Document:

Exhibit
4.3

EXECUTION VERSION

Dated 6 February 2007

 

OPEN JOINT STOCK COMPANY WIMM-BILL-DANN FOODS

as Borrower

and

UBS (LUXEMBOURG) S.A.

as Lender

 

LOAN AGREEMENT

U.S.$150,000,000

Linklaters

One Silk Street

London EC2Y 8HQ

Telephone (44-20) 7456 2000

Facsimile (44-20) 7456 2222

Table of Contents

	
  Contents

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  Definitions and
  Interpretation

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  The Loan

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  Availability of the
  Loan

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  Interest Periods

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  Payment and
  Calculation of Interest

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6

  	
   

  	
  Repayment

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7

  	
   

  	
  Prepayment

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8

  	
   

  	
  Taxes

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9

  	
   

  	
  Tax Receipts

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10

  	
   

  	
  Changes in
  Circumstances

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11

  	
   

  	
  Representations and
  Warranties of the Borrower

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12

  	
   

  	
  Representations and
  Warranties of the Lender

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13

  	
   

  	
  Financial Information

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14

  	
   

  	
  Covenants

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15

  	
   

  	
  Events of Default

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16

  	
   

  	
  Default Interest and
  Indemnity

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17

  	
   

  	
  Amendments to Agreed
  Funding Source Agreements

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18

  	
   

  	
  Currency of Account
  and Payment

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19

  	
   

  	
  Payments

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20

  	
   

  	
  Costs and Expenses

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  21

  	
   

  	
  Assignments and
  Transfers

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  22

  	
   

  	
  Calculations and
  Evidence of Debt

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23

  	
   

  	
  Remedies and Waivers,
  Partial Invalidity

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24

  	
   

  	
  Notices; Language

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25

  	
   

  	
  Law and Jurisdiction

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A Form of
  Guarantee

  	
   

  	
  43

  

 

 i

This
Agreement is
dated 6 February 2007 between:

(1)                              OPEN JOINT STOCK
COMPANY WIMM-BILL-DANN FOODS, an open joint stock company organised under the laws of the Russian
Federation  (the “Borrower”); and

(2)                              UBS (LUXEMBOURG) S.A.,  a
bank established under the laws of Luxembourg and whose registered office is
36-38 Grand-Rue, L-1660 Luxembourg, Luxembourg (the “Lender”).

It is agreed:

1                                      Definitions and Interpretation

1.1                            Definitions

In this Agreement the following terms have the meanings given to them
in this Clause 1.1:

“Acceleration Notice”
has the meaning set forth in Clause 15.2 (Rights of Lender upon occurrence of
an Event of Default);

“Account” means an
account of the Lender with The Bank of New York, account number 1067768400;

“Additional Amounts” has
the meaning set forth in Clause 8.1.2 (Additional Amounts);

“Affiliate” of any
specified Person means any other Person, directly or indirectly controlling,
controlled by, or under direct or indirect common control with, such specified
Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”),
as applied to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or
otherwise; provided that beneficial ownership of 10 per cent or more of the
Capital Stock with voting power of a Person shall be deemed to be control;

“Agency” means any
agency, authority, central bank, department, committee, government,
legislature, minister, ministry, official or public or statutory person
(whether autonomous or not);

“Asset Sale” means any
lease, sale, sale and lease-back, transfer or other disposition (excluding any
transaction by way of merger falling within Clause 14.6 (Mergers and Similar
Transactions)) either in one transaction or in a series of related
transactions, by the Borrower or any of its Subsidiaries to a Person that is
not part of the Group, of any assets the value of which exceeds 10 per cent of
the total consolidated gross assets of the Group in any 12-month period;
provided that “Asset Sale” shall not include sales or other dispositions of
inventory, receivables or other current assets in the ordinary course of
business;

“Board of Directors”
means, as to any Person, the board of directors of such Person or any duly
authorised committee thereof;

“Borrower” means the
party named as such above until a successor replaces it in accordance with
Clause 14.6 (Mergers and Similar Transactions) and thereafter means such
successor;

“Business Day” means any
day (other than a Saturday or Sunday) on which banks generally are open for
business in New York City, Luxembourg and London;

 1
 

“Capital Adequacy Requirement”
means a request or requirement relating to the maintenance of capital,
including one which makes any change to, or is based on any alteration in, the
interpretation of the International Convergence of Capital Measurement and
Capital Standards (the Basle Capital Accord prepared by the Basle Committee on
Banking Regulations and Supervision, dated July 1988, and amended in November
1991) or which increases the amounts of capital required thereunder, other than
a request or requirement made by way of implementation of the International
Convergence of Capital Measurement and Capital Standards in the manner in which
it is being implemented at the date hereof;

“Capital Stock” means,
with respect to any Person, any and all shares, interests, participations or
other equivalents (however designated, whether voting or non-voting) or such
Person’s equity, including any preferred stock of such Person, whether now
outstanding or issued after the date hereof, including without limitation, all
series and classes of such Capital Stock;

“Change of Control”
means such time as any Person, other than an Excluded Person or Excluded Group,
whether acting alone or together with other Persons, other than Excluded
Persons or Excluded Groups: (i) is or becomes interested, directly or
indirectly, in the aggregate of more than 50 per cent of the Capital Stock with
voting power of the Borrower, whether by virtue of issuance, sale or other
disposition of such Capital Stock with voting power of the Borrower, a merger
or a transaction having a similar effect involving the Borrower or such Person
or Persons or any voting trust agreement or other agreement to which the
Borrower or any such Person or Persons is or are a party or subject, or (ii)
has or acquires the right to appoint or remove a majority of the Borrower’s
board of directors, or (iii) has or acquires control of a majority of the
voting rights in the Borrower, in each case in circumstances where, solely as a
result of any such event as specified by the Rating Agencies, a Rating Decline
would result;

“Change of Control Payment Date”
means the date specified as such in the notice from the Borrower to the Lender
pursuant to Clause 7.3.2 (Prepayment in the event of a Change of Control);

“Change of Law” means
any of the enactment or introduction of any new law, the variation, amendment
or repeal of an existing or new law, and any ruling on or interpretation or
application by a competent authority of any existing or new law which, in each
case, occurs after the date hereof and for this purpose the word “law” means all or any of the following
whether in existence at the date hereof or introduced hereafter and with which
it is obligatory or customary for banks or other financial institutions or, as
the case may be, companies in the relevant jurisdiction to comply:

(a)           any statute, treaty, order, decree, instruction, letter, directive,
instrument, regulation, ordinance or similar legislative or executive action by
any national or international or local government or authority or by any
ministry or department thereof and other agencies of state power and
administration (including, but not limited to, taxation departments and
authorities); and/or

(b)          any letter, regulation, decree, instruction, request, notice,
guideline, directive, statement of policy or practice statement given by, or
required of, any central bank or other monetary authority, or by or of any
Taxing Authority or fiscal or other authority or agency (whether or not having
the force of law),

 2
 

the decision or ruling on, the interpretation or application of, or a
change in the interpretation or application of, any of the foregoing by any
court of law, tribunal, central bank, monetary authority or agency or any
Taxing Authority or fiscal or other competent authority or agency;

“Closing Date” means 8 February
2007;

“Consolidated  EBITDA” means operating profit or operating loss before depreciation and
amortisation as calculated in accordance with the consolidated financial
statements of the Borrower prepared in accordance with U.S. GAAP. Consolidated
EBITDA shall be calculated for the four quarters immediately prior to the last
reporting date and, in the case of an acquisition of any Subsidiary or any
transaction by way of merger falling within Clause 14.6 (Mergers and Similar
Transactions), Consolidated EBITDA shall be calculated as if such Subsidiary
were acquired or such transaction by way of merger were completed on the first
date of such four quarter period;

“Credit Facilities”
means one or more credit agreements, loan agreements or similar facilities with
banks or other institutional lenders, providing for revolving credit loans,
term loans (including receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow
from such lenders against such receivables)), bankers’ acceptances or letters
of credit, in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced in whole or in part from time to time;

“Default” means any
event that is, or after any notice or passage of time or both would be, an
Event of Default;

“Dispute” has the
meaning set forth in Clause 25.7 (Arbitration);

“Event of Default” has
the meaning set forth in Clause 15.1 (Circumstances which constitute Events of
Default);

“Excluded Group” means a
“group” (as such term is used in Sections 13(d) and 14(d) of the United States
Securities Exchange Act of 1934 (the “Exchange Act”))
that includes one or more Excluded Persons; provided that the voting power of
the Capital Stock of the Borrower “beneficially owned” (as such term is used in
Rule 13(d)-3 promulgated under the Exchange Act) by such Excluded Persons
(without attribution to such excluded Persons of the ownership by other member
or members of the “group”)
represents a majority of the voting power of the Capital Stock “beneficially
owned” (as such term is used in Rule 13(d)-3 promulgated under the
Exchange Act) by such group;

“Excluded Person” means
Gavril A. Yushavaev, Mikhail V. Dubinin, Sergei A. Plastinin, Alexander S.
Orlov and David Iakobachvili;

“Fair Market Value”
means the price that would be paid in an arm’s-length transaction between an
informed and willing seller under no compulsion to sell and an informed and
willing buyer under no compulsion to buy, as determined in good faith by the
Board of Directors of the Borrower or any Subsidiary of the Borrower, as the
case may be (including a majority of the disinterested directors, if any) whose
determination shall be conclusive if evidenced by a resolution of such Board of
Directors;

“Fee Letter” means the
letter from the Lender to the Borrower, dated 6 February 2007 setting out
certain fees payable by the Borrower in connection with the Loan and the agreed
funding source;

 3
 

“Group” means the Borrower
and its Subsidiaries taken as a whole;

“Hedging Obligations”
means: (i) the obligations of any Person pursuant to any interest rate
protection agreement (including, without limitation, interest rate swaps, caps,
floors, collars, derivative instruments and similar agreements) and/or other
types of interest hedging arrangements; and/or (ii) any foreign exchange
contract, currency swap agreement or other similar agreement as to which such
Person is a party;

“Indebtedness” means,
with respect to any Person at any date of determination (without duplication):

(a)           all indebtedness of such Person for borrowed money;

(b)          all obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments;

(c)           all obligations of such Person in respect of letters of credit or
other similar instruments (including reimbursement obligations with respect
thereto);

(d)          all obligations of such Person to pay the deferred and unpaid
purchase price of property, assets or services, which purchase price is due more
than six months after the earlier of the date of placing such property in
service or taking delivery and title thereof or the completion of such
services;

(e)           all capitalised lease obligations of such Person;

(f)           all Indebtedness of other Persons secured by a Lien granted by such
Person on any asset (the value of which, for these purposes, shall be
determined by reference to the balance sheet in respect of the latest financial
quarter of the Person providing the Lien) of such Person, whether or not such
Indebtedness is assumed by such Person (but disregarding for this purpose Liens
granted by a Subsidiary in favour of the Borrower or another Subsidiary or by
the Borrower in favour of a Subsidiary, with respect to the property or assets,
or any income or profits therefrom, of the Borrower or such Subsidiary;

(g)          all Indebtedness of other Persons guaranteed by such Person to the
extent such Indebtedness is guaranteed by such Person; and

(h)          to the extent not otherwise included in this definition, net obligations
of such Person under any currency or interest rate hedging agreements;

The amount of Indebtedness of any Person at any date shall be the
outstanding balance at such date of all unconditional obligations as described
above and, with respect to contingent obligations as described above, the
maximum liability upon the occurrence of the contingency giving rise to the
obligation; provided:

(i)           that the amount outstanding at any time of any Indebtedness issued
with original discount is the face amount of such Indebtedness less the
remaining unamortised portion of the original issue discount of such
Indebtedness at such time as determined in conformity with U.S. GAAP;

(ii)          that Indebtedness shall not include Trade Payables, prepayments
received on account of agreed sales and accrued current liabilities arising in
the ordinary course of business, except those that are overdue;

 4
 

(iii)         that Indebtedness shall not include grants to the Borrower from the
Russian Government and/or any Russian local authority which do not need to be
repaid but are still recorded as a liability in the Borrower’s consolidated
balance sheet;

(iv)         that Indebtedness shall not include any amounts guaranteed by the
Borrower in respect of the debt of any Subsidiary or any amounts guaranteed by
any Subsidiary in respect of the debt of the Borrower or any other Subsidiary
or owed by the Borrower to any one or more of its Subsidiaries or amounts owed
by any Subsidiary of the Borrower to any one or more of its other Subsidiaries
or the Borrower;

(v)          that Indebtedness shall not include any liability for federal, state,
local or other Taxes; and

(vi)         that Indebtedness shall not include obligations of any Persons (x)
arising from the honouring by a bank or other financial institution of a
cheque, draft or similar instrument inadvertently drawn against insufficient
funds (which, for the avoidance of doubt, shall not include funds drawn against
an overdraft facility of such Person) in the ordinary course of business;
provided that such obligations are extinguished within two Business Days of
their incurrence, (y) resulting from the endorsement of negotiable instruments
for collection in the ordinary course of business and consistent with past
business practices and (z) under stand-by letters of credit or guarantees to
the extent collateralised by cash or cash equivalents;

“Interest Payment Date”
means 14 November 2007 and 14 May 2008, being the last day of the corresponding
Interest Period;

“Interest Period” means,
except as otherwise provided herein, any of those periods mentioned in Clause 4
(Interest Periods);

“Interest Rate” means,
except as otherwise provided herein, the interest rate specified in Clause 5.2
(Calculation of Interest);

“Lien” means any
mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including, without limitation, any conditional sale or other title retention
agreement or lease in the nature thereof, any sale with recourse against the
seller or any Affiliate of the seller, or any agreement to give any security
interest);

“Loan” means the
U.S.$150,000,000 term loan granted to the Borrower by the Lender in this
Agreement;

“Luxembourg” means the
Grand Duchy of Luxembourg;

“Material Adverse Effect”
means any material adverse effect on the business, financial condition or
results of operations of the Borrower and its Subsidiaries taken as a whole;

“Offering Memorandum” means the Offering
Memorandum of even date herewith prepared in connection with the issue of the
Notes, as the same may be amended or supplemented on or before the Closing
Date;

“Officer” means, with
respect to a Person, the Chairman of the Board of Directors, the General
Director, the Chief Executive Officer, the President, the Chief Financial
Officer, the Controller, the Treasurer or the General Counsel of such Person;

“Officers’ Certificate”
means a certificate signed by two Officers of the Borrower;

 5
 

“Permitted Liens” means:

(a)           Liens securing the Loan;

(b)          Liens granted by a Subsidiary securing Indebtedness owing to the
Borrower or another Subsidiary, with respect to the property or assets, or any
income or profits therefrom, of such Subsidiary, as the case may be;

(c)           any Lien existing on the date of this Agreement;

(d)          statutory and common law Liens of landlords and carriers,
warehousemen, mechanics, suppliers, material men, repairmen or other similar
Liens arising in the ordinary course of business;

(e)           any Lien on any property or assets of any Person existing at the time
such Person is acquired, merged or consolidated with or into the Borrower or
any of its Subsidiaries and not created in contemplation of such event;
provided that no such Lien shall extend to any other property or assets of such
Person or to any other property or assets of the Subsidiaries of such Person or
the Borrower or any of its Subsidiaries;

(f)           any Lien existing on any property or assets prior to the acquisition
thereof by the Borrower or any of its Subsidiaries and not created in
contemplation of such acquisition; provided that no such Lien shall extend to
any other property or assets or any property or assets of the Borrower or any
of its Subsidiaries;

(g)          any Lien on any property or assets securing Indebtedness of the
Borrower or any of its Subsidiaries incurred or assumed for the sole purpose of
Vendor Financing (including bank financing arranged by a vendor for the sole
purpose of Vendor Financing); provided that (i) no such Lien shall extend to
any other property or assets of the Borrower or any of its Subsidiaries other
than the assets affixed thereto and the proceeds thereof, (ii) the aggregate
principal amount of all Indebtedness secured by Liens on such property or
assets does not exceed the purchase price of such property or assets and (iii)
such Lien attaches to such property or assets within 90 days after the acquisition
thereof;

(h)          any Lien securing Hedging Obligations so long as the related
Indebtedness is permitted to be incurred under this Agreement and any such
Hedging Obligation is not speculative;

(i)            any extension, renewal or replacement
of any Lien described in Clauses (a) to (h) above, provided that (i) such
extension, renewal or replacement shall be no more restrictive in any material
respect than the original Lien, (ii) the amount of Indebtedness secured by such
Lien is not increased and (iii) if the property or assets securing the
Indebtedness subject to such Lien are changed in connection with such
refinancing, extension or replacement, the Fair Market Value of such property
or assets is not increased;

(j)            any Lien on the property or assets of
the Borrower or any Subsidiaries of the Borrower securing Indebtedness of the
Borrower or such Subsidiaries incurred under one or more Credit Facilities in
an aggregate principal amount outstanding at any one time not to exceed 20 per
cent of the total assets of the Group determined by reference to the latest
consolidated balance sheet of the Group; and

 6
 

(k)                                any Lien arising solely by operation
of law which is discharged within 45 days of arising;

“Person” means any
individual, corporation, partnership, joint venture, trust unincorporated
organisation or government or any Agency or political subdivision thereof;

“Proceedings” has the
meaning set forth in Clause 25.2 (English Courts);

“Qualifying Jurisdiction”
means any jurisdiction to which the transfer or assignment of the Loan (or any
rights, benefits and/or obligations hereunder) would not cause the Borrower to
provide payments of Additional Amounts or Tax Indemnity Amounts when interest,
principal and any other amounts paid under this Loan Agreement is paid to or from
such jurisdiction;

“Rating Agencies” means
Moody’s Investors Service Limited (“Moody’s”)
or any successor to its rating agency business and Standard & Poor’s
Ratings Services, a division of McGraw-Hill Companies, Inc. (“S&P”) or any successor to its rating
agency business or any other rating agency that provides a corporate credit
rating of the Borrower or a credit rating in respect of the Loan or of any
instruments issued to the agreed funding source, if applicable;

“Rating Categories”
means (1) with respect to S&P, any of the following categories (any of
which may include a “+” or “-”): AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or
equivalent successor categories); (2) with respect to Moody’s, any of the
following categories (any of which may include a “1,” “2” or “3”): Aaa, Aa, A,
Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories), and (3) the
equivalent of any such categories of S&P or Moody’s used by another rating
agency, if applicable;

“Rating Decline” means
that at any time within 90 days (which period shall be extended so long as the
corporate credit rating of the Borrower or the credit rating in respect of the
Loan or of any instruments issued to the agreed funding source is under
publicly announced consideration for possible downgrade by any Rating Agency)
after the date of public notice of any transaction or series of transactions,
or of the intention of the Borrower or of any Person to effect such a
transaction or series of transactions, the corporate rating of the Borrower or the
rating of the Loan or of any instruments issued to the agreed funding source is
decreased by both or, if such ratings are at the relevant time provided by more
than two Rating Agencies, by the majority of the relevant Rating Agencies by
one or more Rating Categories as a result of such transaction or series of
transactions, as specified by both or, if such ratings are at the relevant time
provided by more than two Rating Agencies, by the majority of the relevant
Rating Agencies;

“Related Person” of any
Person means any other Person directly or indirectly owning:

(a)           5 per cent or more of the outstanding Capital Stock with voting power
of such Person (or, in the case of a Person that is not a corporation, 5 per
cent or more of the equity interest in such Person); or

(b)          5 per cent or more of the combined voting power of the Capital Stock
with voting power of such Person;

“Repayment Date” means
the 14 May 2008, or if such day is not a Business Day, the next succeeding
Business Day;

“Russia” means the
Russian Federation and any province or political subdivision or Agency thereof
or therein, and “Russian” shall be construed accordingly;

 7
 

“Securities Act” means
the United States Securities Act of 1933, as amended;

“Significant Subsidiary”
means any Subsidiary that:

(a)           for the most recent fiscal year of the Borrower, accounted for more
than 5 per cent of the consolidated revenues of the Borrower and its
Subsidiaries;

(b)          as of the end of such fiscal year, was the owner of more than 5 per
cent of the consolidated assets of the Borrower and its Subsidiaries, all as
set forth in the most recently available consolidated financial statements of
the Borrower for such fiscal year; or

(c)           to which are transferred all or substantially all the assets and
undertaking of a Subsidiary which immediately prior to such transfer is a
Significant Subsidiary;

“Stated Maturity” means:

(a)           with respect to any Indebtedness, the date specified in such
Indebtedness as the fixed date on which the final instalment of principal of
such Indebtedness is due and payable; and

(b)          with respect to any scheduled instalment of principal of or interest
on any Indebtedness, the date specified in such Indebtedness as the fixed date
on which such instalment is due and payable;

“Subsidiary” means, with
respect to any Person, (i) a corporation more than 50 per cent of whose Capital
Stock with voting power, under ordinary circumstances, to elect directors is at
the time, directly or indirectly, owned by such Person, by such Person and one
or more Subsidiaries of such Person or by one or more Subsidiaries of such
Person, or (ii) a partnership in which such Person or a Subsidiary of such
Person is, at the time, a general partner, or (iii) any other Person in which
such Person, one or more Subsidiaries of such Person, or such Person and one or
more Subsidiaries of such Person, directly or indirectly, at the date of
determination thereof has (x) over a 50 per cent ownership interest or (y) the
power to elect or direct the election of a majority of the directors, members
of the board of directors or other governing body of such Person;

“Taxes” has the meaning
set out in Clause 8.1 (Additional Amounts);

“Tax Indemnity Amounts”
has the meaning set out in Clause 8.3 (Tax Indemnity);

“Taxing Authority” has
the meaning set out in Clause 8.1 (Additional Amounts);

“Trade Payables” means,
with respect to any Person, any accounts payable or any other indebtedness or
monetary obligation to trade creditors created, assumed or guaranteed by such
Person or guaranteed by any of its Subsidiaries arising in the ordinary course
of business in connection with the acquisition of goods or services;

“unpaid sum” has the
meaning set forth in Clause 16.1 (Default Interest Periods);

“U.S. GAAP” means U.S.
generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board and statements and
pronouncements of the Financial Accounting Standards Board (“FASB”) or, if FASB ceases to exist, any
successor thereto; provided, however, that for purposes of determining
compliance with this Agreement, “U.S. GAAP” means such generally accepted
accounting principles as in effect on the date hereof;

 8
 

“Vendor Financing” means
any indebtedness of any Person owed to a vendor of materials or equipment for
use in connection with the business of the Group in respect of or arising under
or in connection with the supply of such materials or equipment by such vendor
to such Person;

Other Definitions:

“agreed funding source”
shall mean any Person to whom the Lender owes any Indebtedness (including
securities), which Indebtedness was incurred solely and expressly to fund the
Loan (including a designated representative of such Person);

the “equivalent” on any
given date in one currency (the “first
currency”) of an amount denominated in another currency (the “second currency”) is a reference to the
amount of the first currency which could be purchased with the amount of the
second currency at the spot rate of exchange quoted on the relevant Reuters
page or, where the first currency is (i) roubles and the second currency is
(ii) U.S. dollars, or as the case may be euro (or vice versa), by the Central
Bank of Russia, at or about noon (London time, Brussels time or Moscow time (as
applicable) on such date for the purchase of the first currency with the second
currency;

the “Lender” shall be
construed so as to include it and any of its subsequent successors, assignees
and chargees in accordance with their respective interests;

“repay” (or any
derivative form thereof) shall, subject to any contrary indication, be
construed to include “prepay” (or, as the case may be, the corresponding
derivative form thereof); and

“VAT” shall be construed
as a reference to value added tax including any similar tax which may be
imposed in place thereof from time to time.

1.2                            Interpretation

Unless the context otherwise requires:

1.2.1                   a term has the meaning assigned to it;

1.2.2                   an accounting term not otherwise
defined has the meaning assigned to it in accordance with U.S. GAAP
consistently applied;

1.2.3                   “or” is not exclusive;

1.2.4                   words in the singular include the
plural, and words in the plural include the singular;

1.2.5                   provisions apply to successive events
and transactions;

1.2.6                   references to sections of or rules
under the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the Commission from time to time; and

1.2.7                   references to “U.S.$”
or “U.S. dollars” are to United States
dollars and references to “Roubles” are to
Russian roubles.

1.3                            Statutes

Any reference in this Agreement to a statute shall be construed as a
reference to such statute as the same may have been, or may from time to time
be, amended or re-enacted.

 9
 

1.4         Headings

Clause and Schedule headings are for ease of reference only.

1.5                            Amended Documents

Except where the contrary is indicated, any reference in this
Agreement to this Agreement, the Fee Letter or any other agreement or document
shall be construed as a reference to this Agreement, the Fee Letter or, as the
case may be, such other agreement or document as the same may have been, or may
from time to time be, amended, varied, novated or supplemented.

2                                      The Loan

The Lender grants to the Borrower, upon the terms and subject to the
conditions hereof, a single disbursement term loan facility in the amount of
U.S.$150,000,000.

3                                      Availability of the Loan

The Loan will be available by way of a single advance which will be
made by the Lender to the Borrower, and the Borrower will draw down the Loan,
on 8 February 2007, or such later date as may otherwise be agreed by the
parties to this Agreement, if:

3.1                            the Lender has not, prior to 8 February 2007, or such later date as may otherwise be agreed by
the parties to this Agreement, notified the Borrower that it has not received
the condition precedent documents as listed in the agreements entered into in
connection with the agreed funding source in form and substance satisfactory to
the Lender;

3.2                            the Lender has received funding of the Loan from
the agreed funding source; and

3.3                            no event has occurred or circumstance arisen which
would, whether or not with the giving of notice and/or the passage of time
constitute an event described under Clause 15 (Events of Default) and the
representations set out in Clause 11 (Representations and Warranties of the
Borrower) are true and accurate in all material respects on and as of the
proposed date for the making of the Loan.

4                                      Interest Periods

The period for which the Loan is outstanding shall be divided into
two periods, the first shall commence on, and shall include, 8 February 2007
and shall end on, but exclude, 14 November 2007 and the second shall commence
on, and shall include, 14 November 2007 and shall end on, but exclude, 14 May
2008 (each, an “Interest Period”).

5                                      Payment and Calculation of Interest

5.1                            Payment of interest

Not later than 10.00am (New York City time) one Business Day prior to
each Interest Payment Date, the Borrower shall pay to the Account all accrued
and unpaid interest, any Additional Amounts, and any Tax Indemnity Amounts,
calculated to the last day of each Interest Period, on the outstanding
principal amount of the Loan.

 10
 

5.2                            Calculation of interest

The amount of interest payable for any Interest Period shall be
calculated by applying the rate of 7.50 per cent. per annum (the “Interest Rate”) to the amount of the Loan, dividing the
product by two and rounding the resulting figure to the nearest cent, half a
cent being rounded upwards. When interest is required to be calculated for any
other period, it shall be calculated on the basis of a 360 day year consisting
of 12 months of 30 days each, and in the case of an incomplete month, the
actual number of days elapsed.

6                                      Repayment

Subject to Clause 15.2 (Rights of Lender upon occurrence of an Event
of Default), Clause 7 (Prepayment) and Clause 10.3.2 (Illegality), not later
than 10.00 a.m. (New York City time) one Business Day prior to the Repayment
Date, the Borrower shall repay in full the outstanding principal amount of the
Loan and, to the extent not already paid in accordance with Clause 5.1 (Payment
of Interest), all accrued and unpaid interest, any Additional Amounts, and any
Tax Indemnity Amounts, calculated to the last day of the last Interest Period.

7                                      Prepayment

7.1                            Prepayment for tax reasons

If, as a result of the application of or any amendment or
clarification to, or change (including a change in interpretation or
application) in, or determination under, the double taxation treaty between
Russia and Luxembourg (or any Qualifying Jurisdiction in which the Lender or
any successor thereto is resident for tax purposes) or the laws or regulations
of Russia or Luxembourg (or any Qualifying Jurisdiction in which the Lender or
any successor thereto is resident for tax purposes) or of any political
sub-division thereof or any Agency therein, the Borrower would thereby be
required to pay any Additional Amounts in respect of Taxes pursuant to Clause
8.1 (Additional Amounts), or pay any Tax Indemnity Amounts pursuant to Clause
8.3 (Tax Indemnity), then the Borrower may (without premium or penalty), upon
not less than 30 calendar days’ written irrevocable notice to the Lender (and,
following the execution of the agreements entered into in connection with the
agreed funding source, to the party designated by such agreements) including an
Officers’ Certificate of the Borrower, to the effect that the Borrower would be
required to pay such Additional Amounts or Tax Indemnity Amounts, prepay the
Loan in whole (but not in part) at any time together with all accrued and
unpaid interest, any Additional Amounts and any Tax Indemnity Amounts;
provided, however, that no such notice shall be given earlier than 90 calendar
days prior to the earliest date on which the Borrower would be obligated to pay
such Additional Amounts or Tax Indemnity Amounts, as the case may be.

7.2                            Prepayment for reasons of increased costs

The Borrower may, if it is required to make any payment by way of
indemnity under Clause 10.1 (Increased Costs), subject to giving to the
Lender not less than 30 calendar days’ prior written notice to that effect
(without premium or penalty), prepay the whole, but not part only, of the
amount of the Loan, together with any amounts then payable under Clause 10.1
(Increased Costs) and accrued and unpaid interest, any Additional Amounts and
Tax Indemnity Amounts, if any.

 11
 

7.3                            Prepayment in the event of a Change of Control

7.3.1      In the event of a Change of Control,
the Borrower shall be required to prepay the Loan on the Change of Control
Payment Date to the extent and in the amount that the Lender is required to pay
the agreed funding source as a result thereof as set forth in a written notice
by the Lender to the Borrower, including computation of such amount, given at
least two Business Days prior to the Change of Control Payment Date.

7.3.2      Promptly, and in any event within 10
calendar days after the date of any Change of Control, the Borrower shall
deliver to the Lender (and, following the execution of the agreements entered
into in connection with the agreed funding source, to the party designated by
such agreements) a written notice in the form of an Officers’ Certificate,
which notice shall be irrevocable (but may, in respect of sub-clause (iii), be
amended), stating:

(i)           that a Change of Control has occurred;

(ii)          the Change of Control Payment Date, which date shall be the next
Business Day occurring on or after 60 calendar days from the such notice is
delivered; and

(iii)         the circumstances and relevant facts giving rise to such Change of
Control, including, to the extent available, information with respect to pro
forma historical income, cash flow and capitalisation for the most recent
complete financial period that is subject to a review by auditors, each after
giving effect to such Change of Control and events causing such Change of Control,
and the date upon which such Change of Control is deemed to have occurred.

7.3.3                   On the Business Day prior to the
Change of Control Payment Date, the Borrower shall deposit in the Account an
amount in cash equal to the amount payable hereunder to the Lender by the
Borrower.

7.4                            Notice of prepayment

Without prejudice to any other requirement in this Agreement, any
notice of prepayment given by the Borrower pursuant to Clause 7.1 (Prepayment
for Tax Reasons) or Clause 7.2 (Prepayment for Reasons of Increased Costs)
hereof, shall be irrevocable, shall specify the date upon which such prepayment
is to be made and shall oblige the Borrower to make such prepayment one
Business Day prior to such date.

7.5                            Costs of prepayment

The Borrower shall, on the date of prepayment, pay all accrued and
unpaid interest, any Additional Amounts and any Tax Indemnity Amounts (each
only with respect to the amount subject to such prepayment), as of such date of
prepayment and all other amounts payable to the Lender hereunder in connection
with such prepayment. The Borrower shall indemnify the Lender on demand against
any costs and expenses reasonably incurred and properly documented by the
Lender on account of any prepayment made in accordance with this Clause 7
(Prepayment).

 12
 

7.6                            No other repayments

The Borrower shall not repay the whole or any part of the amount of
the Loan except at the times and in the manner expressly provided for in this
Agreement.

7.7                            Purchase of instruments issued to the agreed funding source

The Borrower and its Subsidiaries may purchase instruments issued to
the agreed funding source at any time in the open market or otherwise. If such
instruments are surrendered by the Borrower or any of its Subsidiaries to the
Lender, as issuer of such instruments, for cancellation (together with an
authorisation addressed to the agent of the Lender to cancel such instruments),
the Lender shall credit the Borrower with the prepayment of an amount of the
Loan equal to the principal amount of such cancelled instruments.

8                                      Taxes

8.1                            Additional amounts

8.1.1                   Subject to Clause 8.1.2, all payments
made by the Borrower under or with respect to the Loan will be made free and
clear of, and without withholding or deduction for, or on account of any
present or future tax, duty, levy, impost, assessment, or other governmental
charge (including penalties, interest and other liabilities related thereto)
(collectively, “Taxes”) imposed or
levied by or on behalf of any government or political subdivision or territory
or possession of any government or authority or Agency therein or thereof
having the power to tax (each, a “Taxing
Authority”) within Russia or Luxembourg (or any Qualifying
Jurisdiction in which the Lender or any successor thereto is resident for tax
purposes), unless the Borrower is required to withhold or deduct Taxes by law
or by the interpretation or administration thereof. For the avoidance of doubt,
this Clause 8.1 shall not apply to any taxes on income payable by the Lender.

8.1.2                   If at any time the Borrower is required
to withhold or deduct any amount for or on account of Taxes imposed or levied
by or on behalf of any Taxing Authority within Russia or Luxembourg (or any
Qualifying Jurisdiction in which the Lender or any successor thereto is
resident for tax purposes) from any payment made under or with respect to the
Loan, the Borrower shall, on the due date for such payment, pay such additional
amounts (“Additional Amounts”) as
may be necessary so that the net amount received by the Lender (including
Additional Amounts) in U.S. dollars after such withholding or deduction will
not be less than the amount the Lender would have received if such Taxes had
not been withheld or deducted and free from liability in respect of such
withholding or deduction; provided, however, that for the avoidance of doubt,
such Additional Amounts shall not be payable with respect to any Taxes on
income payable by the Lender.

8.1.3                   The Borrower will also:

(i)                                  make such withholding or deduction;
and

(ii)                               remit the full amount deducted or
withheld to the relevant authority in accordance with applicable law.

8.1.4                   If the Lender pays any amount in
respect of such Taxes in respect of
which Additional Amounts are payable (without prejudice to, and duplication of,
the

 13
 

provisions of Clause 8.3 (Tax
Indemnity)), the Borrower shall reimburse the Lender in U.S. dollars for such
payment on demand.

8.1.5      Whenever this Agreement mentions, in
any context, the payment of amounts based upon the principal or premium, if
any, interest or of any other amount payable under or with respect to the Loan,
this includes, without duplication, payment of any Additional Amounts and Tax
Indemnity Amounts that may be applicable.

The foregoing provisions shall apply, modified as necessary, to any
Taxes imposed or levied by any Taxing Authority in any jurisdiction in which
any successor of the Borrower is organised.

8.2                            Payments

The Lender shall assist the Borrower in ensuring that all payments
made under this Agreement are exempt from deduction or withholding of Tax.

8.3                            Tax indemnity

Without prejudice to, and without duplication of, the provisions of
Clause 8.1 (Additional Amounts):

8.3.1                   if at any time the Lender makes or is
required to make any payment to a Person (other than to or for the account of
the agreed funding source) on account of Tax (other than Taxes on income
payable by the Lender) in respect of the Loan or in respect of any instruments
issued to, or documents entered into with, the agreed funding source imposed by
any Taxing Authority of or in Russia, Luxembourg or any Qualifying Jurisdiction
in which the Lender or any successor thereto is resident for tax purposes, or
any liability in respect of any such Tax is asserted, imposed, levied or
assessed against the Lender, the Borrower shall, as soon as reasonably practicable
following, and in any event within 30 calendar days of, written demand made by
the Lender, indemnify the Lender against such payment or liability, together
with any interest, penalties, costs and expenses payable or incurred in
connection therewith; and

8.3.2                   if at any time a Taxing Authority
imposes an obligation on the Lender to withhold or deduct any amount on any
payment made or to be made by the Lender to or for the account of the agreed
funding source and the Lender is required by any instruments issued to, or
documents entered into with, the agreed funding source, to pay additional
amounts to such agreed funding source in connection therewith, the Borrower
shall, as soon as reasonably practicable following, and in any event within 30
calendar days of, written demand made by the Lender, pay to the Lender such
additional amounts as may be necessary so that the net amount received by the
agreed funding source (including such additional amounts) in U.S. dollars after
such withholding or deduction will not be less than the amount such agreed
funding source would have received if such withholdings or deductions had not
been made and free from liability in respect of such withholding or deduction.

Any payments required to be made by the Borrower under this Clause
8.3 are collectively referred to as “Tax
Indemnity Amounts”. For the avoidance of doubt, the provisions of
this Clause 8.3 shall not apply to any withholding or deductions of Taxes with
respect to the Loan which are subject to payment of Additional Amounts under
Clause 8.1 (Additional Amounts).

 14
 

8.4                            Tax claims

If the Lender intends to make a claim for any Tax Indemnity Amounts
pursuant to Clause 8.3 (Tax Indemnity), it shall notify the Borrower thereof;
provided that nothing herein shall require the Lender to disclose any
confidential information relating to the organisation of its affairs.

8.5                            Tax credits and tax refunds

8.5.1                   If any Additional Amounts are paid
under Clause 8.1 (Additional Amounts) or Tax Indemnity Amounts are paid under
Clause 8.3 (Tax Indemnity) by the Borrower for the benefit of the Lender and
the Lender, in its reasonable opinion, determines that it has received or been
granted a credit against, a relief or remission for, or a repayment of, any
Tax, then, if and to the extent that the Lender, in its reasonable opinion,
determines that such credit, relief, remission or repayment is in respect of or
calculated with reference to the deduction or withholding giving rise to such
Additional Amounts or, in the case of Tax Indemnity Amounts, with reference to
the liability, expense or loss to which the payment giving rise to such Tax
Indemnity Amounts relates, the Lender shall, to the extent that it can do so
without prejudice to the retention of the amount of such credit, relief, remission
or repayment, pay to the Borrower such amount as the Lender shall, in its
reasonable opinion, have concluded to be attributable to such deduction or
withholding or, as the case may be, such liability, expense or loss; provided
that the Lender shall not be obliged to make any payment under this Clause 8.5
in respect of such credit, relief, remission or repayment until the Lender is,
in its reasonable opinion, satisfied that its tax affairs for its tax year in
respect of which such credit, relief, remission or repayment was obtained have
been finally settled. Any such payment shall, in the absence of manifest error
and subject to the Lender specifying in writing in reasonable detail the
calculation of such credit, relief, remission or prepayment and of such payment
and providing relevant supporting documents evidencing such matters, be
conclusive evidence of the amount due to the Borrower hereunder and shall be
accepted by the Borrower in full and final settlement of its rights of
reimbursement hereunder in respect of such deduction or withholding. Nothing
contained in this Clause 8.5 shall interfere with the right of the Lender to
arrange its tax affairs generally in whatever manner it thinks fit nor oblige
the Lender to disclose any information relating to its tax affairs generally or
any computations in respect thereof.

8.5.2                   If as a result of a failure to obtain
relief from deduction or withholding of any Tax imposed by Russia or Luxembourg
(or any Qualifying Jurisdiction in which the Lender or any successor thereto is
resident for tax purposes) (i) such Tax is deducted or withheld by the Borrower
and pursuant to Clause 8.1 (Additional Amounts) an increased amount is paid by
the Borrower to the Lender in respect of such deduction or withholding, and (ii)
following the deduction or withholding of Tax as referred to above, (A) the
Borrower applies on behalf of the Lender to the relevant Russian Taxing
Authorities for a tax refund and such tax refund is credited by the Russian
Taxing Authorities to the Lender or (B) if such tax refund is otherwise
credited by a relevant Taxing Authority to the Lender pursuant to a final
decision of such Taxing Authority, the Lender shall as soon as reasonably
possible notify the Borrower of the receipt of such tax refund and promptly
transfer the entire

 15
 

amount of the tax refund to a
bank account of the Borrower specified for that purpose by the Borrower.

8.6                            Representations of the Lender

The Lender represents that (a) it is a bank which at the date hereof
is a resident of Luxembourg, is subject to taxation in Luxembourg on the basis
of its registration as a legal entity, location of its management body or
another similar criterion and it is not subject to taxation in Luxembourg
merely on income from sources in Luxembourg or connected with property located
in Luxembourg; (b) it will account for the Loan on the date of closing on its
balance sheet as an asset under “loans and advances to customers” and any
arrangements with the agreed funding source as a liability under “liabilities
evidenced by paper”; and (c) at the date hereof, it does not have a permanent
establishment in Russia.

The Lender shall make reasonable and timely efforts to assist the
Borrower to obtain relief from withholding of Russian income tax pursuant to
the double taxation treaty between Russia and the jurisdiction in which the
Lender is incorporated, including its obligations under Clause 8.8 (Delivery of
Forms). The Lender makes no representation as to the application or
interpretation of any double taxation treaty between Russia and the
jurisdiction in which the Lender is incorporated.

8.7                            Exceptions

The Lender agrees promptly, upon becoming aware of such, to notify
the Borrower if it ceases to be resident in Luxembourg or a Qualifying
Jurisdiction or if any of the representations set forth in Clause 8.6
(Representations of the Lender) are no longer true and correct. If the Lender
ceases to be resident in Luxembourg or a Qualifying Jurisdiction, then, except
in circumstances where the Lender has ceased to be resident in Luxembourg or a
Qualifying Jurisdiction by reason of any Change of Law (including a change in a
double taxation treaty or in such law or treaty’s application or
interpretation), in each case taking effect after the date of this Agreement,
the Borrower shall not be liable to pay to the Lender under Clause 8.1
(Additional Amounts) or Clause 8.3 (Tax Indemnity) any sum in excess of the sum
it would have been obliged to pay if the Lender had not ceased to be resident
in Luxembourg or a Qualifying Jurisdiction.

8.8                            Delivery of forms

The Lender shall within 30 calendar days of the request of the
Borrower, to the extent it is able to do so under applicable laws including
Russian laws, deliver to the Borrower a certificate issued by the competent
Taxing Authority in Luxembourg (or any Qualifying Jurisdiction in which the
Lender or any successor thereto is resident for tax purposes) confirming that
the Lender is a tax resident in Luxembourg (or any Qualifying Jurisdiction in
which the Lender or any successor thereto is resident for tax purposes) and
such other information or forms as the Borrower may need to be duly completed
and delivered by the Lender to enable the Borrower to apply to obtain relief
from deduction or withholding of Russian Tax after the date of this Agreement
or, as the case may be, to apply to obtain a tax refund if a relief from
deduction or withholding of Russian Tax has not been obtained. The Lender
shall, within 30 calendar days of the request of the Borrower, to the extent it
is able to do so under applicable laws including Russian laws, from time to
time deliver to the Borrower any additional duly completed application forms as
need to be duly completed and delivered by the Lender to enable the Borrower to
apply to obtain relief from deduction or withholding of Russian Tax or, as the
case may be, to apply to obtain a tax refund if a

 16
 

relief from deduction or withholding of Russian Tax has not been
obtained. The certificate and, if required, other forms referred to in this
Clause 8.8 shall be duly signed by the Lender, if applicable, and stamped or
otherwise approved by the competent Taxing Authority in Luxembourg (or any
Qualifying Jurisdiction in which the Lender or any successor thereto is
resident for tax purposes) and apostilled or otherwise legalised. If a relief
from deduction or withholding of Russian Tax under this Clause 8.8 has not been
obtained and further to an application of the Borrower to the relevant Russian
Taxing Authorities the latter requests the Lender’s rouble bank account
details, the Lender shall at the request of the Borrower (x) use reasonable
efforts to procure that such rouble bank account of the Lender is duly opened
and maintained, and (y) thereafter furnish the Borrower with the details of
such rouble bank account. The Borrower shall pay for all costs associated, if
any, with opening and maintaining such rouble bank account.

8.9                            Tax treatment

The Borrower and the Lender hereby agree to
treat the Loan as a debt obligation of the Borrower payable to the Lender, as
the beneficial owner of such debt obligation, for Russian and Luxembourg tax
purposes.

9                                      Tax Receipts

9.1                            Notification of requirement to deduct tax

If, at any time, the Borrower is required by law to make any
deduction or withholding from any sum payable by it hereunder, or if thereafter
there is any change in the rates at which or the manner in which such
deductions or withholdings are calculated, the Borrower shall promptly notify
the Lender.

9.2                            Evidence of payment of tax

The Borrower will make all reasonable endeavours to obtain certified
copies, and translations into English, of tax receipts evidencing the payment
of any Taxes so deducted or withheld from each Taxing Authority imposing such
Taxes. The Borrower will furnish to the Lender (and, following the execution of
any other agreements entered into in connection with the agreed funding source,
to the party designated by such agreements), within 60 calendar days after the
date the payment of any Taxes so deducted or withheld is due pursuant to applicable
law, either certified copies of tax receipts evidencing such payment by the
Borrower or, if such receipts are not obtainable, other evidence of such
payments by the Borrower.

10                               Changes in Circumstances

10.1                     Increased
costs

If, by reason of (i) any Change of Law, other than a Change of Law
which relates only to the basis or rate of Tax on the net income of the Lender
or the amounts required pursuant to the Fee Letter, and/or (ii) compliance with
any Capital Adequacy Requirement, reserve or deposit requirement or any other
request from or requirement of any central bank or other fiscal, monetary or
other authority which has effect in Luxembourg (or any Qualifying Jurisdiction
in which the Lender or any successor thereto is resident for tax purposes):

 17

10.1.1            the Lender incurs an additional cost as a result of the Lender’s
entering into or performing its obligations, including its obligation to make
the Loan, under this Agreement (excluding Taxes payable by the Lender on its
net income); or

10.1.2            the Lender becomes liable to make any additional payment on account
of Tax or otherwise, not being a tax imposed on its net income or the amounts
due pursuant to the Fee Letter, on or calculated by reference to the amount of
the Loan and/or to any sum received or receivable by it hereunder except where
compensated under Clause 8.1 (Additional Amounts) or under Clause 8.3 (Tax
Indemnity),

then the Borrower shall, from time to
time within 30 calendar days of written demand of the Lender, pay to the Lender
amounts sufficient to hold harmless and indemnify it from and against, as the
case may be, such properly documented (1) cost or (2) liability; provided that
the Lender will not be entitled to indemnification where such increased cost or
liability arises as a result of the gross negligence, fraud or wilful default
of the Lender; and provided that the amount of such increased cost shall be
deemed not to exceed an amount equal to the proportion of any cost or liability
which is directly attributable to this Agreement.

10.2                     Increased costs claims

If the Lender intends to make a claim
pursuant to Clause 10.1 (Increased Costs), it shall notify the Borrower thereof
and provide a written description in reasonable detail of the relevant Change
of Law or Capital Adequacy Requirement, as the case may be, including a
description of the relevant affected jurisdiction or country and the date on
which the change in circumstances took effect; provided that nothing herein
shall require the Lender to disclose any confidential information relating to
the organisation of its or any other person’s affairs. The written description
shall demonstrate the connection between the change in circumstance and the
increased costs and shall be accompanied by relevant supporting documentation
evidencing the matters described therein.

10.3                     Illegality

If, at any time after the date of this
Agreement, it is unlawful for the Lender to make, fund or allow to remain
outstanding the Loan made or to be made by it hereunder or to maintain its
agreed funding source of the Loan, then the Lender shall, after becoming aware
of the same, deliver to the Borrower a written notice, setting out in
reasonable detail the nature and extent of the relevant circumstances, to that
effect and:

10.3.1            if the Loan has not then been made, the Lender shall not thereafter
be obliged to make the Loan; and

10.3.2            if the Loan is then outstanding and the Lender so requests, the
Borrower shall, on the latest date permitted by relevant law or, if such notice
is received after the latest date permitted by relevant law, on the date which
is three Business Days after such request is received by the Borrower, or such
earlier day as the Borrower elects (as notified to the Lender upon not less
than 30 calendar days’ written notice prior to the date of repayment), repay
the Loan together with accrued and unpaid interest thereon, any Tax Indemnity
Amounts and all other amounts owing to the Lender hereunder.

10.4                     Mitigation

If circumstances arise which would
result in:

 18
 

10.4.1            any payment falling due to be made by or to the Lender or for its
account pursuant to Clause 10.3 (Illegality);

10.4.2            any payment falling due to be made by the Borrower pursuant to Clause
8.1 (Additional Amounts); or

10.4.3            a claim for indemnification pursuant to Clause 8.3 (Tax Indemnity) or
Clause 10.1 (Increased Costs),

then, without in any way limiting,
reducing or otherwise qualifying the rights of the Lender or the Borrower’s
obligations under any of the above mentioned provisions, the Lender shall, upon
becoming aware of the same, notify the Borrower thereof and, in consultation
with the Borrower and to the extent it can lawfully do so and without prejudice
to its own position, take reasonable steps to remove such circumstances or
mitigate the effects of such circumstances including, without limitation, by
the change of its lending office or transfer of its rights or obligations under
this Agreement to another bank; provided that the Lender shall be under no
obligation to take any such action if, in its opinion, to do so might have any
adverse effect upon its business, operations or financial condition or might be
in breach of any arrangements which it may have made with the agreed funding
source.

11                                Representations and Warranties of the Borrower

The Borrower makes the following
representations and warranties and acknowledges that the Lender has entered
into this Agreement in reliance on those representations and warranties.

11.1                      Due organisation

Each of the Borrower and its
Subsidiaries has been duly incorporated and is validly existing as a legal
entity in good standing (where such concept or an analogous concept exists)
under the laws of its jurisdiction of incorporation and has full power and
authority (corporate and other) to own or lease its properties and conduct its business
as described in the Offering Memorandum, except where the failure to do so
would not have a Material Adverse Effect; and the Borrower and each of its
Subsidiaries is duly qualified to do business as a legal entity in good
standing (where such concept or an analogous concept exists) in all
jurisdictions in which its ownership or lease of property or the conduct of its
business requires such qualification, except where the failure to do so would
not have a Material Adverse Effect.

11.2                      Authorisations

The Borrower has full corporate power
and authority to enter into this Agreement, and this Agreement has been duly
authorised, executed and delivered by the Borrower, and is a legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms, except that the enforcement thereof may be limited
by (i) bankruptcy, insolvency, fraudulent transfer, reorganisation,
moratorium and other similar laws relating to or affecting creditors’ rights
generally and (ii) general equitable principles (whether considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.

11.3                      No conflict

Neither the Borrower nor any of its
Subsidiaries is in violation of its charter or by-laws or other constitutive
documents; and no default exists, and no event has occurred which, with 

 19
 

notice or lapse of time or both, would
constitute a default in the due performance and observance of any term,
covenant or condition of any agreement or instrument (for the avoidance of
doubt including this Agreement) to which the Borrower or any of its
Subsidiaries is a party or by which the Borrower or any of its Subsidiaries is
bound or to which any of their respective properties is subject, except, in
each case, where such violation, default or event would not, individually or in
the aggregate, have a Material Adverse Effect.

The execution, delivery and
performance of this Agreement by the Borrower, the compliance by the Borrower
with all the provisions hereof and the consummation of the transactions
contemplated hereby (a) will not require any consent, approval, authorisation
or other order of any court, regulatory body, administrative agency or other
governmental body (except such as may be required under the securities or Blue
Sky laws of the various states of the United States or any securities laws of
any jurisdiction other than Russia, Luxembourg, the United Kingdom and the
Federal law of the United States) except for such consents, approvals,
authorisations or other orders as have been obtained and which are in full
force and effect and except for such consents as may be obtained within 30 days
of the requirement for such consent arising, (b) will not conflict with or
constitute a breach of any of the terms or provisions of, or constitute a
default under, the charter or other constitutive documents of the Borrower, (c)
will not conflict with or constitute a breach of any agreement, indenture or
other instrument to which the Borrower or any of its Subsidiaries is a party or
by which the Borrower, any of its Subsidiaries or their respective property or
assets is bound, and (d) will not violate or conflict with any laws,
administrative regulations or rulings or court decrees applicable to the
Borrower, any of its Subsidiaries or their respective property, except, in the
case of Clause (c), for any conflict, breach or violation which would not have
a Material Adverse Effect.

11.4                      Financial statements

The audited consolidated financial
statements of the Borrower and the related notes thereto as set out in the
Offering Memorandum were prepared in accordance with U.S. GAAP consistently
applied throughout the periods involved and present fairly, in all material
respects, the consolidated financial position of the Borrower as at the dates
at which they were prepared and the results of the operations and the cash
flows of the Borrower in respect of the periods for which they were prepared.
The other financial and statistical information and data, including, but not
limited to, the 2003, 2004 and 2005 financial data as set out in the Offering
Memorandum is, in all material respects, accurately presented and prepared on a
basis consistent with such financial statements, where applicable, and the
books and records of the Borrower and its Subsidiaries. Since 31 December 2005
(a) there has been no material adverse change in the condition (financial
or otherwise) or affecting the business, prospects, financial position, or
results of operations of the Borrower or the Borrower and its Subsidiaries
taken as a whole, whether or not arising from transactions in the ordinary
course of business; and (b) neither the Borrower nor any of its Subsidiaries
has entered into any transaction or agreement material to the Borrower or to
the Borrower and its Subsidiaries taken as a whole, other than in the ordinary
course of business.

11.5                      No other indebtedness

The Borrower has no Indebtedness,
other than Indebtedness (a) as set forth in the 31 December 2005 audited
consolidated balance sheet of the Borrower; (b) as disclosed in 

 20
 

the Offering Memorandum or (c) that in
the aggregate would not have a Material Adverse Effect.

11.6                      Payment in U.S. Dollars

All payment obligations of the
Borrower under this Agreement are required by the terms hereof to be paid in U.S.
dollars, and the Borrower does not require any approvals, consents, licenses
and permissions to make and may make such payments in U.S. dollars.

11.7                      Taxes

Except as disclosed in the Offering
Memorandum, each of the Borrower and the Significant Subsidiaries has duly
filed with the appropriate Taxing Authorities, or has received an extension for
filing with respect to, all tax returns, reports and other information required
to be filed by it, and each such tax return, report, or other information was, when
filed, accurate and complete in all material respects; and, except as disclosed
in the Offering Memorandum, each of the Borrower and the Significant
Subsidiaries has duly paid, or has made adequate reserves for, all Taxes
required to be paid by it and any other assessment, fine or penalty levied
against it, and to the best of the Borrower’s knowledge, no Tax deficiency is
currently asserted against the Borrower or any of the Significant Subsidiaries,
except, in each case, where any failure to do so would not have a Material
Adverse Effect.

11.8                      Litigation and contracts

Except as disclosed in the Offering
Memorandum (which disclosure shall be disregarded for the purposes of Clause
11.21 (Repetition)): (A) there are no pending legal or governmental proceedings
against the Borrower or any of its Subsidiaries or any of their respective
properties and (B) there are no pending legal or governmental proceedings
naming, and, to the best knowledge of the Borrower, there are no threatened
legal or governmental proceedings against or naming, the Borrower or any of its
Subsidiaries or any of their respective properties that, in each case, if
determined adversely to the Borrower or any such Subsidiary, would individually
or in the aggregate have a Material Adverse Effect or would have a material
adverse effect on the ability of the Borrower to perform its obligations under
this Agreement and, to the best knowledge of the Borrower, no such proceedings
are contemplated.

11.9                      Labour

There are no labour disputes involving the employees of the Borrower
or any of its Subsidiaries that exist, or to the best knowledge of the
Borrower, that are threatened, except where such would not, individually or in
the aggregate, have a Material Adverse Effect.

11.10               Title, licenses and consents

Except as disclosed in the Offering
Memorandum, each of the Borrower and its Subsidiaries possesses all
certificates, authorisations, licences and permits issued by appropriate
governmental agencies or bodies necessary to conduct the business now conducted
by it, except, in each case, where the failure to do so would not, individually
or in the aggregate, have a Material Adverse Effect and neither the Borrower
nor any of its Subsidiaries has received any notice of proceedings relating to
the revocation or modification for any such certificate, authorisation or
permit that, if determined adversely to the Borrower or any of its
Subsidiaries, could have a Material Adverse Effect.

 21
 

Except as disclosed in the Offering
Memorandum each of the Borrower and its Subsidiaries (A) has good and
marketable title to all items of real property owned by it and good and
marketable title to all other property and assets owned by it, in each case
free and clear of any security interests, liens, encumbrances, equities, claims
and other defects that would affect the value thereof or interfere with the use
made or proposed to be made thereof by it, and (B) holds any real property and
buildings leased by it under valid, subsisting and enforceable leases with no
exceptions that would interfere with the use made or proposed to be made
thereof by it, except, in the cases of each of (A) and (B), where the failure
to do so would not, individually or in the aggregate, have a Material Adverse
Effect.

Except as disclosed in the Offering Memorandum
the Borrower and each of its Subsidiaries owns or possesses all patents, patent
applications, trademarks, service marks, trade names, licenses, copyrights and
proprietary or other confidential information currently employed by it in
connection with its business (collectively, “intellectual
property rights”), except, in each case, where the failure to do so
would not, individually or in the aggregate, have a Material Adverse Effect;
and neither the Borrower nor any of its Subsidiaries has received any notice of
infringement of or conflict with asserted rights of others with respect to any
intellectual property rights that, if determined adversely to the Borrower or
any of its Subsidiaries, could individually or in the aggregate have a Material
Adverse Effect.

11.11                Adequate insurance

The Borrower and each of its
Significant Subsidiaries has, where relevant, applied for insurance with an
insurer or insurers of sufficient standing against such losses and risks and in
such amounts as are prudent and customary in the businesses in which they are
engaged in the jurisdiction where they operate, respectively; the Borrower and
each of its Significant Subsidiaries has not been refused any insurance
coverage sought or applied for; and the Borrower and each of its Significant
Subsidiaries, where relevant, has no reason to believe that they will not be
able to obtain, within 60 days of the date of the making of the Loan, such
coverage as may be necessary to continue their business at a cost that would
not have a Material Adverse Effect.

11.12               No withholding or similar tax

Under current laws and regulations of
Russia and Luxembourg and any respective political subdivisions thereof, and
based upon the representations of the Lender set forth in Clause 8.6
(Representations of the Lender) hereof, all payments of principal and/or
interest, Additional Amounts, Tax Indemnity Amounts or any other amounts
payable on or in respect of the Loan may be paid by the Borrower to the Lender
in U.S. dollars and will not be subject to Taxes under laws and regulations of
Russia and Luxembourg, or any political subdivision or Taxing Authority thereof
or therein, respectively, and will otherwise be free and clear of any other
Tax, duty, withholding or deduction in Luxembourg, Russia, or any political
subdivision or Taxing Authority thereof or therein (provided, however, that the
Borrower makes no representation as to any income or similar Tax of Luxembourg
(or any Qualifying Jurisdiction) which may be assessed thereon) and without the
necessity of obtaining any governmental authorisation in Russia or Luxembourg
or any political subdivision or Taxing Authority thereof or therein.

 22
 

11.13               Not an investment company

Without regard to the number or nature
of the holders of their securities the Borrower is not and, after giving effect
to the Loan and the application of the proceeds thereof will not be, required
to register as an “investment company” as defined in the U.S. Investment
Company Act of 1940, as amended.

11.14                 Rating

No Rating Agency (a) has imposed (or
has informed the Borrower that it is considering imposing) any condition
(financial or otherwise) on the Borrower’s retaining any rating assigned to the
Borrower or any securities of the Borrower or (b) has indicated to the Borrower
that it is considering (i) the downgrading, suspension or withdrawal of, or any
review for a possible change that does not indicate the direction of the
possible change in, any rating so assigned or (ii) any change in the outlook
for any rating of the Borrower, as applicable, or any securities of the
Borrower.

11.15               No liquidation or similar proceedings

No receiver or liquidator (or similar
person) has been appointed in respect of the Borrower or any Subsidiary of the
Borrower or in respect of any part of the assets of the Borrower or any
Subsidiary of the Borrower; no resolution, order of any court, regulatory body,
governmental body or otherwise, or petition or application for an order, has
been passed, made or presented for the winding up of the Borrower or any Subsidiary
of the Borrower or for the protection of the Borrower or any such Subsidiary
from its creditors; and the Borrower has not, and no Subsidiary of the Borrower
has, stopped or suspended payments of its debts, become unable to pay its debts
or otherwise become insolvent except, with respect to a Subsidiary of the
Borrower, any such occurrence that (i) is in the ordinary course of, and
incidental to, a reorganisation of the Group otherwise not prohibited by this
Agreement and (ii) would not result in a Material Adverse Effect.

11.16               Certificates

Each certificate signed by any
director or officer of the Borrower and delivered to the Lender or counsel for
the Lender on the date of the making of the Loan shall be deemed to be a
representation and warranty by the Borrower to the Lender as to the matters
covered thereby.

11.17               Pari passu
obligations

The obligations of the Borrower under
this Agreement will rank at least pari passu
in right of payment with all other unsecured and unsubordinated obligations of
the Borrower, except as otherwise provided by mandatory provisions of
applicable law.

11.18               No stamp taxes

Under the laws of Russia in force at
the date hereof, it is not necessary that any stamp, registration or similar
Tax be paid on or in relation to this Agreement.

11.19               No events of default

No event has occurred or circumstances
arisen which would (whether or not with the giving of notice and/or the passage
of time) constitute an event described in Clause 15 (Events of Default).

 23
 

11.20               Health, safety and environment

Each of the Borrower and its
Subsidiaries is in compliance with all statutes, and all rules, regulations,
requirements, decisions and orders of, and agreements with, any governmental
agency or body and any court, relating to the protection of human health and
safety (including occupational health and safety), the use, handling,
transportation, disposal or release of hazardous or toxic substances, or the
protection or restoration of the environment (collectively, “hse laws”), and has received, and is in
compliance with all terms and conditions of, all permits, licenses or other
approvals required of it under applicable hse laws in order to conduct its
business, except, in each case, where the failure to be in compliance with or
receive such permits, licenses or other approvals would not, individually or in
the aggregate, have a Material Adverse Effect;

Neither the Borrower nor any of its
Subsidiaries is subject to any claims, costs or liabilities associated with any
hse laws (including, without limitation, any capital or operating expenditures
required for clean-up, closure of properties or compliance with hse laws or to
acquire or comply with the terms and conditions of any permit, license or
approval under any hse laws, any constraints on operating activities and any
potential liabilities to third parties) which could, individually or in the
aggregate, have a Material Adverse Effect; and, to the best of the Borrower’s
knowledge, having made all due inquiries, there are no past or present events,
conditions, circumstances, activities, practices, incidents or actions that
would be reasonably likely to give rise to such costs, liabilities or claims;

11.21               Repetition

Each of the representations and
warranties in Clause 11 (Representations and Warranties of the Borrower) shall
be deemed to be repeated by the Borrower on the date of the making of the Loan
and each of Clause 11.1 (Due Organisation) (solely with respect to the Borrower
and provided that, upon the occurrence of a merger or sale of assets pursuant
to Clause 14.6 (Mergers and Similar Transactions), the Borrower is the
Surviving Entity), Clause 11.2 (Authorisations) Clause 11.3 (No Conflict) and
Clause 11.8 (Litigation and Contracts) (solely with respect to any legal or
governmental proceedings pending or, to the best knowledge of the Borrower,
threatened in writing delivered to the Borrower, before any court, tribunal,
arbitration panel or Agency challenging the lawfulness, validity or
enforceability of this Agreement (except for any such proceedings as may have
been disclosed in writing by the Borrower to the Lender prior to the relevant
date of repetition) shall be deemed to be repeated and updated on each Interest
Payment Date. The Borrower shall inform the Lender in writing of any breach or
prospective breach of such deemed repeated representations and warranties as
soon as it becomes aware of the same.

12                               Representations and Warranties of the Lender

In addition to the representations and
warranties set forth in Clause 8.6 (Representations of the Lender), the Lender
makes the representations and warranties set out in Clause 12.1 (Status) to
Clause 12.4 (No Conflicts), inclusive, and acknowledges that the Borrower has
entered into this Agreement in reliance on those representations and warranties.

12.1                     Status

The Lender is duly incorporated under
the laws of Luxembourg and is resident in Luxembourg for taxation purposes and
has full corporate power and authority to enter into

 24
 

this Agreement and any other
agreements relating to the agreed funding source, and to undertake and perform
the obligations expressed to be assumed by it herein and therein.

12.2                     Authorisation

Each of this Agreement and any other
agreements entered into in connection with the agreed funding source has been
duly authorised, executed and delivered by the Lender, and is a legal, valid
and binding obligation of the Lender, enforceable against the Lender in
accordance with its terms, except that the enforcement thereof may be subject
to bankruptcy, insolvency, fraudulent conveyance, reorganisation, moratorium
and other similar laws relating to or affecting creditors’ rights generally and
general equitable principles.

12.3                     Consents and approvals

All authorisations, consents and
approvals required by the Lender for or in connection with the execution of
this Agreement and any other agreements relating to the agreed funding source
and the performance by the Lender of the obligations expressed to be undertaken
in such agreements have been obtained and are in full force and effect.

12.4                     No conflicts

The execution of this Agreement and
any other agreements relating to the agreed funding source and the undertaking
and performance by the Lender of the obligations expressed to be assumed by it
herein and therein will not conflict with, or result in a breach of or default
under, the laws of Luxembourg or the constitutive documents of the Lender.

13                               Financial Information

The Borrower will, at its own expense,
so long the Loan remains outstanding, furnish to the Lender, copies of all
reports and other communications (financial or other) furnished to stockholders
of the Borrower and furnish to the Lender, (i) as promptly as practicable,
copies of any reports and financial statements furnished to or filed with any
securities exchange (other than any securities exchange in Russia) on which any
class of securities of the Borrower is listed (such financial statements to be
on a consolidated basis and prepared in accordance with U.S. GAAP consistently
applied with the preceding period); and (ii) such additional publicly available
information concerning the business and financial condition of the Borrower as
the Lender may from time to time reasonably request. In addition, the Borrower
shall furnish to the Lender, such information as the London Stock Exchange plc
(or any other or further stock exchange or stock exchanges or any other
relevant authority or authorities on which the instruments issued to the agreed
funding source may, from time to time, be listed or admitted to trading) may
require in connection with the listing or admittance to trading on such stock
exchange or relevant authority of instruments issued to the agreed funding
source.

(i) On each anniversary of this
Agreement and (ii) within 14 days of any request by the Lender, the Borrower shall
deliver to the Lender (and, following the execution of any other agreements
entered into in connection with the agreed funding source, to the party
designated by such agreements) an Officers’ Certificate (a) stating that to the
best of each of the Officers’ knowledge (i) the Borrower has kept, observed,
performed and fulfilled each and every covenant, and complied with the
covenants and conditions contained in this Agreement and (ii) the Borrower is
not in default in the performance or observance of any of the terms, provisions
and conditions hereof (or, if a Default or Event of Default shall

 25
 

have occurred, describing all such
Defaults or Events of Default of which he may have knowledge) and (b) setting
out the calculations of the ratios set out in Clause 14.10 and 14.13 and (c)
identifying, as at a date no more than 14 days before the date of such
certificate, those Subsidiaries which are Significant Subsidiaries.

The Borrower will within 14 days of any reasonable request by the
Lender provide the Lender with such further information other than information
which the Borrower determines in good faith to be confidential about the
business and financial condition of the Borrower and its Subsidiaries as the
Lender may require (including (i) information deliverable pursuant to Clause
13.1.5 of the Trust Deed and (ii) an Officers’ Certificate pursuant to Clause
13.1.5 of the Trust Deed detailing any instruments issued in respect of the
agreed funding source held by or on behalf of the Borrower, its shareholders or
any of its Subsidiaries).

14                               Covenants

14.1                     Liens

The Borrower will not, and will not
permit any of its Subsidiaries to, create, incur, assume or suffer to exist any
Lien (other than Permitted Liens) on any asset now owned or hereafter acquired,
or any income or profits therefrom, which secures any Indebtedness, unless the
Loan and any other sum owing hereunder are secured by a Lien equally and
rateably with the Liens securing such other Indebtedness; provided that if such
Indebtedness is subordinated Indebtedness of the Borrower, the Lien securing
such Indebtedness shall be subordinate or junior to the Lien securing the Loan,
with the same relative priority as such Indebtedness shall have with respect to
the Loan.

14.2                     Stay, extension and usury laws

The Borrower covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Agreement; and the
Borrower (to the extent it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not, by resort
to any such law, hinder, delay or impede the execution of any power herein
granted to the Lender (and, following the execution of any other agreements
entered into in connection with the agreed funding source, to the party
designated by such agreements), but will suffer and permit the execution of
every such power as though no such law had been enacted.

14.3                     Asset sales

The Borrower will not, and will not
permit any of its Subsidiaries to consummate any Asset Sale, unless the
proceeds received by the Borrower or such Subsidiary, as the case may be, are
at least equal to the Fair Market Value of the assets sold or disposed of (as
determined in good faith by the Board of Directors of the Borrower or the
relevant Subsidiary) and an amount equal to such proceeds (less any costs plus
reasonable expenses incurred in relation to such Asset Sale) is either (a)
applied to repay permanently any Indebtedness (other than subordinated
Indebtedness) of the Borrower or any Subsidiary or (b) invested in assets
(including Capital Stock) of a nature or type that is used or usable in the
business of the Borrower or any Subsidiary, being any food and

 26
 

beverage business that the Borrower or
any such Subsidiary may conduct at the relevant time, in each case within 360
days of the date when such proceeds are received.

14.4                     Transactions with affiliates and related persons

14.4.1            Subject to sub-clause 14.4.2 below, the Borrower shall not, and shall
not permit any Subsidiary to, directly or indirectly, enter into, permit to
exist, renew or extend any transaction or series of related transactions
(including, without limitation, the purchase, sale, transfer, assignment,
lease, conveyance or exchange of property or assets, or the rendering of any
service) (each a “Transaction”)
with, or for the benefit of, any Related Person of the Borrower (or any
Affiliate of such Person) or with, or for the benefit of, any Affiliate of the
Borrower, unless any such Transaction or series of related Transactions is made
upon fair and reasonable terms no less favourable to the Borrower or such
Subsidiary, as the case may be, than could be obtained, at the time of such
Transaction or, if such Transaction is pursuant to a written agreement, at the
time of the execution of the agreement providing therefor, in a comparable
arms’-length Transaction with, or for the benefit of, a Person that is not a
Related Person of the Borrower (or any Affiliate of such Person) or an
Affiliate of the Borrower.

No such Transaction shall be
consummated unless, in the case of a Transaction or series of related
Transactions involving aggregate consideration equal to or in excess of U.S.$5
million, the Borrower or the relevant Subsidiary, as the case may be, obtains
the approval of its Board of Directors.

14.4.2            The limitations in sub-clause 14.4.1 above shall not limit, and shall
not apply to any Transaction or series of related Transactions solely between
the Borrower and any of its Subsidiaries or solely between Subsidiaries of the
Borrower.

14.5                     Change of control

Upon the occurrence of a Change of
Control, the Borrower shall prepay the Loan, in whole or in part, pursuant to
and subject to the conditions described in Clause 7.3 (Prepayment in the event
of a Change of Control), under the definition of Change of Control.

14.6                     Mergers and similar transactions

14.6.1            Subject to sub-clause 14.6.2 below the Borrower shall not merge with
or into or enter into a transaction whose effect would be similar to that of a
merger (including, but not limited to, by way of an acquisition through a
share-for-share exchange or contribution of assets) or sell, convey, transfer,
lease or otherwise dispose of all or substantially all of its property and
assets (each a “merger”) to, any
Person or permit any Person to merge with or into the Borrower:

(i)           unless the Borrower shall be the
continuing Person, or the Person (if other than the Borrower) into which the
Borrower is merged or that acquired or leased such property and assets of the
Borrower (the “Surviving Entity”)
shall be a company organised and validly existing under the laws of the Russian
Federation or any other jurisdiction the organisation of the Surviving Entity
under the laws of which would not, at the time of the relevant transaction,
cause the Surviving Entity to be required to provide payments of Additional
Amounts or Tax Indemnity Amounts, and shall expressly assume, by amendment
hereto, executed and delivered by such 

 27
 

Surviving Entity to the Lender (and, following the execution of any
other agreements entered into in connection with the agreed funding source, to
the party designated by such agreements), in form and substance satisfactory to
the Lender (and, following the execution of any other agreements entered into
in connection with the agreed funding source, to the party designated by such
agreements), the due and punctual payment of the principal of and interest on
the Loan, as the case may be, and the due and punctual performance and
observance of all the covenants, conditions and other obligations of the
Borrower in respect of the Loan and this Agreement;

(ii)          unless, in the case of a sale,
conveyance, transfer, lease or other disposal of all or substantially all of
the Borrower’s or its relevant Subsidiary’s property and assets, such property
and assets shall have been transferred as an entirety or substantially an
entirety in one transaction or a series of related transactions to one Person;

(iii)         unless immediately before and after
giving effect to such transaction or series of transactions on a pro forma
basis (and treating any Indebtedness which becomes, or is anticipated to
become, an obligation of the Surviving Entity or any Subsidiary thereof as a
result of such transaction or series of transactions as having been incurred by
the Surviving Entity or such Subsidiary at the time of such transaction or
series of transactions), no Default or Event of Default shall have occurred and
be continuing;

(iv)         unless immediately before and after
giving effect to such transaction or series of transactions on a pro forma
basis (and treating any Indebtedness which becomes, or is anticipated to
become, an obligation of the Surviving Entity or any Subsidiary thereof as a
result of such transaction or series of transactions as having been incurred by
the Surviving Entity or such Subsidiary at the time of such transaction or
series of transactions) the Borrower or its Subsidiaries, or any Person
becoming the successor obligor of the Loan would be able to incur an additional
$1.00 of Indebtedness pursuant to Clause 14.10 (Financial Covenant) hereof; and

(v)          unless the Borrower delivers to the
Lender (and, following the execution of any other agreements entered into in
connection with the agreed funding source, to the party designated by such
agreements) an Officers’ Certificate (attaching the arithmetic computations to
demonstrate compliance with Clause 14.10 (Financial Covenant) hereof) and an
opinion of counsel reasonably acceptable to the Lender, each in form and
substance satisfactory to the Lender (and, following the execution of any
supplemental agreements entered into in connection with the agreed funding
source, to the party designated by such agreements) and in each case stating
that such, merger or transfer and such supplemental agreement comply with this
provision, that all legal conditions precedent provided for herein relating to
such transaction have been complied with and that this Agreement and the Loan
constitute legal, valid and binding obligations of the Surviving Entity,
enforceable in accordance with their terms, subject, in the case of the opinion
of counsel, to customary exceptions, qualifications and limitations.

 28
 

14.6.2            The restrictions in sub-clauses 14.6.1(ii) and the Officers’
Certificate referred to in (v) above shall not apply to any mergers between the
Borrower and any of the Subsidiaries. The restrictions in sub-clauses 14.6.1(v)
above shall not apply to any mergers between the Borrower and any of the
Subsidiaries if: (i) both relevant entities are incorporated in Russia, (ii)
both relevant entities have no business presence or tax residency outside
Russia, and (iii) the Borrower (in the event of a merger involving the
Borrower), is the Surviving Entity.

14.7                     Maintenance of authorisations

So long as any amount remains
outstanding hereunder:

14.7.1            the Borrower shall, and it shall procure that each of its Significant
Subsidiaries shall take all necessary action to obtain and do or cause to be
done all things necessary, in the opinion of the Borrower or the relevant
Significant Subsidiary, to ensure the continuance of its corporate existence,
its business and intellectual property relating to its business;

14.7.2            the Borrower shall make or cause to be made all registrations,
recordings and filings, and shall obtain and maintain all consents, licences,
approvals and authorisations, which may at any time be required to be obtained
or made in Russia or any other relevant jurisdiction for the purposes of the
execution, delivery or performance of this Agreement and for the validity and
enforceability thereof; and

14.7.3            if any regulation, decree, consent, approval, licence or other
authority necessary to enable the Borrower to enter into or perform its
obligations under this Agreement or for the validity or enforceability thereof
expires or is withheld, revoked or terminated or otherwise ceases to remain in
full force and effect or is modified in a manner which adversely affects any
rights or claims of the Lender (and, following the execution of any other
agreements entered into in connection with the agreed funding source, of the
party designated by such agreements) the Borrower shall ensure compliance with
any such regulation, decree or other law or rule and/or take such action as
would allow it, notwithstanding the coming into force of any such regulation,
decree or other law or rule or such revocation of an approval, licence or other
authority, to execute, deliver and perform this Agreement and maintain its
validity and enforceability (including any rights or claims of the Lender (and,
following the execution of any other agreements entered into in connection with
the agreed funding source, of the party designated by such agreements));

provided that, in any case if the
Borrower or as the case may be, the relevant Significant Subsidiary can remedy
any failure to comply with (i) and (ii) above and can remedy any event
contemplated by (iii) above within 60 days of such failure or of the occurrence
of such event, then this covenant shall be deemed not to have been breached.

14.8                     Maintenance of property

So long as any amount remains
outstanding hereunder, the Borrower and its Significant Subsidiaries will cause
all property used in the conduct of its or their business to be maintained and
kept in good condition, repair and working order and supplied with all
necessary equipments and shall cause to be made all necessary repairs,
renewals, replacements and improvements thereof, all as, in the judgments of
the Borrower or any

 29
 

Significant Subsidiary, may be
reasonably necessary so that the business carried on in connection therewith
may be properly conducted at all times.

14.9                     Payment of taxes

The Borrower shall, and shall cause
each of its Subsidiaries to pay or discharge, before the same shall become
overdue all Taxes, assessments and governmental levies, except (i) as contested
in good faith and by appropriate proceedings and for which adequate reserves,
as determined by the Borrower, in accordance with appropriate accounting
provisions have been made or (ii) the amount of which, together with all such
other unpaid and undischarged Taxes, assessments and governmental levies does
not in aggregate exceed U.S.$15 million.

14.10              Financial and Guarantee covenants

The Borrower shall not, and shall not
permit any Subsidiary to, incur any Indebtedness, other than:

14.10.1     the
Loan; and

14.10.2     any
Indebtedness in circumstances where: (1) no Event of Default shall have
occurred and be continuing at the time or would occur as a consequence of the
incurrence of such Indebtedness, and (2) after giving effect to the incurrence
of such Indebtedness on a pro forma basis and the receipt and application of
the proceeds therefrom, immediately after such incurrence the ratio of the
consolidated Indebtedness to Consolidated EBITDA is 5:1 or lower.

If at any time the ratio of the Borrower’s consolidated Indebtedness to
Consolidated EBITDA is equal to or higher than 3.75:1 (the “Trigger Date”)
after giving effect to the incurrence of any proposed Indebtedness and the
receipt and application of the proceeds therefrom on a pro forma basis, the
Borrower will cause each Subsidiary that (i) is on the Trigger Date a guarantor
of the Borrower’s loan agreement (the “2008 Loan Agreement”) relating to the
US$150,000,000 8.5% Loan Participation Notes due 2008 (the “2008 Notes”) or
(ii) if the 2008 Notes are not outstanding on the Trigger Date, would have been
a guarantor of the 2008 Loan Agreement on the Trigger Date pursuant to the
terms of the 2008 Loan Agreement as of the date of this Agreement, to execute
and deliver a guarantee of the Loan in the form attached as Exhibit A hereto.

14.11               No limitation on dividend or other payments affecting Subsidiaries

14.11.1      Subject
to sub-clause 14.11.2 below, the Borrower shall not, and shall not cause or
permit any of its Subsidiaries to, directly or indirectly create or otherwise
cause or permit to exist or become effective any encumbrance or restriction on
the ability of any Subsidiary to:

(i)           pay dividends or make any other
distributions on or in respect of its Capital Stock to the Borrower or any
Subsidiary of the Borrower or pay any Indebtedness owed to the Borrower or any
such Subsidiary;

(ii)          make loans or advances to, or
guarantee any Indebtedness or other obligations of the Borrower or any
Subsidiary of the Borrower; or

(iii)         transfer any of its property or assets
to the Borrower or any of the Borrower’s Subsidiaries.

 30
 

14.11.2      The
provisions of sub-clause 14.11.1 above shall not restrict any encumbrance or
restriction:

(i)           arising solely by operation of law;

(ii)          existing under an agreement in effect
on the date hereof; provided, however, that the terms, conditions and scope of
any such encumbrance or restriction included in any such agreement may be
amended only if:

(a)        such amended encumbrance or
restriction, when taken together with all the other encumbrances and
restrictions in such agreement (as amended), will not be materially more
restrictive or disadvantageous (A) to the agreed funding source or the Borrower
than the encumbrance or restriction being amended or (B) to the Borrower than
is customary in comparable transactions (in each case, as determined by the
Borrower); and

(b)        the amended terms, conditions and
scope of any such amended encumbrance or restriction, when taken together with
the terms, conditions and scope of all the other encumbrances and restrictions
in such agreement (as amended), will not materially adversely affect the
Borrower’s ability to make principal or interest payments on the Loan (as
determined by the Borrower); or

(iii)         contained in the terms of any
Indebtedness incurred in compliance with Clause 14.10 (Financial Covenant)
hereof or in any agreement pursuant to which such Indebtedness was issued, if:

(a)        the encumbrances and restrictions in
any such agreement, when taken as a whole, will not be materially more
restrictive or disadvantageous to the Borrower than is customary in comparable
transactions (as determined by the Borrower); and

(b)        the terms, conditions and scope of any
such encumbrances and restrictions in any such agreement, when taken as a
whole, will not materially adversely affect the Borrower’s ability to make
principal or interest payments on the Loan (as determined by the Borrower);

14.12              Insurance

The Borrower and each of its
Significant Subsidiaries will obtain and maintain insurance with an insurer or
insurers of sufficient standing against such losses and risks and in such
amounts as are prudent and customary in the businesses in which they are
engaged in the jurisdiction where they operate, respectively, at a cost that
would not have a Material Adverse Effect; provided that if the Borrower or any such
Subsidiary can remedy any failure to comply with the above within 30 days, this
covenant shall be deemed not to have been breached.

15                               Events of Default

15.1                     Circumstances which constitute Events of Default

Each of the following constitutes an “Event of Default” with respect to the Loan:

 31
 

15.1.1            default by the Borrower in the payment of principal of (or premium,
if any, on) the Loan, in the currency and in the manner provided herein when
the same becomes due and payable at maturity, upon acceleration, redemption or
otherwise;

15.1.2            default by the Borrower in the payment of interest on the Loan, in
the currency and in the manner provided herein when the same becomes due and
payable if such default continues for a period of 15 Business Days;

15.1.3            failure by the Borrower to prepay the Loan in accordance with Clause
14.5 (Change of Control) hereof;

15.1.4            default by the Borrower in the performance or breach of any other
provisions of this Agreement (except in relation to the representations and
warranties of the Borrower and Clause 14.7 (Maintenance of Authorisations)) and
(except where in any such case that failure is not capable of remedy) that
failure continues for a period of 30 days following the submission by the
Lender of a notice in writing requiring the breach to be remedied;

15.1.5            a failure to comply with Clause 14.7 hereof (Maintenance of
Authorisations);

15.1.6            any representation and warranty of the Borrower in this Agreement or
in any other documents, certificate or notice delivered to the Lender in
connection with this Agreement or any instruments issued to the agreed funding
source proves to be inaccurate, incomplete or misleading in any material
respect at the time it was made or repeated or deemed to have been made or
repeated if not remedied within 30 days;

15.1.7            any Indebtedness of either the Borrower or any of its Subsidiaries is
not paid when due (taking into account any originally applicable grace period),
or any Indebtedness of either the Borrower or any of its Subsidiaries is either
declared to be or otherwise becomes due and payable prior to its Stated
Maturity (otherwise than at the option of the Borrower or any of its
Subsidiaries, as the case may be, or (provided that no Event of Default has
occurred) any person entitled to such Indebtedness; provided, however, that the
total amount of such Indebtedness which is not paid when due or becomes due and
payable prior to its Stated Maturity is equal to or greater than U.S.$15
million (or its equivalent in another currency) disregarding any guarantee of
the Borrower or its Subsidiaries given in respect of such Indebtedness owed by
the Borrower or its Subsidiaries, as the case may be;

15.1.8           any final judgment or order (not
covered by insurance) for the payment of money in excess of U.S.$10 million
(or, to the extent non-U.S. dollar denominated, the U.S. dollar equivalent
of such amount) in the aggregate for all such final judgments or orders against
all such Persons (treating any deductibles, self-insurance or retention as not
so covered) shall be rendered against the Borrower or any Significant
Subsidiary and shall not be paid or discharged, and there shall be any period
of 60 consecutive calendar days following entry of the final judgment or order
that causes the aggregate amount for all such final judgments or orders
outstanding and not paid or discharged against all such Persons to exceed
U.S.$10 million (or, to the extent non-U.S. dollar denominated, the U.S.
dollar equivalent of such amount) during which a stay of enforcement of such
final judgment or order, by reason of a pending appeal or otherwise, shall not
be in effect;

 32
 

15.1.9            the validity of this Agreement is contested by the Borrower or the
Borrower shall deny any of its obligations under this Agreement; or it is, or
will become, unlawful for the Borrower to perform or comply with any of its
obligations under or in respect of this Agreement or any of such obligations
shall become unenforceable or cease to be legal, valid and binding,;

15.1.10     a
decree, judgment, or order by any Agency or a court of competent jurisdiction
shall have been entered adjudging the Borrower or any of its Significant
Subsidiaries as bankrupt or insolvent, or approving as properly filed a
petition seeking reorganisation of the Borrower or any of its Significant
Subsidiaries under any bankruptcy or similar law, and such decree or order
shall have continued undischarged and unstayed for a period of 60 days; or a
decree or order of a court of competent jurisdiction over the appointment of a
receiver, liquidator, trustee, or assignee in bankruptcy or insolvency of the
Borrower or any of its Significant Subsidiaries, or any substantial part of the
assets or property of any such Person, or for the winding up or liquidation of
the affairs of any such Person, shall have been entered, and such decree,
judgment or order shall have remained in force undischarged and unstayed for a
period of 60 days; or

15.1.11      the
Borrower or any of its Significant Subsidiaries shall institute proceedings to
be adjudicated a voluntary bankrupt, or shall consent to the filing of a
bankruptcy proceeding against it, or shall file a petition or answer or consent
seeking reorganisation under any bankruptcy or similar law or similar statute,
or shall consent to the filing of any such petition, or shall consent to the
appointment of a custodian, receiver, liquidator, trustee or assignee in
bankruptcy or insolvency of it or any substantial part of its assets or
property, or shall make a general assignment for the benefit of creditors, or
shall admit in writing its inability to pay its debts generally as they become
due, or shall, within the meaning of any bankruptcy law, become insolvent, fail
generally to pay its debts as they become due, or takes any corporate action in
furtherance of or to facilitate, conditionally or otherwise, any of the
foregoing.

15.2                     Rights of Lender upon occurrence of an Event of Default

15.2.1            If an Event of Default occurs under this Agreement and is continuing,
the Lender (and, following the execution of any other agreements entered into
in connection with the agreed funding source, the party designated by such
agreements) may, by written notice (an “Acceleration
Notice”) to the Borrower, if the Lender, (and, following the
execution of any other agreements entered into in connection with the agreed
funding source, the party designated by such agreements) receives written
instructions from the agreed funding source,

(i)           declare the obligations of the Lender
hereunder to be terminated, whereupon such obligations shall terminate, and

(ii)          declare the principal amount of,
premium, if any, and accrued and unpaid interest, Additional Amounts and Tax
Indemnity Amounts, if any, on the Loan to be immediately due and payable and
the same shall become immediately due and payable,

pursuant to and in accordance with the
terms of any agreements entered into in connection with the agreed funding
source.

 33
 

15.2.2            If an Event of Default specified in Clause 15.1.8, 15.1.9 or 15.1.10
occurs with respect to the Borrower or any of its relevant Significant
Subsidiaries, the obligations of the Lender hereunder shall immediately
terminate, and the principal amount of, premium, if any, and accrued and unpaid
interest, Additional Amounts and Tax Indemnity Amounts, if any, on the Loan
then outstanding shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Lender (and, following
the execution of any other agreements entered into in connection with the
agreed funding source, of the party designated by such agreements), all without
diligence, presentment, demand of payment, protest or notice of any kind, which
are expressly waived by the Borrower.

15.3                     Other remedies

If an Event of Default occurs and is
continuing, the Lender by notice to the Borrower (and, following the execution
of any other agreements entered into in connection with the agreed funding
source, the party designated by such agreements) may pursue any available
remedy to collect the payment of principal or interest on the Loan or to enforce
the performance of any provision of this Agreement. A delay or omission by the
Lender (and, following the execution of any other agreements entered into in
connection with the agreed funding source, by the party designated by such
agreements) in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence
in the Event of Default. All remedies are cumulative to the extent permitted by
law.

15.4                     Notification of Default or Event of Default

The Borrower shall promptly on
becoming aware thereof inform the Lender of the occurrence of any Default or
Event of Default and, upon receipt of a written request to that effect from the
Lender, confirm to the Lender that, save as previously notified to the Lender
or as notified in such confirmation, no Default or Event of Default has
occurred.

16                               Default Interest and Indemnity

16.1                     Default Interest Periods

If any sum due and payable by the
Borrower hereunder is not paid on the due date therefor in accordance with the
provisions of Clause 19 (Payments) or if any sum due and payable by the
Borrower under any judgement of any court in connection herewith is not paid on
the date of such judgment, the period beginning on such due date or, as the
case may be, the date of such judgment and ending on the date upon which the
obligation of the Borrower to pay such sum (the balance thereof for the time
being unpaid being herein referred to as an “unpaid
sum”) is discharged shall be divided into successive periods, each
of which, other than the first, shall start on the last day of the preceding
such period and the duration of each of which shall, except as otherwise
provided in this Clause 16 (Default Interest and Indemnity), be selected by the
Lender, but shall in any event not be longer than one month.

16.2                     Default Interest

During each such period relating
thereto as is mentioned in Clause 16.1 (Default Interest Periods) an unpaid sum
shall bear interest at a rate per annum equal to the Interest Rate.

 34
 

16.3                     Payment of Default Interest

Any interest which shall have accrued
under Clause 16.2 (Default Interest) in respect of an unpaid sum shall be due
and payable and shall be paid by the Borrower at the end of the period by
reference to which it is calculated or on such other dates as the Lender may
specify by written notice to the Borrower.

16.4                     Borrower’s indemnity

The Borrower undertakes to indemnify
the Lender against any reasonably incurred and properly documented cost, claim,
loss, expense (including legal fees) or liability, together with any VAT
thereon, which it may sustain or incur as a consequence of the occurrence of
any Event of Default or any default by the Borrower in the performance of any
of the obligations expressed to be assumed by it in this Agreement.

The Borrower also undertakes to
indemnify the Lender against any claim, demand, action, liability, damages,
cost, loss or expense (including, without limitation, legal fees) arising out
of, or in connection with any instruments issued to the agreed funding source,
or based on any dispute or issue arising out of, or in connection with, any
instruments issued to the agreed funding source.

16.5                     Unpaid sums as advances

Any unpaid sum shall, for the purposes
of this Clause 16 (Default Interest and
Indemnity) and Clause 10.1 (Increased Costs), be treated as an
advance and accordingly in this Clause 16 (Default Interest and Indemnity) and
Clause 10.1 (Increased Costs) the term “Loan” includes
any unpaid sum and the term “Interest Period,”
in relation to an unpaid sum, includes each such period relating thereto as is
mentioned in Clause 16.1 (Default Interest Periods).

17                               Amendments to Agreed Funding Source Agreements

Any amendment to, or waivers of any
provision of, any agreements entered into in connection with the agreed funding
source shall be prohibited without the express written consent of the Borrower,
which consent shall not be unreasonably withheld (other than amendments or
waivers that are made pursuant to any legal, regulatory or accounting requirement,
with respect to which the Lender shall consult with the Borrower to the extent
reasonably practicable).

18                               Currency of Account and Payment

18.1                     Currency of account

The U.S. dollar is the currency of account and payment for each and
every sum at any time due from the Borrower hereunder.

 35

18.2                     Currency
indemnity

If any sum due from
the Borrower under this Agreement or any order or judgment given or made in
relation hereto has to be converted from the currency (the “first currency”) in which the same is
payable hereunder or under such order or judgment into another currency (the “second currency”) for the purpose of (a)
making or filing a claim or proof against the Borrower, (b) obtaining an order
or judgment in any court or other tribunal or (c) enforcing any order or
judgment given or made in relation hereto, the Borrower shall indemnify and
hold harmless the Lender from and against any loss suffered or reasonably
incurred as a result of any discrepancy between (i) the rate of exchange used
for such purpose to convert the sum in question from the first currency into
the second currency and (ii) the rate or rates of exchange at which the Lender
may in the ordinary course of business purchase the first currency with the
second currency upon receipt of a sum paid to it in satisfaction, in whole or
in part, of any such order, judgment, claim or proof.

19                               Payments

19.1                     Payments
to the Lender

On each date on which this Agreement requires an amount denominated
in U.S. dollars to be paid by the Borrower, the Borrower shall make the same
available to the Lender by payment in U.S. dollars and in same day funds on
such date, or in such other funds as may for the time being be customary in
London for the settlement in London of international banking transactions in
U.S. dollars, to the Account. The Borrower shall procure that the bank
effecting payment on its behalf confirms to the Lender or to such person as the
Lender may direct by tested telex or authenticated SWIFT message three Business
Days prior to the date that such payment is required to be made by this
Agreement the payment
instructions relating to such payment.

19.2                     Alternative
payment arrangements

If, at any time, it shall become impracticable, by reason of any
action of any governmental authority or any Change of Law, exchange control
regulations or any similar event, for the Borrower to make any payments
hereunder in the manner specified in Clause 19.1 (Payments to the Lender), then
the Borrower may agree with the Lender alternative arrangements for such
payments to be made; provided that, in the absence of any such agreement, the
Borrower shall be obliged to make all payments due to the Lender in the manner
specified herein.

19.3                     No
set-off

All payments required to be made by the Borrower hereunder shall be
calculated without reference to any set-off or counterclaim and shall be made
free and clear of and without any deduction for or on account of any set-off or
counterclaim.

20                               Costs and Expenses

20.1                     Transaction
expenses and fees

The Borrower agrees to pay the Lender a fee, pursuant to the Fee Letter.

 36
 

20.2                     Preservation
and enforcement of rights

The Borrower shall,
from time to time on demand of the Lender and following receipt from the Lender
of a description in writing in reasonable detail of the relevant costs and
expenses, together with the relevant supporting documents evidencing the
matters described therein, reimburse the Lender for all costs and expenses,
including legal fees, together with any VAT thereon properly incurred in or in
connection with the preservation and/or enforcement of any of its rights under
this Agreement except where the relevant claim is successfully defended by the
Borrower.

20.3                     Stamp
taxes

The Borrower shall pay all stamp, registration and other similar
Taxes to which this Agreement or any judgement given against the Borrower in
connection herewith is or at any time may be subject and shall, from time to
time on demand of the Lender, indemnify the Lender against any properly
documented liabilities, costs, expenses and claims resulting from any failure
to pay or any delay in paying any such Tax.

20.4                     Lender’s
costs

The Borrower shall, from time to time on demand of the Lender, and
without prejudice to the provisions of Clause 20.2 (Preservation and
Enforcement of Rights), compensate the Lender at such daily and/or hourly rates
as the Lender shall from time to time reasonably determine for the time and
expenditure, all costs and expenses (including telephone, fax, copying, travel
and personnel costs) reasonably incurred and properly documented by the Lender
in connection with its taking such action as it may deem appropriate or in
complying with any request by the Borrower in connection with:

20.4.1            the granting or proposed granting of
any waiver or consent requested hereunder by the Borrower;

20.4.2            any actual breach by the Borrower of
its obligations hereunder; or

20.4.3            any amendment or proposed amendment
hereto requested by the Borrower.

21                               Assignments and Transfers

21.1                     Binding
agreement

This Agreement shall be binding upon and inure to the benefit of each
party hereto and its or any subsequent successors and assigns.

21.2                     No
assignments and transfers by the Borrower

The Borrower shall not be entitled to assign or transfer all or any
of its rights, benefits and obligations hereunder, except as permitted under
Clause 14.6 (Mergers and Similar Transactions).

21.3                     Assignments
by the Lender

21.3.1            Prior to an Event of Default, the
Lender may (i) on or at any time after the date hereof assign all or any of its
rights and benefits hereunder or transfer all or any of its rights, benefits
and obligations hereunder (save for (x) its rights to principal, interest and
other amounts paid and payable under this Agreement and (y) its right to
receive amounts paid and payable under any claim, award or judgment relating 

 37
 

to this Agreement in favour
of the agreed funding source (other than any rights arising under the indemnity
in relation to instruments issued to the agreed funding source described in the
second paragraph of Clause 16.4 (Borrower’s Indemnity)) (the “afs indemnity”)) to or on behalf of the
agreed funding source or, in the case of an assignment of the afs indemnity, to
any relevant party who suffers or incurs, as the case may be, any claim,
demand, action, liability, damages, cost, loss or expense (including, without
limitation, legal fees) arising out of, or in connection with, or based on any
dispute or issue arising in connection with the agreed funding source;  and (ii) subject to the prior written
consent of the Borrower (such consent not to be unreasonably withheld or
delayed) and except as may be otherwise specifically provided under the
agreements entered into in connection with the agreed funding source, assign
all or any of its rights and benefits hereunder or transfer all or any of its
rights, benefits and obligations hereunder to any company which, as a result of
any amalgamation, merger or reconstruction or which, as a result of any
agreement with the Lender, or any previous substitute, owns beneficially the
whole or substantially the whole of the undertaking, property and assets owned
by the Lender prior to such amalgamation, merger, reconstruction or agreement
coming into force and where, in the case of any company which will own the
whole or substantially the whole of the undertaking, property or assets of the Lender,
the substitution of that company as principal debtor in relation to the agreed
funding source would not be materially prejudicial to the interests of the
agreed funding source or the Borrower. Any reference in this agreement to any
such assignee or transferee pursuant to sub-clause (ii) of this Clause 21.3.1
shall be construed accordingly and, in particular, references to the rights,
benefits and obligations hereunder of the Lender, following such assignment or
transfer, shall be references to such rights, benefits or obligations by the
assignee or transferee.

21.3.2            On or following an Event of Default,
the Lender may, by notice to the Borrower, assign all or any of its rights and
benefits hereunder or transfer all or any of its rights, benefits and obligations
hereunder to the agreed funding source, or any assignee or transferee appointed
in connection with the agreed funding source. Any reference in this agreement
to any such assignee or transferee shall be construed accordingly and, in
particular, references to the rights, benefits and obligations hereunder of the
Lender, following such assignment or transfer, shall be references to such
rights, benefits or obligations by the assignee or transferee appointed in
connection with the agreed funding source.

21.3.3            Any
reference in this Agreement to any party shall be construed accordingly in
relation to 21.3.1 (i) and this Clause 21.3.2 and, in particular, references to
the exercise of rights and discretions or the making of any determination by
the Lender, shall include references to the exercise of such rights or
discretions by or the making of such determination by the assignee or
transferee appointed in connection with the agreed funding source (in its role
as such). Notwithstanding the foregoing, the assignee or appointee shall not be
entitled to participate in any determinations by the Lender or any discussions
between the Lender and the Borrower or any agreements of the Lender or
Borrower, pursuant to sub-Clauses 8.5, 8.8 and 10.4.

 38
 

22                               Calculations and Evidence of Debt

22.1                     Basis
of accrual

Default interest shall accrue from day to day and shall be calculated
on the basis of a year of 360 days consisting of 12 30-day months.

22.2                     Evidence
of debt

The Lender shall maintain, in accordance with its usual practice,
accounts evidencing the amounts from time to time lent by and owing to it
hereunder; in any legal action or proceeding arising out of or in connection
with this Agreement, in the absence of manifest error and subject to the
provision by the Lender to the Borrower of written information describing in
reasonable detail the calculation or computation of such amounts together with
the relevant supporting documents evidencing the matters described therein, the
entries made in such accounts shall be conclusive evidence of the existence and
amounts of the obligations of the Borrower therein recorded.

22.3                     Change
of circumstance certificates

A certificate signed by two authorised signatories of the Lender
describing in reasonable detail (a) the amount by which a sum payable to it
hereunder is to be increased under Clause 8.1 (Additional Amounts) or (b) the
amount for the time being required to indemnify it against any such cost,
payment or liability as is mentioned in Clause 8.3 (Tax Indemnity) or Clause 10.1
(Increased Costs) shall, in the absence of manifest error, be prima facie evidence of the existence and
amounts of the specified obligations of the Borrower.

23                               Remedies and Waivers, Partial Invalidity

23.1                     Remedies
and waivers

No failure by the Lender to exercise, nor any delay by the Lender in
exercising, any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any right or remedy prevent any
further or other exercise thereof or the exercise of any other right or remedy.
The rights and remedies herein provided are cumulative and not exclusive of any
rights or remedies provided by law.

23.2                     Partial
invalidity

If, at any time, any provision hereof is or becomes illegal, invalid
or unenforceable in any respect under the law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions hereof nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction shall in any way be affected or impaired thereby.

24                               Notices; Language

24.1                     Communications
in writing

Each communication to be made hereunder shall be made in writing and,
unless otherwise stated, shall be made by fax or letter.

 39
 

24.2                     Delivery

Any communication or document to be made or delivered by one person
to another pursuant to this Agreement shall, unless that other person has by 15
calendar days’ written notice to the same specified another address, be made or
delivered to that other person at the address identified with its signature
below and shall be effective or when left at that address (in the case of a
letter) or when received by the addressee (in the case of a fax). Provided that
any communication or document to be made or delivered by one party to the other
party shall be effective only when received by such other party and then only
if the same is expressly marked for the attention of the department or officer
identified with the such other party’s signature below, or such other
department or officer as such other party shall from time to time specify for
this purpose.

24.3                     Language

This Agreement shall be signed in English. Each communication and
document made or delivered by one party to another pursuant to this Agreement
shall be in the English language or accompanied by a translation thereof into
English certified by an officer of the person making or delivering the same as
being a true and accurate translation thereof.

25                               Law and Jurisdiction

25.1                     English
law

This Agreement is governed by, and shall be construed in accordance
with, English law.

25.2                     English
courts

Each of the Lender and the Borrower agrees that the courts of England
shall have jurisdiction to hear and determine any suit, action or proceedings,
and to settle any disputes, which arise out of or in connection with this
Agreement (“Proceedings”) and, for
such purposes, irrevocably submit to the jurisdiction of such courts.

25.3                     Appropriate
forum

Each of the Lender and the Borrower irrevocably waives any objection
which it might now or hereafter have to the courts of England being nominated
as the forum to hear and determine any Proceedings and to settle any Disputes,
and agrees not to claim that any such court is not a convenient or appropriate
forum.

25.4                     Service
of process

The Lender and the Borrower agree that the process by which any
Proceedings in England are begun may be served on them by being delivered to
UBS Limited and Law Debenture Corporate Services Limited, respectively, or
their registered offices for the time being. If any such Person mentioned in
this Clause is not or ceases to be effectively appointed to accept service of
process on the Lender’s behalf, the Lender shall immediately appoint a further
Person in England to accept service of process on its behalf. If such Person
mentioned in this Clause is not or ceases to be effectively appointed to accept
service of process on the Borrowers’ behalf, the Borrower shall immediately
appoint a further Person in England to accept service of process on its behalf.
Nothing in this Clause shall affect the right of either party hereto to serve
process in any other manner permitted by law.

 40
 

25.5                     Non-exclusivity

The submission to the jurisdiction of the English courts in
accordance with Clause 25.2 (English courts) hereof shall not, and shall not be
construed so as to, limit the right of any party hereto to take Proceedings in
any other court of competent jurisdiction.

25.6                     Consent
to enforcement, etc.

Each of the Lender and the Borrower consents generally in respect of
any Proceedings to the giving of any relief or the issue of any process in
connection with such Proceedings including, without limitation, the making,
enforcement or execution against any property whatsoever, irrespective of its
use or intended use, of any order or judgement which is made or given in such
Proceedings.

25.7                     Arbitration

If any dispute or difference of whatever nature howsoever arises from
or in connection with this Agreement, or any supplement, modifications or
additions thereto (each a “Dispute”),
the Lender may elect, by notice to the Borrower, to settle such claim by
arbitration in accordance with the following provisions. The Borrower hereby
agrees that (regardless of the nature of the Dispute) any Dispute may be
settled by arbitration in accordance with the UNCITRAL Arbitration Rules (the “Rules”) as at present in force by a panel
of three arbitrators appointed in accordance with the Rules. The seat of any
reference to arbitration shall be London, England. The procedural law of any
reference to arbitration shall be English law. The language of any arbitral
proceedings shall be English. The appointing authority for the purposes set
forth in Articles 7(2) and 7(3) of the Rules shall be the London Court of
International Arbitration.

25.8                     Contracts
(Rights of Third Parties) Act 1999

A person who is not a party to this Agreement has no rights under the
Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Agreement, but this does not affect any right or remedy of a third party which
exists or is available apart from that Act.

25.9                     Counterparts

This Agreement may be signed in two or more counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

As witness the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

 41
 

Signature Page

Borrower

	
  OPEN JOINT STOCK COMPANY WIMM-BILL-DANN FOODS

  
	
   

  
	
  By:

  	
  /s/ T. D. Maher

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ L. N. Bykovskaya

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  Chief Accountant

  
				

 

Notices:

Open Joint Stock Company
Wimm-Bill-Dann Foods

Yauzsky Boulevard 16/15

109028 Moscow

The Russian Federation

Fax: +7 095 105 5805

Lender

	
  UBS (LUXEMBOURG) S.A.

  
	
   

  
	
  By:

  	
  /s/ W. Glesser

  	
   

  
	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  
	
  By:

  	
  /s/ F. Gerster

  	
   

  
	
   

  	
   

  
	
   

  	
  Director

  
				

 

Notices:

UBS (Luxembourg) S.A.

36-38 Grand-Rue

L-1660 Luxembourg

Fax: +352-45 12 12 703

 42
 

EXHIBIT A

Form of Guarantee

The following is the text of the Guarantee,
excluding the Schedule thereto, which will be entered into between the
Guarantors and the Bank:

This Deed of Guarantee is entered into on [·]

Between:

(1)                              [·] and [·], and [·] (each a “Guarantor”
and collectively, the “Guarantors”);
and

(2)                              UBS (LUXEMBOURG) SA., a bank established under the laws of
Luxembourg and whose registered office is 36-38 Grand-Rue, L-1660 Luxembourg,
Luxembourg (the “Lender”).

Whereas:

The Lender has agreed, pursuant to the terms of the Loan Agreement,
to grant to the Borrower a single disbursement term loan facility in the amount
of U.S.$150,000,000 and each Guarantor has agreed to guarantee all the
obligations of the Borrower to the Lender under the Loan Agreement on an
irrevocable, unconditional, joint and several basis.

Now this Deed witnesseth as follows:

Interpretation

Terms defined in the Loan Agreement dated 6 February 2007 (the “Loan Agreement”) between the Lender and Open Joint Stock
Company Wimm-Bill-Dann Foods as Borrower (the “Borrower”)
shall have the same meaning when used in this Guarantee except as otherwise
stated and except that, for the purposes of this Guarantee:

(A)                           the term “Guarantor”
shall include any of the Borrower’s Subsidiaries from time to time guaranteeing
the obligations of the Borrower under the Loan Agreement;

(B)                             the term “Subsidiary”,
except as the context otherwise requires, shall be construed as a reference to
the Subsidiary of the relevant Guarantor and shall not be deemed to include any
Guarantor;

(C)                             the term “Significant
Subsidiary”, except as the context otherwise requires, shall be
construed as a reference to the Significant Subsidiary of the relevant
Guarantor; and

(D)                            references to the “Borrower” in terms defined in the Loan Agreement shall, as
the context requires, be read as references to the “Guarantor”.

1                                      Guarantee and Indemnity

1.1                            Guarantee and Indemnity

Each Guarantor irrevocably and unconditionally jointly and severally:

(a)                               guarantees to the Lender the due
punctual performance by the Borrower of all the Borrower’s obligations under
the Loan Agreement;

(b)                              undertakes with the Lender that
whenever the Borrower does not pay any amount when due under or in connection
with the Loan Agreement, that Guarantor shall immediately on demand pay or
cause to be paid in full that amount as if it was the principal obligor to the
Account; and

 43
 

(c)                                indemnifies the Lender immediately on
demand against any cost, loss or liability suffered by the Lender if any
obligation guaranteed by that Guarantor is or becomes unenforceable, invalid or
illegal including any and all reasonable expenses properly documented, such as
legal fees and expenses incurred by the Lender in enforcing any rights under
the Loan Agreement or this Guarantee.

1.2                            Continuing guarantee

This Guarantee is a continuing guarantee and extends to the total
balance of sums payable by the Borrower under the Loan regardless of any
intermediate payment or discharge in whole or in part.

1.3                            Reinstatement

If any payment by the Borrower is avoided or reduced or any discharge
given by the Lender or the agreed funding source (whether in respect of the
obligations of the Borrower or any security for those obligations or otherwise)
as a result of any insolvency, reorganization or similar event in respect of
the Borrower:

(a)                                the liability of each Guarantor shall
continue as if the payment, discharge, avoidance or reduction had not occurred;
and

(b)                               the Lender shall be entitled to
recover the full amount of such payment from each Guarantor, as if the payment,
discharge, avoidance or reduction had not occurred.

1.4                            Waiver of defences

As between each Guarantor and the Lender, but without affecting the
Borrower’s obligations, each Guarantor will be liable as if it were the sole
principal debtor and not merely a surety. Accordingly, such Guarantor will not
be discharged nor will its liability be affected, by anything which would not
discharge it or affect its liability if it were the sole principal debtor,
including:

(a)                                any time, waiver or consent granted
to, or composition with, the Borrower or other person;

(b)                               the release of the Borrower or any
other person under the terms of any composition or arrangement with any creditor
of any member of the Group;

(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, the Borrower 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 the Borrower or any other person;

(e)                                any amendment (however fundamental) or
replacement of the Loan Agreement or any other document or security;

(f)                                  any unenforceability, illegality or
invalidity of any obligation of any person under the Loan Agreement or any
other document (including any other guarantee given in respect of the Loan) or
security or the absence of any action to enforce the same;

(g)                               any insolvency or similar proceedings;
or

 44
 

(h)                               any failure by any party to perform
any requisite due diligence or to present any requisite document, claim, demand
for payment, protest or notice with respect to the Loan Agreement.

1.5                            Immediate recourse

Each Guarantor waives any right it may have of first requiring the
Lender (or any trustee or agent on its behalf) to proceed against or enforce
any other rights or security or claim payment from any person before claiming
from that Guarantor under this Guarantee. This waiver applies irrespective of
any law or any provision of the Loan Agreement to the contrary.

1.6                            Appropriations

Until all amounts which may be or become payable by the Borrower
pursuant to the terms of the Loan Agreement have been irrevocably paid in full,
the Lender (or any trustee or agent on its behalf) may:

(a)                                refrain from applying or enforcing any
other moneys, security or rights held or received by the Lender (or any trustee
or agent on its behalf) in respect of those amounts, or apply and enforce the
same in such manner and order as it sees fit (whether against those amounts or
otherwise) and no Guarantor shall be entitled to the benefit of the same; and

(b)                               hold in an interest-bearing suspense
account any moneys received from any Guarantor or on account of any Guarantor’s
liability under this Guarantee.

1.7                            Deferral of Guarantors’ rights

Until all amounts which maybe or become payable by the Borrower
pursuant to the terms of the Loan Agreement have been irrevocably paid in full
no Guarantor will exercise any rights which it may have by reason of the
performance by it of its obligations under this Guarantee:

(a)                               to be indemnified by the Borrower;

(b)                              to claim any contribution from any
other Guarantor of the Borrower’s obligations under the Loan Agreement; and/or

(c)                               to take the benefit (in whole or in
part and whether by way of subrogation or otherwise) of any rights of the
Lender under the Loan Agreement or of any other guarantee or security taken
pursuant to, or in connection with, the Loan Agreement by the Lender.

1.8                            Additional security

This Guarantee is in addition to and is not in any way prejudiced by
any other guarantee or security now or subsequently held by the Lender, for the
avoidance of doubt including any other guarantee (present or future) given in
connection with the Loan Agreement.

1.9                            Acceleration

Each Guarantor further agrees that, as between it, on the one hand,
and the Lender, on the other hand, (i) for the purposes of this Guarantee, the
maturity of the obligations guaranteed by this Guarantee may be accelerated as
provided in Clauses 7 (Prepayments) and 15 (Events of Default) of the Loan
Agreement, notwithstanding any 

 45
 

stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed thereby; provided, however, that if a
court of competent jurisdiction determines that the Loan was improperly
accelerated pursuant to the terms thereof, then the maturity of such
obligations may not be accelerated for the purposes of this Guarantee, and (ii)
in the event of any acceleration of such obligations (whether or not due and
payable) such obligations shall forthwith become due and payable by each
Guarantor for purposes of this Guarantee.

1.10                     Termination and accession of
Guarantors

Provided that the Borrower complies with the requirements of Clause
14.10 of the Loan Agreement, this Guarantee can be terminated in relation to
any Guarantor at any time by the Borrower and the relevant Guarantor without
the consent of the Lender (and, following the execution of any agreements
entered into in connection with the agreed funding source, without the consent
of the party designated by such agreements) provided that a notice of such
intended termination is delivered to the Lender (and, following the execution
of the agreements entered into in connection with the agreed funding source, to
the party designated by such agreements) not later than 15 days before such
intended termination. Should the Borrower become subject to the requirement to
procure additional guarantees in accordance with Clause 14.10 of the Loan
Agreement the Subsidiary or Subsidiaries selected by the Borrower to become new
or additional Guarantors (each, an “New Guarantor”)
shall accede to this Guarantee by executing a deed of accession (the “Deed of Accession”), the form of which is attached hereto as
the Schedule, with any necessary modifications arising from any applicable laws
or regulations of the jurisdiction of incorporation of the relevant Guarantor.

2                                      Representations and Warranties of
the Guarantor

Each Guarantor makes, in respect of itself, the following
representations and warranties and acknowledges that the Lender has entered
into the Loan Agreement in reliance on these representations and warranties.

2.1                            Due Organisation

The Guarantor and its Subsidiaries have been duly incorporated and is
validly existing as a legal entity under the laws of its jurisdictions of
incorporation and has full power and authority (corporate and other) to own or
lease its properties and conduct its business, except where the failure to do
so would not have a material adverse effect in relation to that Guarantor and
its subsidiaries taken as a whole (a “Material Adverse Effect”);
and the Guarantor and each of its Subsidiaries is duly qualified to do business
as a legal entity in all jurisdictions in which its ownership or lease of
property or the conduct of its business requires such qualification, except
where the failure to do so would not have a Material Adverse Effect.

2.2                            Authorisations

The Guarantor has full corporate power and authority to enter into
this Guarantee, and this Guarantee has been duly authorised, executed and
delivered by that Guarantor, and is a legal, valid and binding obligation of
that Guarantor, enforceable against that Guarantor in accordance with its
terms, except that the enforcement thereof may be limited by (i) bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally and (ii) general
equitable principles 

 46
 

(whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

2.3                            No Conflict

Neither the Guarantor nor any of its Subsidiaries is in violation of
its charter or by-laws or other constitutive documents; and no default exists,
and no event has occurred which, with notice or lapse of time or both, would
constitute a default in the due performance and observance of any term,
covenant or condition of any agreement or instrument (for the avoidance of
doubt including this Guarantee) to which the Guarantor or any of its
Subsidiaries is a party or by which the Guarantor or any of its Subsidiaries is
bound or to which any of their respective properties is subject, except, in
each case, where such default or event would not, individually or in the
aggregate, have a Material Adverse Effect.

The execution, delivery and performance of this Guarantee by the
Guarantor, the compliance by the Guarantor with all the provisions hereof and
the consummation of the transactions contemplated hereby (a) will not require
any consent, approval, authorisation or other order of any court, regulatory
body, administrative agency or other governmental body (except as may be
required by any securities laws of any jurisdiction other than Russia,
Luxembourg and the United Kingdom) except for such consents, approvals,
authorisations or other orders as have been obtained and which are in full
force and effect and except for such consents as may be obtained within 30 days
of the requirement for such consent arising, (b) will not conflict with or
constitute a breach of any of the terms or provisions of, or constitute a
default under, the charter or other constitutive documents of the Guarantor,
(c) will not conflict with or constitute a breach of any agreement, indenture
or other instrument to which the Guarantor or any of its Subsidiaries is a
party or by which the Guarantor, any of its Subsidiaries or their respective
property or assets are bound, and (d) will not violate or conflict with any
laws, administrative regulations or rulings or court decrees applicable to that
Guarantor, any of the its Subsidiaries or their respective property, except, in
the case of clause (c), for any conflict, breach or violation which would not
have a Material Adverse Effect.

2.4                            Financial Statements

The audited financial statements of the Guarantor and the related
notes thereto, were prepared in accordance with U.S. GAAP consistently applied
throughout the periods involved, and present fairly, in all material respects,
the financial position of the Guarantor as at the dates at which they were
prepared and the results of the operations and the cash flows of the Guarantor
in respect of the periods for which they were prepared. Since the latest
audited financial statements of the Guarantor (a) there has been no material
adverse change in the condition (financial or otherwise) or affecting the
business, prospects, financial position, or results of operations of the
Guarantor or the Guarantor and its Subsidiaries taken as a whole, whether or
not arising from transaction; in the ordinary course of business; and (b)
neither the Guarantor nor any of its Subsidiaries have entered into any
transaction or agreement material to the Guarantor or to the Guarantor and its
Subsidiaries taken as a whole, other than in the ordinary course of business.

2.5                            No Other Indebtedness

The Guarantor has no Indebtedness, other than Indebtedness (a) as set
forth in the 31 December 200[•] audited consolidated balance sheet of the
Guarantor or (b) that in the aggregate would not have a Material Adverse
Effect.

 47
 

2.6                            Payment in U.S. Dollars

All payment obligations of the Guarantor under this Agreement are
required by the terms hereof to be paid in U.S. dollars, and the Guarantor has
received all required approvals, consents, licenses and permissions to make and
may make such payments in U.S. dollars.

2.7                            Taxes

Each of the Guarantor and its Subsidiaries that are also Significant
Subsidiaries have duly filed with the appropriate Tax Authorities, or has
received an extension for filing with respect to, all tax returns, reports and
other information required to be filed by it, and each such tax return, report,
or other information was, when filed, accurate and complete in all material
respects; and each of the Guarantor and its Subsidiaries that are also
Significant Subsidiaries has duly paid, or has made adequate reserves for, all
Taxes required to be paid by it and any other assessment, fine or penalty
levied against it, and to the best of that Guarantor’s knowledge, no Tax
deficiency is currently asserted against the Guarantor or any of its
subsidiaries that are also Significant Subsidiaries, except, in each case,
where any such failure to do so would not have a Material Adverse Effect.

2.8                            Litigation and Contracts

(A) there are no pending legal or governmental proceedings against
the Guarantor or any of its Subsidiaries or any of their respective properties
and (B) there are no pending legal or governmental proceedings naming, and, to
the best knowledge of the Guarantor, there are no threatened legal or
governmental proceedings against or naming, that Guarantor or any of its
Subsidiaries or any of their respective properties that, in each case, if
determined adversely to the Guarantor or any such Subsidiary, would
individually or in the aggregate have a Material Adverse Effect or would have a
material adverse effect on the ability of that Guarantor to perform its
obligations under this Guarantee and, to the best knowledge of that Guarantor,
no such proceedings are contemplated;

2.9                            Labour

There are no labour disputes involving the employees of the Guarantor
or any of its Subsidiaries that exist, or to the best knowledge of the
Guarantor, that are threatened, except where such would not, individually or in
the aggregate, have a Material Adverse Effect.

2.10                     Title, Licenses and Consents

Each of the Guarantor and its Subsidiaries possess all certificates,
authorisations, licences and permits issued by appropriate governmental
agencies or bodies necessary to conduct the business now conducted by it,
except, in each case, where the failure to do so would not, individually or in
the aggregate, have a Material Adverse Effect and neither the Guarantor nor any
of its Subsidiaries have received any notice of proceedings relating to the
revocation or modification or any such certificate, authorization or permit
that, if determined adversely to the Guarantor or any of its Subsidiaries,
could have a Material Adverse Effect.

Each of the Guarantor and its Subsidiaries (A) have good and
marketable title to all items of real property owned by it and good and
marketable title to all other property and assets owned by it, in each case
free and clear of any security interests, liens, encumbrances, equities, claims
and other defects that would affect the value thereof or interfere with the use
made or proposed to be made thereof by it, and (B) holds any real property and 

 48
 

buildings leased by that Guarantor and its subsidiaries under valid,
subsisting and enforceable leases with no exceptions that would interfere with
the use made or proposed to be made thereof by it, except, in each of the cases
(A) and (B), where the failure to do so would not, individually or in the
aggregate, have a Material Adverse Effect.

The Guarantor and each of its Subsidiaries owns or possesses all
patents, patent applications, trademarks, service marks, trade names, licenses,
copyrights and proprietary or other confidential information currently employed
by it in connection with its businesses (collectively, “intellectual
property rights”), except, in each case, where the failure to do so
would not, individually or in the aggregate, have a Material Adverse Effect;
and neither the Guarantor nor any of its Subsidiaries has received any notice
of infringement of or conflict with asserted rights of others with respect lo
any intellectual property rights that, if determined adversely to the Guarantor
or any of its Subsidiaries, could individually or in the aggregate have a
Material Adverse Effect.

2.11                      Adequate Insurance

The Guarantor and each of its Subsidiaries that are also Significant Subsidiaries
have, where relevant, applied for insurance with insurer or insurers of
sufficient standing against such losses and risks and in such amounts as are
prudent and customary in the businesses in which they are engaged in the
jurisdiction where they operate, respectively; that Guarantor and each of its
Subsidiaries that are also Significant Subsidiaries have not been refused any
insurance coverage sought or applied for; and that Guarantor and each of its
Subsidiaries that are also Significant Subsidiaries have, where relevant, no
reason to believe that they will not be able to obtain, within 60 days of the
date hereof, such coverage as may be necessary to continue their business at a
cost that would not have a Material Adverse Effect.

2.12                     No Withholding or Similar Tax

Under current laws and regulations of Russia and Luxembourg and any
respective political subdivisions thereof, and based upon the representations
of the Lender set forth in Clause 4.6 (Representations of the Lender) of the
Loan Agreement, all payments of principal and/or interest, Additional Amounts,
Tax Indemnity Amounts or any other amounts payable on or in respect of this
Guarantee may be paid by the Guarantor to the Lender in U.S. dollars and will
not be subject to Taxes under laws and regulations of Russia, or any political
subdivision or Taxing Authority thereof or therein, respectively, and will
otherwise be free and clear of any other Tax, duty, withholding or deduction in
Luxembourg, Russia, or any political subdivision or Taxing Authority thereof or
therein (provided, however, that the Guarantor makes no representation as to
any income or similar Tax of Luxembourg (or any Qualifying Jurisdiction) which
may be assessed thereon) and without the necessity of obtaining any governmental
authorisation in Russia or any political subdivision or Taxing Authority
thereof or therein.

2.13                     No Liquidation or Similar
Proceedings

No receiver or liquidator (or similar person) has been appointed in
respect of the Guarantor or any Subsidiary of e Guarantor or in respect of any
part of the assets of the Guarantor or any Subsidiary of the Guarantor; no
resolution, order of any court, regulatory body, governmental body or
otherwise, or petition or application for an order, has been passed, made or presented
for the winding up of the Guarantor or any Subsidiary of the Guarantor or for
the protection of the Guarantor or any such Subsidiary from its creditors; and
that 

 49
 

Guarantor has not, and no Subsidiary of the Guarantor has, stopped or
suspended payments of its debts, become unable to pay its debts or otherwise
become insolvent.

2.14                     Certificates

Each certificate signed by any director or officer of the Guarantor
and delivered to the Lender or counsel for the Lender on the date of granting
this Guarantee shall be deemed to be a representation and warranty by the
Guarantor to the Lender as to the matters covered thereby.

2.15                     Pari Passu Obligations

The obligations of the Guarantor under this Guarantee will rank at
least pari passu in right of payment with all
other unsecured and unsubordinated obligations of that Guarantor, except as
otherwise provided by mandatory provisions of applicable law.

2.16                     No Stamp Taxes

Under the laws of Russia in force at the date hereof, it is not
necessary that any stamp, registration or similar Tax be paid on or in relation
to this Guarantee.

2.17                     Health, Safety and Environment

Each of the Guarantor and its Subsidiaries is in compliance with all
statutes, and all rules, regulations, requirements, decisions and orders of,
and agreements with, any governmental agency or body and any court, relating to
the protection of human health and safety (including occupational health and
safety), the use, handling, transportation, disposal or release of hazardous or
toxic substances, or the protection or restoration of the environment
(collectively, “hse laws”), and has received, and
is in compliance with all terms and conditions of, all permits, licenses or
other approvals required of them under applicable hse laws in order to conduct
their businesses, except, in each case, where the failure to be in compliance
with or receive such permits, licenses or other approvals would not,
individually or in the aggregate, have a Material Adverse Effect.

Neither the Guarantor nor any of its Subsidiaries is subject to any
claims, costs or liabilities associated with any hse laws (including, without
limitation, any capital or operating expenditures required for clean-up,
closure of properties or compliance with hse laws or to acquire or comply with
the terms and conditions of any permit, license or approval under any hse laws,
any constraints on operating activities and any potential liabilities to third
parties) which could, individually or in the aggregate, have a Material Adverse
Effect; and, to the best of the Guarantor’s knowledge, having made all due
inquiries, there are no past or present events, conditions, circumstances,
activities, practices, incidents or actions that would be reasonably likely to
give rise to such costs, liabilities or claims.

2.18                     Events of Default

No event has occurred or circumstances arisen which would (whether or
not with the giving of notice and/or the passage of time) constitute an Event
of Default in relation to the Guarantor or a default under any agreement or
instrument evidencing any Indebtedness of the Guarantor.

 50
 

2.19                     Repetition

Each of the representations and warranties in Clause 2
(Representations and Warranties of the Guarantor) shall be deemed to be
repeated by the Guarantor on the date of the granting of the Guarantee and, as
long as the Guarantee in relation to the Guarantor has not been terminated,
each of Clause 2.1 (Due Organisation) (solely with respect to the Guarantor and
provided that, upon the occurrence of a merger or sale of assets pursuant to
Clause 3.5 (Mergers and Similar Transactions), the Guarantor is the Surviving
Entity), Clause 2.2 (Authorisations), Clause 2.3 (No Conflict) and Clause 2.8
(Litigation and Contracts) (solely with respect to any legal or governmental
proceedings pending or, to the best knowledge of the Guarantor, threatened in
writing delivered to the Guarantor before any court, tribunal, arbitration
panel or Agency challenging the lawfulness, validity or enforceability of this
Guarantee (except for any such proceedings as may have been disclosed in
writing by that Guarantor to the Lender prior to the relevant date of
repetition)) shall be deemed to be repeated and updated on each Interest
Payment Date. The Guarantor shall inform the Lender in writing of any breach of
prospective breach of such deemed repeated representations and warranties as
soon as it becomes aware of the same. Each New Guarantor shall be deemed to
make each of the above representations and warranties on the date on which it
executes the Deed of Accession, with such modifications as are appropriate to
take into account the jurisdiction in which such New Guarantor is incorporated
or resident for tax purposes.

3                                      Covenants of the Guarantor

3.1                            Liens

No Guarantor will and will not permit, any of its Subsidiaries to
create, incur, assume or suffer to exist any Lien (other than Permitted Liens)
on any asset now owned or hereafter acquired, or any income or profits
therefrom, which secures any Indebtedness, unless this Guarantee and any other
sum owing hereunder are secured by a Lien equally and rateably with the Liens
securing such other Indebtedness; provided that if such Indebtedness is
subordinated Indebtedness of that Guarantor, the Lien securing such
Indebtedness shall be subordinate or junior to the Lien securing this
Guarantee, with the same relative priority as such Indebtedness shall have with
respect to this Guarantee.

3.2                            Stay, Extension and Usury Laws

Each Guarantor covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Guarantee; and each Guarantor (to the
extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Lender
(arid, following the execution of any other agreements entered into in
connection with the agreed funding source, to the party designated by such
agreements), but will suffer and permit the execution of every such power as
though no such law had been enacted.

3.3                            Asset Sales

No Guarantor will, or will permit any of its Subsidiaries to,
consummate any Asset Sale, unless the proceeds received by that Guarantor or
such Subsidiary, as the case may be, 

 51
 

are at least equal to the Fair Market Value of the assets sold or
disposed of (as determined in good faith by the Board of Directors of that
Guarantor or the relevant Subsidiary) and an amount equal to such proceeds
(less any costs plus reasonable expenses incurred in relation to such Asset
Sale) is either (a) applied to repay permanently any Indebtedness (other than
subordinated Indebtedness) of the Borrower or any of its Subsidiaries or (b)
invested in assets (including Capital Stock) of a nature or type that is used
or usable in the business of the Borrower or any of its Subsidiaries being any
food and beverage business that the Borrower or any such Subsidiary may conduct
at the relevant time, in each case within 360 days of the date when such
proceeds are received.

3.4                            Transactions with Affiliates and
Related Persons

(a)                               Subject to sub-Clause 3.4(b) below, no
Guarantor shall, or shall permit any of its Subsidiaries to, directly or
indirectly, enter into, permit to exist, renew or extend any transaction or
series of related transactions (including, without limitation, the purchase,
sale, transfer, assignment, lease, conveyance or exchange of property or
assets, or the rendering of any service) (each a “Transaction”)
with, or for the benefit of, any Related Person of the relevant Guarantor (or
any Affiliate of such Person) or with, or for the benefit of, any Affiliate of
the relevant Guarantor, unless any such Transaction or series of related
Transactions is made upon fair and reasonable terms no less favourable to that
Guarantor or such Subsidiary, as the case may be, than could be obtained, at
the time of such Transaction or, if such Transaction is pursuant to a written
agreement, at the time of the execution of the agreement providing therefor, in
a comparable arms’-length transaction with, or for the benefit of, a Person
that is not a Related Person of the relevant Guarantor (or any Affiliate of
such Person) or an Affiliate of the relevant Guarantor.

No such Transaction shall be consummated unless, in the case of a
Transaction or series of related transactions involving aggregate consideration
equal to or in excess of U.S.$5 million, the relevant Guarantor or such
Subsidiary, as the case may be, obtains the approval of its Board of Directors.

(b)                              The limitation does in sub-Clause
3.4(a) above shall not limit, and shall not apply to any Transaction or series
of related Transactions solely between the relevant Guarantor or any of its
Subsidiaries or the Borrower and any of the Subsidiaries of the Borrower or
solely between Subsidiaries of the relevant Guarantor.

3.5                            Merger and Similar Transactions

(a)                               Subject to sub-Clause 3.5(b) below, no
Guarantor shall merge with or into or enter into a transaction whose effect
would be similar to that of a merger (including, but not limited to, by way of
an acquisition through a share-for-share exchange or contribution of assets) or
sell, convey, transfer, lease or otherwise dispose of all or substantially all
of its property and assets (each a “merger”) to,
any Person or permit any Person to merge with or into that Guarantor:

(i)                                 unless the Guarantor shall be the
continuing Person, or the Person (if other than the Guarantor) into which such
Guarantor is merged or that acquired or leased such property and assets of the
relevant Guarantor (the “Surviving Entity”)
shall be a company organised and validly existing under the laws of the Russian
Federation, or any other jurisdiction the organisation of the Surviving Entity
of which would not, at the time of the 

 52
 

relevant transaction, cause the Surviving Entity to be required to
provide payments of Additional Amounts or Tax Indemnity Amounts and shall
expressly assume, by amendment hereto, executed and delivered by such Surviving
Entity to the Lender (and, following the execution of any other agreements
entered into in connection with the agreed funding source, to the party
designated by such agreements), in form and substance satisfactory to the
Lender (and, following the execution of any other agreements entered into in
connection with the agreed funding source, to the party designated by such
agreements), the due and punctual payment of amounts due on this Guarantee, and
the due and punctual performance and observance of all the covenants,
conditions and other obligations of the Guarantor in respect of this Guarantee;

(ii)                              unless, in the case of a sale, conveyance,
transfer, lease or other disposal of all or substantially all of the Guarantor’s
property and assets, such property and assets shall have been transferred as an
entirety or substantially an entirety in one transaction or a series of related
transactions to one Person;

(iii)                           unless immediately before and after
giving effect to such transaction or series of transactions on a pro forma
basis (and treating any Indebtedness which becomes, or is anticipated to
become, an obligation of the Surviving Entity as a result of such transaction
or series of transactions as having been incurred by the Surviving Entity at
the time of such transaction or series of transactions), no Default or Event of
Default shall have occurred and be continuing;

(iv)                          unless immediately before and after
giving effect to such transaction or series of transactions on a pro forma
basis (and treating any Indebtedness which becomes, or is anticipated to
become, an obligation of the Surviving Entity as a result of such transaction
or series of transactions as having been incurred by the Surviving Entity at
the time of such transaction or series of transactions) the Borrower, any
Guarantor, or any Person becoming the successor obligor of the Loan or this
Guarantee, as the case may be, would be able to incur an additional $1.00 of
Indebtedness pursuant to Clause 14.10 (Financial Covenant) of the Loan
Agreement; and

(v)                             unless the Guarantor delivers to the
Lender an opinion of counsel reasonably acceptable to the Lender, in form and
substance satisfactory to the Lender (and, following the execution of any
supplemental agreements entered into in connection with the agreed funding
source, to the party designated by such agreements), stating that such merger
or transfer and such supplemental agreement comply with this provision, that
all legal conditions precedent provided for herein relating to such transaction
have been complied with and that this Agreement and the Loan constitute legal,
valid and binding obligations of the continuing Person, enforceable in
accordance with their terms, subject, in the case of the opinion of counsel, to
customary exceptions, qualifications and limitations.

(b)                               The restrictions in sub-Clauses
3.5(a)(i), (iii) and (v) above shall not apply to any mergers between the
Borrower and any of the Guarantors or Borrower’s Subsidiaries or any of the or
between two or more of the Guarantors or between

 53
 

any of the Guarantors and any of the Subsidiaries. The restrictions
in sub-Clauses 3.5(a)(vi) and (vii) above shall not apply to any mergers
between any of the Guarantors or any of the Subsidiaries or between two or more
of the Guarantors or between any of the Guarantors and any of the Subsidiaries
if (i) both relevant entities are incorporated in Russia, and (ii) both relevant
entities have no business presence or tax residency outside Russia.

3.6                            Maintenance of Authorisations

So long as any amount remains outstanding hereunder:

(i)                                  each Guarantor shall, and it shall
procure that each of its Subsidiaries that are also Significant Subsidiaries
shall, take all necessary action to obtain and do or cause to be done all
things necessary, in the opinion of such Guarantor or the relevant Subsidiary,
to ensure the continuance of its corporate existence, its business and
intellectual property related to its business; and

(ii)                               each Guarantor shall, and it shall
procure that its Subsidiaries that are also Significant Subsidiaries shall,
make or cause to be made all registrations, recordings and filings and shall
obtain and maintain all consents, licences, approvals and authorisations, which
may at any time be required to be obtained or made in Russia or any other
relevant jurisdiction for the purposes of the execution, delivery or
performance of this Guarantee and for the validity and enforceability thereof;

provided that if the Guarantor or any such Significant Subsidiary can
remedy any failure to comply with the above within 60 days of such failure,
this covenant shall be deemed not to have been breached.

3.7                            Maintenance of Property

So long as any amount remains outstanding hereunder, each Guarantor
and its Subsidiaries that are also Significant Subsidiaries will cause all
property used in the conduct of its or their business to be maintained and kept
in good condition, repair and working order and supplied with all necessary
equipments and shall cause to be made all necessary repairs, renewals,
replacements and improvements thereof, all as, in the judgments of that
Guarantor or such Significant Subsidiary, may be reasonably necessary so that the
business carried on in connection therewith may be properly conducted at all
times.

3.8                            Payment of Taxes

Each Guarantor shall, and shall cause each of its Subsidiaries to pay
or discharge, before the same shall become overdue all Taxes, assessments and
governmental levies, except (i) as contested in good faith and by appropriate
proceedings and for which adequate reserves in accordance with appropriate
accounting provisions have been made or (ii) the amount of which, together with
all such other unpaid and undischarged Taxes, assessments and governmental
levies does not in aggregate exceed U.S.$1 million.

3.9                            Financial Covenant

No Guarantor shall, or shall permit any of its Subsidiaries to, incur
any Indebtedness, other than:

 54

(i)            the Loan; and

(ii)           any Indebtedness in circumstances where: (1) no Event of Default
shall have occurred and be continuing at the time or would occur as a
consequence of the incurrence of such Indebtedness, and (2) after giving effect
to the incurrence of such Indebtedness on a pro forma basis and the receipt and
application of the proceeds therefrom, immediately after such incurrence the
ratio of the consolidated Indebtedness of the Group to Consolidated EBITDA is
5:1 or lower.

3.10                     No Limitation on Dividend or
Other Payments Affecting Subsidiaries

(a)                                Subject to sub-clause 3.9(b) below, no
Guarantor shall or shall cause or permit any of its Subsidiaries to, directly
or indirectly create or otherwise cause or permit to exist or become effective
any encumbrance or restriction on the ability of itself or any Subsidiary to:

(i)           pay dividends or make any other distributions on or in respect of its
Capital Stock to the Borrower or such Guarantor or any Subsidiary of the
Borrower or pay any Indebtedness owed to the Borrower or such Guarantor or any
such Subsidiary;

(ii)          make loans or advances to, or guarantee any Indebtedness or other
obligations of the Borrower or such Guarantor, or

(iii)         transfer any of its property or assets to the Borrower or such
Guarantor or any of the Borrower’s or such Guarantor’s Subsidiaries.

(b)                               The provisions of sub-Clause 3.9(a)
above shall not restrict any encumbrance or restriction:

(i)                                  arising solely by operation of law;

(ii)                               existing under an agreement in effect
on the date hereof; provided, however, that the terms, conditions and scope of
any such encumbrance or restriction included in any such agreement may be
amended only if:

(1)                               such amended encumbrance or
restriction, when taken together with all the other encumbrances and restrictions
in such agreement (as amended), will not be materially more restrictive or
disadvantageous (A) to the agreed funding source or the Guarantor than the
encumbrance or restriction being amended or (B) to the Guarantor than is
customary in comparable transactions (in each case, as determined by the
Guarantor); and

(2)                               the amended terms, conditions and
scope of any such amended encumbrance or restriction, when taken together with
the terms, conditions and scope of all the other encumbrances and restrictions
in such agreement (as amended), will not materially adversely affect the
Guarantor’s ability to make payments on this Guarantee (as determined by the
Guarantor); or

(iii)                            contained in the terms of any
Indebtedness incurred in compliance with Clause 14.10 (Financial Covenant) of
the Loan Agreement or in any agreement pursuant to which such Indebtedness was
issued, if:

 55
 

(1)                               the encumbrances and restrictions in
any such agreement, when taken as a whole, will not be materially more
restrictive or disadvantageous to the Guarantor than is customary in comparable
transactions (as determined by the Guarantor); and

(2)                               the terms, conditions and scope of any
such encumbrances and restrictions in any such agreement, when taken as a
whole, will not materially adversely affect the Guarantor’s ability to make
payments on this Guarantee(as determined by the Guarantor).

3.11                      Insurance

Each of the Guarantors will obtain and maintain insurance with an
insurer or insurers of sufficient standing against such losses and risks and in
such amounts as are prudent and customary in the businesses in which they are
engaged in the jurisdiction where they operate, respectively, at a cost that
would not have a Material Adverse Effect; provided that if the relevant
Guarantor can remedy any failure to comply with the above within 30 days, this
covenant shall be deemed not to have been breached.

3.12                     Financial Information

Each Guarantor will, at its own expense, so long the Loan remains
outstanding, furnish to the Lender, copies of all reports and other
communications (financial or other) furnished to stockholders of the Guarantor
and furnish to the Lender, (i) as promptly as practicable, copies of any
reports and financial statements furnished to or filed with any securities
exchange (other than any securities exchange in Russia) on which any class of
securities of the Guarantor is listed, if any; and (ii) such additional
publicly available information concerning the business and financial condition
of the Guarantor as the Lender may from time to time reasonably request. In
addition, each Guarantor shall furnish to the Lender, such information as the
Luxembourg Stock Exchange (or any other or further stock exchange or stock
exchanges or any other relevant authority or authorities on which the
instruments issued to the agreed funding source may, from time to time, be
listed or admitted to trading) may require in connection with the listing or
admittance to trading on such stock exchange or relevant authority of
instruments issued to the agreed funding source. On the date of each
anniversary of this Agreement and within 14 days of any request of the Lender,
the Guarantor shall deliver to the Lender (and, following the execution of any
other agreements entered into in connection with the agreed funding source, to
the party designated by such agreements), an Officers’ Certificate stating that
to the best of each of the Officers’ knowledge (i) the Guarantor has kept,
observed, performed and fulfilled each and every covenant, and complied with
the covenants and conditions contained in this Agreement and (ii) the Guarantor
is not in default in the performance or observance of any of the terms,
provisions and conditions hereof and (iii) identifying, as at a date no more
than 14 days before the date of such certificate, those Subsidiaries which are
Significant Subsidiaries.

The Guarantor will within 14 days of any reasonable request by the
Lender provide the Lender with such further information other than information
which the Guarantor determines in good faith to be confidential about the
business and financial condition of the Guarantor and its Subsidiaries as the
Lender may require (including information deliverable pursuant to Clause 13.1.5
of the Trust Deed). .

 56
 

4                                      Taxation

4.1                            Additional Amounts

(a)                                Subject to Clause 4.1(b), all payments
made by each Guarantor under or with respect to this Guarantee will be made
free and clear of and without withholding or deduction for or on account of any
present or future tax, duty, levy, impost, assessment, or other governmental
charge (including penalties, interest and other liabilities related thereto)
(collectively, “Taxes”) imposed or levied by or on
behalf of any government or political subdivision or territory or possession of
any government or authority or Agency therein or thereof having the power to
tax (each, a “Taxing Authority”) within the
jurisdiction in which the relevant Guarantor is resident for tax purposes or
Luxembourg (or any Qualifying Jurisdiction in which the Lender or any successor
thereto is resident for tax purposes), unless the relevant Guarantor is
required to withhold or deduct Taxes by law or by the interpretation or
administration thereof. For the avoidance of doubt, this Clause 4.1 shall not
apply to any Taxes on income payable by the Lender.

(b)                               If at any time a Guarantor is required
to withhold or deduct any amount for or on account of Taxes imposed or levied
by or on behalf of any Taxing Authority within the jurisdiction in which the
relevant Guarantor is resident for tax purposes or Luxembourg (or any
Qualifying Jurisdiction in which the Lender or any successor thereto is
resident for tax purposes) from any payment made under or with respect to the
Guarantee, that Guarantor, failing which the other Guarantors, shall, on the
due date for such payment, pay such additional amounts (“Additional
Amounts”) as may be necessary so that the net amount received by the
Lender (including Additional Amounts) in U.S. dollars after such withholding or
deduction will not be less than the amount the Lender would have received if
such Taxes had not been withheld or deducted and free from liability in respect
of such withholding or deduction; provided, however, that for the avoidance of
doubt, such Additional Amounts shall not be payable with respect to any Taxes
on income payable by the Lender.

(c)                                Each Guarantor will also:

(i)                                  make such withholding or deduction;
and

(ii)                               remit the full amount deducted or
withheld to the relevant authority in accordance with applicable law.

(d)                               If the Lender pays any amount in
respect of such Taxes in respect of which Additional Amounts are payable
(without prejudice to, and duplication of, the provisions of Clause 4.3 (Tax
Indemnity)), each relevant Guarantor shall reimburse the Lender in U.S. dollars
for such payment on demand.

(e)                                Whenever this Guarantee mentions, in
any context, the payment of amounts based upon the principal or premium, if
any, interest or of any other amount payable under or with respect to the Loan
or the Guarantee, this includes, without duplication, payment of any Additional
Amounts and Tax Indemnity Amounts that may be applicable.

The foregoing provisions shall apply, modified as necessary, to any
Taxes imposed or levied by any Taxing Authority in any jurisdiction in which
any Guarantor or any successor of the Borrower or of any Guarantor is
organised.

 57
 

4.2                            Payments

The Lender shall assist each Guarantor in ensuring that all payments
made under this Guarantee are exempt from deduction or withholding of Tax.

4.3                            Tax Indemnity

Without prejudice to, and without duplication of, the provisions of
Clause 4.1 (Additional Amounts):

(a)                                if at any time the Lender makes or is
required to make any payment to a Person (other than to or for the account of
the agreed funding source) on account of Tax (other than Taxes on income
payable by the Lender) in respect of this Guarantee or in respect of any
instruments issued to, or documents entered into with, the agreed funding
source imposed by any Taxing Authority of or in Russia, Luxembourg or any
Qualifying Jurisdiction in which the Lender or any successor thereto is
resident for tax purposes, or any liability in respect of any such payment is
asserted, imposed, levied or assessed against the Lender, each Guarantor shall,
as soon as reasonably practicable following, and in any event within 30
calendar days of, written demand made by the Lender, indemnify the Lender
against such payment or liability, together with any interest, penalties, costs
and expenses payable or Incurred in connection therewith; and

(b)                               if at any time a Taxing Authority
imposes an obligation on the Lender to withhold or deduct any amount on any
payment made or to be made by the Lender to or for the account of the agreed
funding source and the Lender is required by any instruments issued to, or documents
entered into with, the agreed funding source, to pay additional amounts to such
agreed funding source in connection therewith, each Guarantor shall, as soon as
reasonably practicable following, and in any event within 30 calendar days of,
written demand made by the Lender, pay to the Lender such additional amounts as
may be necessary so that the net amount received by the agreed funding source
(including such additional amounts) in U.S. dollars after such withholding or
deduction will not be less than the amount such agreed funding source would
have received if such withholdings or deductions had not been made and free
from liability in respect of such withholding or deduction.

Any payments required to be made by any Guarantor under this Clause
4.3 are collectively referred to as “Tax Indemnity Amounts”.
For the avoidance of doubt, the provisions of this Clause 4.3 shall not apply
to any withholding or deductions of Taxes with respect to this Guarantee which
are subject to payment of Additional Amounts under Clause 4.1 (Additional
Amounts).

4.4                            Tax Claims

If the Lender intends to make a claim for any Tax Indemnity Amounts
pursuant to Clause 4.3 (Tax Indemnity), it shall notify each relevant Guarantor
thereof; provided that nothing herein shall require the Lender to disclose any
confidential information relating to the organization of its affairs.

4.5                            Tax Credits and Tax Refunds

(a)                                If any Additional Amounts are paid
under Clause 4.1 (Additional Amounts) or Tax Indemnity Amounts are paid under
Clause 4.3 (Tax Indemnity) by any Guarantor for the benefit of the Lender and
the Lender, in its reasonable opinion, determines that 

 58
 

it has received or been granted a credit against, a relief or
remission for, or a repayment of, any Tax, then, if and to the extent that the
Lender, in its reasonable opinion, determines that such credit, relief,
remission or repayment is in respect of or calculated with reference to the
deduction or withholding giving rise to such Additional Amounts or, in the case
of Tax Indemnity Amounts, with reference to the liability, expense or loss to
which the payment giving rise to such Tax Indemnity Amounts relates, the Lender
shall, to the extent that it can do so without prejudice to the retention of
the amount of such credit, relief, remission or repayment, pay to each relevant
Guarantor such amount as the Lender shall, in its reasonable opinion, have
concluded to be attributable to such deduction or withholding or, as the case
may be, such liability, expense or loss; provided that the Lender shall not be
obliged to make any payment under this Clause 4.5 in respect of such credit,
relief, remission or repayment until the Lender is, in its reasonable opinion,
satisfied that its tax affairs for its tax year in respect of which such
credit, relief, remission or repayment was obtained have been finally settled.
Any such payment shall, in the absence of manifest error and subject to the
Lender specifying in writing in reasonable detail the calculation of such
credit, relief, remission or prepayment and of such payment and providing
relevant supporting documents evidencing such matters, be conclusive evidence
of the amount due to each relevant Guarantor hereunder and shall be accepted by
each relevant Guarantor in full and final settlement of its rights of
reimbursement hereunder in respect of such deduction or withholding. Nothing
contained in this Clause 4.5 shall interfere with the right of the Lender to
arrange its tax affairs generally in whatever manner it thinks fit nor oblige
the Lender to disclose any information relating to its tax affairs generally or
any computations in respect thereof.

(b)                               If as a result of a failure to obtain
relief from deduction or withholding of any Tax imposed by the jurisdiction in
which the relevant Guarantor is resident for tax purposes or Luxembourg (or any
Qualified Jurisdiction in which the Lender or any successor thereto is resident
for tax purposes) (i) such Tax is deducted or withheld by any Guarantor and
pursuant to Clause 4.1 (Additional Amounts) an increased amount is paid by any
relevant Guarantor to the Lender in respect of such deduction or withholding,
and (ii) following the deduction or withholding of Tax as referred to above,
(A) the relevant Guarantor applies on behalf of the Lender to the relevant Taxing
Authorities for a tax refund and such tax refund is credited by the relevant
Taxing Authorities to the Lender or (B) if such tax refund is otherwise
credited by a relevant Taxing Authority to the Lender pursuant to a final
decision of such Taxing Authority, the Lender shall as soon as reasonably
possible notify such relevant Guarantor of the receipt of such tax refund and
promptly transfer the entire amount of the tax refund to a bank account of each
relevant Guarantor specified for that purpose by each relevant Guarantor.

4.6                            Representations of the Lender

The Lender represents that (a) it is a bank which at the date hereof
is a resident of Luxembourg, is subject to taxation in Luxembourg on the basis
of its registration as a legal entity, location of its management body or
another similar criterion and it is not subject to taxation in Luxembourg
merely on income from sources in Luxembourg or connected with property located
in Luxembourg; (b) it will account for the Loan on the date of closing on its balance
sheet as an asset under “loans and advances to customers” and any 

 59
 

arrangements with the agreed funding source as a liability under “liabilities
evidenced by paper” and (c) at the date hereof, it does not have a permanent
establishment in Russia.

The Lender shall make reasonable and timely efforts to assist each
relevant Guarantor to obtain relief from the withholding of income tax in any
jurisdiction in which the relevant Guarantor is resident for tax purposes
pursuant to the double taxation treaty between the jurisdiction in which the
relevant Guarantor is resident for tax purposes and the jurisdiction in which
the Lender is incorporated, including its obligations under Clause 4.8
(Delivery of Forms). The Lender makes no representation as to the application
or interpretation of any double taxation treaty between the jurisdiction in
which the relevant Guarantor is resident for tax purposes and the jurisdiction
in which the Lender is incorporated.

4.7                            Exceptions

The Lender agrees promptly, upon becoming aware of such, to notify
each Guarantor if it ceases to be resident in Luxembourg or a Qualifying
Jurisdiction or if any of the representations set forth in Clause 4.6
(Representations of the Lender) are no longer true and correct. If the Lender
ceases to be resident in Luxembourg or a Qualifying Jurisdiction, then, except
in circumstances where the Lender has ceased to be resident in Luxembourg or a
Qualifying Jurisdiction by reason of any Change of Law (including a change in a
double taxation treaty or in such law or treaty’s application or
interpretation), in each case taking effect after the date of this Guarantee,
no Guarantor shall be liable to pay to the Lender under Clause 4.1 (Additional
Amounts) or Clause 4.3 (Tax Indemnity) any sum in excess of the sum it would
have been obliged to pay if the Lender had not ceased to be resident in
Luxembourg or a Qualifying Jurisdiction.

4.8                            Delivery of Forms

The Lender shall within 30 calendar days of the request of any
Guarantor, to the extent it is able to do so under applicable law including the
laws of the jurisdiction in which the relevant Guarantor is resident for tax
purposes, deliver to that Guarantor a certificate issued by the competent
Taxing Authority in Luxembourg (or any Qualifying Jurisdiction in which the
Lender or any successor thereto is resident for tax purposes) confirming that
the Lender is a tax resident in Luxembourg (or any Qualifying Jurisdiction in
which the Lender or any successor thereto is resident for tax purposes) and
such other information or forms as the relevant Guarantor may need to be duly
completed and delivered by the Lender to enable that Guarantor to apply to
obtain relief from deduction or withholding of the relevant Tax after the date
of this Guarantee or, as the case may be, to apply to obtain a tax refund if a
relief from deduction or withholding of the relevant Tax has not been obtained.
The Lender shall, within 30 calendar days of the request of any Guarantor, to
the extent it is able to do so under applicable laws including the laws of the
jurisdiction in which the relevant Guarantor is resident for tax purposes, from
time to time deliver to that Guarantor any additional duly completed
application forms as need to be duly completed and delivered by the Lender to
enable that Guarantor to apply to obtain relief from deduction or withholding
of the relevant Tax or, as the case may be, to apply to obtain a tax refund if
a relief from deduction or withholding of the relevant Tax has not been
obtained. The certificate and, if required, other forms referred to in this
Clause 4.8 shall be duly signed by the Lender, if applicable, and stamped or
otherwise approved by the competent Taxing Authority in Luxembourg (or any
Qualifying Jurisdiction in which the Lender or any successor thereto is
resident for tax purposes) and apostilled or otherwise legalised. If a relief
from deduction or withholding of the relevant Tax under this Clause 8.8 has not
been 

 60
 

obtained and further to an application of that Guarantor to the
relevant Taxing Authorities the latter requests the Lender’s rouble bank
account details, the Lender shall at the request of that Guarantor (x) use
reasonable efforts to procure that such rouble bank account of the Lender is
duly opened and maintained, and (y) thereafter furnish that Guarantor with the
details of such rouble bank account. The relevant Guarantor shall pay for all
costs associated, if any, with opening and maintaining such rouble bank
account.

4.9                            Notification of Requirement to
Deduct Tax

If, at any time, a Guarantor is required by law to make any deduction
or withholding from any sum payable by it hereunder, or if thereafter there is
any change in the rates at which or the manner in which such deductions or
withholdings are calculated, that Guarantor shall promptly notify the Lender.

4.10                     Evidence of Payment of Tax

Each relevant Guarantor will make all reasonable endeavours to obtain
certified copies, and translations into English, of tax receipts evidencing the
payment of any Taxes so deducted or withheld from each Taxing Authority
imposing such Taxes. That Guarantor will furnish to the Lender (and, following
the execution of any other agreements entered into in connection with the
agreed funding source, to the party designated by such agreements), within 60 calendar
days after the date the payment of any Taxes so deducted or withheld is due
pursuant to applicable law, either certified copies of tax receipts evidencing
such payment by that Guarantor or, if such receipts are not obtainable, other
evidence of such payments by that Guarantor.

5                                      Currency of Account and Payment

5.1                            Currency of Account

The U.S. dollar is the currency of account and payment for each and
every sum at any time due from each Guarantor hereunder.

5.2                            Currency Indemnity

If any sum due from any Guarantor under this Guarantee or any order
or judgment given or made in relation hereto has to be converted from the
currency (the “first currency”) in which the same
is payable hereunder or under such order or judgment into another currency (the
“second currency”) for the purpose of
(a) making or filing a claim or proof against such Guarantor, (b) obtaining an
order or judgment in any court or other tribunal or (c) enforcing any order or
judgment given or made in relation hereto, the relevant Guarantor shall
indemnify and hold harmless the Lender from and against any loss suffered or
reasonably incurred as a result of any discrepancy between (i) the rate of
exchange used for such purpose to convert the sum in question from the first
currency into the second currency and (ii) the rate or rates of exchange at
which the Lender may in the ordinary course of business purchase the first
currency with the second currency upon receipt of a sum paid to it in
satisfaction, in whole or in part, of any such order, judgment, claim or proof.

 61
 

6                                      Assignments and Transfers

6.1                            No Assignments and Transfers by
the Guarantors

No Guarantor shall be entitled to assign or transfer all or any of
its rights, benefits and obligations hereunder.

6.2                            Assignments by the Lender

(a)                                Prior to an Event of Default, the
Lender may (i) on or at any time after the date hereof assign all or any of its
rights and benefits hereunder or transfer all or any of its rights, benefits
and obligations hereunder (save for (x) its rights to principal, interest and
other amounts paid and payable under this Guarantee and (y) its right to
receive amounts paid and payable under any claim, award or judgment relating to
(his Guarantee in favour of the agreed funding source) to or on behalf of the
agreed funding source and (ii) subject to the prior written consent of the
Guarantors (such consent not to be unreasonably withheld or delayed) and except
as may be otherwise specifically provided under the agreements entered into in
connection with the agreed funding source, assign all or any of its rights and
benefits hereunder or transfer all or any of its rights, benefits and
obligations hereunder to any company which, as a result of any amalgamation,
merger or reconstruction or which, as a result of any agreement with the
Lender, or any previous substitute, owns beneficially the whole or
substantially the whole of the undertaking, property and assets owned by the
Lender prior to such amalgamation, merger, reconstruction or agreement coming
into force and where, in the case of any company which will own the whole or
substantially the whole of the undertaking, property or assets of the Lender,
the substitution of that company as principal debtor in relation to the agreed
funding source would not be materially prejudicial to the interests of the
agreed funding source or the Guarantors. Any reference in this Guarantee to any
such assignee or transferee pursuant to subclause (ii) of this Clause 6.2(a)
shall be construed accordingly and, in particular, references to the rights,
benefits and obligations hereunder of the Lender, following such assignment or
transfer, shall be references to such rights, benefits or obligations by the
assignee or transferee.

(b)                               On or following an Event of Default,
the Lender may, by notice to the Guarantors, assign all or any of its rights
and benefits hereunder or transfer all or any of its rights, benefits and
obligations hereunder to the agreed funding source, or any assignee or
transferee appointed in connection with the agreed funding source. Any
reference in this agreement to any such assignee or transferee shall be
construed accordingly and, in particular, references to the rights, benefits
and obligations hereunder of the Lender, following such assignment or transfer,
shall be references to such rights, benefits or obligations by the assignee or
transferee appointed in connection with the agreed funding source.

(c)                                Any reference in the Guarantee to any
party shall be construed accordingly in relation to Clause 6.2(a)(i) and Clause
6.2(b) and, in particular, references to the exercise of rights and discretions
or the making of any determination by the Lender, shall include references to
the exercise of such rights or discretions by or the making of such
determination by the assignee or transferee appointed in connection with the
agreed funding source (in its role as such). 
Notwithstanding the foregoing, the assignee or appointee shall not be
entitled to participate in any 

 62
 

determinations by the Lender or any discussions between the Lender and
the Guarantor or any agreements of the Lender or Guarantor, pursuant to
sub-Clauses 4.5 and 4.8.

7                                      Partial Invalidity

If, at any time, any provision hereof is or becomes illegal, invalid
or unenforceable in any respect under the law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions hereof nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction shall in any way be affected or impaired thereby.

8                                      Notices; Language

8.1                            Communications in Writing

Each communication to be made hereunder shall be made in writing and,
unless otherwise stated, shall be made by fax or letter

8.2                            Delivery

Any communication or document to be made or delivered by one person
to another pursuant to this Agreement shall, unless that other person has by 15
calendar days’ written notice to the same specified another address, be made or
delivered to that other person at the address identified with its signature
below and shall be effective or when left at that address (in the case of a
letter) or when received by the addressee (in the case of a fax). Provided that
any communication or document to be made or delivered by one party to the other
party shall be effective only when received by such other party and then only
if the same is expressly marked for the attention of the department or officer
identified with the such other party’s signature below, or such other
department or officer as such other party shall from time to time specify for
this purpose.

8.3                            Language

This Agreement shall be signed in English. Each communication and
document made or delivered by one party to another pursuant to this Agreement
shall be in the English language or accompanied by a translation thereof into
English certified by an officer of the person making or delivering the same as
being a true and accurate translation thereof.

9                                      Governing Law and Jurisdiction

9.1                            English Law

This Guarantee is governed by, and shall be construed in accordance
with, English law.

9.2                            English Courts

Each Guarantor irrevocably agrees that the courts of England shall
have jurisdiction to hear and determine any suit, action or proceedings, and to
settle any disputes, which arise out of or in connection with this Guarantee (“Proceedings”) and, for such purposes, irrevocably submit to
the jurisdiction of such courts.

 63
 

9.3                            Appropriate Forum

Each Guarantor irrevocably waives any objection which it might now or
hereafter have to the courts of England being nominated as the forum to hear
and determine any Proceedings and to settle any Disputes (as defined below),
and agrees not to claim that any such court is not a convenient or appropriate
forum

9.4                            Service of Process

Each Guarantor agrees that the process by which any Proceedings in
England are begun may be served on them by being delivered to Law Debenture
Corporate Services Limited, or their registered offices for the time being. If
any Person mentioned in this Clause is not or ceases to be effectively
appointed to accept service of process on any Guarantor’s behalf, the relevant
Guarantor shall immediately appoint a further Person in England to accept
service of process on its behalf. Nothing in this Clause shall affect the right
of either party hereto to serve process in any other manner permitted by law.

9.5                            Non-exclusivity

The submission to the jurisdiction of the English courts in
accordance with Clause 9.2 (English Courts) hereof shall not, and shall not be
construed so as to, limit the right of any party hereto to take Proceedings in
any other court of competent jurisdiction.

9.6                            Consent to Enforcement, etc.

Each Guarantor consents generally in respect of any Proceedings to
the giving of any relief or the issue of any process in connection with such
Proceedings including, without limitation, the making, enforcement or execution
against any property whatsoever, irrespective of its use or intended use, of
any order or judgement which is made or given in such Proceedings.

9.7                            Arbitration

If any dispute or difference of whatever nature howsoever arises from
or in connection with this Guarantee, or any supplement, modifications or
additions thereto, (each a “Dispute”), the
Lender may elect, by notice to each Guarantor, to settle such claim by
arbitration in accordance with the following provisions. Each Guarantor hereby
agrees that (regardless of the nature of the Dispute) any Dispute may be
settled by arbitration in accordance with the UNCITRAL Arbitration Rules (the “Rules”) as at present in force by a panel of three
arbitrators appointed in accordance with the Rules. The seat of any reference
to arbitration shall be London, England. The procedural law of any reference to
arbitration shall be English law. The language of any arbitral proceedings
shall be English. The appointing authority for the purposes set forth in
Articles 7(2) and 7(3) of the Rules shall be the London Court of International
Arbitration.

9.8                            Contracts (Rights of Third
Parties) Act 1999

A person who is not a party to this Guarantee has no rights under the
Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Guarantee, but this does not affect any right or remedy of a third party which
exists or is available apart from that Act.

 64Exhibit
4.4

Contract No. P71028

CJSC “Tetra
Pak”, Moscow, hereinafter referred to as the “Seller”,
represented by the Commercial Operations Director Uros Kepic, acting on the
basis of the Power of attorney 28-12/126 dated 01/01/2007, on the one part, and

OAO “Wimm-Bill-Dann”,
Moscow, Russia, hereinafter referred to as the “Buyer”, represented by
Executive Director Mr. Yu. A. Vlasenko, acting on the basis of Regulation
Rules, on the other part, have concluded the present contract on the following:

1. SUBJECT OF THE CONTRACT.

1.1. The Seller sells and the Buyer buys packaging
material for packaging of food (milk, juices, milkcontaining and
juice-containing food products) together with respective additional materials
(Strips, Caps, Straws and etc.) in accordance with the Specification (Annex
No.1 to the present contract), hereinafter referred to as “the Goods”, and
custom cleared (if applicable) and free from third parties rights and charges.

1.2. Deliveries shall be fulfilled as per orders
placed by the Buyer in accordance with the Annex No. 2. The orders are placed
by the Buyer mainly via ebusiness electronic system. Orders may also be placed
by fax/e-mail.

2. TOTAL CONTRACT AMOUNT.

Approximate amount of the Contract is EURO 18 000 000
(eighteen million) EURO, VAT excluded. The exact amount of the Contract is to
be determined according to the actual deliveries of the Goods.

3. PRICE OF THE CONTRACT.

3.1. Price of the Goods stipulated in the
Specification (Annex No.1 to the present Contract), is given in EURO and
comprises the following:

·  cost of packaging material ex manufacturing
plant stated in the specification (Annex no.1 to the present contract);

	
  THE SELLER

  	
   

  	
  THE
  BUYER

  
	
   

  	
   

  	
   

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

·  cost of pallets

3.2. In case packaging material is shipped from TP
factories, the Seller is obliged to prove transport costs reinvoicing by
submitting to the Buyer copies of the invoices issued to the Seller by the
transport companies.,if another didn’t agreed between parties.

3.3. The price of the Goods excludes VAT and other taxes
due for payment by the Buyer. VAT is to be paid at the rate valid at the date
of the invoice issued by the Seller.

3.4. Price of the Goods excludes the following:

·  cost of LS-strip (for roll-fed material; is
shown in the invoices separately);

·  cost of insurance ([*]% from the price of the Goods; added to the price of the
Goods, is shown separately in the documents);

·  cost of transportation (added to the price of
the Goods; is shown separately in the documents);

3.5. The cost of insurance and transportation are
included in the invoices separately and due for payment by the Buyer within
terms stipulated in the item 4.1 of the present contract.

3.6. Price of the Goods and currency of the contract
can be amended by the Seller within validity of the present contract by written
mutual agreement of the Parties.

3.7. The Seller should come to an agreement with the
Buyer about the new prices and/or change of currency not later than [*] before the changes enter into force.

4. QUANTITY OF GOODS AND TERMS OF
PAYMENT.

4.1. Payment should be made in rubles by the bank
transfer to the Seller’s account (refer to article 16) in accordance with the
exchange rate of the Central Bank of RF on the date of writing off the amount
from the Buyer’s account. Factura-invoices should be paid within [*] days from the date of its issuing

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

but not earlier than the delivery of the Goods to the
Buyer’s warehouse.

4.2. Date of issue of the factura-invoice can not be
earlier than the date of dispatch.

4.3. In case the Buyer breaches payment terms on its
fault, the Seller has the right to charge the penalty on overdue amount on the
basis of 20% annual rate for every day of delay. The Seller should inform the
Buyer in written if such penalties are implemented.

4.4. Due to production characteristics, the Seller has
the right to deliver up to 10% above or below the quantity of ordered Goods. In
this case delivery is considered to be agreed on the terms of the present
contract. In the end of each month the parties shall sign statement of accounts
based on actually delivered goods. This statement forms the ground for final
accounts.

5. TERMS OF DELIVERY.

5.1. The Goods are to be delivered to the Buyer’s
warehouse (Moscow and Moscow region) by transport of the Seller at the Buyer’s
expense unless otherwise is specified in the order. Delivery address: 108,
Dmitrovskoe sh., 127591,Moscow, Russia

5.2. Delivery is to be made by fully-loaded trucks
according to the order agreed by the parties, the only exception being the last
shipment.

5.3.1. Dispatch of all kinds of the Goods should be
made within [*] weeks, if another
didn’t agreed between parties, after the Seller receives the official order
from the Buyer provided the Seller has the design - the original proof of technological
texts signed and dated, duly approved by the Buyer.

5.3.2. Dispatch of the Goods from TP Potok, TP
Timashevsk and TP Lobnya factories should be made within [*] days, if another didn’t agreed between
parties, after the Seller receives the official order from the Buyer provided
the Seller has the design - the original proof of technological texts

“[*]” means that certain
confidential material has been filed separately with the Securities and Exchange
Commission

signed and dated, duly approved by the Buyer.

5.3.3. The Seller is obliged to deliver the Goods
during period stipulated in the Annex No4 depending on the place of
dispatch and the place of delivery. Periods of delivery are calculated from the
moment of dispatch of the Goods from the Seller’s factories. In case if
delivery date of Goods is exceeds established dispatch date, prescribed in
points 5.3.1 and 5.3.2., then delivery date mentioned in Annex 4 calculates
from the moment of maximum dispatch date expiration, established in points
5.3.1. and 5.3.2.

5.3.4. Delivery Date, confirmed by Seller, can not be
out of dates, calculated in accordance with point 5.3.3.

In case if delivery date is out of delivery time
maximum range, calculated in accordance with point 5.3.3 and another didn’t
agreed between parties, then delivery date should be the last day, calculated
in accordance with point 5.3.3.

5.3.5. Confirmation of the order serves as a
confirmation that the Seller has the design corresponding to the order.

5.4. The design should be made in accordance with the
design color printout provided by the Buyer and agreed upon between the Buyer
and the Seller. Signed and dated design proof is to be considered as the final
version of design for production of placed order.

5.5. In case the Buyer changes the design during the
production of the order already placed and confirmed, within 24 hours from the
receipt of the notification about renewal of design and stoppage of production
of the order with old design, the Seller has to stop the production of the
order with the design to be amended, and the Buyer is obliged to buy already
produced lot of Goods and/or to pay the costs connected with the preparation of
the order for production as per documents confirming actual costs.

5.6. Any changes in the designs existing at the moment
of signing of the present contract as well as elaboration of new designs are to
be made by the

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

Seller at the terms agreed upon with the Buyer and
stipulated in the separate contract.

5.7. In case of delay of delivery at the Seller’s
fault, the Buyer has the right to charge the penalty on delayed lot of delivery
amount on the basis of 20% annual rate for every day of delay. The Buyer should
inform the Seller in written if such penalties are implemented.

5.8. The Buyer shall undertake the costs of storage of
unpaid Goods at the Seller’s warehouse in case of delay in shipment of the
Goods, if such delay occurred due to the Buyer’s fault and exceeded 7 (seven)
calendar days from the maximum dispatch date, calculated in accordance with
points 5.3.1. and 5.3.2. The Seller should provide the Buyer with the report
about the actual storage costs. Storage costs are calculated starting from 8th calendar day.

After 7 (seven) days expire, the Seller has the right
to invoice to the Buyer actually born storage costs and to dispatch the Goods
to the Buyer on the 10th (tenth)
day by the Seller’s transport at the Buyer’s expense with 2 (two) workings days
written preliminary note to the Buyer. In this case the Buyer has to accept the
Goods at the Buyer’s warehouse within 24 (twenty four) hours from the moment of
arrival of the truck to the Buyer’s warehouse provided the date of arrival is a
working day.

5.9. The Seller shall send to the Buyer shipment
advice immediately after shipment of the truck from the factory/customs
terminal and supply the Buyer with the transport documents for each shipment
lot by fax/e-mail within 48 (forty eight) hours from the delivery.

5.10. The Buyer shall be informed in advance about the
possibility of transfer the production of packaging material to another
production facility. This decision shall be made by mutual agreement of the
parties.

5.11. The Buyer shall compensate to the Seller the
costs connected with the demurrage of unloaded

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

truck, starting from the day after the agreed date of
arrival of the truck to the address indicated in the transport documents, on
the basis of 150,00 EURO (VAT excluded) per day for the demurrage of unloaded
truck arrived from Tetra Pak factories provided the truck arrives to the
address indicated in the transport 
documents not later than 12:00am on the agreed arrival date.

5.11.1. In case the truck arrives to the address,
specified in the transport documents, earlier than the agreed arrival date, the
demurrage cost from the moment of arrival of the truck till agreed delivery
date should not be charged.

5.11.2. In case the truck arrives to the address,
specified in the transport documents, later than 12:00am at the agreed arrival
date, the demurrage cost should be calculated after 24 (twenty four) hours from
the time of arrival of the truck to the Buyer’s warehouse.

5.11.3. In case the truck arrives to the address,
specified in the transport documents, later than the agreed arrival date, the
demurrage cost should be calculated after 48 (forty eight) hours from the
actual time of arrival of the truck to the Buyer’s warehouse. Actual time of
arrival of the truck (date, time) is to be stated by the Buyer’s representative
in the transport documents.

The remarks of the Buyer’s representative and
transport company representative in the transport documents are to be the basis
for the demurrage calculation (transport waybill – for domestic deliveries, CMR
– for import deliveries).

5.12. Delivery date is considered to be the date of
delivery of the Goods to the buyer’s warehouse. The Buyer shall return to the
Seller signed copy of delivery note TORG-12 within 15 (fifteen) days from the
date the Seller provides the Buyer with this document but not earlier than the
delivery date.

5.13. In spite of delivery terms agreed upon by the
parties, the title of the Goods transfers to the Buyer from the moment of
dispatch of the Goods from the Seller’s warehouse to the forwarder; in case of
import delivery of the Goods – from the date of

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

customs clearance and release of the Goods for free
circulation on RF  territory.

6. TRANSPORTATION RISK.

6.1. The Seller shall take the risk of loss or damage
to the Goods which might arise during transportation of the Goods to the Buyer’s
warehouse by the Seller’s transport.

6.2. The Seller shall reimburse to the Buyer all the
losses including transportation costs and insurance occurred due to the damage
of the Goods during transportation provided the Buyer fulfills the terms stated
in the article 10.7 of the present contract “Acceptance
of the Goods damaged during the transportation”.

The Buyer shall determine the form of reimbursement by
cash or by delivery.

7. REQUIREMENTS TO PAYMENT ORDERS.

The Buyer shall specify the following information when
filling in the payment orders for prepayment or payment according to the
invoice:

·  Date and number of the factura-invoice

·  INN

·  Exchange rate at the date when the money have
been written off from the Buyer’s account.

In case 
repayment or payment against invoice is made by the third party, the
name of the Buyer must be stipulated in the payment order in addition to the
items above.

8. PACKING AND MARKING.

8.1. The Goods are to be dispatched in packing
suitable for Iong distance transportation. Each cargo unit (pallet) is wrapped
in polyethylene film. Marking of the pallet shall be as follows:

	
  Consignee: 

  	
   

  	
   

  
	
  Address of destination: 

  	
   

  	
   

  
	
  Name of the Seller:

  	
   

  	
   

  
	
  Name of the Goods: 

  	
   

  	
   

  
	
  Pallet weight: 

  	
   

  	
   

  
	
  Quantity: 

  	
   

  	
   

  
	
  Manufacture date: 

  	
   

  	
   

  
	
  Lot number: 

  	
   

  	
   

  
										

9. STORAGE TERMS.

9.1. Each pallet with packaging material is wrapped in
polyethylene film.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

9.2. Pallets with roll-fed packaging material can be
stacked in three rows on top of each other provided they are separated by the rigid
dividers. Pallets with blank packaging material are prohibited for stacking in
more than one row.

9.3. Transportation pallets are irrevocable and its
lifetime is limited.

9.4. The Goods must be stored only on pallets, 100mm
min away from the walls.

9.5. The Goods must not be exposed to direct moisture
(such as pipes evaporation) or sunlight.

9.6. Temperature: Permitted storage temperature is set
in a range +10° - +40°C; however before the production the Goods must pass the
adaptation period at the temperature +20° - +30° С. The optimal storage
temperature is +20°C.

9.7. Air humidity: 40% to 65 % RH.

10. ACCEPTANCE OF THE GOODS.

10.1. The Buyer or Consignee shall put the remarks (if
necessary) in the transport documents during acceptance of the Goods. In case
of discrepancy between actually accepted quantity and quantity declared in the
transport document, the Buyer/Consignee or Carrier shall put the respective
remark in the transport  document.

10.2. Within 5 (five) calendar days from shipment date
the Seller shall provide the Buyer with facturainvoice and delivery note issued
in the form legally approved by Goskomstat RF (TORG-12) for each shipment lot.

10.3. Final acceptance of the Goods in respect of
cargo units of delivered goods is to be made by the Buyer at the site within 10
(ten) calendar days from the date of the delivery.

10.4. In case the Buyer has any claims as per

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

quality of delivered Goods or damages which can not be
seen during acceptance, he has the right to submit these claims to the Seller
within 12 (twelve) months from the delivery date provided all the storage
requirements stipulated in the article 9 have been met. No claims are accepted
if the above time is overdue.

10.5. In case of any claims the Buyer should prepare
the claim according to the “Goods Claim Routine” (Annex No3 to the
present contract).

10.6. If the quality/quantity claims are submitted by
the Buyer and received by the Seller not later than 12 (twelve) months from the
date of delivery of the Goods to the Buyer’s warehouse, the claimed goods shall
be delivered to the Buyer within 30 days from the date the claim has been
accepted. In this case the Seller shall reimburse to the Buyer the
transportation cost and insurance of the claimed/under-delivered material.

10.7. Acceptance of goods damaged
during transportation.

In case transport damage to the Goods is found, the
Buyer shall make the following steps at his own expense and risk:

·  to make the acceptance of the damaged goods,

·  to immediately inform the Seller about the
damages in written by fax/cable/e-mail,

·  to take all the necessary steps to prevent
further damage and loss of the goods and transport facilities,

·  to take pictures of the damaged goods prior to
unloading (the picture should show the damage and, whenever possible, the
reason of the damage),

·  in case of truck delivery of damaged goods, to
put the appropriate remarks in the transport 
documents/CMR, to get a signature of the transport company
representative on these transport documents. In case the transport company
representative refuses to sign the transport documents with the remark of the
damage, the Buyer puts this remark by himself.

·  in case the damaged goods arrived by rail or
by the Buyer’s transport, the Buyer, together with the railways
representatives, shall make the commercial certificate about the damage during
unloading the goods. In case it is impossible to make this certificate during
unloading, it has to be issued

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

within the next 24 (twenty four)  hours. Should the carrier refuses to make
this commercial certificate or this certificate is issued with mistakes, the
consignee is obliged to inform the forwarder in written within 3 days. The
letter signed by the railway  authorities
is to serve enough ground for the Seller to receive the Buyer’s claim for
consideration.

·  to forward the originals of the above listed
documents to the Seller by courier service within 72 (seventy two) hours from
the moment of acceptance of the goods.

11. INTANGIBLE PROPERTY.

11.1. The Buyer releases the Seller from any
obligations towards third parties connected with the orders illegitimately
placed by the Buyer.

11.2. Provided the Seller sticks to agreed signs,
indications, texts, drawings and its allocation on the Goods in accordance with
the design color printout stipulated in the article 5.4. of the present
contract, the Buyer  releases the Seller
from any responsibility for all the claims and damages which might be caused by
the use or the reproduction of the existing somebody else’s designs,
trademarks, texts or placement in respect of the provided signs printed on the
Goods.

11.3. The Seller confirms the following:

·  allocation of trade mark by the Seller
regardless of the color printout of the design (if applicable) shall be made by
the Seller itself and shall not create obstacles in using the Goods by the
Buyer;

·  the Seller has obtained all the necessary
owner’s permissions for trademark allocation on the Goods regardless of the
design color printout (if applicable), for its use and distribution on the
Buyer’s territory;

·  construction of packaging material, goods made
of it, and separate elements, its form and composition as the objects of
intellectual property are free from rights and charges of third parties;

·  delivered Goods are released for free
circulation on the Buyer’s territory. In case of breach of this condition the
Seller is obliged to reimburse to the Buyer losses born by the latter.

11.4. In case of unauthorized use of the Seller’s or
Buyer’s trademarks by one of the parties without permission, the injured party
may terminate this Contract and seek for damages compensation or any other
remedies available under applicable laws.

12. FORCE MAJEURE.

12.1. If the Seller or the Buyer are prevented to
perform its obligations in accordance with this Contract in full or partially
or is unreasonably burdened by circumstances beyond his control, including but
not limited to: Acts of God, civil war, mobilization, military conscription on
a large scale, riots, insurrections and revolutions, sabotage, requisition,
confiscation, nationalization, embargoes and expropriation, public bans or acts
of authorities, strikes, lockouts, natural cataclysms such as hurricanes,
earthquakes, lightning, fire, explosions, abnormal weather conditions for the
concrete area, non-fulfillment of obligations and delays of deliveries by
subcontractors due to above mentioned circumstances, the delay in the
performance of the obligations under the present contract will not lead to any
obligation for compensation.

12.2. Force-majeure circumstances should be proved by
the certificate issued by the competent authorities.

12.3. The party declared that force-majeure
circumstance occurred, should inform the other party about it within 7 (seven)
calendar days from the moment such circumstances occur.

12.4. The party declared that force-majeure
circumstance occurred, should provide the other party with the documents
stipulated in the article 12.2. during 30 (thirty) working days from the

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

moment such circumstances occur.

12.5. Should the above period is violated, the
respective party loose the right to refer to such circumstances as to the
ground releasing this party from the responsibility/compensation.

13. ARBITRATION.

13.1. The Seller and the Buyer shall take all measures
to settle all disputes arisen from the present contract by amicable way.

13.2. All disputes, differences or demands which may
arise out of or in connection with the present Contract, in respect of its
fulfilment, violation or nullification, are to be settled in the International
commercial Arbitration court at the Chamber of Commerce and Industry of RF in
Moscow in accordance with it’s Rules.

13.3. Place of arbitration is Moscow. During the
settlement of all disputes the parties must be guided by the Material Rules of
RF.

14. CONFIDENTIALITY.

14.1. The parties hereby agreed that any information
with stamp “confidentially”, transferred by act of acceptance-transmission on
any information carrier transferred or received within the frame of the present
contract or in connection with it, is to be treated as confidential and shall
not be disclosed to third parties without mutual agreement by the parties, with
the exception of public authority demand.

14.2. The parties agreed that in case of consent for
the transfer of confidential information to third parties, the party initiated
this transfer is responsible for keeping this information by third parties as
confidential. The parties also bear responsibility for keeping the confidential
information by its staff.

14.3. The confidentiality clause will as well be valid
during 3 (three) years after the contract is terminated.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

15. OTHER CONDITIONS.

15.1. The contract enters into force from the date of
its signing and is valid within 1 calendar year, i.e. till December 31, 2007
Termination of the Contract should not release the parties from the performance
of its obligations acting on the date of the contract termination.

15.2. All the preliminary agreements, discussions and
correspondence between the parties in respect of this contract are to be
considered null and void from the date of signing of the present contract.

15.3. All the Annexes and Annexes to the present
contract form its integral part.

15.4. All the Amendments and Annexes to the present
contract are valid only if made in written form and signed by both parties.

15.5. Neither party has the right to assign its
obligations and rights under the present contract to any third party without
written consent of the other party. 

However the Seller can assign its rights and
obligations regarding this Contract to another company within Tetra Laval
Group. The Buyer can assign its rights and obligations regarding this Contract
to another company within Wimm-Bill-Dann group located in the European part of
the Russian Federation. In both cases the above should take place against
written consent of the parties.

15.6. If the Buyer terminates the present contract
before its end, the Seller must immediately stop further production of the
Goods for the deliveries under the present contract provided the Buyer supplies
the Seller with written intention to terminate the contract before its end.
Should there be any orders in production, the Seller should immediately stop
further production and the Buyer is obliged to pay the price of the Goods
actually produced on the date of termination of the present contract.

15.7. In case of amendments in the legislation in
respect of tax rates, payments shall be effected in

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

accordance with the tax rate valid at the date of
factura-invoice and delivery note. In this case VAT shall be paid at the rate
valid on the date of the Seller’s invoice.

15.8. The Parties hereby recognize the documents
transmitted by fax or electronic facilities, including but not limited to:
e-mail and electronic system ebusiness, to be equivalent to that executed in
the appropriate written form. Such documents shall be binding upon both parties
provided they are signed by authorized parties. The parties agree that the way
of transmitting the documents by fax or electronic facilities per se shall not  constitute the grounds to contest their
validity or binding character.

16. LEGAL ADDRESSES OF THE PARTIES.

	
  Seller:  

  CJSC Tetra Pak  
 Address:  

  8, Wilhelm Pieck str., 129226 Moscow, Russia. 

  Account:  

  INN 7706017070 

  Acc. 40702810900001000943 with ING Bank 

  Evrazia Moscow 

  Corr. acc. 30101810500000000222 

  BIK 044525222 KPP 774850001 

  Address of the Bank: 

  127473, Moscow, Krasnoproletarskaya st, 36

  	
   

  	
  Buyer:  

  OAO“Wimm-Bill-Dann”  

  108, Dmitrovskoe sh., 127591, Moscow, Russia 

  Savings Bank of Russia, Moscow, 6 

  Boljshaja Andronyevskaya Street, 

  109544, Moscow, Russia 

  Current account No 40702810038000130059 

  INN 7713085659 

  OKONKH 81200, 72200, 71500, 18151, 84100 

  OKPO 05268977 

  Corr. acc. 30101810400000000225 

  BIK 044525225

  

 

The Contract is made in English and Russian languages
in two copies, one for each party. In case of  differences between English and Russian texts
the Russian text shall always prevail over the English text.

Annex 1: Specification of the Goods

Annex 2: LQS and Quantity discounts for packaging
material.

Annex 3: Packaging material claim routine.

Annex 4: Periods of delivery of the Goods.

FOR
AND ON BEHALF OF THE SELLER

	
  Date: 01 January 2007

  	
  /s/ (Uros Kepic
  Commercial Operations Director)

  	
   

  	
   

  
	
   

  	
   

  
	
  FOR
  AND ON BEHALF OF THE BUYER

  	
   

  
	
   

  	
   

  
	
  Date: 01 January 2007

  	
  /s/ (Vlasenko Yu. A. Executive Director)

  	
   

  	
   

  
						

 

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

	
  Annex 1 to Contract P71028

  	
   

  	
  January 01, 2007

  

SPECIFICATION

 Annex No 1 is valid from 01/01/2007 till
31/12/2007.

	
  ##

  	
   

  	
  Type of packaging material

  	
   

  	
  Package volume, ml

  	
   

  	
  Final price Seller’s 

  warehouse (TP factory)

  EUR, Excl. VAT

  	
   

  	
  Printing method

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Kuban, Moscow (Russia)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 Accessory
  materials

  	
   

  	
  TBA/m  

  7045-810  

  MPM LS Strip 8856-951-01

  	
   

  	
  1000
  ml Base  

  Usage rate: 0.132 kg / 1000 packs

  	
   

  	
  [*] / 1000 pcs 

  [*] / kg

  	
   

  	
  Flexo

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2 Accessory materials

  	
   

  	
  TBA/m  

  7045-460  

  MPM LS Strip 8856-951-01

  	
   

  	
  200
  ml Base  

  Usage rate: 0.076 kg / 1000 packs

  	
   

  	
  [*] / 1000 packs 

  [*] / kg

  	
   

  	
  Flexo

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3 Accessory
  materials

  	
   

  	
  TBA/m  

  7414-810  

  MPM LS Strip 8856-951-01

  	
   

  	
  1000
  ml Base  

  Usage rate: 0.132 kg / 1000 packs

  	
   

  	
  [*] / 1000 pcs 

  [*] / kg

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Kiev (Ukraine), Moscow (Russia)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 Accessory
  materials

  	
   

  	
  TBA/m  

  7045-835  

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-967-01

  PULL Tab Strip 8729-728-01

  	
   

  	
  1500
  ml Slim

  Usage rate: 0.178 kg / 1000 packs Usage rate: 0.030
  kg / 1000 packs Usage rate: 0.0135 km / 1000 packs

  	
   

  	
  [*] / 1000 pcs  

  [*] / kg 

  [*] / kg 

  [*] / kg

  	
   

  	
  Flexoline

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2 Accessory
  materials

  	
   

  	
  TBA/m  

  7414-835  

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-967-01

  PULL Tab Strip 8729-728-01

  	
   

  	
  1500
  ml Slim  

  Usage rate: 0.178 kg / 1000 packs Usage rate: 0.030
  kg / 1000 packs Usage rate: 0.0135 km / 1000 packs

  	
   

  	
  [*] / 1000 pcs  

  [*] / kg 

  [*] / kg 

  [*] / kg

  	
   

  	
  Flexoprocess

  

 

	
  THE SELLER 

  	
   

  	
  THE
  BUYER 

  
	
  ZAO “Tetra Pak” 

  	
   

  	
  OAO
  “Wimm-Bill-Dann” 

  
	
   

  	
   

  	
   

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 1
 

 

	
  ##

  	
   

  	
  Type of packaging
  material

  	
   

  	
  Package volume,
  ml

  	
   

  	
  Final price 

  Seller's 

  warehouse (TP factory)

  EUR, Excl. VAT

  	
   

  	
  Printing method

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Kuban, Moscow (Russia)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 

  Accessory materials

  	
   

  	
  TB/m  

  6065-811  

  MPM LS Strip 8856-951-01

  Tetra Moulding 8798/59-999-01 

  Tetra Masterbatch 8797-999-01

  	
   

  	
  1000 ml Square  

  Usage rate: 0.154
  kg / 1000 packs. 

  Usage rate: 1.074
  kg / 1000 pcs. 

  Usage rate: 0.056
  kg / 1000 pcs.

  	
   

  	
  [*] / 1000 pcs  
 [*] / kg 

  [*] / kg 

  [*] / kg

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2 

  Accessory materials

  	
   

  	
  TB/m  

  6065-701  

  MPM LS Strip 8856-951-01

  Tetra Moulding 8798/59-999-01 

  Tetra Masterbatch 8797-999-01

  	
   

  	
  500 ml Square  

  Usage rate: 0.101
  kg / 1000 packs 

  Usage rate: 1.074
  kg / 1000 pcs. 

  Usage rate: 0.056
  kg / 1000 pcs.

  	
   

  	
  [*] / 1000 pcs 

  [*] / kg 

  [*] / kg 

  [*] / kg

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Dijon (France)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 

  Accessory materials

  	
   

  	
  TBA/m  

  6767 - 470  

  MPM LS Strip 8856-951-01

  	
   

  	
  200 ml Square  

  Usage rate: 0.078 kg / 1000
  packs

  	
   

  	
  [*] / 1000 pcs

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Kiev (Ukraine)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 

  Accessory materials

  	
   

  	
  TBA/m  

  7414 - 813  

  MPM LS Strip 8856-951-01 

  IS PEP Strip 8865-967-01 

  PULL Tab Strip 8729-728-01

  	
   

  	
  1000 ml Slim  

  Usage rate: 0.146
  kg / 1000 packs 

  Usage rate: 0.030
  kg / 1000 packs 

  Usage rate: 0.0135
  km / 1000 packs

  	
   

  	
  [*] / 1000 pcs  
 [*] / kg 

  [*] / kg 

  [*] / kg

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2 

  Accessory materials

  	
   

  	
  TBA/m  

  7414 - 465  

  MPM LS Strip 8856-951-01

  	
   

  	
  200 ml Slim  

  Usage rate: 0.094 kg / 1000
  packs

  	
   

  	
  [*] / 1000 pcs

  	
   

  	
  Flexoprocess

  

 

January
01, 2007

SPECIFICATION

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 2
 

 

SPECIFICATION

	
  ##

  	
   

  	
  Type of caps

  	
   

  	
  Quality

  	
   

  	
  Final price Seller’s warehouse (TP factory) EUR, Excl. VAT

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Sweden, Italy

  
	
   

  
	
  1

  	
   

  	
  Simply Twist cap for Tetra Brik Square materials
  1000 ml и 

  500 ml 

  8926-909-01 white

  	
   

  	
  [*] / 1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Sweden, France, Italy

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  ReCap3 for Tetra Brik Aseptik materials 1000ml 

  8940-001-01 white

  	
   

  	
  [*] / 1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: France

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  StreamCap cap for Tetra Brik materials 200 ml
  Square 8947-093-40/31 blue/red

  	
   

  	
  [*] / 1000 pcs

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 3

Annex
No. 2 to contract No. P71028 

1. Set-up charges and minimum order size:

1.1. Tetra Brik / Tetra Brik Aseptic / Tetra Prizma Aseptic
(juice/milk)

Minimum
order size without set-up charge equals to [*] packs.

Set-up
Charges for the listed materials must be charged for individual order or
co-print less than [*] packs as a lump sum per printing method:

Flexo / Flexoprocess           + [*] EURO per order

Roto
/ Offset                        + [*] EURO per order

Set-up Charge does not
include VAT and must be shown in the invoice separately.

In
case of partial deliveries, total amount of set-up charge is to be added to the
first invoice.

1.2. Tetra Fino Aseptic

Minimum
order size without Low Quantity set-up charge equals to [*] packs.

Set-up
charges for the listed materials must be charged for individual order or
co-print less than [*] packs as a lump sum per printing method:

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 1
 

Flexo / Flexoprocess           +
[*] EURO per order

Roto
/ Offset                        + [*] EURO per order

Set-up charge does not
include VAT and must be shown in the invoice separately.

In
case of the partial delivery with quantity not less than [*] packs, total
amount of set-up charge is to be added to the first invoice.

1.3. Tetra Top

During
the period 01/01/07 – 31/12/07 minimum order size without Low Quantity Set-up
charges equals to [*] packs.

Set-up
Charges for the listed materials must be charged for individual order or
co-print less than [*] packs as a lump sum per printing method:

Flexo / Flexoprocess           + [*] EURO per order

Roto
/ Offset                        + [*] EURO per order

Set-up charge does not
include VAT and must be shown in the invoice separately.

In
case of partial delivery with quantity not less than [*] packs, total amount of
set-up charge is to be added to the first invoice.

1.4. Minimum production order size for roll packaging
material – 1 roll.

125 ml – minimum 520 000
packs

160 – 300 ml – minimum 370
000 packs

330 – 600 ml – minimum 210
000 packs

750 – 1000 ml – minimum 120
000 packs

over
1000 ml – minimum 80 000 packs

2. Low Quantity Surcharges for Blank Packaging Material Tetra
Rex.

2.1. Tetra Rex Low Quantity Surcharge scheme:

	
  Order (1000
  packs)

  	
   

  	
  Surcharge (EURO / 1000 packs)

  
	
  [*]

  	
   

  	
  [*]

  
	
  [*]

  	
   

  	
  [*]

  

 

Low
Quantity Surcharges are based on ordered quantity. When ordering quantities
stipulated in column “Order” a sum of EURO stipulated in column “Surcharge”
should be added to the price.

2.2.
Minimum production order size for blank material Tetra Rex equals to 50 000
packs.

3. Order Routine for packaging material.

3.1.
The term “Single order” should be interpreted as Buyer’s order for production
of certain quantity of packaging material with one approved design.

3.2.
The term “Co-print order” should be interpreted as a set of single orders with
designs of similar colors in quantity multiple to:

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 2
 

·  4 for factories TP
Kiev, TP Wrexham, TP Lund, TP Izmir, TP Timashevsk, packaging material TBA/m,
TFA/m, TBA/j 1000ml Base, 1000ml Slim, 1500ml Slim, 2000ml Slim, TB/m 1000ml
and 500ml

·  5 for
factories TP Kiev, TP Lund, TP Gorny Milanovec, TP Arganda, TP Limburg, TP
Lobnya, packaging material TBA/m 500ml Slim, 1000ml Base, 1000ml Slim, 1000ml
Square, 1500ml Slim, TBA/j 1000ml Slim, 1500ml Slim, TPA/j 1000ml Square, TB/m
500ml Square, 1000ml Square

·  6 for
factories TP Kiev, TP Timashevsk, TP Lund, TP Gorny Milanovec, TP Dijon,
packaging material TBA/m, TBA/j 200ml Base, 200ml Slim, 200ml Square

·  7 for
factories TP Kiev, TP Lund, TP Wrexham, TP Arganda, packaging material TT/m
150ml Mini,  TPA/m 250ml Square, 330ml
Square, TBA/m 200ml Base, TBA/j 200ml Base, TBA/m 200ml Slim.

“Co-print
order” term is valid only for roll-fed material Tetra Brik, Tetra Brik Aseptic,
Tetra Prizma Aseptic, Tetra Fino Aseptic, Tetra Top.

3.3.
The order for roll-fed packaging material should be placed in quantity divisible
by one mother reel for respective type of package.

3.4.
Single order or co-print order forms an integral part of the present Contract,
should be issued in accordance with enclosed form and should contain the
following information:

·  customer
name;

·  product name
and design number with indication of plate numbers;

·  type/volume
of package;

·  quantity of
ordered material;

·  requested
date of arrival of the Goods at the Buyer’s warehouse;

·  place of production of packaging material.

3.5.
The order should be sent to the address of Customer Service Representative
(CSR) via e-business electronic system (in most cases) or, in exceptional
cases, via e-mail/fax.

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 3
 

3.6. Within 2 (two) working
weeks upon receipt of the order the Seller shall inform the Buyer by fax or
e-mail that the order has been accepted by the factory for production. The
order forms an integral part of the present contract from the moment the Buyer
receives the confirmation from the Seller.

3.7.
Should there is no confirmation sent by the Seller, the order is considered
unplaced.

4. Launch of new products.

The
Seller grants to the Buyer the right to place [*] first orders free of Low
Quality surcharge for a new product in the existing package format or for the
products in new Tetra Pak package format.

FOR
AND ON BEHALF OF THE SELLER

	
  Date: 01 January 2007
                                    

  	
  /s/ (Uros Kepic
  Commercial Operations Director)

  	
   

  	
   

  
	
   

  	
   

  
	
  FOR
  AND ON BEHALF OF THE BUYER

  	
   

  
	
   

  	
   

  
	
  Date: 01 January 2007                                   

  	
  /s/ (Vlasenko Yu. A. Executive Director)

  	
   

  	
   

  
						

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 4
 

Sample Production Order Form

	
  Ordered by

  	
   

  	
  Number 

  of

  design 

  with 

  plates

  	
   

  	
  Description of design

  	
   

  	
  Format/volume

  	
   

  	
  Quantity

  	
   

  	
  Requested 

  ship date

  	
   

  	
  Requested arrival date

  	
   

  	
  Plant

  
	
  Tsaritsino Dairy plant

  	
   

  	
  34-1497

  	
   

  	
  Domik v derevnye
  

  3% milk

  	
   

  	
  TBA 100g

  	
   

  	
  500 000

  	
   

  	
  13 Mar 2006

  	
   

  	
  20 Mar 2006

  	
   

  	
  Timashevsk

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 5

Annex No. 3 to contract No. P71028

Goods Claim Routine.

1. Composing a claim act.

1.1.
In case the Buyer has any claims as per the quality and/or quantity of the
Goods, the Buyer shall call a committee consisting of not less than 3
representatives of the Buyer appointed by the general manager, which shall draw
up a Claim Act with mandatory indication of the following information:

·  Company
name and address;

·  Claim
Act number;

·  Date
and time;

·  List
of committee representatives with titles;

·  Date
of examination;

·  Goods
description;

·  Production
factory name;

·  P-Order
number (assigned by Tetra Pak and stated on the reel label);

·  ID
number (assigned by Tetra Pak and stated on the reel label in column “ID” or “Global
ID”);

·  Goods
type;

·  Date
of Goods manufacture “Production Date” (if exists on label);

·  Reel
number or Parcel number;

·  Date
of arrival of the Goods to the Buyer;

·  Packaging
machine type (if Packaging Material used in production);

·  Quantity
of Goods not corresponding to contract;

·  Description
of inconsistencies;

·  Signatures
of all committee representatives.

A
recommended sample of the Claim Act form is stated at the end of the present
Annex.

1.2.
The Claim Act shall be drawn up in not less than two originals, one of which
shall be sent to the Seller.

2. Storage of material.

The
material shall then be moved to a separate storage, placed on hold and stored
according to the storage terms stipulated in the contract P71028.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

 1
 

3. Actions
of the parties.

3.1.
Buyer shall send the Claim Act and, in case of quality claim, material samples
(not less than 4 meters of roll packaging material in the form of a roll, 20
samples of blank packaging material, in case of complains on stiffness the
samples should be folded up by creasing lines as per package size; 20 samples
of additional materials if it has defects) to the Seller to the following
address: Moscow, ul. Vilgelma Pika, 8. Date of acceptance of the claim for
consideration is to be the date of receipt of official claim by the Seller.

3.2.
Customer Service Representative of the Seller will contact the Buyer within 48
(forty eight) hours once the claim is received to confirm the receipt of the
claim.

3.3.
Depending on the amount of material claimed/under delivered, the nature of the
defect, the size of the order and the Buyer’s situation three different actions
could be carried out:

3.3.1.
If the nature of the defect and the impossibility of the Goods’ usage are
evident to Tetra Pak specialist, the claim is accepted for consideration
without sending Seller’s service engineer to the Buyer’s production site.

3.3.2. Urgent visit of
Seller’s service engineer to the Buyer’s production site to investigate the
claim.

In
this case, the service engineer is sent to the site at the time convenient for
both parties. In case mutual consent was not reached, the above mentioned
period shall not exceed 3 (three) working days from the moment the claim is
received.

3.3.3.
Upon mutual agreement of the parties for the article 3.3.2., claim may be
investigated at the next production site visit by the service engineer. In this
case, the claim will be investigated at the next site visit within 2 (two)
months from the date of receipt of the claim.

3.4.
At the time of the visit, Seller’s service engineer investigates the
possibility of using the Goods in the filling line.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

 2
 

3.4.1. If service engineer
confirms that it is possible to use the Goods for production provided all
adjustments made to the packaging machine are within the limits specified in
the respective technical documentation supplied with the machine, the claim is
rejected and the Buyer shall pay for the services rendered during the machine
adjustment under current service contract.

3.4.2.
If service engineer confirms that it is possible to use the Goods for
production provided some of the adjustments made to the packaging machine are
outside the limits specified in the respective technical documentation supplied
with the machine, the claim is rejected but the services rendered during the
machine adjustment shall be for the at the Seller’s expense.

3.4.3.
If service engineer confirms that it is impossible to use the Goods for
production after filling machine adjustments, the claim is rejected but the
services rendered during the machine adjustment shall be for the at the Seller’s
expense.

3.5.
If service engineer has made adjustments to the packaging machine, the work
report should list and detail the adjustments made. A copy of the report is
returned to the Customer Service Representative.

3.6.
Item 3.4 is not obligatory for application to quality claims referring to
non-correspondence of the images place on the Goods to those agreed upon with
the Buyer.

4. Claim decision.

4.1. Upon accepting the
claim for consideration, Seller’s Customer Service Representative shall inform
the Buyer about the decision taken regarding the material claim:

·  within
[*] weeks from the receipt of the Claim Act for TP Potok/Timashevsk/Lobnya
factories;

·  within
[*] weeks from the receipt of the Claim Act for other TP factories.

4.2.
In case there is no reply for the claim within period foreseen in the article
4.1, the claim is considered to be accepted by the Seller without any
objections and should be satisfied in full.

4.3.
In case the claim is accepted, the Seller should

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

 3
 

compensate the claimed/under
delivered material in accordance with the contract P71028 and to move the
claimed material as per Buyer’s request in the following order:

·      for
Buyers’ plants situated within Moscow and Moscow region: in case full truck of
claimed material is available or within [*] months from the date of the Buyer’s
request, whatever happens first.

·      for
other WBD plants: in case full truck of claimed material is available or within
[*] months from the date of the Buyer’s request, whatever happens first.

FOR
AND ON BEHALF OF THE SELLER

	
  Date: 01 January 2007

  	
   

  	
  /s/ (Uros Kepic Commercial Operations Director)

  	 

	
   

  	
   

  	
   

  	 

	
  FOR AND ON
  BEHALF OF THE BUYER

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 01 January
  2007

  	
   

  	
  /s/ (Vlasenko Yu. A. Executive Director)

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 4
 

Street
name, Moscow, 192236, Russia

Tel.
(095) 999-9999, fax (095) 999-9999

APPROVED

General Director

  Company Name                                   

                                        2007

CLAIM ACT No. XX/2006

Date of preparation:                                                               2007

Place of preparation: Company name, Street name, Moscow

Committee representatives: Head of Quality Control Person’s Name; Head
of Raw Materials Warehouse Person’s Name; Deputy Chief Specialist Person’s
Name;

Date of examination:                     
2006

Materials: TBA Apple Juice 0.2 l

Supplier: Tetra Pak Ukraine

Labeling:

P-Order number (stated on
the reel label): 00089109

ID number (stated on the
reel label): 054148741

Packaging type: TBA/j

Date of manufacture:  5
November 2005

Reel 1: 020004
                   
Quantity: 7,159  (remainder)

Reel 2: 060003                    
Quantity: 17,000

Date received:     22 November 2006
               

Packing machine type:   TBA/19       

Quantity:   24,159
pcs                                         

Findings:

At production time an
inspection revealed layer separation of the TBA packaging material (separation of
laminate from the paper base).

Committee’s opinion:

The TBA “Apple Juice” 0.2 l
packaging material, 24,159 pieces in total, should not be rejected for
manufacture, as unfit for that purpose.

Enclosures:  samples of packaging material

Signatures of committee representatives:

___________________                                 
___________________

___________________                                 
___________________

This act has been prepared
in 6 copies:

1                 
— accounting department;

2                 
— accounting department;

3                 
— raw materials warehouse;

4                 
— raw materials logistics department;

5                 
— quality control (laboratory);

6                  —
representative of Tetra Pak.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

 5

Annex 4 to Contract P71028

January
01, 2007

Periods of
delivery of Goods from Tetra Pak factories

	
  TP Factories /

  	
   

  	
  OAO

  Ramensky

  Dairy

  Plant

  	
   

  	
  OAO

  Lianozovo

  Dairy

  plant

  	
   

  	
  OAO

  Tsaritsino

  Dairy

  Plant

  	
   

  	
  OAO

  Ochakovo

  Dairy

  Plant

  	
   

  	
  OAO

  ZDMP

  	
   

  	
  ZAO

  Anna

  Milk

  	
   

  	
  OAO

  Dairy

  Plant

  	
   

  	
  OAO

  Vladivostok

  Dairy

  Plant

  	
   

  	
  OAO

  Nizhny

  Novgorod

  Dairy

  Plant

  Nizhny

  	
   

  	
  OAO

  Siberian

  Milk

  	
   

  	
  ZAO

  Kursk

  Baby

  Food

  Plant

  Kursk

  	
   

  	
  OOO

  Manros

  	
   

  	
  OAO

  Ufamolagrop

  rom

  	
   

  	
  OAO

  Baltic

  milk

  St.

  	
   

  	
  OAO

  Obninsk

  Dairy

  Plant

  	
   

  
	
  WBD Plants

  	
   

  	
  Moscow

  	
   

  	
  Moscow

  	
   

  	
  Moscow

  	
   

  	
  Moscow

  	
   

  	
  Moscow

  	
   

  	
  Anna

  	
   

  	
  Timashevsk

  	
   

  	
  Vladivostok

  	
   

  	
  Novgorod

  	
   

  	
  Novosibirsk

  	
   

  	
  region

  	
   

  	
  Omsk

  	
   

  	
  Ufa

  	
   

  	
  Petersburg

  	
   

  	
  Obninsk

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  28

  	
   

  	
  7

  	
   

  	
  22

  	
   

  	
  8

  	
   

  	
  20

  	
   

  	
  12

  	
   

  	
  7

  	
   

  	
  6

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  30

  	
   

  	
  9

  	
   

  	
  24

  	
   

  	
  10

  	
   

  	
  22

  	
   

  	
  14

  	
   

  	
  5

  	
   

  	
  8

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  16

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  34

  	
   

  	
  13

  	
   

  	
  28

  	
   

  	
  14

  	
   

  	
  26

  	
   

  	
  18

  	
   

  	
  12

  	
   

  	
  12

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  32

  	
   

  	
  11

  	
   

  	
  26

  	
   

  	
  12

  	
   

  	
  24

  	
   

  	
  16

  	
   

  	
  10

  	
   

  	
  10

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  31

  	
   

  	
  10

  	
   

  	
  25

  	
   

  	
  11

  	
   

  	
  23

  	
   

  	
  15

  	
   

  	
  10

  	
   

  	
  10

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  15

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  17

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  25

  	
   

  	
  4

  	
   

  	
  19

  	
   

  	
  2

  	
   

  	
  18

  	
   

  	
  9

  	
   

  	
  4

  	
   

  	
  3

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  36

  	
   

  	
  15

  	
   

  	
  30

  	
   

  	
  16

  	
   

  	
  28

  	
   

  	
  20

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  22

  	
   

  	
  23

  	
   

  	
  37

  	
   

  	
  22

  	
   

  	
  31

  	
   

  	
  23

  	
   

  	
  30

  	
   

  	
  24

  	
   

  	
  21

  	
   

  	
  21

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  46

  	
   

  	
  48

  	
   

  	
  35

  	
   

  	
  44

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  48

  	
   

  	
  43

  	
   

  	
  45

  	
   

  
	
  [*]

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  50

  	
   

  	
  21

  	
   

  	
  35

  	
   

  	
  23

  	
   

  	
  34

  	
   

  	
  25

  	
   

  	
  21

  	
   

  	
  21

  	
   

  
	
  [*]

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  22

  	
   

  	
  37

  	
   

  	
  21

  	
   

  	
  31

  	
   

  	
  23

  	
   

  	
  30

  	
   

  	
  23

  	
   

  	
  20

  	
   

  	
  21

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  16

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  29

  	
   

  	
  2

  	
   

  	
  22

  	
   

  	
  2

  	
   

  	
  20

  	
   

  	
  6

  	
   

  	
  2

  	
   

  	
  1

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  29

  	
   

  	
  2

  	
   

  	
  22

  	
   

  	
  2

  	
   

  	
  20

  	
   

  	
  6

  	
   

  	
  2

  	
   

  	
  1

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  17

  	
   

  	
  46

  	
   

  	
  16

  	
   

  	
  39

  	
   

  	
  17

  	
   

  	
  29

  	
   

  	
  21

  	
   

  	
  17

  	
   

  	
  15

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  

 

All periods are in calendar
days. Calendar days are working days, saturdays, sundays, excluding national
holidays.

The specified periods are
stated for fully loaded vehicles and can be changed in case of occurrence of
force major

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]