taxes and other mandatory payments to the budget and (or)
extra-budget funds, collected from the respective Debtor and in respect of its property (assets), within the prescribed time limits, without
imposing fines or penalties, except for the cases when:

 

		18.13.1.	the amount of indebtedness of this Debtor, together with the indebtedness of all Debtors in respect of
the Taxes and other mandatory payments to the budget and (or) extra-budget funds does not exceed 20,000,000 Russian rubles (or its Equivalent
in any other currency); or

 

		18.13.2.	the following conditions are met in respect of the amount of indebtedness:

 

		(A)	the payment is challenged in good faith, according to the procedure provided for by the law;

 

		(B)	adequate reserves are established for such challenged indebtedness; and

 

		(C)	the legislation stipulates a period in respect of such payment, during which it is allowed not to make
such payment, and such period has not expired.

 

	18.14	Change in Nature of the Business Activities

 

The Borrower shall not, and shall
ensure that any other Debtor will not, make any material changes in the main lines of its business activities as compared to the business
activities carried out as at the Signing Date.

 

	18.15	Net Assets

 

The Borrower shall ensure that, as
at the end of each financial half-year during the term of this Agreement, the Borrower’s net assets determined based on the financial
statements under RAS are positive.

 

	18.16	Insurance

 

The Borrower shall, and shall ensure
that any other Debtor will, insure property and liability of the relevant Debtor to the extent and against such risks as is provided for
by the applicable legislation.

 

	18.17	Opening of Accounts

 

The Borrower shall
refrain from opening new accounts, except for the accounts with the Original Creditors, without a prior written consent of the Credit
Manager.

 

	18.18	Right of Access

 

		18.18.1	Upon the reasonable request of the Credit Manager, the Borrower shall, and shall ensure that any other
Debtor will, provide the Credit Manager and (or) its auditors or other professional consultants with a free access to the premises, assets,
and primary accounting and tax accounting documents (in hard copy or in electronic form) of the Borrower and any other Debtor.

 

		18.18.2	The Borrower shall, upon the request of the Credit Manager or any Creditor (based on the applicable legislation
and (or) the requirements of the Bank of Russia) and (or) the representatives (employees) of the Bank of Russia, and shall ensure that
the Pledgers will:

 

		(A)	Take all actions necessary for the representatives (employees) of the Bank of Russia to familiarize themselves
with the activities of the Borrower and any other Pledger on site, including providing the representatives (employees) of the Bank of
Russia with a free access to the premises and assets of the Borrower and any other Pledger and to the documents in relation to the activities
of the Borrower and any other Pledger; and

 

    49 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		(B)	Provide the Credit Manager, the relevant Creditor, and the representatives (employees) of the Bank of
Russia with any documents and information requested by them (including those requested by the Bank of Russia from the Creditor) and take
any other actions based on the requirements of the Bank of Russia (including those necessary for inspection by the representatives (employees)
of the Bank of Russia of the pledged item under the Pledge Agreements at the place of its storage (location)).

 

		18.18.3	If it is practicable and permitted by the applicable legislation, the
Credit Manager shall send to the Borrower a notice on the receipt of the claim of the Bank of Russia on examination of the subject of
the pledge under the Pledge Agreements and familiarization with the activities of the Borrower and other Pledgers directly on-site.

 

	18.19	Additional General Obligations

 

		18.19.1	The Borrower shall ensure that all actions are timely taken and all documents (including on assignment
under condition, transfer, pledge, as well as notices, directives, and instructions) specified by the Pledge Manager and drawn up in the
form reasonably required by the Pledge Manager, taking into account the interests of the Pledge Manager and the Creditors, are executed
in order to:

 

		(A)	Execute the Encumbrance, which occurs by virtue of the Pledge Agreements, certified or implied by them
(including executing the pledge, assignment, or any other Encumbrance in relation to the assets or a part thereof that are subject matter
of the Pledge Agreements) to ensure exercise of rights, powers, and remedies of the Pledge Manager and the Finance Parties as provided
for by, or in accordance with, law or the Finance Documents;

 

		(B)	In case of loss of the property that is the subject matter of the Pledge Agreements, provide the Pledge
Manager and the Finance Parties with the security, which subject matter is its property and assets, regardless of their location (country),
which is equivalent or similar to the security to be provided under the Pledge Agreements; or

 

		(C)	Facilitate sale of property (assets) items that are the subject matter of the security pursuant to the
Pledge Agreements or specified as their subject matter.

 

		18.19.2	The Borrower shall ensure that all necessary actions are taken within the powers granted (including submitting
the documents and performing registration) for establishment, final execution, protection and continued validity of the security created
in accordance with the Security Agreements, which is provided to the Pledge Manager and the Finance Parties in accordance with the Finance
Documents or expected to be provided to them under the Finance Documents.

 

		18.19.3	The Borrower shall, at its own expense, take any actions and sign any documents that may be requested
by the Finance Party for exercising and protecting its rights provided for by the Finance Documents.

 

	18.20	Subsequent Conditions

 

The Borrower shall
ensure that documents and information specified in Annex 10 (Subsequent Conditions) are provided to the Credit Manager within
the time specified in it.

 

    50 

     

    

 

*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

	19.	EVENTS OF DEFAULT

 

	19.1	Events of Default

 

		19.1.1	Each case, event, or circumstance described in this Article 19 (except for this Article 19.1 and Article 19.16 (Acceleration))
shall be an Event of Default.

 

	19.2	Non-Payment

 

Non-payment by the Debtor of any amount
payable under the Finance Documents when due in such place and in such currency, in which its payment is provided for, except where the
following conditions are met:

 

		19.2.1	Such non-payment is caused by any technical or administrative error or by the Technical Deficiency; and

 

		19.2.2	Payment is made within five days of the established payment date.

 

	19.3	Violation of Financial Indicators and Any Other Violations

 

		19.3.1	Non-compliance by the Borrower with any obligation stipulated by Article 17.2 (Financial Indicators).

 

		19.3.2	Non-compliance by the Borrower with any obligation stipulated by Article 3 (Purpose).

 

		19.3.3	Non-compliance by the Borrower with any obligation stipulated by Clause 18.12.2.

 

		19.3.4	Non-compliance by the Borrower with any obligation stipulated by Article 18.13. (Taxation), Event
of Default in accordance with this Clause 19.3.4. shall not be deemed to occur if such non-compliance can be remedied and is remedied
within 30 days after the earliest of the following two dates: (1) date of sending by the Credit Manager of a notice to the Borrower and
(if applicable) to another Debtor on such non-compliance, or (2) the date when the Borrower or (if applicable) another Debtor became aware
of such non-compliance.

 

	19.4	Other Obligations

 

		19.4.1	Non-compliance by the Debtor of any provision of the Finance Document in accordance with the terms and
conditions of the Finance Documents (except for those specified in Article 19.2 (Non-Payment) and in Article 19.3 (Violation
of Financial Indicators and Any Other Violations)).

 

		19.4.2	The Event of Default in accordance with Clause 19.4.1 shall not be deemed to have occurred if such non-compliance
may be cured and is cured:

 

		(A)	In relation to the obligations provided for by Article 16.1 (Financial Statements), — within
30 days from the end date of the respective period set forth in Article 16.1 (Financial Statements); or

 

		(B)	In relation to any other obligations provided for by the Finance Documents, — within 30 days after
the earliest of: (1) the date the Credit Manager sends a notice to the Borrower and (if applicable) to any other Debtor of such non-compliance,
or (2) the date, on which the Borrower or (if applicable) any other Debtor becomes aware of such non-compliance.

 

	19.5	Deceiving

 

		19.5.1	Any warranty or representation (including the Warranties and Representations) made by the Borrower or
any other Debtor in the Finance Documents or in connection with them or any documents provided by the Borrower or any other Debtor in
connection with the Finance Documents appear to be untrue, inaccurate, ineffective,
invalid, or deceiving at the time such warranty or representation is made.

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		19.5.2	Non-performance by any Debtor of the obligation to ensure that any warranty or representation made by
it in the Finance Documents or in connection with them remains true as at the respective date specified in Article 15.27 (Effective
Periods of the Representations and Warranties).

 

	19.6	Default on Obligations to Third Parties

 

		19.6.1	Any Debtor fails to pay for any Financial Indebtedness when due (or within the grace period agreed upon
in advance).

 

		19.6.2	Any Financial Indebtedness of any Debtor is declared or otherwise becomes subject to early repayment as
a result of occurrence of any Event of Default, breach of obligations, or default of any nature.

 

		19.6.3	Any creditor of any Debtor is entitled to declare any Financial Indebtedness of such Debtor being subject
to early repayment as a result of occurrence of any Event of Default, breach of obligations, or default (of any nature).

 

		19.6.4	The Event of Default in accordance with this Article 19.6 is
not deemed to have occurred if the aggregate amount of the Financial Indebtedness specified in this Article 19.6 in respect of all Debtors
does not exceed 50,000,000 rubles (or the Equivalent of this amount in another currency).

 

	19.7	Insolvency

 

Any case or event listed below occurs
to the Debtor:

 

		19.7.1	The Debtor meets the criterion for insufficient property or meets the criterion or gives reasons for taking
measures to prevent bankruptcy in accordance with the Bankruptcy Law or any other law applicable to such Debtor;

 

		19.7.2	The Debtor is unable or acknowledges its inability to perform its financial obligations;

 

		19.7.3	The Debtor’s financial standing gives reasons for taking measures to prevent bankruptcy in accordance
with the Bankruptcy Law or any other law applicable to such Debtor;

 

		19.7.4	The net assets of the Debtor registered in accordance with the legislation of the Russian Federation,
determined in accordance with Order of the Ministry of Finance of Russia No. 84н dated August 28, 2014 On Approval of the Procedure
for Determination of Net Asset Value are:

 

		(A)	As at the end of each quarter — less than zero; and

 

		(B)	As at the end of each financial year — less than the authorized capital of the said Debtor;

 

		19.7.5	A court or a state authority declares a moratorium on any indebtedness of the Debtor; or

 

		19.7.6	The Debtor meets any other bankruptcy criterion set forth by the Bankruptcy Law or any other law applicable
to the Debtor.

 

	19.8	Procedures of Insolvency

 

Performance of one of the following actions
with respect to the Debtor:

 

		19.8.1	Carrying out of financial rehabilitation and other measures to prevent bankruptcy;

 

		19.8.2	Initiation of a liquidation or bankruptcy procedure or appointment of a liquidation commission or similar
body or official;

 

		19.8.3	Submission to a court of the Debtor's application to recognize the Debtor as bankrupt or to liquidate
it (or any other similar procedure) or rendering by the court of a ruling on acceptance of such application;

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		19.8.4	Submission to a court of an application of any creditor of the Debtor to recognize the Debtor as bankrupt
or to liquidate the Debtor (or to apply any other similar procedure), except for
the cases when then court, within 30 days from the date of rendering a ruling on acceptance of the said application (the “Period
of Application Examination”), renders a ruling to dismiss introduction of supervision and to dismiss the application without
hearing on the merits, the ruling to dismiss introduction of supervision and terminate the proceedings in the bankruptcy case, the ruling
to remit the application, the ruling to terminate the bankruptcy case, the judgement to refuse to declare bankrupt or any other analogous
judicial act which will result in termination of the proceedings in the bankruptcy case or dismissal to initiate such proceedings, and
the Event of Default specified in this Clause 19.8.4. shall be deemed to occur on the earliest of the following dates:

 

		(A)	Date of rendering by the court of a ruling on recognising the applicant’s
claims as grounded and introduction of supervision or introduction of another bankruptcy procedure or the date of rendering another analogous
judicial act; or

 

		(B)	The date of termination of the Period of Application Examination.

 

		19.8.5	Introduction of supervision, receivership, financial rehabilitation, bankruptcy management or reorganization
(or any other similar procedure);

 

		19.8.6	Appointment of liquidator, temporary manager, administrator, bankruptcy manager or any other person performing
similar functions;

 

		19.8.7	Convening or announcement of an intent to convene a meeting of creditors to consider a settlement agreement
in the framework of the bankruptcy procedure of the Debtor;

 

		19.8.8	Convening of a meeting of shareholders, directors or other officials of the Debtor incorporated in the
Republic of Cyprus in order to consider a decision on (i) liquidation (in any form), reorganization, supervision, receivership or
administrative management in relation to the Debtor or on appointment of a liquidator, administrative manager, administrator, manager
or any other person performing similar functions or (ii) on submission of application or any documents to court or Department of Registrar
of Companies in Cyprus (as relevant) in relation to the above-mentioned actions or making by shareholders, directors or any other officials
of a relevant decision;

 

		19.8.9	Initiating of any other bankruptcy procedure set forth by the Bankruptcy Law or any other law applicable
to such Debtor;

 

		19.8.10	Sending by the Borrower of a notice on reorganization (including in the form of merger, acquisition, combination,
spin-off, split-up), liquidation or decrease of the authorized capital of the Debtor, except for a cases of availability of a prior written
consent of the Credit Manager acting under the Consent of the Majority of Creditors; and

 

		19.8.11	Levying of execution on any property of the Debtor.

 

	19.9	Forcible Withdrawal or Restriction on Disposal of Property

 

Seizure, confiscation, nationalization,
requisition, levying of execution or any other forcible withdrawal or restriction on disposal in relation to the Debtor's property, which
cost is equal to or exceeds fifteen per cent of the balance value of assets in accordance with the latest financial statement, which is
not terminated and is not cancelled within ten days.

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

	19.10	Repudiation of or Termination of the Agreements

 

The Debtor takes actions aimed at
challenging the validity or proper approval, challenging of conclusion or termination of any Finance Document.

 

	19.11	Unlawfulness and Invalidity

 

		19.11.1	Taking into consideration the Legal Reservations, performance by the Debtor of any of its obligations
under the Finance Documents ceases to comply with the legislation.

 

		19.11.2	Taking into consideration the Legal Reservations, any obligation of the Debtor under any Finance Document
is not or ceases to be valid and legally enforceable.

 

		19.11.3	Any Finance Document is non-concluded in accordance with law applicable to such Finance Document.

 

	19.12	Cessation of Business

 

The Debtor suspends or terminates
(or warns about suspension or termination)

 

		19.12.1.	all its business activity; or

 

		19.12.2.	substantial part of its business activity, if such suspending or termination results in or can result
in the Material Adverse Effect.

 

	19.13	Court and Administrative Proceedings and Decisions

 

		19.13.1	Initiation of any court, administrative, commercial court or arbitration proceedings:

 

		(A)	With regard to the Finance Documents or transactions stipulated by the Finance Documents; or

 

		(B)	In relation to the Debtor or its assets, if the total amount of all claims in all proceedings exceeds
50,000,000 Russian rubles (or its Equivalent in other currency (currencies)).

 

		19.13.2	The Debtor does not perform or does not pay:

 

		(A)	If the period is stipulated by the law or any judgement – within
the respective period; or

 

		(B)	If the respective periods are not stipulated by the law or any judgement - immediately

 

any amount payable
by it based on any final and non-appealable court or arbitration decision rendered or awarded by any competent court or arbitration court,
if the amount payable by any Debtor in the aggregate with the amounts payable by other Debtors in accordance with the said judgements,
exceeds 50,000,000 Russian rubles (or its Equivalent in other currency (currencies)).

 

	19.14	Material Adverse Effect

 

Occurrence of any event or circumstance,
which, in a reasonable opinion of the Majority of Creditors, has or reasonably likely may have the Material Adverse Effect.

 

	19.15	Ownership Structure Chart

 

		19.15.1	Any change in the structure of direct or indirect ownership of participatory interests in the authorized
capital of any Debtor and (or) issued ordinary shares of any Debtor as compared to the Ownership Structure Chart.

 

		19.15.2	The Event of Default in accordance with Clause 19.15.1. shall not be deemed occurred, if due to a changes
in the structure of a direct or indirect ownership of participatory interests in the authorized capital of the said Debtor and (or) issued
ordinary shares of the said Debtor, the owners of the said participatory interests and (or) shares together lose the right of a direct
or indirect ownership in respect of the participatory interests and (or) shares amounting in the aggregate to no more than 20 per cent
of the authorized capital of the said Debtor and (or) of the total number of issued ordinary shares of the said Debtor as compared to
the Ownership Structure Chart.

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

	19.16	Acceleration

 

In case of occurrence
of any Event of Default and at any moment upon occurrence of any Event of Default, which continues, the Creditors (subject to obtaining
of the Consent of the Majority of Creditors) are entitled:

 

		19.16.1	Not to provide monetary funds to the Borrower under this Agreement; and (or)

 

		19.16.2	To require the Borrower and (or) the Guarantor (as relevant) to perform immediate early repayment of the
Outstanding Credit or any part of it, including accrued interest, commission fees, remuneration and any other amounts due and payable
to the Finance Parties under the Finance Documents (and the Borrower shall immediately perform early repayment and pay all such amounts
as well as ensure performance of the relevant obligations of each Guarantor); and (or)

 

		19.16.3	Reserve the right to require the Borrower and (or) the Guarantor (as relevant) to perform immediate early
repayment of the Outstanding Credit or any part of it, including accrued interest, commission fees, remuneration and any other amounts
due and payable to the Finance Parties under the Finance Documents at any moment; and (or)

 

		19.16.4	Reserve the right to levy execution on the property being a pledged item under the Security Agreements

 

The relevant rights shall be exercised
through sending by the Credit Manager (as instructed by the Majority of Creditors) of a notice to the Borrower and other Debtors (as relevant).
Any consequences stipulated by such a notice shall enter into force immediately upon sending of such a notice.

 

	20.	CREDIT SECURITY

 

	20.1	Pledge Agreements

 

Each Creditor confirms
hereby that it knows the content of each Pledge Agreement and approves its signing by the Pledge Manager.

 

	20.2	Status of the Creditors and Appointment of the Pledge Manager

 

		20.2.1	The Parties acknowledge and agree hereby that all Creditors, Credit Manager and Pledge Manager, also being
the Creditor, have shared claims against the Borrower, and, in accordance with Article 3351 of the Civil Code, they are joint
and several co-pledgees under the Pledge Agreements having rights of equal seniority.

 

		20.2.2	Pursuant to Article 356 of the Civil Code, each Creditor (excluding the Creditor which acts as the Pledge
Manager) and the Credit Manager hereby entrust the Pledge Manager to:

 

		(A)	Conclude in the name and on behalf of the Finance Parties the Pledge Agreements with the Pledgers (including
amendments to such Pledge Agreements stipulated by this Agreement or approved with the Consent of the Majority of Creditors or Consent
of all Creditors in the cases stipulated by Article 26 (Amendment of Finance Documents));

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		(B)	Sign all documents required to perform registration of the relevant Pledge Agreements, encumbrances arising
out of the relevant Pledge Agreements, assignment of rights under the relevant Pledge Agreements, sending of messages to a notary as well
as notices about occurrence of a pledge, notices about changes in a pledge, notices about exclusion of information about a pledge (excluding
the actions which in accordance with the applicable legislation or Finance Documents shall be taken by the Borrower and (or) Pledger);
and

 

		(C)	Exercise all rights and duties of a pledgee under such Pledge Agreements.

 

For the avoidance
of doubt, the Parties acknowledge that this Agreement (in its relevant part) is, among other things, the pledge management agreement.
The Parties agree that the Creditor may perform functions of the Pledge Manager.

 

		20.2.3	The Parties acknowledge and agree that, when concluding the Pledge Agreements on behalf of the Finance
Parties and exercising rights and duties of a pledgee under the Pledge Agreements, the Pledge Manager shall exercise rights of a pledgee
only in the interests of all Finance Parties being such Finance Parties at any time, until full performance by the Debtors of their obligations
under the Finance Documents as set forth in this Agreement. Assignment of rights by the Existing Creditor (within the context of Article
21.2 (Assignment of Rights and Transfer of Obligations by the Creditors)) to the New Creditor shall not affect the rights and obligations
of the Pledge Manager and Creditors stipulated by this Agreement.

 

		20.2.4	The Creditors undertake hereby not to exercise independently their rights and duties as pledgees, including
not to lay any claims against the Debtors and not to levy execution upon assets and property of the Pledgers, excluding cases of termination
of this pledge management agreement in accordance with clause 5 of Article 356 of the Civil Code. At the same time, the Creditors and
the Borrower agree to take upon request of the Pledge Manager any necessary actions (including participation in court sessions as co-claimants)
and sign and issue to the Pledge Manager any necessary documents, including powers of attorney, which, in a reasonable opinion of the
Pledge Manager, are required by the legislation and (or) a court to exercise rights and perform obligations of the Pledge Manager stipulated
by the Finance Documents.

 

		20.2.5	Exercising by the Pledge Manager of rights and duties of a pledgee under the Pledge Agreement shall not
prevent the Pledge Manager from performing any banking transactions with the Debtors, including maintaining of banking accounts, provision
of credits and attraction of deposits. If the Pledge Manager is also the Creditor under this Agreement, then it has the same rights and
obligations under the Finance Documents as any other Creditor and may exercise these rights and perform obligations as if it were not
the Pledge Manager.

 

		20.2.6	The Pledge Manager shall not be liable to the Creditors for its acts (or omission) if it acts (or refrains
from acts) in accordance with the Consent of the Majority of Creditors or all Creditors.

 

		20.2.7	The Pledge Manager shall be liable to the Parties (excluding the Creditor which acts as the Pledge Manager)
only for direct losses, proven in a court of law, which were caused by the Pledge Manager intentionally or as a result of gross negligence.

 

		20.2.8	The Creditors (except for the Creditor performing the Pledge Manager’s functions) and the Pledge
Manager do hereby confirm that the Pledge Manager performs its functions without
and regardless of issuing a power of attorney to it.

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

	20.3	Rights and Duties of the Pledge Manager

 

		20.3.1	The Pledge Manager shall:

 

		(A)	Conclude as a pledgee in the name and on behalf of the Finance Parties the Pledge Agreements, including
amendments to such Pledge Agreements, stipulated by this Agreement or approved with the Consent of the Majority of Creditors or Consent
of all Creditors in the cases stipulated by Article 26 (Amendment of Finance Documents)) with the Pledgers; and

 

		(B)	Exercise all rights and duties of a pledgee under the Pledge Agreements in accordance with the terms and
conditions of the Finance Documents.

 

In particular (but
not limited to this), the Pledge Manager shall take all necessary measures to perform registration of the relevant Pledge Agreements,
encumbrances arising out of the relevant Pledge Agreements, assignment of rights under the relevant Pledge Agreements, sending of messages
to a notary as well as notices about occurrence of a pledge, notices about changes in a pledge, notices about exclusion of information
about a pledge (excluding the actions which in accordance with the applicable legislation or Finance Documents shall be taken by the Borrower
and (or) the relevant Pledger) within the time-limits specified in the relevant Finance Document.

 

		20.3.2	Immediately upon acquiring by any Creditor, other than the Original Creditors, of any rights or obligations
under the Finance Documents in accordance with the provisions of Article 21.2 (Assignment of Rights and Transfer of Obligations by
the Creditors), the Pledge Manager shall take any actions necessary to perform registration of the pledge management agreement contained
in this Agreement and (or) sending to a notary of a notice about conclusion of the pledge management agreement contained in this Agreement
as well as take any other actions necessary to register the Finance Parties as joint and several co-pledgees under the Pledge Agreements.

 

		20.3.3	The Pledge Manager may at its own discretion exercise any rights of a pledgee stipulated by the Pledge
Agreements, excluding a right to levy execution upon the property being a pledged item under the Pledge Agreements, which may be sold
only subject to the Consent of the Majority of Creditors, which should specify judicial or non-judicial levying of execution as well as
determine a method for sale of the pledged item.

 

		20.3.4	The Pledge Manager levies execution upon the pledged item according to the procedure provided for in the
relevant Pledge Agreement and at the same time:

 

		(A)	Property received by the Pledge Manager in the interests of the Finance Parties as a result of levy of
execution upon a pledged item under the Pledge Agreements as well as any payments of insurance indemnity in relation to the property pledged
under the Pledge Agreements shall come into the shared ownership of the Finance Parties pro rata to sizes of their claims secured by pledge
and between the Creditors — according to the Pro Rata Share of each Creditor; and

 

		(B)	If, despite the provisions of Clause 20.3.4(A), the property received by the Pledge Manager in the interests
of the Finance Parties as a result of levy of execution upon the pledged item under the Pledge Agreements comes into the ownership of
the Pledge Manager, then the Pledge Manager undertakes to act in accordance with instructions of the Majority of Creditors subject to
the relevant Consent in order to sale (alienate) the said property and distribute the received
funds between the Finance Parties pro rata to the amount of their claims secured by pledge, and between the Creditors, in accordance with
the Pro Rata Share of each Creditor (unless specified otherwise in the Consent of the Majority of Creditors).

 

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*** Certain confidential portions (indicated by brackets and
asterisks) have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful
if publicly disclosed.***

 

		20.3.5	The Monetary Funds received by the Pledge Manager as a result of levy of execution upon property being
the pledged item under the Pledge Agreements as well as any payments of insurance indemnity in relation to the property pledged under
the Pledge Agreements and (or) as a result of its subsequent sale pursuant to Articles 20.3.3 and 20.3.4 and the monetary funds remaining
after compensation of expenses of the Pledge Manager to levy of execution and payment of any other mandatory payments shall be credited
to the Account of the Pledge Manager and then shall be distributed by the Pledge Manager between the Finance Parties pro rata to sizes
of their claims secured by pledge and between the Creditors — according to the Pro Rata Share of each Creditor.

 

	20.4	Replacement of the Pledge Manager

 

		20.4.1	The Creditors may, and in case of presence of signs of bankruptcy in relation to Pledge Manager or availability
of petition at the court to declare the Pledge Manager bankrupt or availability of an application for liquidation of the Pledge Manager,
revocation of a banking licence of the Pledge Manager, the Creditors undertake to terminate subject to the Consent of the Majority of
Creditors powers of the Pledge Manager since the date specified in the relevant Consent of the Majority of Creditors and to determine
a candidature of a new pledge manager from among the Creditors (excluding the Creditor exercising functions of the Pledge Manager as at
the date of making of the relevant decision by the Creditors) (hereinafter referred to as the “New Pledge Manager”).
Each Creditor and Borrower hereby gives its consent to replacement of the Pledge Manager with the New Pledge Manager in accordance with
the provisions of this Article 20.4 (Replacement of the Pledge Manager).

 

		20.4.2	The Pledge Manager may unilaterally refuse to perform powers of a pledge manager subject to notification
by the Pledge Manager of each Creditor and Credit Manager at least 30 days prior to the anticipated date of termination of powers of the
Pledge Manager. The Creditors undertake by the Consent of Majority of Creditors to determine a candidature of the New Pledge Manager on
or before the anticipated date of termination of powers of the Pledge Manager.

 

		20.4.3	The Creditors shall ensure that the New Pledge Manager started to perform its duties of a pledge manager
specified in Article 20.3 (Rights and Duties of the Pledge Manager) since the date of termination of powers of the Pledge Manager.
The Pledge Manager shall at its own cost sign and transfer any documents possessed by the Pledge Manager, which the New Pledge Manager
may reasonably request for the purposes of performing its functions as the Pledge Manager under the Pledge Agreements.

 

		20.4.4	The Parties agree that the New Pledge Manager will become a party of this Agreement as a pledge manager
upon the date of signing of an agreement on making amendments to this Agreement and, in the cases stipulated by the applicable laws, to
the Pledge Agreements, unless such agreement provides for any other date. Upon occurrence of the relevant date, any mention of the Pledge
Manager in this Agreement will relate to the New Pledge Manager. For the avoidance of doubt, appointment of the New Pledge Manager in
accordance with this Agreement shall not be a termination of the pledge management agreement within the context of Clause 20.2.4.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		20.4.5	Since the date of appointment of the New Pledge Manager, the New Pledge Manager shall ensure opening of
a new nominal account in favour of the Finance Parties as beneficiaries of such account and notify the Borrower and Finance Parties about
replacement of the Account of the Pledge Manager.

 

		20.4.6	The Parties agree that the provisions of this Agreement related to the rights and duties of the Pledge
Manager may be changed by an additional agreement to be concluded between the Borrower, Credit Manager, Pledge Manager and Creditors (except
for the Creditor which performs functions of the Pledge Manager). A content of such additional agreement shall be approved before its
conclusion by the Consent of the Majority of Creditors, which may stipulate a right of a single Creditor to conclude such agreement with
the Pledge Manager on behalf of and in the interests of all Creditors (except for the Creditor which performs functions of the Pledge
Manager). The Creditors shall provide necessary documents and powers of attorney to ensure conclusion of a single Creditor of such additional
agreement on behalf of all Creditors (except for the Creditor which performs functions of the Pledge Manager).

 

	21.	REPLACEMENT OF THE PARTIES

 

	21.1	Assignment by the Debtors

 

The Borrower is not entitled to assign
its rights or transfer its obligations under the Finance Documents without a prior written consent of all Creditors and the Borrower shall
ensure that other Debtors do not assign their rights and do not transfer their obligations under the Finance Documents without a prior
written consent of all Creditors.

 

	21.2	Assignment of Rights and Transfer of Obligations by the Creditors

 

		21.2.1	Subject to the provisions of this Article 21.2 (Assignment of Rights and Transfer of Obligations by
the Creditors) as well as subject to compliance with the provisions of Article 16.7 (Checking of the “Client Data”)
and the provisions of clause 7 of Article 8 of the Syndicated Credit Law, the Creditor (hereinafter referred to as the “Existing
Creditor”) may at any time:

 

		(A)	Without the prior consent of the Borrower:

 

		(1)	Fully or partially assign its rights (including any rights to take any unilateral actions under the Finance
Documents) under the Finance Documents to the Central Bank of the Russian Federation with a possibility of their further transfer or assignment
by the Central Bank of the Russian Federation in full or in part to any person without any restrictions;

 

		(2)	Fully or partially assign its rights (including any rights to take any unilateral actions under the Finance
Documents) and (or) transfer obligations under the Finance Documents to the Affiliate of the said Creditor which meets the criteria specified
in clause 3 of Article 2 of the Syndicated Credit Law; and

 

		(3)	In case of the Event of Default — fully or partially assign its rights (including any rights to
take any unilateral actions under the Finance Documents) and (or) transfer obligations under the Finance Documents to any other bank,
any other credit or financial institution, fund or any third party specified in clause 3 of Article 2 of the Syndicated Credit Law. The
provisions of this clause (3) shall not cover assignment and (or) transfer of obligations to the Central Bank of the Russian Federation
or any Affiliate of the said Creditor.

 

		(B)	Subject to a prior consent of the Borrower and in case of absence of the Event of Default — fully
or partially assign its rights (including any rights to take any unilateral actions under
the Finance Documents) and (or) transfer obligations under the Finance Documents to any other bank, any other credit or financial institution,
fund or any third party specified in clause 3 of Article 2 of the Syndicated Credit Law. The provisions of this clause (B) shall not cover
assignment and (or) transfer of obligations to the Central Bank of the Russian Federation or any Affiliate of the said Creditor,

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

(hereinafter each
person, to which the rights and obligations under the Finance Documents are assigned and (or) transferred in full or in part, is referred
to as the “New Creditor”).

 

		21.2.2	For the purposes of Article 388 of the Civil Code, the Borrower hereby confirms that a personality of
the Creditors has no substantial significance for it.

 

		21.2.3	In case of assignment by the Existing Creditor of its rights and transfer of its obligations to the New
Creditor in accordance with this Agreement, the Borrower and each Creditor hereby give its prior consent to a simultaneous transfer to
the New Creditor of the relevant obligations of the Existing Creditor (debt transfer), if any.

 

		21.2.4	For the purposes of clause 7 of Article 8 of the Syndicated Credit Law, the Parties agree that if the
Creditor, which is at the same time the Credit Manager, assigns its rights and (or) transfers its obligations as the Creditor under the
Finance Documents, the Credit Manager shall keep its powers in accordance with this Agreement, until termination of its powers in accordance
with the terms and conditions of this Agreement.

 

		21.2.5	Each Creditor may also pledge all or part of its rights under this Agreement to any person, to which assignment
of the Creditor’s rights is allowed under this Agreement.

 

		21.2.6	Each Creditor may without any limitations pledge all or part of its rights to claim under this Agreement
with regard to the Outstanding Credit to the Central Bank of the Russian Federation (represented by its territorial subdivisions). In
case of levy of execution by the Central Bank of the Russian Federation (represented by its territorial subdivisions) upon such pledged
rights to claim of the Creditor under this Agreement, the relevant rights to claim may be freely transferred or assigned in full or in
part to any person without any restrictions.

 

	21.3	Procedure for Assignment of Rights and Transfer of Obligations

 

		21.3.1	Assignment of rights and (or) transfer of debt shall be performed through signing of the Creditor Rights
Assignment Agreement between the Existing Creditor, New Creditor and Credit Manager.

 

		21.3.2	On the date of signing of the Creditor Rights Assignment Agreement or on any other date specified in the
Creditor Rights Assignment Agreement:

 

		(A)	The Existing Creditor assigns to the New Creditor the Existing Creditor's rights to the extent stipulated
by the Creditor Rights Assignment Agreement;

 

		(B)	The New Creditor assumes the Existing Creditor's obligations transferred to it to the extent stipulated
by the Creditor Rights Assignment Agreement;

 

		(C)	The Existing Creditor shall be released from its obligations to the extent, to which those obligations
are assumed by the New Creditor;

 

		(D)	The New Creditor becomes the Creditor under this Agreement and will be bound by the terms and conditions
of this Agreement as the Creditor, it confirms, among other things, appointment of the Pledge Manager as a pledge manager in accordance
with Article 20.2 (Status of the Creditors and Appointment of the Pledge Manager); and

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(E)	The Credit Manager:

 

		(1)	Makes any necessary amendments to the register of all Parties, which the Credit Manager maintain subject
to Clause 22.4.1(K); and

 

		(2)	Sends to the Pledge Manager (if the functions of the Credit Manager and Pledge Manager are performed by
different persons) a notice about assignment of rights and (or) transfer of debt.

 

		21.3.3	Since the date of signing of any Creditor Rights Assignment Agreement or since any other date specified
in the Creditor Rights Assignment Agreement, a reference in this Agreement to the Creditor includes any New Creditor.

 

		21.3.4	The Credit Manager shall, not later than the signing date of the Creditor Rights Assignment Agreement
or another date specified in the Creditor Rights Assignment Agreement, inform the Borrower and other Debtors of the assignment of rights
under this Agreement and shall immediately after the signing of the Creditor Rights Assignment Agreement transfer to the Borrower and
each Debtor a signed copy of the Creditor Rights Assignment Agreement.

 

	21.4	Payment of Interest in Case of Assignment

 

Unless otherwise
provided for by the Creditor Rights Assignment Agreement:

 

		21.4.1	Interest on the Outstanding Credit, forfeit and commission fees in the amount corresponding to the Pro
Rata Share of the Existing Creditor and accrued prior to the date of signing of the Creditor Rights Assignment Agreement or any other
date specified in the Creditor Rights Assignment Agreement (including such date) and received from the Borrower (hereinafter referred
to as the “Accrued Amounts”) as well as any other payments specified in the Creditor Rights Assignment Agreement shall
be paid by the Credit Manager to the Existing Creditor on the Interest Payment Date which immediately follows the date of signing of the
Creditor Rights Assignment Agreement or any other date specified in the Creditor Rights Assignment Agreement;

 

		21.4.2	The rights assigned by the Existing Creditor to the New Creditor will not include the right to claim the
Accrued Amounts; and

 

		21.4.3	The New Creditor will receive the amount of interest accrued on the Outstanding Credit in the amount corresponding
to the Pro Rata Share of the New Creditor for the part of the Interest Period which follows the date of signing of the Creditor Rights
Assignment Agreement or any other date specified in the Creditor Rights Assignment Agreement (excluding the signing date) and ends on
the date of expiry of the relevant Interest Period.

 

	21.5	Limitation of Responsibility of the Existing Creditors

 

None of the Existing Creditors provides
to the New Creditor any representations and assumes any obligations towards the New Creditor with regard to:

 

		21.5.1	Financial position of the Borrower and any other Debtor;

 

		21.5.2	Compliance or performance by the Borrower and any other Debtor of its obligations under the Finance Documents
or any other documents; or

 

		21.5.3	Accuracy of any information contained in any Finance Document.

 

Each New Creditor confirms to
the Existing Creditor, other Finance Parties and the Borrower that it reviewed all Finance Documents, conducted (and will continue
to conduct) its own independent study on and assessment of financial condition of the Borrower and each other Debtor, and it did not
rely on any information submitted to it by the Existing Creditor while taking decision on signing the Creditor Rights Assignment
Agreement.

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	22.	FINANCE PARTIES

 

	22.1	Procedure for Decision-Making by the Creditors. Consents of the Creditors

 

		22.1.1	The Creditors hereby agree that in the cases expressly stipulated by this Agreement or other Finance Documents
the Creditors may exercise their rights under this Agreement or take any actions only subject to availability of the consent of the Majority
of Creditors or all Creditors (hereinafter referred to as the “Consent”).

 

		22.1.2	A decision to provide the Consent shall be made by the Creditors through voting, the procedure for which
is stipulated by this Article 22.1. In such a case, the provision of Article 91 (Decisions of Meetings) of the Civil
Code shall not apply.

 

		22.1.3	In all cases, when the Creditors vote for the purposes of the Finance Documents, a vote of each Creditor
is equal to its Pro Rata Share.

 

		22.1.4	The Credit Manager may, upon its own initiative, or shall, upon a request by any Creditor or Borrower,
put an issue to a vote and in such a case it shall inform all Creditors (other than the Creditor being the Credit Manager) about an issue
being put to a vote (hereinafter referred to as the “Issue Put to a Vote”) through sending of a notice containing a
description of such Issue Put to a Vote and any other information, which is necessary in the Credit Manager's opinion (hereinafter referred
to as the “Notice about Putting to a Vote”). The Notice about Putting to a Vote shall specify a period for sending
to the Creditors notices containing results of voting of each Creditor with regard to the Issues Put to a Vote (hereinafter each of such
notices is referred to as the “Notice about the Creditor's Decision"). Such a period may not be less than five Business
Days, except for the cases when it follows from the circumstances of the Issues Put to a Vote that the Creditors’ votes are required
within a shorter period.

 

		22.1.5	The Notice about the Creditor's Decision shall be signed by the authorized person of the relevant Creditor
and shall contain an unambiguous answer of the Creditor with regard to the question whether such Creditor votes for or against granting
of the Consent to each of the relevant Issues Put to a Vote. The Credit Manager shall not check powers of the person having signed the
Notice about the Creditor's Decision and may presume that such person was authorized, if until the date of sending the relevant Notice
about the Creditor's Decision the relevant Creditor did not informed the Credit Manager that such a person is not an authorized representative
of the relevant Creditor.

 

		22.1.6	If any Creditor (other than the Creditor being the Credit Manager) did not sent within the period specified
in the Notice about Putting to a Vote the relevant Notice about the Creditor's Decision, the Credit Manager considers that such Creditor
voted against provision of the Consent with regard to the relevant Issues Put to a Vote.

 

		22.1.7	Upon the expiry of the period for sending the Notices about the Creditor's Decision stipulated by the
relevant Notice about Putting to a Vote, the Credit Manager shall within five Business Days determine a number of votes of the Creditors
for provision of the Consent with regard to each relevant Issue Put to a Vote and shall send to the Creditors and the Borrower a notice
of the voting results with regard to each of the Issues Put to a Vote (hereinafter referred to as the “Notice of the Voting Results”).

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		22.1.8	If in accordance with the provisions of the Finance Documents, the Consent with regard to the Issue Put
to a Vote requires votes of the Majority of Creditors (but not all Creditors), the Credit Manager shall (irrespective of expiration of
the period specified in the relevant Notice about Putting to a Vote) send the Notice of the Voting Results within five Business Days upon
receipt of the Notice about the Creditor's Decision, from which follows that the Majority of Creditors voted for provision of such Consent
or that provision of such Consent was voted against by the Creditors, votes of which are sufficient to prevent provision of such Consent
by the Majority of Creditors.

 

		22.1.9	If provision of the Consent was voted for by the Creditors, votes of which, in accordance with the Finance
Documents, are sufficient to provide such Consent, such Consent shall be deemed effective upon sending by the Credit Manager of the Notice
of the Voting Results, unless any later effective date is specified in the relevant Notice of the Voting Results.

 

		22.1.10	Notices about Putting to a Vote, Notices about the Creditor's Decision and Notices of the Voting Results
shall be sent by e-mail to the e-mail addresses specified in Article 24.2 (Addresses).

 

		22.1.11	Except as otherwise expressly provided by any Finance Document, any Consents provided according to the
procedure stipulated in this Article 22.1 are mandatory for all Finance Parties.

 

		22.1.12	For the avoidance of doubt, the Creditors hereby entrust the Credit Manager and the Credit Manager agrees
to act subject to a prior consent of the Majority of Creditors or of all Creditors subject to the relevant Consent of the Majority of
Creditors or of all Creditors, in the cases when availability of such Consent is expressly provided for by this Agreement.

 

		22.1.13	The Credit Manager may refuse to take any actions based on the instructions of the Majority of Creditors
(or, as applicable, of all Creditors) until obtaining of such security, which it may require in relation to any costs, losses or liabilities
(together with any relevant VAT amount), which it may incur due to compliance with such instructions.

 

		22.1.14	For the avoidance of doubt, a consent of the Credit Manager to any actions or omissions during the process
of designating any documents as the Finance Documents, any consent of the Credit Manager within the context of Articles 15 (Warranties
and Representations), 16 (Undertakings to Provide Information), 17 (Undertakings to Comply with the Financial Indicators),
18 (General Obligations), 19 (Events of Default), 27.4 (Obligations of the Borrower) as well as agreeing upon
the form and content of the documents being submitted under this Agreement (if it is provided for that they shall be agreed upon with
the Creditors or Credit Manager or if there is a requirement that they shall be acceptable for the Creditors or Credit Manager) shall
be provided or not provided by the Credit Manager on the basis of the Consent of the Majority of Creditors (or all Creditors, in the cases
expressly stipulated by this Agreement).

 

		22.1.15	In the absence of instructions from the Majority of Creditors (or, if appropriate, from all Creditors),
the Credit Manager may act (or refrain from taking actions) as it considers to be in the interests of the Creditors.

 

		22.1.16	The Credit Manager shall be liable to the Parties (except for the Creditor performing functions of the
Credit Manager) only for direct losses, proven in a court of law, which were caused by the Credit Manager intentionally or as a result
of gross negligence.

 

		22.1.17	Provisions of this Article 22.1 do not apply to agreeing upon the form and content of the documents submitted
in accordance with Article 4.1 (Initial Requirements).

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	22.2	Votes of the Creditors not Taken into Account when Making Decisions

 

		22.2.1	In this Article, “Related Party” means the Borrower, each other Debtor and Affiliate
of any of them and any other person, which, in the opinion of the Majority of Creditors, acts in the interests of the Borrower or any
Debtor against interests of the Creditors.

 

		22.2.2	If the Related Party:

 

		(A)	Is the Original Lender; or

 

		(B)	Concluded any agreement for participation (subparticipation) in the Credit (or any similar agreement)
with any Creditor,

 

Then when determining votes of the
Majority of Creditors or all Creditors for the purposes of making decisions and (or) provision of consents under this Agreement, a vote
and share of the Related Party (or the Creditor, with which the Related Party concluded an agreement for participation (subparticipation)
in the Credit (or any similar agreement) with regard to participation of the Related Party) shall not be taken into account.

 

		22.2.3	If the Creditor assigns its rights under this Agreement to the Related Party or concludes an agreement
for participation (subparticipation) in the Credit (or any similar agreement) with the Related Party (and the Creditor knows this), it
shall immediately inform the Credit Manager about such assignment or conclusion of an agreement for participation in the Credit (or any
similar agreement) as well as, in case of termination of such an agreement, about such termination.

 

		22.2.4	The Credit Manager shall not send the Related Party any information related to making of decisions and
(or) provision of consents of the Creditors.

 

		22.2.5	Each Creditor being a Related Party shall immediately inform the Credit Manager about its status.

 

		22.2.6	The Credit Manager is not obliged to check whether the Creditor is a Related Party or whether the Related
Party is a party to an agreement for participation (subparticipation) in the Credit (or any similar agreement) and may rely upon the relevant
notice from the Creditor (or its absence).

 

	22.3	Appointment of the Credit Manager

 

		22.3.1	The Parties agree that the Creditor may perform functions of the Credit Manager. Each Finance Party (excluding
the Creditor which performs functions of the Credit Manager) appoints hereby the Credit Manager as its attorney for the entire period
of this Agreement and entrusts it with performance of actions stipulated by the Finance Documents on behalf and at the expense of such
Finance Party.

 

		22.3.2	For the avoidance of doubt, the Parties confirm that the Creditor performing functions of the Credit Manager
has the same rights and obligations under the Finance Documents as any other Creditor and may exercise these rights, including a voting
right when providing the Consents, and perform obligations as if it were not the Credit Manager.

 

		22.3.3	Exercising by the Credit Manager of its duties under this Agreement and other Finance Documents shall
not prevent the Credit Manager from performing any banking transactions with the Borrower and any Debtor, including maintaining of banking
accounts, provision of credits and attraction of deposits.

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		22.3.4	If the compensation amount received from the Creditors (excluding the Creditor which performs functions
of the Credit Manager) does not cover the amount of expenses or losses incurred by the Credit Manager due to performance by it of the functions
of the Credit Manager in accordance with the terms and conditions of the Finance Documents, the Credit Manager may lodge a claim against
the Creditors (excluding the Creditor which performs functions of the Credit Manager) and each Creditor (excluding the Creditor which
performs functions of the Credit Manager) undertakes within 15 Business Days upon lodging of a claim by the Credit Manager compensate
it in the amount corresponding to its Pro Rata Share for any documented expenses or losses incurred by the Credit Manager (excluding cases
of gross negligence or wilful misconduct) due to performance by it of the functions of the Credit Manager in accordance with the terms
and conditions of the Finance Documents to the extent not covered by the compensation amount previously received by the Credit Manager
from any Debtor.

 

		22.3.5	The Credit Manager shall not be liable to the Creditors for its acts (or omission) in accordance with
the Consent of the Majority of Creditors or the Consent of all Creditors.

 

		22.3.6	The Credit Manager shall be liable to the Finance Parties (except for the Creditor performing functions
of the Credit Manager) only for direct losses proven in a judicial proceeding, which were caused by the Credit Manager intentionally or
as a result of gross negligence.

 

		22.3.7	If the terms and conditions of the Agreement do not require the Consent of the Majority of Creditors or
Consent of all Creditors, the Credit Manager may act (or refrain from taking actions) as it considers necessary but in the best interest
of the Creditors..

 

	22.4	Duties of the Credit Manager

 

		22.4.1	Subject to Clause 22.4.2, each Finance Party (excluding the Credit Manager) entrusts the Credit Manager
and the Credit Manager agrees to perform the following actions:

 

		(A)	Maintain accounting of the monetary funds provided to the Borrower by each Creditor in accordance with
this Agreement;

 

		(B)	Obtain to the Account of the Credit Manager any payments due to the Finance Parties from the Debtors under
the Finance Documents and transfer any amounts obtained from the Debtors to the relevant Finance Party in accordance with the terms and
conditions of this Agreement;

 

		(C)	Obtain to the Account of the Credit Manager any amounts of the Credit from the Creditors and transfer
any amounts obtained from the Creditors to the Borrower in accordance with the terms and conditions of this Agreement;

 

		(D)	Notify the Borrower and Creditors about an interest rate for each Interest Period;

 

		(E)	Sign on behalf of all Finance Parties any amendments to this Agreement as well as any consents, confirmations,
waivers of rights and other documents stipulated by this Agreement under the terms and conditions agreed upon in the Consent of the Majority
of Creditors or all Creditors, depending on the nature of changes, consents, confirmations, waivers or other documents;

 

		(F)	Inform the Creditors about compliance (non-compliance) by the Borrower of the requirements stipulated
by this Agreement as a condition for submission of the Drawdown Request;

 

		(G)	Send to the relevant Party an original or copy of any document received by the Credit Manager from any
other Party for transfer to this Party, in such a case the Credit Manager is
not obliged to review or check the adequacy, accuracy or completeness of such document;

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(H)	Notify the Finance Parties about receipt of a message from any Party containing a description of any event
or circumstance and assertion that such event or circumstance is a Default;

 

		(I)	Inform the Creditors about receipt by the Credit Manager of the Borrower's request to provide a waiver
of exercising rights under this Agreement;

 

		(J)	Arrange provision of the Consents by the Majority of Creditors or all Creditors upon its own initiative
or upon request of any Creditor or the Borrower;

 

		(K)	Maintain the register of all Parties (specifying addresses, contact details of all Creditors at each point
of time and the Pro Rata Share of each Creditor) and provide a copy of such register for informational purposes upon request of any Party;

 

		(L)	Inform the Creditors about non-payment by the Borrower or other Debtor of any amount of the Outstanding
Credit, interest, remuneration or other amounts payable to any Finance Party (other than the Credit Manager or Pledge Manager) under the
Finance Documents;

 

		(M)	In case of termination of powers of the Credit Manager, transfer to the New Credit Manager (as defined
in Clause 22.5.5) all documents possessed by the Credit Manager, received by the Credit Manager from the Parties or created by the Credit
Manager during performance of its duties;

 

		(N)	In case of the Event of Default, inform the Creditors about an amount of indebtedness of the Borrower
under this Agreement as at the relevant date and transfer to the Creditors any documents required to lodge a claim to the Debtors under
the Finance Documents; and

 

		(O)	Perform any other actions (or refrain from any actions) which are stipulated by this Agreement and other
Finance Documents or required for exercising by the Creditors of their rights under this Agreement or other Finance Documents upon receipt
of the relevant Consent of the Majority of Creditors or all Creditors, as the case may be.

 

		22.4.2	The Credit Manager is entitled to not exercise any rights and powers granted to it in accordance with
Clause 22.4.1, if the Consent of the Majority of Creditors or Consent of all Creditors is required for exercising of such rights and powers
in accordance with the terms and conditions of this Agreement and the Credit Manager did not receive such Consent of the Majority of Creditors
or Consent of all Creditors according to the procedure stipulated by this Agreement.

 

	22.5	Termination of Powers of the Credit Manager

 

		22.5.1	The Credit Manager may, having notified other Finance Parties and the Borrower at least ten Business Days
in advance, refuse to perform the duties of the Credit Manager, subject to compliance with the provisions of clause 7 of Article 8 of
the Syndicated Credit Law. In such a case, the Majority of Creditors (upon obtaining the Borrower's consent) may appoint a successor of
the Credit Manager.

 

		22.5.2	The retiring Credit Manager shall, at its own cost, provide to the successor Credit Manager any documents
possessed by the Credit Manager and provide such assistance as the successor Credit Manager may reasonably request for the purposes of
performing its functions as the Credit Manager under the Finance Documents.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		22.5.3	Subject to the Consent of the Majority of Creditors, the Creditors may terminate the powers of the Credit
Manager. No consent of the Credit Manager, the Borrower or other Debtors is required for such termination.

 

		22.5.4	In case of revocation of a banking licence of the Credit Manager:

 

		(A)	Powers of the Credit Manager shall be automatically terminated from the date of revocation of a banking
licence; and

 

		(B)	The Credit Manager or any Creditor having obtained information about revocation of a banking licence of
the Credit Manager shall notify about this other Parties (hereinafter the “Licence Revocation Notice”) within the Business
Day following the day when the Credit Manager or such Creditor obtained information about revocation of a banking licence of the Credit
Manager.

 

		22.5.5	In case of termination of powers of the Credit Manager upon its own initiative or upon an initiative of
the Creditors, the Creditors shall, subject to the Consent of the Majority of Creditors, appoint a new Credit Manager from among the Creditors
(excluding the Creditor performing functions of the Credit Manager as at the date of making by the Creditors of the relevant decision)
and exclusively in the absence of the Default, and provided that such person is the Acceptable Creditor) (hereinafter referred to as the
 “New Credit Manager”) and each Finance Party and the Borrower (the Borrower undertakes to ensure the same in relation
to other Debtors) hereby confirms its consent to such possible appointment. In their Consent, the Creditors shall determine a date for
termination of powers of the Credit Manager and the procedure for sending by the New Credit Manager a notice of termination of powers
of the Credit Manager to other Parties (hereinafter referred to as the “Powers Termination Notice”). And in a case
of termination of powers of the Credit Manager upon an initiative of the Credit Manager its powers shall automatically terminate in ten
Business Days after sending by the Credit Manager of a notice in accordance with Clause 22.5.1, unless an earlier date is stipulated by
the Consent of the Creditors or the Credit Manager does not agree to a later date for termination of powers.

 

		22.5.6	The Parties agree that the New Credit Manager will become a party of this Agreement as the Credit Manager
upon granting of the Consent of the Majority of Creditors to appointment of the New Credit Manager upon the date of signing of an agreement
on making relevant amendments to this Agreement, unless such agreement provides for any other date (hereinafter referred to as the “Date
of the New Credit Manager Accession”). After this, any mention of the Credit Manager in this Agreement will relate to the New
Credit Manager.

 

		22.5.7	Since the Date of the New Credit Manager Accession, the New Credit Manager shall ensure opening of a new
account and notify the Borrower and Finance Parties about replacement of the Account of the Credit Manager.

 

		22.5.8	Since the date of termination of powers of the Credit Manager and until the Date of the New Credit Manager
Accession, the Parties hereby agree that functions of the credit manager under this Agreement shall be temporarily performed by the Creditor
with the maximum Pro Rata Share or, in absence of such Creditor, the Creditor appointed in accordance with the Consent of the Majority
of Creditors (hereinafter referred to as the “Temporary Credit Manager”).

 

		22.5.9	The Parties agree that upon the date of obtaining by the Borrower of the Powers Termination Notice or
Licence Revocation Notice and until the Date of the New Credit Manager Accession, the Borrower shall make all payments stipulated by this Agreement
to the account of the Temporary Credit Manager.

 

		22.5.10	If the Credit Manager, whose powers were terminated due to any reasons, receives any payments from the
Parties, its shall, subject to compliance with the requirements of the applicable legislation, within two Business Days transfer such
payments to the Temporary Credit Manager in order to transfer the relevant amounts to the Party, to which they were due.

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	22.6	Pledge Manager

 

		22.6.1	The Parties agree that the Pledge Manager is the Finance Party, the status, rights and obligations of
which are determined in Article 20 (Credit Security).

 

		22.6.2	For the purposes of clause 3 of Article 4 of the Syndicated Credit Law, the Parties hereby confirm that
the Credit Manager may perform functions of the Pledge Manager in accordance with the provisions of this Agreement.

 

	23.	PAYMENT MECHANISM

 

	23.1	Payments to the Credit Manager

 

		23.1.1	Unless otherwise expressly provided for by the Finance Documents:

 

		(A)	On each date, on which the Borrower, other Debtor or the Finance Party shall, pursuant to the terms and
conditions of any Finance Document, make any payment to any Party, the Borrower, relevant Debtor (and the Borrower undertakes to ensure
performance of the relevant duty by the said Debtor) or Finance Party shall transfer the relevant amount to the Account of the Credit
Manager (unless the context of the Finance Document otherwise requires) with valuating on the due date of payment;

 

		(B)	The Debtor’s monetary obligation to the Finance Party shall be deemed as performed upon crediting
the relevant amount in the proper currency to the Account of the Credit Manager.

 

		23.1.2	All payments being made by the Debtor under any Finance Document shall be transferred to the Account of
the Credit Manager until 11:00 a.m.. Any payments coming to the Account of the Credit Manager later than the specified time shall be deemed
obtained on the following Business Day.

 

		23.1.3	Unless otherwise expressly provided for by the Finance Documents, on each date, on which the Finance Party
shall, pursuant to the terms and conditions of any Finance Document, make any payment to any Party, the Finance Party shall transfer the
relevant amount to the Account of the Credit Manager (unless the context of the Finance Document otherwise requires) with crediting on
the due date of payment.

 

		23.1.4	If for payment of any amount under the Finance Documents any period is stipulated, during which such amount
shall be paid, then such amount shall be paid on or before the last Business Day of such a period.

 

	23.2	Distribution by the Credit Manager of the Funds Received

 

		23.2.1	Any monetary funds received by the Credit Manager from the Debtor in discharge of its obligations towards
the Creditors under the Finance Documents shall be distributed between the Creditors:

 

		(A)	In relation to each Credit, interest on the Credit and relevant amounts of forfeit — based on a
participation share of each Creditor in the provided Credit;

 

		(B)	In any other aspects, unless this Agreement provides for otherwise, — according to the Pro Rata
Share of each Creditor.

 

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*** Certain confidential portions
(indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		23.2.2	Each amount of monetary funds obtained at the Account of the Credit Manager for other Finance Party shall
be transferred by the Credit Manager on or before the next Business Day to the Finance Party, for which this monetary amount was intended:

 

		(A)	For the Original Creditor — as per the contact details specified in Annex 1 (List of the
Original Creditors); and

 

		(B)	For other Creditors — as per the details specified in the relevant Creditor Rights Assignment Agreement,

 

Or to any other account according
to the details provided by the relevant Creditor to the Credit Manager at least three Business Days prior to the payment date. The Credit
Manager shall transfer the applicable amount to the relevant Party after it satisfies itself that it obtained the required amount in full.

 

		23.2.3	Each amount to be transferred to the Party may be rounded by the Credit Manager to the second digit after
the dot in accordance with the mathematical rounding rules. For the avoidance of doubt, when calculating the Pro Rata Shares, rounding
off shall not be used.

 

		23.2.4	The Credit Manager shall not pay interest for using of monetary funds received by it from any Party in
connection with performance by the Credit Manager of its functions under this Agreement.

 

		23.3	Partial Payments

 

		23.3.1	If the Credit Manager receives an amount insufficient to repay in full all amounts payable by the Debtor
under the Finance Documents from time to time, the Credit Manager shall use such an amount to discharge the Debtor's obligations under
the Finance Documents in the following order of priority, unless otherwise provided for by the legislation:

 

		(A)	Firstly, to compensate the Finance Parties for non-paid expenses incurred by the Finance Parties
in connection with the Finance Documents;

 

		(B)	Secondly, to pay accrued interest under the Outstanding Credit, commission fees and remunerations
due but not paid to the Finance Parties under the Finance Documents;

 

		(C)	Thirdly, to repay a due amount of the Outstanding Credit as at the relevant date;

 

		(D)	Fourthly, for payment of any other amounts payable by the Debtor under the Finance Documents; and

 

		(E)	Fifthly, for payment of an accrued forfeit.

 

		23.3.2	Taking into account the statutory requirements, the Credit Manager may subject to the Consent of the Majority
of Creditors change the order of priority stated in Clause 23.3.1.

 

		23.4	Payments Bypassing the Credit Manager

 

Transfer by the Debtor of any
Monetary Funds towards the payments due to the Finance Parties under the Finance Documents, bypassing the Account of the Credit
Manager, is not a proper performance by the Debtor of its obligations under the Finance Documents, excluding remuneration and any
other payments due to the Creditor performing functions of the Credit Manager or Pledge Manager in relation to provision of services
of a credit manager or pledge manager, if the relevant agreement provides for direct payment of the relevant remuneration or any
other payments, bypassing the Account of the Credit Manager. If the Creditor receives any payment, which is due to it under the
Finance Document, directly from the Debtor (but not from the Credit Manager), such Creditor shall transfer on the same Business Day
the amount received by it from the Debtor to the Account of the Credit Manager for its distribution between all Finance Parties
according to their Pro Rata Share pursuant to the procedure stipulated by Article 23.3 (Partial Payments). After that, the
Debtor will be deemed as performed its monetary obligations under the relevant Finance Document only to the extent of the amount
which was received by all Finance Parties from the Credit Manager in accordance with the provisions of this Article.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		23.5	No Set-Off

 

		23.5.1	The Borrower undertakes (and shall ensure the same on the part of any other Debtors) to make any payments
under the Finance Documents without set-off of any similar counter claims, which the Debtor may have against any Finance Party.

 

		23.5.2	Full or partial discharge of obligations under the Finance Documents through a set-off (including through
debiting by a bank of monetary funds from the client’s account) is not allowed.

 

		23.6	Payment Currency

 

		23.6.1	Except as otherwise expressly stated in the Finance Document, the Borrower shall ensure on its part and
on the part of other Debtors making of all payments under this Agreement in Russian ruble, excluding compensation to the Finance Parties
of any expenses incurred in relation to the Finance Documents, which shall be paid in the currency, in which they were incurred.

 

		23.6.2	If due to changes in the legislation of any jurisdiction any Party cannot make and (or) accept payments
under the Finance Documents in the currency, in which expenses in relation to the Finance Documents were incurred, the relevant Party
shall as soon as possible notify other Parties about this and payments to such Party and from such Party shall be made in Russian rubles,
in the amount of the Equivalent as at the payment date.

 

		23.6.3	Monetary obligations of the Debtor shall be deemed as performed only if the relevant amounts are obtained
by the Credit Manager in proper currency in accordance with the Finance Documents (hereinafter referred to as the “Currency of
the Agreement"). If any amounts under this Agreement are received towards obligations of the Debtor in a currency other than
the Currency of the Agreement and the Credit Manager converts the received amount into the Currency of the Agreement, the Borrower shall
ensure on its part and on the part of other Debtors:

 

		(A)	Compensation to the Credit Manager of its expenses related to conversion (at the internal exchange rate
of the Credit Manager) of the received amount to the Currency of the Agreement; and

 

		(B)	Performance of monetary obligations of the Debtors in the amount corresponding to a difference between
the amount payable by the Debtor in the Currency of the Agreement and the amount received by the Credit Manager as a result of conversion
of funds received from the Debtor into the Currency of the Agreement.

 

		23.7	Payments Due Dates

 

Unless any Finance Document stipulates
a due date for any payment, such payment shall be made within three Business Days upon receipt from the Credit Manager of a request of
the relevant Finance Party.

 

		23.8	Business Days

 

		23.8.1	If the last day of the period for performance of the monetary obligation under the Finance Document falls
on the day which is not a Business Day, the day of ending of a period for performance of such monetary obligation shall be deemed the
next following Business Day.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		23.8.2	Within the said period of extension of performance of the monetary obligation under the Finance Document,
if interest is to be accrued on the relevant payment amount, then such interest shall be accrued at the rate, which was applied in relation
to such amount as at the initial payment date.

 

		23.8.3	The procedure stipulated by Clauses 23.8.1 and 23.8.2 shall not apply to any Final Repayment Date. If
any Final Repayment Date falls on the day which is not a Business Day, then the relevant Final Repayment Date shall be deemed the immediately
preceding Business Day.

 

		24.	NOTICES

 

		24.1	Written Form

 

Any messages sent by the Parties under
the Finance Documents shall be made in writing and may be sent by courier, by post with a delivery receipt or by email. For the purposes
of this Agreement, a message sent by electronic means of communications shall be deemed a written message. If the Financial Document expressly
provides for the delivery of any document in original or another specific form, such document must be provided in the relevant form.

 

		24.2	Addresses

 

		24.2.1	Save as stipulated below, the contact details of each Party for all messages in connection with this Agreement
shall be the details of which such Party has notified the Credit Manager for this purpose.

 

		24.2.2	Contact details of the Borrower:

 

Irealtor LLC

 

Address: 27, Elektrozavodskaya str.,
bldg.8, prem.I, floor 5, Moscow 107023

 

E-mail address:  [***]@cian.ru,
[***]@cian.ru

 

Attention of:   [***]

 

		24.2.3	Contact details of the Credit Manager:

 

 [***] JSC

 

Address: 17, Troitskaya str., bldg.1,
Moscow 129090

 

	   E-mail
    address:	[***]@raiffeisen.ru;
	 	 
	 	[***]@raiffeisen.ru;
	 	 
	 	[***]@raiffeisen.ru;
	 	 
	 	Syndicate_info@raiffeisen.ru;
	 	 
	 	[***]@raiffeisen.ru

 

	   Attention of:	[***],
	 	 
		[***]

 

		24.2.4	Contact details of the Pledge Manager:

 

Raiffeisenbank JSC

 

Address: 17, Troitskaya str., bldg.1,
Moscow 129090

 

	   E-mail address:	[***]@raiffeisen.ru;
	 	 
	 	[***]@raiffeisen.ru;
	 	 
	 	[***]@raiffeisen.ru ;
	 	 
	 	Syndicate_info@raiffeisen.ru ;
	 	 
	 	[***]@raiffeisen.ru
	 	 
	   Attention of:	 [***],
	 	 
	 	[***]

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		24.2.5	Contact details of the Original Creditors are specified in Annex 1 (List of the Original Creditors).

 

		24.2.6	Contact details of other Creditors are specified in the relevant Creditor Rights Assignment Agreement
as well as are specified in the register of the Creditors, which is maintained by the Credit Manager in accordance with Clause 22.4.1(K).

 

		24.2.7	Any Party may change its contact details by serving a corresponding prior notice on the Credit Manager
at least three Business Days in advance. The Credit Manager notifies all other Parties about changes in the contact details.

 

		24.2.8	If a Party indicates a specific department or officer as the recipient of the message, the message shall
not be deemed made if such department or officer has not been indicated as the recipient.

 

		24.2.9	If more than one email address is indicated for a Party, the email notices shall be sent to such Party
to all such email addresses.

 

		24.3	Serving of Notices

 

		24.3.1	Any message or document being served by one party on the other party in connection with the Finance Document
shall be deemed received:

 

		(A)	If sent by e-mail — after it has been received in a legible form;

 

		(B)	If sent by courier — upon delivery to the corresponding address; or

 

		(C)	If sent by mail — upon delivery to the corresponding address or ten Business Days after it has been
left at the post office as a mailing with delivery receipt, whichever occurs earlier.

 

		24.3.2	Clause 24.3.1 shall not apply to the documents being sent by the Borrower in accordance with Article 4
(Requirements to the Borrower for Granting of the Credit) (except for the Drawdown Request). The said documents shall be sent by
the Borrower to the Credit Manager as original document, unless this Agreement expressly provides for otherwise, and shall be deemed as
received only upon their actual receipt by the Credit Manager.

 

		24.3.3	All notices being sent by the Borrower or to the Borrower shall be transferred through the Credit Manager.
A notice transferred by the Borrower to the Finance Party through the Credit Manager shall be deemed received by the Finance Party upon
its actual receipt by the Credit Manager. A notice transferred by the Finance Party to the Borrower through the Credit Manager shall be
deemed received at the moment when it is deemed received by the Borrower in accordance with Clause 24.3.1.

 

		24.3.4	A copy of any message or document being sent in accordance with subclauses 24.3.1.(B) and 24.3.1 (C),
should be also sent to the respective addressee by email.

 

		24.4	Language

 

Unless otherwise provided for by the
Finance Document, any notice or message being sent by the Party in connection with any Finance Document shall be executed in Russian.
For the avoidance of doubt, the text in Russian may be accompanied by a translation into another language and in such a case the text
in Russian shall prevail.

 

		25.	PARTIAL INVALIDITY

 

If any provision of this Agreement
is or becomes unlawful, invalid or unenforceable, this shall not affect the lawfulness, validity or enforceability of any other provision
of this Agreement.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		26.	AMENDMENT of the FINANCE DOCUMENTS

 

		26.1	Creditors’ Waiver of their Rights

 

		26.1.1	Pursuant to the provisions of Article 4501 of the Civil Code, the Creditors may provide a waiver
of exercising of their rights under the Finance Documents, including of exercising of their rights stipulated by Article 19 (Events
of Default).

 

		26.1.2	A waiver by the Creditors of exercising of their rights under the Finance Documents shall be executed
through sending by the Credit Manager to the Borrower of a notice about a unilateral waiver of exercising of the Creditors’ rights.
The said notice shall be sent by the Credit Manager to the Borrower subject to the Consent of the Majority of Creditors, excluding the
cases stipulated in Clause 26.1.3.

 

		26.1.3	Provision of a waiver of exercising by the Creditors of their rights in relation to the issues requiring
the Consent of all Creditors specified in Clause 26.2.2 shall be allowed only subject to the Consent of all Creditors.

 

		26.1.4	A waiver of exercising of rights may be provided by the Credit Manager acting under the relevant Consent
of the Majority of Creditors or the Consent of all Creditors, as the case may be, and shall not entail any changes in the Finance Documents
or waiver of the Creditors of exercising of any other rights under the Finance Documents in relation to similar circumstances, whether
occurred or potential.

 

		26.1.5	The Borrower may not raise objections in relation to (i) a waiver of exercising of rights provided by
the Credit Manager upon request of the Borrower, and (or) (ii) non-provision by the Credit Manager of a waiver of exercising of rights
upon request of the Borrower with reference to non-compliance by the Credit Manager with the procedure for agreeing upon of provision
of a waiver of exercising of rights of the Creditors stipulated by this Agreement.

 

		26.1.6	A waiver of rights of the Creditors under the Finance Documents shall be valid subject to its execution
in writing and signing by the Credit Manager, excluding the cases of application of Clause 26.1.7.

 

		26.1.7	A waiver of rights in relation to the Initial Requirement may be executed by an e-mail message from the
Credit Manager, acting under the Consent of the Majority of Creditors, to the Borrower. If such a message contains terms and conditions
of providing such a waiver (for instance, an obligation to submit a relevant document within a certain period), then such a waiver shall
become effective upon its confirmation by a duly authorized employee of the Borrower through e-mail and the Borrower undertakes to perform
(and undertakes to ensure performance by any other relevant persons) such terms and conditions and the relevant obligation shall be deemed
the obligation of the Borrower under this Agreement (including for the purposes of Article 19.4 (Other Obligations)).

 

		26.2	Amendment of the Agreement

 

		26.2.1	Any term or condition of this Agreement may be changed with a written agreement signed by the Borrower
and Credit Manager acting in accordance with the Consent of the Majority of Creditors, excluding the cases stipulated in Clause 26.2.2.

 

		26.2.2	The terms and conditions of this Agreement and (if applicable) any other Finance Document relating to:

 

		(A)	Definition of term “Majority of Creditors” in Article 1 (Definitions);

 

		(B)	Delay in payment of any amount under the Finance Documents or any change in payment date of any amount
under the Finance Documents;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(C)	Changes in interest rate, commission fees, remuneration or size of any other amount payable by any Debtor,
excluding commission fees (remuneration) due to the Credit Manager and (or) Pledge Manager;

 

		(D)	Increase in any Credit Limit or Aggregate Credit Limit under any Instalment or extension of the Drawdown
Period, changes in the drawdown schedule, repayment schedule or changes in the Final Repayment Date;

 

		(E)	Any provision of this Agreement expressly stipulating a necessity of a Consent of all Creditors;

 

		(F)	Provisions of Article 21 (Replacement of the Parties) and of this Article 26 (Amendment of the
Finance Documents); and

 

		(G)	Change of the Borrower;

 

		(H)	Any issues related to termination, change and (or) replacement of the pledged item under the Pledge Agreements;

 

		(I)	Any terms and conditions of the Pledge Agreements relating to the structure of property being a subject
of pledge and to a procedure for levying of execution upon pledged property; and

 

		(J)	Changes in the Currency of the Agreement (except for the cases stipulated by Clause 23.6.2),

 

May be changed only by written agreements
signed by the Borrower, Credit Manager and (where necessary) by the Pledge Manager subject to the Consent of all Creditors.

 

		26.2.3	Material change of circumstances described in Article 451 of the Civil Code may not be a basis for amendment
or termination of this Agreement by the Pledger.

 

		27.	CONFIDENTIALITY

 

		27.1	Confidential Information

 

		27.1.1	Each Finance Party agrees to keep any Confidential Information confidential using all means and applying
the same degree of care which such Finance Party applies to its own confidential information and not to disclose it to any third parties,
excluding the cases listed in Article 27.2 (Disclosure of the Confidential Information).

 

		27.1.2	Each Finance Party undertakes to take all reasonable measures to ensure that all persons, to which the
Confidential Information may be disclosed (excluding disclosures in accordance with Clause 27.2.1(B)(4)), maintain a non-disclosure mode
in relation to such information established by this Agreement, as if they were a Party.

 

		27.2	Disclosure of the Confidential Information

 

		27.2.1	The Finance Party may as and when necessary disclose the Confidential Information:

 

		(A)	To its Affiliates, professional advisors and auditors, if a person, to which such Confidential Information
is provided, is informed in writing about its confidential nature, and there is no need in such informing if its recipient shall keep
confidential such information due to his/her/its professional duties;

 

		(B)	To any persons:

 

		(1)	To which the Finance Party transfers (or intends to transfer) any of its rights and (or) obligations under
the Finance Documents or which may become a new Credit Manager or new Pledge Manager and, in each case, also to professional advisors
of the said persons, provided that such persons
(excluding professional advisors, which shall keep confidential such information due to their professional duties) assume an obligation
to keep the Confidential Information confidential under the terms and conditions stipulated by this Agreement for the purposes of such
transfer or possible transfer of rights and (or) duties;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(2)	With which the Finance Party concludes an agreement for participation in the Credit or any other transaction,
payments under which may be made with a reference to any Finance Documents and (or) to the Borrower, Debtor, and to their professional
advisors, provided that such persons (excluding professional advisors, which shall keep confidential such information due to their professional
duties) assume an obligation to keep the Confidential Information confidential under the terms and conditions stipulated by this Agreement
for the purposes of such participation in the Credit;

 

		(3)	Specified in a request of a prosecutor's office, court, investigative authorities, administrative, banking
or currency supervisory authority (including the Central Bank of the Russian Federation), tax authority or any other state authority acting
within their competence stipulated by the legislation;

 

		(4)	Who are a Party;

 

		(5)	With the prior consent of the Borrower;

 

		(6)	To any rating agency (including its professional advisors) for the purposes of assigning a rating to the
Finance Documents and (or) the Borrower, if a rating agency, to which the Confidential Information is provided, is informed about its
confidential nature;

 

		(7)	To the Central Bank of the Russian Federation and state authorities; and

 

		(8)	To any credit records bureau pursuant to the Credit Records Law. The Borrower does not object to submission
by the Creditors to the credit records bureau of any information about the Borrower stipulated by the Credit Records Law and gives its
consent to its obtaining and provision. The Borrower hereby confirms that it is informed about the Creditors’ duty to provide information
to credit records bureau pursuant to the legislation of the Russian Federation.

 

		27.2.2	The Finance Parties may also inform, subject to a preliminary written consent of the Borrower, CBonds,
Dealogic, Bloomberg, LoanRadar and other similar agencies and databases about the structure of the Parties, currency and amount of the
credit facility under this Agreement as well as, subject to a preliminary consent of the Borrower and Credit Manager, other information
in relation to this Agreement.

 

		27.2.3	Powers of the Finance Parties to disclose the Confidential Information constituting a bank secret shall
not apply to the information about transactions against accounts of the Borrower opened with the relevant Finance Party and information
about cash balances on such accounts.

 

		27.2.4	With regard to any Confidential Information related to personal data, the Borrower, being a personal data
operator, entrust the Finance Parties with processing of such personal data.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		27.3	Disclosure Notification

 

		27.3.1	Each of the Finance Parties agrees to inform the Borrower about the circumstances of disclosure of the
Confidential Information made pursuant to Clause 27.2.1(B)(3), except for disclosure of such information to a state authority during performance
by it of its general supervisory or regulating functions.

 

		27.3.2	The Creditors hereby inform the Borrower that the information about the Borrower and this Agreement specified
in article 4 of the Credit Records Law will be sent to a relevant credit records bureau in accordance with the Credit Records Law.

 

		27.4	Obligations of the Borrower

 

The Borrower shall keep confident
all terms and conditions of the Finance Documents, except for disclosure of this information to:

 

		27.4.1	Banks through which settlements under this Agreement and other Finance Documents are made;

 

		27.4.2	Its members;

 

		27.4.3	Its professional advisers and auditors provided that due to their professional duties they shall maintain
confidentiality with regard to relevant information or assume an obligation for maintaining confidentiality under the terms and conditions
stipulated by this Agreement;

 

		27.4.4	Its Affiliates;

 

		27.4.5	In accordance with legal requirement, if requested by public prosecution office, court, investigative
authorities, administrative, bank or currency supervision authority, tax authority or any other government authority acting within their
competence stipulated by the legislation or in connection with any court or arbitration proceeding; or

 

		27.4.6	Subject to a consent of the Credit Manager.

 

		27.5	Continuing Obligations

 

Provisions set out in this Article
27 (Confidentiality) shall remain in force and continue to be binding for each Finance Party within twelve months from the date
on which all amounts to be paid by the Borrower under this Agreement are paid in full.

 

		28.	APPLICABLE LAW

 

This Agreement and the rights and
duties of the Parties arising out of it shall be governed by and construed in accordance with the laws of the Russian Federation.

 

		29.	DISPUTE RESOLUTION

 

		29.1.1	All disputes, disagreements or claims arising out of or in connection with this Agreement, including pertaining
to its entry into force, conclusion, amendment, performance, breach, termination or validity, shall be considered by the International
Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation in accordance with its applicable rules
and regulations.

 

		29.1.2	The arbitration award shall be final for the Parties.

 

		29.1.3	The following is excluded:

 

		(A)	Filing an application with a state court seeking a judgment to be rendered that the arbitration court
lacks jurisdiction in connection with a separate resolution rendered by the arbitration court that it had jurisdiction, as a preliminary
matter; and

 

		(B)	The possibility for a state court to consider a challenge of the arbitrators or termination of their powers
for other reasons.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		30.	FORCE MAJEURE

 

In accordance with article 401 of
the Civil Code, performance by the Pledger of its obligations under this Agreement shall not terminate and may not be delayed due to force
majeure.

 

		31.	SIGNING

 

This Agreement is signed by the Parties
as a single document in any number of authentic counterparts (but not fewer than one counterpart for each of the Parties) of equal legal
force.

 

This Agreement has been entered into
on the date stated at the beginning of this Agreement.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 1

LIST OF THE ORIGINAL CREDITORS

 

Before the Pledge Registration Date (not including such date), the
following Credit Limits shall be valid:

 

	Name of the Original Creditor	Credit Limit under Instalment 1	Credit Limit under Instalment 2
	
    Raiffeisenbank JSC

     

    Details of Raiffeisenbank JSC

     

    Beneficiary: Raiffeisenbank JSC

     

    Bank: Raiffeisenbank JSC, Moscow

     

    Location: 17, Troitskaya str., bldg.1, Moscow
    129090

     

    SWIFT code: RZBMRUMM

     

    Correspondent account:  [***]

     

    Settlement account: [***]

     

    BIK: [***]

     

    Taxpayer Identification Number (INN): 7744000302

     

    Address: 17, Troitskaya str., bldg.1, Moscow 129090

     

    Emails:

    [***]@raiffeisen.ru;

    [***]@raiffeisen.ru;

    [***]@raiffeisen.ru;

    Syndicate_info@raiffeisen.ru;

    [***]@raiffeisen.ru

     

    Contact persons: [***], [***],
    [***], [***]

     

    or other details specified by the relevant
Original Creditor in writing.
	62,500,000 Russian rubles	187,500,000 Russian rubles

  

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	
    Rosbank PJSC

     

    Details of Rosbank PJSC

     

    Beneficiary: Rosbank PJSC

     

    Bank: Rosbank PJSC

     

    Location: 34, Mashi Poryvaevoy str., Moscow 107078,
    Russia

     

    SWIFT Code: RSBNRUMM

     

    Correspondent account: [***] in GU of the
    Bank of Russia for CFO

     

    VTS on loan operations with legal entities:

 [***]

     

    BIK: [***]

     

    Address: 34, Mashi Poryvaevoy str., Moscow 107078,
    Russia

     

    Email:
 [***]@rosbank.ru, 

[***]@rosbank.ru

     

    Contact persons: [***]

     

    or other details specified by the relevant
Original Creditor in writing.
	250,000,000 Russian rubles	0 Russia rubles

 

After the Pledge Registration Date (including such date), the following
Credit Limits shall be valid:

 

	Name of the Original Creditor	Credit Limit under Instalment 1	Credit Limit under Instalment 2
	From the Signing Date until November 30, 2019	From December 1, 2019 until the last date of the Drawdown Period 	From the Signing Date until November 30, 2019	From December 1, 2019 until the last date of the Drawdown Period
	
    Raiffeisenbank JSC

     

    Details of Raiffeisenbank JSC

     

    Beneficiary: Raiffeisenbank

     

    JSCBank: Raiffeisenbank
    JSC, Moscow

     

    Location: 17, Troitskaya str., bldg.1, Moscow
    129090

     

    SWIFT code: [***]

     

    Correspondent account: [***] 

    Settlement
    account: [***]

     

    BIK: [***]

     

    INN: 7744000302

     

    Address: 17, Troitskaya str., bldg.1,
    Moscow 129090

     

    Emails:

    [***]@raiffeisen.ru;

    [***]@raiffeisen.ru;

    [***]@raiffeisen.ru;

    Syndicate_info@raiffeisen.ru;

    [***]@raiffeisen.ru

     

    Contact persons: [***], [***],
    [***], [***]

     

    or other details specified by the relevant Original
    Creditor in writing.

     
	75,000,000 Russian rubles	100,000,000 Russian rubles	225,000,000 Russian rubles	300,000,000

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	
    Rosbank PJSC

     

    Details of Rosbank PJSC

     

    Beneficiary: Rosbank PJSC

     

    Bank: Rosbank PJSC

     

    Location: 34, Mashi Poryvaevoy
    str., Moscow 107078, Russia

     

    SWIFT code: [***]

     

    Correspondent account: [***]
    with GU Bank of Russia for CFO

     

    VTS on loan operations with legal entities: [***]

     

    BIK: [***]

     

    Address: 34, Mashi Poryvaevoy str., Moscow 107078,
    Russia

     

    Email:

    [***]@rosbank.ru, 

[***]@rosbank.ru

     

    Contact persons: [***]
ot other details specified by the relevant Original Creditor in writing. 

	300,000,000 Russian rubles	400,000,000 Russian rubles	0 Russian rubles	0 Russian rubles

  

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

APPENDIX 2 

REQUIREMENTS TO THE BORROWER FOR GRANTING OF THE CREDIT

 

	1.	Finance Documents

 

Each Finance Document
(excluding the documents specified in clauses (c) – (e) of the definition of the term “Finance Documents”) duly signed
by each Party (hereinafter for the purposes of this Appendix referred to as the “Documents”).

 

	2.	Transaction Documents

 

		(a)	A copy of each License Agreement certified by the Borrower.

 

		(b)	A copy of each Pledge Account Agreement certified by the Borrower.

 

		(c)	A copy of each Loan Agreement certified by the Borrower.

 

	3.	Necessary Corporate Documents in Relation to the Borrower

 

		(a)	A notarized copy of the certificate of state registration issued by the relevant registration authority
in accordance with Federal Law No. 129-ФЗ dated August 8, 2001 On State Registration of Legal Entities and Individual Entrepreneurs.

 

		(b)	A notarized copy of the current edition of the Articles of Association and amendments thereto as well
as the edition of the Articles of Association valid on the date of appointment of the sole executive body and the edition of the Articles
of Association valid on the date of issue of the power of attorney specified below, as amended and supplemented; in each case, the Articles
of Association and amendments thereto shall have a mark of their state registration.

 

		(c)	Notarized copies of the certificates (record sheets) of state registration of the Articles of Association
and amendments specified above.

 

		(d)	Notarized copy of the certificate of registration with a tax authority in the territory of the Russian
Federation.

 

		(e)	Copies, certified by an authorized representative, or the original or notarised copies of the decision
on appointment of the sole executive body and, if applicable, the decision on extension of powers of the sole executive body.

 

		(f)	An original or a notarized copy of the specimen signature form of persons authorized to sign documents
on transaction on the Borrower’s behalf;

 

		(g)	An original of the letter signed by the Borrower’s authorized representative and prepared according
to the form agreed with the Credit Manager’s legal adviser, confirming, inter alia, the following:

 

		(i)	Each document (either original or copy) submitted by the Borrower or on its behalf in accordance with
this Annex 2 is genuine, has full legal force, has not been amended, supplemented, replaced, cancelled, withdrawn or terminated,
and no other new documents were issued in connection with the issues dealt with in this document;

 

		(ii)	Transactions stipulated by the Documents, to which the Borrower is a party, are duly approved (a consent
is given to make these transactions) in accordance with the requirements of constituent documents of the Borrower and the legislation
of the Russian Federation;

 

		(ii)	Assumption and performance by the Borrower of obligations under the relevant Documents do not violate
any decisions of the Borrower’s management bodies;

 

		(iv)	There are no insolvency/bankruptcy proceedings against the Borrower;

 

		(v)	There are no corporate agreements, shareholders' agreements, agreements on the exercise of the members’
rights and similar agreements with regard to the Borrower, except for the Shareholders’ Agreement;

 

    81 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(vi)	There are no persons interested in making transactions provided for by the Documents, or there are persons
interested in making transactions provided for by the Documents specifying a full list of persons interested in making transactions and
grounds on which each of these persons is acknowledged as interested in a transaction;

 

		(vii)	The Regulated Procurements Law does not apply to the Borrower; and

 

		(viii)	No Default or any event or circumstance which has or reasonably likely may have the Material Adverse Effect.

 

		(h)	If applicable, a notarized copy of the power of attorney in the name of representatives authorized to
sign the Documents, to which the Borrower is a party.

 

		(i)	Originals of all necessary consents with regard to conclusion of the Documents, to which the Borrower
is a party.

 

	4.	Necessary documents with regard to each Guarantor

 

		(a)	An apostilled copy of the incorporation certificate issued by the Department of Registrar of Companies
in Cyprus.

 

		(b)	An apostilled copy of the Memorandum and the Articles of Association (including all amendments and supplements
thereto) in Greek (stamped by the Department of Registrar) and in English.

 

		(c)	An apostilled original of the certificate of registered address issued by the Department of Registrar
of Companies in Cyprus and dated by the date occurring no earlier than 30 days before the date of this Agreement.

 

		(d)	An apostilled original of the certificate of directors and secretary issued by the Department of Registrar
of Companies in Cyprus and dated by the date occurring no earlier than 30 days before the date of this Agreement.

 

		(e)	An apostilled original of the certificate of shareholders issued by the Department of Registrar of Companies
in Cyprus and dated by the date occurring no earlier than 30 days before the date of this Agreement.

 

		(f)	An apostilled original of the good standing certificate issued by the Department of Registrar of Companies
in Cyprus and dated by the date occurring no earlier than 30 days before the date of this Agreement.

 

		(g)	An apostilled original of the no winding up certificate issued by the Department of Registrar of Companies
in Cyprus and dated by the date occurring no earlier than 30 days before the date of this Agreement.

 

		(h)	A certified copy of the register of directors and secretaries dated by the date occurring no earlier than
one day before the date of this Agreement.

 

		(i)	A certified copy of the register of members dated by the date occurring no earlier than one day before
the date of this Agreement.

 

		(j)	A certified copy of the register of mortgage and other pledges dated by the date occurring no earlier
than one day before the date of this Agreement.

 

		(k)	The original incumbency certificate which, by its form and nature, is acceptable for the Credit Manager,
together with all documents submitted in accordance with such incumbency certificate.

 

		(l)	The original of the document signed by the authorized representative of the relevant Guarantor confirming,
inter alia, that each document (either original or its copy) submitted by the relevant Guarantor or on its behalf in accordance with this
Annex 2 is genuine, contains full and accurate information, has full legal force, has not been amended, cancelled, withdrawn or terminated,
and that as at the date no earlier than the date of this Agreement no new documents were issued with regard to the issues covered by the
relevant document, attaching specimen signature of each person authorized to sign the
Finance Document on behalf of the relevant Guarantor.

 

    82 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(m)	An apostilled original of the power of attorney for granting necessary powers to authorized representatives
of the relevant Guarantor to sign the Finance Documents to which the relevant Guarantor is a party.

 

		(n)	The original of the decision by the Board of Directors with regard to execution of the Finance Documents
to which the relevant Guarantor is a party.

 

		(o)	(With regard to Fastrunner Investments and Mimons Investments) the original of the decision of the shareholders
with regard to execution of the Finance Documents to which the relevant Guarantor is a party.

 

		(p)	(With regard to Solaredge Holdings) a copy of the decision of the shareholders with regard to execution
of the Finance Documents to which Solaredge Holdings is a party.

 

	5.	Documents relevant to execution of the Security Agreements

 

		(a)	Participatory Interest Pledge Agreement

 

		(i)	The original of the list of the Borrower's members containing information as at the date no earlier than
30 days before the date of the Participatory Interest Pledge Agreement.

 

		(ii)	A copy of the decision by the general meeting of members of the Borrower, certified by the Borrower’s
authorized representative, on approval of the pledge stipulated by the Participatory Interest Pledge Agreement.

 

		(iii)	A confirmation of sending a notice by the notary to the federal tax authority to make an entry in the
Unified State Register of Legal Entities concerning creation of the pledge in accordance with the Participatory Interest Pledge Agreement.

 

		(iv)	A copy of the list of the Borrower’s members certified by the Borrower’s authorized representative
confirming (А) the title of Mimons Investments to the share in the Borrower’s authorized capital transferred in pledge in
accordance with the Participatory Interest Pledge Agreement; (В) recording in the register of the Borrower’s members of the
pledge created in accordance with the Participatory Interest Pledge Agreement; and (С) the absence of any Encumbrances with regard
to interests being the pledged item under the Participatory Interest Pledge Agreement, excluding the Encumbrance created in accordance
with the Participatory Interest Pledge Agreement.

 

		(v)	A certified copy of the Register of Mortgage and Other Pledges of Mimons Investments confirming making
of an entry on the Participatory Interest Pledge Agreement.

 

		(b)	Share Pledge Agreements

 

With regard
to each Share Pledge Agreement:

 

		(i)	All share certificates for initial shares (in accordance with their definition in the relevant Share Pledge
Agreement);

 

		(ii)	Blank transfer instrument signed, undated and made according to the form provided for by the relevant
Share Pledge Agreement;

 

		(iii)	Signed irrevocable power of attorney in the name of the pledge holder according to the form provided for
by the relevant Share Pledge Agreement;

 

		(iv)	Signed and undated statements of voluntary early termination of powers (resignation) by directors and
officers of Fastrunner Investments and Mimons Investments;

 

    83 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(v)	Letters of obligations and powers executed substantially according to the form specified in the relevant
Share Pledge Agreement and signed by all directors and officers of Fastrunner Investments and Mimons Investments;

 

		(vi)	A certified copy of the decision on pledge approval and shares transfer made in writing by the Boards
of Directors of Fastrunner Investments and Mimons Investments and executed substantially according to the form specified in the relevant
Share Pledge Agreement;

 

		(vii)	Certificate confirming making of an entry on the pledge executed substantially according to the form specified
in the relevant Share Pledge Agreement and a certified copy of the register of members;

 

		(viii)	Signed undated confirmations of a secretary issued by Fastrunner Investments and Mimons Investments with
regard to submission to the Department of Registrar of Companies in Cyprus of information on changes in composition of officers and shareholders
in case of levying of execution upon the pledged item under the relevant Share Pledge Agreement;

 

		(ix)	A certified copy of the Register of Mortgage and Other Pledges of the relevant Pledger confirming making
of an entry on the Participatory Interest Pledge Agreement pursuant to clause 99(1) of the Companies Law of the Republic of Cyprus, Chapter
113; And

 

		(x)	exclusively in respect of each Share Pledge Agreement relating to the shares in Mimons Investments –
the original of the waiver of the shareholders of their pre-emptive right to acquire shares.

 

		(c)	Account Pledge Agreements

 

The Credit Manager’s
evidence of opening of the Borrower’s accounts with regard to which the Account Pledge Agreements are concluded.

 

		(d)	Intellectual Property Items Pledge Agreements

 

		(i)	With regard to each Trade Mark — a copy duly certified by the Borrower, of the certificate of registration
of an exclusive right to each Trade Mark.

 

		(ii)	With regard to the pledged item under the Software Rights Pledge Agreement — a copy duly certified
by the Borrower, of the certificate of registration of computer programs and databases registered with Rospatent.

 

		(iii)	With regard to the pledged item under the Licence Agreements Rights Pledge Agreement:

 

		(1)	A duly certified copy of the notice of pledge occurring in accordance with the Licence Agreements Rights
Pledge Agreement sent by the Borrower to Fastrunner Investments and containing a confirmation of receiving such pledge notice duly signed
by Fastrunner Investments; and

 

		(2)	A duly certified copy of Fastrunner Investments’s consent to the pledge occurring in accordance
with the Licence Agreements Rights Pledge Agreement.

 

		(iv)	A duly certified copy of the notice on disposal of exclusive rights to the Trade Marks, duly signed by
the respective Pledger, submitted to Rospatent for registration.

 

		(v)	A duly certified copy of the notice on disposal of rights under the Licence Agreements, duly signed by
the respective Pledger, for the purposes of submission of the said notice to Rospatent for registration.

 

    84 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(vi)	A duly certified copy of each application for registration of the pledge arising from the Trade Marks
Pledge Agreement and Licence Agreements Rights Pledge Agreement, with the
stamp of Rospatent, as well as duly certified copy of the extract issued by Rospatent and confirming the acceptance by Rospatent of each
application mentioned above.

 

		(vii)	An original of each notarized irrevocable power of attorney issued by the Borrower in accordance with
each Intellectual Property Items Pledge Agreement, to which the Borrower is party, and a copy of a notarized irrevocable power of attorney
issued by Fastrunner Investment in accordance with the Trade Marks Rights Pledge Agreement.

 

		(viii)	A certified copy of the Register of mortgage and other pledges of Fastrunner Investments confirming that
an entry on the Trade Marks Rights Pledge Agreement is made.

 

	6.	Legal Opinions

 

		(a)	Legal opinion prepared by Herbert Smith Freehills CIS LLP, a legal adviser of the Credit Manager regarding
Russian legislation in relation to the Finance Documents.

 

		(b)	Legal opinion prepared by Alexandros Economou LLC, a legal adviser of the Credit Manager regarding Cypriot
legislation in relation to the Finance Documents.

 

	7.	Other documents and evidence

 

		(a)	A copy, certified by the Borrower, of the Borrower’s Original Financial Statements with relevant
breakdowns.

 

		(b)	Documents confirming payment of a commission fee provided for by Article 12.2 (Credit Fee)
and expenses due and payable by the Borrower under the Finance Documents before sending the Drawdown Request with regard to the first
Drawdown Date.

 

		(c)	Originals of the Borrower’s written consent (in the quantity equal to the quantity of the Original
Creditors) for receiving of a credit report on the Borrower, stipulated by the Credit Records Law, by each Creditor from any credit bureau
included in the state register of credit records bureaus.

 

		(d)	Documents required for the Creditors to check the “client data” or similar procedures for
checking the client in relation to each Debtor.

 

		(e)	Documents which, by their form and content, satisfy the Credit Manager and confirm sending of instructions
with regard to the transfer by the Borrower of monetary funds in accordance with Clause 3.1.2. of Article 3 (Purpose).

 

    85 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 3 

DRAWDOWN REQUEST FORM

 

DRAWDOWN REQUEST

 

Sender:  [name of the Borrower]

 

Recipient:  [name of the Credit
Manager]

 

Date:  [•]

 

Dear Sirs,

 

DRAWDOWN REQUEST

 

Syndicated Credit Agreement dated
July 31, 2019 (hereinafter referred to as the “Agreement”)

 

		1.	We refer to the Agreement. The terms defined in the Agreement have the same meaning in this Drawdown Request
unless given a different meaning in this Drawdown Request.

 

We kindly ask
to grant the Credit on the following terms and conditions:

 

 Instalment:         [·]

 

Drawdown
Date:        [·]

 

Currency of
the Credit:              Russian ruble

 

		Amount:	[·]

 

		2.	We confirm that as at the date of this Drawdown Request all Initial Requirements and all warranties and
representations listed in Article 15 (Warranties and Representations) of the Agreement remain accurate.

 

		3.	Funds under this Credit shall be transferred to [please specify details of the relevant Borrower’s
Account].

 

		4.	This Drawdown Request is irrevocable.

 

	Yours
    faithfully,	 
	 	 
	 	 
	authorized
    representative	 
	 	 
	[name
    of the Borrower]	 

 

    86 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 4

CREDITOR RIGHTS ASSIGNMENT AGREEMENT FORM

 

AGREEMENT 

FOR ASSIGNMENT OF RIGHTS
TO CLAIM [AND TRANSFER OF DEBT] 

dated [●]
20_____

 

BETWEEN

[THE EXISTING CREDITOR] 

[THE NEW CREDITOR] 

AND 

[THE CREDIT MANAGER]

 

	1.	INTERPRETATION	88

 

	2.	SUBJECT MATTER OF THE CREDITOR RIGHTS ASSIGNMENT AGREEMENT	89

 

	3.	PROCEDURE FOR PERFORMANCE OF OBLIGATIONS OF THE PARTIES	89

 

	4.	Remuneration of the Credit Manager and Pledge Manager	90

 

	5.	PAYMENTS	90

 

	6.	NOTICES	91

 

	7.	APPLICABLE LAW	91

 

	8.	DISPUTE RESOLUTION	91

 

	9.	EXECUTION	91

 

	10.	DETAILS OF THE NEW CREDITOR	91

 

	ANNEX 1		92

 

    87 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

THIS AGREEMENT FOR ASSIGNMENT OF RIGHTS TO
CLAIM [AND TRANSFER OF DEBT] (hereinafter referred to as the “Creditor Rights Assignment Agreement”) is entered
into on [●]

 

BETWEEN:

 

	(1)	[●], [open/public]/[closed] joint-stock company]/[limited liability company] incorporated under
the laws of the Russian Federation, registered with the Unified State Register of Legal Entities of the Russian Federation under number
(OGRN (Primary State Registration Number)): [●], located at the address: [address][, represented by [please specify full name],
acting under [the power of attorney][the Articles of Association]] OR [company/legal entity /limited liability company /[open/public]/[closed]
joint-stock company] [incorporated]/[organized and existing] in accordance with legal rules of [jurisdiction], [located/registered/with
its registered office] at the address [address], represented by [please specify full name], acting under [the power of attorney][the Articles
of Association], as the assignor (hereinafter referred to as the “Existing Creditor”);

 

	(2)	[●], [open/public]/[closed] joint-stock company]/[limited liability company] incorporated under
the laws of the Russian Federation, registered with the Unified State Register of Legal Entities of the Russian Federation under number
(OGRN): [●], located at the address: [address][, represented by [please specify full name], acting under [the power of attorney][the Articles
of Association]] OR [company/legal entity /limited liability company /[open/public]/[closed] joint-stock company] [incorporated]/[organized
and existing] in accordance with legal rules of [jurisdiction], [located/registered/with its registered office] at the address [address],
represented by [please specify full name], acting under [the power of attorney][the Articles of Association], as the assignee (hereinafter
referred to as the “New Creditor”); and

 

	(3)	[●] [please specify the full name of the bank being the Credit Manager] as the Credit Manager
(hereinafter referred to as the “Credit Manager”).

 

THE PARTIES HAVE AGREED as follows

 

	1.	INTERPRETATION

 

The terms defined in the Credit Agreement
have the same meaning in this Creditor Rights Assignment Agreement unless given a different meaning in this Creditor Rights Assignment
Agreement.

 

In this Creditor Rights Assignment Agreement:

 

Bank Account
means a banking account of the Existing Creditor specified in clause 4(b) of this Creditor Rights Assignment Agreement.

 

Transaction Date
means [date of this Creditor Rights Assignment Agreement]/[please specify an agreed calendar date on which assignment of rights to claim
and transfer of debt will occur].

 

[Debt
means an obligation of the Existing Creditor to grant the Credit to the Borrower within its Credit Limit which is [●]
 as at the date of this Creditor Rights Assignment Agreement.

 

Borrower
means [●] incorporated pursuant to the legislation of the Russian
Federation, registered in the Unified State Register of Legal Entities of the Russian Federation under number (OGRN (Primary State Registration
Number)): [●], located at the address: [address].

 

Credit
Agreement means the Syndicated Credit Agreement dated [please specify the date of the credit agreement] concluded, inter alia, between
the Existing Creditor and the Borrower.

 

Parties
mean the Existing Creditor, New Creditor and Credit Manager and a Party means each of them.

 

    88 

     

    

 

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

[Claims
mean claims to repay the Outstanding Credit in the amount of [please specify amount of the credit granted to the Borrower by the Existing
Creditor as at the date of this Assignment Agreement and the applicable Instalment], interest and other payments due to the Existing
Creditor from the Borrower under the Credit Agreement as well as any rights connected with the said claims including rights to perform
unilateral actions under the relevant Finance Documents.][If the scope of the transferred Rights to Claim does not comply with article
21.4, relevant amendments shall be made to the definition and the Creditor Rights Assignment Agreement]

 

Notice means
a notice of assignment of Rights to Claim of the Existing Creditor under the Credit Agreement on the terms and conditions of this Creditor
Rights Assignment Agreement executed according to the form specified in Annex No. 1 to the Creditor Rights Assignment Agreement and sent
to the Borrower by the Credit Manager.

 

Price
of the Rights to Claim means an amount equal to [●] ([●]).

 

	2.	SUBJECT MATTER OF THE CREDITOR RIGHTS ASSIGNMENT AGREEMENT

 

	2.1	[On the Transaction Date, the Existing Creditor shall assign and the New Creditor shall accept the Rights
to Claim in accordance with the procedure and on the terms specified in Article 21 (Replacement of the Parties) of the Credit Agreement
and in this Creditor Rights Assignment Agreement.]/[On the Transaction Date, the Existing Creditor shall transfer and the New Creditor
shall accept the Debt in accordance with the procedure and on the terms specified in Article 21 (Replacement of the Parties) of
the Credit Agreement and in this Creditor Rights Assignment Agreement.]

 

	2.2	The Rights to Claim under the Credit Agreement shall be transferred to the New Creditor without any Encumbrances.

 

	3.	PROCEDURE FOR PERFORMANCE OF OBLIGATIONS OF THE PARTIES

 

	3.1	[On the Transaction Date, the New Creditor shall pay the Existing Creditor the Price of the Rights to
Claim with Regard to the Bank Account.]

 

	3.2	On the Transaction Date, the Existing Creditor shall cease being the Creditor under the Credit Agreement
[to the extent corresponding to the Rights to Claim], and the New Creditor shall become the Creditor under the Credit Agreement [to the
extent corresponding to the Rights to Claim] and all provisions of the Credit Agreement and of other Finance Documents shall apply to
it.

 

	3.3	The Existing Creditor confirms that it does not have any information on the Borrower’s objections
against such Existing Creditor which the Borrower may raise against the New Creditor in accordance with Article 386 of the Civil Code.

 

	3.4	The New Creditor confirms that it read and understood all terms and conditions of the Credit Agreement
and other Finance Documents, conducted (and will continue to conduct) its own independent study on and assessment of financial condition
of the Borrower and each other Debtor, and it did not rely on any information submitted to it by the Existing Creditor while taking decision
on signing this Creditor Rights Assignment Agreement.

 

	3.5	The New Creditor confirms appointment of:

 

	 	3.5.1	The Pledge Manager as a pledge manager in accordance with Article 20.2 (Status of the Creditors and
Appointment of the Pledge Manager) of the Credit Agreement; and

 

	 	3.5.2	The Credit Manager as the Credit Manager in accordance with Article 22.3 (Appointment of the Credit
Manager) of the Credit Agreement.

 

	3.6	On the Transaction Date, the Existing Creditor shall:

 

	 	3.6.1	Transfer to the New Creditor documents confirming all rights to claim of the Existing Creditor as the
Creditor under the Credit Agreement, including the original of the Credit Agreement and other Finance Documents to which the Existing
Creditor is a party, all amendments and supplements thereto, copies of the Drawdown Requests as well as all documents confirming the extent
of the Rights to Claim [and the Debt] as at the Transaction Date;

 

    89 

     

    

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	 	3.6.2	Give the New Creditor the information significant to exercise the Rights to Claim, including information
on the violation of the Credit Agreement by the Borrower; and

 

	 	3.6.3	[Send the Credit Manager a notice of assignment of the Rights to Claim and] hand over to the Credit Manager
the evidence of the Rights to Claim of the New Creditor, which, by their form and content, are acceptable for the Credit Manager.

 

	3.7	On the Transaction Date, the Credit Manager shall send to the Borrower and immediately after the Transaction
Date shall hand over to the Borrower a copy of this Creditor Rights Assignment Agreement.

 

	3.8	The New Creditor’s obligations for payment of the Price of Rights to Claim shall be considered fulfilled
upon crediting amount of the Price of Rights to Claim to the Existing Creditor’s Bank Account.

 

	3.9	Parties shall perform all other actions necessary for performance of their obligations under this Article
3 (Procedure for Performance of Obligations of the Parties).

 

	4.	[Remuneration of the Credit Manager and Pledge Manager

 

	4.1	The New Creditor shall pay lump-sum remuneration of the Credit Manager and lump-sum remuneration of the
Pledge Manager in the amount and in accordance with the procedure established by Article 21.3 (Procedure for Assignment of Rights and
Transfer of Obligations) of the Credit Agreement.

 

	4.2	A duty to pay remuneration to the Credit Manager and the Pledge Manager shall be considered fulfilled
by the New Creditor after crediting of full amount of remuneration to the banking account in accordance with Article 5 (Payments).]

 

	5.	PAYMENTS

 

All payments under this Creditor Rights
Assignment Agreement shall be made by bank transfer using the following details:

 

The New Creditor (if applicable):

 

	Beneficiary:		[●]	 
	 	 	 	 
	Location:	 	[●]	 
	 	 	 	 
	Bank:	 	[●]	 
	 	 	 	 
	SWIFT:		[●]	 
	 	 	 	 
	IBAN:	 	[●]	 
	 	 	 	 
	Account number: 	 	[●]	 

 

or to another account specified by
the New Creditor in writing;

 

The Existing Creditor:

 

	Beneficiary:		[●]	
	 	 	 	 
	Bank:	 	[●]	 
	 	 	 	 
	Location:	 	[●]	 
	 	 	 	 
	SWIFT code:		[●]	 
	 	 	 	 
	Correspondent account:	[●]	
	 	 	 	 
	Settlement account:	 	[●]	
	 	 	 	 
	BIK: 	 	[●]	 

 

or to another account specified by
the Existing Creditor in writing.

    90 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	6.	NOTICES

 

Any notices or other official messages
being sent in accordance with this Creditor Rights Assignment Agreement shall be executed in writing and may be delivered personally,
sent by registered mail with delivery confirmation or by e-mail to the following addresses:

 

	The New Creditor:		[●]	 
	 	 	 	 
	Attention
of:	 	[●]	 
	 	 	 	 
	E-mail:	 	[●]	 
	 	 	 	 
	Tel:		[●]	 
	 	 	 	 
	The Existing Creditor:	[●]	 
	 	 	 	 
	Attention
of:	 	[●]	 
	 	 	 	 
	E-mail:	 	[●]	 
	 	 	 	 
	The
Credit Manager:	 	 	 
	 	 	 	 
	Attention
of:	 	[●]	 
	 	 	 	 
	E-mail:	 	[●]	 
	 	 	 	 
	Tel:	 	[●]	 

 

 

	7.	APPLICABLE LAW

 

This Creditor Rights Assignment Agreement
shall be regulated by the Russian law.

 

	8.	DISPUTE RESOLUTION

 

In case of occurrence of any dispute
in connection with this Creditor Rights Assignment Agreement, including with regard to interpretation of its provisions, its existence,
validity or termination, such dispute shall be considered by the [Moscow City Commercial Court] OR [●].

 

	9.	EXECUTION

 

This Creditor Rights Assignment Agreement
is signed in three (3) copies, one copy for each Party to the Creditor Rights Assignment Agreement.

 

	10.	DETAILS OF THE NEW CREDITOR

 

Contact information of the New Creditor
for the purposes of Article 24 (Notices) of the Credit Agreement: [information specified in Article [6]] / [other].

 

Payment details of the New Creditor
for the purposes of Article 23 (Payment Mechanism) of the Credit Agreement: [details specified in Article [5]] / [other]

 

    91 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

ANNEX 1

TO THE CREDITOR RIGHTS ASSIGNMENT
AGREEMENT

 

BORROWER NOTIFICATION FORM

 

	 	From:	[the Credit Manager] 
	 	For:	
    [to the Borrower]

    

    [Address of the Borrower]

     

     

	 	Copy:	
    [[to the New Creditor]

    

    [Address of the New Creditor]

     

 

NOTICE
OF THE OCCURRED ASSIGNMENT OF RIGHTS TO CLAIM

 

[●],
registration number [●], location: [●]
(the Credit Manager) hereby notifies [●], OGRN (Primary State Registration
Number) [●], location: Russian Federation, [●]
(the Borrower) of transfer of [all] rights to claim under [Syndicated Credit Agreement No. [●]]
between the Borrower, Existing Creditor and [●] dated [●]
(the Credit Agreement) from the Existing Creditor to [●], location:
[●] (the New Creditor) on the terms and conditions specified in
the Agreement for Assignment of Rights to Claim between the Existing Creditor, New Creditor and Credit Manager contained in Annex 1.

 

[After receipt
of this notice, [the Borrower] shall continue to fulfil its financial [and other] obligations to the New Creditor under the Credit Agreement/[please
specify the Finance Documents] to the Credit Manager in accordance with the provisions of the Credit Agreement.]

 

Annex 1: A copy
of the Agreement for Assignment of Rights to Claim between the Existing Creditor and the New Creditor.

 

SIGNATURES OF THE
PARTIES

 

	[THE
    NEW CREDITOR]	 
	 	 	 	 
	[●]	)	 	 
	[●]	)	 	 
	 	 	 	 
	 	 	 	[L.
    S.]
	 	 	 	 
	 	 	 	 
	[THE
    CREDIT MANAGER]	 
	 	 	 	 
	[●]	) 	 	 
	[●]	)	 	 
	 	 	 	 
	 	 	 	[L.
    S.]

 

    92 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 5

CONFIRMATION
OF COMPLIANCE WITH THE FINANCIAL INDICATORS FORM

 

CONFIRMATION OF COMPLIANCE WITH THE FINANCIAL INDICATORS

 

	Sender:	[name
                                            of the Borrower] [details
                                            of the Borrower] (hereinafter referred
                                            to as the “Borrower”)

 

	Recipient:	[name of the Credit Manager] [details of the Credit Manager]

 

	Date:	[•]

 

	1.	Based on the Syndicated Credit Agreement dated July 31, 2019 (hereinafter referred to as the “Agreement”),
the Borrower shall inform the Credit Manager of compliance with the financial indicators as at the Test Date in accordance with the terms
and conditions specified in article 17 (Undertakings to Comply with the Financial Indicators) of the Agreement.

 

	2.	The terms defined in the Agreement have the same meaning in this confirmation of compliance with the financial
indicators unless given a different meaning herein.

 

	3.	We confirm that the list of financial indicators specified in Annex 1 to this confirmation of compliance
with the financial indicators conforms to the list of financial indicators specified in article 17 (Undertakings to Comply with the
Financial Indicators) of the Agreement.

 

	4.	We confirm that we calculated the financial indicators specified in Annex 1 to this confirmation of compliance
with the financial indicators based on the financial statements prepared in accordance with RAS as at the Test Date.

 

	5.	We confirm that the data specified below on turnover on all our accounts with credit institutions, are
true and up-to-date as at the date hereof [all Borrower’s accounts with credit institutions should be indicated below]:

 

		5.1.	turnover on account [please specify the account] with [please specify the credit institution];

 

		5.2.	turnover on account [please specify the account] with [please specify the credit institution];
and

 

		5.3.	turnover on account [please specify the account] with [please specify the credit institution].

 

	6.	We confirm that the data given below, on the amount of our total revenue and its distribution between
our accounts with credit institutions are true and up-to-date as at the date hereof [please specify the total revenue and all accounts
of the Borrower with credit institutions]:

 

		6.1.	revenue in the amount of [please specify] received on account [please specify] with [please
specify the credit institution];

 

		6.2.	revenue in the amount of [please specify] received on account [please specify] with [please
specify the credit institution];

 

		6.3.	revenue in the amount of [please specify] received on account [please specify] with [please
specify the credit institution];

 

	7.	[We confirm that each condition for compliance with the financial indicators specified in article 17 (Undertakings
to Comply with the Financial Indicators) of the Agreement is fulfilled.] / We confirm that as at the date of this confirmation of
compliance with the financial indicators the following conditions specified in article 17 (Undertakings to Comply with the Financial
Indicators) of the Agreement are not fulfilled: [please specify the financial indicators violations of which were committed]]

 

	8.	We confirm that there is no Event of Default /[the following Events of Default took place and we are taking
the following measures to eliminate them: [please specify].]

 

    93 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

The Borrower

 

By:

 

Full name:

 

Position:

 

Annex 1 — calculation of the financial
indicators in accordance with Article 17.2 (Financial Indicators)

 

    94 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 6

NOTICE OF
EARLY REPAYMENT FORM

 

NOTICE OF EARLY REPAYMENT

 

	Sender:	[name of the Borrower] [details of the
Borrower] (hereinafter referred to as the “Borrower”)
	 	 
	Recipient:	[name of the Credit Manager] [details of the Credit Manager]
	 	 
	Date:	[•]

 

Syndicated Credit Agreement dated July 31, 2019
(hereinafter referred to as the “Agreement”)

 

	1.	We refer to the Agreement. This letter is a Notice of Early Repayment. The terms defined in the Agreement
have the same meaning in this Notice of Early Repayment unless given a different meaning in this Notice of Early Repayment.

 

	2.	We hereby notify the Credit Manager of early return (repayment) of the Credits within all Instalments
in accordance with Article 8.4. (Voluntary Early Repayment) of the Agreement.

 

	3.	Early repayment date: [date].

 

	4.	Early repayment currency: [please specify].

 

	5.	Principal amount of debt subject to early repayment: [amount].

 

	6.	The amount of early repayment per each Instalment in the currency specified above shall be calculated
in accordance with Article 8.4. (Voluntary Early Repayment) of the Agreement.

 

	7.	This notice is irrevocable.

 

The Borrower

 

[name]

 

By:

 

Name:

 

Position:

 

    95 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 7

DRAWDOWN
SCHEDULE

 

	Action	Time
	Confirmations from the Credit Manager that all Initial Requirements are received (if such confirmation may be submitted in accordance with the terms and conditions of this Agreement)	No later than 12:00 on Т-2
	Submission of the Drawdown Request	No later than 13:00 on Т-2 (unless later date is established by the Credit Manager at its discretion), 
	The Credit Manager shall send the Creditors a copy of the Drawdown Request and shall inform each relevant Creditor of the amount of its participation in the relevant Instalment	No later than 15:00 on Т-2
	Each Creditor shall transfer to the Credit Manager (to the account of the Credit Manager) the amount of its participation in the Credit	No later than 11:00 on Т
	The Credit Manager shall transfer the amount of the Credit specified in the Drawdown Request (but not exceeding the amount actually received by the Credit Manager from the Creditors) to the Borrower’s account	No later than 14:00 on Т
	Acting at its own discretion, the Credit Manager shall transfer the amount of the Credit, received from the Creditor upon expiration of the relevant period, to the Borrower’s account	No later than 12:00 on Т +1 

 

For the purposes of this Appendix 7 (Drawdown
Schedule):

 

“Т” means the Drawdown
Date (or expected Drawdown Date).

 

“Т-1” means the date
occurring one Business Day before the Drawdown Date.

 

“Т-2” means the date
occurring two Business Days before the Drawdown Date.

 

“Т-1” means the date
occurring on the next Business Day after the Drawdown Date.

 

All actions shall be performed under the terms
and conditions and within the limits stipulated by this Agreement.

 

    96 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 8

repayment
schedule

 

Part 1

repayment schedule under instalment 1

 

	Date	Credit repayment amount under Instalment 1

                                                                                 

                                                                                (as a percentage of the Credit amount under Instalment 1 as at the last day of the Drawdown Period related to Instalment 1)  

	Interest Payment Date occurring in December 2020	14.286%
	Interest Payment Date occurring in March 2021	14.286%
	Interest Payment Date occurring in June 2021	14.286%
	Interest Payment Date occurring in September 2021	14.286%
	Interest Payment Date occurring in December 2021	14.286%
	Interest Payment Date occurring in March 2022	14.286%
	Final Maturity Date relating to Instalment 1	Remaining amount of the Outstanding Credit under Instalment 1 in full

 

    97 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Part 2

repayment
schedule under instalment 2

 

	Date	Credit repayment amount under Instalment 2

                                                                                 

                                                                                (as a percentage of the Credit amount under Instalment 2 as at the last day of the Drawdown Period related to Instalment 2)  

	Interest Payment Date occurring in March 2021	7.143%
	Interest Payment Date occurring in June 2021	7.143%
	Interest Payment Date occurring in September 2021	7.143%
	Interest Payment Date occurring in December 2021	7.143%
	Interest Payment Date occurring in March 2022	7.143%
	Interest Payment Date occurring in June 2022	7.143%
	Interest Payment Date occurring in September 2022	7.143%
	Interest Payment Date occurring in December 2022	7.143%
	Interest Payment Date occurring in March 2023	7.143%
	Interest Payment Date occurring in June 2023	7.143%
	Interest Payment Date occurring in September 2023	7.143%
	Interest Payment Date occurring in December 2023	7.143%
	Interest Payment Date occurring in March 2024	7.143%
	Final Maturity Date relating to Instalment 2	Remaining amount of the Outstanding Credit under Instalment 2 in full

 

    98 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 9

security agreements

 

	Security Agreement	Pledger or Guarantor	Subject Matter of the Agreement
	Guarantees
	Guarantee of Mimons Investments	Mimons Investments	Guarantee as security for the obligations of the Borrower under this Agreement
	Guarantee of Fastrunner Investments	Fastrunner Investments	Guarantee as security for the obligations of the Borrower under this Agreement
	Guarantee of Solaredge Holdings	Solaredge Holdings	Guarantee as security for the obligations of the Borrower under this Agreement
	Pledge Agreements
	Fastrunner Investments share pledge agreement	Solaredge Holdings	Pledge of 100% shares of Fastrunner Investments as security for the obligations of the Borrower under this Agreement
	Mimons Investments share pledge agreement	Solaredge Holdings	Pledge of 99% shares of Mimons Investments as security for the obligations of the Borrower under this Agreement
	Mimons Investments share pledge agreement	Fastrunner Investments	Pledge of 1% shares of Mimons Investments as security for the obligations of the Borrower under this Agreement
	Borrower’s Participatory Interests Pledge Agreement	Mimons Investments	Pledge of 51% participatory interests in the authorized capital as security for the obligations of the Borrower under this Agreement
	Agreement for pledge of rights under the pledge account with regard to the Pledge Account Agreement with Raiffeisenbank JSC	The Borrower	Pledge of rights under the pledge account opened with Raiffeisenbank JSC as security for the obligations under this Agreement
	Agreement for pledge of rights under the pledge account with regard to the Pledge Account Agreement with ROSBANK PJSC	The Borrower	Pledge of rights under the pledge account opened with ROSBANK PJSC as security for the obligations under this Agreement

 

    99 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	Agreement for Pledge of Rights to Use the Software	The Borrower	Pledge of exclusive rights to the Software as security for the obligations under this Agreement
	Trade Marks Rights Pledge Agreement	Fastrunner Investments	Pledge of exclusive rights to the Trade Marks as security for the obligations under this Agreement
	Licence Agreements Rights Pledge Agreement	the Borrower	Pledge of rights under the Licence Agreements as security for the obligations under this Agreement

 

    100 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 10

Subsequent Conditions

 

	Subsequent Condition	Performance Term
	Intellectual Property Items Pledge Agreements
	1.            With regard to the Trade Marks Rights Pledge Agreement — 	 
	 	 
	(A)          Confirmation
of registration with Rospatent of the Encumbrance occurred based on the Trade Marks Rights Pledge Agreement, which by its form and content
is satisfactory to the Credit Manager;	55 Business Days from the Signing Date
	(B)            proof of submission of the Trade Marks Rights Pledge Agreement for registration by the Registrar of Companies in Cyprus, and payment of respective duties;	Ten Business Days from the date of the Trade Marks Rights Pledge Agreement, but in any case within 60 Business Days from the Signing Date
	(C)             The
original certificate of pledge registration issued by the Registrar of Companies in Cyprus evidencing that this Trade Marks Rights Pledge
Agreement has been registered within the prescribed period by the Registrar of Companies in Cyprus in accordance with Section 90 of the
Companies Act, Cap. 113	30 Business Days from the date of the Trade Marks Rights Pledge Agreement, but in any case within 60 Business Days from the Signing Date
	(D)            The
original notarized irrevocable power of attorney issued by Fastrunner Investment in accordance with the Trade Marks Rights Pledge Agreement	7 Business Days from the Signing Date
	2.          With
regard to the Licence Agreements Rights Pledge Agreement —	 
	 	 

 

    101 

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	
    (A)          Confirmation
    of registration with Rospatent of the Encumbrance occurred based on the Licence Agreements Rights Pledge Agreement, which by its
    form and content is satisfactory to the Credit Manager;

     

    Or 

     

    A copy of Rospatent’s
refusal to register the Encumbrance occurred based on the Licence Agreements Rights Pledge Agreement or another document confirming that
such registration is not performed.
	55 Business Days from the Signing Date
	Pledge Agreements	 
	 3.            Legal
opinion of Gorodissky and Partners firm with regard to the Trade Marks Rights Pledge Agreement and the Licence Agreements Rights Pledge
Agreement as well as with regard to the relevant Pledger’s title to the Trade Marks.	Five Business Days after the latest of the following dates (i) the date of submission of the document specified in clause 1(A) above; or (ii) the date of submission of the document specified in clause 2(A) above, but in any case within 60 Business Days from the Signing Date.
	 4.            The
original of the certificate on making entry of accounting the pledge occurred based on each Intellectual Property Items Pledge Agreement
(except for the pledge occurred based on the Trade Marks Rights Pledge Agreement) in the register of personal property pledge notices
of the unified information system of notaries.	Ten Business Days from the date of the respective Pledge Agreement, but in any case within 60 Business Days from the Signing Date
	 5.           The
original of an extract from the register of personal property pledge notices of the unified information system of notaries confirming
the absence of any Encumbrances with regard to the pledged item under each Intellectual Property Items Pledge Agreements (except for
the pledge occurred based on the Trade Marks Rights Pledge Agreement), excluding the Encumbrance created in accordance with the relevant
Intellectual Property Items Pledge Agreement.	Ten Business Days from the date of the respective Pledge Agreement, but in any case within 60 Business Days from the Signing Date
	Participatory Interest Pledge Agreement	 
	 6.            Evidence
of submission of the Participatory Interest Pledge Agreement for registration with the Registrar of Companies in Cyprus and payment of
respective duties.	Ten Business Days from the date of the Participatory Interest Pledge Agreement, but in any case within 60 Business Days from the Signing Date.

 

    102 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	 7.            The original certificate of pledge registration issued by the Registrar of Companies in Cyprus evidencing that this Participatory Interest Pledge Agreement has been registered within the prescribed period by the Registrar of Companies in Cyprus in accordance with Section 90 of the Companies Act, Cap. 113. 	30 Business Days from the date of the Participatory Interest Pledge Agreement, but in any case within 60 Business Days from the Signing Date
	 8.            The original extract from the Unified State Register of Legal Entities issued by the competent tax authority and containing information on the Borrower signed with an enhanced encrypted and certified digital signature, or the original or notarised copy of an extract from the Unified State Register of Legal Entities issued by the competent tax authority as a paper document and evidencing: (А) the title of the relevant Pledger to the share in the Borrower’s authorized capital transferred in pledge in accordance with the Participatory Interest Pledge Agreement; (В) recording in the Unified State Register of Legal Entities of the pledge created in accordance with the Participatory Interest Pledge Agreement; and (С) the absence of any Encumbrances with regard to interests being the pledged item under the Participatory Interest Pledge Agreement, excluding the Encumbrance created in accordance with the Participatory Interest Pledge Agreement.	Ten Business Days from the date of the Participatory Interest Pledge Agreement, but in any case within 60 Business Days from the Signing Date
	Miscellaneous	 
	 9.            Confirmation of payment of stamp duty in Cyprus with regard to the Finance Documents to which the Guarantors are a party.	In respect of each said Finance Document – 30 days from the date of the respective Finance Document, but in any case within 60 Business Days from the Signing Date
	 10.          Financial statements of each Debtor incorporated in the Republic of Cyprus, for the financial year ending on December 31, 2018, prepared in accordance with IFRS	On or before September 31, 2019.
	 11.          Original of the decision of shareholders with regard to execution of the Finance Documents to which Solaredge Holdings is a party	
    Within 10 Business Days from the Signing Date

     

 

    103 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 11

ownership structure chart

 

[***]

 

 

    104 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 12

trade marks

 

[***]

 

    105 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 13

SOFTWARE WITHOUT REGISTRATION

 

[***]

 

    106 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Appendix 14

FORM OF REPORT

 

	Financial result 	Period
	Revenue	 
	-	 
	Operating expenses	 
	EBITDA	 
	-	 
	Depreciation	 
	Non-operating income and expenses	 
	Financial income and expenses	 
	Profit / (loss) before taxes	 
	-	 
	Profit tax	 
	Net profit / (loss)	 
	-	 
	Operating expenses	 
	Staff remuneration	 
	Production infrastructure	 
	Development and support of sites/mob. applications	 
	Content and Moderation	 
	Customer service	 
	Call Center	 
	Call tracking	 
	Payment system commissions	 
	Online marketing	 
	Offline marketing	 
	PR and other promotional materials	 
	Marketing research	 
	Office rent and maintenance	 
	Corporate events	 
	HR brand development and recruitment	 
	Consulting and other services	 
	Hospitality expenses	 
	Travel and other staff costs	 
	Other operating expenses/income	 
	Total operating expenses	 
	-	 
	-	 
	Cash flow	 
	Cash flow from operating activities	 
	Proceeds from the sale of services	 
	Other income	 
	Payment for goods and services	 
	incl. development and support of sites/mob. applications	 
	incl. hosting and domain registration	 
	incl. marketing research	 
	incl. content and moderation	 
	incl. call tracking	 
	incl. online marketing	 
	incl. offline marketing	 
	incl. office rent and maintenance	 

 

    107 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	incl. royalties	 
	-	 
	Staff remuneration	 
	Payment of insurance premiums	 
	Interest paid	 
	Tax payment	 
	Other operating charges	 
	Total from operating activities	 
	Cash flow from investment activities	 
	Income from repayment of issued loans	 
	Interest received	 
	Income from other investment activities	 
	Purchase of software licenses	 
	Buying computers and technical equipment	 
	Development capitalization	 
	Other investments in fixed assets and intangible assets	 
	Granting loans	 
	Payments for other investment activities	 
	Total for investment activities	 
	-	 
	Cash flow from financial activities	 
	Income from loans and borrowings 	 
	Income from monetary contributions to authorized capital and/or capital in excess of par	 
	Income from grant funding	 
	Income from other financial activities	 
	Repayment of loans and borrowings	 
	Dividends paid	 
	Payments for other financial activities	 
	Total for financial activities	 
	-	 
	Change in cash for period	 
	Impact of changes in foreign exchange rates	 
	Cash at start of period	 
	Cash at end of period	 

 

    108 

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

SIGNATURES OF THE PARTIES

 

The Borrower

 

IREALTOR LLC

 

	By:	/s/ Lukianov Mikhail Alexandrovich	 
	 	 	 
	Name:	Lukianov Mikhail Alexandrovich	 
	 	 	 
	Position:	  Acting under the power of attorney	 
	 	 	 
	L. S.	 	 

 

Credit Manager, Original Creditor and Pledge Manager

 

RAIFFEISENBANK JSC

 

	By:	/s/ Bogachev Evgeniy Evgenievich	 
	 	 	 
	Name:	Bogachev Evgeniy Evgenievich	 
	 	 	 
	Position:	  Acting under the power of attorney	 
	 	 	 
	L. S.	 	 

 

ORIGINAL CREDITOR

 

ROSBANK PJSC

 

	By:	/s/ Shaikhina Perizat Shaimuratovna	 
	 	 	 
	Name:	Shaikhina Perizat Shaimuratovna	 
	 	 	 
	Position:	  Acting under the power of attorney	 
	 	 	 
	L. S.	 	 

 

    109Exhibit 10.4

 

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

EXECUTION VERSION

 

	DATED 22 DECEMBER 2020
	 
	HEARST SHKULEV DIGITAL REGIONAL NETWORK
    B.V. 

    DOROZHKIN EVGENY ALEXEEVICH

    ASTAPENKO SERGEY VITALIEVICH

    BAIBARATSKY ALEXANDR IVANOVICH

    HS HOLDING B.V.

    LIMITED LIABILITY COMPANY “HS PUBLISHING”

    LIMITED LIABILITY COMPANY “HEARST
    SHKULEV MEDIA”

    LIMITED LIABILITY COMPANY “INTERMEDIAGROUP”

- AND-

MIMONS INVESTMENTS LIMITED

     

    AGREEMENT

    for the sale and purchase of the share capital
    of

     

    LIMITED LIABILITY COMPANY “N1.RU”

     

     

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

TABLE OF CONTENTS

 

		1.	Definitions and Interpretation	5

 

		2.	Sale and Purchase	22

 

		3.	Consideration	23

 

		4.	Adjustments to Consideration	24

 

		5.	TRANSFER of Title to Participation Interests	25

 

		6.	Completion statements	25

 

		7.	Conditions and Termination	27

 

		8.	Pre-Completion covenants	28

 

		9.	Signing and Completion	32

 

		10.	Seller Warranties and Indemnities	33

 

		11.	Buyer Warranties	35

 

		12.	Protection of Goodwill	36

 

		13.	Covenants and Undertakings	38

 

		14.	Guarantees	40

 

		15.	Guarantor warranties	41

 

		16.	Post-Completion Matters	42

 

		17.	Announcements and Confidentiality	42

 

		18.	Assignment	44

 

		19.	Entire Agreement	44

 

		20.	Further Assurance	44

 

		21.	Costs	44

 

		22.	Effect of Termination	44

 

		23.	Payments	45

 

		24.	Effect of Completion	45

 

		25.	Cumulative Rights	45

 

		26.	Third Party Rights	45

 

		27.	Waiver	46

 

		28.	Variations	46

 

		29.	Invalidity	46

 

		30.	Non-recourse	46

 

		31.	COMPLIANCE	47

 

		32.	Communications	47

 

		33.	Sellers’ Representative	49

 

		34.	Counterparts	50

 

		35.	Governing Law	50

 

		36.	Arbitration agreement	50

 

    1

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	37.	English Language	51

 

		38.	LIABILITY	51

 

	Schedule 1 Details of the Group	52

 

	 	Part 1 Details of the Company	52

 

	 	Part 2 Details of the Subsidiaries	53

 

	Schedule 2 Completion Formalities	55

 

	Schedule 3 Seller Warranties	59

 

	 	Part 1 Non-Tax Warranties	59

 

	 	Part 2 Tax Warranties	86

 

	Schedule 4 Seller Limitations	88

 

	 	Part 1 General Limitations	88

 

	 	Part 2 Relevant Proportions	95

 

	Schedule 5 Properties	96

 

	 	Property Details, Title and Other Property Documents	96

 

	 	Part 1 (a) Leases of the Company	96

 

	 	Part 2 (b) Leases of the Subsidiaries	96

 

	Schedule 6 Completion Statements	97

 

	 	Part 1 Contents of the Completion Statements	97

 

	 	Part 2 Pro forma Completion Statements	105

 

	Schedule 7 Buyer Warranties	106

 

	Schedule 8 Buyer Limitations	108

 

	Schedule 9 INTEGRATION PLAN	112

 

	Schedule 10 Form of Traffic Purchase
    Agreement	116

 

	Schedule 11 Form of individual Shareholder
    Guarantees	117

 

	Schedule 12 Form of Transfer Instrument	118

 

	Schedule 13	119

 

	 	Part 1 Schedule 13-A Form of LoC Agreement	119

 

	 	Part 2 Schedule 13-B Forms of LoC Instructions	120

 

	 	Part 3 Schedule 13-C Forms of Letters of Credit	121

 

	Schedule 14 Related Party Agreements	122

 

	Schedule 15 The Intellectual Property
    Rights	123

 

	 	Part 1 Owned IPR	123

 

	 	Part 2 Used IPR	123

 

    2

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	Schedule 16 Information Technology	124

 	 	Part 1 Particulars of the IT Systems	124

 	 	Part 1 Particulars of the IT Contracts	124

 

	Schedule 17 Material Contracts	125

 

	Schedule 18 Restricted Persons	126

 

	Schedule 19 Guarantor WARRANTIES	128

 

	Schedule 20 Pre-emption Waivers	130

 

	Schedule 21 Material Licenses	131

 

	Schedule 22 Non-Group Company Powers
    of Attorney	132

 

	EXECUTION PAGE	133

 

    3

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

This agreement is made as a deed on 22 December
2020 (this “Agreement”).

 

PARTIES

 

		(1)	Hearst
                                            Shkulev Digital Regional Network B.V., a company incorporated in the Netherlands (with
                                            registered number: 66548306), whose registered office is at Moermanskkade 500, 1013 BC Amsterdam,
                                            the Netherlands (“Seller 1”);

 

		(2)	Dorozhkin
                                            Evgeny Alexeyevich (Дорожкин Евгений
                                            Алексеевич), a citizen of the
                                            Russian Federation with Russian Internal Passport Number [***] and with his normal residential
                                            address at [***] (“Seller 2”);

 

		(3)	Astapenko
                                            Sergey Vitalievich (Астапенко Сергей
                                            Витальевич), a citizen of the
                                            Russian Federation with Russian Internal Passport Number [***] and with his normal residential
                                            address at [***] (“Seller 3”);

 

		(4)	Baibaratsky
                                            Alexander Ivanovich (Байбарацкий
                                            Александр Иванович),
                                            a citizen of the Russian Federation with Russian Internal Passport Number [***] and with
                                            his normal residential address at [***]  (“Seller 4”
                                            and, together with Seller 1, Seller 2 and Seller 3, the “Sellers” and
                                            a “Seller” means any of them);

 

		(5)	HS
                                            Holding B.V., a private company with limited liability incorporated in accordance with
                                            the laws of the Netherlands with registered number 61301760, whose registered office is at
                                            Moermanskkade 500, 1013 BC Amsterdam, the Netherlands;

 

		(6)	Limited
                                            Liability Company “HS Publishing”, a limited liability company incorporated
                                            under the laws of the Russian Federation with registered number 1157746721395 whose registered
                                            office is at 115114, Moscow, Derbenevskaya street, building 15B, Floor 6, office VI;

 

		(7)	Limited
                                            Liability Company “Hearst Shkulev Media”, a limited liability company incorporated
                                            under the laws of the Russian Federation with registered number 1027739654986 whose registered
                                            office is at 115114. Moscow, Derbenevskaya street, building 15B, floor 4, office VI;

 

		(8)	Limited
                                            Liability Company “InterMediaGroup”, a limited liability company incorporated
                                            under the laws of the Russian Federation with registered number 5147746032176 whose registered
                                            office is at 115114, Moscow, Derbenevskaya Street, bld. 15B, Floor 7, office I (each party
                                            listed at (5) - (8), being a “Guarantor”); and

 

		(9)	Mimons
                                            Investments Limited, a company incorporated in the Republic of Cyprus (with registered
                                            number: HE 321042), whose registered office is at Agiou Georgiou Makri, 64, ANNA MARIA LENA
                                            COURT, Flat/Office 201, 6037, Larnaca, Cyprus (the “Buyer”).

 

BACKGROUND

 

		(A)	The Sellers have agreed to sell and the Buyer
                                            has agreed to buy the Participation Interests on the terms of this Agreement.

 

		(B)	Unless otherwise provided, each Guarantor
                                            is a party to this Agreement only in respect of Clause 14 (Guarantees), Clause
                                            15 (Guarantor Warranties), and Clauses 1 and 17 to 38 (inclusive) of this Agreement
                                            on and from Completion subject to Completion occurring.

 

    4

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

OPERATIVE PROVISIONS

 

		1.	Definitions and Interpretation

 

		1.1	In this Agreement:

 

“Accounts” means
the annual financial statements of each Group Company (which are audited for the Company), in each case prepared in accordance with RAS
as at, and for the Financial Year ended, 31 December 2019, comprising, in each case, a balance sheet, a profit and loss account, a cash
flow statement, and, where applicable, notes to such financial statements, copies of which have been Disclosed.

 

“Accounts Date”
means 31 December 2019.

 

“Affiliate” means:

 

		(a)	in relation to an individual:

 

		(i)	a
                                            “relative”, that is that individual’s children or remoter issue,
                                            step-child, brother, sister, parent, grandparent, spouse or civil partner;

 

		(ii)	an
                                            undertaking which is Controlled by that individual or a relative (as defined in paragraph
                                            (I) above) of that individual, or by two (2) or more of them;

 

		(iii)	any
                                            person with whom that individual or an Affiliate of that individual is in partnership;

 

		(iv)	a
                                            person acting in his capacity as a trustee of a trust of which that individual or an Affiliate
                                            of that individual is a beneficiary or the terms of which confer a power on the trustees
                                            that may be exercised for the benefit of that individual or an Affiliate of that individual;
                                            and

 

		(v)	who
                                            is himself directly or indirectly a beneficiary under a trust, any other person that is a
                                            beneficiary under that same trust and any of their Affiliates; and

 

		(b)	in relation to an undertaking:

 

		(i)	a
                                            person that directly, or indirectly through one or more intermediaries, Controls, or is Controlled
                                            by, or is under common Control with, that undertaking; and

 

		(ii)	a
                                            legal entity that acts solely as bare nominee holder on behalf of that undertaking, or a
                                            fund for which that undertaking acts as bare nominee,

 

		(c)	provided that:

 

		(i)	for
                                            purposes of this Agreement, both IPH B.V. and VSA and their respective Affiliates (except,
                                            for purposes of Clauses 12.3, 13.3, 13.4, 17.1, 17.3, 17.4, any person that Controls IPH
                                            B.V. and each such person’s Affiliates other than IPH B.V. and its subsidiary undertakings)
                                            shall be deemed to be Affiliates of the Sellers;

 

    5

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(ii)	each
                                            of HS Holding and HS Publishing and their respective Affiliates shall be deemed to be Affiliates
                                            of the Sellers (except for purposes of Clauses 12.3, 17.1, 17.3, 17.4); and

 

		(iii)	no
                                            Individual Shareholder Guarantor shall be deemed to be an Affiliate of the Sellers.

 

“Agreed Statement”
has the meaning given to it in Clause 19.2.

 

“Applicable Law”
means any law, statute, order, decree, binding decision, licence, permit, consent, approval, agreement, regulation of any Governmental
Authority having jurisdiction over the matter or person in question, or other legislative or administrative action of a Governmental
Authority, or a final, binding, or executive decree, injunction, judgment or order of a court or tribunal that affects and has the authority
to affect the matter or person in question.

 

“Application” means
the application for state registration of the changes to the information about the Company pertaining to the transfer of the Participation
Interests to the Buyer in the Legal Entities Register in accordance with the Russian Federation Federal Law No. 129-FZ “On State
Registration of Legal Entities and Individual Entrepreneurs” dated 8 August 2001 (as amended).

 

“Arbitration Clause”
means the arbitration agreement set out in Clause 36.

 

“Bank” means a bank
where an account is opened by a Group Company, including each of the following banks: JSC Raiffeisenbank with main state registration
number (OGRN) 1027739326449; PJSC Sberbank with main state registration number (OGRN) 1027700132195; Bank GPB JSC with main state registration
number (OGRN) 1027700167110; and JSC Tinkoff Bank with main state registration number (OGRN) 1027739642281.

 

“Big Four Firm”
means Deloitte Touche Tohmatsu, EY, KPMG or PricewaterhouseCoopers, or any successor in title to any of their respective accounting and/or
valuation businesses.

 

“Business Day” means
a day other than a Saturday or Sunday or public holiday on which banks are ordinarily open for the transaction of normal banking business
in Moscow, Russian Federation; Nicosia, Cyprus; Amsterdam, the Netherlands; and New York, the United States of America.

 

“Business IPR” means
all Intellectual Property Rights which are material to the operation of the Group’s business which are used as of the date of this
Agreement in relation to the business of any Group Company being the Owned IPR and Used IPR, details of which are set out in Schedule
15 (The Intellectual Property Rights).

 

“Business IT” means
all Information Technology which is owned or currently used by any Group Company and which is material to the operation of the Group’s
business (excluding “shrink wrapped”, “click wrapped” or other software commercially available off the shelf).

 

“Buyer Conditions Precedent”
has the meaning given in Clause 7.5.

 

“Buyer Document”
means a Transaction Document to which the Buyer is a party.

 

“Buyer Warranties”
means the warranties of the Buyer contained in Schedule 7 (Buyer Warranties).

 

    6

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Buyer’s
Accountants” means BDO Unicon Business Solutions AO.

 

“Buyer’s
Bank Account” means the following bank account opened with BANK OF CYPRUS PUBLIC LTD (INTERNATIONAL BUSINESS UNIT):

 

Account name: Mimons Investments Limited

 

Account Number: [***]

 

IBAN: [***]

 

SWIFT: [***]

 

Correspondent Bank: JSC VTB Bank, Moscow

 

Correspondent Account Number: [***]

 

Correspondent Bank BIC: [***]

 

“Buyer’s Counsel”
means Dentons Europe AO, Business Center, Lesnaya ulitsa, 7 White Gardens, Moscow, 125196.

 

“Buyer’s Group”
means the Buyer and each of its Affiliates from time to time (including, for the avoidance of doubt, after Completion, each Group Company).

 

“Buyer’s Relief”
means any Relief available to a Group Company arising from an event or transaction occurring after Completion or a period or part of
a period after Completion, provided, that, any Relief available to an Indemnified Person under Clause 10.15 in respect of an indemnity
payment shall not be considered a Buyer’s Relief.

 

“Buyer’s
Transaction Team” means the following individuals: (a) Mikhail Lukyanov, (b) Alexander Garbuzov and (c) Irek Akhunianov.

 

“Chief Executive Officer”
means the director (sole executive body) of the Company;

 

“CIS Countries”
means Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan.

 

“City Portals” has
the meaning given in the Traffic Purchase Agreement.

 

“City Portals Entity”
means Limited Liability Company “Regional Network”, a limited liability company incorporated under the laws of the Russian
Federation, primary state registered number 1175476024096, located at: Lenina St., 12, 6th Floor, office 611, Novosibirsk, Novosibirsk
region, 630099, Russian Federation, which owns the majority interest in and/or operates the City Portals.

 

“Claim” means any
claim against a Seller under or in connection with this Agreement or the Transfer Instrument.

 

“Company” means
Limited Liability Company “N1.RU” (in Russian: Общество с ограниченной
 ответственностью “Н1.РУ”),
a company incorporated in the Russian Federation (with state registered number: 1175476080724), further details about which are set out
in part (ii) of Schedule 1.

 

“Company Related Person”
means any Group Company and/or any Director, officer or Employee of any Group Company.

 

    7

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Competing Business”
means any individual or company operating in a Real Estate Classified Business (example: AVITO (Авито),
Domofond (Домофонд), Yandex.Realty (Яндекс Недвижимость),
Youla (Юла), Novostroy-M (Новострой-М), Gipernn), as well
as the Real Estate Classified Businesses of real estate agencies (example: Etazhi agency’s classified business), Real Estate Classified
Businesses of banks (example: Domclick project of Sberbank, VTB housing ecosystem, DOM.RF project), industry associations of real estate
agencies (example: Yekaterinburg City’s Ural Real Estate Chamber). Projects and products of developers (excluding real estate classifieds),
real estate agent services, financial projects and products of banks, as well as non-real estate projects of Internet companies (example:
Yandex.Taxi, Yandex.Eda, Avito.AVTO, etc) are not the Competing Business.

 

“Completion” means
completion of the purchase of the Participation Interests in accordance with Clause 9 (Completion).

 

“Completion Consideration”
has the meaning given to it in Clause 3.2.

 

“Completion Date”
means the date on which Completion occurs.

 

“Completion Notice”
has the meaning given to it in Clause 3.3(d).

 

“Completion Statements”
means the statements prepared and agreed or determined in accordance with Clause 6 and Schedule 6 (Completion Statements)
in order to determine Net Debt and Net Working Capital.

 

“Condition Precedent”
means a condition to Completion as specified in Clause 7.1.

 

“Confidential Information”
means any confidential or proprietary information that belongs to the relevant person, or any of its clients or users, including without
limitation, technical data, market data, trade secrets, databases, trademarks, service marks, copyrights, other intellectual property,
know-how, research, business plans, product information, projects, services, client lists and information, client preferences, client
transactions, user information, software, source code, algorithms, technology, inventions, developments, processes, formulas, designs,
drawings, marketing methods and strategies, pricing strategies, sales methods, financial information, revenue figures, account information,
credit information, contract terms, information with respect to counterparties or employees, financing arrangements.

 

“Consideration”
means the consideration payable for the Participation Interests, being the sum of the Completion Consideration and the Deferred Consideration.

 

“Contract” means
any deed (including any deed poll), agreement, arrangement, understanding or commitment, in each case in writing, to which any Group
Company is a party, or by which any Group Company is bound.

 

“Control” means,
with respect to any person, (a) the possession, directly or indirectly, of power to direct or cause the direction of management and policies
(whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of such person; (b) the
ability, whether exercised or held directly or indirectly, to exercise more than fifty per cent (50%) of the votes at any general meeting
(or equivalent) of such person; or (c) the ability to appoint more than fifty per cent (50%) of the members to the board of directors
(or the closest equivalent governing body) of such person, and the correlative terms “Controlled” and “under
common Control with” shall be similarly construed.

 

“Covenant Claim”
has the meaning given in Schedule 4.

 

“Critical Contracts”
means each of the Contracts listed in items 1 to 24 of Schedule 17.

 

    8

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Deferred Consideration”
means RUB fifteen million (15,000,000) payable by the Buyer to the Sellers in accordance with Clause 3.1(b).

 

“Covid Restrictions”
means any Applicable Laws introduced in response to the COVID-19 pandemic.

 

“Data Protection Legislation”
means Federal Law No. 152-FZ “On Protection of Personal Data” dated 27 July 2006 (as amended), and all other similar privacy
laws, to the extent they are applicable to a Group Company.

 

“Data Room” means
the documents, materials and information on the Group Companies made available for inspection by the Buyer’s Accountants and the
Buyer’s Counsel, in the data room hosted by Donnelley Financial LLC.

 

“Deed of Undertaking”
means a deed setting out certain undertakings of the Seller Beneficiaries, HS Holding, HS Holding Digital B.V. and IPH B.V. to be entered
into on or before signing of this Agreement among the Seller Beneficiaries, HS Holding, HS Holding Digital B.V. and IPH B.V. and the
Buyer.

 

“Determined” means
a final award of a Claim by the arbitrators appointed under Clause 36 (Arbitration Agreement) or otherwise by written agreement
of the Buyer and a Seller settling such Claim.

 

“Director” means,
in respect of any Group Company, a person who is its sole executive body, a member of its collective executive body, board of directors,
supervisory board and/or internal audit committee (internal auditor).

 

“Disclosed” means:

 

		(a)	in respect of the Warranties given as
                                            of the date of this Agreement, fairly disclosed by the Sellers to the Buyer in the Disclosure
                                            Letter; and

 

		(b)	in respect of the Warranties given as
                                            at Completion, fairly disclosed in the Disclosure Letter and the Supplementary Disclosure
                                            Letter, if any,

 

provided in each case that a matter
shall be fairly disclosed only to the extent that sufficient details of the relevant matter are contained in the Disclosure Letter or
the Supplementary Disclosure Letter, as applicable, to enable the Buyer properly to identify its nature and scope.

 

“Disclosure Bundle”
means, in respect of each of the Disclosure Letter and the Supplementary Disclosure Letter, the bundle of documents agreed between the
Buyer and the Sellers, in the case of the Disclosure Letter, prior to the signing of this Agreement or, in the case of the Supplementary
Disclosure Letter, no later than three (3) Business Days prior to Completion, electronically stored in a format agreed between the Buyer
and the Sellers and attached as an annex to the Disclosure Letter or the Supplementary Disclosure Letter, as the case may be.

 

“Disclosure Letter”
means the letter dated the same date as this Agreement from the Sellers to the Buyer relating to the Warranties, together with the corresponding
Disclosure Bundle.

 

“Dispute” has the
meaning given in Clause 36.2.

 

“Due Diligence Reports”
means any due diligence reports based on the review of the Data Room prepared by BDO and any other advisors to the Buyer, in relation
to the Transaction.

 

    9

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Employee” means
any employee of a Group Company recognised as such in accordance with Applicable Law.

 

“Encumbrance” means
any right, interest or equity of any other person (including any right to acquire, option, preference, right of pre-emption or right
of first refusal) or any mortgage, charge, pledge, lien, restriction, arrest, assignment, hypothecation, security interest, title retention,
power of sale or any other encumbrance, security agreement or arrangement or other third party right, or any agreement, arrangement or
obligation to create, or any claim by any person to have, any of the same.

 

“Event” means any
event, fact, circumstance, action, omission, transaction, payment, death of any person or other occurrence.

 

“Exchange Rate”
means with respect to a particular currency on a particular date, the rate of exchange for that currency into RUB as set out by the Central
Bank of the Russian Federation on the relevant date.

 

“Extract” has the
meaning given to it in the LoC Instructions.

 

“Financial Year”
means the period from 1 January to 31 December.

 

“FCPA” means the
Foreign Corrupt Practices Act of 1977 of the United States of America, as amended by the Foreign Corrupt Practices Act Amendments of
1988 and 1998, and as may be further amended and supplemented from time to time.

 

“Fundamental Warranties”
means:

 

(a) if a Warranty is given by Seller
1, the Warranties contained in paragraphs 1(a) to 1(k) (inclusive) and 1(m) to 1(t) inclusive, 2(a), 2(b), 2(c), 2(d), 2(e)(I)(1), 2(e)(I)(3),
2(e)(II)(1), 2(e)(II)(3), 2(e)(III)(1), 2(e)(III)(3), 2(g), 3(a) to 3(f) inclusive, 3(h) and 3(i) and;

 

(b) if a Warranty is given by each
of Seller 2, Seller 3 or Seller 4, the Warranties contained in paragraphs 1(a) to 1(j) (inclusive) and 1(l) to 1(t) (inclusive), 2(b),
2(c), 2(d), 2(f), 2(h), 3(a) to 3(f) inclusive, 3(h) and 3(i), both as set out Schedule 3Part 1 (Non-tax Sellers Warranties).

 

“Governmental Authority”
means any government or its administrative territories, any organisation, institution or authority with the executive, judicial, regulating
or administrative functions (including any governmental authority, ministry, agency, service, committee, commission, institution or any
other organisation and their structural subdivisions) acting on behalf of the government or its administrative territory, any court arbitrator
or judge and/or any self-regulating organisation acting on behalf of the government in compliance with the rights granted thereto under
Applicable Law.

 

“Group” or “Group
Companies” means the Company and the Subsidiaries, and a “Group Company” means any of them.

 

“Guarantee” means
any guarantee, indemnity, suretyship, letter of comfort or other assurance or security given or undertaken by a person to secure or support
the obligations (actual or contingent) of any other person and whether given directly or by way of counter-indemnity to any other person
who has provided a Guarantee.

 

“Guarantor Payment”
has the meaning given to it in paragraph 18(a) of Schedule 4.

 

    10

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Guarantor Warranties”
means the warranties set out in Schedule 19 (Guarantor Warranties).

 

“HSHD” means Hearst
Shkulev Holding Digital B.V., a private limited liability company, incorporated under the laws of the Netherlands, having its registered
office in Amsterdam, the Netherlands, with the place of business at: Moermanskkade 500, 1013 BC Amsterdam, the Netherlands, and registered
with the Dutch Commercial Register under number 61897094.

 

“HS Holding” means
HS Holding B.V., a private company with limited liability incorporated in accordance with the laws of the Netherlands with registered
number 61301760, whose registered office is at Moermanskkade 500, 1013 BC Amsterdam, the Netherlands.

 

“HS Media” means
Limited Liability Company “Hearst Shkulev Media”, a limited liability company incorporated under the laws of the Russian
Federation with registered number 1027739654986 whose registered office is at 115114, Moscow, Derbenevskaya street, building 15B, floor
4, office VI.

 

“HS Publishing”
means Limited Liability Company “HS Publishing”, a limited liability company incorporated under the laws of the Russian Federation
with registered number 1157746721395 whose registered office is at 115114, Moscow, Derbenevskaya street, building 15B, Floor 6, office
VI.

 

“Indebtedness” means,
in respect of any Group Company, any borrowing or indebtedness in the nature of borrowing (including any indebtedness for monies borrowed
or raised under any bank or third party Guarantee, acceptance credit, bond, note, bill of exchange or commercial paper, letter of credit,
finance lease, hire purchase agreement, forward sale or purchase agreement or conditional sale agreement or other transaction having
the commercial effect of a borrowing and all finance, loan and other obligations of a kind required to be included in the balance sheet
of such person pursuant to applicable accounting standards, and any amounts owing or payable under any financing or quasi-financing arrangement
which would not need to be shown or reflected in any such balance sheet) except for any accounts payable arising in the Ordinary Course
of Business.

 

“Indemnified Person”
means each of the Buyer and each Group Company.

 

“Indemnities” means
the indemnity obligations of the Sellers pursuant to Clause 10.15 and “Indemnity” shall mean any one of them.

 

“Indemnity Claim”
means a Claim under any Indemnity.

 

“Individual Shareholder Guarantees”
means the suretyship agreements to be entered into between each of the Individual Shareholder Guarantors and the Buyer on Completion
substantially in the form set forth in Schedule 11 (Form of individual Shareholder Guarantees) and “Individual
Shareholder Guarantee” means each and any of the Individual Shareholder Guarantees.

 

“Individual Shareholder Guarantor”
means each of the following individuals: (i) Mr. Veriasov Gennadii Vladimirovich; (ii) Ms. Shevchenko Iuliia Viktorovna; (iii) Mr. Lisitsin
Vladislav Vyacheslavovich; (iv) Mr. Shevchenko Vladimir Sergeyevich; (v) Mr. Gorfman Ilya Vadimovich; (vi) Mr. Bagautdinov Raul Shamilievich;
(vii) Mr. Sidorkin Maksim Petrovich; (viii) Mr. Protsenko Demid Nikolaevich; (ix) Mr. Astapenko Sergey Vitalievich; and (x) Mr. Zhuley
Ivan Sergeyevich and “Individual Shareholder Guarantors” means all of the Individual Shareholder Guarantors.

 

    11

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Individual Shareholders Share”
has the meaning given to it in paragraph 18(a) of Schedule 4.

 

“Information Technology”
means computer systems, communication systems, software, hardware and related services.

 

“Integration” means
the list of actions set out in Schedule 9 (Integration Plan).

 

“Integration Period”
means three (3) months, during which the Integration shall occur.

 

“Intellectual Property Rights”
means all rights of the following types, which may exist or be created under the laws of any jurisdiction in the world: patent and industrial
property rights including invention patents, utility model patents and design patents; trade secret rights, rights in know-how and Confidential
Information; rights associated with works of authorship, including exclusive exploitation rights, copyrights, neighbouring rights and
moral rights, rights in designs, rights in computer software and database rights; trademark, whether registered or unregistered, and
any similar rights, including domain names; other Intellectual Property Rights in each case whether registered or unregistered; and rights
in or relating to registrations, renewals, extensions, combinations, divisions, and reissues of, and applications for, any of the rights
referred to above.

 

“Interim 2020 Accounts”
means the unaudited financial statements of each Group Company, in each case prepared in accordance with RAS as at, and for the 9-month
period ended, 30 September 2020, comprising, in each case, a balance sheet, a profit and loss account, notes to such financial statements,
copies of which have been Disclosed.

 

“InterMediaGroup”
means Limited Liability Company “InterMediaGroup”, a limited liability company incorporated under the laws of the Russian
Federation with registered number 5147746032176 whose registered office is at 115114, Moscow, Derbenevskaya Street, bld. 15B, Floor 7,
office I.

 

“Intra-group Indebtedness”
means all debts, liabilities (whether actual, contingent or prospective) or obligations owed by a Group Company to the other Group Company.

 

“IP Claim” means
a Claim by the Buyer in relation to or for breach of any Warranty in paragraph 16 of Part 1 of Schedule 3.

 

“Key Employee” means
any of Chernov Dmitry Leonidovich (Чернов Дмитрий Леонидович)
(Chief Sales Officer), Vilchinsky Alexey Igorevich (Вильчинский Алексей
 Игоревич) (Chief Technology Officer), Reshetnikova Lyubov Alexandrovna (Решетникова
 Любовь Александровна)
(Head of HR), Pshenichnikov Vladislav Valeryevich (Пшеничников Владислав
 Валерьевич) (Promotion Manager), Medvedeva Anna Vasilyevna (Медведева
 Анна Васильевна) (Chief Accountant).

 

“Leases” means the
leases of the Properties set out in Schedule 5 Part 1 (Leases).

 

“Legal Entities Register”
means the Unified State Register of Legal Entities in the Russian Federation.

 

“Letter of Credit 1”
means the letter of credit issued by Raiffeisenbank substantially in the form of Part A of Schedule 13 Part 3

 

“Letter of Credit 2”
means the letter of credit issued by Raiffeisenbank substantially in the form of Part B of Schedule 13 Part 3.

 

    12

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Letter of Credit 3”
means the letter of credit issued by Raiffeisenbank substantially in the form of Part C of Schedule 13 Part 3.

 

“Letter of Credit 4”
means the letter of credit issued by Raiffeisenbank substantially in the form of Part D of Schedule 13 Part 3.

 

“Letters of Credit”
means the Letter of Credit 1, the Letter of Credit 2, the Letter of Credit 3 and the Letter of Credit 4, and “Letter of Credit”
means any of them.

 

“Liquidation Event”
means any liquidation, winding up, termination as an entity by any other means or other insolvency process being initiated or commenced
against Seller 1 (including the application for or the making of any order, or the passing of any resolution).

 

“LLC Law” means
Russian Federation Federal Law No. 14-FZ “On Limited Liability Companies” dated 8 February 1998 (as amended).

 

“LoC Agreement”
means an agreement entered into by and between the Buyer and Raiffeisenbank for the purposes of the issuance of the Letters of Credit
substantially in the form of Schedule 13 Part 1.

 

“LoC Instruction 1”
means an instruction given by the Buyer to Raiffiesenbank to issue the Letter of Credit 1, substantially in the form of Part A of Schedule
13 Part 2.

 

“LoC Instruction 2”
means an instruction given by the Buyer to Raiffiesenbank to issue the Letter of Credit 2, substantially in the form of Part B of Schedule
13 Part 2.

 

“LoC Instruction 3”
means an instruction given by the Buyer to Raiffiesenbank to issue the Letter of Credit 3, substantially in the form of Part C of Schedule
13 Part 2.

 

“LoC Instruction 4”
means an instruction given by the Buyer to Raiffiesenbank to issue the Letter of Credit 4, substantially in the form of Part D of Schedule
13 Part 2.

 

“LoC Instructions”
means the LoC Instruction 1, the LoC Instruction 2, the LoC Instruction, 3 and the LoC Instruction 4, and “LoC Instruction”
means any of them.

 

“Long Stop Date”
means 15 February 2021 (or such other date as the Buyer and Seller 1 shall agree in writing).

 

“Losses” means all
awards, judgments, settlements, costs, expenses, liabilities, sanctions imposed by any Governmental Authority or arbitral panel, damages
and losses (including all interests, fines, penalties and legal and other professional costs and expenses).

 

“Lower Target Net Working
Capital” means RUB negative [***] (- RUB [***]).

 

“Management Accounts”
means the management accounts of each Group Company, comprising the profit and loss account, for the period beginning on 1 July 2020
and ending on the last day of the calendar month immediately preceding the month during which this Agreement is dated.

 

“Market Conditions”
means the prevailing market conditions in the Russian Federation during the relevant period caused by the COVID-19 pandemic in various
regions of the Russian Federation and the corresponding economic crisis.

 

    13

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Material Contract”
means each of the Contracts listed in Part 2 of Schedule 17 (Material Contracts).

 

“Material Counterparty”
has the meaning given to it in paragraph 12(a) of Schedule 3 (Seller Warranties), Part 1 (Non-tax Seller Warranties).

 

“Material IT Contract”
means a Material Contract pursuant to which any Group Company uses Business IT.

 

“Material License”
means each of the Contracts listed in Schedule 21 (Material Licenses).

 

“MoU” means the
memorandum of understanding between the Buyer and the Sellers in relation to the Transaction dated 17 February 2020, as amended on 12
August 2020.

 

“Mutual Conditions Precedent”
has the meaning given in Clause 7.5.

 

“N1 Restructuring”
means (i) - submission of application to Federal Service for Intellectual Property (Rospatent) with respect to the assignment of trademark
No 767628 and trademark No 767629, registered in the Russian Federation, based on the trade mark agreement between LLC N1 Technologies
and the Company and in accordance with the corporate resolution for the distribution of dividends in kind at a balance sheet value of
RUB [***] (ii) the assignment of the “N1” web product and mobile applications N1.ru on Android and iOS platforms based on
the software assignment agreement between LLC N1 Technologes and the Company and in accordance with the corporate resolution for the
distribution of dividends in kind at a balance sheet value of approximately RUB [***] and (iii) execution of the IT development services
between LLC N1 Technologies and the Company whereby LLC N1 Technologies will provide certain services to the Company with respect to
the “N1” web product and mobile applications N1.ru on Android and iOS platforms.

 

“N1 Restructuring Expenses”
means an amount equal to [***].

 

“Net Debt” means
the consolidated net debt of the Group as at Completion as determined in accordance with Schedule 6 (Completion Statements).

 

“Net Working Capital”
means the working capital of the Group as determined in accordance with Schedule 6 (Completion Statements).

 

“Notary” means notary
public Tochkin Dmitry Valerievich, a notary of the City of Moscow whose office is located at: 12 Presnenskaya embankment, “Federation
East Tower”, 56th floor, office 19, Moscow, 123317, Russian Federation, agreed by the Buyer and Seller 1, or such other notary
that the Buyer and Seller 1 may agree.

 

“OECD Convention”
means the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997.

 

“Ordinary Course of Business”
means the ordinary and usual course of business consistent with the way the business operations and routine transactions of the Group
were conducted during the 24-month period preceding the date of this Agreement (including pricing policies, price levels, marketing expenses,
staff turnover and measures taken in response to the Covid Restrictions).

 

“Organisational Documents”
means any articles of incorporation, articles of association, charter, by-laws or other constituent or organisational document of any
person required or contemplated by the Applicable Law for the creation or operation of such person.

 

    14

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Owned IPR” means
the Intellectual Property Rights owned by the Group Companies details of which are set out in Schedule 15 (The Intellectual Property
Rights), Part 1 (Owned IPR).

 

“Owned Registered IPR”
means any Owned IPR that is registered or is the subject of applications for registration.

 

“Party” means a
party to this Agreement and “Parties” shall mean the parties to this Agreement from time to time. Unless otherwise
provided, each of the Guarantors shall be a party to this Agreement only in respect of Clause 1, Clause 14, Clause 15 and Clauses
17 to 38 (inclusive) on and from Completion subject to Completion occurring.

 

“Participation Interests”
means individually and collectively, the Seller 1 Participation Interest, the Seller 2 Participation Interest, the Seller 3 Participation
Interest and the Seller 4 Participation Interest or any of them, together comprising one hundred per cent (100%) of the charter capital
of the Company, with a nominal value of RUB ten thousand seven hundred and ninety two and fourteen kopeks (10,792.14).

 

“Permitted Bonuses”
means the transaction bonuses in the amounts disclosed in writing to the Buyer, to be paid by the Company prior to Completion using a
letter of credit or escrow mechanism where the monies are released after Completion to [***]
in an aggregate amount not to exceed RUB [***]
gross.

 

“Personal Data”
has the meaning given to it in paragraph 17(a) of Schedule 3 (Seller Warranties), Part 1 (Non-tax Seller Warranties).

 

“Product Range”
means any and all bespoke software systems, databases and other bespoke computer programmes and/or services of any member of the Group
developed (including those under development), licensed, marketed, sold, distributed or otherwise commercially exploited in the normal
course of the business of a Group Company. This definition includes the software products known as “products” including
all source code, tools, data, databases and all updates, enhancements, additions, work in progress, user and/or technical documentation.

 

“Properties” means
the properties described in Schedule 5 (Properties) and “Property” means any of them.

 

“Provisional Payment”
means RUB one billion seven hundred and forty five million (1,745,000,000), payable by the Buyer to the Sellers pursuant to the Letters
of Credit or in accordance with Clause 3.7.

 

“Raiffeisenbank”
means the “Bank”, as such term is defined in the LoC Agreement.

 

“RAS” means the
rules of accounting and financial reporting as adopted for use in the Russian Federation in accordance with Federal Law No. 402-FZ “On
Accounting” (as amended) and other applicable legislation of the Russian Federation in force from time to time.

 

“Real Estate Classified Business”
means a business whose business model includes the placement of listings and/or advertisements from real estate agents, real estate agencies,
developers, real estate brokers and individuals in the segments of sale/purchase of residential, commercial property, country houses
and new housing developments; rent/lease of residential, commercial property, country houses (short and/or long-term); sale of leads
(including, but not limited to, in the form of calls, emails, electronic messages) to real estate agents, real estate agencies, developers,
real estate brokers and individuals.

 

    15

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Registering Authority”
means Interdistrict Inspectorate of the Federal Tax Service No. 16 for Novosibirsk region or a replacing Governmental Authority.

 

“Related Party Agreement”
means those agreements listed in ‎Schedule 14 (Related Party Agreements).

 

“Relevant Actual Knowledge”
has the meaning given in paragraph 12(a) of Schedule 4.

 

“Relevant Matter”
has the meaning given to it in paragraph 6 of Schedule 4 (Seller Limitations).

 

“Relevant Proportion”
shall mean the percentage set out against each Seller’s name in Part 2 of Schedule 4; the Relevant Proportion in respect of a Seller’s
liability shall mean the maximum proportion of any Claim which each Seller may be held individually liable. To the extent the Relevant
Proportion is used to calculate a numeral such calculation shall be made to the nearest Rouble.

 

“Relief” means any
allowance, credit, deduction in relation to Tax, or set-off or any right to repayment of Tax.

 

“Reporting Accountants”
has the meaning given to it in Clause 6.3.

 

“Representative”
means with respect to any person, any officer, manager, director, employee, agent, attorney, accountant or advisor of such person.

 

“Response Actions”
means steps and actions which are reasonably required to be promptly or immediately taken by any Group Company to counteract the adverse
effect of any Covid Restrictions imposed during the period between the date of this Agreement and Completion Date in the regions of the
Russian Federation where the Group operates.

 

“Restricted Period”
has the meaning given to it in Clause 12.1(a).

 

“Restricted Person”
means any person listed in Schedule 18.

 

“Restricted Territory”
means the Russian Federation and the CIS Countries.

 

“Retained Records”
has the meaning given to it in Clause 13.3(b).

 

“RUB” or “Rouble”
means the lawful currency of the Russian Federation.

 

“Sanctioned Person”
means any person included in a Sanctions List, or in the OFAC Sectoral Sanctions Identification (SSI) List, or otherwise targeted by
or with whom trading is restricted under any Sanctions Laws, or an Affiliate of any of the foregoing.

 

“Sanctions Laws”
means the financial, economic, sectoral and other sanctions laws, rules and regulations issued, administered or enforced by the United
Nations Security Council; any United States Governmental Authority, including OFAC, the U.S. Department of State, the U.S. Department
of Commerce or any other U.S. government authority or department; the European Union, including restrictive measures implemented pursuant
to any EU Council or Commission Regulation or Decision; the United Kingdom, including Her Majesty’s Treasury or any other United
Kingdom government department or agency; or the Russian Federation.

 

    16

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Sanctions List”
means the Specially Designated Nationals and Blocked Persons List maintained by OFAC, the Consolidated List of Financial Sanctions Targets
and Investment Ban List maintained by Her Majesty’s Treasury, or any similar list maintained by, or public announcement of sanctions
designations made by, the economic sanctions authorities of the United States, the European Union, the United Nations or the Russian
Federation, each as amended, supplemented or substituted from time to time.

 

“Seller 1 Participation Interest”
means a [***]% participatory interest in the charter capital of the Company, with the nominal value of RUB [***].

 

“Seller 1 Obligations”
means all monies, debts and liabilities of any nature from time to time due or owing from Seller 1 to the Buyer (including, without limitation,
any amounts payable under the Indemnities or in connection with a breach of any Warranty or any other obligation of the Sellers under
any Transaction Document).

 

“Seller 2 Participation Interest”
means a [***]% participatory interest in the charter capital of the Company, with the nominal value of RUB [***].

 

“Seller 3 Participation Interest”
means a [***]% participatory interest in the charter capital of the Company, with the nominal value of RUB [***].

 

“Seller 4 Participation Interest”
means a [***]% participatory interest in the charter capital of the Company, with the nominal value of RUB [***].

 

“Seller Beneficiaries”
means the following individuals: Seller 3, Mr. [***], Mr. [***], Mr. [***] and Mr. [***] and “Seller Beneficiary” means any one of them.

 

“Sellers Claim”
means a claim against the Buyer under or in connection with this Agreement or the Transfer Instrument.

 

“Seller Document”
means a Transaction Document to which a Seller is a party.

 

“Seller Related Entities”
means in respect of the Individual Shareholder Guarantors and their respective Affiliates and in respect of each of Seller 2, Seller
3 and Seller 4 such Seller and his Affiliates.

 

“Seller Relevant Matter”
has the meaning given to it paragraph 5 of Schedule 8.

 

“Seller Retained Records”
has the meaning given to it in Clause 13.4(a).

 

“Seller Third Party Claim”
has the meaning given to it in paragraph 6 of Schedule 8.

 

“Sellers’ Accountants”
means finance employees of the Seller 1 Group.

 

“Seller 1 Bank
Account” means the following account with HSBC France Amsterdam Branch:

 

Account name: Hearst Shkulev Digital
Regional Network, B.V.

Address: Moermanskkade 500, 1013BC,
Amsterdam, The Netherlands

Account Number: [***]

IBAN: [***]

Beneficiary Bank: HSBC FRANCE, AMSTERDAM
BRANCH, Swift HSBCNL2A

Correspondent Bank (Beneficiary):
HSBC Bank PLC, LONDON, Swift MIDLGB22

Account: [***]

Correspondent Bank: OOO HSBC Bank
(RR) Moscow, Swift BLICRUMM

BIK: [***]

cor.acc/ [***]

 

    17

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Seller 2 Bank
Account” means the following account:

 

Payee Bank: Tinkoff Bank AO

Correspondent Account: [***]

BIC: [***]

Payee: Dorozhkin Evgeny Alexeyevich

Payee Account: [***]

 

“Seller 3 Bank
Account” means the following account:

 

Payee Bank: Tinkoff Bank AO

Correspondent Account: [***]

BIC: [***]

Payee: Astapenko Sergey Vitalievich

Payee Account: [***]

 

“Seller 4 Bank
Account” means the following account:

 

Payee Bank: Tinkoff Bank AO

Correspondent Account: [***]

BIC: [***]

Payee Baibaratsky Alexander Ivanovich

Payee Account: [***]

 

“Sellers’ Bank Accounts”
means each of the Seller 1 Bank Account, Seller 2 Bank Account, Seller 3 Bank Account and Seller 4 Bank Account, as the case requires.

 

“Sellers’ Counsel”
means Morgan, Lewis & Bockius LLP.

 

“Sellers’ Group”
means each Seller, HS Media, HSHD and VSA (each, a “Seller Group Company”).

 

“Sellers’ Representative”
has the meaning given to it in Clause 33.

 

“Senior Employee”
means an Employee whose remuneration (including any bonuses, commissions, share option, share incentive, profit related pay or other
incentive pay) exceeds RUB two million (2,000,000) per annum;

 

“Staff Member” means
an Employee, a Director, and/or an individual who is otherwise engaged by a Group Company on the basis of a contract for works or services,
consultancy, copyright or any other type of contract.

 

“Statement” has
the meaning given to it in Clause 19.2.

 

“Subsidiaries” means
each company listed in Schedule 1 Part 2 (Details of the Subsidiaries).

 

“Subsidiary Participation
Interest” means the participation interest in the charter capital of each of the Subsidiaries owned by the Company.

 

“Supplementary Disclosure
Letter” has the meaning given to it in Clause 10.13.

 

    18

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Surviving Provisions”
means Clause 1 (Definitions and Interpretation), Clause 7.3, Clause 17 (Announcements and Confidentiality),
Clause 18 (Assignment), Clause 19 (Entire Agreement), Clause 21 (Costs), Clause 22 (Effect
of Termination), Clause 23 (Payments), Clause 25 (Cumulative Rights), Clause 26 (Third
Party Rights), Clause 27 (Waiver), Clause 28 (Variations), Clause 29 (Invalidity),
Clause 32 (Communications), Clause 33 (Counterparts), Clause 35 (Governing Law) and
Clause 36 (Arbitration Agreement).

 

“Tax”, and “Taxation”
means all forms of taxation including withholdings, duties, imposts, levies, value added tax, social security contributions imposed,
assessed or enforced by any Governmental Authority (whether in the Russian Federation or any other jurisdiction as applicable), in all
cases being in the nature of taxation, and any interest, penalty, surcharge or fine in connection therewith, in each case whether levied
by reference to income, profits, gains, net wealth, asset values, turnover, added value or otherwise and shall further include payments
to a Governmental Authority on account of tax, whenever and wherever imposed and whether chargeable directly or primarily against or
attributable directly or primarily to a Group Company or any other person.

 

“Tax Audit” means
an examination and verification of a person’s financial, Tax and accounting records and supporting documents by a competent Tax
Authority for the purpose of verifying such person’s tax calculations and payments as well as overall compliance with the applicable
Tax law conducted in-chambers or at such person’s place of business.

 

“Tax Authority”
means any Governmental Authority competent to impose any Tax, or responsible for the administration and/or collection of Tax or enforcement
of any law in relation to Tax, in any jurisdiction.

 

“Tax Claim” means
a Claim by the Buyer or any other Indemnified Party in relation to or for breach of the Tax Indemnity and/or Tax Warranties.

 

“Tax Indemnity”
means the indemnity set out in Clause 10.15(b)

 

“Tax Liability”
means:

 

		(a)	any liability of any Group Company to
                                            make payment or increased payment of Tax; and

 

		(b)	the utilisation of Buyer’s Relief
                                            against any Tax where, but for such utilisation, the Group Company would have had a Tax Liability
                                            falling within (a), in which case the amount of the Tax Liability shall be equal to the amount
                                            of the Tax saved.

 

“Tax Warranty” means
any Warranty set out in Schedule 3 (Seller Warranties), Part 2 (Tax Warranties).

 

“Third Party Claim”
has the meaning given to it in Schedule 4 (Seller Limitations).

 

“Title Claim” means
a Claim by the Buyer or any other Indemnified Party in relation to or for breach of any Fundamental Warranty or the Indemnity in Clause
10.15(a).

 

“Traffic Purchase Agreement”
means the Agreement between the Company and the City Portals Entity to be entered into on or prior to Completion substantially in the
form of Schedule 10 (Form of Traffic Purchase Agreement).

 

    19

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

“Transaction” means
the transaction contemplated by this Agreement (or any part of that transaction).

 

“Transaction Documents”
means this Agreement, the Disclosure Letter, the Deed of Undertaking, the Individual Shareholder Guarantees, the Transfer Instrument
and all other documents entered into in connection with any of them.

 

“Transfer Instrument”
means the sale and purchase agreement to be executed by the Sellers and the Buyer and certified by the Notary for the transfer of the
Participation Interests from the Sellers to the Buyer substantially in the form set forth in Schedule 12 (Form of Transfer Instrument).

 

“Upper Target Net Working
Capital” means negative RUB [***] (- RUB [***]).

 

“USD” means United
States dollars, the lawful currency of the United States of America.

 

“Used IPR” means
any Business IPR other than the Owned IPR.

 

“VAT” means value
added tax levied in accordance with the Russian Tax Code.

 

“VAT Transition”
has the meaning given to it in paragraph 17 of Schedule 4.

 

“VIAC” has the meaning
given to it in Clause 36 (Arbitration Agreement).

 

“Vienna Rules” has
the meaning given to it in Clause 36 (Arbitration Agreement).

 

“VSA” means VS Alliance
Limited, registered office at Dixcart House Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

 

“Warranties” means
the representations and warranties given by each Seller contained in Schedule 3 (Seller Warranties).

 

“Warranty Claim”
means a Claim involving or relating to a breach of any of the Warranties (other than Tax Claim).

 

		1.2	In this Agreement, unless otherwise stated:

 

		(a)	reference to this Agreement is to this
                                            agreement as varied, supplemented, novated or restated from time to time;

 

		(b)	reference to a document or a provision
                                            of a document is to that document or provision as varied, supplemented, novated or restated
                                            from time to time;

 

		(c)	reference to a document being in “agreed
                                            form” is to that document in the form approved and for identification purposes
                                            signed or initialled by or on behalf of the Buyer and Seller 1;

 

		(d)	reference to a statute or statutory provision
                                            includes a reference to:

 

		(i)	any statutory amendment, consolidation or
                                            re-enactment of it;

 

		(ii)	all orders, regulations, instruments or
                                            other subordinate legislation made under it; and

 

		(iii)	any statute or statutory provision of
                                            which it is an amendment, consolidation or re-enactment;

 

    20

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(e)	reference to a “Party”
                                            is to a party to this Agreement and includes a reference to that Party’s successors
                                            and permitted assignees;

 

		(f)	reference to a “person”
                                            includes a legal or natural person, partnership, association, trust, company, corporation,
                                            joint venture, government, state or agency of the state or other body;

 

		(g)	reference to a governmental, regulatory
                                            or administrative authority or other agency or body that ceases to exist or is reconstituted,
                                            renamed or replaced or has its powers or function removed, means the agency or body which
                                            performs most closely the functions of that authority, agency or body;

 

		(h)	a Clause or Schedule is to a Clause of
                                            or Schedule to this Agreement and any reference to this Agreement includes its Schedules;

 

		(i)	the terms “parent undertaking”,
                                            “subsidiary undertaking” and “undertaking” shall
                                            be interpreted in accordance with the Companies Act 2006;

 

		(j)	the term “connected person”
                                            has the meaning given to it in section 1122 Corporation Tax Act 2010 and any references to
                                            persons being “connected” shall have a corresponding meaning;

 

		(k)	a reference to one gender is a reference
                                            to all or any genders, and references to the singular include the plural and vice versa,
                                            unless the context requires otherwise; and

 

		(l)	reference to the time of day is to the
                                            time in Moscow.

 

		1.3	In this Agreement the interpretation of general
                                            words shall not be restricted by words indicating a particular class or particular examples
                                            and “including”
                                            means “including without
                                            limitation”.

 

		1.4	The interpretation of any indemnity given
                                            by the Sellers shall not be limited by reference to any provision in Schedule 3 (Seller
                                            Warranties) and the Parties agree that any such indemnity is a separate standalone
                                            right of the Buyer (which may overlap with and extend beyond other rights it has save in
                                            so far as double recovery in respect of any Loss is not permitted). This Clause 1.4 does
                                            not in any way limit the application of Schedule 4 (Seller Limitations)
                                            to any indemnity herein.

 

		1.5	“To the extent that” and “if
                                            and to the extent that” both mean “if and then only in so far as”; they
                                            shall operate in a measured way, proportionate to the degree to which the relevant condition,
                                            matter or circumstance has been satisfied, exists or is the case; and they do not mean simply
                                            “if”.

 

		1.6	The headings in this Agreement are for ease
                                            of reference only and are to be ignored when interpreting this Agreement.

 

    21

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		1.7	To determine whether a monetary limit or threshold
                                            set out in this Agreement has been reached or exceeded, any amounts not stated in RUB or
                                            for which a conversion rate is not stated, shall be converted into RUB at the Exchange Rate
                                            on the relevant date. The relevant date is;

 

		(a)	when determining whether a limit or threshold
                                            in a Warranty has been reached or exceeded, the date at which the Warranty is given;

 

		(b)	when determining whether a threshold in
                                            Schedule 4 (Seller Limitations) has been exceeded, the date a Warranty Claim
                                            is notified; and

 

		(c)	when determining whether a threshold in
                                            Clause 8.2 has been exceeded, the date the relevant transaction was entered into or undertaken
                                            (as the case may be) in the relevant period.

 

		2.	Sale and Purchase

 

		2.1	On and subject to the terms and conditions
                                            of this Agreement, the Sellers agree to sell, and the Buyer agrees to purchase, the ownership
                                            title to the Participation Interests.

 

		2.2	The Participation Interests shall be sold
                                            at and with effect from Completion free from all Encumbrances and together with all rights
                                            attached to or accruing to them at Completion (including the right to receive all distributions
                                            attributable to the Participation Interests after the Completion Date).

 

		2.3	Each Seller covenants to the Buyer on a several
                                            basis that it has, and shall have at the Completion Date, the right to transfer ownership
                                            title to its Participation Interest to the Buyer.

 

		2.4	Each Party agrees and acknowledges that:

 

		(a)	this Agreement shall be governed by and
                                            construed in accordance with the laws of England and Wales and shall not be subject to the
                                            provisions of the Civil Code of the Russian Federation (including, without limitation, articles
                                            429, 429.1, 429.3, 431.2, 434.1 and/or 435 of the Civil Code of the Russian Federation);

 

		(b)	this Agreement establishes obligations
                                            of the Buyer and the Sellers to execute, subject to the Conditions Precedent and the terms
                                            and conditions of this Agreement and following the fulfilment by the other of its relevant
                                            obligations in accordance with Schedule 2 (Completion Formalities), the Transfer
                                            Instrument to transfer the Participation Interests from each Seller to the Buyer on the terms
                                            and conditions of this Agreement, as well as other obligations of the Buyer and the Sellers
                                            (including, without limitation, Warranties and Indemnities); and

 

		(c)	the Buyer shall not be obliged to complete
                                            the purchase of any of the Participation Interests unless the sale of all the Participation
                                            Interests is completed simultaneously in accordance with this Agreement.

 

    22

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		3.	Consideration

 

		3.1	The aggregate Consideration payable by the
                                            Buyer for the sale of the Participation Interests shall be equal to the sum of:

 

		(a)	the Completion Consideration
                                            (comprising the Provisional Payment payable to the Sellers in the Relevant Proportion pursuant
                                            to the Letters of Credit or Clause 3.6, as the case may be, and any adjustment payable by
                                            the Buyer to the Sellers or the Sellers to the Buyer in accordance with Clause 4); and

 

		(b)	the Deferred Consideration.

 

		3.2	The completion consideration is RUB one billion
                                            seven hundred and forty five million (1,745,000,000) (the “Completion Consideration”),
                                            subject to adjustment in accordance with the provisions of Clause 4 (Adjustments to
                                            Consideration).

 

		3.3	LoC Agreement and the Completion Notice

 

The Buyer shall:

 

		(a)	Execute the LoC Agreement,
                                            in good faith, promptly following the date of this Agreement; then

 

		(b)	subject to the LoC Agreement being entered
                                            into by Raiffeisenbank, within fifteen (15) Business Days from the date of this Agreement
                                            deposit the amount equal to the Provisional Payment in Raiffeisenbank; then

 

		(c)	subject to Clause 3.3(b)
                                            occurring, acting in good faith, promptly following the deposit of the Provisional Payment
                                            provide the LoC Instructions to Raifeissenbank; and then

 

		(d)	upon establishment of the Letters of Credit
                                            by Raiffeisenbank and not earlier than five (5) Business Days from date of this Agreement,
                                            acting in good faith, give written notice to the Sellers (such notice to enclose the Letters
                                            of Credit, if the Letters of Credit are not received by the Sellers from Raiffeisenbank directly)
                                            (the “Completion Notice”).

 

		3.4	The Buyer undertakes to the Sellers to comply
                                            with the LoC Agreement for as long as the Letters of Credit are in force.

 

		3.5	The Buyer shall, acting
                                            in good faith, provide a notarized copy of the Transfer Instrument to Raiffeisenbank, promptly
                                            following the execution and notarization of the Transfer Instrument.

 

		3.6	If the information about the transfer of the
                                            Participation Interests from the Sellers to the Buyer was duly registered in the Legal Entities
                                            Register, but Raiffiesenbank refuses to release funds under a Letter of Credit for the reason
                                            of a discrepancy between the documents provided to Raiffeisenbank by a Seller and the terms
                                            of such Letter of Credit, the Buyer and the Sellers shall use their commercially reasonbale
                                            endeavours to procure that Raiffeisenbank amends the terms and conditions of such Letter
                                            of Credit in a way that would allow Raiffeisenbank to process the payment to such Seller
                                            under such Letter of Credit.

 

		3.7	If the Sellers have duly submitted all documents
                                            to Raiffeisenbank so that the funds could be remitted to the Sellers under the Letters of
                                            Credit, but Raiffeisenbank fails to pay to any Seller under a Letter of Credit and, thereafter,
                                            the Sellers and the Buyer have exhausted their commercially reasonbale endeavours to have
                                            the terms and conditions of the Letters of Credit amended so that the unpaid funds could
                                            be remitted to the Sellers under the Letters of Credit as set out in Clause 3.6 above, and
                                            Raiffeisenbank has returned the funds (or the relevant portion thereof) deposited by the
                                            Buyer in Raiffeisenbank pursuant to Clause 3.3(b), and the information about the due transfer
                                            of the Participation Interests from the Sellers to the Buyer is duly registered in the Legal
                                            Entities Register, the Buyer shall pay to such Seller his Relevant Portion of the Provisional
                                            Payment within three (3) Business Days of the receipt of the payment demand from such Seller.

 

		3.8	Subject to the provisions of Clause 4 (Adjustments
                                            to Consideration), the Buyer shall pay the balance of the Completion Consideration
                                            to each of the Sellers’ Bank Accounts, if any, being the amount of the Completion Consideration
                                            reduced by the Provisional Payment, once the Completion Statements have been agreed or determined
                                            in accordance with Clause 6 and Schedule 6 (Completion Statements).

 

    23

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		3.9	Subject to the terms of
                                            Clause 3.8, the Buyer shall pay the balance of the Completion Consideration (if any) and
                                            the Deferred Consideration at the same time. Such payment shall be paid to and allocated
                                            amongst the Sellers in the Relevant Proportions.

 

		3.10	Any amount paid (or otherwise satisfied)
                                            by a Seller to or in favour of the Buyer by way of:

 

		(a)	any downward adjustment
                                            to the Completion Consideration;

 

		(b)	any Claim; or

 

		(c)	otherwise pursuant to
                                            this Agreement,

 

		(d)	shall be and shall be
                                            deemed (as far as legally permitted) to be pro tanto a reduction to the Consideration. If
                                            any payment is made in respect of any Indemnity Claim to any Indemnified Person (other than
                                            the Buyer) the Consideration shall similarly be deemed to have been reduced by amount of
                                            such payment thereunder. The Buyer shall not be concerned with or obliged to procure in any
                                            way that any reduction in the Consideration is re-allocated amongst the Sellers in accordance
                                            with the Relevant Proportions.

 

		3.11	The Buyer shall pay any
                                            and all fees and commissions of Raiffeisenbank associated with the issuance and performance
                                            of the Letters of Credit.

 

		3.12	The fees and expenses of
                                            the Notary shall be borne by the Buyer and the Sellers in equal proportions. The Sellers’
                                            share of Notary costs shall be allocated amongst the Sellers according to the Relevant Proportions.

 

		3.13	Each Party shall pay its
                                            own Taxes under Applicable Law in connection with the transactions contemplated by this Agreement,
                                            including the payment of the Consideration.

 

		4.	Adjustments to Consideration

 

		4.1	The Completion Consideration
                                            shall be subject to adjustment as follows:

 

Net Debt and Net Working Capital

 

		(a)	if Net Debt is a negative amount, the
                                            Completion Consideration shall be reduced (on a Rouble for Rouble basis) by an amount equal
                                            to the absolute value of Net Debt; or

 

		(b)	if Net Debt is a positive amount, the
                                            Completion Consideration shall be increased (on a Rouble for Rouble basis) by an amount equal
                                            to the amount of Net Debt;

 

		(c)	if Net Working Capital is less than the
                                            Lower Target Net Working Capital, the Completion Consideration shall be reduced (on a Rouble
                                            for Rouble basis) by an amount equal to the deficit; and

 

		(d)	if Net Working Capital is greater than
                                            the Upper Target Net Working Capital, the Completion Consideration shall be increased (on
                                            a Rouble by Rouble basis) by an amount equal to the excess; and

 

    24

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		4.2	The Buyer and each of the Sellers shall procure
                                            that the Completion Statements shall be prepared and agreed or determined in accordance with
                                            Clause 6 and Schedule 6 (Completion Statements) in order to ascertain Net Debt
                                            and Net Working Capital and, accordingly, the amount of the Completion Consideration and:

 

		(a)	if the Completion Consideration exceeds
                                            the Provisional Payment, the Buyer shall pay to the Sellers an amount equal to such excess,
                                            and such excess payment shall be paid to and allocated amongst the Sellers in the Relevant
                                            Proportions; or

 

		(b)	if the Completion Consideration is less
                                            than the Provisional Payment the Sellers in the Relevant Proportions shall pay to the Buyer
                                            an amount equal to such shortfall.

 

		4.3	The Buyer and the Sellers shall each procure
                                            that any payments required to be made pursuant to Clause 4.2 shall be made within ten (10)
                                            Business Days after the Completion Statements have been agreed or determined in accordance
                                            with Clause 6 and Schedule 6 (Completion Statements). If a payment under Clause
                                            4.2 is due to the Sellers, it shall be made by the Buyer in RUB to each the Sellers’
                                            Bank Accounts and if a payment under Clause 4.2 is due to the Buyer, it shall be made by
                                            the Sellers or any of them in RUB to the Buyer’s Bank Account.

 

		5.	TRANSFER of Title to Participation Interests

 

		5.1	At Completion, the Buyer and each of the Sellers
                                            shall take the steps required of the Buyer and a Seller under Applicable Law to procure that
                                            the Transfer Instrument is duly certified by the Notary and information about the transfer
                                            of the Participation Interests from a Seller to the Buyer is duly registered in the Legal
                                            Entities Register as soon as practicable in accordance with Applicable Law and the terms
                                            and conditions of this Agreement.

 

		5.2	Each Party shall, acting in good faith, promptly
                                            provide the other Party, the Notary and the Registering Authority (as the case may be) with
                                            all assistance, information and documents that the Registering Authority and/or the Notary
                                            may require for the purposes of notarial certification of the Transfer Instrument, execution
                                            and submission of the Application and/or procuring state registration of the transfer of
                                            the Participation Interests from the Sellers to the Buyer with the Legal Entities Register.

 

		5.3	The Buyer and the Sellers agree and acknowledge
                                            that the Transfer Instrument is executed with the purpose to effect the transfer of the Participation
                                            Interests from the Sellers to the Buyer in accordance with Applicable Law and is subject
                                            to certification by the Notary in accordance with clause 11 of article 21 of the LLC Law.
                                            If there is a conflict or discrepancy between the Transfer Instrument and this Agreement,
                                            this Agreement shall prevail.

 

		5.4	The Buyer and the Sellers agree and acknowledge
                                            that any claims (including counterclaims) or defences that a Party may otherwise have against
                                            the other Party under or in relation to the Transfer Instrument shall be made or raised solely
                                            under the terms of this Agreement.

 

		6.	Completion statements

 

		6.1	The Sellers shall prepare and deliver a draft
                                            of the Completion Statements to the Buyer within twenty one (21) Business Days after Completion.
                                            The Completion Statements shall be drawn up in accordance with the provisions set out in
                                            this Clause 6 and Schedule 6 (Completion Statements). The Buyer
                                            shall provide, and shall procure that the Buyer’s Accountants provide, all assistance
                                            reasonably requested by the Sellers or the Seller 1 Accountants in the preparation of the
                                            Completion Statements.

 

    25

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		6.2	The Buyer may within ten (10) Business Days
                                            following the delivery of the draft Completion Statements deliver to the Sellers a report
                                            setting out the details of any items in the draft that it disputes, specifying any adjustments
                                            which in its opinion should be made and providing supporting evidence for them; if it does
                                            so, all other items in the draft shall be deemed to be agreed. If the Buyer does not provide
                                            a report complying with the preceding provisions of this Clause 6.2, the draft Completion
                                            Statements shall be deemed to be agreed.

 

		6.3	The Buyer and the Sellers shall use their
                                            reasonable endeavours to reach agreement as to the adjustment (if any) required to be made
                                            in connection with any matter of disagreement notified in accordance with Clause 6.2
                                            above, but if any such matter remains in dispute ten (10) Business Days after notification,
                                            the dispute shall at the request of the Buyer or the Sellers be referred for final determination
                                            to the Reporting Accountants (as such term is defined in the next sentence). For the purposes
                                            of this Agreement, “Reporting Accountants” means such Big Four Firm as
                                            may be agreed between the Buyer and the Sellers within five (5) Business Days of a written
                                            request from either Party to the other to so agree, or failing such agreement, an accounting
                                            firm nominated by the President of the Institute of Chartered Accountants in England &
                                            Wales upon request of either Party. The Reporting Accountant shall not be the current auditor
                                            for the Company or either Party.

 

		6.4	The following provisions shall apply to the
                                            appointment of the Reporting Accountants:

 

		(a)	the Buyer and the Sellers shall each prepare
                                            a written statement of, and confined to, the matters in dispute and submit it, together with
                                            any supporting documents, to the Reporting Accountants promptly and in any event within fifteen
                                            (15) Business Days of their appointment;

 

		(b)	the Reporting Accountants’ terms
                                            of reference shall be to determine what adjustments (if any) are in their opinion required
                                            to be made to the Completion Statements in relation to the matters in dispute (as notified
                                            to them in accordance with paragraph a above);

 

		(c)	the Buyer and the Sellers shall co-operate
                                            in good faith to do everything reasonably necessary to procure the appointment of the Reporting
                                            Accountants and shall not unreasonably refuse to agree on the Reporting Accountants’
                                            terms of engagement;

 

		(d)	the Buyer and the Sellers shall each provide
                                            the Reporting Accountants with any further information which they reasonably request and
                                            the Reporting Accountants shall be entitled (to the extent they consider it appropriate)
                                            to base their opinion on such information;

 

		(e)	the Reporting Accountants shall be requested
                                            to make their determination as soon as reasonably practicable and in any event within twenty
                                            (20) Business Days of their receipt of the Buyer and the Sellers’ written statements
                                            (pursuant to paragraph (a) above);

 

		(f)	the Reporting Accountants shall act as
                                            experts and not arbitrators and their determination shall (in the absence of manifest error)
                                            be final and binding on the Buyer and the Sellers; and

 

		(g)	the Reporting Accountants’ costs
                                            shall be borne equally by the Buyer and the Sellers.

 

    26

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		6.5	Upon the draft Completion Statements being
                                            agreed (or being deemed to be agreed) by the Buyer and the Sellers or being determined by
                                            the Reporting Accountants, those statements as so agreed (or deemed to be agreed), or determined,
                                            shall be the Completion Statements for the purposes of this Agreement and shall be final
                                            and binding on the Buyer and the Sellers and, without limitation, the amount of Net Debt
                                            and Net Working Capital shall be as stated on those statements.

 

		7.	Conditions and Termination

 

		7.1	Completion is conditional upon satisfaction
                                            (or waiver by the applicable Party) of each of the following conditions precedent (the “Conditions
                                            Precedent”):

 

		(a)	each of the Key Employees shall continue
                                            to be employed by the relevant Group Company and an employment agreement of such Key Employee
                                            shall have not been revoked or otherwise repudiated by the relevant Group Company. For the
                                            avoidance of doubt the voluntary resignation of a Key Employee is not covered by this Clause
                                            7.1(a);

 

		(b)	no material breach of the Warranties by
                                            the Sellers shall have occurred, provided that for purposes of this Clause 7.1(b) “material
                                            breach” means: (i) a breach of a Fundamental Warranty or (ii) a breach (or a series
                                            of breaches) of any Warranties for which the liability of the Seller, if the Buyer were to
                                            bring a Claim(s) (assuming for these purposes that the Buyer did not have any right of termination
                                            under this Agreement and Completion was effected notwithstanding the breach(es)), could reasonably
                                            be expected to exceed RUB [***] in aggregate;

 

		(c)	a Seller shall not be in material breach
                                            of any provision of Clauses 8.2(c), 8.2(e), 8.2(h), 8.2(i), 8.2(k), 8.2(l), 8.2(n), 8.2(p),
                                            8.2(q), 8.2(r), 8.2(s), 8.2(t), 8.2(w), 8.2(y), 8.2(z) 8.2(aa), 8.2(bb), 8.2(cc) and 8.2(dd)
                                            provided that for the purposes of this Clause 7.1(c) “material breach”
                                            means a breach for which the liability of the Sellers or any of them, if the Buyer were to
                                            bring a Claim(s) (assuming for these purposes that the Buyer did not have any right of termination
                                            under this Agreement and Completion was effected notwithstanding the breach(es)), could reasonably
                                            be expected to exceed RUB [***] in aggregate;

 

		(d)	no Applicable Law, including a decision
                                            or action of a Governmental Authority, shall have been enacted, issued, promulgated or enforced,
                                            and no change in Applicable Law shall have occurred, which has the effect of making any transactions
                                            contemplated by this Agreement or the other Transaction Documents illegal, or otherwise restraining
                                            or prohibiting consummation of such transactions, or causing any of such transactions to
                                            be rescinded following Completion; and no legal proceedings or action of any Governmental
                                            Authority shall have been commenced against any Party that seeks to prohibit, restrict or
                                            invalidate any transactions contemplated by this Agreement or other Transaction Documents;
                                            and

 

		(e)	none of the Parties (nor any of their
                                            Affiliates) nor any of the Group Companies is included on any Sanctions List, or shall have
                                            become a Sanctioned Person, and no Sanctions Laws shall prohibit or restrict the execution
                                            or performance of this Agreement or the other Transaction Documents or impose material Losses
                                            on a Party in connection with such execution or performance.

 

    27

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		7.2	The Sellers shall use their reasonable endeavours
                                            to procure satisfaction of the Condition Precedent set out in Clause 7.1(a) as soon as reasonably
                                            practicable and in any event prior to the Long Stop Date.

 

		7.3	Each Party will notify the other Party promptly
                                            upon the satisfaction of any of the Conditions Precedent for which it is responsible under
                                            Clause 7.1 (other than in respect of those Mutual Conditions which can only be satisfied
                                            on the Completion Date). Upon written request from a Party, the other Party shall promptly
                                            provide an update on its progress concerning the satisfaction of the Conditions Precedent
                                            for which it is responsible pursuant to Clause 7.1 (other than in respect of those Mutual
                                            Conditions which can only be satisfied on the Completion Date).

 

		7.4	If, at any time, a Party becomes aware of
                                            a fact or circumstance that is reasonably likely to prevent any Condition Precedent from
                                            being satisfied by the Long Stop Date, it shall promptly provide written notice of the same
                                            to the other Party, including reasonable details and relevant supporting documentation with
                                            respect to such matters.

 

		7.5	The Buyer shall be entitled at its sole discretion
                                            to waive any or all of the Conditions Precedent set forth in Clauses 7.1(a) through 7.1(e)
                                            (“Buyer Conditions Precedent”) by notice to the Sellers at any time prior
                                            to 5.00 p.m. (Moscow time) on the Long Stop Date. The Buyer and the Sellers may jointly by
                                            agreement in writing waive any or all of the Conditions Precedent set forth in Clauses ‎7.1(d)
                                            and 7.1(e) (“Mutual Conditions Precedent”).

 

		7.6	This Agreement may be terminated:

 

		(a)	by either Seller 1 for and on behalf of
                                            the Sellers or the Buyer upon written notice to the other Party, if any of the Mutual Conditions
                                            Precedent has not been satisfied or waived by 5.00 p.m. (Moscow time) on the Long Stop Date;
                                            or

 

		(b)	by the Buyer upon written notice to the
                                            Sellers, if any of the Buyer Conditions Precedent has not been satisfied or waived by 5.00
                                            p.m. (Moscow time) on the Long Stop Date.

 

		7.7	Any termination pursuant to this Clause 7
                                            shall be subject to Clause 20 (Further Assurance).

 

		7.8	If the Agreement is terminated by the Buyer
                                            pursuant to Clause 7.6(b), as a result of non-satisfaction of the Conditions Precedent in
                                            Clauses 7.1(b) or 7.1(c), the Buyer shall provide to the Sellers a detailed written explanation
                                            setting out the circumstances on the basis of which the Buyer is exercising its termination
                                            right.

 

		8.	Pre-Completion covenants

 

		8.1	Until the earlier of Completion and this Agreement
                                            being terminated in accordance with its terms the Sellers shall (except only in relation
                                            to the extent that it first obtains the Buyer’s prior written consent expressly for
                                            the purposes of this Clause 8 (Pre-Completion Covenants), such consent
                                            not to be unreasonably withheld, or such consent is deemed obtained in accordance with Clause
                                            8.3):

 

		(a)	procure that the business of each Group
                                            Company is carried on only in the Ordinary Course of Business (including with respect to
                                            pricing, incentives, discounts, marketing, customer acquisition and support) so as to maintain
                                            it as a going concern and so as to maintain its assets, subject to the Response Actions;

 

    28

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(b)	procure that each Group Company operates
                                            its business in accordance with: (a) Applicable Law, (b) the terms of all material licences,
                                            registrations, concessions, permits, notifications and consents which are required for it
                                            to own or operate its assets or conduct its business or corporate affairs and (c) all agreements
                                            and arrangements which are binding on it, in each case in all material respects;

 

		(c)	refrain from doing, and shall procure
                                            that each Group Company shall refrain from doing, procuring or allowing anything which constitutes
                                            a breach of any of the Warranties.

 

		8.2	Without prejudice to the generality of Clause
                                            8.1, the Sellers shall procure that prior to Completion no Group Company shall do, or agree
                                            or commit to do, any of the following (except only to the extent that it first obtains the
                                            Buyer’s prior written consent expressly for the purposes of this Clause 8 (Pre-Completion
                                            Covenants), such consent not to be unreasonably withheld):

 

		(a)	Create any share capital or loan capital;

 

		(b)	Allot or issue or agree to allot or issue
                                            any share or loan capital (or an option to subscribe for or exchange conversion rights in
                                            respect of the same), or alter or agree to alter any of the rights attaching to its share
                                            or loan capital;

 

		(c)	Reduce, repay, redeem, purchase or effect
                                            any other reorganisation with respect to any of its share capital;

 

		(d)	Change or resolve to change its name or
                                            alter or resolve to alter its Organisational Documents, except as required by the Applicable
                                            Laws;

 

		(e)	Resolve to be voluntarily wound up;

 

		(f)	Declare or pay any dividend or make any
                                            other distribution of its assets or profits to any participant or other person;

 

		(g)	Pass any shareholder resolution, except
                                            in the Ordinary Course of Business, or as required to comply with Applicable Laws;

 

		(h)	Grant or issue or agree to grant or issue
                                            any mortgage, charge, debenture or security for money or redeem or agree to redeem any such
                                            mortgage, charge, debenture or security;

 

		(i)	Dispose of or agree to dispose of or grant
                                            any option in respect of its business or any part of its business;

 

		(j)	Enter into any agreement or incur any
                                            commitment involving any capital expenditure in excess of RUB ten million (10,000,000) per
                                            agreement or commitment;

 

		(k)	Enter into or amend in any material respect
                                            any agreement or incur any commitment which is not capable of being terminated without compensation
                                            at any time with three (3) months’ or shorter notice and which involves or may involve
                                            total annual expenditure in excess of RUB ten million (10,000,000) except in the Ordinary
                                            Course of Business.

 

		(l)	Incur any Indebtedness in excess of RUB
                                            seventy five million (75,000,000) in the aggregate or vary material terms of any existing
                                            Indebtedness, except for a Response Action;

 

    29

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(m)	Make any loan (other than the granting
                                            of any trade credit in the Ordinary Course of Business) to any person (other than another
                                            Group Company);

 

		(n)	Enter into, modify or terminate any contract,
                                            arrangement or commitment relating to, or affecting a material part of its business, including
                                            any Material Contract, except in the Ordinary Course of Business or as a Response Action
                                            and except for the termination of the agreements listed in items 26 and 27 of Schedule 17
                                            (Material Contracts) in accordance with paragraph 1(g) of Schedule 2 (Completion
                                            Formalities) and except the replacement of the party to the agreements listed in
                                            items 17, 24, 38, 39, 42, 44, 46 of Schedule 17 from the Subsidiary N1 Technologies LLC to
                                            the Company (Material Contracts).

 

		(o)	Acquire or dispose of, or agree to acquire
                                            or dispose of, any material asset involving consideration, expenditure or liabilities in
                                            excess of RUB ten million (10,000,000) except in the Ordinary Course of Business;

 

		(p)	Acquire or enter into a legally binding
                                            agreement to acquire any shares or other interest in any entity;

 

		(q)	Enter into a partnership or joint venture
                                            agreement or arrangement;

 

		(r)	Dispose of any interest or grant any right
                                            in respect of any real estate or acquire any interest in real estate;

 

		(s)	Enter into any leasing, hire purchase,
                                            conditional sale or other agreement or arrangements for payment on deferred terms with a
                                            value in excess of RUB ten million (10,000,000) per annum in relation to each transaction
                                            (or series of related transactions);

 

		(t)	Make any change in the terms and conditions
                                            of employment (including in relation to salaries, fees or benefits) or pension benefits of
                                            any Staff Member, except in the Ordinary Course of Business, except for: (i) payment of the
                                            Permitted Bonuses and (ii) the Response Actions which, in the aggregate, do not cause an
                                            increase in the overall expenses of the Group for remuneration of its Staff Members (including
                                            any bonuses) or a reduction in the overall expenses of the Group for remuneration of its
                                            Staff Members (including any bonuses) of more than twenty per cent (20%);

 

		(u)	Save with respect to the appointment of
                                            a new Chief Executive Officer, employ or appoint, or make any changes to the terms and conditions
                                            of employment of any Senior Employee;

 

		(v)	Save with respect to the appointment of
                                            a new Chief Executive Officer, terminate the employment or consultancy arrangement of any
                                            Director or Senior Employee other than (i) “for cause” on grounds that justify
                                            summary termination; or (ii) by voluntary termination of such Director or Employee;

 

		(w)	Institute, settle or agree to settle any
                                            legal proceedings relating to its business where the amount of the claim in question is in
                                            excess of RUB one million (1,000,000) (save for debt collection in the Ordinary Course of
                                            Business) except for a Response Action;

 

		(x)	Permit or suffer any of its insurances
                                            to lapse or do anything which could make any such policy of insurance void or voidable, except
                                            in the Ordinary Course of Business;

 

    30

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(y)	Incur any liabilities between itself and
                                            a Seller or a Seller Related Entity except for remuneration in the Ordinary Course of Business
                                            and at the rates current before the date of this Agreement;

 

		(z)	grant or modify or agree to terminate
                                            any rights or enter into any agreement relating to the Intellectual Property Rights or otherwise
                                            permit any of its rights relating to the Intellectual Property Rights to lapse, except in
                                            the Ordinary Course of Business and for the Response Actions and except for the termination
                                            of the agreement listed in item 28 of Schedule 17 (Material Contracts) in accordance
                                            with paragraph 1(g) of Schedule 2 (Completion Formalities).

 

		(aa)	Make any material change to any of its
                                            methods, policies, principles or practices of Tax accounting or methods of reporting or claiming
                                            income, losses or deductions for Tax purposes, save as required by Applicable Law;

 

		(bb)	Enter into any material agreement with
                                            any Tax Authority, or terminate or rescind any material agreement with a Tax Authority that
                                            is in effect on the date of this Agreement, save as required by Applicable Law;

 

		(cc)	Make or amend any material claim, election
                                            or option relating to Taxation or amend any Tax return in any material respect or change
                                            its residence for Tax purposes or establish a permanent establishment in a jurisdiction in
                                            which it did not previously have such an establishment, save as required by Applicable Law;
                                            or

 

		(dd)	Make any change to its accounting practices
                                            or policies, save as required by Applicable Law.

 

		8.3	For the purposes of this Clause 8, the consent
                                            of the Buyer shall be deemed to be given if:

 

		(a)	consent is requested by a Seller and the
                                            Buyer does not respond within five (5) Business Days;

 

		(b)	the action or matter in question is required
                                            under Applicable Law; or

 

		(c)	the action or matter in question is required
                                            to comply with any of the Transaction Documents.

 

		8.4	For the purposes of Clause 8.3(a):

 

		(a)	the Sellers shall make any such request
to the following email addresses: [***] and [***]; and

 

		(b)	the Buyer shall respond to any such requests
to the following email addresses: [***]

 

		8.5	For the avoidance of doubt, the restrictions
                                            set forth in Clauses 8.1 and 8.2 apply only to the business and activities of the Group Companies,
                                            and not to any third parties.

 

		8.6	Until Completion, upon reasonable notice and
                                            during normal business hours, the Sellers shall provide the Buyer and its Representatives
                                            with such information regarding each Group Company and such access to the Properties and
                                            to the books and records of each Group Company as the Buyer may reasonably request and as
                                            may be permitted under Applicable Laws.

 

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*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		9.	Signing and Completion

 

		9.1	At signing:

 

		(a)	the Sellers must ensure
                                            that that following items are delivered to the Buyer:

 

		(i)	a copy of this Agreement, duly executed
                                            by the Sellers, with the original to follow as soon as possible thereafter; and

 

		(ii)	a copy of the Disclosure Letter, duly executed
                                            by the Sellers, with the original to follow as soon as possible thereafter;

 

		(b)	the Buyer must ensure
                                            that the following items are delivered to the Seller:

 

		(i)	a copy of this Agreement, duly executed
                                            by the Buyer, with the original to follow as soon as possible thereafter; and

 

		(ii)	a copy of the Disclosure Letter, duly executed
                                            by the Buyer, with the original to follow as soon as possible thereafter.

 

		9.2	Subject to clause 7.1, Completion shall take
                                            place at the offices of the Buyer’s Counsel (or such other place as the Buyer and Seller
                                            1 may agree) one (1) Business Day following receipt (or deemed receipt) from the Buyer of
                                            the Completion Notice, or on such other date as the Buyer and Seller 1 may agree in writing.

 

		9.3	On Completion, the Sellers and the Buyer shall
                                            comply with their respective obligations in Schedule 2 (Completion Formalities).

 

		9.4	At Completion:

 

		(a)	each Seller shall do, or procure the carrying
                                            out of, each of those relevant things which are to be done or procured by it as set out in
                                            Schedule 2 (Completion Formalities); and

 

		(b)	the Buyer shall do those relevant things
                                            which are to be done by it as set out in Schedule 2 (Completion Formalities).

 

		9.5	Prior to Completion taking place, any item
                                            delivered to a Party pursuant to Schedule 2 (Completion Formalities) shall
                                            be held on trust by the recipient and to the order of deliverer, pending Completion.

 

		9.6	Completion shall not be deemed to have occurred
                                            for any reason until all of the actions and steps listed in Clause 9.4 and Schedule 2 (Completion
                                            Formalities) shall have been completed.

 

		9.7	The Buyer may waive any of the requirements
                                            contained in paragraph 1 of Schedule 2 (Completion Formalities) either unconditionally
                                            or subject to the condition that a Seller gives, on Completion, a written indemnity or undertaking
                                            to the Buyer in such form as the Buyer requires.

 

		9.8	Seller 1 may waive for and on behalf of the
                                            Sellers any of the requirements contained in paragraph 2 of Schedule 2 (Completion
                                            Formalities) either unconditionally or subject to the condition that the Buyer gives,
                                            on Completion, a written indemnity or undertaking to Seller 1 in such form as Seller 1 requires.

 

    32

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		9.9	If any of the transactions set out in Schedule
                                            2 (Completion Formalities) does not take place materially as provided
                                            in that Schedule, the Buyer, in the case of non-compliance by a Seller, or Seller 1 for and
                                            on behalf of the Sellers, in the case of non-compliance by the Buyer, may at their own discretion
                                            and, in each case, without prejudice to its other rights and remedies:

 

		(a)	defer Completion for up to ten (10) Business
                                            Days;

 

		(b)	proceed to Completion so far as is practicable;
                                            or

 

		(c)	either immediately or following the deferral
                                            (if the transactions have still not taken place) terminate this Agreement in which case the
                                            provisions of Clause 22 (Effect of Termination) shall apply.

 

		9.10	If the Buyer fails to comply with any of
                                            its obligations in Schedule 2 (Completion Formalities), and as
                                            a direct consequence Completion does not occur and this Agreement is terminated in accordance
                                            with its terms, the Buyer shall, upon a written demand from the Sellers, reimburse each Seller
                                            its Relevant Proportion of the reasonable and documented costs and expenses (including 100%
                                            of the N1 Restructuring Expenses) incurred in connection with negotiations regarding the
                                            entry into the Transaction, up to a maximum of [***], by electronic
                                            transfer of immediately available funds to such bank account as each Seller shall specify
                                            in writing.

 

		9.11	If any of the Sellers fails to comply with
                                            any of its obligations in Schedule 2 (Completion Formalities),
                                            and as a direct consequence Completion does not occur and this Agreement is terminated in
                                            accordance with its terms, the Sellers shall on a several basis, upon a written demand from
                                            the Buyer, reimburse to the Buyer all its reasonable and documented costs and expenses, up
                                            to a maximum of RUB [***] incurred in connection with negotiations
                                            regarding the entry into the Transaction, by electronic transfer of immediately available
                                            funds to such bank account as the Buyer shall specify in writing. Each Seller makes the reimbursement
                                            to the Buyer in its Relevant Proportion.

 

		10.	Seller Warranties and Indemnities

 

		10.1	Unless otherwise provided for specifically
                                            within the relevant Warranty, each Seller warrants to the Buyer in terms of the Warranties.

 

		10.2	On Completion each Seller shall be deemed
                                            to repeat the Warranties with reference to the facts, matters and circumstances then existing
                                            (and as if any express or implied reference in a Warranty to the date of this Agreement was
                                            replaced by a reference to the date of Completion).

 

		10.3	Each Seller shall promptly notify the Buyer
                                            in writing (setting out full details of the relevant matter) of anything which becomes known
                                            to it before Completion which causes or is likely to cause a Warranty (as given by it on
                                            the date of this Agreement or as repeated on Completion with reference to the facts, matters
                                            and circumstances then existing) to become inaccurate or misleading.

 

		10.4	The Buyer shall promptly notify the Sellers
                                            in writing (setting out full details of the relevant matter) of anything which becomes known
                                            to it before Completion which causes or is likely to cause a Buyer’s Warranty (as given
                                            by it on the date of this Agreement or as repeated on Completion with reference to the facts,
                                            matters and circumstances then existing) to become inaccurate or misleading.

 

		10.5	The liability of the Sellers under the Warranties
                                            and otherwise under the Transaction Documents is limited in accordance with the provisions
                                            of Schedule 4 (Seller Limitations).

 

    33

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		10.6	No Party shall be entitled to terminate or
                                            rescind this Agreement based on a misrepresentation. The Misrepresentation Act 1967 shall
                                            not apply for the purposes of this Agreement.

 

		10.7	The Warranties shall not be extinguished
                                            or affected by Completion.

 

		10.8	The Sellers or any of them shall not be liable
                                            in respect of a Warranty Claim or a Tax Claim under any of the Tax Warranties to the extent
                                            that the facts and circumstances giving rise to the Warranty Claim or Tax Claim under any
                                            of the Tax Warranties have been Disclosed. The Warranties are only qualified by a matter
                                            that is Disclosed.

 

		10.9	Where a Warranty refers to the knowledge,
                                            belief or awareness of a Seller (or any similar expression), the knowledge, belief or awareness
                                            (or the like) of a Seller shall be deemed to include the knowledge of the following persons:
                                            Sergey Astapenko, Ivan Zhuley, Nikita Krykin, Alexey Prokofiev, Oleg Bobylev, Viktor Shkulev,
                                            Julia Tsipileva, Dorozhkin Evgeny Alexeevich and Baibaratskiy Aleksandr Ivanovich who shall
                                            be deemed to have knowledge of such matters as they would have discovered, had they made
                                            such enquiries as are reasonable in the circumstances.

 

		10.10	None of the information supplied or statements
                                            made by a Company Related Person shall be deemed to include a representation to a Seller
                                            as to its accuracy.

 

		10.11	Each Seller waives any right or claim it
                                            may have against any Company Related Person in respect of any error or omission in connection
                                            with any misrepresentation or error in, or omission from, any information or opinion supplied
                                            or given by such Company Related Person in the course of providing any information or responses
                                            to a Seller or any of its Affiliates, negotiating this Agreement or of the preparation of
                                            the Disclosure Letter or the Supplementary Disclosure Letter (and acknowledges and agrees
                                            that any such right or claim shall not constitute a defence to any claim by the Buyer), except
                                            for any deliberate concealment and/or intentional misstatement by a Company Related Person
                                            who is a director, officer or employee of any Group Company. Each Company Related Person
                                            may enforce the terms of this Clause 10.11. in accordance with the Contracts (Rights of Third
                                            Parties) Act 1999, provided that, as a condition precedent thereto, any such Company Related
                                            Person shall obtain the prior written consent of the Buyer. No Company Related Person may
                                            assign its rights under this Clause 10.11.

 

		10.12	Each of the Warranties is without prejudice
                                            to the other Warranties and, except where expressly stated otherwise, the meaning and extent
                                            of any Warranty or any part of it shall not be qualified or limited by any other Warranty
                                            or any other part of a Warranty.

 

		10.13	Each Seller may deliver to the Buyer, at
                                            any time between the date of this Agreement and the day falling not less than two (2) Business
                                            Days prior to the Completion Date, one further disclosure letter together with the corresponding
                                            Disclosure Bundle (the “Supplementary Disclosure Letter”), substantially
                                            in the same form as the Disclosure Letter, disclosing any facts, matters or circumstances
                                            that would otherwise render any of the Warranties untrue or inaccurate as at the Completion
                                            Date which facts, matters or circumstances have occurred only after the execution of this
                                            Agreement.

 

		10.14	If any fact, matter or circumstance disclosed
                                            in the Supplementary Disclosure Letter (if any) would, but for such disclosure, result in
                                            a material breach of any of the Warranties given by a Seller as at Completion, then the Buyer
                                            shall have the right to treat the Condition Precedent set out in Clause 7.1(d) as not being
                                            satisfied. For the purpose of this Clause 10.14, “materiality” of a breach means
                                            a breach of a Fundamental Warranty or a breach (or series of breaches) of any Warranties
                                            for which the aggregate liability of the Sellers, if the Buyer were to bring a Claim(s) (assuming
                                            for these purposes that the Buyer did not have any right of termination under this Agreement
                                            and Completion was effected notwithstanding the breach(es)), could reasonably be expected
                                            to exceed RUB [***].

 

    34

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		10.15	Subject to Clause 10.16, each Seller shall,
                                            on a several basis, indemnify and hold harmless the Buyer and each other Indemnified Person
                                            against, and covenants to pay to the Buyer and each other Indemnified Person an amount equal
                                            to, all Losses incurred or suffered by the Buyer or any other Indemnified Person arising
                                            out of or in connection with any of the following matters:

 

		(a)	any claim, demand or action in respect
                                            of any title defect with respect to the relevant Participation Interest or the Subsidiary
                                            Participation Interest (including, in each case, any Encumbrance) on any ground, in each
                                            case, in connection with or as a result of any Event that took place prior to Completion;
                                            and

 

		(b)	any Tax Liability of a Group Company arising
                                            (i) in respect of any Event occurring (or deemed to occur for Tax purposes by operation of
                                            Applicable Law) on or before Completion, (ii) in respect of or by reference to income or
                                            profits which were (or were deemed to have been for Tax purposes by operation of Applicable
                                            Law) earned or accrued on or before (or partly before) Completion or in respect of a period
                                            ending on or before (or partly before) the Completion Date (but for the avoidance of doubt,
                                            only in respect of the pre-Completion part), (iii) by reason of the Company and/or any of
                                            the Group Companies having been (or ceasing to be) a member of the Sellers’ Group on
                                            or following execution or completion of this Agreement, in all cases together with any reasonable
                                            third party costs and expenses properly incurred by the Buyer or a Group Company in connection
                                            with any Tax Liability in respect of which the Seller is liable under this Clause 10.15(b)
                                            and in respect of any claim by a Tax Authority in respect of such Tax Liability, and (iv)
                                            (to the extent not already indemnified under this Clause 10.15(b)) with prior written consent
                                            from Seller, any third party costs and expenses properly incurred by the Buyer or a Group
                                            Company in connection with defending a claim, demand or action by a Tax Authority alleging
                                            a Tax Liability in respect of which the Seller could be liable under this Clause 10.15(b).

 

		10.16	The Buyer shall, and shall procure that
                                            each Indemnified Person shall (subject to and in accordance with paragraph 7 of Schedule
                                            4 (Third Party Claims), take such steps as are reasonable in the circumstances
                                            and/or as a Seller may reasonably request to mitigate any Losses upon becoming aware of any
                                            Event that it reasonably expects to give rise to a Claim under Clause 10.15, including, to
                                            the extent reasonable, incurring costs only to the minimum extent necessary to remedy the
                                            Event that gives rise to such Losses (and provided always, for the avoidance of doubt and
                                            notwithstanding any other provision, that all such costs shall, on demand by the Buyer, be
                                            paid by a Seller).

 

		10.17	All amounts due under the Indemnities shall
                                            be paid by the Sellers to an Indemnified Person in full, without any set-off, counterclaim,
                                            deduction or withholding (other than any deduction or withholding of tax required by Applicable
                                            Law). If any deductions or withholdings are required by Applicable Law to be made from any
                                            of the sums payable under the Indemnities, the Sellers shall pay to such Indemnified Person
                                            any sum as will, after the deduction or withholding is made, and after taking into account
                                            the availability of any Relief available to that Indemnified Person in respect of the payment
                                            and any increased payment made under this Clause 10.17, leave such Indemnified Person with
                                            the same amount as it would have been entitled to receive without that deduction or withholding.

 

		11.	Buyer Warranties

 

		11.1	The Buyer warrants to the Sellers in the
                                            terms of Schedule 7 (Buyer Warranties).

 

    35

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		11.2	On Completion the Buyer shall be deemed to
                                            repeat the Buyer Warranties with reference to the facts, matters and circumstances then existing
                                            (and as if any express or implied reference in a Warranty to the date of this Agreement was
                                            replaced by a reference to the date of Completion).

 

		11.3	The Buyer Warranties shall not be extinguished
                                            or affected by Completion.

 

		11.4	Each of the Buyer Warranties is without prejudice
                                            to the other Buyer Warranties and, except where expressly stated otherwise, the meaning and
                                            extent of any Buyer Warranty or any part of it shall not be qualified or limited by any other
                                            Buyer Warranty or any other part of a Buyer Warranty.

 

		11.5	The Buyer shall promptly notify the Sellers
                                            in writing (setting out full details of the relevant matter) of anything which becomes known
                                            to it before Completion which causes or is likely to cause a Buyer Warranty (as given by
                                            it on the date of this Agreement or as repeated on Completion with reference to the facts,
                                            matters and circumstances then existing) to become inaccurate or misleading.

 

		12.	Protection of Goodwill

 

		12.1	Each of Seller 1, Seller 2, Seller 3 and
                                            Seller 4, covenants with the Buyer and each Group Company that it shall not, without the
                                            written consent of the Buyer:

 

		(a)	at any time during the period of three
                                            (3) years commencing on the Completion Date (the “Restricted Period”),
                                            directly or indirectly operate, carry on, invest in or be engaged in any existing or new
                                            Competing Business in the Restricted Territory, or provide any technical, commercial or financial
                                            support, advisory or consulting services, or investment to any person with the intention
                                            of supporting or facilitating in any way, any Competing Business in the Restricted Territory;

 

		(b)	at any time during the Restricted Period,
                                            directly or indirectly acquire, own, have an equity interest in, lend money to, manage, control
                                            or participate in the ownership, management or control of, or consult with, advise for compensation
                                            or pro bono, any person engaged, directly or indirectly, in any Competing Business in the
                                            Restricted Territory;

 

		(c)	at any time during the Restricted Period,
                                            place or distribute digital advertisements of third parties whose primary business is the
                                            Competing Business in the Restricted Territory; provided, however, that this covenant shall
                                            not apply to any digital advertisements that are placed by third parties on the resources
                                            through programmatic or similar online display advertising platforms of a Seller or Sellers’
                                            Related Entities;

 

		(d)	at any time during the Restricted Period:

 

		(i)	offer
                                            employment to, enter into a contract for the services of, or otherwise entice or attempt
                                            to entice away from any Group Company, any Restricted Person (whether or not that person
                                            would commit any breach of their contract of employment or engagement), except (i) only with
                                            respect to attempts to entice away, pursuant to a general solicitation which is not directed
                                            specifically to any such Restricted Persons, or (ii) any Restricted Person whose employment
                                            was terminated by the relevant Group Company more than six (6) months prior to any such action
                                            by a Seller; or

 

		(ii)	procure
                                            or facilitate in relation to a Restricted Person, the making of any such offer or attempt
                                            by any other person;

 

    36

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(e)	at any time after Completion:

 

		(i)	engage in any trade or business or be associated
                                            with any person firm or company engaged in any trade or business, using:

 

		(1)	the name “N1.ru”, “Н1.ру”,
                                            “MLSN.ru”, “МЛСН.ру”, or any
                                            name incorporating the words “N1.ru” or “Н1.ру”,
                                            “MLSN.ru” or “МЛСН.ру”;

 

		(2)	in the Restricted Territory, any trade
                                            or service mark, business or domain name, design or logo which, at Completion, will be or
                                            will have been used by any Group Company in connection with the Business; or

 

		(3)	in the Restricted Territory, anything
                                            which is, reasonably capable of confusion with any word, mark, name, design or logo referred
                                            to in 6.2 and (ii) above; or

 

		(ii)	interfere with the use by the Buyer or
                                            any Group Company of any name, trade or service mark, business or domain name, design or
                                            logo referred to in Clause 12.1(e)(i)(1) or Clause 12.1(e)(i)(2) above.

 

		(f)	at any time after Completion, present
                                            itself or permit itself to be presented as connected in any capacity with any Group Company
                                            after Completion.

 

		12.2	The covenants in Clause 12.1 are intended
                                            for the benefit of, and shall be enforceable by the Buyer and each Group Company and shall
                                            apply to actions carried out by (i) Seller 1, and (ii) Seller 2, Seller 3, Seller 4 (or any
                                            of their respective Affiliates), in any capacity (including as shareholder, partner, director,
                                            principal, consultant, officer, employee, agent, adviser or otherwise) and whether directly
                                            or indirectly, on its own behalf or on behalf of, or jointly with, any other person.

 

		12.3	Nothing in Clause 12.1 shall prevent Seller
                                            1, and each of Seller 2, Seller 3 and Seller 4 and its Affiliates: (a) holding as a passive
                                            financial investment not more than ten per cent (10%) of the outstanding securities of any
                                            entity involved in a Competing Business in the Restricted Territory, provided that such shareholding
                                            shall not entitle a Seller, as the case may be, to disproportionate voting rights or enable
                                            it to exercise control or significant influence over such Completing Business; or (b) owning
                                            or holding, directly or indirectly, solely as a passive financial investment, less than ten
                                            per cent (10%) of any class of securities of any person involved in a Competing Business
                                            in the Restricted Territory and traded on any recognized securities exchange), (c) the placement
                                            and distribution of advertising of any real estate agencies and other persons engaged in
                                            real estate advertising, in magazines, websites and in other activities of any of the Seller
                                            as long as such advertising is placed or ordered by real estate agencies and/or their Affiliates
                                            themselves; (d) participation, appearance or presentation of any directors or employees of
                                            the Seller in any public conferences or exhibitions;
                                            (e) conversations and/or discussions by any directors or employees of the Seller with
                                            persons engaged in a Competing Business in the Restricted Territory as long as such conversations
                                            and/or discussions do not result in any engagement of that member of the Seller in a Competing
                                            Business in the Restricted Territory and do not amount to advisory or consulting support;
                                            or (f) any non-material common transactions that are made within a usual course of business
                                            as of the date of this Agreement, such as rent, content licensing
                                            or similar transactions by the Seller with persons engaged
                                            in a Competing Business in the Restricted Territory. Each of the covenants in Clause
                                            12.1 is a separate undertaking by each of Seller 1, Seller 2, Seller 3 and Seller 4 and shall
                                            be enforceable by the Buyer and each Group Company separately and independently of their
                                            right to enforce any one or more of the other covenants contained in that Clause. Each of
                                            Seller 2, Seller 3 and Seller 4 shall procure that each of its respective Affiliates complies
                                            with Clause 12.1 as if each Affiliate was a party hereto.

 

    37

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		12.4	Each Seller acknowledges that it has had
                                            the opportunity to take independent advice on the provisions of this Clause 12. While those
                                            provisions are considered by the Parties to be reasonable in all the circumstances, it is
                                            agreed that if any of those restrictions, by themselves or taken together, are adjudged to
                                            go beyond what is reasonable in all the circumstances for the protection of the legitimate
                                            interests of the Buyer but would be adjudged reasonable if part or parts of their wording
                                            were deleted or amended or qualified or the periods referred to were reduced or the range
                                            of products and/or services or area dealt with were reduced in scope, then the relevant restriction
                                            or restrictions shall apply with such modification or modifications as may be necessary to
                                            make it or them valid and effective.

 

		12.5	The consideration for the covenants in Clause
                                            12.1 is included in the Consideration.

 

		12.6	Each Group Company may enforce the terms
                                            of this Clause 12 in accordance with the Contracts (Rights of Third Parties) Act 1999, provided
                                            always that, as a condition thereto, any such Group Company shall:

 

		(a)	obtain the prior written consent of the
                                            Buyer; and

 

		(b)	not be entitled to assign its rights under
                                            this Clause 12.

 

		12.7	Each Seller agrees that each of the undertakings
                                            contained in Clause ‎12 are reasonable and are entered into for the purpose of protecting
                                            the goodwill, Confidential Information and trade connections of the businesses of the members
                                            of the Group.

 

		13.	Covenants and Undertakings

 

		13.1	Prior to Completion, each Seller shall:

 

		(a)	procure the repayment in full of all amounts
                                            owing (even if not due for repayment) to any Group Company by a Seller, its Affiliates (other
                                            than the Group Companies) or any Seller Related Entity;

 

		(b)	with the exception of any Guarantee or
                                            indemnity granted by or binding upon any Group Company in respect of or arising out of any
                                            liabilities (actual or contingent) of a Seller, its Affiliates or any Seller Related Entity
                                            in connection with the sale and purchase of the share capital of Limited Liability Company
                                            “Zarplata.ru”, procure that all Guarantees or indemnities given by or binding
                                            on any Group Company in respect of or arising out of any liabilities (actual or contingent)
                                            of a Seller, its Affiliates or any Seller Related Entity are fully and effectively released
                                            without cost to any Group Company or any member of the Buyer’s Group (and the Seller
                                            shall indemnify and keep indemnified the Buyer and each Group Company against all Losses
                                            which the Buyer or any Group Company may suffer or incur in respect of any claim made under
                                            any such Guarantee or indemnity after Completion); and

 

		(c)	procure that all powers of attorney issued
                                            by any Group Company to a Seller, its Affiliates or any Seller Related Entity are effectively
                                            revoked and returned to a relevant Group Company.

 

		13.2	Each Seller:

 

		(a)	confirms, warrants and undertakes that
                                            at Completion neither it nor any of its Affiliates will have any claim on any account whatsoever
                                            outstanding against any Group Company or against any of the Directors, officers, Employees
                                            or professional advisers of any Group Company and that no agreement or arrangement will be
                                            outstanding under which any Group Company or any such person has or could have any obligation
                                            of any kind to a Seller; and

 

		(b)	to the extent that any such claim or obligation
                                            exists or may exist, irrevocably and unconditionally waives such claim or obligation and
                                            releases each Group Company and any such person from any liability whatsoever in respect
                                            of such claim or obligation except as otherwise expressly provided herein.

 

    38

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	13.3	Each Seller shall, and shall procure that each of its Affiliates shall,
                                  following Completion:

 

		(a)	forthwith send to the Buyer all books
                                            and records relating wholly or substantially to any Group Company/ies which are not kept
                                            at the offices of the Group Companies, excluding for the avoidance of doubt any internal
                                            documentation prepared as communications between management of the Company and its shareholders;

 

		(b)	during the period of three (3) years following
                                            Completion, upon the reasonable request of the Buyer and at all reasonable times during normal
                                            business hours and on reasonable advance notice, provide the Buyer and each Group Company,
                                            together with their respective officers, Employees, advisers and agents, with reasonable
                                            access to, and copies of, any other papers, books, accounts or other records (in whatever
                                            form) which relate to any Group Company (the “Retained Records”) other
                                            than those referred to in Clause 13.3(a);

 

		(c)	retain safely and securely all Retained
                                            Records, and not dispose of or destroy any Retained Records, until at least the seventh (7th)
                                            anniversary of Completion, and thereafter not dispose of or destroy any of the Retained Records,
                                            without first giving the Buyer at least one month’s notice of the intention to do so
                                            and giving the Buyer the opportunity to review and to take possession of or copy of any of
                                            such Retained Records; and

 

		(d)	perform the actions listed in Schedule
                                            9 (Integration Plan).

 

	13.4	The Buyer shall:

 

		(a)	during the period of seven (7) years following
                                            Completion, upon the reasonable request of a Seller, provide such Seller and each Seller
                                            Related Entity and Representatives at all reasonable times during normal business hours and
                                            on reasonable advance notice with access to and copies of all documents and other information
                                            in the possession or control of the Buyer, any member of the Buyer’s Group or any Group
                                            Company to the extent that they relate to the assets, business or affairs of a Group Company
                                            in the period prior to Completion (the “Seller Retained Records”), including
                                            for the purposes of Tax, securities reporting or other compliance by a Seller, each Seller
                                            Related Entity and their Affiliates, respectively; and

 

		(b)	retain safely and securely all Seller
                                            Retained Records, and not dispose of or destroy any Seller Retained Records, until at least
                                            the seventh (7th) anniversary of Completion, and thereafter not dispose of or destroy any
                                            of the Seller Retained Records, without first giving the Seller at least one (1) months’
                                            notice of the intention to do so and giving the Seller and each Seller Related Entity the
                                            opportunity to review and to take possession of or copy any of such Seller Retained Records.

 

    39

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	14.	Guarantees

 

	14.1	In consideration of the Buyer entering into this Agreement, each Guarantor
                                  irrevocably and unconditionally jointly and severally with each other Guarantor from Completion:

 

		(a)	guarantees to the Buyer that if Seller
                                            1 does not pay any of the Seller 1 Obligations as and when they fall due, the Guarantors
                                            shall make due and punctual payment to the Buyer on demand of the Seller 1 Obligations;

 

		(b)	undertakes with the Buyer that whenever
                                            Seller 1 does not pay any amount when due under or in connection with this Agreement, the
                                            Guarantor shall immediately on demand pay that amount as if it was the principal obligor;
                                            and

 

		(c)	agrees with the Buyer that if any obligation
                                            guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent
                                            and primary obligation, indemnify the Buyer immediately on demand against any cost, loss
                                            or liability it incurs as a result of Seller 1 not paying any amount which would, but for
                                            such unenforceability, invalidity or illegality, have been payable by it under this Agreement
                                            on the date when it would have been due. The amount payable by a Guarantor under this indemnity
                                            will not exceed the amount it would have had to pay under this Clause 14 if the amount
                                            claimed had been recoverable on the basis of Clause 14.1(a).

 

	14.2	The aggregate maximum liability of the Guarantors recoverable by the
                                  Buyer under this Agreement in respect of any Seller 1 Obligations shall be 78.72% (seventy eight point
                                  seven-two per cent) of such Seller 1 Obligations. Following a Liquidation Event, the maximum liability
                                  of each Guarantor recoverable by the Buyer under this Agreement in respect of any Seller 1 Obligations
                                  shall be 100% (one hundred per cent) of such Seller 1 Obligations provided that any such Liquidation
                                  Event was not commenced by the Buyer or any of its Affiliates.

 

	14.3	The obligations of the Guarantors under this Clause 14 are continuing
                                  obligations and will extend to the ultimate balance of sums payable by Seller 1 with respect to the
                                  Seller 1 Obligations, regardless of any intermediate payment or discharge in whole or in part. The
                                  Buyer may make one or more demands to each of the Guarantors under this Clause 14.

 

	14.4	If any discharge, release or arrangement in respect of the Seller 1
                                  Obligations is made by the Buyer in whole or in part on the basis of any payment, security or other
                                  disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise,
                                  without limitation, then the liability of each Guarantor under this Clause 14 will continue or
                                  be reinstated as if the discharge, release or arrangement had not occurred.

 

	14.5	The obligations of each Guarantor under this Clause 14 will not
                                  be affected by an act, omission, matter or thing which, but for this Clause 14, would reduce,
                                  release or prejudice any of its obligations under this Clause 14 (without limitation and whether or
                                  not known to the Buyer) including:

 

		(a)	any time, waiver or consent granted to,
                                            or composition with, Seller 1 or other person;

 

		(b)	the release of Seller 1, any other Guarantor
                                            or any other person under the terms of any composition or arrangement with any creditor of
                                            such Guarantor;

 

    40

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(c)	the taking, variation, compromise, exchange,
                                            renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against,
                                            or security over assets of, Seller 1, any Guarantor or other person or any non-presentation
                                            or non-observance of any formality or other requirement in respect of any instrument or any
                                            failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority
                                            or legal personality of or dissolution or change in the members or status of Seller 1, a
                                            Guarantor or any other person;

 

		(e)	any amendment, novation, supplement, extension,
                                            restatement (however fundamental and whether or not more onerous) or replacement of this
                                            Agreement or any other document;

 

		(f)	any unenforceability, illegality or invalidity
                                            of any obligation of any person under this Agreement or any other document or security; or

 

		(g)	any insolvency or similar proceedings.

 

	14.6	Each Guarantor waives any right it may have of first requiring the
                                  Buyer to proceed against or enforce any other rights or security or claim payment from any person before
                                  claiming from such Guarantor under this Clause 14. This waiver applies irrespective of any law or any
                                  provision of a Transaction Document to the contrary.

 

	14.7	Until all amounts which may be or become payable by Seller 1 under
                                  or in connection with this Agreement have been irrevocably paid in full and unless otherwise agreed
                                  in writing with the Buyer, no Guarantor will exercise any rights which it may have by reason of performance
                                  by it of its obligations under the Transaction Documents or by reason of any amount being payable,
                                  or liability arising, under this Clause 14:

 

		(a)	to be indemnified by Seller 1;

 

		(b)	to claim any contribution from any other
                                            Guarantor;

 

		(c)	to take the benefit (in whole or in part
                                            and whether by way or subrogation or otherwise) of any rights of the Buyer under the Transaction
                                            Documents;

 

		(d)	to bring legal or other proceedings for
                                            an order requiring Seller 1 to make any payment, or perform any obligation, in respect of
                                            which any Guarantor has given a guarantee, undertaking or indemnity under this Clause 14;

 

		(e)	to exercise any right of set-off against
                                            Seller 1; and/or

 

		(f)	to claim or prove as a creditor of Seller
                                            1 in competition with the Buyer.

 

If a Guarantor receives
any benefit, payment or distribution in relation to the rights referred to in 14.5 (a) through (f) above, it shall hold that benefit,
payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Buyer by Seller 1 under or
in connection with this Agreement to be repaid in full on trust for the Buyer and shall promptly pay or transfer the same to the Buyer.

 

	15.	Guarantor warranties

 

	15.1	Each Guarantor warrants to Seller 1 in the terms of Schedule 19 (Guarantor
                                  Warranties).

 

    41

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	15.2	The Guarantor Warranties shall not be extinguished or affected by Completion.

 

	15.3	Each of the Guarantor Warranties is without prejudice to the other
                                  Guarantor Warranties and, except where expressly stated otherwise, the meaning and extent of any Guarantor
                                  Warranty or any part of it shall not be qualified or limited by any other Guarantor Warranty or any
                                  other part of a Guarantor Warranty.

 

	16.	Post-Completion Matters

 

	16.1	Each Seller shall procure that all communications, notices, correspondence,
                                  information, orders or enquiries relating to any business of any Group Company which are intended to
                                  be sent to the Buyer or any Group Company and received by a Seller on or after Completion shall be
                                  passed to the Buyer as soon as reasonably practicable following receipt.

 

	16.2	If any benefit under an agreement or arrangement relates to the business
                                  of a Group Company but is owned by a Seller, the Seller shall notify the Buyer and procure that following
                                  Completion that benefit shall, to the extent that it relates to a Group Company, be held on trust for
                                  the relevant Group Company and assigned to it promptly upon the Buyer’s request.

 

	17.	Announcements and Confidentiality

 

	17.1	Subject to the following provisions of this Clause 17 (Announcements
                                  and Confidentiality), no announcement shall be made in relation to this Agreement by the Parties
                                  and their respective Affiliates unless:

 

		(a)	it is in the agreed form; or

 

		(b)	it is required to be made by Applicable
                                            Law or by any securities exchange, regulatory body or Governmental Authority to which a Party
                                            or any of its Affiliates is subject, in which case that Party shall to the extent reasonably
                                            practicable consult with the other Party as to the form, content and timing of the announcement.

 

	17.2	Nothing in this Agreement shall restrict the Buyer after Completion
                                  from communicating with the Employees of any Group Company, any parties to any contract made with any
                                  Group Company and with any current or prospective customer of or supplier to any Group Company in relation
                                  to the fact of the acquisition of any Group Company or matters incidental to the future operations
                                  of any business of any Group Company.

 

	17.3	The Parties shall not, and shall procure that none of their respective
                                  Affiliates shall, disclose or otherwise make use of (and shall use all reasonable endeavours to prevent
                                  the publication or disclosure of) the contents or terms of any of the Transaction Documents, unless
                                  and then only to the extent that disclosure is:

 

		(a)	made by a Party or its Affiliate on a
                                            confidential basis to its professional advisers in connection with their provision of professional
                                            services (subject to their agreement to grant confidential treatment to the information);

 

		(b)	made by a Party or its Affiliate on a
                                            confidential basis to its financiers or potential financiers in connection with its financing
                                            or refinancing arrangements (subject to their agreement to grant confidential treatment to
                                            the information);

 

    42

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(c)	made by the Buyer on a confidential basis
                                            to a prospective purchaser of it or any Group Company or its respective business (subject
                                            to its agreement to grant confidential treatment to the information);

 

		(d)	required by a Party or its Affiliate in
                                            connection with an application for a tax clearance, grant or other concession, or for tax
                                            compliance and reporting;

 

		(e)	required by a Party or its Affiliates
                                            in order to enforce its rights under, or otherwise afford it the full benefit of, any of
                                            the Transaction Documents;

 

		(f)	made under the terms of an announcement
                                            permitted by this Agreement;

 

		(g)	required to be made by Applicable Law
                                            or by any securities exchange, regulatory body or Governmental Authority to which the disclosing
                                            Person or its Affiliate is subject, provided that where any such disclosure is required such
                                            Party shall (to the extent permitted) notify the other Party as soon as reasonably practicable
                                            of this fact and take into account the other Party’s reasonable requirements as to
                                            the timing, content and manner of making such disclosure; or

 

		(h)	restricted to information which at the
                                            time of disclosure is in the public domain (other than as a result of a breach by the disclosing
                                            Party or any of its Affiliates of any of the Transaction Documents).

 

	17.4	Each Party undertakes to the other Party that it shall not and shall
                                  procure that none of its Affiliates from time to time shall, directly or indirectly and whether on
                                  its own behalf or otherwise:

 

		(a)	disclose to another person, or itself
                                            use for any purpose, any Confidential Information of the other Party or its Affiliates (provided
                                            that this paragraph (a) shall not apply to the disclosure by the Buyer or its Affiliates
                                            of any Confidential Information of the Group Companies as Affiliates of the Sellers prior
                                            to Completion); or

 

		(b)	with respect to the Sellers and their
                                            Affiliates after Completion, Confidential Information of any Group Company, or relating to
                                            the business, transactions or affairs of the clients or customers of any Group Company.

 

	17.5	The provisions of Clause 17.4 shall not apply to any information:

 

		(a)	disclosed by a Party or its Affiliate
                                            on a confidential basis to its professional advisers in connection with their provision of
                                            professional services (subject to their agreement to grant confidential treatment to the
                                            information);

 

		(b)	disclosed by a Party or its Affiliate
                                            in order to enforce its rights under, or otherwise afford it the full benefit of, any of
                                            the Transaction Documents;

 

		(c)	which at the time of disclosure is in
                                            the public domain (other than through breach by the disclosing Party or its Affiliates of
                                            its obligations of confidentiality under this Agreement); or

 

		(d)	which the disclosing Party or its Affiliate
                                            is compelled to disclose by Applicable Law or by the rules of any securities exchange or
                                            other market or regulatory body to which it is subject, or for tax compliance and reporting
                                            purposes, provided that where any such disclosure is required such Person shall (to the extent
                                            permitted) notify the other Party as soon as reasonably practicable of this fact and take
                                            into account the other Party’s reasonable requirements as to the timing, content and
                                            manner of making such disclosure.

 

    43

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	18.	Assignment

 

	18.1	No Party may without the written consent of the other Parties assign,
                                  transfer, grant any security interest over or hold on trust any of its rights or obligations under
                                  this Agreement or any interest in them.

 

	19.	Entire Agreement

 

	19.1	The Transaction Documents contain the entire agreement between the
                                  Parties, and replace all previous agreements and understandings between them, relating to their subject
                                  matter, including the MoU.

 

	19.2	Each Party acknowledges that, in entering into this Agreement and the
                                  other Transaction Documents, it is not relying on any statement, representation, assurance or warranty
                                  of any person (whether a Party or not) (a “Statement”) other than any Statement
                                  (an “Agreed Statement”) as expressly set out in this Agreement.

 

	19.3	Each Party agrees and undertakes to the other Party that:

 

		(a)	it shall have no rights, claims or remedies
                                            (and hereby irrevocably waives any such rights, claims or remedies) in relation to any Statement
                                            (including for any Statement made, repeated or deemed made, whether negligent or innocent)
                                            other than an Agreed Statement; and

 

		(b)	the only rights and remedies available
                                            to it arising out of or in connection with any Agreed Statement shall be solely for breach
                                            of contract, in accordance with the provisions of this Agreement (and each Party hereby irrevocably
                                            waives any other rights and remedies in relation to any Agreed Statement (including those
                                            in tort or arising under the Misrepresentation Act 1967 or any other statute)).

 

	20.	Further Assurance

 

Each Party shall:

 

		(a)	execute any document and do anything else
                                            the other Party reasonably requires to give effect to this Agreement and the Transaction;
                                            and

 

		(b)	use reasonable endeavours to procure that
                                            any relevant third party does the same.

 

	21.	Costs

 

Except as provided
otherwise in any Transaction Document, each Party shall pay the costs and expenses incurred by it in connection with each Transaction
Document.

 

	22.	Effect of Termination

 

	22.1	This Agreement may be terminated only as stated in Clauses 7.6, and
                                  9.9.

 

	22.2	Upon termination of this Agreement pursuant to Clause 7.6, or 9.9,
                                  no Party shall have any claim under this Agreement except in respect of any rights and liabilities
                                  which have accrued in consequence of a breach of this Agreement before the termination becomes effective
                                  or under any of the Surviving Provisions.

 

    44

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	22.3	If this Agreement is terminated and Completion does not take place,
                                  each of the Buyer and the Sellers shall return to the other Party (or at the request of the other Party,
                                  destroy) all documents (including information in electronic form) concerning the other Party or its
                                  Affiliates (and for this purpose, the Group Companies and the Seller Related Entities are deemed Affiliates
                                  of the Seller) which have been provided to it in connection with this Agreement; and for avoidance
                                  of doubt, Clause 17 (Announcements and Confidentiality) shall continue to apply to such
                                  information.

 

	22.4	The Surviving Provisions shall survive the termination of this Agreement.

 

	23.	Payments

 

	23.1	Subject to Clauses 3.3, 3.4 and 10.17, all sums payable under or pursuant
                                  to this Agreement shall be paid free of:

 

		(a)	any counterclaim or set-off of any kind;
                                            and

 

		(b)	any other deduction or withholding, except
                                            those required by Applicable Law.

 

	23.2	If any deduction or withholding of Tax is required by Applicable Law
                                  as described in Clause 23.1(b), the payer shall also pay to the recipient such amount as will ensure
                                  that the net receipt, after Tax, is the same as it would have been had there been no Tax deduction
                                  or withholding.

 

	24.	Effect of Completion

 

Obligations under
this Agreement, which have not been fully performed by or on Completion and the rights and remedies available under it, shall remain
in full force and effect despite Completion.

 

	25.	Cumulative Rights

 

	25.1	The rights and remedies of any Party expressly conferred by this Agreement
                                  are cumulative and additional to any other rights or remedies it may have.

 

	25.2	A Party’s exercise of any right or discretion conferred on it
                                  under or in connection with this Agreement shall be a matter of its absolute discretion, unless otherwise
                                  expressly provided herein, including:

 

		(a)	if a right is granted, whether or not
                                            to exercise that right;

 

		(b)	if an election is to be made by it, the
                                            election made; and

 

		(c)	if something is subject to its consent
                                            or approval, whether or not it consents or approves and, if it does, the terms upon which
                                            it does so.

 

	26.	Third Party Rights

 

	26.1	The Parties do not intend any third party to have the right to enforce
                                  any provision of this Agreement under the Contracts (Rights of Third Parties) Act 1999 except that:

 

		(a)	each Company Related Person may with the
                                            consent of the Buyer enforce and rely on Clause 10.11;

 

		(b)	each Group Company may with the consent
                                            of the Buyer enforce and rely on the obligations of the Sellers under Clause 12 (Protection
                                            of Goodwill);

 

    45

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(c)	each Indemnified Person may with the consent
                                            of the Buyer enforce the rights and benefits under Clause 10.15; and

 

		(d)	any party to a Transaction Document may
                                            enforce Clause 36 (Arbitration Agreement).

 

	26.2	The Parties may terminate or vary or waive any right or obligation
                                  under this Agreement without the consent of any third party.

 

	27.	Waiver

 

A failure or delay
in exercising any right or remedy under this Agreement shall not constitute a waiver of that right or remedy. A single or partial exercise
of any right or remedy shall not prevent the further exercise of that right or remedy. A waiver of a breach of this Agreement shall not
constitute a waiver of any other breach.

 

	28.	Variations

 

No variation of this
Agreement shall be effective unless it is in writing and signed by each of the Sellers and the Buyer. The other Parties agree that any
variation of this Agreement shall be binding upon them in accordance with the terms of this Agreement, as varied.

 

	29.	Invalidity

 

		29.1	The illegality, invalidity or unenforceability
                                            of any provision of this Agreement under any law of any jurisdiction shall not affect or
                                            impair the legality, validity or enforceability of the rest of this Agreement, nor the legality,
                                            validity or enforceability of that provision under the law of any other jurisdiction.

 

	29.2	If any provision of this Agreement is held to be illegal, invalid or
                                  unenforceable under any law of any jurisdiction:

 

		(a)	that provision shall if possible apply
                                            in that jurisdiction with whatever modification or deletion is necessary so as best to give
                                            effect to the intention of the Parties as recorded in this Agreement; or

 

		(b)	a Party shall at the request of the other
                                            Party enter into a deed in the terms of the original provision amended as reasonably specified
                                            in order to make it legal, valid and enforceable, but not so as to increase the liability
                                            of any Party beyond the liability it would have had if all the provisions of this Agreement
                                            had been legal, valid and enforceable.

 

	30.	Non-recourse

 

This Agreement may
only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of, or related to this Agreement,
or the negotiation, execution or performance of this Agreement, may only be brought against the persons that are expressly named as Parties
hereto and then only with respect to the specific obligations set forth herein with respect to such Party. Except as specifically provided
for in this Agreement, no past, present or future director, officer, employee, incorporator, manager, member, partner, stockholder, Affiliate,
agent, attorney or other Representative of any Party hereto or of any Affiliate of any Party hereto, or any of their successors or permitted
assigns, shall have any liability for any obligations or liabilities of any Party hereto under this Agreement or for any claim or action
based on, in respect of or by reason of the transactions contemplated hereby, except as otherwise expressly stated in a Transaction Document.

 

    46

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	31.	COMPLIANCE

 

	31.1	Each Party shall conduct all transactions contemplated by the Transaction
                                  Documents in compliance with Applicable Laws, including all anti-corruption laws, and cooperate fully
                                  with any bona fide investigation of any suspected breach of this Clause 31.1, and provide the other
                                  Party with all information reasonably requested about such matter.

 

	32.	Communications

 

	32.1	Any communication under or in connection with this Agreement must be
                                  in English (or accompanied by an English translation) in writing, signed by or on behalf of the person
                                  making it and delivered by hand or sent by recorded delivery post (or airmail, if the destination is
                                  outside the country of origin), or email to the relevant Party at its address and for the attention
                                  of the individual set out below (or as notified in accordance with Clause 32 (Communications)).

 

		(a)	In the case of Seller 1, as follows:

 

	Address:	Moermanskkade 500, 1013 BC Amsterdam, the Netherlands
	Telephone:	[***]
	Email:	[***]
	Attention:	[***]

 

with a copy to Hearst Office of General
Counsel.

 

	Address:	The Hearst Corporation, 300 West 57th Street, New York, New York
    10019 USA
	Fax:	[***]
	Email:	[***]
	Attention:	[***] Executive Vice President and Chief Legal Officer;

 

		(b)	in the case of HS Holding B.V. (as a Guarantor),
                                            as follows:

 

	Address:	Moermanskkade 500, 1013 BC Amsterdam, the Netherlands
	Telephone:	[***]
	Email:	[***]
	Attention:	[***]

 

with a copy to Seller 1;

 

		(c)	in the case of Limited Liability Company
                                            “HS Publishing” (as a Guarantor), as follows:

 

	Address:	Russian Federation, 115114, Moscow, Derbenevskaya Street, bld. 15B,
    6th Floor, office VI
	Telephone:	[***]
	Email:	[***]
	Attention:	[***] President,

 

with a copy to Seller 1 and to [***]
General Counsel:

 

	Email:	[***]

 

    47

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(d)	in the case of Limited Liability Company
                                            “Hearst Shkulev Media” (as a Guarantor), as follows:

 

	Address:	Russian Federation, 115114, Moscow, Derbenevskaya Street, bld. 15B,
    floor 4, office VI
	Telephone:	[***]
	Email:	[***]
	Attention:	 [***] President,

 

with a copy to Seller 1 and to [***]
General Counsel:

 

	Email:	[***]

 

		(e)	in the case of Limited Liability Company
                                            “InterMediaGroup” (as a Guarantor), as follows:

 

	Address:	Russian Federation, 115114, Moscow, Derbenevskaya Street, bld. 15B,
    floor 4, office VI
	Telephone:	[***]
	Email:	[***]
	Attention:	 [***] President,

 

with a copy to Seller 1 and to [***]
General Counsel:

 

	Email:	[***]

 

		(f)	in the case of Seller 2, to the Sellers’
                                            Representative, as follows:

 

	Address:	[***]
	Telephone:	[***]
	Email:	[***]
	Attention:	[***]

 

with a copy to Seller 1;

 

		(g)	in the case of Seller 3, to:

 

	Address:	[***]
	Telephone:	[***]
	Email:	[***]
	Attention:	[***]

 

with a copy to Seller 1;

 

		(h)	in the case of Seller 4, to the Sellers’
                                            Representative, as follows:

 

	Address:	[***]
	Telephone:	[***]
	Email:	[***]
	Attention:	[***]

 

with a copy to Seller 1; and

 

    48

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(i)	in the case of the Buyer, as follows:

 

	Address:	Agiou Georgiou Makri, 64, ANNA MARIA LENA COURT, Flat/Office 201,
    6037, Larnaca, Cyprus
	Email:	[***]
	Attention:	the Directors,

 

with a copy to [***]

 

	32.2	A party may notify a change to its details specified in Clause 32.1.
                                  The new address shall take effect three (3) Business Days after receipt of that notice or such later
                                  date as may be specified in the notice.

 

	32.3	A notice or other communication shall not be sent solely by email,
                                  and may be sent by email for convenience in addition to delivery by hand or courier or sending by fax.
                                  A notice provided solely by email shall not be deemed received.

 

	32.4	Without evidence of earlier receipt, communications complying with
                                  Clause 32.1 are deemed received:

 

		(a)	if delivered by hand, at the time of delivery;

 

		(b)	if sent by “Special Delivery 9.00am/Next
                                            Day” or “Recorded Signed For” delivery, at 9.00am on the second Business
                                            Day after posting, or (if sent by airmail) fifth, Business Day after posting; or

 

		(c)	if sent by fax, at the time of its transmission,
                                            unless, the sender receives notification that the fax has not been successfully sent,

 

except that if deemed
receipt would occur before 9.00am on a Business Day, it shall instead be deemed to occur at 9.00am on that day and if deemed receipt
would occur after 5.00pm on a Business Day, or on a day which is not a Business Day, it shall instead be deemed to occur at 9.00am on
the next Business Day. References in this Clause 32 (Communications) to a time of day are to the time of day
at the location of the recipient.

 

	32.5	In proving the giving of a communication, it shall be sufficient to
                                  prove that delivery was made to the appropriate address, the communication was properly addressed and
                                  posted by prepaid recorded delivery post or prepaid airmail, or the email was sent to the appropriate
                                  email address and dispatch of transmission from the sender’s external gateway was confirmed as
                                  specified pursuant to Clause 32.1.

 

	32.6	If a person for whose attention communications must be marked or copied
                                  has been specified pursuant to Clause 32.1, a communication will be effective only if it is marked
                                  for that person’s attention or copied to that person (as the case may be).

 

	32.7	This Clause 32 (Communications) does not apply
                                  to the service of any document required to be served in relation to legal proceedings.

 

	33.	Sellers’ Representative

 

Each of Seller 2
and Seller 4 irrevocably appoints Seller 3 (the Sellers’ Representative) as its agent to receive on its behalf all notices
under this Agreement and/or service of any legal proceedings to settle any dispute. Such service shall be deemed completed on delivery
to Seller 3 (whether or not it is forwarded to and received by Seller 2 and Seller 4) and shall be valid regardless of whether or not
Seller 3 ceases to be able to act as agent.

 

    49

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	34.	Counterparts

 

This Agreement may
be executed in any number of counterparts, which shall each constitute an original and together constitute one agreement. If this Agreement
is executed in counterpart, it shall not be effective unless each party has executed at least one counterpart. A signed copy of this
Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery
of an original signed copy of this Agreement.

 

	35.	Governing Law

 

This Agreement and
any non-contractual obligations arising in connection with it shall be governed by and construed in accordance with English law.

 

	36.	Arbitration agreement

 

	36.1	The arbitration agreement set out in this Clause ‎36 (the “Arbitration
                                  Clause”) and any issue regarding its scope, interpretation, entry into effect, conclusion,
                                  variation, performance, breach, termination or validity, shall be governed by and construed in accordance
                                  with English law.

 

	36.2	Any dispute, controversy or claim arising out of or in connection with
                                  any Transaction Document, including its scope, interpretation, entry into effect, conclusion, variation,
                                  performance, breach, termination or validity, including non-contractual claims and, for the avoidance
                                  of doubt, including any dispute or controversy in relation to a Claim, Indemnity Claim, IP Claim, Tax
                                  Claim, Third Party Claim, Title Claim, or Warranty Claim (a “Dispute”), shall be
                                  submitted to the Vienna International Arbitral Centre of the Austrian Federal Economic Chamber (“VIAC”)
                                  and shall be finally resolved by arbitration under the Rules of Arbitration of VIAC (“Vienna
                                  Rules”) and this Arbitration Clause.

 

	36.3	The number of arbitrators shall be three (3) appointed in accordance
                                  with the Vienna Rules and this Clause 36.3. The chairperson shall be an English Queen’s Counsel,
                                  or if no such person can be found within fourteen (14) days, a lawyer trained in a common law jurisdiction
                                  with similar substantive experience in legal practice. The seat of arbitration shall be Vienna, Austria.

 

	36.4	The language of arbitration shall be English.

 

	36.5	An arbitral award shall be final and binding and come into effect from
                                  the date it is rendered. A judgment upon the award may be entered in any court having jurisdiction.

 

	36.6	The Parties hereby acknowledge and agree:

 

		(a)	that they wish to resort to arbitration
                                            as the exclusive means of resolving in final, binding, cost-effective and consistent manner
                                            all Disputes;

 

		(b)	that any party to any Transaction Document
                                            may enter into this Arbitration Clause by way of reference, incorporation, accession, assumption,
                                            execution or otherwise;

 

		(c)	to consolidation and that all claims arising
                                            out of or in connection with any Transaction Document may be brought in a single arbitration
                                            and commenced in the same Statement of Claim.

 

    50

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	36.7	Nothing in this Arbitration Clause shall limit a right of a party to
                                  a Transaction Document to apply to any court of competent jurisdiction for an interim or provisional
                                  relief in aid of the arbitration or for enforcement of an arbitral award

 

	36.8	Unless otherwise defined in this Arbitration Clause, capitalised terms
                                  used in this Arbitration Clause shall have the meaning given to them in the Transaction Documents or
                                  in the Vienna Rules.

 

	37.	English Language

 

	37.1	If there is a conflict between the English language version of this
                                  Agreement and a translation of it, the English language version shall prevail. Schedule 13Part 2 (Forms
                                  of LoC Instructions), Schedule 13Part 3 (Forms of Letters of Credit) and Schedule
                                  11 (Form of individual Shareholder Guarantees) are in the Russian language only.

 

	38.	LIABILITY

 

	38.1	The liability of the Sellers for their obligations and liabilities
                                  arising under this Agreement shall be several and extend only to any loss or damage arising
                                  out of their own breaches.

 

This Agreement has been executed as a deed
and is delivered and takes effect on the date stated at the beginning of it.

 

    51

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
1 Details of the Group

 

Part
1 Details of the Company

 

	Full name in Russian	Общество
    с ограниченной ответственностью
    «Н1.РУ»
	Short
    name in Russian	ООО
    «Н1.РУ»
	Official
    name in English	LLC
    N1.RU
	Participants
    (%)	Hearst
    Shkulev Digital Regional Network B.V. – [***]%;

    Dorozhkin Evgeny Alekseevich – [***]%; 

    Baibaratskiy Aleksandr Ivanovich – [***]%; and 

    Astapenko Sergey Vitalevich – [***]%
	Main
    State Registration Number (OGRN)	1175476080724
	Date
    of registration	19/07/2017
	Registered
    office	630099,
    Russia, Novosibirsk, st. Deputatskaya, 46, floor 5, office 3053
	Charter
    capital	RUB
    10,792.14
	Director	Krykin
    Nikita Sergeevich
	Board
    of Directors	Shkulev Victor Mikhailovich

     

    Astapenko Sergey Vitalievich

     

    Tsipileva Julia Vladimirovna

     

    Krykin Nikita Sergeevich

     

    Zhuley Ivan Sergeevich

 

    52

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Part
2 Details of the Subsidiaries

 

	Full name in Russian	Общество
    с ограниченной ответственностью
    «МЛСН»
	Short
    name in Russian	ООО
    «МЛСН»
	Official
    name in English	LLC
    MLSN
	Participants
    (%)	LLC
    N1.RU – 99%; and

    LLC N1 Technologies – 1%
	Main
    State Registration Number (OGRN)	1175543035876
	Date
    of registration	09/11/2017
	Registered
    office	630099,
    Russia, Novosibirsk, st. Deputatskaya, 46, floor 5, office 3053
	Charter
    capital	RUB
    10,000.00
	Director	Krykin
    Nikita Sergeevich
	Board
    of Directors	Shkulev Victor Mikhailovich

     

    Astapenko Sergey Vitalievich

     

    Tsipileva Julia Vladimirovna

     

    Krykin Nikita Sergeevich

     

    Dorozhkin Evgeny Alexeevich

 

    53

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	Full name in Russian	Общество
    с ограниченной ответственностью
    «Н1 Технологии»
	Short
    name in Russian	ООО
    «Н1 Технологии»
	Official
    name in English	LLC
    N1 Technologies
	Participants
    (%) as of the date of this Agreement	LLC N1.RU – 100%

     

    Please note that it is expected that on or about 23 December 2020,
    ownership will be officially registered as:

     

    LLC N1.RU – 99%

     

    LLC MLSN – 1%

	Main
    State Registration Number (OGRN)	1165476052862
	Date
    of registration	15/01/2016
	Registered
    office	630099,
    Russia, Novosibirsk, st. Deputatskaya, 46, floor 5, office 3053
	Charter
    capital as of the date of this Agreement	RUB
    10,000.00
	Charter
    capital as of Completion Date	RUB
    10 101.01
	Director	Krykin
    Nikita Sergeevich
	Board
    of Directors	Shkulev Victor Mikhailovich

     

    Astapenko Sergey Vitalievich

     

    Tsipileva Julia Vladimirovna

     

    Krykin Nikita Sergeevich

     

    Zhuley Ivan Sergeevich

 

    54

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
2 Completion Formalities

 

		1.	The Sellers shall deliver
                                            to the Buyer:

 

		(a)	the Traffic Purchase Agreement duly executed
                                            by the City Portals Entity and the Company;

 

		(b)	the Individual Shareholder Guarantees
                                            duly executed by the Individual Shareholder Guarantors;

 

		(c)	the Supplementary Disclosure Letter duly
                                            executed by the Seller (if any);

 

		(d)	if not delivered earlier, the Deed of
                                            Undertaking duly executed by the Seller Beneficiaries, HS Holding, HS Holding Digital B.V.
                                            and IPH B.V.;

 

		(e)	certified copies of the certified and
                                            apostilled corporate approvals of the authorised corporate governance bodies of Seller 1
                                            and of HS Holding Digital B.V. authorising the execution, delivery and performance by Seller
                                            1 of the Transaction Documents;

 

		(f)	copies of the corporate approvals of HS
                                            Holding B.V., InterMediaGroup LLC, Hearst Shkulev Publishing LLC, and Hearst Shkulev Media
                                            LLC in respect of each such entity’s entry into this Agreement as a Guarantor;

 

		(g)	copies of duly notarised spousal consents
                                            from the spouses of each of Seller 2, Seller 3 and Seller 4, respectively, executed in agreed
                                            form, in which such spouse consents to the transactions contemplated by the Transaction Documents
                                            to which a relevant Seller is a party to, together with a copy of such spouse’s passport;

 

		(h)	a copy of the internal passport of each
                                            of Seller 2, Seller 3 and Seller 4;

 

		(i)	written confirmation of the appointment
                                            of Prokofiev Alexey Sergeevich (Прокофьев
                                            Алексей Сергеевич)
                                            as the new Chief Executive Officer of the Company;

 

		(j)	written evidence that all Indebtedness,
                                            outstanding amounts, liabilities or outstanding obligations owed by the Company in connection
                                            with the Company’s REPO accounts opened with Gazprombank JSC (or any other bank) have
                                            been fully paid and the funds have been transferred from the brokerage account to the current
                                            account;

 

		(k)	written evidence that the following agreements
                                            with Affiliates have been terminated and that the Affiliate waives and releases any and all
                                            claims against the Company and its Affiliates in connection with such agreements:

 

		(i)	Service
                                            agreement No 146 as of February 1, 2018 made between the Company and Management company
                                            Hearst Shkulev Digital LLC .

 

		(ii)	Service
                                            agreement No 148 as of February 1, 2018 made between the Company and Management company
                                            Hearst Shkulev Digital LLC and

 

		(iii)	License
                                            agreement for the software No 149 as of February 1, 2018 between the Company and Management
                                            company Hearst Shkulev Digital LLC.

 

    55

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(l)	written evidence of the payment of the
                                            entirety of the Permitted Bonuses, in the form of authenticated copies of a payment order
                                            (платежное поручение)
                                            and certificate about the escrow account balance (справка
                                            об остатке на счете
                                            эскроу);

 

		(m)	written evidence of the termination of
                                            powers and payment of all compensation due and payable to the members of the Company and
                                            each Subsidiary Board of Directors, if applicable;

 

		(n)	copies of the corporate approvals from
                                            HS Holding B.V., HS Holding Digital B.V. and IPH B.V. in respect of execution, delivery and
                                            performance of the Deed of Undertaking;

 

		(o)	letter signed by the sole executive body
                                            and the chief accountant of the Company including the calculation in accordance with the
                                            Letter of the Federal Tax Service of the Russian Federation dated 20 November 2019 No
                                            СД-4-3/23559@ (or a relevant replacing document) confirming that the Participatory
                                            Interest derives less than fifty per cent (50%) of its value directly or indirectly from
                                            immovable property located in the Russian Federation on the date of this Agreement and on
                                            Completion;

 

		(p)	if not delivered earlier, the certified
                                            copies of (i) the certified and apostilled copies of the Organisational Documents of Seller
                                            1; and (ii) the up-to-date apostilled extract from trade register confirming legal existence
                                            and legal status of Seller 1 and its authorised directors;

 

		(q)	the certified copies of the apostilled
                                            certificate of tax residency of Seller 1 issued by an authorised tax authority in the Netherlands,
                                            and the certified and if issued not in the Russian Federation, apostilled letter signed by
                                            Seller 1 confirming that Seller 1 is the actual beneficiary of the income from the sale of
                                            the Seller 1 Participation Interest;

 

		(r)	if not delivered earlier, certified copies
                                            of the Organisational Documents, up-to-date extracts from companies register, state registration
                                            or incorporation certificates, tax registration certificates, approvals of the authorised
                                            corporate governance bodies with respect to entry into, execution and performance of the
                                            relevant Transaction Documents, resolutions on appointment of directors and proxies, original
                                            powers of attorney (if applicable) authorising respective signatories to enter into the relevant
                                            Transaction Documents, and other documents confirming the legal existence, powers and capacity
                                            of each Guarantor, HS Holding Digital B.V., IPH B.V. and the City Portals Entity and their
                                            respective signatories;

 

		(s)	if not delivered earlier (but in any event,
                                            no later than the delivery of the Individual Shareholder Guarantee), a passport copy and
                                            a consent of a spouse of each Individual Shareholder Guarantor (in a form substantially similar
                                            to the spousal consents delivered by Seller 2, Seller 3 and Seller 4 at signing) with respect
                                            to his/her entry into and performance of the Individual Shareholder Guarantee, if applicable;

 

		(t)	list of participants of the Company signed
                                            by the Company’s sole executive body, confirming each Sellers’ title to the relevant
                                            Participation Interest and the absence of any Encumbrances over each relevant Participation
                                            Interest dated no earlier than one (1) Business Day prior to Completion;

 

		(u)	list of participants of each of the Subsidiaries
                                            signed by each Subsidiary’s sole executive body, confirming the Company’s title
                                            to the Subsidiary Participation Interest and the absence of any Encumbrances over the Subsidiary
                                            Participation Interest dated no earlier than one (1) Business Day prior to Completion;

 

    56

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(v)	waivers of pre-emption right of the Company
                                            and the Sellers with respect to the sale of the Participation Interests to the Buyer certified
                                            by a Russian notary, substantially in the form of the waivers set out in Schedule 20 (Pre-Emption
                                            Waivers);

 

		(w)	statements of all bank accounts of each
                                            Group Company, issued by each relevant Bank as at a date no earlier than one (1) Business
                                            Day prior to Completion;

 

		(x)	if not delivered earlier, all valid up
                                            to Date of Completion the powers of attorney (originals) and the letters of revocation of
                                            all the powers of attorney, issued by any Group Company to any Seller Related Entity and/or
                                            any Affiliate and/or Employee of a Seller Related Entity, containing signatures of all such
                                            former attorneys evidencing that they have received and accepted the relevant letter(s) of
                                            revocation, if applicable;

 

		(y)	copies of Bank specimen signatories cards
                                            certified by each relevant Bank;

 

		(z)	if not delivered earlier, original certified
                                            and apostilled power(s) of attorney issued by a Seller authorising such Seller’s signatories
                                            to sign the Transaction Documents on behalf of the Seller, and the certified copy of the
                                            certified and, in respect of Seller 1, apostilled resolution of the authorised corporate
                                            governance body of Seller 1 in respect of the issuance of the power of attorney;

 

		(aa)	if not delivered earlier, a copy of a
                                            legal opinion of Houthoff Coöperatief U.A. or another reputable Dutch law firm in the
                                            agreed form with respect to powers and capacity of Seller 1 to enter into, deliver and
                                            perform this Agreement and the Transfer Instrument;

 

		(bb)	a written confirmation and waiver in
                                            the agreed form from Seller 1 that as of Completion, each of the Key Employees continues
                                            to be employed by the relevant Group Company and the employment of such Key Employee shall
                                            have not been terminated by such Key Employee subject to the provision of Clause 7.1(a);
                                            and

 

		(cc)	any authorisations, consents and approvals
                                            of any third person (if any are required) required by a Seller or any Group Company for the
                                            consummation of the Transaction and execution of the Transaction Documents.

 

		2.	The
                                            Buyer shall deliver to the Sellers:

 

		(a)	the Supplementary Disclosure Letter (if
                                            any) duly executed by the Buyer;

 

		(b)	the Individual Shareholder Guarantees
                                            duly executed by the Buyer;

 

		(c)	if not delivered earlier, the Deed of
                                            Undertaking duly executed by the Buyer;

 

		(d)	if not delivered earlier, copies of all
                                            board, shareholder (or other) corporate approvals of the Buyer authorising the execution,
                                            delivery and performance by the Buyer of the Transaction Documents to which the Buyer is
                                            a party to; and

 

		(e)	if not delivered earlier, copies of the
                                            Organisational Documents, approvals of the authorised corporate governance bodies with respect
                                            to entry in, execution and performance of the relevant Transaction Documents.

 

    57

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		3.	Each
                                            Seller shall deliver to the Notary all the documents with respect to the Seller, the Company
                                            and each Participation Interest, which the Notary may require in order to certify the Transfer
                                            Instrument, sign and submit the Application with the Registering Authority and register the
                                            transfer of the relevant Participation Interest from a Seller to the Buyer in the Legal Entities
                                            Register; and the Buyer shall deliver to the Notary all the documents with respect to the
                                            Buyer which the Notary may require in order to certify the Transfer Instrument and register
                                            the transfer of the relevant Participation Interest from a Seller to the Buyer in the Legal
                                            Entities Register.

 

		4.	Upon
                                            delivery of the documents in accordance with 1-3 above by each relevant Party:

 

		(a)	each Seller and the Buyer shall execute
                                            the Transfer Instrument before the Notary;

 

		(b)	each relevant Party shall do all things
                                            and provide all assistance that may be necessary in order to ensure that:

 

		(i)	the
                                            Transfer Instrument is certified by the Notary in accordance with Applicable Law;

 

		(ii)	the
                                            Notary submits the Application with the Registering Authority; and

 

		(iii)	the
                                            transfer of the Participation Interests to the Buyer is duly registered with the Legal Entities
                                            Register.

 

		5.	Seller
                                            1 shall make available to the Buyer in the office premises of the Company at the address:
                                            Deputatskaya Street 46, floor 6, office 3063, Novosibirsk 630099, Russian Federation and/or
                                            at the address where Completion takes place, the originals of the Organisational Documents
                                            of the Group Companies and the originals of the certificates of state registration, of the
                                            certificates of tax registration and of the lists of entry in the Legal Entities Register
                                            with respect to the Group Companies.

 

    58

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
3 Seller Warranties

 

Part
1 Non-Tax Warranties

 

Unless otherwise
provided for specifically within the relevant Warranty, each Seller warrants to the Buyer as follows:

 

		1.	THE
                                            GROUP

 

		(a)	The information relating to each Group
                                            Company, which is set out in Schedule 1 (Details of the Group) is true and
                                            accurate. The Company does not hold any share or interest in any legal entity other than
                                            the Subsidiaries.

 

		(b)	All Group Companies are properly incorporated
                                            and validly existing under the laws of the Russian Federation.

 

		(c)	Any reorganisation with participation
                                            of any Group Company and/or any of its legal predecessors has been carried out in all material
                                            respects in compliance with Applicable Laws and without any breach of a creditor’s
                                            right or any material breach of other party’s rights, and has been duly completed and
                                            registered. No written claim, dispute or proceeding has been received, or, so far as such
                                            Seller is aware, is pending or threatened in connection with any reorganisation and, so far
                                            as such Seller is aware, there is no Event that gave or may give rise to any such claim,
                                            dispute or proceeding.

 

		(d)	No resolution has been taken or arrangement
                                            made by such Seller and/or a Group Company and/or so far as such Seller is aware, the Registering
                                            Authority and/or, by any party for the liquidation and/or reorganisation of any Group Company
                                            on any ground or its exclusion from the Legal Entities Register.

 

		(e)	Such Seller:

 

		(i)	is
                                            the sole legal and beneficial owner of its Participation Interest; and

 

		(ii)	has
                                            the right to exercise all voting and other rights attaching to its Participation Interest;
                                            and has the right to transfer the full legal and beneficial interest in its Participation
                                            Interest to the Buyer without the consent of any other person.

 

		(f)	The Participation Interests constitute
                                            the whole of the charter capital of the Company.

 

		(g)	The Subsidiary Participation Interest
                                            constitutes the whole of the charter capital of the Subsidiaries.

 

		(h)	The Company:

 

		(i)	is
                                            the sole legal and beneficial owner of the Subsidiary Participation Interest; and

 

		(ii)	has
                                            the right to exercise all voting and other rights attaching to the Subsidiary Participation
                                            Interest.

 

		(i)	The entire charter capital of each Group
                                            Company:

 

		(i)	has
                                            been properly and validly formed, documented and registered in compliance with Applicable
                                            Laws and Organisational Documents; and

 

		(ii)	is
                                            fully paid.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(j)	There is no Encumbrance on, over or affecting
                                            the Participation Interest of such Seller and there is no written agreement or commitment
                                            of such Seller to give or create any such Encumbrance and no person has made any claim in
                                            writing to such Seller or any Group Company to be entitled to any right over or affecting
                                            the Participation Interest of such Seller.

 

		(k)	Warranty given by Seller 1 only. Other
                                            than the approval of the authorised corporate governance body of Seller 1 authorising the
                                            execution, delivery and performance by Seller 1 of the Transaction and the Transaction Documents
                                            as provided at Completion, no consent is required from any person for Seller 1 to sell and
                                            transfer its Participation Interest to the Buyer under this Agreement.

 

		(l)	Warranty given by Seller 2, Seller 3 and
                                            Seller 4 only. Other than the spousal consents for Seller 2, Seller 3 and Seller 4, authorising
                                            the execution, delivery and performance by Seller 2, Seller 3 and Seller 4 of the Transaction
                                            and the Transaction Documents as provided at Completion, no consent is required from any
                                            person for each of Seller 2, Seller 3 and Seller 4 to sell and transfer their Participation
                                            Interest to the Buyer under this Agreement. Such spousal consents for Seller 2, Seller 3
                                            and Seller 4, authorising the execution, delivery and performance by each of Seller 2, Seller
                                            3 and Seller 4 of the Transaction and the Transaction Documents as provided by Completion
                                            have been duly received.

 

		(m)	There is no Encumbrance on, over or affecting
                                            the Subsidiary Participation Interest, and there is no written agreement or commitment of
                                            the Company to give or create any such Encumbrance and no person has made any claim in writing
                                            to such Seller or any Group Company to be entitled to any right over or affecting the Subsidiary
                                            Participation Interest.

 

		(n)	No person has the right (whether exercisable
                                            now or in the future and whether contingent or not), nor has any person claimed the right
                                            in writing to such Seller or any Group Company, to require the transfer, creation, issue,
                                            allotment, conversion, registration, sale, redemption or repayment of the Participation Interest
                                            of such Seller or any part of it, the Subsidiary Participation Interest or any part of it,
                                            the whole or any part of any charter or loan capital or other securities (or any rights or
                                            interests in them or referenced to them) of any Group Company (including any option or right
                                            of conversion, exchange or pre-emption), and neither such Seller nor any Group Company has
                                            agreed to confer or create any such right.

 

		(o)	No agreement on carrying out rights of
                                            participants, corporate agreement and/or quasi-corporate agreement in the meaning of article
                                            67.2 clauses 1 and 9 of the Civil Code of the Russian Federation, has been concluded by such
                                            Seller and/or a Group Company with respect to any Group Company and/or any participation
                                            interest in the charter capital of any Group Company, and no offer, preliminary agreement,
                                            memorandum of understanding or any other arrangement is made in order to conclude any such
                                            agreement.

 

		(p)	The Participation Interest of such Seller,
                                            or any part of it, is not and has never been the subject of any claim made in writing to
                                            such Seller or any Group Company, dispute or proceeding, pending or threatened in writing,
                                            and, so far as such Seller is aware, there is no circumstance that might give rise to any
                                            claim, dispute or proceeding in its regard.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(q)	No Subsidiary Participation Interest or
                                            any part of it is or has ever been the subject of any claim made in writing to such Seller
                                            or any Group Company, dispute or proceeding, pending or threatened in writing, and, so far
                                            as such Seller is aware, there’s no circumstance that might give rise to any claim,
                                            dispute or proceeding in its regard.

 

		(r)	No Group Company’s securities are
                                            now or have at any time been listed or publicly quoted or traded on any stock exchange, regulated
                                            market or other securities market or trading platform. No Group Company has ever filed or
                                            published, or been required to file or publish, a prospectus in relation to the issue of
                                            any securities, whether in the Russian Federation or elsewhere.

 

		(s)	No Group Company:

 

		(i)	holds
                                            or beneficially owns, or has agreed or is obliged to acquire, any shares, loan capital or
                                            any other securities or other investment or ownership interest in any company (other than
                                            the Subsidiaries);

 

		(ii)	has
                                            any subsidiaries or subsidiary undertakings, other than the Subsidiaries;

 

		(iii)	is,
                                            or has agreed or is obliged to become, a member of any partnership or other unincorporated
                                            association, joint venture or consortium or arrangement for sharing profit (other than recognised
                                            trade associations);

 

		(iv)	is
                                            a party to any corporate or quasi-corporate agreement in the meaning of article 67.2 clauses
                                            1 and 9 of the Civil Code of the Russian Federation;

 

		(v)	controls
                                            or takes part in the management of any company or business organisation (other than the Subsidiaries),
                                            nor has it agreed to do so; or

 

		(vi)	has,
                                            or has made a corporate decision to have, any branch, agency, permanent establishment or
                                            other operations outside its country of incorporation.

 

		(t)	All the transfers of any participation
                                            interest in the charter capital of any Group Company have been made in material compliance
                                            with Applicable Laws and the Organisational Documents of the relevant Group Company, and
                                            if required by Applicable Law certified by a Russian notary and duly registered with the
                                            Legal Entities Register. Any consent, approval and/or waiver necessary to be obtained with
                                            respect to any such transfer has been duly received and all pre-emption rights have been
                                            observed. Consideration with respect to the transfer of any participation interest in the
                                            charter capital of any Group Company has been paid in full and in timely fashion.

 

		(u)	True, accurate and complete copies of
                                            the Organisational Documents of each Group Company currently in effect have been delivered
                                            to the Buyer. For each Group Company, such Organisational Documents fully set out all of
                                            the rights, restrictions and obligations attaching to participation interests in the charter
                                            capital of such Group Company, in each case, to the extent required by Applicable Law.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(v)	No Group Company has at any time:

 

		(i)	purchased,
                                            redeemed, reduced, forfeited or repaid its charter capital (or agreed to do any of the same);
                                            nor

 

		(ii)	given
                                            or agreed to give any financial assistance in contravention of any Applicable Law or regulation.

 

		(w)	No Group Company carries out any of the
                                            activities specified in the list of sectors of the Russian economy most affected by deteriorating
                                            conditions as a result of the spread of the new coronavirus infection, approved by Decree
                                            of the Government of the Russian Federation No. 434 of 3 April 2020.

 

		(x)	No Group Company is a system-forming organization
                                            and is not included in any of the sectoral lists of system-forming organizations approved
                                            by the Government Commission for Improving the Sustainability of the Russian Economy.

 

		(y)	No Group Company is included in the list
                                            of strategic enterprises and strategic joint-stock companies approved by Decree of the President
                                            of the Russian Federation No. 1009 of 4 August 2004.

 

		(z)	Real estate assets comprise less than
                                            fifty percent (50%) of the total assets value of the Group.

 

		(aa)	Each separate subdivision (in Russian:
                                            обособленное подразделение)
                                            outside the jurisdiction of incorporation of a Group Company has been duly registered, if
                                            and when required by law, with the relevant authorities (including Tax Authority) in compliance
                                            with applicable laws and the constitutional documents of such Group Company; and such separate
                                            subdivision (in Russian: обособленное
                                            подразделение)
                                            outside the jurisdiction of incorporation were opened in compliance with the constitutional
                                            documents of such Group Company and with Applicable Laws.

 

		2.	AUTHORITY
                                            OF SELLERS

 

		(a)	Warranty given by Seller 1 only. Seller
                                            1 is a company duly incorporated and organised and validly existing under the laws of its
                                            jurisdiction of incorporation.

 

		(b)	Such Seller has the right, power and authority
                                            and has taken all actions necessary to execute and deliver, and to exercise its rights and
                                            perform its obligations under this Agreement and each Seller Document, insofar that such
                                            Seller is a party to the Seller Document.

 

		(c)	This Agreement constitutes, and each Seller
                                            Document (insofar that such Seller is a party to the Seller Document) constitutes or will,
                                            when executed, constitute legal, valid and binding obligations of such Seller enforceable
                                            in accordance with their respective terms.

 

		(d)	Such Seller is entitled to sell and transfer
                                            or procure the sale and transfer of the full legal and beneficial ownership in its respective
                                            Participation Interest to the Buyer on the terms set out in this Agreement.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(e)	Warranty given by Seller 1 only. Execution
                                            and delivery by Seller 1, and the performance by Seller 1 of its relevant obligations under
                                            and compliance by Seller 1 with the provisions of this Agreement and the Transaction Documents
                                            will not:

 

		(i)	conflict
                                            with, or result in a violation of, any provision of the Organisational Documents of:

 

		(1)	Seller 1;

 

		(2)	shareholders of Seller 1; or

 

		(3)	any Group Company; or

 

		(ii)	result
                                            in a material breach of, or constitute a material default under, any instrument or agreement
                                            to which any of the following persons is a party or by which any of the following persons
                                            is bound:

 

		(1)	Seller 1;

 

		(2)	shareholders of Seller 1; or

 

		(3)	any Group Company; or

 

		(iii)	conflict
                                            with, or result in a violation of, any law or regulation in any jurisdiction having the force
                                            of law or of any order, judgment, injunction or decree of any court or governmental agency
                                            by which any of the following persons is bound:

 

		(1)	Seller 1;

 

		(2)	shareholders of Seller 1; or

 

		(3)	any Group Company.

 

		(f)	Warranty given by Seller 2, Seller 3 and
                                            Seller 4 only. Execution and delivery by each of Seller 2, Seller 3 and Seller 4, and the
                                            performance by each of Seller 2, Seller 3 and Seller 4 of their relevant obligations under
                                            and compliance by Seller 2, Seller 3 and Seller 4 with the provisions of this Agreement and
                                            the Transaction Documents will not:

 

		(i)	conflict
                                            with, or result in a violation of, any provision of the Organisational Documents of any Group
                                            Company; or

 

		(ii)	result
                                            in a material breach of, or constitute a material default under, any instrument or agreement
                                            to which any of the following persons is a party or by which any of the following persons
                                            is bound:

 

		(1)	Seller 2, Seller 3 and Seller 4; or

 

		(2)	any Group Company; or

 

		(iii)	conflict
                                            with, or result in a violation of, any law or regulation in any jurisdiction having the force
                                            of law or of any order, judgment, injunction or decree of any court or governmental agency
                                            by which any of the following persons is bound:

 

		(1)	Seller 2, Seller 3 and Seller 4; or

 

		(2)	any Group Company.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(g)	Warranty given by Seller 1 only. Seller
                                            1 has obtained all consents, authorisations and approvals from its corporate governance bodies,
                                            any Governmental Authority and any other party, as required to authorise the execution, delivery,
                                            validity, enforceability or admissibility in evidence of the Transaction Documents or the
                                            performance of the Seller 1 obligations under the Transaction Documents or will be required
                                            as a consequence of any Transaction Document.

 

		(h)	Warranty given by Seller 2, Seller 3 and
                                            Seller 4 only. Each of Seller 2, Seller 3 and Seller 4, on a several basis, has obtained
                                            all consents, including spousal consents, authorisations and approvals from any Governmental
                                            Authority and any other party, as required to authorise the execution, delivery, validity,
                                            enforceability or admissibility in evidence of the Transaction Documents or the performance
                                            of the respective Seller 2, Seller 3 and Seller 4 obligations under the Transaction Documents
                                            or will be required as a consequence of any Transaction Document.

 

		(i)	Warranty given by Seller 2, Seller 3 and
                                            Seller 4 only. Each of Seller 2, Seller 3 and Seller 4 warrants severally that he is legally
                                            capable, that his legal capacity has not been restricted, that he is not in custody, under
                                            tutelage or under patronage, that the state of his health enables him to independently exercise
                                            and protect any rights of as a Seller and to perform any obligations as a Seller, and that
                                            he does not suffer from any disease (including mental disorders, alcohol or drug addiction)
                                            preventing him from entering into this Agreement, as well as any Transaction Document.

 

		(j)	As of Completion, the Company has waived
                                            its pre-emption right (if any) with respect to the sale of each of the Participation Interests
                                            in accordance with this Agreement, and such waiver has not been revoked.

 

		(k)	Save for the recipients of the Permitted
                                            Bonuses, no one is entitled to receive from any Group Company any commission, fee, bonus,
                                            profit sharing or benefit of similar nature in connection with the sale of the Participation
                                            Interests.

 

		3.	SOLVENCY

 

		(a)	Such Seller:

 

		(i)	is
                                            not insolvent or unable to pay its debts within the meaning of the laws of its jurisdiction
                                            of incorporation or any other applicable insolvency legislation;

 

		(ii)	has
                                            not stopped or suspended paying its debts as they fall due; and/or

 

		(iii)	confirms
                                            that no process has been initiated (including the application for or the making of any order,
                                            or the passing of any resolution (or the convening of any meeting for such purpose)) by such
                                            Seller or a Group Company, which could reasonably be expected to lead to such Seller being
                                            wound up, dissolved or declared bankrupt and/or its assets being distributed among its creditors,
                                            shareholders or other contributors.

 

		(b)	No Group Company is insolvent under the
                                            laws of its jurisdiction of incorporation or unable to pay its debts as they fall due and
                                            will not become insolvent or unable to pay its debts as a result of such Seller entering
                                            into this Agreement or has stopped or suspended paying its debts as they fall due or has
                                            by reason of actual or anticipated financial difficulties commenced negotiations with one
                                            or more of its creditors with a view to rescheduling any of its Indebtedness.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(c)	No proceedings have been applied for,
                                            initiated with respect to insolvency of any Group Company, its winding up or exclusion from
                                            the Legal Entities Register.

 

		(d)	So far as such Seller is aware, no step
                                            has been taken in any applicable jurisdiction to initiate any process by or under which:

 

		(i)	the
                                            ability of the creditors of any Group Company to take any action to enforce their debts is
                                            suspended, restricted or prevented;

 

		(ii)	some
                                            or all of the creditors of any Group Company accept, or it is proposed that some or all such
                                            creditors will accept, by agreement or in pursuance of a court order or otherwise, an amount
                                            due from any Group Company less than the sums owed to them by the respective Group Company
                                            in satisfaction of those sums with a view to preventing the dissolution of any Group Company,
                                            as applicable in each case;

 

		(iii)	a
                                            person is appointed (nor has any such person been appointed) to manage the affairs, business
                                            and/or assets of any Group Company (or any part thereof) on behalf of its creditors, whether
                                            in the role of liquidator, receiver, manager, trustee, supervisor, administrative receiver
                                            or otherwise howsoever, nor has any power to appoint any such person become exercisable under
                                            any Encumbrance in respect of all or any assets of any Group Company; or

 

		(iv)	the
                                            holder of a charge over any of the assets of any Group Company (or any person nominated by
                                            any such holder) is appointed (nor has any such person been appointed) to control the business
                                            and/or any assets of such Group Company.

 

		(e)	So far as such Seller is aware, no creditor
                                            of any Group Company has taken steps to enforce, or has become entitled to enforce, any debt
                                            or other sum in excess of RUB 300,000 (three hundred thousand Roubles) owed by such Group
                                            Company, as applicable, whether by legal proceedings, the serving of a statutory demand or
                                            otherwise (where such debt or sum remains unpaid).

 

		(f)	No Guarantee, loan capital, borrowed money
                                            or interest is overdue for payment by any Group Company and no other obligation or Indebtedness
                                            is outstanding which is substantially overdue for performance or payment.

 

		(g)	No Group Company has suspended or ceased
                                            to carry on all or a material part of its business, neither has any governing body of such
                                            Group Company initiated a procedure to propose possible suspension or termination of all
                                            or a material part of such Group Company’s business nor has such Seller or any Group
                                            Company received written notice that a Governmental Authority has initiated any such proceedings.

 

		(h)	No event analogous to any of the foregoing
                                            has occurred in the Russian Federation and in particular none of the following has occurred
                                            in relation to any Group Company:

 

		(i)	implementation
                                            of bankruptcy prevention measures, including, but not limited to, out-of-court sanction (dosudebnaya
                                            sanatsya);

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(ii)	the
                                            appointment of a liquidation commission (likvidatsionnaya komissiya) or similar officer;

 

		(iii)	its
                                            seeking, consenting to or acquiescing in the introduction of the proceedings for its liquidation
                                            or bankruptcy or the appointment of a liquidation commission (likvidatsionnaya komissiya)
                                            or similar officer;

 

		(iv)	the
                                            presentation or filing of a petition in any court, arbitrazh court or before any agency alleging
                                            or for the bankruptcy, insolvency, dissolution, liquidation (or any analogous proceeding)
                                            of such Group Company;

 

		(v)	the
                                            institution of the supervision (nabludeniye), financial recovery (finansovoye ozdorovleniye)
                                            external management (vneshneye upravleniye), liquidation procedure (konkursnoye
                                            proizvodstvo) and/or the appointment of a temporary manager (vremenniy upravlyayuschiy),
                                            administrative manager (administrativniy upravlyayuschiy), external manager (vneshniy
                                            upravlyayuschiy), bankruptcy manager (konkursniy upravlayushiy) or similar officer;

 

		(vi)	the
                                            convening or announcement of an intention to convene a meeting of creditors for the purposes
                                            of considering a voluntary arrangement (mirovoye soglasheniye); or

 

		(vii)	any
                                            extra-judicial winding-up, striking off from registry, liquidation or analogous act by any
                                            Governmental Authority in or of the Russian Federation.

 

		(i)	For each:

 

		(i)	Group
                                            Company which exists for more than three (3) years, each such Group Company has maintained
                                            for the last three (3) years and continues to maintain the level of the charter capital and
                                            the net assets as required by Applicable Law; and

 

		(ii)	Group
                                            Company which exists for less than three (3) years, each such Group Company has maintained
                                            since its incorporation and continues to maintain the level of the charter capital and the
                                            net assets as required by Applicable Law.

 

		(iii)	No
                                            Group Company has an insufficient level of charter capital or the net assets.

 

		4.	COMPLIANCE
                                            WITH LAW

 

		(a)	Each Group Company is conducting and at
                                            any time within the three (3) years preceding to the date of this Agreement has conducted
                                            its business in all material respects in accordance with Applicable Laws.

 

		(b)	So far as such Seller is aware, during
                                            the three (3) years prior to the date of this Agreement, no current or past Director of any
                                            Group Company has been convicted or charged of an offence, or losses claimed from him, in
                                            relation to the business or affairs of any Group Company.

 

		(c)	So far as such Seller is aware, there
                                            is no order decree, decision or judgment of any court, tribunal, arbitrator, Governmental
                                            Authority, in any jurisdiction, outstanding or anticipated against any Group Company or any
                                            of their Directors or officers in relation to the business or affairs of any Group Company.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(d)	So far as such Seller is aware, no investigation,
                                            enquiry or criminal proceedings is being or has been conducted by any Governmental Authority
                                            in any jurisdiction, in respect of the affairs of any Group Company or any Director in relation
                                            to the business or affairs of any Group Company, and, so far as such Seller is aware, there
                                            are no circumstances that are reasonably expected to give rise to any such investigation,
                                            enquiry or proceedings in respect of any Group Company or Director.

 

		(e)	All applications, notifications and other
                                            documents required by law to file with, or deliver to, any Governmental Authority in connection
                                            with any transfer of a participation interest in its charter capital have been made up, in
                                            all material aspects, correctly and duly filed or delivered on in a timely fashion.

 

		(f)	True and complete copies of all resolutions
                                            and other documents required by law to be attached to them passed by a sole participant and/or
                                            general meeting of participants and/or board of directors of any Group Company have been
                                            Disclosed.

 

		5.	AUTHORISATIONS
                                            AND CORPORATE MATTERS

 

		(a)	Each Group Company is entitled to carry
                                            on the business now carried on by it in all material respects without conflict with any valid
                                            right of any person, firm or company.

 

		(b)	No licence or any other permission or
                                            authorisation is required by any Group Company from any Governmental Authority under the
                                            Applicable Law in order to carry on its business in all material respects in the same manner
                                            as carried out as of the date of this Agreement.

 

		(c)	None of the material activities, contracts
                                            or rights of any Group Company is ultra vires, unauthorised, invalid or unenforceable or
                                            in material breach of any contract or covenant by which such Group Company is bound. Limited
                                            liability company “N1 Technologies” is validly included in the Register of accredited
                                            organisations operating in the field of Information Technology held by the Ministry of Digital
                                            Development, Communications and Mass Media of the Russian Federation.

 

		(d)	All statutory records and registers as
                                            required by the Applicable Law of each Group Company have been properly kept, are written
                                            up to date and contain a true, complete and accurate record of all matters to the extent
                                            required by the Applicable Law, in each case, in all material respects.

 

		(e)	Any dividends or distribution (whether
                                            in cash, stock or in kind, of profits or assets, or otherwise) declared, paid or made by
                                            any Group Company to its respective participants have been declared, paid or made in compliance
                                            with Applicable Law and with its Organisational Documents in effect at the relevant time.

 

		(f)	Each Group Company has held general meetings
                                            of participants (whether annual or extraordinary), or sole participant’s resolutions
                                            in writing have been made, in compliance in all material respects with applicable laws and
                                            constitutional documents of the respective Group Company.

 

		(g)	No power of attorney or other authorisation
                                            issued on behalf of a Group Company in respect or in favour of such Seller or any Seller
                                            Related Entity and/or their Affiliates or Employees remains in or takes effect on or at any
                                            moment after Completion.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		6.	FINANCIAL
                                            REPORTING

 

		(a)	The Accounts:

 

		(i)	have
                                            been prepared in accordance with RAS as at the date they were prepared;

 

		(ii)	show
                                            a true and fair view of the state of affairs of each Group Company, and of assets, liabilities,
                                            profits and losses and the cash position of each Group Company, in each case for the period
                                            to which they relate; and

 

		(iii)	make
                                            full provision for all actual liabilities at the Accounts Date to the extent required by
                                            RAS.

 

		(b)	The profits and losses of the Group, as
                                            shown by the Accounts, have not (except as noted in the Accounts) been affected by changes
                                            or inconsistencies in accounting treatment, by any non-recurring items of income or expenditure,
                                            by transactions of an abnormal or unusual nature or entered into otherwise than on normal
                                            commercial terms or by any other factors rendering such profits and losses for all or any
                                            of such periods exceptionally high or low.

 

		(c)	The accounting records of each Group Company:

 

		(i)	contain
                                            due and accurate records of all matters required by law to be entered in them, in each case,
                                            in all material respects; and

 

		(ii)	are
                                            in the possession of the Group Company to which they relate.

 

		(d)	In all material respects, the Interim
                                            2020 Accounts:

 

		(i)	have
                                            been prepared in accordance with RAS as at the date they were prepared;

 

		(ii)	show
                                            a true and fair view of the state of affairs of each Group Company, and of assets, liabilities,
                                            profits and losses and the cash position of each Group Company, in each case for the period
                                            to which they relate; and

 

		(iii)	make
                                            provision for all actual liabilities at 30 September 2020 to the extent required by RAS.

 

		(e)	The Management Accounts:

 

		(i)	have
                                            been prepared from the respective Group Company’s RAS accounting records on a basis
                                            consistent in all material respects with, and using accounting policies, practices and principles
                                            consistent with, the US GAAP;

 

		(ii)	fairly
                                            represent a view of the assets and liabilities as at the date to, and the profits and losses
                                            during the period for, which the Management Accounts are stated to have been prepared, with
                                            respect to the respective Group Company; and

 

		(iii)	do
                                            not materially under-state the extent of the liabilities of the relevant Group Company as
                                            at the date which they are stated to be prepared.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(f)	No Group Company has any material liabilities
                                            (including contingent liabilities) other than as disclosed in the Accounts or incurred in
                                            the Ordinary Course of Business since the Accounts Date.

 

		7.	BUSINESS
                                            SINCE THE ACCOUNTS DATE

 

Since the Accounts Date:

 

		(i)	each
                                            Group Company has conducted its business, and entered into transactions and incurred liabilities,
                                            in the Ordinary Course of Business and as a going concern, and without any interruption or
                                            alteration, subject to the Market Conditions;

 

		(ii)	no
                                            Group Company has issued (increased) or allotted or agreed to issue (increase) or allot any
                                            charter or loan capital or created or granted any other right over or interest in its charter
                                            or loan capital;

 

		(iii)	no
                                            Group Company has redeemed or purchased or agreed to redeem or purchase any of its charter
                                            capital;

 

		(iv)	no
                                            dividend or other distribution of profits or assets has been, or agreed to be, declared,
                                            made or paid by any Group Company;

 

		(v)	no
                                            participants’ resolution nor resolution of the board of directors of any Group Company
                                            has been passed or approved, other than in the Ordinary Course of Business or as required
                                            to effect any actions or transactions as required under the Agreement or other Transaction
                                            Documents;

 

		(vi)	no
                                            Group Company has incurred any additional Indebtedness;

 

		(vii)	no
                                            loan or loan capital has been repaid by any Group Company in whole or in part or has become
                                            liable to be so repaid;

 

		(viii)	save
                                            to the extent provided for in the Accounts, no part of the amounts included in the Accounts
                                            or (in the case of an amount arising after the Accounts Date) in the books of the relevant
                                            Group Company as due from debtors has been released on terms that any debtor pays less than
                                            the full book value of his debt or has been written off or has proved to any extent irrecoverable
                                            or is now regarded as irrecoverable;

 

		(ix)	no
                                            Group Company has acquired or disposed of, or agreed to acquire or to dispose of, any material
                                            assets (including any interest in land or buildings) (material for these purposes meaning
                                            (in the case of an acquisition) where the total consideration payable exceeded (or will exceed)
                                            RUB 10,000,000 (ten million Roubles) in aggregate or (in the case of a disposal) either the
                                            book value or the total consideration receivable exceeded (or will exceed) RUB 7,000,000
                                            (seven million Roubles) in aggregate;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(x)	no
                                            material capital commitments have been entered into or proposed by any Group Company (material
                                            for these purposes meaning capital commitments involving capital expenditure in excess of
                                            RUB 7,000,000 (seven million Roubles) exclusive of VAT) in aggregate; and no capital commitments
                                            involving capital expenditure exceeding in the aggregate RUB 7,000,000 (seven million Roubles)
                                            exclusive of VAT have been entered into or proposed by all Group Companies;

 

		(xi)	there
                                            has been no material reduction in the net asset value of any Group Company other than as
                                            a result of any dividends distributed after the Accounts Date;

 

		(xii)	other
                                            than services and management agreements with Management Company Hearst Shkulev Digital LLC
                                            as Disclosed, which will terminate, and all amounts payable under which will be fully paid,
                                            prior to Completion, no management charge is payable by any Group Company to such Seller,
                                            any Seller Related Entity and/or their Affiliates or Staff Members;

 

		(xiii)	at
                                            Completion, save for the Permitted Bonuses, there will be no outstanding management charge
                                            payment payable (or which may become payable) by any Group Company to such Seller, any Seller
                                            Related Entity and/or their Affiliates or Staff Members; and

 

		(xiv)	each
                                            Group Company has paid its creditors materially within the time limits agreed with such creditors.

 

		8.	FINANCE

 

		(a)	Such Seller has delivered to the Buyer
                                            complete and accurate copies of all documentation relating to:

 

		(i)	all
                                            money borrowed by and currently outstanding from each Group Company (in case any Indebtedness
                                            by any Group Company has been Disclosed to the Buyer);

 

		(ii)	all
                                            loans, overdrafts or other financing facilities currently outstanding or available to any
                                            Group Company (whether or not any monies are currently borrowed under any such facility);

 

		(iii)	any
                                            hedging transactions, futures, swaps, options, derivatives or similar financial arrangements
                                            to which any Group Company is a party; and

 

		(iv)	any
                                            Encumbrance over any assets of any Group Company.

 

		(b)	No Group Company has any Indebtedness
                                            other than the Intra-group Indebtedness.

 

		(c)	Such Seller has delivered to the Buyer
                                            the following details about all bank accounts maintained or used by each Group Company: the
                                            name and address of the Bank with which each such account is kept and the number and nature
                                            of such account.

 

		(d)	In relation to each of the matters and
                                            arrangements referred to in paragraph (a) above:

 

		(i)	each
                                            such matter or arrangement remains in full force and effect, and there has been no alteration
                                            in their terms and conditions;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(ii)	no
                                            Indebtedness of any Group Company under any such matter or arrangement is due and payable
                                            (whether as a result of the stated maturity date of such Indebtedness having been reached
                                            or otherwise), and no Group Company has received any notice from any creditor or other counterparty
                                            demanding payment thereunder;

 

		(iii)	so
                                            far as such Seller is aware, no Event has occurred or been alleged to have occurred which
                                            is or, with the passage of time and/or the giving of any notice, certificate, declaration
                                            or demand, would become an event of default under, or a breach of any of, the terms of any
                                            loan capital, borrowing, debenture or financial facility of any Group Company or would entitle
                                            any third party to call for repayment before normal maturity;

 

		(iv)	neither
                                            such Seller nor a Group Company has received written notice that any step to enforce any
                                            such Encumbrance or repayment of any facility has been taken or threatened, and no Encumbrance
                                            is now being enforced; and

 

		(v)	with
                                            the exception of any Guarantee or indemnity granted in connection with the sale and purchase
                                            of the share capital of Limited Liability Company “Zarplata.ru”, none depends
                                            on any Guarantee provided by such Seller, any Seller Related Entity or any other person which
                                            is not a Group Company.

 

		(e)	No Group Company:

 

		(i)	has
                                            outstanding any loan capital;

 

		(ii)	has
                                            incurred or agreed to incur any borrowing which it has not repaid or satisfied;

 

		(iii)	has
                                            lent or agreed to lend any money which has not been repaid to it; and/or

 

		(iv)	is
                                            a party to or has obligations under:

 

		(1)	any loan agreement, debenture, acceptance
                                            credit facility, bill of exchange, promissory note, finance lease, debt or inventory financing,
                                            discounting or factoring arrangement, securitisation or sale and lease back arrangement;
                                            or

 

		(2)	any financing or quasi-financing arrangement
                                            which would not need to be shown or reflected in the Accounts (or any subsequent audited
                                            accounts of such Group Company prepared on the same basis as the Accounts).

 

		(f)	No Group Company has:

 

		(i)	subscribed
                                            for or has any obligation to purchase shares or other securities; or

 

		(ii)	given
                                            or entered into, or agreed to give or enter into, any Encumbrance or Guarantee in favour
                                            or for the benefit of any other party and/or in order to secure any debt, indebtedness or
                                            obligation of any other person.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(g)	No Encumbrance or Guarantee which remains
                                            outstanding has been given or entered into by any Seller Related Entity or by any other person
                                            to support the obligations of any Group Company.

 

		(h)	Save as Disclosed, there is no outstanding
                                            indebtedness on any account whatsoever owed by any Group Company to any Seller Related Entity
                                            or by any Seller Related Entity to any Group Company.

 

		(i)	No Encumbrance over any asset of any Group
                                            Company will be created, crystalised or become enforceable as a result of the signing of
                                            this Agreement or Completion.

 

		(j)	No Group Company has received any grant
                                            or subsidy or other financial aid or assistance from any Governmental Authority or non-governmental
                                            organisation.

 

		9.	EFFECT
                                            OF THE TRANSACTION

 

		(a)	So far as such Seller is aware, neither
                                            the entering into nor performance by the Buyer and such Seller of their obligations under
                                            this Agreement (including Completion) will:

 

		(i)	cause
                                            (or result in) any Group Company to lose (or losing) the benefit of, or suffer (or suffering)
                                            an adverse impairment of, any material asset, right or privilege which it now enjoys;

 

		(ii)	result
                                            in any Group Company’s losing, or any adverse variation in the terms of, or any default
                                            under, any licence, authorisation or consent reasonably required by any Group Company in
                                            relation to its business;

 

		(iii)	result
                                            in any present Indebtedness of any Group Company becoming due and payable (or capable of
                                            being declared due and payable) prior to its stated maturity date;

 

		(iv)	cause
                                            (or result in) any customer, client, supplier, agent, distributor or any other person who
                                            normally does business with any Group Company and is material to the Business and not easily
                                            replaceable by the relevant Group Company not to continue to do so, either at all or on the
                                            same basis;

 

		(v)	relieve
                                            any person of any obligation (whether contractual or otherwise) to any Group Company; or

 

		(vi)	result
                                            in:

 

		(1)	a material breach of;

 

		(2)	any third party having the right to terminate,
                                            vary, or exercise any right under; or

 

		(3)	the creation, crystallisation or enforcement
                                            of any material Encumbrance under,

 

any Material Contract
to which any Group Company is a party.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		10.	CONTRACTS

 

		(a)	A full, complete, accurate and up-to-date
                                            copy of each of the Critical Contracts (including any variation or restatement of any such
                                            Critical Contract, and any assignment or novation relating to any such Critical Contract)
                                            has been Disclosed. Schedule 17 (Material Contracts) includes the actual, true
                                            and complete list of the Contracts: (i) which are material to the business of any Group Company
                                            or on which any Group Company is substantially dependent in order to operate its business,
                                            and/or (ii) which involve obligations (including contingent or otherwise) of or to, or payments
                                            by or to, any Group Company in excess of ten million Roubles (RUB 10,000,000) per annum per
                                            Contract or set of related Contracts.

 

		(b)	Except for the Material Contracts Disclosed
                                            under paragraph 10(a), no Group Company is a party to any Contract which:

 

		(i)	is
                                            outside the Ordinary Course of Business;

 

		(ii)	is
                                            of a long term nature (that is, unlikely to have been fully performed in accordance with
                                            its terms within twelve (12) months after the date on which it was entered into or undertaken)
                                            (other than any Contract entered into by a Group Company for an indefinite term and capable
                                            of being terminated with a not more than a six (6) months’ notice);

 

		(iii)	gives
                                            to any party an option to acquire or dispose of any material asset or permits or requires
                                            another person to do so;

 

		(iv)	restricts
                                            the freedom of any Group Company in any material respect, to carry on any business (whether
                                            or not the same constitutes business of a type currently conducted by such Group Company)
                                            in any part of the world in such manner as it considers fit;

 

		(v)	creates
                                            or otherwise relates to any:

 

		(vi)	agency
                                            or distributorship relationship;

 

		(vii)	partnership,
                                            joint venture, consortium, joint development relationship, unincorporated association, profit
                                            sharing or any similar relationship;

 

		(viii)	any
                                            purchasing, manufacturing, licensing (other than in the Ordinary Course of Business) or licensing
                                            (other than licences to standard third party off-the-shelf software) agreement;

 

		(ix)	the
                                            grant of any licence, where the licensee has the right to grant sub-licences to any person;
                                            or

 

		(x)	any
                                            corporate (shareholders’) agreement or other similar agreement between its shareholders;

 

		(xi)	involves
                                            or relates to the grant of any sole or exclusive rights by or to any Group Company;

 

		(xii)	involves
                                            or is reasonably expected to involve, or relates to, the supply of goods or services or a
                                            granting a license by a Group Company to a person, other than a Group Company (A) the aggregate
                                            sales value of which will represent in excess of five per cent (5%) of the turnover of the
                                            Group Company for the preceding Financial Year; or (B) on terms under which any discount,
                                            rebate, price reduction, credit or similar financial arrangements are given or received otherwise
                                            than in the Ordinary Course of Business and in accordance with the Disclosed pricing policies
                                            of the Group Companies, or

 

		(xiii)	will
                                            prevent the Buyer from enjoying the full benefit of this Agreement.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(c)	No Group Company is a party to a Contract
                                            which imposes any non-compete obligations on a Group Company or a Contract with any Competing
                                            Business in the Restricted Territory for any pricing, market sharing or similar arrangements.

 

		(d)	With regard to each of the Material Contracts:

 

		(i)	so
                                            far as such Seller is aware, each such Material Contract is legally binding on the parties
                                            to it and is in full force and effect;

 

		(ii)	so
                                            far as such Seller is aware, none of the parties (including the relevant Group Company) is
                                            in default of its obligations under such Material Contract (and no claim has been made by
                                            any person that any party is in default under any such Material Contract, and no such default
                                            has been threatened by any such party); and

 

		(iii)	there
                                            is no dispute in relation to any Material Contract nor, so far as such Seller is aware, do
                                            any circumstances exist which are reasonably expected to give rise to such a dispute.

 

		(e)	So far as such Seller is aware, there
                                            are no circumstances which constitute a ground on which any Material Contract may be avoided,
                                            rescinded, repudiated, prematurely determined (whether as a result of this Agreement, the
                                            sale of the Participation Interest of such Seller, a breach, event of default or other termination
                                            right under such Contract), or declared to be invalid or which would give any other contracting
                                            party the right to impose any obligation on (whether to make payment or otherwise) or exercise
                                            any right against any Group Company. So far as such Seller is aware, no Group Company has
                                            received any notice of any claim to that effect or notice indicating that such a claim may
                                            be made.

 

		(f)	So far as such Seller is aware, no Group
                                            Company has extended or has received any offer, tender or the like which is capable of being
                                            converted, by any acceptance or other act by a Group Company or any other person, into a
                                            Material Contract (had such Contract been in existence at the date of this Agreement).

 

		(g)	As of Completion there are no powers of
                                            attorney which are outstanding or effective to or in favour of any person to enter into any
                                            Contract or to do anything on behalf of any Group Company.

 

		(h)	No material part of the business of any
                                            Group Company is carried on under the assent or consent of a third party.

 

		11.	RELATED
                                            PARTY TRANSACTIONS

 

		(a)	Save as Disclosed, there is no indebtedness,
                                            liability or other obligation (actual or contingent), between any Group Company, on one hand,
                                            and such Seller or any of its Affiliates or any Seller Related Entity, on the other hand.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(b)	There is no Guarantee issued by any Group
                                            Company in favour of such Seller or any of its Affiliates or any Seller Related Entity.

 

		(c)	Save as Disclosed, there are no agreements
                                            or arrangements between any Group Company on one hand, and such Seller or any of its Affiliates
                                            or any Seller Related Entity, on the other hand, for the supply of any goods or services
                                            or the use by any Group Company of the property, rights or assets of such Seller or any of
                                            its Affiliates or any Seller Related Entity (or vice versa). There are no management
                                            agreements, consultancy or similar arrangements between any Group Company and such Seller
                                            or any of its Affiliates or any Seller Related Entity.

 

		(d)	Neither such Seller, nor any of its Affiliates,
                                            nor, as far as such Seller is aware any Seller Related Entity is entitled to a claim of any
                                            nature against any Group Company, or has assigned to any person the benefit of any such claim
                                            which remains outstanding or reasonably expected to be made.

 

		(e)	Save for the Related Party Agreements,
                                            no Group Company is party to, bound by, or subject to, any agreement or arrangement with
                                            such Seller or any of its Affiliates or any Seller Related Entity other than pursuant to
                                            a confidentiality agreement or any other agreement of similar nature entered into in the
                                            Ordinary Course of Business.

 

		(f)	The particulars in relation to the Related
                                            Party Agreements contained in ‎Schedule 14 (Related Party Agreements)
                                            are true and accurate. A true and accurate copy of each Related Party Agreement has been
                                            Disclosed.

 

		(g)	No Group Company is dependent on any service,
                                            asset or facility shared with or provided by such Seller or any of its Affiliates or any
                                            Seller Related Entity, in each case other than under and in accordance with the express terms
                                            of any Related Party Agreement.

 

		(h)	All Related Party Agreements, to which
                                            any Group Company is a party (or was a party during any of the three (3) Financial Years
                                            ending before the date of this Agreement) have been entered into on market terms in accordance
                                            with the transfer pricing rules under the Applicable Laws.

 

		12.	CUSTOMERS
                                            AND SUPPLIERS

 

		(a)	In this paragraph‎, the following
                                            term shall have the following meaning:

 

“Material
Counterparty” means any counterparty to any Material Contract.

 

		(b)	In the period of twelve (12) months ending
                                            on the date of this Agreement, other than due to the Market Conditions:

 

		(i)	no
                                            Material Counterparty has ceased (or threatened to cease) to do business with, or reduced
                                            (or threatened to reduce) in any material respect the extent to which it does business with
                                            any Group Company; and

 

		(ii)	there
                                            has been no material change in the basis or terms on which any Material Counterparty does
                                            business with any Group Company which has had a material adverse effect on the Business.

 

		13.	ASSETS

 

		(a)	The Properties comprise all of the premises,
                                            buildings and land owned, occupied or otherwise used in connection with the businesses of
                                            the Group Companies.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(b)	The requisite details of each relevant
                                            lease in relation to each Property (including all amendments and additions to it) are set
                                            out in Schedule 5 (Properties). The term and the termination date of each lease
                                            as specified in Schedule 5 (Properties) are true and accurate.

 

		(c)	The Properties are used under valid, binding
                                            and duly state registered (if such state registration is required by Applicable Law) lease
                                            (or sub-lease) agreements. The underlying lease agreement(s) under which the relevant lessor
                                            sub-leases any Property to any Group Company are valid, binding and duly state registered
                                            (if such state registration is required by Applicable Law) and so far as such Seller is aware,
                                            there are no circumstances, which would entitle any party to such underlying leases to terminate
                                            them.

 

		(d)	So far as such Seller is aware, no Group
                                            Company is in material breach of any lease (sub-lease) in respect of the leased Property
                                            to which it is a party which would entitle the lessor (sub-lessor) to terminate such lease,
                                            and no notice to terminate or threat to terminate a lease (sub-lease) or similar notice has
                                            been given by, or to, a Group Company in relation to any Property, and, so far as such Seller
                                            is aware, there are no grounds which could reasonably be expected to result in any Group
                                            Company receiving any such notice.

 

		(e)	Save as Disclosed, no Group Company keeps
                                            its records, equipment and other property as necessary for operating its business at any
                                            place other than the Properties, and, so far as such Seller is aware, there are no circumstances,
                                            onerous and unusual conditions that are reasonably expected to hinder any Group Company’s
                                            rights to access and use its records, equipment and other movable property, including by
                                            way of hindering Group Company’s Employees’ access to the Properties. So far
                                            as such Seller is aware, there is no imminent or reasonably expected interruption of any
                                            such right.

 

		(f)	There is no current or, so far as such
                                            Seller is aware, pending court or arbitration or administrative proceedings arising out of
                                            or in connection with any Property that are reasonably expected to affect the relevant Group
                                            Company’s right to continue to use such Property on materially the same terms as currently
                                            in effect.

 

		14.	OWNERSHIP
                                            AND CONDITION OF ASSETS

 

		(a)	Each Group Company owns or has ownership
                                            of or the right to use all the assets and rights that it needs to carry on its business in
                                            all material respects in the same place and in the same manner as carried out immediately
                                            before the date of this Agreement.

 

		(b)	All assets included in the Accounts or
                                            acquired by any of the Group Companies since the Accounts Date, other than any assets disposed
                                            of or realised in the Ordinary Course of Business are:

 

		(i)	legally
                                            and beneficially owned by the Group Companies;

 

		(ii)	where
                                            capable of possession, in the possession or under the control of the relevant Group Company;
                                            and

 

		(iii)	free
                                            from Encumbrances.

 

		(c)	All machinery, furniture, fixtures, fittings,
                                            vehicles and equipment owned or used by any Group Company is in normal condition and in working
                                            order in all material respects.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		15.	SUFFICIENCY
                                            OF ASSETS AND PERSONNEL

 

		(a)	Other than pursuant to any agreement between
                                            the Buyer and such Seller in respect of the Integration and save as Disclosed, the Property,
                                            material rights (including rights under Material Contracts), material assets owned, leased
                                            or otherwise lawfully used by the Group Companies and Restricted Persons employed by the
                                            Group Companies comprise the material property, rights, assets and Employees necessary for
                                            the carrying on the business of each Group Company (as carried out as of the date of this
                                            Agreement in all material respects and as is envisaged to be conducted after Completion during
                                            the Integration Period.)

 

		16.	INTELLECTUAL
                                            PROPERTY RIGHTS AND INFORMATION TECHNOLOGY

 

		(a)	Intellectual Property Rights

 

		(i)	All
                                            Business IPR is, or will be at Completion, either legally and beneficially owned by a Group
                                            Company or lawfully used with the consent of the owner, under a licence or on another legal
                                            ground. Each Group Company has in its disposal all Contracts and other relevant documents
                                            related to its rights to Business IPR. A full, complete, accurate and up-to-date copy of
                                            each such Contract has been Disclosed.

 

		(ii)	The
                                            Owned IPR:

 

		(1)	is exclusively legally and beneficially
                                            owned by the Group Companies;

 

		(2)	is not subject to any Encumbrance or any
                                            licence, other than a licence in the Ordinary Course of Business, in favour of any other
                                            person than a Group Company and no consent was granted for the use of the Owned IPR in favour
                                            of any person other than in the Ordinary Course of Business or other than in favour of a
                                            Group Company; and

 

		(3)	is (except for pending applications, validity
                                            of which is subject to state examination) valid and enforceable.

 

		(iii)	All
                                            Business IPR that is required to be registered under Applicable Law has been properly registered
                                            in the name of a Group Company, and all reasonable steps have been taken by the Group for
                                            the maintenance and protection of all Business IPR.

 

		(iv)	In
                                            respect of the Owned Registered IPR:

 

		(1)	all relevant registrations and applications
                                            are in the name of a member of the Group;

 

		(2)	all fees which are due, and steps which
                                            are required, for their maintenance, prosecution and protection have been paid and taken;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(3)	no application for registration has been
                                            discontinued;

 

		(4)	no opposition to any ongoing applications
                                            has been filed and, so far as such Seller is aware, there are no facts, matters or circumstances
                                            which would indicate or suggest that any opposition is reasonably expected to be made; and

 

		(5)	all applications for registration of any
                                            Intellectual Property Rights are proceeding normally and, so far as such Seller is aware,
                                            there are no facts, matters or circumstances which would indicate or suggest that any of
                                            the applications are not reasonably expected to be granted and/or proceed to registration
                                            substantially in accordance with the application.

 

		(b)	Other than as expressly specified in Schedule
                                            15 (The Intellectual Property Rights), no Intellectual Property Rights that
                                            are owned by any Seller Related Entity are used in and are material for the business of any
                                            Group Company (as carried out as of the date of this Agreement).

 

		(c)	Other than the licensed Business IPR expressly
                                            specified in ‎Schedule 15 (The Intellectual Property Rights), Part (b)
                                            (Used IPR), the Group Companies are the owners of all the Intellectual Property
                                            Rights in the Product Range and neither of the Group Companies has received any written notice
                                            that the use and/or possession and/or commercial exploitation of the Product Range by the
                                            Group Companies (including the provision of any related services using the Product Range)
                                            has infringed, and currently infringes, the Intellectual Property Rights of any third party,
                                            and, so far as such Seller is aware, there’s no ground for such notice to be served
                                            by any party.

 

		(d)	To the extent that the Product Range incorporates
                                            third party products or the Group Companies do not own any of the Intellectual Property Rights
                                            in the Product Range, then the Contracts under which the relevant Group Company licences,
                                            uses and/or exploits such third party products or Intellectual Property Rights in the Product
                                            Range have been Disclosed.

 

		(e)	Each Group Company has a valid licence
                                            Contract with respect to all Used IPR that it exploits.

 

		(f)	Schedule 21 (Material Licenses)
                                            includes the actual, true and complete list of the licence Contracts with respect to
                                            all the Used IPR. Each Material License:

 

		(i)	is
                                            in full force and effect, and no written notice has been given on either side to terminate
                                            it;

 

		(ii)	has
                                            been complied with in all material respects by a Group Company;

 

		(iii)	has
                                            been duly recorded or registered by the relevant Group Company, which is required to do so
                                            by Applicable Law;

 

		(iv)	so
                                            far as such Seller is aware, no circumstances exist which would entitle a party to terminate
                                            it;

 

		(v)	neither
                                            entering into, nor compliance with, nor completion of, this Agreement will entitle a party
                                            to terminate it, vary it, or make a claim under it;

 

		(vi)	does
                                            not impose any exclusivity obligations on a Group Company;

 

		(vii)	so
                                            far as such Seller is aware, is not the subject of any claim, dispute or proceeding, pending
                                            or threatened.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(g)	No Group Company has in the past twenty-four
                                            (24) months received any written notice alleging that it infringes or misuses Intellectual
                                            Property Rights of a third party. So far as such Seller is aware, no Group Company is in
                                            breach or misuse of any Intellectual Property Rights of any third party. No Group Company
                                            has received any written notice that any actions, claims, counterclaims, applications or
                                            allegations of any breach or misuse by a Group Company of any Intellectual Property Rights
                                            of any third party have been brought or made, and, so far as such Seller is aware, there
                                            have been no facts, matters or circumstances which could give rise to such an action, claim,
                                            counterclaim, application or allegation.

 

		(h)	No Group Company has received any written
                                            notice of any claim or assertion that the Group’s ownership and/or possession and/or
                                            commercial exploitation of the Product Range (or any part of it) infringes the Intellectual
                                            Property Rights of any third party.

 

		(i)	There is no payment or other liability
                                            of any Group Company which is overdue or has been failed to be duly performed in relation
                                            to any Business IPR.

 

		(j)	All Business IPR is valid, subsisting
                                            and enforceable. No Group Company has received any written claims or counterclaims as to,
                                            and no actions, applications or written allegations contesting the validity or enforceability
                                            of any Business IPR or its ownership by a Group Company have been brought or made, and, so
                                            far as such Seller is aware, there have been no facts, matters or circumstances which could
                                            give rise to such an action, claim, counterclaim, application or allegation.

 

		(k)	So far as such Seller is aware, the Owned
                                            IPR is not being infringed or used without authorisation by any third party.

 

		(l)	The Group Companies have complied in all
                                            material respects with their Disclosed internal policies in respect of the treatment of know-how,
                                            trade secrets and Confidential Information pertaining to or related with the Group.

 

		(m)	So far as such Seller is aware, no material
                                            know-how, trade secret or Confidential Information of any Group Company is, or was misappropriated,
                                            disclosed or used by any person in breach of confidentiality obligations.

 

		(n)	Each Group Company has approved its confidentiality
                                            policy and conveyed this policy to its employees and has taken all other reasonable steps
                                            required or appropriate to protect and preserve the confidentiality of all of its know-how,
                                            trade secrets and Confidential Information.

 

		(o)	The Business IPR comprises all the Intellectual
                                            Property Rights material for the Group to carry on its business as carried out as of the
                                            date of this Agreement.

 

		(p)	None of Business IPR, nor the rights of
                                            any Group Company in any Business IPR, will be adversely affected by or in connection with
                                            this Agreement or any other Transaction Document.

 

		(q)	The Group has in its possession copies
                                            of the current source materials relating to the Product Range (including but not limited
                                            to source code, scripts, database schemas and software tools) as are necessary for a reasonably
                                            skilled programmer or analyst to maintain, enhance, amend and otherwise modify the Product
                                            Range without further recourse to such Seller.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(r)	So far as such Seller is aware, no Group
                                            Company has infringed the Intellectual Property Rights of any third party in any material
                                            way, during the two (2) years preceding the date of this Agreement.

 

		(s)	LLC N1 Technologies is the owner of trademarks
                                            No [***] and No [***], registered in the Russian Federation. Such trademarks do not violate
                                            rights of any third party. An application to transfer the ownership of (to assign the exclusive
                                            rights to) both trademarks from LLC N1 Technologies to LLC N1.RU has been filed with Rospatent.

 

		(t)	Information Technology

 

		(i)	‎Schedule
                                            16 (Information Technology) lists complete and accurate details of all elements
                                            of the Business IT. Each element of the Business IT is validly used by a Group Company. Other
                                            than expressly specified in ‎Schedule 16 (Information Technology), no
                                            element of the Business IT is provided by a Seller Related Entity.

 

		(ii)	True
                                            and complete copies of all Material IT Contracts, which are included in the list of Critical
                                            Contracts, have been Disclosed. Each Material IT Contract:

 

		(1)	is in full force and effect, and no notice
                                            having been given on either side to terminate it;

 

		(2)	has, where required, been duly recorded
                                            or registered;

 

		(3)	so far as such Seller is aware, no circumstances
                                            exist which would entitle a party to terminate it;

 

		(4)	neither entering into, nor compliance
                                            with, nor completion of, this Agreement will entitle a party to terminate it, vary it, or
                                            make a claim under it;

 

		(5)	is not the subject of any claim, dispute
                                            or proceeding, including, so far as such Seller is aware, pending or threatened.

 

		(u)	So far as such Seller is aware, no Business
                                            IT is inoperative or infected by any virus or malicious code or other extraneously-induced
                                            malfunction. So far as such Seller is aware, no person has or has had unauthorised access
                                            to the Business IT or any data stored thereon.

 

		(v)	Other than as expressly set forth in Schedule
                                            16 (Information Technology), the Group is the legal and beneficial owner of
                                            or has a valid lease in respect of all computer hardware or other infrastructure equipment
                                            or systems (the “IT Hardware”) material for the business of the Group
                                            (as conducted as of the date of this Agreement).

 

		(w)	Other than as expressly set forth in Schedule
                                            16 (Information Technology), the IT Hardware is fully functional in all material
                                            respects and comprises all information and communication technologies necessary for the continuation
                                            of the business of the Group substantially as carried on as of the date of this Agreement,
                                            and no substantial modification, replacement or enhancement of IT Hardware is currently required
                                            (save in the ordinary course or which cost is above one million (1,000,000) RUB) to permit
                                            the Group to carry on its business substantially in the same manner (over the next 12 months)
                                            as carried out as of the date of this Agreement.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		17.	PERSONAL
                                            DATA PROTECTION

 

		(a)	Each Group Company has approved, signed
                                            with all relevant Staff Members, introduced and complies in all material respects with policies
                                            and procedures with respect to collection, use, processing, storage and transfer of all personally
                                            identifiable information relating to individuals (collectively, “Personal Data”)
                                            in accordance with the Data Protection Legislation.

 

		(b)	Each Group Company complies in all material
                                            respects with the Data Protection Legislation and the contractual obligations relating to
                                            Personal Data to which the Group Company is subject to, including, without limitation, requirements
                                            with respect to notification of a relevant Governmental Authority, gathering all relevant
                                            consents for collection, use, processing, storage and transfer of Personal Data, and technical
                                            requirements in relation to data storage, processing and sharing as is required under Applicable
                                            Law. No Group Company has received any written inquiry from or been subject to any audit
                                            or other proceeding of any Governmental Authority regarding its compliance with Data Protection
                                            Legislation.

 

		(c)	Neither of the Group Companies has been
                                            brought to administrative liability for a material violation by a Group Company of Data Protection
                                            Legislation. To the knowledge of such Seller, each Group Company has taken commercially reasonable
                                            steps (including implementing and monitoring compliance with adequate measures with respect
                                            to technical and physical security) to reasonably ensure that any Personal Data collected
                                            by each Group Company is protected against loss and against unauthorised access, use, modification,
                                            disclosure or other misuse.

 

		(d)	All Personal Data of Russian citizens
                                            collected by any Group Company is initially collected and stored using databases located
                                            in Russia.

 

		18.	EMPLOYEES

 

		(a)	Such Seller has Disclosed true and complete
                                            information and documents in respect of the terms of employment (including remuneration,
                                            compensations, benefits and any bonus arrangement) of all Staff Members whose individual
                                            all-inclusive gross remuneration exceeds RUB 5,000,000 (five million Roubles) per annum.

 

		(b)	No Group Company is a party to, bound
                                            by or proposing to introduce in respect of any of its Staff Members or any third party any
                                            share option, profit sharing, bonus, commission or any other scheme relating to the profit
                                            or revenue of any Group Company.

 

		(c)	Save as Disclosed, no Seller Related Entity
                                            nor Affiliate or Employee of any Seller Related Entity is a party to, or entitled to the
                                            benefits of, any top management incentive program of a Group Company, or any management services
                                            or consultancy contract or arrangement with any Group Company.

 

		(d)	Save as Disclosed, there is no top management
                                            incentive program in any Group Company. Complete, accurate and up-to-date copies of remuneration
                                            and incentive policies and arrangements of each Group Company have been Disclosed.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(e)	Save as Disclosed, there are no current
                                            or, so far as such Seller is aware, threatened employment disputes with any current or former
                                            Staff Member to which a Group Company is a party and, so far as such Seller is aware, there
                                            are no circumstances which are reasonably expected to give rise to any such dispute.

 

		(f)	No Group Company is a party to any collective
                                            agreement or other arrangement with any trade union, staff association, work council, Employees’
                                            representatives, collective bargaining agreement or similar, nor, so far as such Seller is
                                            aware, Employees are members of any trade union of staff association. So far as such Seller
                                            is aware, there is no trade union, work council or other similar organisation in any Group
                                            Company.

 

		(g)	Performance of this Agreement and any
                                            other Transaction Document will not trigger any legal obligation of a Group Company to make
                                            any material special payment, or vesting, funding or similar rights relating to compensation,
                                            incentives or benefits payable, granted or otherwise provided to any Staff Member.

 

		(h)	There is no liability, indebtedness, or
                                            amount due, payable or outstanding obligation of any Group Company due to or in respect of
                                            any Staff Member or former Staff Member, other than current salaries, statutory compensations,
                                            personal income tax and statutory contributions to state extra-budgetary funds, in each case,
                                            for the period not exceeding one month.

 

		(i)	There is no liability, indebtedness, or
                                            amount due, payable or outstanding obligation of any Group Company with respect to any bonus
                                            or incentive, pension plan or similar benefits owed to a Staff Member or a former Staff Member.

 

		(j)	Each Key Employee continues to be employed
                                            by a Group Company.

 

		(k)	Neither of the Group Companies has received
                                            a written notice that a Staff Member or former Staff Member has submitted a claim in respect
                                            of breach of contract, compensation for loss of office, redundancy, unfair dismissal or on
                                            any other ground and, as far as such Seller is aware, and (save as Disclosed, there is no
                                            ground for any such claim to be brought.

 

		(l)	Save as Disclosed, no payment has been
                                            made or promised by any Group Company by agreement or written arrangement in connection with
                                            the actual or proposed termination, breach, suspension or variation of any employment or
                                            engagement of any present or former Staff Member, and there is no outstanding obligation
                                            of any Group Company to pay any compensation or provide any benefits to any present or former
                                            Staff Member (or their dependents or relatives).

 

		(m)	No Group Company has entered into any
                                            written arrangement regarding any material variation of any contract with any Staff Member
                                            with the effect at any moment after Accounts Date. There is no written agreement imposing
                                            an obligation on any Group Company to increase the basis and/or rates of remuneration and/or
                                            the provision of other benefits in kind (including any share option, share incentive, profit
                                            related pay, profit sharing bonus, or other incentive scheme) to or on behalf of any Staff
                                            Member at any moment after Accounts Date.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(n)	Each Group Company has maintained records,
                                            which are accurate and up-to-date in all material respects, regarding its Employees as required
                                            by the Applicable Law and no Group Company is proposing to adopt any new scheme in relation
                                            to any such matters.

 

		(o)	Save as Disclosed, there is no, and no
                                            formal proposal has been announced to enter into or establish, any agreement, arrangement,
                                            custom or practice for the payment of, or payment of a contribution towards, a pension, allowance,
                                            lump sum or other similar benefit on retirement, death, termination of employment (whether
                                            voluntary or not) for the benefit of a Staff Member or former Staff Member, or any such person’s
                                            dependents.

 

		(p)	No material change has been made by any
                                            Group Company in personnel related policies and regulations, employment contracts and/or
                                            terms of employment of Staff Members since the Accounts Date or which would take effect at
                                            any moment after the Accounts Date.

 

		(q)	No contract is or has been entered into
                                            by a Group Company with members of its board of directors. Save as Disclosed, no contract
                                            entered into by a Group Company with any Staff Member or former Staff Member provides for
                                            a severance payment or a compensation in connection with termination of an employment contract
                                            on any ground exceeding the minimum amounts provided for by Applicable Law.

 

		(r)	Each Group Company complies in all material
                                            respects with Applicable Law in respect of engaging foreign Staff Members.

 

		19.	INSURANCE

 

Each Group Company
has obtained all insurance policies as required by Applicable Law.

 

		20.	DISPUTES

 

		(a)	No Group Company and/or, so far as such
                                            Seller is aware, Director nor any person for whose acts any Group Company may be vicariously
                                            liable, is engaged or involved in any capacity or otherwise is the subject of any of the
                                            following:

 

		(i)	any
                                            claim, suit, legal action, proceeding, litigation, arbitration, mediation, prosecution, investigation,
                                            enquiry, hearing or other legal proceedings before any court, tribunal, arbitral or any statutory,
                                            governmental, regulatory or similar body, department or agency in any jurisdiction, for an
                                            amount exceeding RUB 600,000 (six hundred thousand roubles); or

 

		(ii)	any
                                            dispute with, or any investigation, inquiry or enforcement proceedings by, any statutory,
                                            governmental, regulatory or similar body or agency in any jurisdiction, each time in connection
                                            with a Group Company, Business IPR and/or other material assets, rights or liabilities of
                                            the Group and/or otherwise involving material interest of or having material exposure, directly
                                            or indirectly, on any Group Company.

 

		(b)	In respect of the types of matter referred
                                            to in paragraph 20(a), so far as such Seller is aware, no such matters are pending or threatened
                                            by or against any Group Company.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(c)	No Director of a Group Company has been
                                            disqualified under the Applicable Laws. Neither Group Company nor its Director is a person
                                            featured in Article 23 Clause 1 Paragraph (ф) of the Federal Law of the Russian Federation
                                            On State Registration of Legal Entities and Individual Entrepreneurs” No. 129-FZ.

 

		(d)	No unsatisfied final non-appealable judgement
                                            or award exceeding RUB 300,000 (three hundred thousand Roubles) is outstanding against any
                                            Group Company.

 

		(e)	Neither a Group Company nor any Business
                                            IPR or Material Contract is affected by any existing, nor neither such Seller nor a Group
                                            Company has received any written notice of any pending, injunction, judgment, order, decree,
                                            award, or other decision or ruling of a court, tribunal, arbitrator, or any governmental,
                                            regulatory or similar body or agency in any jurisdiction and, so far as such Seller is aware,
                                            there is no ground for any of the abovementioned

 

		(f)	No Group Company has given any undertaking
                                            to any court, tribunal, arbitrator, or any governmental, regulatory or similar body or any
                                            other third party arising out of, or in connection with, any matter of the type referred
                                            to in paragraph 20(a) which remains in force.

 

		21.	ANTI-CORRUPTION,
                                            MONEY LAUNDERING AND SANCTIONS

 

		(a)	For the purposes of this paragraph 21,
                                            the following terms shall have the following meanings:

 

		(i)	“Anti-Corruption
                                            Law” means:

 

		(1)	the OECD Convention on Combating Bribery
                                            of Foreign Public Officials in International Business Transactions, 1997 (the “OECD
                                            Convention”);

 

		(2)	the Foreign Corrupt Practices Act of 1977
                                            of the United States of America, as amended by the Foreign Corrupt Practices Act Amendments
                                            of 1988 and 1998, and as may be further amended and supplemented from time to time (together,
                                            the “FCPA”);

 

		(3)	the Bribery Act 2010 (or any United Kingdom
                                            laws prohibiting bribery or corruption preceding the Bribery Act 2010);

 

		(4)	the Federal Law of the Russian Federation
                                            “On Counteracting Corruption”, Articles 204, 290 and 291 of the Criminal Code
                                            of the Russian Federation, and Article 19.28 of the Code of Administrative Violations of
                                            the Russian Federation; and

 

		(5)	any other Applicable Law (including any
                                            (a) statute, ordinance, rule or regulation, (b) order of any court, tribunal or any other
                                            judicial body, and (c) rule, regulation, guideline or order of any public body, or any other
                                            administrative requirement) which:

 

		(6)	prohibits the conferring of any gift,
                                            payment or other benefit on any person or any officer, employee, agent or adviser of such
                                            person; and/or

 

		(7)	is broadly equivalent to the FCPA and/or
                                            the above United Kingdom laws, and/or the above laws of the Russian Federation, or was intended
                                            to enact the provisions of the OECD Convention or which has as its objective the prevention
                                            of corruption;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(ii)	“Anti-Money
                                            Laundering Laws” means:

 

		(1)	the European Union Money Laundering Directives;

 

		(2)	in the United Kingdom, the Money Laundering
                                            Regulations 2007, the Proceeds of Crime Act 2002, the Serious Organized Crime and Police
                                            Act 2005, the Anti-Terrorism, Crime and Security Act 2001;

 

		(3)	in the United States, the Executive Order
                                            and statutes authorizing the establishment of trade and economic sanctions programs enforced
                                            by the Office of Foreign Assets Control of the U.S. Treasury Department, the Bank Secrecy
                                            Act of 1970 and the PATRIOT Act of 2001;

 

		(4)	in the Russian Federation, Federal Law
                                            On Counteraction of Legitimization (Laundering) of Proceeds of Crime and Financing of Terrorism,
                                            Articles 174 and 174.1 of the Criminal Code of the Russian Federation, and Article 15.27
                                            of the Code of Administrative Violations of the Russian Federation; and

 

		(5)	any other laws, regulations or conventions
                                            in any jurisdiction relating to terrorism or money laundering; and

 

		(iii)	“Associated
                                            Person” means, in relation to a company, a person (including any employee, agent
                                            or subsidiary) who performs (or has performed) services for or on behalf of that company.

 

		(b)	No Group Company, nor, so far as such
                                            Seller is aware, any of its Directors, officers or Staff Members acting in their professional
                                            capacity with the relevant Group Company, any of the Group Company’s Associated Persons,
                                            or any other person acting on any Group Company’s behalf:

 

		(i)	has
                                            engaged in any activity or conduct that has resulted or will result in a violation of; or

 

		(ii)	so
                                            far as such Seller is aware, is being investigated by any Governmental Authority in relation
                                            to any alleged violation of any:

 

		(1)	Anti-Corruption Laws;

 

		(2)	Anti-Money Laundering Laws; or

 

		(3)	Applicable Laws relating to Sanctions.

 

		(c)	Each Group Company has in place adequate
                                            policies and procedures to prevent bribery.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Part
2 Tax Warranties

 

The Tax Warranties
are given in respect of facts, matters and circumstances arising or in existence during the three (3) full calendar years prior to the
date of this Agreement, and the period of the calendar year in which the Completion occurs until the Completion Date. Unless otherwise
provided for specifically within the relevant Warranty, each Seller warrants to the Buyer as follows:

 

		1.	Each
                                            of the Group Companies is and always has been and will until Completion be resident for Tax
                                            purposes in the Russian Federation only and no activities of any Group Company or any other
                                            entity have led to or are reasonably expected to lead to creation of a permanent establishment
                                            for tax purposes in any other jurisdiction.

 

		2.	Each
                                            Group Company is and has been in material compliance with all Applicable Laws in respect
                                            of registration with any Governmental Authority for Tax purpose.

 

		3.	All
                                            claims, returns, notifications, reports, statements, registrations, accounts and computations
                                            which have become due and any other information to be submitted to any Tax Authority have
                                            in all material respects been prepared on the basis which is proper, accurate and in accordance
                                            with Applicable Law, and so far as such Seller is aware remain materially accurate and complete
                                            and have been duly submitted within any applicable statutory time limits.

 

		4.	Any
                                            Tax which has become due from any Group Company has been duly paid in all material respects
                                            in compliance with the Tax legislation.

 

		5.	Each
                                            Group Company has in all material respects complied with all obligations and requirements
                                            imposed on it by Tax legislation relating to the payment of Tax which has become due including,
                                            without limitation, withholding Tax payable by each Group Company acting as tax agent and
                                            social insurance contributions to the Russian state pensions fund, social security fund and
                                            the fund of medical insurance, has been paid by each of the Group Companies.

 

		6.	Each
                                            Group Company has made all deductions and withholdings which it was required by Applicable
                                            Law to make in respect of or on account of any Tax, from all payments made by it, including
                                            to non-residents, the conditions for application of the respective double tax treaties provisions
                                            have been met, and the Group Companies have obtained and retained all documents in the form
                                            and substance required by Applicable Law necessary in order to apply these provisions (including,
                                            without limitation, all appropriate certificates regarding the beneficial owner of payments
                                            and other documents required by Applicable Law to evidence that the person on whose benefit
                                            the transfer was made was entitled to a reduced rate of withholding tax under Applicable
                                            Law), and has accounted to the relevant Tax Authority for all amounts so deducted or withheld.

 

		7.	There
                                            are no ongoing, pending or, to the best of such Seller’s knowledge, threatened actions,
                                            proceedings, assessments or collections of Tax with respect to any Group Company or with
                                            respect to any Business IPR or any other asset of any Group Company.

 

		8.	The
                                            provision or reserve required by Applicable Law has been made in the Accounts for any Tax
                                            Liability to be assessed on the relevant Group Company in respect of:

 

		(a)	profits, gains or income (as computed
                                            for Tax purposes) arising or accruing or deemed to arise or accrue on or before the relevant
                                            date; and

 

		(b)	any transactions effected and actions
                                            taken (or deemed to be effected or taken) on or before the relevant date.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		9.	Proper
                                            provision for deferred Tax required by Applicable Law has been made in the Accounts.

 

		10.	Each
                                            Group Company has prepared, kept and preserved materially complete, accurate and up-to-date
                                            records as required by Applicable Law.

 

		11.	All
                                            input VAT recovered by each Group Company was in compliance with Applicable Law. Each Group
                                            Company has had all appropriate documentation for a relevant recovery (refund).

 

		12.	So
                                            far as such Seller is aware neither execution nor completion of this Agreement or any other
                                            Transaction Document will result in any change in the Tax status, basis or treatment of a
                                            Group Company or any of its respective assets, nor in the withdrawal of any Relief granted
                                            or claimed on or before Completion.

 

		13.	All
                                            material transactions entered into by each Group Company have been entered into on arm’s
                                            length terms and in compliance with the transfer pricing rules under the Applicable Law.
                                            No notice or enquiry by any Tax Authority is made in connection with any such transaction.

 

		14.	No
                                            Group Company has knowingly entered into or been a party to any scheme, arrangement or other
                                            practice whatsoever the main purpose of which was the avoidance or evasion of a liability
                                            for Tax.

 

		15.	No
                                            Group Company is liable to pay or, so far as such Seller is aware, is reasonably expected
                                            to become liable to pay, a material penalty or interest in respect of Tax, and no Group Company
                                            is subject to any suspended Tax related penalties.

 

		16.	No
                                            Group Company is involved in any dispute with any Governmental Authority in any jurisdiction
                                            with respect to any Tax matters. So far as such Seller is aware, there are no circumstances
                                            which are reasonably expected to cause such a dispute to arise.

 

		17.	Each
                                            Group Company has exercised due care in selection of its suppliers, service providers and
                                            other counterparties, and as far as such Seller is aware, none of the suppliers, service
                                            providers and other counterparties in a material transaction of a Group Company have been
                                            involved into any mala fide practices that may be considered by the Tax Authority as grounds
                                            for imposition of a Tax Liability on a Group Company.

 

		18.	Each
                                            Group Company has properly obtained and maintained and has available all the documentation
                                            (including, without limitation, primary documents) required by Applicable Law to support
                                            its administration of Tax liabilities and any Relief, duly executed by a Group Company and/or
                                            its suppliers, service providers and other counterparties, and such documentation is accurate,
                                            complete and sufficient to support its Tax administration in all material respects.

 

		19.	Other
                                            than as may be required by Applicable Law, no Group Company is or has ever been or been treated
                                            as, an agent or Representative of another person for any Tax purpose.

 

		20.	The
                                            immovable property assets of each Group Company located in the Russian Federation comprise
                                            less than fifty percent (50%) of its total assets value.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
4 Seller Limitations

 

Part
1 General Limitations

 

		1.	Fraud exception

 

Nothing in this Schedule 4 (Seller
Limitations) limits the liability of a Seller in the case of fraud or wilful deceit by a Seller or, before Completion, by any
Group Company or any of its officers, Employees or agents.

 

		2.	Cap on Claims

 

		2.1	The aggregate liability of the Sellers for
                                            all:

 

		(a)	Claims shall not exceed the amount of [***] including any amount payable in respect of the Buyer’s costs (including
                                            legal and other professional fees and expenses) and the maximum amount of each Seller’s
                                            liability in respect of all Claims (including Fundamental Warranty Claims) shall be the Relevant
                                            Proportion of each Seller for any such Claims;

 

		(b)	Tax Claims shall not exceed [***] of the Consideration and the maximum amount of each Seller’s liability in
                                            respect of all Tax Claims (including any amount payable in respect of the Buyer’s costs
                                            (including legal and other professional fees and expenses)) shall be the Relevant Proportion
                                            of each Seller for any such Tax Claims;

 

		(c)	IP Claims shall not exceed [***] of the Consideration and the maximum amount of each Seller’s liability in
                                            respect of all IP Claims (including any amount payable in respect of the Buyer’s costs
                                            (including legal and other professional fees and expenses)) shall be the Relevant Proportion
                                            of each Seller for any such IP Claims; and

 

		(d)	Claims other than Title Claims, Tax Claims
                                            and IP Claims shall not exceed [***] of the Consideration and the maximum
                                            amount of each Seller’s liability in respect of all Claims other than Title Claims,
                                            Tax Claims and IP Claims (including any amount payable in respect of the Buyer’s costs
                                            (including legal and other professional fees and expenses)) shall be the Relevant Proportion
                                            of each Seller for all Claims other than Title Claims, Tax Claims and IP Claims.

 

		2.2	For any Claim in respect of breaches of a
                                            Seller’s covenants contained in Clause 12, Clause 13.3. Clause 17, Clause 18 and Clause
                                            36 (a “Covenant Claim”), where more than one Seller is liable for the
                                            same loss or damage, the proportion of that liability that the Buyer may claim against each
                                            Seller is their Relevant Proportion only, provided that, notwithstanding anything to the
                                            contrary in this Agreement, if more than one Seller but less than all the Sellers are liable
                                            for the same loss or damage, the proportion of the liability that the Buyer may claim against
                                            each such Seller under the Covenant Claim is their Relevant Proportion as amended to exclude
                                            the innocent Seller(s). By way of example, if Seller 3 and Seller 4 are the only Sellers
                                            liable for the same loss or damage under the Covenant Claim then Seller 3 is liable for [***]% and Seller 4 is liable for [***]% of such loss or damage, rather than [***]% and [***]% (being
                                            the Relevant Proportions of Seller 3 and Seller 4, respectively) of such loss or damage.
                                            For the avoidance of doubt, nothing within this paragraph 2.2 shall act to increase the liability
                                            caps of each Seller beyond those detailed within paragraph 2.1 of this Schedule 4.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		2.3	Without prejudice to any other rights or remedies
                                            that the Buyer may have in respect of a Covenant Claim, each of Seller 2 and Seller 4 acknowledges
                                            and agrees that damages alone would not be an adequate remedy for any breach of a Covenant
                                            Claim by Seller 2 and Seller 4. Accordingly, each of Seller 2 and Seller 4 agrees and undertakes
                                            that the Buyer shall be entitled, without proof of special damages, to the remedies of injunction,
                                            specific performance or other equitable relief for any threatened or actual breach of the
                                            terms of a Covenant Claim.

 

		3.	LIMITATIONS APPLYING TO CLAIMS

 

A Seller shall not be liable in respect
of a Claim to the extent that it occurs or is increased as a result of:

 

		(a)	an Event, matter or liability to the extent
                                            that a provision for such Event, matter or liability has been made in the Accounts or the
                                            Completion Statements;

 

		(b)	a change in Applicable Law, or published
                                            interpretation of Applicable Law by the Supreme Court of the Russian Federation, which in
                                            each case takes effect after Completion or which is first announced after Completion which
                                            takes effect retrospectively as at a time before the date of this Agreement;

 

		(c)	a change in generally accepted accounting
                                            practices which takes effect after Completion or which is first announced after Completion
                                            which takes effect retrospectively as at a time before the date of this Agreement;

 

		(d)	a change in the accounting policies or
                                            practice of the Buyer or any Group Company after Completion, unless it is made to correct
                                            non-compliance with Applicable Law which was in force on or before Completion;

 

		(e)	a voluntary act, omission, transaction
                                            or arrangements of the Buyer or any Group Company after Completion; for this purpose, an
                                            act or omission is not voluntary if:

 

		(i)	it
                                            is carried out to comply with Applicable Law which was in force on or before Completion;

 

		(ii)	it
                                            is a consequence of, or substantially a consequence of, any breach of a Transaction Document
                                            (including a breach of the Warranties) by the Seller or any other Seller Party; or

 

		(iii)	it
                                            is an act or thing done or omitted to be done in accordance with the express provision of
                                            any Transaction Document.

 

		4.	THRESHOLD FOR CLAIMS

 

A Seller shall not be liable in respect
of any Claim relating to the Warranties unless:

 

		(a)	the liability of such Seller for that
                                            Claim (together with all other Claims arising out of or related to the same or a similar
                                            subject matter) exceeds RUB [***] and

 

		(b)	the aggregate liability of:

 

		(i)	Seller
                                            1 and Seller 2 only in respect of all Claims (excluding any for which liability is excluded
                                            under paragraph 4(a)(i) above) exceeds RUB [***] in which case Seller
                                            1 and Seller 2 only shall be liable for the whole amount and not merely the excess;

 

		(ii)	Seller
                                            3 only in respect of all Claims (excluding any for which liability is excluded under paragraph
                                            4(a)(i) above) exceeds RUB [***] in which case Seller 3 only shall be
                                            liable for the whole amount and not merely the excess; and

 

		(iii)	Seller
                                            4 only in respect of all Claims (excluding any for which liability is excluded under paragraph
                                            4(a)(i) above) exceeds RUB [***] in which case Seller 4 only shall be
                                            liable for the whole amount and not merely the excess.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		5.	TIME LIMITS AND NOTICE

 

A Seller shall not be liable for any
Claim unless a notice of the Claim is given by the Buyer to such Seller:

 

		(a)	in respect of any claim for breach of
                                            any Fundamental Warranty or the Title Indemnity, no later than [***] following
                                            the Completion Date;

 

		(b)	in respect of any Tax Claim, no later
than [***] following the calendar year in which the Completion Date falls, provided that if upon expiry of such period a Tax Audit of
any Group Company in respect of a period prior to Completion has been notified or is ongoing then such time period shall be extended
until the date which is [***] following the date on which the final binding decision (which has entered into legal force)
is issued by the relevant Tax Authority in relation to such Tax Audit; and

 

		(c)	in respect of any other Claims, no later
                                            than [***] following the Completion Date.

 

		6.	NOTICE OF CLAIMS

 

If the Buyer becomes aware of a claim
against a Group Company by a third party or of any other fact, matter or circumstance, which in either case is reasonably likely to result
in the Buyer being entitled to make a Claim (each a “Relevant Matter”) notice of any Relevant Matter:

 

		(a)	shall be given by the Buyer to the Sellers
                                            within the time limits specified in paragraph 5 above; and

 

		(b)	such notice shall set out in reasonable
                                            detail the facts and circumstances relating to the Relevant Matter and the Buyer’s
                                            reasonable estimate of the amount of losses, costs and liabilities which is, or is to be,
                                            the subject of the Claim (including any losses which are contingent on the occurrence of
                                            any future event), and be given as soon as practicable, and in any event no later than thirty
                                            (30) calendar days, following the relevant fact, matter or circumstance coming to the notice
                                            of the Buyer,

 

provided that, subject to paragraph
5 above, failure to give any notice under this paragraph 6 will in no way prejudice the Buyer’s ability to bring a Claim except
that a Seller shall not be liable for such Claim to the extent that its liability under such Claim has arisen or increased as a result
of such failure.

 

		7.	THIRD PARTY CLAIMS

 

If the Buyer becomes aware of a claim
against a Group Company by a third party that is reasonably expected to give rise to a Claim against a Seller (a “Third Party
Claim”) then:

 

		(a)	the Buyer shall inform the relevant Seller
                                            or Sellers of such Third Party Claim in accordance with paragraph 6 and, upon request of
                                            the relevant Seller or Sellers, procure that such Seller or Sellers are provided with information
                                            on all material developments of the Third Party Claim, in each case to the extent that such
                                            provision of information is not in breach of any confidentiality obligations of the Buyer
                                            or a Group Company;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(b)	the Buyer shall consult with and follow
                                            the reasonable instructions of the Seller or Sellers in relation to the conduct of the Third
                                            Party Claim and take all such action as the Seller or Sellers may reasonably request in relation
                                            to the Third Party Claim, including commencing, conducting, defending, resisting, setting,
                                            compromising or appealing against any proceedings, subject to provisions of clause (c) below;

 

		(c)	if the Seller or Sellers, acting reasonably
                                            and in good faith, requests that the Buyer or a Group Company commences, conducts, resists,
                                            settles, compromises or appeals against any Third Party Claim, the Buyer shall not unreasonably
                                            refuse such request, provided that:

 

		(i)	any
                                            out of pocket legal, professional, administrative and other costs and expenses reasonably
                                            incurred by the Buyer, its Affiliates or any Group Company as a result of or in connection
                                            with the actions requested by such Seller or Sellers shall be at the expense of such Seller
                                            or the Sellers regardless of the outcome of such proceedings and shall be paid by such Seller
                                            or Sellers in advance to the bank account of the Buyer or a relevant Group Company in accordance
                                            with the pre-estimate of such costs and expenses agreed by the Buyer and such Seller o Sellers
                                            and, failing pre-payment of such legal costs, the Buyer and/or a Group Company shall have
                                            no obligation to take any actions requested by such Seller or Sellers; and

 

		(ii)	the
                                            Buyer and/or a Group Company shall be under no obligation to take any actions requested by
                                            such Seller or Sellers if such actions are likely, directly or indirectly, to have a material
                                            adverse effect on the business, relations or goodwill of the Buyer or any Group Company;

 

		(iii)	the
                                            Buyer and/or a Group Company shall be under no obligation to follow instructions of such
                                            Seller or Sellers in relation to any Tax Claim if following such instructions in the opinion
                                            of the Buyer may trigger, directly or indirectly, additional risks in terms of initiation
                                            or progress of criminal proceedings by the Governmental Authorities in respect of a Group
                                            Company management and/or employees, its Affiliates, the Buyer and/or any Affiliate of the
                                            Buyer.

 

		8.	Mitigation

 

Nothing in this Schedule 4 (Seller
Limitations) shall affect the Buyer’s common law duty to mitigate its Losses.

 

		9.	NO DOUBLE RECOVERY

 

The Buyer and the Indemnified Persons
shall not be entitled to recover damages or otherwise obtain reimbursement more than once in respect of the same loss whether under any
Transaction Document or otherwise. For the avoidance of doubt, this shall be without prejudice to the Buyer’s right to recover
the full amount of any loss by means of one or more Claims.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		10.	RECOVERY FROM THIRD PARTIES

 

		(a)	If the Buyer has a right of action in
                                            relation to any third party (except, for the avoidance of doubt, against a Guarantor or an
                                            Individual Shareholder Guarantor) or right to bring a claim under any insurance policy, in
                                            relation to any matter that a Seller may otherwise be liable for hereunder, the Buyer shall
                                            notify such Seller or Sellers of such right and take such reasonable actions as such Seller
                                            or Sellers may require to enforce such right against the third party or under the insurance
                                            policy, provided that (a) the costs and expenses of taking such actions shall be at the expense
                                            of such Seller or Sellers and shall be paid by such Seller or Sellers in advance to the bank
                                            account of the Buyer or a relevant Group Company in accordance with the reasonable pre-estimate
                                            of such costs and expenses agreed by the Buyer and such Seller or Sellers and, failing pre-payment
                                            of such legal costs, the Buyer and/or a Group Company shall have no obligation to take any
                                            actions requested by such Seller or Sellers and (b) the Buyer shall be under no obligation
                                            to take any actions requested by such Seller or Sellers if such actions requested by such
                                            Seller or Sellers may, directly or indirectly, have a material adverse effect on the business,
                                            relations or goodwill of the Buyer or any Group Company.

 

		(b)	If such Seller or the Sellers pay in full
                                            the amount payable to the Buyer in respect of a Warranty Claim or an Indemnity Claim and
                                            the Buyer or a Group Company subsequently recovers from a third party (including an insurer)
                                            an amount which relates to the matter that gave rise to that claim, the Buyer must notify
                                            such Seller or Sellers and:

 

		(i)	if
                                            the amount paid by such Seller or Sellers to the Buyer is equal to or less than the amount
                                            recovered from the third party (after deduction of costs and expenses incurred in obtaining
                                            that recovery (including any increase in future insurance premiums) and in obtaining payment
                                            from such Seller or Sellers, less any amount not recovered by the Buyer from such Seller
                                            or Sellers and less any Tax related to that recovery or payment), the Buyer must pay such
                                            Seller or Sellers an amount equal to the amount that such Seller or Sellers paid to the Buyer;
                                            or

 

		(ii)	if
                                            the amount paid by such Seller or Sellers to the Buyer is more than the amount recovered
                                            from the third party (after deduction of costs and expenses incurred in obtaining that recovery
                                            and in obtaining payment from such Seller or Sellers, less any amount not recovered by the
                                            Buyer from such Seller or Sellers and less any Tax related to that recovery or payment),
                                            the Buyer must pay such Seller or Sellers an amount equal to the amount recovered from the
                                            third party (after deduction of costs and expenses incurred in obtaining that recovery (including
                                            any increase in future insurance premiums) and in obtaining payment from such Seller or Sellers,
                                            less any amount not recovered by the Buyer from such Seller or Sellers and less any Tax related
                                            to that recovery or payment).

 

		11.	disclosure

 

A Seller shall not be liable in respect
of a Warranty Claim to the extent that the facts and circumstances giving rise to the Warranty Claim are Disclosed.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		12.	BUYER KNOWLEDGE

 

		(a)	A Seller shall not be liable for any Warranty
                                            Claim or a Claim under any Tax Warranty to the extent that the facts, matters or circumstances
                                            giving rise to such Warranty Claim or such Claim under any Tax Warranty were within the actual
                                            knowledge of any member of the Buyer’s Transaction Team as at the date of this Agreement
                                            or set forth in any Due Diligence Report (the “Relevant Actual Knowledge”).

 

		(b)	Subject to paragraph (a) above, the Buyer
                                            shall be entitled to make a Claim (including a Warranty Claim or a Claim under any Tax Warranty)
                                            whether or not the Buyer and/or any Affiliate of the Buyer and/or any of their respective
                                            directors, officers, employees, consultants, contractors, agents or advisers had knowledge
                                            (other than the Relevant Actual Knowledge of any member of the Buyer’s Transaction
                                            Team, whether such Relevant Actual Knowledge is obtained in connection with the due diligence
                                            review of the Group or otherwise), whether actual, constructive, implied or imputed, of the
                                            matter giving rise to the Claim before the date of this Agreement and the Buyer’s right
                                            or ability to make any such Claim shall not be affected or limited, and the amount recoverable
                                            shall not be reduced, on the grounds that the Buyer and/or any Affiliate of the Buyer and/or
                                            any of their respective directors, officers, employees, consultants, contractors, agents
                                            or advisers (other than the Buyer’s Transaction Team in respect of the Relevant Actual
                                            Knowledge, whether such Relevant Actual Knowledge is obtained in connection with the due
                                            diligence review of the Group or otherwise) may, before the date of this Agreement and/or
                                            Completion, have had actual, constructive, implied or imputed knowledge of the matter giving
                                            rise to a Claim.

 

		13.	Matters capable of remedy

 

If a fact or circumstance that gives
rise to any Claim is capable of remedy by a Seller or Sellers, such Seller or Sellers will not be liable in respect of that Claim to
the extent that the relevant breach is remedied without any loss, cost, expense or liability to the Buyer, any of its Affiliates or any
Group Company within twenty (20) Business Days following notification of the fact or circumstance by the Buyer to such Seller or Sellers.

 

		14.	Indirect loss

 

A Seller shall not be liable for any:

 

		(a)	indirect or consequential loss; or

 

		(b)	punitive damages (whether direct or indirect).

 

		15.	buyer’s breach of agreement

 

A Seller shall not be liable for any
loss under any Transaction Document to the extent such loss is caused as a result of the Buyer’s breach of any Transaction Documents.

 

		16.	TAX REFUNDS

 

The liability of a Seller for any Tax
Claim shall be reduced by the amount of any right to a repayment of Tax or an actual repayment of Tax to which a Group Company is or
becomes entitled or receives in respect of a period (or part period) prior to Completion or as a result of an Event occurring prior to
Completion (a “Tax Refund”), save to the extent that such Tax Refund was reflected in the Completion Statements.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		17.	Vat Transition

 

The Parties acknowledge that following
Completion the Buyer intends to cause the Group Companies to transition to a tax policy where VAT will be charged on the proceeds received
from the Group Companies’ customers for access to the Group Companies’ software and databases as well as services related
to personnel search (the “VAT Transition”). Notwithstanding anything to the contrary in this Schedule 4, the Parties
agree that the VAT Transition (howsoever and whenever effected) shall not reduce or limit the liability of a Seller in respect of a Claim.

 

		18.	Guarantor
                                            Payment

 

		(a)	Unless the maximum liability of the Guarantors
                                            in respect of a relevant Claim is 100% (rather than 78.72%) in accordance with Clause 14.2,
                                            if any Guarantor makes a payment to the Buyer or an Indemnified Person in full or in partial
                                            satisfaction of a Claim (such payment, a “Guarantor Payment”), then Buyer
                                            shall not continue, or take any additional action, to enforce an arbitral award against Seller
                                            1 in respect of a portion of the remaining part of such Claim equal to the Guarantor Payment
                                            multiplied by [***] (the “Individual Shareholders Share”).

 

		(b)	By way of illustration: [***]

 

		(c)	For the avoidance of doubt, if more than
                                            one Guarantor makes a payment or one Guarantor makes multiple payments to the Buyer or an
                                            Indemnified Person in respect of a Claim, the Individual Shareholders Share shall be calculated,
                                            and shall reduce the amount in respect of which the Buyer shall be entitled to take further
                                            action to enforce an arbitral award against Seller 1, for each such instance.

 

		(d)	The undertaking of the Buyer in paragraph
                                            18(a) above shall be without prejudice to its right to take any action (enforcement or otherwise)
                                            to recover any amounts payable under the Individual Shareholder Guarantees (including the
                                            Individual Shareholders Share) from the Individual Shareholder Guarantors.

 

If one or more Guarantors have paid
78.72% of any Claim, the Buyer shall not continue, or take any additional, enforcement action against Seller 1 in relation to such Claim.

 

		19.	No Tax Indemnity for N1 Restructuring

 

No Seller shall be liable for any Tax
Liability in respect of N1 Restructuring under Clause 10.15(b) and the Tax Indemnity shall not apply with respect to the N1 Restructuring.

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Part
2 Relevant Proportions

 

	Seller	Relevant
    Proportion
	Seller
    1	[***]
	Seller
    2	[***]
	Seller
    3	[***]
	Seller
    4	[***]
	Total	100%

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
5 Properties

 

Property
Details, Title and Other Property

Documents 

 

[***]

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
6 Completion Statements

 

Part
1 Contents of the Completion Statements

 

		1.	GENERAL

 

		(a)	The Completion Statements shall comprise:

 

		(i)	The
                                            consolidated Completion Balance Sheet prepared for the Group Companies;

 

		(ii)	The
                                            consolidated Net Working Capital Statement; and

 

		(iii)	The
                                            consolidated Net Debt Statement.

 

		(b)	The Completion Statements shall be in
                                            the form set out in Schedule 6, Part 2 and shall be prepared applying the following
                                            in descending order of precedence:

 

		(i)	This
                                            Schedule 6;

 

		(ii)	The
                                            accounting principles, practices, policies and procedures applied in the preparation of the
                                            Accounts (to the extent that these are consistent with RAS); and

 

		(iii)	Where
                                            the application of the principles, policies and procedures referred to in 1(c)(I) and 1(c)(II)
                                            of this Schedule 6 are not applicable or do not provide sufficient clarity, RAS principles.

 

		(c)	The Completion Statements shall:

 

		(i)	Be
                                            prepared as at 12.01am Moscow time on the Completion Date;

 

		(ii)	Be
                                            prepared based on the aggregated financial statements of the Group Companies compiled based
                                            on the individual financial statements of each of the Group Companies in accordance with
                                            RAS in accordance with the following consolidation principles:

 

		(1)	any intra-group balances of accounts receivable
                                            (trade receivables, other, advances), stated in the balance sheet of the Group Companies
                                            shall be set off against their respective accounts payable. All intra-group loans issued
                                            by the Group Companies (together with interest accrued and not paid) to other Group Companies
                                            shall be set off against respective loans receivable (together with interest accrued but
                                            not received). For the avoidance of doubt, accounts receivable and payable, loans issued
                                            and received, recorded in the general ledger of a legal entity (whether a debtor or a creditor)
                                            shall be equal to the respective amounts of accounts payable and receivable, loans received
                                            and issued of the respective legal entity (whether a creditor or a debtor);

 

		(2)	the unrealised gain included by the Group
                                            Companies into the cost of inventory, fixed assets or intangible assets (buyers of inventory,
                                            fixed assets or intangible assets in an intra-group transaction) shall be eliminated from
                                            the cost of respective assets of the respective Group Companies. For the avoidance of doubt,
                                            the unrealised gain shall be calculated with reference to the requirements of IFRS;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(3)	in the event of differences occurring
                                            between amounts recorded in the financial statements of the Group Companies (i.e. if the
                                            amounts of receivables / payables, loans issued / received recognised by different legal
                                            entities do not match), an appropriate adjustment needs to be calculated at consolidation
                                            level (to eliminate errors in calculations and other possible accounting errors);

 

		(iii)	Only
                                            take into account events that have occurred on or before the Completion Date and shall not
                                            take account of any event occurring after the Completion Date;

 

		(iv)	Be
                                            expressed in thousands of Roubles and where an amount is denominated in a currency other
                                            than Roubles it shall be converted into Roubles using the official rate set by the Central
                                            Bank of the Russian Federation on the Completion Date; and

 

		(v)	Be
                                            prepared in the English language.

 

		(d)	The following specific accounting treatments
                                            shall apply to the preparation of the Completion Statements:

 

		(i)	The
                                            Completion Statements shall be prepared:

 

		(1)	as if the date to which they are made
                                            up is the last day of a financial year;

 

		(2)	based on the fact that all accounting
                                            entries related to the respective period should be reflected in the accounts: all costs,
                                            expenses and revenues should be accrued, all invoices to customers should be issued and recorded
                                            and appropriate accruals should be made. Revenues and expenses shall be recognized in the
                                            period related to/incurred (even if the documents are prepared later); and

 

		(3)	on a going concern basis.

 

		(ii)	If
                                            the Completion Date does not occur on the last calendar day of the month/quarter, the following
                                            rules shall apply in relation to the calculation of assets and liabilities for the purposes
                                            of the Completion Statements using principles of double entry:

 

		(1)	the amount of revenue, income, costs,
                                            expenses and assets and liabilities shall be included proportionally to the number of the
                                            calendar days that have passed up until the Completion Date (including the Completion Date)
                                            based on the total number of the calendar days of the month/quarter when the Completion Date
                                            occurs;

 

		(2)	paragraph 1(d)(ii)(1) shall not apply
                                            to the assets and liabilities which can be easily calculated as of any date and such assets
                                            and liabilities shall be calculated as of the close of business on the Completion Date.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(iii)	No
                                            item shall be taken into account twice in the Completion Statements and the calculation of
                                            the Net Working Capital and the Net Debt.

 

		(iv)	Assets
                                            and liabilities included in the Completion Balance Sheet in any case shall be prepared following
                                            the accounting policies of RAS and definitions as provided by this Schedule 6.

 

		2.	CALCULATION
                                            OF NET DEBT

 

		(a)	The following provisions shall apply to
                                            the determination of Net Debt:

 

		(b)	The Net Debt shall comprise the sum of
                                            the aggregated amounts for the categories of assets and liabilities set out below and defined
                                            in 2 (c) – 2 (k) (where assets are recorded as positive amounts and liabilities are
                                            recorded as negative amounts):

 

		(i)	Loans
                                            and borrowings (negative amount);

 

		(ii)	Payables
                                            to related parties (negative amount);

 

		(iii)	Overdue
                                            and long-term accounts payable (negative amount);

 

		(iv)	Transaction
                                            related payables (negative amount);

 

		(v)	Payables
                                            for non-current assets (negative amount);

 

		(vi)	Dividends
                                            payable (negative amount);

 

		(vii)	Minimum
                                            cash reserve (negative amount);

 

		(viii)	Full
                                            amount of future payment under the Traffic Purchase Agreement (negative amount);

 

		(ix)	Other
                                            external debt (negative amount); and

 

		(x)	Cash
                                            and Cash Equivalents (positive amount).

 

		(c)	The following definitions and specific
                                            accounting treatment shall apply to the determination of the categories of assets and liabilities
                                            included in the Net Debt.

 

		(d)	“Loans and borrowings”
                                            means the aggregate amount of:

 

		(i)	principal
                                            amounts of all financial indebtedness of the Group Companies arising from borrowings from
                                            banks, other credit or non-credit institutions received in any form and any early termination
                                            or settlement costs, increased by accrued and unpaid interest up to the Completion Date;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(ii)	borrowing
                                            or indebtedness in the nature of borrowing of the Group Companies arising from a party other
                                            than banks in any form increased by accrued and unpaid interest up to the Completion Date.
                                            For the avoidance of doubt, such indebtedness shall include, inter alia, the following items
                                            irrespective of the reporting requirements provided by RAS:

 

		(1)	financial leasing obligations, comprising
                                            the total amount of future lease payments starting from the Completion Date and up to end
                                            of the leasing period as provided by the lease agreements and discounted using implicit interest
                                            rate of each of the leasing agreement; and

 

		(2)	nominal amount of any guarantees issued
                                            by any of the Group Companies to guarantee liabilities of entities outside the Group Companies;

 

		(iii)	For
                                            the avoidance of doubt, any balance included in the definition of Loans and borrowings should
                                            not appear in the definitions of other liabilities as provided by this Schedule 6.

 

		(e)	“Payables to related parties”
                                            means the aggregate amount of accounts payable to the Sellers or the persons or undertakings
                                            controlled by or affiliated to the Sellers, or any amounts payable to the Sellers or the
                                            persons or undertakings controlled by or affiliated to the Sellers directly or indirectly
                                            other than (a) included in definition of Dividends payable as provided in this Schedule 6
                                            and/or (b) current payables for rent and similar business expenses incurred at arm’s
                                            length as part of the Ordinary Course of Business. For avoidance of doubt Payables to related
                                            parties include any accounts payable to the Sellers, Seller Related Entities or their respective
                                            Affiliates.

 

		(f)	“Overdue or long-term accounts payable”
                                            means the aggregate amount of:

 

		(i)	all
                                            outstanding balances of accounts payable as of the Completion Date which were not paid in
                                            time under the relevant contractual terms, provided that the payment delay exceeds sixty
                                            (60) days for each of the overdue payable balance; and

 

		(ii)	all
                                            outstanding balances of accounts payable as of the Completion Date which are long-term in
                                            nature having the payment terms of over one hundred and eighty (180) days.

 

		(g)	“Transaction related payables”
                                            means the aggregate amount of the total cost for consultancy services received in preparation
                                            to and execution of the Transaction and not paid by the Completion Date. For the avoidance
                                            of doubt, such cost for consultancy services shall be reflected in the total amount of fees
                                            payable under respective agreements irrespective of actual receipt of invoices or other primary
                                            documents by the Completion Date;

 

		(h)	“Payables for non-current assets”
                                            means the aggregate amount of accounts payable for shares or similar ownership rights,
                                            fixed assets, intangible assets, investments, equipment, inventory to be used for capital
                                            projects and services of the capital nature.

 

		(i)	“Dividends payable”
                                            means the aggregate amount of any dividends or other profit distributions declared but not
                                            yet paid as at Completion Date by any of the Group Companies in respect of annual and interim
                                            dividends regardless of whether such dividends were or were not recognised in the Completion
                                            Balance Sheet, including any withholding or other taxes related to dividends distribution
                                            if such taxes remain payable by any of the Group Companies on the Completion Date.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(j)	“Minimum cash reserve”
                                            means the greater of:

 

		(i)	RUB
                                            [***] or

 

		(ii)	Prepayments
                                            and advances received at the Completion.

 

		(k)	“Full amount of future payment
                                            under Traffic Purchase Agreement” means a sum of RUB [***], which shall be reserved
                                            at the bank account of the Company on or before the Completion Date for future payment under
                                            the Traffic Purchase Agreement.

 

		(l)	“Other external debt”
                                            means the aggregate amount of:

 

		(i)	any
                                            bonus payments or other compensation associated with the Transaction;

 

		(ii)	any
                                            bonus payments or similar compensations associated with the top and middle management agreements
                                            on participation in long-term motivation programs other than regular bonus payments being
                                            made under employment agreements;

 

		(iii)	any
                                            liabilities originated not in the normal course of operating activity (including, but not
                                            limited to, indebtedness for Tax claims not related to the current tax payments); and

 

		(iv)	all
                                            amounts of contingent legal risks (including claims and court suits pending or in the process
                                            with high (i.e. more than 50%) probability of not resolving in favour of the Group Companies),

 

if such amounts are not included in
the other components of the Net Debt per this Schedule 6.

 

		(m)	“Cash and Cash Equivalents”
                                            means the amounts of the following reported in the Completion Balance Sheet: cash on hand,
                                            demand deposits (including current accounts with banks) and short-term, highly liquid investments
                                            that are readily convertible to known amounts of cash and which are subject to insignificant
                                            changes in value. For the avoidance of doubt, Cash and Cash Equivalents shall not include
                                            the amounts of restricted cash (i.e. pledged bank promissory notes and term deposits held
                                            at bank to secure a guarantee issued by a bank).

 

		3.	CALCULATION
                                            OF NET WORKING CAPITAL

 

		(a)	The following provisions shall apply to
                                            the determination of Net Working Capital:

 

		(b)	The Net Working Capital shall comprise
                                            the sum of the aggregated amounts for the categories of assets and liabilities set out below
                                            and defined in 3 (c) – 3 (l) below (where assets are recorded as positive amounts and
                                            liabilities are recorded as negative amounts):

 

		(i)	Accounts
                                            receivable (positive amount);

 

		(ii)	Inventories
                                            (positive amount);

 

		(iii)	Expenses
                                            of future periods (positive amount);

 

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Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(iv)	Other
                                            current assets (positive amount);

 

		(v)	Trade
                                            accounts payable (not overdue or long term) (negative amount);

 

		(vi)	Payables
                                            to employees (negative amount);

 

		(vii)	Payables
                                            to governmental social fund (negative amount); and

 

		(viii)	Taxes
                                            payable (negative amount).

 

For the avoidance of doubt, Input VAT
balances (in current assets) shall not be included in the Net Working Capital.

 

		(c)	The following definitions and specific
                                            accounting treatment shall apply to the determination of the categories of assets and liabilities
                                            included in the Net Working Capital.

 

		(d)	“Accounts receivable”
                                            means the aggregate of:

 

		(i)	accounts
                                            receivable from buyers and customers reflected on the Completion Balance Sheet, to the extent
                                            that accounts receivable are due for sales of products, goods and services within twelve
                                            (12) months from the Completion Date;

 

		(ii)	prepayments
                                            issued to suppliers and subcontractors to the extent the following conditions are met: (a)
                                            the delivery of products, goods or services is due within twelve (12) months from the Completion
                                            Date and (b) prepayments do not relate to non-current assets or non-operating assets or services
                                            of a capital nature;

 

		(iii)	other
                                            accounts receivable to the extent that they are due for collection, or offset against a delivery
                                            of products, goods or services, or against a liability within twelve (12) months from the
                                            Completion Date, comprising of prepayments of personnel compensation, taxes and social contributions.

 

		(iv)	Accounts
                                            receivable shall be reduced by:

 

		(1)	any doubtful accounts receivable or prepayment
                                            balances, including (a) specific amounts, which are doubtful for collection as known to the
                                            management of the Group Companies; and (b) being amounts attributable to accounts receivable
                                            that are outstanding for more than one hundred and eighty (180) days as at the Completion
                                            Date; (c) any items that either do not result in cash inflows after the relevant Completion
                                            Date or do not bring future economic benefit to the Group Companies;

 

		(2)	any advances for services that have already
                                            been rendered as of the relevant Completion Date;

 

		(3)	any accounts receivables from or prepayments
                                            to the Sellers, Seller Related Entities and their respective Affiliates other than current
                                            trade receivables from such persons for regular services rendered within the Ordinary Course
                                            of Business;

 

		(4)	any amounts relating to purchases of fixed
                                            assets, intangible assets or any other non-current assets or assets purchased in connection
                                            with any capital projects.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(e)	“Inventories” means
                                            materials, work in progress, goods for resale and other inventory items according to the
                                            Completion Balance Sheet of the Group Companies adjusted as follows:

 

		(i)	100%
                                            provision shall be reflected for inventory items with no movements for more than one year;

 

		(ii)	the
                                            inventory amount will be reduced by any unrealised gain as defined by IFRS on inventory purchased
                                            or transferred between the Group Companies;

 

		(iii)	the
                                            inventory shall be reduced by the balances related to materials and supplies acquired to
                                            be used in capital projects or not to be used within the twelve (12) months period.

 

		(f)	“Expenses of future periods”
                                            means prepaid costs of insurance, subscription, certification, and other periodic services
                                            for the period not exceeding twelve (12) months. For avoidance of doubt, expenses of future
                                            periods shall not include non-current intangible assets such as cost of licenses, software
                                            or other similar rights for the use of the intellectual property.

 

		(g)	“Input VAT” means the
                                            amount of VAT recoverable as set out in the Completion Balance Sheet.

 

		(h)	“Other current assets”
                                            means prepaid taxes, receivables from employees other than loans issued to employees.
                                            The balance of other current assets shall be decreased for any items that either do not result
                                            in cash inflows after the relevant Completion Date or do not bring future economic benefit
                                            to the Group Companies.

 

		(i)	“Trade accounts payable (not overdue
                                            or long-term)” means the total of the following amounts

 

		(i)	accounts
                                            payable to suppliers and contractors;

 

		(ii)	prepayments
                                            and advances received;

 

		(iii)	other
                                            accounts payable expected to be repaid or otherwise settled and not included in any other
                                            current liabilities balances but excluding deferred tax balance; and

 

		(iv)	Trade
                                            accounts payable (not overdue or long-term) shall not include any amounts included in the
                                            definition of the Net Debt components in 6.3 – 6.2 above;

 

		(j)	“Payables to employees”
                                            means amounts payable to the employees for wages and salaries, bonuses and any other
                                            compensation in exchange for work performed or services provided by employees, including
                                            salary and wages payable to permanent employees, to staff on temporary labour agreements
                                            and to employees on other transactions; and including vacation, bonus and severance pay reserves
                                            and salary and wages provisions to be accrued. Vacation reserves are calculated based on
                                            the accounting policies of the Group Companies.;

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(k)	“Payables to governmental social
                                            fund” means outstanding amounts payable with respect to pension fund contributions
                                            and social taxes. For the avoidance of doubt, Payables to governmental social fund shall
                                            be increased by amounts calculated on an accruals basis for the period between the date of
                                            the last tax return and the Completion Date;

 

		(l)	“Taxes payable” means
                                            outstanding amounts of taxes payable other than relating to taxes payable on dividends, including
                                            tax penalties and interest. For the avoidance of doubt, Taxes payable shall be increased
                                            by amounts calculated on an accruals basis for the period between the date of the end of
                                            the latest reporting (tax) period and the Completion Date (in case the Completion date does
                                            not fall on the end of the reporting (tax) period). The calculation of these additional tax
                                            liabilities will be simplified and will be based on the Russian accounting data only for
                                            the period between the end of the respective reporting (tax) period and Completion Date and
                                            may not be fully compliant with all requirements for tax calculation provided by tax law.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Part
2 Pro forma Completion Statements

 

[***]

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
7 Buyer Warranties

 

		1.	AUTHORITY
                                            OF BUYER

 

		(a)	The Buyer is a company duly incorporated
                                            and organised and validly existing under the laws of its jurisdiction of incorporation.

 

		(b)	The Buyer has the right, power and authority
                                            and has taken all actions necessary to execute and deliver, and to exercise its rights and
                                            to fully perform its obligations under the Transaction Documents in accordance with their
                                            terms.

 

		(c)	This Agreement constitutes, and each Transaction
                                            Document constitutes or will, when executed, constitute legal, valid and binding obligations
                                            of the Buyer enforceable in accordance with their respective terms.

 

		(d)	The entry into and the exercise by the
                                            Buyer of its rights and performance of its obligations under the Transaction Documents and
                                            the transactions contemplated by them will not constitute a breach or give rise to a default
                                            under any Applicable Laws or regulations or any order, decree or judgement or any provision
                                            of its constitutional documents, which has or could have a material adverse effect on its
                                            ability to execute or perform its obligations under the Transaction Documents.

 

		(e)	The Buyer is not a party to any litigation,
                                            arbitration or administrative proceedings nor is it the subject of any governmental, regulatory
                                            or official investigation or enquiry which is in progress or threatened or pending and which
                                            has or could have a material adverse effect on its ability to execute or perform its obligations
                                            under the Transaction Documents.

 

		(f)	No corporate action or other steps have
                                            been taken by the Buyer or legal proceedings started or threatened against it for its winding
                                            up or dissolution; or for it to enter into any arrangement or composition for the benefit
                                            of creditors; or for the appointment of a receiver, administrator, administrative receiver,
                                            liquidator, supervisor, compulsory manager, trustee or similar person of any of its revenues
                                            or assets.

 

		(g)	The execution and delivery by the Buyer,
                                            and the performance by the Buyer of its relevant obligations under and compliance by the
                                            Buyer with the provisions of, this Agreement and the Transaction Documents will not:

 

		(i)	materially
                                            conflict with, or result in a material violation of, any provision of the Organisational
                                            Documents of:

 

		(1)	the Buyer; or

 

		(2)	shareholders of the Buyer; or

 

		(ii)	result
                                            in a material breach of, or constitute a material default under, any instrument or agreement
                                            to which any of the following persons is a party or by which any of the following persons
                                            is bound:

 

		(1)	the Buyer; or

 

		(2)	shareholders of the Buyer; or

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(iii)	materially
                                            conflict with, or result in a material violation of, any law or regulation in any jurisdiction
                                            having the force of law or of any order, judgment, injunction or decree of any court or governmental
                                            agency by which any of the following persons is bound:

 

		(1)	the Buyer; or

 

		(2)	shareholders of the Buyer.

 

		(h)	The Buyer has obtained all consents, authorisations
                                            and approvals from its corporate governance bodies and any Governmental Authority, as required
                                            to authorise the execution, delivery, validity, enforceability or admissibility in evidence
                                            of the Transaction Documents to which it is a party or the performance of the Buyer’s
                                            obligations under the Transaction Documents or will be required as a consequence of any Transaction
                                            Document.

 

		2.	SOLVENCY

 

		(a)	The Buyer:

 

		(i)	is
                                            not insolvent or unable to pay its debts within the meaning of the laws of its jurisdiction
                                            of incorporation or any other applicable insolvency legislation; or

 

		(ii)	has
                                            not stopped or suspended paying its debts as they fall due.

 

		3.	KNOWLEDGE

 

The Buyer’s Transaction Team
comprise the only persons acting on behalf of the Buyer with any involvement with, or knowledge of, the Transaction (excluding trivial
or immaterial involvement or knowledge), whether engaged as employees, officers, or workers by the Buyer, except for any professional
advisors acting for the Buyer in connection with the Transaction.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
8 Buyer Limitations

 

		1.	FRAUD
                                            EXCEPTION

 

Nothing in this Schedule 8 (Buyer
Limitations) limits the liability of the Buyer in the case of fraud or wilful deceit by the Buyer.

 

		2.	CAP
                                            ON CLAIMS

 

		2.1	The aggregate liability of the Buyer for all:

 

		2.1.1	Sellers Claims shall not exceed the
                                            amount of the Consideration, including any amount payable in respect of the Sellers’
                                            costs (including legal and other professional fees and expenses); and

 

		2.1.2	Sellers Claims other than: (i) Sellers
                                            Claims under the Buyer Warranties (except for the Buyer Warranty in paragraph 3 of Schedule
                                            7) and (ii) Seller Claims in relation to the Buyer’s failure to complete the Transaction
                                            in breach of the Transaction Documents, shall not exceed twenty five per cent (25%) of the
                                            Consideration,

 

		2.2	If Completion does not occur in full, but
                                            the Participation Interests have been transferred to the Buyer, the provisions of paragraph
                                            2.1 above shall not limit the Sellers’ right to recover the Participation Interests
                                            from the Buyer.

 

		3.	THRESHOLD
                                            FOR CLAIMS

 

The Buyer shall not be liable in respect
of any Sellers Claim relating to the Buyer Warranties unless:

 

		(i)	the liability of the Buyer in respect
                                            of that Sellers Claim (together with all other Sellers Claims arising out of or related to
                                            the same or a similar subject matter) exceeds RUB two million (2,000,000); and
	 	 	 

		(ii)	the aggregate liability of the Buyer
                                            in respect of all Sellers Claims (excluding any for which liability is excluded under paragraph
                                            4(a)(i) above) exceeds RUB fifteen million (15,000,000) in which case the Buyer shall be
                                            liable for the whole amount and not merely the excess.

 

		4.	TIME
                                            LIMITS AND NOTICE

 

The Buyer shall not be liable for any
Sellers Claim unless a notice of the Sellers Claim is given by a Seller to the Buyer:

 

		(a)	in respect of any Sellers Claim for breach
                                            of a Buyer Warranty (except for the Buyer Warranty in paragraph 3 of Schedule 7), no later
                                            than three (3) years following the Completion Date; and

 

		(b)	in respect of any other Sellers Claims,
                                            eighteen (18) months following the Completion Date.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		5.	NOTICE
                                            OF CLAIMS

 

If any Seller becomes aware of any
other fact, matter or circumstance which is reasonably likely to result in the Seller being entitled to make a Sellers Claim (each a
 “Seller Relevant Matter”) notice of any Seller Relevant Matter:

 

		(a)	shall be given by a Seller to the Buyer
                                            within the time limits specified in paragraph 4 above; and

 

		(b)	such notice shall set out in reasonable
                                            detail the facts and circumstances relating to the Seller Relevant Matter and the Seller’s
                                            reasonable estimate of the amount of losses, costs and liabilities which is, or is to be,
                                            the subject of the Sellers Claim (including any losses which are contingent on the occurrence
                                            of any future event), and be given as soon as practicable, and in any event no later than
                                            thirty (30) calendar days, following the relevant fact, matter or circumstance coming to
                                            the notice of the Seller,

 

provided that, subject to paragraph
4 above, failure to give any notice under this paragraph 5 will in no way prejudice the Seller’s ability to bring a Sellers Claim
except that the Buyer shall not be liable for such Sellers Claim to the extent that its liability under such Sellers Claim has arisen
or increased as a result of such failure.

 

		6.	THIRD
                                            PARTY CLAIMS

 

If any Seller becomes aware of a claim
against it by a third party that is reasonably expected to give rise to a Sellers Claim against the Buyer (a “Seller Third Party
Claim”) then:

 

		(a)	a Seller shall inform the Buyer of such
                                            Seller Third Party Claim in accordance with paragraph 5 and, upon request of the Buyer, procure
                                            that the Buyer is provided with information on all material developments of the Seller Third
                                            Party Claim, in each case to the extent that such provision of information is not in breach
                                            of any confidentiality obligations of a Seller;

 

		(b)	a Seller shall consult with and follow
                                            the reasonable instructions of the Buyer in relation to the conduct of the Seller Third Party
                                            Claim and take all such action as the Buyer may reasonably request in relation to the Seller
                                            Third Party Claim, including commencing, conducting, defending, resisting, setting, compromising
                                            or appealing against any proceedings, subject to provisions of clause (c) below;

 

		(c)	if the Buyer, acting reasonably and in
                                            good faith, requests that a Seller commences, conducts, resists, settles, compromises or
                                            appeals against any Seller Third Party Claim, the Seller shall not unreasonably refuse such
                                            request, provided that:

 

		(i)	any out of pocket legal, professional, administrative
                                            and other costs and expenses reasonably incurred by the Seller or its Affiliates as a result
                                            of or in connection with the actions requested by the Buyer shall be at the expense of the
                                            Buyer regardless of the outcome of such proceedings and shall be paid by the Buyer in advance
                                            to the bank account of the Seller in accordance with the pre-estimate of such costs and expenses
                                            agreed by the Buyer and the Seller and, failing pre-payment of such legal costs, the Seller
                                            shall have no obligation to take any actions requested by the Buyer; and

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(ii)	the Seller shall be under no obligation
                                            to take any actions requested by the Buyer if such actions are likely, directly or indirectly,
                                            to have a material adverse effect on the business, relations or goodwill of the Seller;

 

		(iii)	the Seller shall be under no obligation
                                            to follow instructions of the Buyer in relation to any tax claim if following such instructions
                                            in the opinion of the Seller may trigger, directly or indirectly, additional risks in terms
                                            of initiation or progress of criminal proceedings by the Governmental Authorities in respect
                                            of Seller’s management and/or employees, the Seller and/or any Affiliate of the Seller.

 

		7.	MITIGATION

 

Nothing in this Schedule 8 (Buyer
Limitations) shall affect each Seller’s common law duty to mitigate its Losses.

 

		8.	NO
                                            DOUBLE RECOVERY

 

The Sellers shall not be entitled to
recover damages or otherwise obtain reimbursement more than once in respect of the same loss whether under any Transaction Document or
otherwise. For the avoidance of doubt, this shall be without prejudice to the Sellers’ right to recover the full amount of any
loss by means of one or more Sellers Claims.

 

		9.	RECOVERY
                                            FROM THIRD PARTIES

 

		(a)	If a Seller has a right of action in relation
                                            to any third party or right to bring a claim under any insurance policy, in relation to any
                                            matter that the Buyer may otherwise be liable for hereunder, the Seller shall notify the
                                            Buyer of such right and take such reasonable actions as the Buyer may require to enforce
                                            such right against the third party or under the insurance policy, provided that (a) the costs
                                            and expenses of taking such actions shall be at the expense of the Buyer and shall be paid
                                            by the Buyer in advance to the bank account of the Seller in accordance with the reasonable
                                            pre-estimate of such costs and expenses agreed by the Buyer and the Seller and, failing pre-payment
                                            of such legal costs, the Seller shall have no obligation to take any actions requested by
                                            the Buyer and (b) the Seller shall be under no obligation to take any actions requested by
                                            the Buyer if such actions requested by the Buyer may, directly or indirectly, have a material
                                            adverse effect on the business, relations or goodwill of the Seller.

 

		(b)	If the Buyer pays in full the amount payable
                                            to a Seller in respect of a Sellers Claim and the Seller subsequently recovers from a third
                                            party (including an insurer) an amount which relates to the matter that gave rise to that
                                            claim, the Seller must notify the Buyer and:

 

		(i)	if the amount paid by the Buyer to the Seller
                                            is equal to or less than the amount recovered from the third party (after deduction of costs
                                            and expenses incurred in obtaining that recovery (including any increase in future insurance
                                            premiums) and in obtaining payment from the Buyer, less any amount not recovered by the Seller
                                            from the Buyer and less any Tax related to that recovery or payment), the Seller must pay
                                            the Buyer an amount equal to the amount that the Buyer paid to the Seller; or

 

		(ii)	if the amount paid by the Buyer to the
                                            Seller is more than the amount recovered from the third party (after deduction of costs and
                                            expenses incurred in obtaining that recovery and in obtaining payment from the Buyer, less
                                            any amount not recovered by the Seller from the Buyer and less any Tax related to that recovery
                                            or payment), the Seller must pay the Buyer an amount equal to the amount recovered from the
                                            third party (after deduction of costs and expenses incurred in obtaining that recovery (including
                                            any increase in future insurance premiums) and in obtaining payment from the Buyer, less
                                            any amount not recovered by the Seller from the Buyer and less any Tax related to that recovery
                                            or payment).

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		10.	MATTERS
                                            CAPABLE OF REMEDY

 

If a fact or circumstance that gives
rise to any Sellers Claim is capable of remedy by the Buyer, the Buyer will not be liable in respect of that Sellers Claim to the extent
that the relevant breach is remedied without any loss, cost, expense or liability to a Seller or any of its Affiliates within twenty
(20) Business Days following notification of the fact or circumstance by a Seller to the Buyer.

 

		11.	INDIRECT
                                            LOSS

 

The Buyer shall not be liable for any:

 

		(a)	indirect or consequential loss; or

 

		(b)	punitive damages (whether direct or indirect).

 

		12.	SELLER’S
                                            BREACH OF AGREEMENT

 

The Buyer shall not be liable for any
loss under any Transaction Document to the extent such loss is caused as a result of any Seller’s or any Guarantor’s breach
of any Transaction Document(s).

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
9 INTEGRATION PLAN

 

		1.	MANAGEMENT,
                                            SAFETY, ADMINISTERING:

 

		(a)	Extraction of Active Directory catalogue
                                            service to a standalone instance containing user accounts and device accounts, and not containing
                                            accounts of external users;

 

		(i)	For
                                            inspection purposes, the Sellers shall prepare a register of user accounts and a register
                                            of service accounts with a description of resources where such service accounts are used;

 

		(ii)	The
                                            Buyer shall compare the register of user accounts with the staffing chart of the Group Company.

 

		(b)	Transfer to the Buyer of the login and
                                            password for Enterprise Administrator account and a register of all information resources,
                                            where this account is used;

 

		(i)	The
                                            Buyer shall test access to all resources specified by the Sellers;

 

		(c)	Preparation of a detailed network scheme
                                            for the transferred infrastructure indicating destination hosts, VLAN, subnetworks, routers,
                                            VPN, WiFi

 

		(d)	Preparation of a register with description
                                            of parameters of all used server capacities (both owned and leased), data storage systems,
                                            virtual servers, routers, tape drives, etc. as well as transfer of all technical documentation
                                            for the transferred infrastructure;

 

		(i)	The
                                            Buyer shall perform full or randomized inventory check of the transferred infrastructure
                                            at its own discretion.

 

		(e)	Transfer of management of all network
                                            equipment and virtualization systems:

 

		(i)	The
                                            Sellers shall transfer to the Buyer access to the account with superadministering rights
                                            (login/password) to manage the whole network equipment scheme and virtualization systems;

 

		(ii)	The
                                            Buyer shall test the transferred account.

 

		(f)	Transfer of accounts used on servers and
                                            services:

 

		(i)	The
                                            Sellers shall transfer to the Buyer access to the account with superadministering rights
                                            (login/password) used on each operated server;

 

		(ii)	The
                                            Buyer shall test the transferred account.

 

		2.	TRANSFER
                                            OF INTERNAL SYSTEMS:

 

		(a)	Transfer of antivirus protection to a
                                            standalone instance and a separate license (if protection is made under a common license
                                            covering all businesses of the Sellers) and transfer of the administrator account (login/password)
                                            to the Buyer;

 

		(i)	The
                                            Buyer shall test operability of the transferred account.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(b)	Extraction of OTRS systems to a standalone
                                            instance and provision of a separate license and transfer of the administrator account (login/password)
                                            for each instance to the Buyer;

 

		(i)	The
                                            Buyer shall test operability of each transferred account.

 

		(c)	Transfer of email accounts with administering
                                            rights to the Buyer;

 

		(i)	The
                                            Buyer shall test operability of each transferred account;

 

		(d)	Preparation of a register of accounts
                                            with the rights to administer the phone system and software, which ensures operation of the
                                            call center attaching a full description of all contact details of technical employees maintaining
                                            the telephony services, data center, office equipment, and providing Internet access as well
                                            as other used types of communication;

 

		(i)	The
                                            Buyer shall test operability of each transferred account;

 

		(e)	Localization of all 1C databases (accounting,
                                            payroll and HR Management) for all acquired legal entities to own server capacities on a
                                            standalone basis:

 

		(i)	The
                                            Sellers shall prepare a register containing description of 1C information systems (functions,
                                            peculiarities, etc.)

 

		(ii)	The
                                            Sellers shall transfer to the Buyer all accounts with administering rights for each transferred
                                            1C information system;

 

		(iii)	The
                                            Buyer shall check completeness of the transferred 1C information systems against the register.
                                            The completeness of the databases shall be confirmed by a responsible employee of the Group
                                            Company. Accounts with administering rights shall be checked by testing 100% thereof.

 

		(iv)	The
                                            Sellers shall ensure consistency and completeness of the transferred data.

 

		(f)	Transfer of CRM to own server capacities
                                            on a standalone basis:

 

		(i)	The
                                            Sellers shall transfer to the Buyer a CRM user guide and all accounts with the right to superadminister
                                            servers, data base management systems and other CRM subsystems;

 

		(ii)	The
                                            Sellers shall provide the database of clients and interaction with them as of the transaction
                                            date as well as its backup copy containing revision history for the last year.

 

		(iii)	The
                                            Buyer shall check relevancy and completeness of the clients’ database.

 

		(iv)	The
                                            Buyer shall test all transferred accounts with the superadministering right.

 

		(g)	Preparation and transfer of registers
                                            of accounts with the rights to superadminister the services included in the analytical subsystem,
                                            including all used cloud services data sources:

 

		(i)	The
                                            Buyer shall test all transferred accounts with the superadministering right.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(h)	The Sellers shall provide access to data
                                            from JIRA and Confluence systems, including the user register, all knowledge base and tickets
                                            related to projects. The Sellers shall ensure operability and access to the current systems
                                            within Six (6) months.

 

		(i)	Emailing.

 

		(i)	The
                                            Sellers shall transfer to the Buyer access to accounts with administering rights (login/password)
                                            to mindbox service.

 

		(ii)	The
                                            Buyer shall test 100% of the transferred accounts.

 

		(j)	SMS forwarding.

 

		(i)	The
                                            Sellers shall transfer to the Buyer access to accounts with administering rights (login/password)
                                            to SMS gateway.

 

		(ii)	The
                                            Buyer shall test 100% of the transferred accounts.

 

		3.	HOSTING

 

		(a)	Having a contract with the data center
                                            (DC) with a backup infrastructure:

 

		(i)	The
                                            Sellers shall provide an original signed contract to the Buyer;

 

		(ii)	The
                                            Sellers shall transfer all infrastructure of the service to dedicated servers in the DC,
                                            and shall provide to the Buyer a fully operating system, which is independent from other
                                            services of the Sellers.

 

		(b)	Having a separate backup communication
                                            channel for Internet access:

 

		(i)	The
                                            Sellers shall enter into a contract with a service provider for a separate broadband Internet
                                            connection (with not less than 1 Gb/s bandwidth) to ensure availability of a reserve communication
                                            channel in case of the main line disturbance;

 

		(ii)	The
                                            Buyer shall test operability and communication bandwidth of the line.

 

		(c)	Ensuring availability of standby capacity
                                            of server infrastructure at the level not lower than х1.3 of the maximum peak load
                                            recorded in the last 6 calendar months:

 

		(i)	The
                                            Buyer shall test the maximum load of databases and service infrastructure.

 

		(d)	Setting a procedure for backup of all
                                            databases with a frequency of not less than one time per day, and transfer to the Buyer of
                                            all backup copies for one calendar month preceding Completion, attaching specifications for
                                            each database:

 

		(i)	The
                                            Buyer shall perform an inventory check of the transferred databases and all transferred backup
                                            copies.

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(e)	Transfer of monitoring and management
                                            for the hosting service, services and databases, etc. by providing to the Buyer all accounts
                                            with administering rights.

 

		(i)	The
                                            Sellers shall perform an inventory check of all accounts with administering rights (login/password)
                                            to monitor and manage the hosting service, and shall transfer the register of accounts to
                                            the Buyer;

 

		(ii)	The
                                            Buyer shall test 100% of the transferred accounts.

 

		(f)	The Sellers shall provide access to the
                                            version control system with all source code repositories and administering rights:

 

		(i)	The
                                            Buyer shall test 100% of the transferred accounts for access to the version control system.

 

		(g)	The Sellers shall perform an inventory
                                            check of all accounts with administering rights in AppStore Connect / Google Play Console,
                                            and shall transfer logins and passwords to the Buyer in accordance with the register.

 

		(i)	The
                                            Buyer shall test 100% of the transferred accounts for access to AppStore Connect / Google
                                            Play Console.

 

		4.	SOFTWARE
                                            AND LICENSES

 

		(a)	After the date of this Agreement and before
                                            Completion, the Sellers shall provide the Buyer the list of all operating software and licenses
                                            used by the Group Company in the ordinary course of business

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
10 

 

Form of Traffic Purchase Agreement

 

[***]

 

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***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
11 

 

Form of individual Shareholder Guarantees

 

[***] 

 

    117

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
12

 

Form of Transfer Instrument

 

[***]

 

    118

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule 13 

 

Part I Schedule 13-A Form
of LoC Agreement

 

[***]

 

    119

     

    

 

*** Certain confidential
portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Part
2 Schedule 13-B Forms of LoC Instructions

 

[***]

 

    120

     

    

 

*** Certain confidential portions (indicated by brackets and asterisks)
have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly
disclosed.***

 

Part
3 Schedule 13-C
Forms of Letters
of Credit

 

[***]

 

    121

     

    

 
*** Certain confidential portions (indicated by brackets and asterisks)
have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly
disclosed.***

 

Schedule
14 Related Party Agreements

 

[***]

 

    122

     

    

 
*** Certain confidential portions (indicated by brackets and asterisks)
have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly
disclosed.***

 

Schedule
15 The Intellectual Property Rights

 

[***]

 

    123

     

    

 
*** Certain confidential portions (indicated by brackets and asterisks)
have been omitted from this exhibit because such information is both (i) non-material and (ii) would be competitively harmful if publicly
disclosed.***

 

Schedule
16 Information Technology

 

[***]

 

    124

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.*** 

 

Schedule
17 

 

Material
Contracts

 

[***]

 

    125

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
18 Restricted Persons

 

1.     Chief
Technology Officer: Vilchinsky Alexey (Вильчинский Алексей);

 

2.     Chief
Sales Officer: Chernov Dmitry (Чернов Дмитрий);

 

3.     Promotion
Manager: Pshenichnikov Vladislav (Пшеничников Владислав);

 

4.     Head
of HR: Reshetnikova Lyubov (Решетникова Любовь);

 

5.     Head
of Branding Department: Sviridovich Daria (Свиридович Дарья);

 

6.     Head
of H1.RU Magazine: Moiseyeva Elizaveta (Моисеева Елизавета);

 

7.     Head
of Online Marketing Department: Nedugin Dmitry (Недугин Дмитрий);

 

8.     Head
of Monetization Development Group: Fedoseyev Oleg (Федосеев Олег);

 

9.     Head
of Buyers & Tenants Development Group: Koifman Dmitry (Койфман Дмитрий);

 

10.   Head
of Data Development Group: Denisov Andrey (Денисов Андрей);

 

11.   Head
of Mobile Development Group/Head of MLSN Development Group: Nevzorov Gleb (Невзоров Глеб);

 

12.   Head
of Technical Department: Zheleznov Andrey (Железнов Андрей);

 

13.   Lawyer:
Zilberman Lyubov (Зильберман Любовь);

 

14.   Chief
Accountant: Medvedeva Anna (Медведева Анна);

 

15.   Head
of Maintenance Department: Lyubakh Valeria (Любах Валерия);

 

16.   Chief
Economist: Paustianova Yulia (Паустьянова Юлия);

 

17.   Head
of Product Design Department: Stupnikov Anton (Ступников Антон);

 

18.   Lead
Product Manager: Zagryadsky Ilya (Загрядский Илья);

 

19.   Lead
Product Manager: Polyakov Ivan (Поляков Иван);

 

20.   Product
Manager: Peshkov Maxim (Пешков Максим);

 

    126

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

21.   Head
of Moderation Department: Shestakova Elena (Шестакова Елена);

 

22.   Head
of Data Collection Department: Starodubtseva Maria (Стародубцева Мария);

 

23.   Head
of Quality Control Department: Forostyanaya Marina (Форостяная Марина);

 

24.   Head
of Sales Department, Yekaterinburg: Turygin Dmitry (Турыгин Дмитрий);

 

25.   Major
Accounts Manager, Novosibirsk: Loginov Viktor (Логинов Виктор);

 

26.   SME
Accounts Manager, Novosibirsk: Zverev Artyom (Зверев Артем);

 

27.   Sales
Director, Omsk: Akimova Elena (Акимова Елена);

 

28.   Head
of Sales Support Department: Kovalchuk Nadezhda (Ковальчук Надежда);

 

29.   Head
of Help Desk: Savich Yulia (Савич Юлия);

 

30.   Head
of Sales Department, Chelyabinsk: Perina Daria (Перина Дарья); and

 

31.   Lead
HR Manager: Samoilenko Yulia (Самойленко Юлия).

 

    127

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
19 Guarantor WARRANTIES

 

		1.	GUARANTORS
                                            CAPACITY AND CONSENTS

 

		(a)	Each
                                            Guarantor is a company duly incorporated and organised and validly existing under the laws
                                            of its jurisdiction of incorporation.

 

		(b)	Each
                                            Guarantor has the power and authority to enter into the Transaction Documents to which it
                                            is a party and to fully perform its obligations under them in accordance with their terms.

 

		(c)	This
                                            Agreement constitutes, and each Transaction Documents to which it is a party constitute legal,
                                            valid and binding obligations of each Guarantor enforceable in accordance with their respective
                                            terms.

 

		(d)	The
                                            entry into and the exercise by each Guarantor of its rights and performance of its obligations
                                            under the Transaction Documents to which it is a party and the transactions contemplated
                                            by them will not constitute a breach or give rise to a default under any Applicable Laws
                                            or regulations or any order, decree or judgement or any provision of its constitutional documents,
                                            which has or could have a material adverse effect on its ability to execute or perform its
                                            obligations under the Transaction Documents.

 

		(e)	No
                                            Guarantor is a party to any litigation, arbitration or administrative proceedings nor is
                                            it the subject of any governmental, regulatory or official investigation or enquiry which
                                            is in progress or threatened or pending and no judgment or order or sanction of a court,
                                            arbitral tribunal or other Governmental Authority has been made against it which, in each
                                            case, has or could have a material adverse effect on its ability to execute or perform its
                                            obligations under the Transaction Documents to which it is a party.

 

		(f)	No
                                            corporate action or other steps have been taken by any Guarantor or legal proceedings started
                                            or threatened against any Guarantor for its winding up, dissolution, reorganisation (by way
                                            of voluntary arrangement, scheme of arrangement or otherwise), suspension of payments or
                                            a moratorium of any its indebtedness; or for it to enter into any arrangement, assignment
                                            or composition for the benefit of creditors; for the appointment of a receiver, administrator,
                                            administrative receiver, liquidator, supervisor, compulsory manager, trustee or similar person
                                            of any of its revenues or assets; or for the enforcement of any security over any of its
                                            assets.

 

		(g)	The
                                            execution and delivery by each Guarantor, and the performance by each Guarantor of its relevant
                                            obligations under and compliance by each Guarantor with the provisions of, this Agreement
                                            and the Transaction Documents will not:

 

		(i)	conflict
                                            with, or result in a violation of, any provision of the Organisational Documents of:

 

		(1)	the
                                            respective Guarantor; or

 

		(2)	the
                                            shareholders of the respective Guarantor; or

 

		(ii)	result
                                            in a material breach of, or constitute a material default under, any instrument or agreement
                                            to which any of the following persons is a party or by which any of the following persons
                                            is bound:

 

    128

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

		(1)	each
                                            Guarantor; or

 

		(2)	shareholders
                                            of each Guarantor; or

 

		(iii)	conflict
                                            with, or result in a violation of, any law or regulation in any jurisdiction having the force
                                            of law or of any order, judgment, injunction or decree of any court or governmental agency
                                            by which any of the following persons is bound:

 

		(iv)	each
                                            Guarantor; or

 

		(v)	shareholders
                                            of each Guarantor.

 

		(h)	Each
                                            Guarantor has obtained all consents, authorisations and approvals from its corporate governance
                                            bodies, any Governmental Authority and any other party, as required to authorise the execution,
                                            delivery, validity, enforceability or admissibility in evidence of the Transaction Documents
                                            to which it is a party or the performance of each Guarantor’s obligations under the
                                            Transaction Documents to which it is a party or will be required as a consequence of any
                                            Transaction Document.

 

		2.	SOLVENCY

 

		(a)	Each
                                            Guarantor:

 

		(i)	is
                                            not insolvent or unable to pay its debts within the meaning of the laws of its jurisdiction
                                            of incorporation or any other applicable insolvency legislation; or

 

		(ii)	has
                                            not stopped or suspended paying its debts as they fall due.

 

    129

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
20 Pre-emption Waivers

 

[***]

 

    130

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
21 Material Licenses

 

[***] 

 

    131

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

Schedule
22 Non-Group Company Powers of Attorney

 

[***] 

 

    132

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

EXECUTION
PAGE

 

	Executed as a deed by Hearst Shkulev 	)	 
	Digital Regional Network B.V. acting by	) 	  
	 	) 	/s/ Elena Shkuleva	 
	 	 	 	 
	 	 	Managing Director	 
	 	 	 	 
	 	 	/s/Marscha Kronwel	 
	 	 	 	 
	 and by	 	Managing Director	 
	 	 	 
	Executed as a deed by Dorozhkin Evgeny	)	 
	Alexeevich, in the presence of:	)	 
	 	)	/s/ Dorozhkin Evgeny Alexeevich	 
	 	 	 	 
	 	 	Director	 
	 	 	 	 
	Signature of witness: 	/s/ Baibaratskaya Marina	 	 	 
	 	 	 	 
	Name of witness: Baibaratskaya Marina	 	 	 
	 	 	 	 
	Address: Omsk city, Ivan Alekseev Str, 6 App. 9	 	 	 
	 	 	 	 
	Occupation: Head of the Department of the Institute	 	 	 
	 	 	 	 
	Executed as a deed by Astapenko Sergey	)	 	 
	Vitalievich, in the presence of:	)	 	 
	 	)	/s/ Astapenko Sergey Vitalievich	 
	 	 	 	 
	 	 	Director	 
	 	 	 	 
	Signature of witness: 	/s/ Yulia Tsipileva 	 	 	 
	 	 	 	 
	Name of witness: Yulia Tsipileva	 	 	 
	 	 	 	 
	Address: Russia, Moscow, Koylatsky Hills, 35 App.805	 	 	 
	 	 	 	 
	Occupation: General Counsel	 	 	 

  

    133

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	Executed as a deed by Baibaratsky	)	 
	Alexandr Ivanovich, in the presence of:	) 	  
	 	) 	/s/ Baibaratsky Alexandr Ivanovich	 
	 	 	 	 
	 	 	Director	 
	 	 	 	 
	Signature of witness: 	/s/ Baibaratskaya Marina	 	 	 
	 	 	 	 
	Name of witness: Baibaratskaya Marina	 	 	 
	 	 	 	 
	Address: Omsk city, Ivan Alekseev Str, 6 App. 9	 	 	 
	 	 	 	 
	Occupation: Head of the Department of the Institute	 	 	 
	 	 	 	 
	Executed as a deed by Mimons	)	 	 
	Investments Limited, acting by	)	 	 
	 	)	/s/ A. Nealeao	 
	 	 	 	 
	in the presence of:	 	Director	 
	 	 	 	 
	Signature of witness: 	/s/ Christina Tillyrou	 	 	 
	 	 	 	 
	Name of witness: Christina Tillyrou	 	 	 
	 	 	 	 
	Address:  9 Kafkasou street,	 	 	 
	                   2112 Aglantzia,	 	 	 
	                   Nicosia, Cyprus	 	 	 
	 	 	 	 
	Occupation: Corporate Supervising Consultant	 	 	 
	 	 	 	 
	Executed as a deed by HS Holding B.V., 	)	 	 
	acting by Elena Shkuleva	)	 	 
	 	)	/s/ Elena Shkuleva	 
	 	 	 	 
	 	 	Director A	 
	 	 	 	 
	 	 	/s/ Marscha Krowel	 
	 	 	 	 
	 	 	Director B	 

 

    134

     

    

 

***
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit because such information is both (i) non-material and
(ii) would be competitively harmful if publicly disclosed.***

 

	Executed as a deed by Limited Liability	)	 
	Company “HS Publishing”, acting by	) 	  
	Julia Tsipileva	) 	/s/ Julia Tsipileva	 
	 	 	 	 
	 	 	Director	 
	 	 	 	 
	in the presence of: 	 	 	 
	 	 	 	 
	Signature of witness: 	/s/ Anna Bekirova	 	 	 
	 	 	 	 
	Name of witness: Anna Bekirova	 	 	 
	 	 	 	 
	Address: Moscow, 13 Filevskya st. 21-1-17	 	 	 
	 	 	 	 
	Occupation: Deputy General Counsel	 	 	 
	 	 	 	 
	Executed as a deed by Limited 	)	 	 
	Liability Company “Hearst Shkulev Media”,	)	/s/ Natalia Shkuleva	 
	acting by Natalia Shkuleva	)	 	 
	 	 	Director	 
	 	 	 	 
	in the presence of: 	 	 	 
	 	 	 	 
	Signature of witness: 	/s/ Julia Tsipileva	 	 	 
	 	 	 	 
	Name of witness: Julia Tsipileva	 	 	 
	 	 	 	 
	Address: Russia, Moscow, Koylatsky Hills, 35-4-805	 	 	 
	 	 	 	 
	Occupation: General Counsel	 	 	 
	 	 	 	 
	Executed as a deed by Limited Liability	)	 	 
	Company “InterMediaGroup”, acting by	)	/s/ Natalia Shkuleva	 
	Natalia Shkuleva	)	 	 
	 	 	Director	 
	 	 	 	 
	in the presence of: 	 	 	 
	 	 	 	 
	Signature of witness: 	/s/ Julia Tsipileva	 	 	 
	 	 	 	 
	Name of witness: Julia Tsipileva	 	 	 
	 	 	 	 
	Address: Russia, Moscow, Koylatsky Hills, 35-4-805	 	 	 
	 	 	 	 
	Occupation: General Counsel	 	 	 

 

    135

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