Document:

Form of Change of Control Agreements dated January 1, 2008

 Exhibit (10)(uu) 
 CHANGE OF CONTROL AGREEMENT 
 THIS AGREEMENT, entered into as of the 1st day of January, 2008, by and
between MARSHALL & ILSLEY CORPORATION (the “Company”), and «Name» (the “Executive”) (hereinafter collectively referred to as “the parties”). 
 W I T N E S S E T H : 
 WHEREAS, the Board of
Directors of the Company (the “Board”) recognizes that the possibility of a Change of Control (as hereinafter defined in Section 2) exists and that the threat of or the occurrence of a Change of Control can result in significant
distractions of its key management personnel because of the uncertainties inherent in such a situation; and 
 WHEREAS, the Board has
determined that it is essential and in the best interests of the Company and its shareholders to retain the services of the Executive in the event of a threat or occurrence of a Change of Control and to ensure his continued dedication and efforts in
such event without undue concern for his personal financial and employment security; and 
 WHEREAS, in order to induce the Executive to
remain in the employ of the Company, particularly in the event of a threat of or the occurrence of a Change of Control, the Company desires to enter into this Agreement with the Executive. 
 NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows: 
 1. Employment Term. (a) The “Employment Term” shall commence on the first date during the Protected Period (as defined in
Section 1(c), below) on which a Change of Control (as defined in Section 2, below) occurs (the “Effective Date”) and shall expire on the second anniversary of the Effective Date; provided, however, that at the end
of each day of the Employment Term the Employment Term shall automatically be extended for one (1) day unless either the Company or the Executive shall have given written notice to the other at least thirty (30) days prior thereto that the
Employment Term shall not be so extended. 
 (b) Notwithstanding anything contained in this Agreement to the contrary, if the
Executive’s employment is terminated prior to the Effective Date and the Executive reasonably demonstrates that such termination (i) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to
effect a Change of Control, or (ii) otherwise occurred in connection with or in anticipation of a Change of Control, then for all purposes of this Agreement, the Effective Date shall mean the date immediately prior to the date of such
termination of the Executive’s employment. 
 (c) For purposes of this Agreement, the “Protected Period” shall be the two
(2) year period commencing on the date hereof; provided, however, that at the end of each day the Protected Period shall be automatically extended for one (1) day unless at least thirty (30) days prior thereto the
Company shall have given written notice to the Executive that the Protected Period shall not be so extended; and provided, further, that notwithstanding any such notice by the Company not to extend, the Protected Period shall not end
if prior to the expiration thereof 

 
any third party has indicated an intention or taken steps reasonably calculated to effect a Change of Control, in which event the Protected Period shall end
only after such third party publicly announces that it has abandoned all efforts to effect a Change of Control. 
 2. Change of
Control. For purposes of this Agreement, a “Change of Control” shall mean the first to occur of the following: 
 (a) The
acquisition by any individual, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of thirty-three percent (33%) or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions
of common stock shall not constitute a Change of Control: (i) any acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege or by one person or a group of persons acting in concert),
(ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any corporation
pursuant to a reorganization, merger, statutory share exchange or consolidation which would not be a Change of Control under subsection (c) of this Section 2; or 
 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an
actual or threatened “election contest” or other actual or threatened “solicitation” (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) of proxies or consents by or on behalf of a person
other than the Incumbent Board; or 
 (c) Consummation of a reorganization, merger, statutory share exchange or consolidation, unless,
following such reorganization, merger, statutory share exchange or consolidation, (i) more than two-thirds (2/3) of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger,
statutory share exchange or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all
or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such reorganization, merger, statutory share
exchange or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, statutory share exchange or consolidation, (ii) no person (excluding the Company, any employee benefit plan
(or related trust) of the Company or such corporation resulting from such reorganization, merger, statutory 

  

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share exchange or consolidation and any person beneficially owning, immediately prior to such reorganization, merger, statutory share exchange or
consolidation, directly or indirectly, thirty-three percent (33%) or more of the Outstanding Company Common Stock or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, thirty-three percent
(33%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, statutory share exchange or consolidation or the combined voting power of the then outstanding voting
securities of such corporation, entitled to vote generally in the election of directors and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger, statutory share
exchange or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger or consolidation; or 
 (d) Consummation of (i) a complete liquidation or dissolution of the Company or (ii) the sale or other disposition of all or substantially all
of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more than two-thirds (2/3) of, respectively, the then outstanding shares of common stock of such corporation and
the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership,
immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no person (excluding the Company and any employee benefit plan (or related trust) of
the Company or such corporation and any person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, thirty-three percent (33%) or more of the Outstanding Company Common Stock or Outstanding Company
Voting Securities, as the case may be) beneficially owns, directly or indirectly, thirty-three percent (33%) or more of, respectively, the then outstanding shares of common stock of such corporation or the combined voting power of the then
outstanding voting securities of such corporation entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time
of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company. 
 3.
Employment. (a) Subject to the provisions of Section 3, hereof, the Company agrees to continue to employ the Executive and the Executive agrees to remain in the employ of the Company during the Employment Term. During the Employment
Term, the Executive shall be employed in such executive capacity as may be mutually agreed to by the parties. During the Employment Term, Executive’s position (including status, offices, titles and reporting requirements), authority, duties and
responsibilities shall be at least commensurate in all material respects with the most significant of those held or assigned at any time during the twelve (12) month period immediately preceding the Effective Date, and Executive’s services
shall be performed at the location where Executive was employed immediately preceding the Effective Date or at any office or location less than thirty-five (35) miles from such location, unless mutually agreed to in writing by the parties.

  

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 (b) Excluding periods of vacation and sick leave to which the Executive is entitled, during the
Employment Term the Executive agrees to devote full time attention to the business and affairs of the Company to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, provided that the Executive may take
reasonable amounts of time to (i) serve on corporate, civic or charitable boards or committees, and (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions, if such activities do not significantly interfere
with the performance of the Executive’s responsibilities hereunder. It is expressly understood and agreed that to the extent any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such
activities (or the conduct of activities similar in nature and scope) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of Executive’s responsibilities hereunder. 
 4. Compensation. (a) Base Salary. During the Employment Term, the Executive shall receive an annual base salary (“Annual Base
Salary”), which shall be paid at a monthly rate, at least equal to twelve (12) times the highest monthly base salary paid or payable to the Executive by the Company and its affiliated companies in respect of the twelve (12) month
period immediately preceding the month in which the Effective Date occurs, including any amounts which were deferred under any plans of the Company and its affiliated companies. During the Employment Term, the Annual Base Salary shall be reviewed at
least annually and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary generally awarded in the ordinary course of business to other peer executives of the Company and its
affiliated companies. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary
as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies” shall include any company controlled by, controlling or under common control with the Company.

 (b) Annual Bonus. In addition to Annual Base Salary, the Executive shall be awarded, for each fiscal year ending during the
Employment Term, an annual bonus (the “Annual Bonus”) in cash at least equal to the average annualized (for any fiscal year consisting of less than twelve (12) full months or with respect to which the Executive has been employed by
the Company for less than twelve (12) full months) bonuses paid or payable, including any amounts which were deferred under any plans of the Company and its affiliated companies, to the Executive by the Company and its affiliated companies in
respect of the three (3) fiscal years immediately preceding the fiscal year in which the Effective Date occurs (the “Recent Average Bonus”). Each such Annual Bonus shall be paid no later than seventy-five (75) days after the end
of the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus under any plan or arrangement of the Company allowing therefor. 
 (c) Incentive, Savings and Retirement Plans. During the Employment Term, the Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive
opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the
aggregate, 

  

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than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as
in effect at any time during the twelve (12) month period immediately preceding the Effective Date, or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company
and its affiliated companies. 
 (d) Benefit Plans. During the Employment Term, the Executive and/or the Executive’s family, as
the case may be, shall be eligible for participation in and shall receive all benefits under benefit plans, practices, policies and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription
drug, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and its affiliated companies and
their families; but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for
the Executive and his family at any time during the twelve (12) month period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives
of the Company and its affiliated companies and their families. 
 (e) Expenses. During the Employment Term, the Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and its affiliated companies in effect for the Executive at any
time during the twelve (12) month period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated
companies. 
 (f) Fringe Benefits. During the Employment Term, the Executive shall be entitled to fringe benefits (including but not
limited to Company cars, club dues and physical examinations) in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Executive at any time during the twelve
(12) month period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 
 (g) Office and Support Staff. During the Employment Term, the Executive shall be entitled to an office or offices of a size and with furnishings
and other appointments, and to exclusive personal secretarial and other assistance, in accordance with the most favorable of the foregoing provided to the Executive by the Company and its affiliated companies at any time during the twelve
(12) month period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 
 (h) Vacation and Sick Leave. During the Employment Term, the Executive shall be entitled to paid vacation and sick leave (without loss of pay) in
accordance with the most favorable plans, policies, programs and practices of the Company and its affiliated companies as 

  

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in effect for the Executive at any time during the twelve (12) month period immediately preceding the Effective Date or, if more favorable to the
Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies. 
 (i) Restrictions. As of the Effective Date, all restrictions limiting the exercise, transferability or other incidents of ownership of any outstanding award, including but not limited to restricted stock, options, stock appreciation
rights, or other property or rights of the Company granted to the Executive shall lapse, and such awards shall become fully vested and be held by the Executive free and clear of all such restrictions. This provision shall apply to all such property
or rights notwithstanding the provisions of any other plan or agreement, unless the effect of the application of this provision to a particular right or property would result in the loss of favorable securities law treatment for participants under
the plan pursuant to which the award was granted. 
 5. Termination of Employment. During the Employment Term, the Executive’s
employment hereunder may be terminated under the following circumstances: 
 (a) Death or Disability. The Executive’s employment
shall terminate automatically upon the Executive’s death during the Employment Term. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Term (pursuant to the definition of Disability
set forth below), it may give to the Executive written notice in accordance with Section 5 of this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall
terminate effective on the thirtieth (30th) day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within thirty (30) days after such receipt, the Executive shall not have returned to
full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for one hundred eighty
(180) consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the
Executive’s legal representative, provided if the parties are unable to agree, the parties shall request the Dean of the Medical College of Wisconsin to choose such physician. 
 (b) Cause. The Company may terminate the Executive’s employment for “Cause.” A termination for Cause is a termination evidenced by
a resolution adopted in good faith by a majority of the Board that the Executive (i) willfully, deliberately and continually failed to substantially perform his duties under Section 3, above (other than a failure resulting from the
Executive’s incapacity due to physical or mental illness) which failure constitutes gross misconduct, and results in and was intended to result in demonstrable material injury to the Company, monetary or otherwise, or (ii) committed acts
of fraud and dishonesty constituting a felony, as determined by a final judgment or order of a court of competent jurisdiction, and resulting or intended to result in gain to or personal enrichment of the Executive at the Company’s expense,
provided, however, that no termination of the Executive’s employment shall be for Cause as set forth in (i), above, until (a) Executive shall have had at least sixty (60) days to cure any conduct or act alleged to
provide Cause for termination after a written notice of demand has been delivered to the Executive specifying in detail the manner in which the Executive’s conduct violates this Agreement, and (b) the Executive shall have been provided an

  

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opportunity to be heard by the Board (with the assistance of the Executive’s counsel if the Executive so desires). No act, or failure to act, on the
Executive’s part, shall be considered “willful” unless he has acted or failed to act in bad faith and without a reasonable belief that his action or failure to act was in the best interest of the Company. Notwithstanding anything
contained in this Agreement to the contrary, no failure to perform by the Executive after Notice of Termination is given by the Executive shall constitute Cause for purposes of this Agreement. 
 (c) Good Reason. 
 (1)
The Executive may terminate his employment for Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence after a Change of Control of any of the events or conditions described in Subsections (i) through
(vi) hereof: 
 (i) A change in the Executive’s status, title, position or responsibilities (including reporting
responsibilities) which, in the Executive’s reasonable judgment, does not represent a promotion from his status, title, position or responsibilities as in effect immediately prior thereto; the assignment to the Executive of any duties or
responsibilities which, in the Executive’s reasonable judgment, are inconsistent with his status, title, position or responsibilities in effect immediately prior to such assignment; or any removal of the Executive from or failure to reappoint
or reelect him to any position, except in connection with the termination of his employment for Disability, Cause, as a result of his death or by the Executive other than for Good Reason; 
 (ii) Any failure by the Company to comply with any of the provisions of Section 4 of this Agreement. 
 (iii) The insolvency or the filing (by any party, including the Company) of a petition for bankruptcy of the Company; 
 (iv) Any material breach by the Company of any provision of this Agreement; 
 (v) Any purported termination of the Executive’s employment for Cause by the Company which does not comply with the terms of
Section 5 of this Agreement; and 
 (vi) The failure of the Company to obtain an agreement, satisfactory to the
Executive, from any successor or assign of the Company, to assume and agree to perform this Agreement, as contemplated in Section 10 hereof. 
 (2) Any event or condition described in Section 5(c)(1) which occurs prior to the Effective Date but which the Executive reasonably demonstrates (i) was at the request of a third party who has indicated an
intention or taken steps reasonably calculated to effect a Change of Control, or (ii) otherwise arose in connection with or in anticipation of a Change of Control, shall constitute Good Reason for purposes of this Agreement notwithstanding that
it occurred prior to the Effective Date. 
  

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 (3) The Executive’s right to terminate his employment pursuant to this
Section 5(c) shall not be affected by his incapacity due to physical or mental illness. The Executive’s continued employment or failure to give Notice of Termination shall not constitute consent to, or a waiver of rights with respect to,
any circumstances constituting Good Reason hereunder. 
 (4) For purposes of this Section 5(c), any good faith
determination of Good Reason made by the Executive shall be conclusive. 
 (d) Voluntary Termination. The Executive may voluntarily
terminate his employment hereunder at any time. 
 (e) Notice of Termination. Any purported termination by the Company or by the
Executive (other than by death of the Executive) shall be communicated by Notice of Termination to the other. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated, and (iii) the Termination Date. For purposes of this Agreement, no such purported termination of employment shall be effective without such Notice of Termination. 
 (f) Termination Date, etc. “Termination Date” shall mean in the case of the Executive’s death, his date of death, or in all other
cases, the date specified in the Notice of Termination subject to the following: 
 (1) If the Executive’s employment is
terminated by the Company, the date specified in the Notice of Termination shall be at least thirty (30) days after the date the Notice of Termination is given to the Executive, provided, however, that in the case of Disability,
the Executive shall not have returned to the full-time performance of his duties during such period of at least thirty (30) days; 
 (2) If the Executive’s employment is terminated for Good Reason, the date specified in the Notice of Termination shall not be more than sixty (60) days after the date the Notice of Termination is given to
the Company; and 
 (3) In the event that within thirty (30) days following the date of receipt of the Notice of
Termination, one party notifies the other that a dispute exists concerning the basis for termination, the Executive’s employment hereunder shall not be terminated except after the dispute is finally resolved and a Termination Date is determined
either by a mutual written agreement of the parties, or by a binding and final judgment order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected). 
 (g) Definition of Termination of Employment. For all purposes of this Agreement, the determination of whether Executive’s employment has
terminated will be made in accordance with Treas. Reg. §1.409A-1(h)(1)(ii), as the same may be amended from time to time, promulgated under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

 

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 6. Obligations of the Company Upon Termination. 
 (a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Term, the Company shall terminate the Executive’s
employment other than for Cause or Disability or the Executive shall terminate employment for Good Reason: 
 (i) The Company
shall pay to the Executive in a lump sum in cash, on the first business day after the six-month anniversary of the Termination Date, the aggregate of the following amounts, except that the amount in subparagraph A(1) below shall be paid on the next
regular payroll date of the Company after the Termination Date: 
 A. The sum of: 
 (1) The Executive’s Annual Base Salary through the Termination Date to the extent not theretofore paid; and 
 (2) The product of (x) the higher of (I) the Recent Average Bonus and (II) the Annual Bonus paid or payable, including any
amount deferred, (and annualized for any fiscal year consisting of less than twelve (12) full months or for which the Executive has been employed for less than twelve (12) full months) for the most recently completed fiscal year during the
Employment Term, if any (such higher amount being referred to as the “Highest Annual Bonus.) and (y) a fraction, the numerator of which is the number of days completed in the current fiscal year through the Termination Date, and the
denominator of which is 365. 
 The sum of the amounts described in Clauses (1) and (2) shall be hereinafter
referred to as the “Accrued Obligations”; 
 B. The amount equal to the product of (1) two and (2) the sum
of (x) the Executive’s Annual Base Salary (increased for this purpose by any Section 401(k) deferrals, cafeteria plan elections, or other deferrals that would have increased Executive’s Annual Base Salary if paid in cash to
Executive when earned) and (y) the Executive’s Highest Annual Bonus; 
 C. A separate lump-sum supplemental
retirement benefit equal to the difference between (1) the actuarial equivalent (utilizing for this purpose the most favorable to the Executive actuarial assumptions and Company contribution history with respect to the applicable retirement
plan, incentive plans, savings plans and other plans described in Section 4(c) (or any successor plan thereto) (the “Retirement Plans”) during the twelve (12) month period immediately preceding the Effective Date) of the benefit
payable under the Retirement Plans and any supplemental and/or excess retirement plan providing benefits for the Executive (the “SERP”) which the Executive would receive if the Executive’s employment continued for an additional two
(2) years after the Termination Date with annual compensation equal to the sum of the Annual Base Salary and Highest Annual Bonus, assuming for this purpose that all accrued benefits and contributions are fully vested and that benefit accrual
formulas and Company 

  

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contributions are no less advantageous to the Executive than those in effect during the twelve (12) month period immediately preceding the Effective
Date, and (2) the actuarial equivalent (utilizing for this purpose the actuarial assumptions utilized with respect to the Retirement Plans during the twelve (12) month period immediately preceding the Effective Date) of the
Executive’s actual benefit (paid or payable), if any, under the Retirement Plans and the SERP. For example, if there were a termination of employment today this supplemental retirement benefit would be interpreted with respect to two plans in
existence today as follows: (i) with respect to the Retirement Growth component of the retirement program of the Company, the Executive would receive two times eight percent (8%) (or sixteen percent (16%)) of the sum of the
Executive’s Annual Base Salary (determined in accordance with subsection C of Section 6(a)(i)) and the Executive’s Highest Annual Bonus; and (ii) with respect to the Incentive Savings component of the retirement program of the
Company, the Executive would receive two times the annual Company match of fifty percent (50%) of the Executive’s maximum allowable contribution to the plan assuming Executive’s compensation is as set forth above; and 
 D. The amount equal to the product of (i) two and (ii) the sum of (x) the imputed income reflected on Executive’s W-2
attributable to the car provided to Executive by the Company or its affiliates for the last calendar year ending before the Effective Date and (y) the club dues for Executive paid by the Company or its affiliates attributable to such year.

 E. Simple interest on the sum of the amounts owing to Executive under subparagraphs A(2) through D, above, for the period
beginning with the Termination Date and ending on the first day of the seventh month after the Termination Date, computed at the rate paid on money market accounts by M&I Marshall & Ilsley Bank, or its successor. 
 (ii) For twenty-four (24) months after the Termination Date, the Company shall continue to provide medical and dental benefits to the
Executive and/or the Executive’s family in accordance with the most favorable plans, practices, programs or policies of the Company and its affiliated companies applicable generally to other peer executives who are active employees and their
families as in effect from time to time thereafter; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other benefits under another employer provided plan, the
medical and other benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility, provided that the aggregate coverage of the combined benefit plans is no less favorable to the
Executive, in terms of amounts and deductibles and costs to him, than the coverage required hereunder. For purposes of determining eligibility of the Executive for retiree health insurance, the Executive shall be considered to have remained employed
until the end of such twenty-four (24) month period and to have retired on the last day of such period. If the Executive would qualify at the end of such twenty-four (24) month period for retiree health insurance under the Company’s
plan guidelines as in existence on the Effective Date, the Company shall provide to the Executive and his or her spouse, for life, retiree health insurance, 

  

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subsidized to at least the same percentage extent as under the Company’s plan as in existence on the Effective Date. Such retiree health insurance shall
provide medical benefits to the Executive and/or the Executive’s spouse in accordance with the most favorable plans, practices, programs or policies of the Company and its affiliated companies applicable generally to other peer executives who
are active employees and their spouses as in effect from time to time thereafter; provided, however, that if the Executive and/or the Executive’s spouse qualifies for coverage by Medicare or any successor program, the Company may
require that the Executive and/or the Executive’s spouse fully participate in Medicare and pay the premiums therefor personally. In order to comply with Section 409A of the Code, the parties hereto agree that the in-kind benefits provided
during each calendar year may not affect the in-kind benefits to be provided in any other calendar year. 
 (iii) The
Executive shall have the right to purchase the car provided to him by the Company or its affiliates during the twelve (12) month period immediately preceding the Effective Date, if applicable, (or a comparable car acceptable to the Executive if
such car is no longer owned by the Company or its affiliates), at the book value thereof on the Termination Date, exercisable within thirty (30) days after the Termination Date; and if the car is not purchased, Executive shall return the car to
the Company. 
 (iv) For the twenty-four (24) month period after the Termination Date, the Company shall continue to
provide group term life insurance (or comparable term coverage) in the same face amount and on substantially the same terms as in effect for the Executive just prior to the Effective Time. At the end of the twenty-four (24) month period, the
Executive shall have any conversion rights as regards such coverage as are provided by law. 
 (v) To the extent not
theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive pursuant to this Agreement under any plan, program,
policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”). 
 (vi) All options awarded by the Company to the Executive on or after the date of this Agreement which are outstanding as of the
Termination Date shall remain exercisable for the lesser of (A) the remainder of their respective terms or (B) one year after the Executive’s death. The option term for each option is set out in the relevant agreement granting each
option. 
 Notwithstanding anything herein contained to the contrary, the payments and benefits provided in this Section 6(a) (other than the Accrued
Obligations) shall not be paid or provided to the Executive unless and until he executes a Complete and Permanent Release (the “Release”) in the form attached hereto, and the applicable period for rescission of the Release has expired. The
parties agree that the Release may be expanded to include any company acquiring the Company and its affiliates as “Released Parties,” as defined in the Release. 
  

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 (b) Death. If the Executive’s employment is terminated by reason of the Executive’s
death during the Employment Term, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, except that the Company shall pay or provide the Accrued Obligations, six
(6) months of Annual Base Salary, and the Other Benefits. The Accrued Obligations shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) days of the Termination Date. The six
(6) months of Annual Base Salary shall be paid during the six (6) month period following the Termination Date on a monthly basis. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this
Section 6(b) shall include, and the Executive’s family shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company and any of its affiliated companies to surviving families of peer
executives of the Company and such affiliated companies under such plans, programs, practices and policies relating to family death benefits, if any, as in effect with respect to other peer executives and their families at any time during the twelve
(12) month period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive’s family, as in effect on the date of the Executive’s death with respect to other peer executives of the Company
and its affiliated companies and their families. 
 (c) Disability. If the Executive’s employment is terminated by reason of the
Executive’s Disability during the Employment Term, this Agreement shall terminate without further obligations to the Executive, except that the Company shall pay or provide the Accrued Obligations and the Other Benefits. The Accrued Obligations
shall be paid to the Executive as follows: the amount in subparagraph A(1) of Section 6(a)(i) shall be paid in a lump sum in cash on the next regular payroll date; the amount in subparagraph A(2) of Section 6(a)(i) shall be paid in a lump
sum in cash on the first business day after the six-month anniversary of the Termination Date, with simple interest from the Termination Date to the date of payment computed at the rate paid on money market accounts by M&I Marshall &
Ilsley Bank, or its successor; and the Other Benefits, as provided herein, shall be paid in accordance with the terms of the relevant plans; provided, however, that to the extent required by Section 409A of the Code, the
commencement of such Other Benefits will be delayed to the first day of the seventh month after the Termination Date, at which time any delayed payments will be made in a lump sum, with simple interest from the Termination Date to the date of
payment computed at the rate paid on money market accounts by M&I Marshall & Ilsley Bank, or its successor. With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 6(c) shall include,
and the Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and its affiliated companies to disabled executives
and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect generally with respect to other peer executives and their families at any time during the twelve (12) month
period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive’s family, as in effect at any time thereafter generally with respect to other peer executives of the Company and its affiliated
companies and their families. 
 (d) Cause; Other Than for Good Reason. If the Executive’s employment shall be terminated for
Cause during the Employment Term, or if the Executive voluntarily terminates employment during the Employment Term for other than Good Reason, this Agreement shall terminate without further obligations to the Executive other than the obligation to
pay to the 

  

 12 

 
Executive Annual Base Salary through the Date of Termination and any other amounts earned or accrued through the Termination Date, in each case to the extent
theretofore unpaid; provided that if Executive voluntarily terminates, Executive shall receive the benefits normally provided upon normal or early retirement with respect to other peer Executives and their families to the extent he qualifies
therefore All salary or compensation hereunder shall be paid to the Executive in a lump sum in cash within thirty (30) days of the Date of Termination, except to the extent any delay is required pursuant to Section 409A of the Code.

 (e) Delinquent Payments. If any of the payments referred to in this Section 6 are not paid within the time specified after the
Termination Date (hereinafter a “Delinquent Payment”), in addition to such principal sum, the Company will pay to the Executive interest on all such Delinquent Payments computed at the prime rate as announced from time to time by M&I
Marshall & Ilsley Bank, or its successor, compounded monthly. Notwithstanding the foregoing, no interest shall be due and owing as regards payments which are delayed because of Executive’s failure to execute the Release or the
recission thereof. 
 (f) Vacation Pay. In consideration of all payments made by the Company to the Executive pursuant to this
Agreement, the Executive hereby waives any claim he may have for accrued and unpaid vacation pay as of the Termination Date. 
 7. No
Mitigation. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be
reduced (except to the extent set forth in Section 6(a)(ii)) whether or not the Executive obtains other employment. 
 8. Excise Tax
Payments. 
 (a) If any payment or distribution to or for the benefit of the Executive, whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, his employment with the Company (a “Payment” or “Payments”), would be subject to the excise tax imposed by
Section 4999 of the Code, or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any interest and penalties, are collectively referred to as the “Excise Tax”), then
the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including
any Excise Tax, imposed upon the Gross-Up Payment, the Executive retains, or has paid to the taxing authority on his behalf, an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing, no
Gross-Up Payment will be made to the Executive if reducing the amount paid to the Executive under Section 6(a)(i)(B) of this Agreement by $50,000 or less would avoid the application of the Excise Tax. 
 (b) A determination shall be made as to whether and when a Gross-Up Payment is required pursuant to this Section 8 and the amount of such Gross-Up
Payment, such determination to be made within fifteen (15) business days of the Termination Date, or such other time as reasonably requested by the Company or by the Executive (provided the Executive reasonably believes that any of the Payments
may be subject to the Excise Tax). Such 

  

 13 

 
determination shall be made by a national independent accounting firm selected by the Executive (the “Accounting Firm”). All fees, costs and
expenses (including, but not limited to, the cost of retaining experts) of the Accounting Firm shall be borne by the Company and the Company shall pay such fees, costs and expenses as they become due. The Accounting Firm shall provide detailed
supporting calculations, acceptable to the Executive, both to the Company and the Executive. The Gross-Up Payment, if any, as determined pursuant to this Section 8(b) shall be paid by the Company to the Executive or paid by the Company on
behalf of the Executive to the applicable government taxing authorities by means of payroll tax withholding if required by law or if timely requested by the Executive when payment of all or any portion of the Excise Tax is due, but in no event later
than the end of the Executive’s taxable year next following the Executive’s taxable year in which the Executive or the Company remits the Excise Tax. If the Accounting Firm determines that no Excise Tax is payable by the Executive with
respect to a Payment or Payments, it shall furnish the Executive with an unqualified opinion that no Excise Tax will be imposed with respect to any such Payment or Payments. Any such initial determination by the Accounting Firm of the Gross-Up
Payment shall be binding upon the Company and the Executive subject to the application of Section 8(c). 
 (c) As a result of the
uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that a Gross-Up Payment (or a portion thereof) will be paid which should not have been paid (an “Overpayment”) or a Gross-Up Payment (or a portion
thereof) which should have been paid will not have been paid (an “Underpayment”). An Underpayment shall be deemed to have occurred upon notice (formal or informal) to the Executive from any governmental taxing authority that the tax
liability of the Executive (whether in respect of the then current taxable year of the Executive or in respect of any prior taxable year of the Executive) may be increased by reason of the imposition of the Excise Tax on a Payment or Payments with
respect to which the Company has failed to make a sufficient Gross-Up Payment. An Overpayment shall be deemed to have occurred upon a “Final Determination” (as hereinafter defined) that the Excise Tax shall not be imposed upon a Payment or
Payments with respect to which the Executive had previously received a Gross-Up Payment. A Final Determination shall be deemed to have occurred when the Executive has received from the applicable governmental taxing authority a refund of taxes or
other reduction in his tax liability by reason of the Overpayment and upon either (i) the date a determination is made by, or an agreement is entered into with, the applicable governmental taxing authority which finally and conclusively binds
the Executive and such taxing authority, or in the event that a claim is brought before a court of competent jurisdiction, the date upon which a final determination has been made by such court and either all appeals have been taken and finally
resolved or the time for all appeals has expired or (ii) the expiration of the statute of limitations with respect to the Executive’s applicable tax return. If an Underpayment occurs, the Executive shall promptly notify the Company and the
Company shall pay to the Executive at least five (5) business days prior to the date on which the applicable governmental taxing authority has requested payment, an additional Gross-Up Payment equal to the amount of the Underpayment plus any
interest and penalties imposed on the Underpayment, but in no event later than the end of the Executive’s taxable year following the Executive’s taxable year in which the additional Excise Taxes are remitted to the taxing authority. If an
Overpayment occurs, the amount of the Overpayment shall be treated as a loan by the Company to the Executive and the Executive shall, within ten (10) business days of the occurrence of such Overpayment, pay to the Company the amount of the
Overpayment plus 

  

 14 

 
interest at an annual rate equal to the rate provided for in Section 1274(b)(2)(B) of the Code from the date the Gross-Up Payment (to which the
Overpayment relates) was paid to the Executive. 
 (d) If no Gross-Up Payment is made because reducing the Payments to the Executive under
Section 6(a)(i)(B) of this Agreement by $50,000 or less would avoid the application of the Excise Tax, then the amount paid to the Executive under Section 6(a)(i)(B) of this Agreement shall be reduced by the amount necessary to avoid the
Excise Tax; provided, however, the reduction will only be made if doing so would result in the Executive retaining more after-tax than if the reduction were not made. 
 9. Unauthorized Disclosure. During the term of the Executive’s employment with the Company, and during the two-year period following the
Termination Date, the Executive shall not make any Unauthorized Disclosure. For purposes of this Agreement, “Unauthorized Disclosure” shall mean disclosure by the Executive without the consent of the Board to any person, other than an
employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties as an executive of the Company or as may be legally required, of any confidential
information obtained by the Executive while in the employ of the Company (including, but not limited to, any confidential information with respect to any of the Company’s customers or methods of operation) the disclosure of which he knows or
has reason to believe will be materially injurious to the Company; provided, however, that such term shall not include the use or disclosure by the Executive, without consent, of any information known generally to the public (other
than as a result of disclosure by him in violation of this Section 9) or any information not otherwise considered confidential by a reasonable person engaged in the same business as that conducted by the Company. Notwithstanding the foregoing,
the Executive’s obligation hereunder not to make any Unauthorized Disclosure shall continue after the end of the two-year period following his termination of employment with the Company as regards any information which is a trade secret as
defined in Section 134.90 of the Wisconsin Statutes. In no event shall an asserted violation of this Section 9 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 

10. Successors and Assigns. 
 (a)
This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns and the Company shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. The term “Company” as used herein shall
include such successors and assigns. The term “successors and assigns” as used herein shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company (including this Agreement) whether by
operation of law or otherwise. 
 (b) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the
Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representative. 
  

 15 

 11. Fees and Expenses. From and after the Effective Date, the Company shall pay all legal fees and
related expenses (including the costs of experts, evidence and counsel) reasonably incurred by the Executive as they become due as a result of (i) the Executive’s termination of employment (including all such fees and expenses, if any,
incurred in contesting or disputing any such termination of employment), (ii) the Executive’s hearing before the Board as contemplated in Section 5(b) of this Agreement, (iii) the Executive’s seeking to obtain or enforce any
right or benefit provided by this Agreement or by any other plan or arrangement maintained by the Company under which the Executive is or may be entitled to receive benefits or (iv) a dispute between the Executive and the Internal Revenue
Service (or any other taxing authority) with regard to an “Underpayment” (as defined in Section 8 of this Agreement). In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company under
this Section 11 be made later than the end of the calendar year next following the calendar year in which the Executive incurred the fees and expenses reimbursable under this Section, provided that the Executive shall have submitted an
invoice for such fees and expenses at least twenty (20) business days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of any legal fess and expenses that
the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year and (iii) the Executive’s right to have the Company pay such legal fees
and expenses may not be liquidated or exchanged for any other benefit. 
 12. Notice. For the purposes of this Agreement, notices and
all other communications provided for in the Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage
prepaid, if to the Company, to Marshall & Ilsley Corporation, 770 North Water Street, Milwaukee, Wisconsin 53202, or if to Executive, to the address set forth below Executive’s signature, or to such other address as the party may be
notified, provided that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary of the Company. All notices and communications shall be deemed to have been received on the date of delivery thereof or
on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt. 
 13.
Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company or any of its subsidiaries
for which the Executive may qualify. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan or program of the Company or any of its subsidiaries shall be payable in accordance with such plan or
program, except as explicitly modified by this Agreement. 
 14. Settlement of Claims. The Company’s obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may
have against the Executive or others. 
 15. Miscellaneous. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by 

  

 16 

 
the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are
not expressly set forth in this Agreement. 
 16. Employment. The Executive and the Company acknowledge that the employment of the
Executive by the Company is “at will” and prior to the Effective Date, may be terminated by either the Executive or the Company at any time. Moreover, if prior to the Effective Date, the Executive’s employment with the company
terminates, the Executive shall have no further rights under this Agreement. 
 17. Governing Law. This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of Wisconsin without giving effect to the conflict of law principles thereof. 
 18. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 19. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any,
understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof. 
 20.
Headings. The headings herein contained are for reference only and shall not affect the meaning or interpretation of any provision of this Agreement. 
 21. Modification. No provision of this Agreement may be modified or amended unless such modification or amendment is agreed to in writing signed by both the Executive and the Company. 
 22. Withholding. The Company shall be entitled to withhold from amounts paid to the Executive hereunder any federal, estate or local withholding
or other taxes or charges which it is, from time to time, required to withhold. The Company shall be entitled to rely on an opinion of counsel if any question as to the amount or requirement of any such withholding shall arise. 
 23. Compliance with Section 409A of the Code. This Agreement shall be interpreted and administered in compliance with the requirements of
Section 409A of the Code and any guidance promulgated thereunder, including the final regulations. 
  

 17 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer
and the Executive has executed this Agreement as of the day and year first above written. 
  

			
	MARSHALL & ILSLEY CORPORATION
		
	By:	 	 
		 	Mark F. Furlong,
President and Chief Executive Officer

			
	
	EXECUTIVE:
		
	 	 	 
	«Name»	 	
		
	Address:	 	 
		
		 	 

  

 18Subordination Deed dated February 28, 2008

 Exhibit 10.1 
  

			
	

	  	CLIFFORD CHANCE LLP

 DATED 28 FEBRUARY 2008 
 GOLDEN TELECOM INC. 
 OPEN JOINT STOCK COMPANY “VIMPEL-COMMUNICATIONS”

 AS JUNIOR CREDITOR 
 AND

 CITIBANK INTERNATIONAL PLC 
 AS
THE AGENT 
  
  
 SUBORDINATION DEED 
 ENTERED INTO IN COMPLIANCE
WITH THE TERMS OF A 
 US$275,000,000 TERM FACILITY AGREEMENT DATED 25 
 JANUARY 2007, AS AMENDED AND RESTATED ON 22 
 MARCH 2007 AND AS FURTHER AMENDED 20
NOVEMBER 
 2007 
  
  

 CONTENTS 
  

					
	 	  	Page
	 Clause
	  	
			
	1.	  	Definitions And Interpretation	  	1
			
	2.	  	Subordination	  	3
			
	3.	  	Representations	  	3
			
	4.	  	Undertakings	  	5
			
	5.	  	Turnover	  	6
			
	6.	  	Default And Insolvency	  	6
			
	7.	  	Provisions As To Subordination	  	8
			
	8.	  	Rights Of The Agent	  	9
			
	9.	  	Conversion	  	9
			
	10.	  	Assignment	  	10
			
	11.	  	Notices	  	10
			
	12.	  	Amendments	  	11
			
	13.	  	Further Assurance	  	11
			
	14.	  	Miscellaneous	  	11
			
	15.	  	Governing Law	  	11
			
	16.	  	Service Of Process	  	11
			
	17.	  	Perpetuity Period	  	11
		
	EXECUTION PAGE	  	13

 THIS DEED is made on 28 February 2008 
 BETWEEN: 
  

	(1)	GOLDEN TELECOM, INC. (a Delaware corporation) (the “Company”); 

  

	(2)	OPEN JOINT STOCK COMPANY “VIMPEL-COMMUNICATIONS” (a company organised under the laws of the Russian Federation and registered under number 1027700166636 (the
“Junior Creditor”); and 

  

	(3)	CITIBANK INTERNATIONAL PLC as agent of the other Finance Parties (the “Agent”). 

 WHEREAS: 
  

	1.	The Finance Parties have made available to the Borrowers a term loan facility of US$275,000,000 under a Term Facility Agreement (defined below). 

  

	2.	Pursuant to a letter dated 19 December 2007 addressed to the Agent and amended on 17 January 2008 (as amended, the “Waiver Request”), the Company on its
own behalf and on behalf of EDN Sovintel LLC. and GTS Finance Inc.) informed the Finance Parties of a proposed tender offer by Lillian Acquisition, Inc. (“Merger Sub”), a newly incorporated wholly owned Delaware subsidiary of
VimpelCom Finance B.V. (“Parent”) (which in turn is a wholly owned subsidiary of the Junior Creditor) to acquire all of the issued and outstanding shares of the Company. 

  

	3.	In accordance with the Waiver Request: 

  

	 	(a)	the acquisition will be financed in part by inter-company loans of approximately US$4,200,000,000 (the “Intercompany Loans”) to be advanced by the Junior Creditor
to the Merger Sub; and 

  

	 	(b)	Merger Sub and Parent will have entered into an agreement and plan of merger dated 21 December 2007 with the Company (the “Merger Agreement”), pursuant to
which, following completion of the acquisition, Merger Sub will undertake a statutory merger under Delaware law with and into the Company (the “Merger”), with the Company surviving the Merger, as a direct, wholly owned subsidiary of
the Parent. 

  

	4.	The Company has requested the Majority Lenders to agree to exclude the amounts borrowed under the Intercompany Loans from the definition of “Borrowings” in
clause 20.1 (Financial definitions) of Term Facility Agreement on the condition that, with effect from the date of completion of the Merger, the Intercompany Loans shall be subordinated to the Finance Documents on the terms and subject
to the conditions of this Deed. 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Deed: 
  

 - 1 - 

 “Conversion” has the meaning given to it in Clause 9 (Conversion). 
 “Junior Liabilities” means all present and future obligations and liabilities (whether actual or contingent, whether owed jointly,
severally or in any other capacity whatsoever and whether originally incurred by the Company or some other person) of the Company to the Junior Creditor. 
 “Merger Effective Date” means the effective date of the Merger, being the date on which the Company assumes the liabilities of the Merger Sub under the Intercompany Loans. 
 “Process Agent” means Law Debenture Corporate Services Limited, located at the date hereof at 5th Floor, 100 Wood Street, London EC2V
7EX, England. 
 “Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court; 

  

	 	(b)	the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 

  

	 	(c)	the time barring of claims under statutes of limitation; 

  

	 	(d)	the possibility that an undertaking to assume liability for or indemnify a person against non-payment of stamp duty may be void; 

  

	 	(e)	defences of set-off and counterclaim; and 

  

	 	(f)	any principles which are set out in the qualifications as to matters of law in the legal opinions delivered to the Agent in connection with this Deed. 

 “Senior Liabilities” means all present and future obligations and liabilities (whether actual or contingent, whether owed jointly,
severally or in any other capacity whatsoever and whether originally incurred by an Obligor or by some other person) of each Obligor to the Finance Parties (or any of them) under each of the Finance Documents. 
 “Subordination Period” means the period beginning on the Merger Effective Date and ending on the earlier of the date on which the Agent
is satisfied that the Senior Liabilities have been irrevocably paid or discharged in full and the date of Conversion of all Junior Liabilities in accordance with Clause 9 (Conversion). 
 “Term Facility Agreement” means the US$275,000,000 term facility agreement dated 25 January 2007 (as amended and restated on
22 March 2007 and as further amended on 20 November 2007) between, amongst others, Golden Telecom Inc., EDN Sovintel LLC., GTS Finance Inc. (the Original Obligors), Citibank N.A., London Branch (the Arranger), Citibank International plc
(the Agent) and the Original Lenders (as defined therein). 
  

 - 2 - 

	1.2	Terms defined in other Finance Documents 

 Unless
defined in this Deed or the context otherwise requires, a term defined in the Term Facility Agreement or in any other Finance Document has the same meaning in this Deed or in any notice given under or in connection with this Deed. 
  

	1.3	Construction 

 Clause 1.2 (Construction) of
the Term Facility Agreement will apply as if incorporated in this Deed or in any notice given under or in connection with this Deed. 
  

	1.4	Application of provisions in Facility Agreement 

 Clauses 33 (Remedies and waivers), 39 (Enforcement) and 40 (Arbitration) of the Term Facility Agreement are deemed to form part of this Deed as if expressly incorporated into it and as if all references in such
clauses to the Term Facility Agreement were a reference to this Deed. 
  

	1.5	Third party rights 

 A person who is not a Party to
this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Deed. 
  

	2.	SUBORDINATION 

 The rights of the Junior Creditor in
respect of the Junior Liabilities are subordinated to the Senior Liabilities and accordingly payment and receipt of any amount of the Junior Liabilities is not permitted (other than in accordance with and without prejudice to Clause 9
(Conversion)) until the end of the Subordination Period. 
  

	3.	REPRESENTATIONS 

 The Junior Creditor makes the
representations and warranties set out in this Clause 3 (Representations) to each Finance Party on the date of this Deed. 
  

	3.1	Status 

  

	 	(a)	It is a company, duly organised and validly existing under the laws of its jurisdiction of incorporation. 

  

	 	(b)	It has the power to own its assets and to carry on its business as it is being conducted. 

  

	3.2	Binding obligations 

 Subject to the Reservations,
the obligations expressed to be assumed by it in this Deed are legal, valid, binding and enforceable obligations. 
  

	3.3	Non-conflict with other obligations 

 The entry into
and performance by it of, and the transactions contemplated by this Deed, do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its assets. 

  

 - 3 - 

	3.4	Power and authority 

 It has the power to enter
into, perform and deliver, and has taken all necessary action (except for any such action which is not required to be performed prior to entering into this Deed) to authorise its entry into, performance and delivery of, this Deed and the
transactions contemplated by this Deed. 
  

	3.5	Validity and admissibility in evidence 

 All
Authorisations required: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations under this Deed; and 

  

	 	(b)	to make this Deed admissible in evidence in its jurisdiction of incorporation (other than any Russian legal requirement to provide a duly certified translation thereof into
Russian), 

  

	 	have	been obtained or effected and are in full force and effect. 

  

	3.6	Governing law and enforcement 

 The choice of
English law as the governing law of this Deed will be recognised and enforced in its jurisdiction of incorporation, subject to the Reservations. 
  

	3.7	Status of the Merger Sub 

  

	 	(a)	The Merger Sub is a special purpose vehicle incorporated on      December 2007 and since that date, the Merger Sub has not traded, carried on any
business, owned any assets (other than in accordance with the Merger Agreement), has not incurred any liabilities (contingent or otherwise) and will not have incurred any liabilities (contingent or otherwise) until the Merger Effective Date, other
than: 

  

	 	(i)	the Intercompany Loans; 

  

	 	(ii)	a loan of US$250,000,000 (the “External Loan”) which is currently being contemplated to be raised by the Merger Sub from third party lenders, and a mandate letter
in relation to the External Loan; 

  

	 	(iii)	other liabilities arising solely in connection with assumption of obligations under the Merger Agreement; and 

  

	 	(iv)	tax and other liabilities arising under applicable laws. 

  

	 	(b)	With effect from the Merger Effective Date the Merger Sub will be merged with Company with the Company surviving the Merger as a direct wholly owned subsidiary of the Parent and all
claims (if any) of the Merger Sub against the Company shall be extinguished on and from the Merger Effective Date. 

  

	 	(c)	The assumption of the Merger Sub’s liabilities listed in sub-clause 3.7(a)(iii) and 3.7(a)(iv) by the Company with effect from the Merger Effective Date will not breach the
financial covenants under clause 20.2 of the Term Facility Agreement, as amended pursuant to the Waiver Request. 

  

 - 4 - 

	3.8	Repetition 

 The representations and warranties set
out in Clauses 3.1 (Status) to 3.7 (Status of the Merger Sub) are made by the Junior Creditor on the date of this Deed, on the Merger Effective Date and on the first day of each Interest Period in each case with reference to the facts
and circumstances then subsisting. 
  

	4.	UNDERTAKINGS 

 Each of the Company and the Junior
Creditor jointly and severally gives the undertakings set out in this Clause 4 (Undertakings) to the Agent on its own behalf and for and on behalf of the Finance Parties. 
  

	4.1	Payments 

 The Company shall not, other than to the
extent required to effect any Conversion (in accordance with and without prejudice to Clause 9 (Conversion)), without the prior written consent of the Agent: 
  

	 	(a)	make any payment (whether in respect of principal interest or otherwise) on account of all or any of the Junior Liabilities (whether by way of cash, loan or otherwise);

  

	 	(b)	redeem, purchase or otherwise acquire, or grant Security in respect of, all or any of the Junior Liabilities; 

  

	 	(c)	take, or permit to be taken, any action or step with a view to its winding-up, receivership or administration; 

  

	 	(d)	repay or prepay any, or pay any interest, fees or commissions (but without prejudice to the accrual thereof) on, or by reference to, all or any of the Junior Liabilities; or

  

	 	(e)	take or omit to take any action or step (including, without limitation, the exercise of any right of set-off, counterclaim or lien) whereby the subordination of all or any of the
Junior Liabilities might be terminated, impaired or adversely affected. 

  

	4.2	Receipts 

 The Junior Creditor shall not, other than
to the extent required to effect any Conversion (in accordance with and without prejudice to Clause 9 (Conversion)), without the prior written consent of the Agent: 
  

	 	(a)	receive any payment (whether in respect of principal, interest or otherwise) made by the Company of all or any of the Junior Liabilities (whether by way of cash, loan or otherwise);

  

	 	(b)	assign, transfer or otherwise dispose of, or make demand for or accept Security in respect of, all or any of the Junior Liabilities or all or any rights which it may have against
the Company in respect of all or any part of the Junior Liabilities; 

  

	 	(c)	 take, or permit to be taken, any action or step to commence or continue any proceedings against the Company, or take any action in respect of, all or any of 

  

 - 5 - 

	 	 
the Junior Liabilities (including, without limitation, the exercise of any right of set-off, counterclaim or lien); 

  

	 	(d)	take, or permit to be taken, any action or step with a view to the winding-up, receivership or administration of the Company; or 

  

	 	(e)	take or omit to take any action or step whereby the subordination of all or any of the Junior Liabilities might be terminated, impaired or adversely affected.

  

	4.3	Duration 

 The undertakings given by the Company and
the Junior Creditor in this Clause 4 (Undertakings) will remain in force until the end of the Subordination Period. 
  

	5.	TURNOVER 

  

	5.1	Turnover by Junior Creditor 

 If the Junior Creditor
receives or recovers: 
  

	 	(a)	any payment in cash or in kind, or any distribution of, or on account of or for the purchase or other acquisition of, or otherwise in relation to, any of the Junior Liabilities;

  

	 	(b)	any amount by way of set-off in respect of any of the Junior Liabilities owed to it; or 

  

	 	(c)	the proceeds of any enforcement of any Security or guarantee for any of its Junior Liabilities, 

 in each case, in contravention of Clause 2 (Subordination) or 4 (Undertakings), the Junior Creditor shall promptly pay an amount equal to
that receipt or recovery to the Agent to be held on trust by the Agent for application in accordance with the terms of this Deed. 
  

	5.2	Sums received by the Company 

 If the Company
receives or recovers any sum which, under the terms of any of the Finance Documents, should have been paid to the Agent, the Company will promptly pay an amount equal to that receipt or recovery to the Agent to be held on trust by the Agent for
application in accordance with the terms of this Deed. 
  

	5.3	Extent of turnover payments 

 The payments referred
to in this Clause 5 (Turnover) shall, in each case, extend only to the amount or value of any assets received by the Junior Creditor as may be necessary to repay in full the Senior Liabilities. 
  

	6.	DEFAULT AND INSOLVENCY 

  

	6.1	Exercise of Junior Creditor rights 

 In the event:

  

	 	(a)	of any dissolution, winding up, liquidation or reorganisation of the Company; or 

  

	 	(b)	 that any Event of Default is continuing, 

  

 - 6 - 

	 	 
the Agent may, and is hereby irrevocably authorised and empowered (in its own name or in the name of the Junior Creditor or otherwise) but will have no
obligation to: 

  

	 	(i)	demand, sue for, collect and/or secure every payment or distribution of assets of the Company to which the Junior Creditor would be entitled in respect of the Junior Liabilities;
and 

  

	 	(ii)	file claims and proofs of claim in the name of the Junior Creditor in respect of the Junior Liabilities or take any other action as the Agent may deem necessary or advisable for the
exercise or enforcement of any of the rights or interests of the Agent. 

  

	6.2	Insolvency event 

  

	 	(a)	On a winding-up, administration, dissolution or any analogous procedure in any jurisdiction of the Company or of the Junior Creditor, the claims of the Junior Creditor in respect of
the Junior Liabilities will be postponed to the Senior Liabilities and no amount will be payable to the Junior Creditor in respect of the Junior Liabilities nor will any distribution of assets of any kind or character be made to the Junior Creditor
in respect of the Junior Liabilities (whether in cash or in kind); and 

  

	 	(b)	any payment or distribution of assets of the Company of any kind or character to which the Junior Creditor would have been entitled but for the provisions of this Clause 6
(Insolvency) will be paid by the Company, or other person making such payment or distribution, to the Agent to the extent necessary to repay all the Senior Liabilities in full. 

  

	6.3	Insolvency turnover 

 In the event of: 

 

	 	(a)	payment being made to, or Security being held by, or the benefit of any right of set-off or counterclaim being exercised by, the Junior Creditor in breach of this Clause 6
(Insolvency); or 

  

	 	(b)	any payment or distribution being made to the Junior Creditor by any liquidator, administrator, receiver, receiver and manager or other similar officer or person,

 the Junior Creditor shall: 
  

	 	(i)	if the Junior Creditor actually receives or recovers the amount discharged or purported to be discharged, hold the same upon trust for the Agent and will promptly pay the same to
the Agent to be held on trust by the Agent for application in or towards payment of all the Senior Liabilities; and 

  

	 	(ii)	if the Junior Creditor does not, for any reason, actually receive or recover the amount discharged or purported to be discharged or that amount is discharged by way of set off
(mandatory or otherwise), promptly pay an amount equal to that discharged, purported to be discharged or set off to the Agent to be held on trust by the Agent for application in or towards payment of all the Senior Liabilities.

  

 - 7 - 

	7.	PROVISIONS AS TO SUBORDINATION 

  

	7.1	Continuing agreement 

 This Deed will apply during
the Subordination Period in respect of the Senior Liabilities notwithstanding any intermediate payment in whole or in part of the Senior Liabilities. 
  

	7.2	Waiver 

 The subordination effected by, and the
obligations of the Company and the Junior Creditor to the Agent under, this Deed will not be affected by any act, omission, matter or thing which, but for this provision, would reduce, release, prejudice or otherwise exonerate the Junior Creditor
and the Company from their respective obligations under this Deed or affect such obligations including, without limitation, and whether or not known by the Company, the Junior Creditor or any other person: 
  

	 	(a)	the winding-up, dissolution, administration or reorganisation of the Junior Creditor or any other person or any change in its status, function, control or ownership;

  

	 	(b)	any of the obligations of any Party under any Finance Document or under any other security relating to any Finance Document being or becoming illegal, invalid, unenforceable or
ineffective in any respect; 

  

	 	(c)	any time, waiver or other indulgence being granted or agreed to be granted to Junior Creditor or any other person in respect of any of its obligations under any Finance Document or
under any other Security; 

  

	 	(d)	any amendment, novation, supplement, extension (whether of maturity or otherwise), restatement (in each case however fundamental and of whatsoever nature and whether or not more
onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any variation or increase in any facility or amount made available under any facility
or the addition of any new facility under any Finance Document or other document or any variation, waiver or release of, any obligation of any person under any Finance Document or under any other security; 

  

	 	(e)	any failure to take, or fully to take, any security contemplated by any Finance Document or otherwise agreed to be taken in respect of the Company’s obligations under any
Finance Document; and 

  

	 	(f)	any failure to realise or fully to realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the Company’s obligations
under any Finance Document. 

  

	7.3	Consent to Finance Documents 

  

	 	(a)	The Junior Creditor acknowledges and has no objections to the terms of each Finance Document and irrevocably consents to any amendment or waiver made to any Finance Document
pursuant to clause 34 (Amendments and waivers) of the Term Facility Agreement. 

  

 - 8 - 

	 	(b)	The Company and the Agent hereby expressly designate this Deed as a Finance Document. 

  

	8.	RIGHTS OF THE AGENT 

  

	8.1	Delegation by the Agent 

  

	 	(a)	The Agent may from time to time delegate by power of attorney or otherwise to any person or corporation any of the powers and discretions of the Agent under this Deed whether
arising by statute, the provisions hereof or otherwise upon such terms and for such periods of time as it may think fit and may determine any such delegation. 

  

	 	(b)	The Agent will not be liable to the Company and the Junior Creditor for any loss or damage arising from any act, default, omission or misconduct of any such delegate and references
in this Deed to the Agent will where the context so admits include references to any delegates so appointed. 

  

	8.2	Granting time 

 The Agent may, at any time, without
discharging or in any way affecting the subordination effected by or pursuant to this Deed or any remedy of the Agent in respect of such security, grant to the Company or the Junior Creditor or any other person, time or indulgence, further credit,
loans or advances, or enter into any arrangement, composition or variation of rights with or abstain from perfecting, asserting, calling, exercising or enforcing any remedies, securities, guarantees or other rights which it may now or hereafter have
from or against the Company and the Junior Creditor. 
  

	8.3	Discretions 

 Any liberty or power which may be
exercised or any determination which may be made under this Deed by the Agent may be exercised or made at its or his absolute and unfettered discretion without any obligation to give reasons for doing so. 
  

	9.	CONVERSION 

 Notwithstanding anything in this Deed,
the Junior Creditor shall have the right, at any time or from time to time and on such terms as it may choose, to convert all or part of the Junior Liabilities into equity capital in the Company (a “Conversion”), pursuant to which
Conversion the Junior Creditor will become a direct shareholder in the Company. Upon Conversion of all of the Junior Liabilities, this Deed shall terminate, provided that (i) until all of the Junior Liabilities have been converted into equity
capital in the Company, the Conversion shall not affect or impair any rights of the Agent under this Deed as to Junior Liabilities which are not so converted and (ii) such termination shall not affect any rights that may have accrued to the
Agent in accordance with this Deed prior to its termination; and (iii) the Company presents evidence of Conversion of the entire Junior Liabilities to the satisfaction of the Agent, duly certified by the Company’s auditors. Conversion may
be effected through directly converting debt for equity or through a contribution of equity capital which is immediately used to repay the debt. 
  

 - 9 - 

	10.	ASSIGNMENT 

 The Junior Creditor shall not assign or
transfer all or any of its rights, title, benefit and interest in or to all or any part of the Junior Liabilities without the prior written consent of the Agent. 
  

	11.	NOTICES 

  

	11.1	Communications in writing 

 Any communication to be
made under or in connection with this Deed shall be made in writing and, unless otherwise stated, may be made by fax or internationally recognised courier. 
  

	11.2	Addresses 

 The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party to this Deed for any communication or document to be made or delivered under or in connection with this Deed is that identified with its name in the
execution pages to this Deed. 
  

	11.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with this Deed will only be effective: 

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of internationally recognised courier, when it has been left at the relevant address, 

 and, if a particular department or officer is specified as part of its address details provided under Clause 11.2 (Addresses), if addressed to that
department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the
attention of the department or officer identified with the Agent’s signature below (or any substitute department or officer as the Agent shall specify for this purpose). 

  

	 	(c)	All notices from or to the Junior Creditor shall be sent through the Agent. 

  

	 	(d)	Any communication or document made or delivered to the Borrowers in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	11.4	Notification of address and fax number 

 Promptly
upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 11.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties to this Deed. 
  

 - 10 - 

	12.	AMENDMENTS 

 No amendment may be made to this Deed
(whether in writing or otherwise) without the prior written consent of the Agent (acting on the instructions of the Majority Lenders) and any amendments or waivers so consented to will be binding on the Junior Creditor. 
  

	13.	FURTHER ASSURANCE 

 The Junior Creditor agrees that
it will promptly, at the direction of the Agent (acting reasonably), execute and deliver at its own expense any document (executed as a deed or under hand as the Agent may direct) and do any act or thing in order to confirm or establish the validity
and enforceability of the subordination effected by, and the obligations of the Junior Creditor to the Finance Parties under, this Deed. 
  

	14.	MISCELLANEOUS 

  

	14.1	Every provision contained in this Deed shall be severable and distinct from every other such provision and if at any time any one or more of such provisions is or becomes invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining such provisions shall not in any way be affected by it. 

  

	14.2	This Deed may be executed in any number of counterparts and all such counterparts when executed and taken together shall constitute one and the same Deed. 

 

	15.	GOVERNING LAW 

 This Deed is governed by English
law. 
  

	16.	SERVICE OF PROCESS 

  

	 	(a)	Without prejudice to any other mode of service allowed under any relevant law, the Junior Creditor: 

  

	 	(i)	irrevocably appoints the Process Agent as its agent for service of process in relation to any proceedings before the English courts in connection with this Deed; and

  

	 	(ii)	agrees that failure by an agent for service of process to notify the Junior Creditor of the process shall not invalidate the proceedings concerned. 

  

	 	(b)	If any person appointed as Process Agent is unable for any reason to act as agent for service of process, the Junior Creditor must immediately (and in any event within 2 days of
such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another process agent for this purpose. 

  

	 	(c)	The Junior Creditor expressly agrees and consents to the provisions of this Clause 16 (Service of Process). 

  

	17.	PERPETUITY PERIOD 

 The perpetuity period for the
trusts in this Deed is 80 years. 
  

 - 11 - 

 IN WITNESS whereof this Deed has been duly executed by the Parties on the day and year first above written.

  

 - 12 - 

 EXECUTION PAGE 
 THE JUNIOR CREDITOR 
 EXECUTED as a deed 
 For and on behalf of 
 OPEN JOINT STOCK COMPANY “VIMPEL-COMMUNICATIONS” 
  

			
	By:	 	/s/ Elena Shmatova
		
	Address:	 	4 Krasnoproletarskaya Str.
		 	127006 Moscow, Russian Federation
		
	Attention:	 	Elena Shmatova, CFO
		
	Fax:	 	+7 (495) 755 4616

  

			
	In the presence of:	 	Alexey Nikonov
		 	/s/ Alexey Nikonov
	 THE COMPANY
  
 EXECUTED as a deed
  
 For and on behalf of
  
 GOLDEN TELECOM
INC

  

			
	By:	 	/s/ Boris Svetlichny
		
	Address:	 	Golden Telecom Inc.
		 	2831 29th St., NW
		 	Washington, DC
		 	20008 USA
		
	Attention:	 	General Counsel
		
	Fax:	 	+ 1-202-332-4877

  

			
	In the presence of:	 	Ian Bird
		 	/s/ Ian Bird

  

 - 13 - 

 THE AGENT on behalf of the Finance Parties and acting on the instructions of the Majority Lenders. 
 CITIBANK INTERNATIONAL PLC 
  

			
	By:	 	/s/ R. Brody
		
	Address:	 	European Loans Agency
		 	Capital Markets and Banking Operations
		 	Citibank International PLC
		 	5th Floor Citigroup Centre,
		 	Canary Wharf London E14 5LB
		
	Attention:	 	Mrs. R. Brody
		
	Fax:	 	+44 (0) 20 8636 3824

  

 - 14 -

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