Document:

Exhibit 4.5

 

Non-Revolving Credit Facility
Agreement No. 9657

 

	
  City of Moscow

  	
   

  	
  September     ,
  2009

  

 

Joint Stock Commercial Savings Bank of the Russian
Federation (Open Joint Stock Company), hereinafter referred to as the “Lender”,
represented by its Vice-President and Director of the Major Clients Department,
Mr. Alexander Vladimirovich Bazarov, acting on the basis of the Charter
and Power of Attorney No. 01-1/480 dated June 15, 2009, as one party,
and Mobile TeleSystems Open Joint Stock Company, hereinafter referred to as the
“Borrower”, represented by its President Mr. Mikhail Valerievich Shamolin,
acting on the basis of the Charter, as the other party, hereinafter
collectively referred to as the “Parties” and individually the “Party” have
made this agreement (the “Agreement”) on the following:

 

Article 1. Subject of
the Agreement

 

1.1. The Lender agrees to open to the Borrower a
non-revolving Credit Facility with a facility limit of Twenty-Two Billion
Rubles (RUR 22,000,000,000) for the purposes of financing of direct or indirect
acquisition of shares of Comstar-UTS OJSC, and for the purposes of funding the
Borrower’s 2009 investment program, maturing on September     ,
2013, at a variable interest rate to be determined in accordance with Clause
2.5. hereof, and the Borrower agrees to repay the facility and pay interest
thereon in the amount, within the period and on the terms and conditions
hereof.

 

Article 2. Conditions
Precedent to the Loan

 

2.1.          The
Lender shall open to the Borrower facility account No. 45208810900140029657.

 

2.2.          The
Borrower shall be charged a facility fee in the amount of Twenty Million (RUR
20,000,000). Such amount shall be paid up-front by the Borrower to the Lender
within Two (2) business days after the execution hereof by the Parties.

 

2.3.          The facility shall be made available to the Borrower
after:

 

2.3.1.       Provision to the Lender of documents confirming the
intended use of the facility (agreements, contracts, payment documents and/or
other documents) in form satisfactory to the Lender.

 

2.3.2.       Execution and provision to the Lender of agreements
(amendment agreements) to bank account agreements which provide the Lender with
the right to debit without acceptance settlement and current currency accounts
of the Borrower No. 40702810100020008293, No. 40702840400020008293
and No. 40702978000020008293 with Transaction Department of Sberbank of
Russia OJSC, No. 40702810738050011729 with Maryinaroshchinskoye Branch No. 7981
of Sberbank of Russia OJSC, No. 40702810000000000652 and No. 40702840300000000652
with the Joint Stock Commercial Bank Moscow Bank for Reconstruction and
Development (OJSC).

 

2.3.3. Payment of the
facility fee specified in Clause 2.2 hereof.

 

2.4. The facility shall
be disbursed by way of transfer of funds to the Borrower’s settlement account No. 40702810100020008293
with Transaction Department of Sberbank of Russia OJSC on the basis of the
Borrower’s drawdown requests.

 

The facility shall be disbursed
provided that no payments hereunder and under any other loan agreements
(including non-revolving Credit Facility agreements) made or to be made between
the Lender and the Borrower, including Non-Revolving Credit Facility Agreement No. 9662
dated August 28, 2009, are overdue.

 

2.5.
The Borrower shall pay to the Lender interest on
the facility at the rate of Sixteen percent(16%) per annum from the date hereof
through March 27, 2010.

 

During the period from March 28,
2010 to the date of full repayment of the facility specified in Clause 1.1
hereof the Borrower shall pay to the Lender interest at a variable interest
rate determined as the sum of the Base Rate, “A” and “B”, where:

 

The Base Rate shall be Sixteen
percent (16%) per annum.

 

“A” is the per annum percentage of
increase in the Interest Rate depending on the average daily balances of the
accounts specified in Annex 1 hereto constituting an integral part hereof
(“Annex 1”) 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

 

Non-Revolving
Credit Facility Agreement No. 9657 dated
September     , 2009

 

calculated in accordance with Clause 2.5.1. hereof;

 

“B” is the per annum percentage of increase in the interest
rate depending on the amount of quarterly transfers to the accounts of the
employees of the Borrower and Russian Telephony Company Closed Joint Stock
Company (OGRN 1027739165662, registered address: 5 Vorontsovskaya Str., build. 2, Moscow, 109147,
Russian Federation, hereinafter “RTC”) opened as part of the salary projects
with the Lender, to be calculated in accordance with Clause 2.5.2. hereof.

 

The interest rate shall be fixed on a
quarterly basis in accordance with the Calculation/Interest Periods
reconciliation table:

 

	
  Calculation Period

  	
   

  	
  Interest
  Period

  
	
  from January 1 to
  March 31

  	
   

  	
  from June 28 to
  September 27

  
	
  from April 1 to June 30

  	
   

  	
  from September 28 to
  December 27

  
	
  from July 1 to September 30

  	
   

  	
  from December 28 to
  March 27

  
	
  from October 1 to
  December 31

  	
   

  	
  from March 28 to June 27

  

 

The interest rate shall be fixed
for the relevant Interest Period without execution of an amendment agreement
hereto by way of a written notice given by the Lender to the Borrower regarding
the interest rate fixed for the Interest Period.

 

The Lender shall give notice of the
Interest Rate to the Borrower on or before the Tenth (10) day of the
second month of each calendar quarter in the manner set forth in Clause 9.3.
hereof.

 

If the Borrower does not receive the
notice in accordance with the preceding paragraph on or before the
Twenty-Eighth (28th) day of the second month of the calendar quarter, the
Interest Rate shall be determined by the Borrower itself in accordance
herewith.

 

2.5.1. “A” shall be
determined depending on the amount of average daily balances of accounts
specified in Annex No. 1 in accordance with Clause 2.5.1.1. hereof.

 

The amount of average daily balances
of accounts specified in Annex No. 1 shall be the sum of average daily
balances of each account opened with the Lender. The average daily balance of
an account shall be determined using the following formula:

 

Bav = (B1+B2+B3+...+Bn) / n, where

 

Bav is the average daily balance of
the account;

 

B1,B2,B3...Bn — daily opening balances
of the account;

 

n is the number of calendar days in
the calculation period.

 

Daily opening balances of the
currency accounts specified in Annex No. 1 shall be converted into rubles. The conversion of daily opening balances
shall be effected at the exchange rate of the Bank of Russia quoted on the
relevant calendar day of conversion.

 

2.5.1.1. In relation to
the interest periods from the date hereof through March 27, 2010 the
interest rate shall not be increased by “A”.

 

In relation to the interest periods from March 28,
2010 to the date of full repayment of the facility specified in Clause 1.1
hereof “A” shall be calculated on a
quarterly basis in accordance with the Calculation/Interest Periods
reconciliation table:

 

	
  Calculation Period

  	
   

  	
  Interest
  Period

  
	
  from January 1 to
  March 31

  	
   

  	
  from June 28 to
  September 27

  
	
  from April 1 to June 30

  	
   

  	
  from September 28 to
  December 27

  
	
  from July 1 to
  September 30

  	
   

  	
  from December 28 to
  March 27

  
	
  from October 1 to
  December 31

  	
   

  	
  from March 28 to June 27

  

 

“A” shall be determined depending on
the average daily balances of the Borrower’s accounts with the Lender specified
in Annex 1 in accordance with the following table:

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

2

 

	
  Amount of average daily balances of the

  Borrower’s accounts specified in Annex No.

  1 for the Calculation Period, RUR

  	
   

  	
  “A” (increase in the interest rate depending

  on the average daily balances, % p.a.)

  
	
  Less than One Billion (1,000,000,000)

  	
   

  	
  + Five Tenths (0.5)

  
	
  One Billion (1,000,000,000) or more

  	
   

  	
  + Zero Tenths (0.0)

  

 

2.5.1.2. For the
purposes of Clause 2.5.1. hereof the Borrower shall provide to the Lender (or
ensure that the Lender is provided with) properly certified bank statements of
all settlement and currency accounts specified in Annex 1 for each full
calendar quarter within Fifteen (15) business days from the last day of the
calendar quarter.

 

If the Borrower fails to provide to the Lender within Fifteen
(15) business days from the last day of the calendar quarter the bank
statements containing information on the average daily balances of all
settlement and current currency accounts specified in Annex 1 the amount
of average daily balances of the Borrower’s accounts specified in Annex 1
for the relevant calculation period shall be deemed to be less than One Billion
Rubles (RUR1,000,000,000).

 

2.5.2. In relation to
the interest periods from the date hereof through March 27, 2010 the
interest rate shall not be increased by “B”.

 

In relation to the interest periods from March 28,
2010 to the date of full repayment of the facility specified in Clause 1.1
hereof “B” shall be determined on a quarterly basis depending on the amount of
quarterly transfers made in the calculation period (for the purposes of
sub-clause 2.5.2. hereof the calculation period shall be three calendar months)
to the accounts of the employees of the Borrower and/or RTC opened as part of
salary projects with the Lender, as follows:

 

2.5.2.1. “B” shall be
calculated on a quarterly basis in accordance with the Calculation/Interest
Periods reconciliation table:

 

	
  Calculation Period

  	
   

  	
  Interest Period

  
	
  from January 1 to March 31

  	
   

  	
  from June 28 to September 27

  
	
  from April 1 to June 30

  	
   

  	
  from September 28 to December 27

  
	
  from July 1 to September 30

  	
   

  	
  from December 28 to March 27

  
	
  from October 1 to December 31

  	
   

  	
  from March 28 to June 27

  

 

In relation to the interest periods
from March 28, 2010 “B” shall be calculated in accordance with the
following table:

 

	
  Amount of transfers to the accounts of the 

  employees of the Borrower and/or RTC opened 

  as part of salary projects with the Lender, made 

  in the Calculation Period, RUR

  	
   

  	
  “B” (increase in the interest rate 

  depending on the amount of quarterly 

  transfers of salary, % p.a.)

  
	
  Less than Five Hundred Million
  (500,000,000)

  	
   

  	
  + Five Tenths (0.5)

  
	
  Five Hundred Million (500,000,000)
  or more

  	
   

  	
  + Zero Tenths (0.0)

  

 

2.5.2.2.
The Borrower shall provide to the Lender (or
ensure that the Lender is provided with) properly certified bank statements in
the agreed form of all transfers made in the Calculation Period to the accounts
of the employees of the Borrower and/or RTC opened as part of salary projects
with the Lender, within Fifteen (15) business days from the last day of the
calculation period.

 

If the Borrower fails to provide to
the Lender within Fifteen (15) business days from the last day of the
Calculation Period the bank statements of all transfers made in the Calculation
Period to the accounts of the employees of the Borrower and/or RTC the amount
of transfers made to the accounts of the employees of the Borrower and/or RTC
opened as part of salary projects with the Lender in the relevant calculation
period shall be deemed to be less than Five Hundred Million Rubles
(RUR 500,000,000).

 

2.6. The interest shall be paid for the actual period
during which the facility remained outstanding on a quarterly basis on the 27th day of the third month of each
calendar quarter and on the final repayment date of the facility being September     ,
2013.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

3

 

2.7. Any advance under the facility shall be made
within the available balance of the facility limit in accordance with the
following schedule:

 

	
  No. of 

  Tranche

  	
   

  	
  Availability Period

  	
   

  	
  Amount (in words), RUR

  
	
  1

  	
   

  	
  From September     ,
  2009 to September 30, 2009

  	
   

  	
  Twenty-Two Billion Rubles
  (RUR 22,000,000,000)

  

 

Repayment of any part of the facility shall not
increase the available balance of the Credit Facility limit.

 

2.8. The Borrower shall be charged a commitment fee
at Two percent (2%) per annum. The commitment fee shall accrue on the
undisbursed amounts of the tranche for the period starting from the first
drawdown date (excluding such date) determined in Clause 2.7. hereof to the
last tranche disbursement date (including such date) determined in Clause 2.7.
hereof.

 

2.9. The commitment fee shall be paid on a quarterly
basis on the 27th day of the third month of each calendar
quarter and on the final date of the availability period being September 30,
2009.

 

2.10. The facility shall be available for disbursement
through September 30, 2009. If on September 30, 2009 the facility is
not drawn down by the Borrower in full, the available facility limit shall be
forfeited.

 

2.11. The outstanding facility shall be repaid in
accordance with the following repayment schedule:

 

	
  No

  	
   

  	
  Repayment Date

  	
   

  	
  Payment in percentage of the
  outstanding facility as of the 

  final availability date (September 30, 2009)

  
	
  1

  	
   

  	
  March 27, 2012

  	
   

  	
  1/7 (One Seventh)

  
	
  2

  	
   

  	
  June 27, 2012

  	
   

  	
  1/7 (One Seventh)

  
	
  3

  	
   

  	
  September 27, 2012

  	
   

  	
  1/7 (One Seventh)

  
	
  4

  	
   

  	
  December 27, 2012

  	
   

  	
  1/7 (One Seventh)

  
	
  5

  	
   

  	
  March 27, 2013

  	
   

  	
  1/7 (One Seventh)

  
	
  6

  	
   

  	
  June 27, 2013

  	
   

  	
  1/7 (One Seventh)

  
	
  7

  	
   

  	
  September     , 2013

  	
   

  	
  1/7 (One Seventh)

  

 

2.12. The Borrower shall pay to the Lender the loan
administration fee in the amount of Twenty-Five Thousandths percent (0.25%) per
annum of the amount actually outstanding under the facility.

 

The loan administration fee shall be paid on the dates
and for the periods set out in Clause 2.6 hereof for interest payments.

 

Article 3. Liability of the Parties

 

3.1.          The
Parties shall be liable in accordance with the applicable laws of the Russian
Federation for failure to perform or improper performance of their obligations
hereunder.

 

3.2.          If
the Borrower fails to make when due a repayment of the facility, to pay
interest, or pay the facility fee, the commitment fee or loan administration
fee, the Borrower shall pay to the Lender a penalty at the refinancing rate of
the Bank of Russia in percent per annum multiplied by Two (2) to accrue on
the overdue payment for each day of delay for the period from the date on which
any payment becomes overdue (excluding such date) to the date of full repayment
of the overdue amount (and including such date).

 

Article 4. Settlement
and Payment Terms

 

4.1. The facility disbursement date shall be the date
on which the facility becomes outstanding as recorded on the facility account
specified in Clause 2.1 hereof.

 

The date of performance of payment obligations
hereunder shall be the date on which the Borrower’s or third parties’ accounts
with the Lender are debited with the amounts intended for repayment of the
obligations hereunder or the date on which the proceeds intended for repayment
of the 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

4

 

obligations
hereunder are received at the correspondent account of the Lender if repayment
is made from the accounts opened with other banks.

 

4.2. The interest, loan administration fee, commitment
fee, prepayment fee and penalties shall be calculated on the basis of actual
number of calendar days within a payment period, and the actual number of
calendar days in a year (365 or 366, respectively).

 

4.3. The repayment proceeds hereunder, including the
proceeds for which a direct debit was made, shall be applied regardless of the
purpose of payment specified in the payment documents (subject to the
provisions set forth in Clauses 4.7, 4.8, 4.9, 4.10 hereof), in the first place
to cover the litigation and other costs incurred by the Lender as a result of
recovery of the outstanding facility, and then in the following order of
priority:

 

1)             to pay the penalty for failure to
perform obligations hereunder when due (other than the penalty under Clause
9.2. hereof);

 

2)             to pay the overdue facility fee;

 

3)             to
pay the overdue commitment fee;

 

4)             to pay the overdue loan
administration fee;

 

5)             to pay overdue interest;

 

6)             to pay the facility fee due;

 

7)             to pay the commitment fee due;

 

8)             to pay the loan administration fee
due;

 

9)             to pay interest due;

 

10)           to repay the overdue principal of the
facility;

 

11)           to pay the prepayment fee;

 

12)           to repay the principal of the
facility due;

 

13)           to repay the outstanding facility
before stated maturity dates as set forth in Clause 2.11 hereof pursuant to
Clause 5.2.2 hereof;

 

14)           to pay the penalty pursuant to Clause
9.2. hereof.

 

The obligations under this Agreement (to repay the
outstanding principal, pay the interest and pay the fees) shall become due and
payable on their stated maturity date pursuant to the provisions of Clauses
2.2, 2.5, 2.6, 2.8, 2.9, 2.12, 5.2.2. hereof (the “Payment Date”).

 

For the purposes hereof the overdue obligations shall
mean the obligations hereunder which are not performed on the Payment Date.

 

4.4. Payment obligations hereunder may be performed by
third parties.

 

4.5. If a payment hereunder is made in a currency
different from the currency of the payment under the Agreement, the Lender may
itself convert such payment into the currency of the payment hereunder at the
exchange rate and on the terms of the Lender and then apply the same to repay
the due amounts hereunder.

 

4.6. The obligations to repay the outstanding facility
may be performed before their stated maturity dates as set forth in Clause 2.11
hereof pursuant to Clause 5.2.2 hereof.

 

The payments received to repay the outstanding
facility before the maturity dates stated in Clause 2.11 hereof shall be
applied by the Lender to repay such obligations against the repayment of the
outstanding facility which mature the next as set forth in Clause 2.11 hereof,
subject to the order of the payments set out in Clause 4.3 hereof.

 

If it is impossible to identify the purpose of a
payment (where the obligation against which such payment is to be applied is
not specified) under a payment document, the amounts received shall be applied
by the Lender to repay the outstanding facility in accordance with this clause.

 

4.7. Interest and/or loan administration fee and/or
commitment fee payable on the nearest Payment Date as set forth in Clauses 2.2,
2.5, 2.6, 2.8, 2.9, 2.12 hereof may be paid before such date (“Prepayment
Amounts”), but not more than Ten (10) business days (including the 1st and the 10th business days) before the nearest
Payment Date (the “Prepayment Period”), in accordance with the purpose of
payment specified in the payment document.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

5

 

Prepayment Amounts received during the relevant
Prepayment Period shall be applied by the Lender against repayment of such
obligations on the nearest date of the relevant payment.

 

If during the Prepayment Period other obligations of
the Borrower to repay the principal, other than the obligation(s) specified
in the payment document(s), become due and payable the Lender shall apply the
Prepayment Amounts in accordance with the order of priority set out in Clause
4.3 hereof, except for the payment specified in sub-clause 13) of Clause 4.3
hereof.

 

4.8. Prepayment Amounts received before the Prepayment
Period set forth in Clause 4.7 hereof, upon allocation in accordance with the
order of payments set out in Clause 4.3 hereof, except for the payment
specified in sub-clause 13) of Clause 4.3 hereof, shall be returned by the
Lender to the accounts from which they were made, on or before the first
business day following the actual date of receipt of the relevant payment.

 

If the date of return falls within the Prepayment
Period set forth in Clause 4.7 hereof, the Prepayment Amounts shall be applied
by the Lender in accordance with Clause 4.7 and/or Clause 4.9 hereof.

 

4.9. The Borrower may within Three (3) business
days following the actual date on which a Prepayment Amount is paid, but no
later than Two (2) business days (inclusive) before the nearest Payment
Date, submit a written request to the Lender (pursuant to Clause 9.3 hereof) on
return or application against repayment of the outstanding facility of the
Prepayment Amounts paid pursuant to Clause 4.7 hereof.

 

The Lender upon allocation in accordance with the
order of payments set out in Clause 4.3 hereof, excluding the payment set forth
in sub-clause 13) of Clause 4.3 hereof, shall return the Prepayment Amounts
and/or apply the same to repay the outstanding facility pursuant to Clause
5.2.2 hereof, on or before the first business day immediately following the day
on which the Borrower’s written application is received.

 

The Lender shall return the Prepayment Amounts to the
accounts from which they were made.

 

If the Prepayment Amounts are applied to repay the
outstanding facility the repayment date of the outstanding facility shall be
the date on which the Lender applies the prepaid amount against the outstanding
facility.

 

4.10. If on the date set forth in Clauses 2.2, 2.5,
2.6, 2.8, 2.9, 2.12 hereof, the payment amount received either before the
stated maturity date (pursuant to Clause 4.7 hereof), or on such date exceeds
the amount due under the said clauses, the overpaid amount upon allocation in
accordance with the order of payments set out in Clause 4.3 hereof, excluding
the payments set forth in sub-clause 13) of Clause 4.3 hereof, shall be
returned by the Lender to the account from which it was transferred, on or
before the first business day following the relevant Payment Date.

 

Article 5. Rights of
the Parties

 

5.1. The Lender may:

 

5.1.1.       Unilaterally
at its discretion increase the interest rate under Clause 2.5 hereof for the
period from the execution date hereof to March 27, 2010 (inclusive) and
the Base Rate values established in Clause 2.5 hereof for a period from March 28,
2010 to the final maturity date of the facility specified in Clause 1.1 hereof,
including, without limitation, where the Bank of Russia makes a decision to
increase its discount (refinancing) rate, by giving a notice thereof to the
Borrower without execution of an amendment agreement hereto to this effect. In the event of a unilateral increase of the
interest rate by the Lender, such change shall become effective upon expiration
of Sixty (60) calendar days following the date the Lender gives a notice to the
Borrower, unless a later effective date is specified in the notice.

 

The Borrower shall be notified of such amendments of
this Agreement as provided for in Clause 9.3 hereof.

 

5.1.2. Unilaterally decrease the interest rate values
specified in Clause 2.5 hereof, including, without limitation, where the Bank
of Russia makes a decision to decrease its discount (refinancing) rate, by
giving a notice thereof to the Borrower without execution of an amendment
agreement to this 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

6

 

effect. Should the Lender reduce the interest rate
unilaterally, such change shall become effective upon expiration of Thirty (30)
calendar days following the date the Lender gives notice to the Borrower,
unless such notice specifies another date for such change to come into effect.

 

The Lender may unilaterally at its discretion decrease
the penalty and/or grant a grace period during which the penalty will not be
charged by giving a notice thereof to the Borrower without execution of an
amendment agreement to this effect.

 

Reduction of the penalty amount and/or the
commencement of grace period shall become effective on expiration of Thirty
(30) calendar days following the date the Lender gives notice to the Borrower,
unless such notice specifies another date for such change to come into effect.

 

The Borrower shall be notified of such amendments of
this Agreement as provided for in Clause 9.3 hereof.

 

5.1.3.       Request
that the Borrower submit information and documents evidencing application of
the facility proceeds in accordance with their designated purpose.

 

5.1.4.       If
any principal and/or interest and/or other payments hereunder become overdue,
as the funds are credited directly debit the Borrower’s accounts (including
accounts with the Lender’s branches and other banks) and apply such funds to
repay such overdue amounts and pay the penalty.

 

The Lender shall inform the Borrower in writing of
any such debit without acceptance subject to the procedure specified in Clause
9.3 hereof within Ten (10) business days from the date of such debit.

 

5.1.5. If the funds on the Borrower’s accounts with
the Lender are insufficient to make a repayment of the overdue amount
hereunder, sell foreign currency from the current currency accounts of the
Borrower opened by the Borrower with the Lender and other banks at the exchange
rate and on the terms established by the Lender and other banks for conversion
operations as of the transaction date, and credit the proceeds from sale of
foreign currency to the Borrower’s account with the Lender and other banks.

 

The Lender shall notify the Borrower in writing of the
fact of sale of foreign currency as provided for in Clause 9.3 hereof.

 

5.1.6. Suspend disbursement of the facility and/or
demand that the Borrower repay the total amount of the facility before
maturity, pay the interest due, the facility fee, the commitment fee, the loan
administration fee, penalties and make any other payments hereunder as well as foreclose
on the pledged property securing performance hereof if:

 

a) the Borrower fails to perform or improperly
performs its obligations under the Agreement and any of the agreements
(including, without limitation: loan agreement, revolving/non-revolving credit
facility agreement, bank guarantee agreement, deed of guarantee, other types of
agreements) and arrangements as have been entered into (or may be entered into
during the term hereof) between the Borrower and the Lender, and the payment
obligations to the Lender and/or third parties to settle bills, repay notes,
pay coupon yield, make involuntary/voluntary offers by virtue of the Federal
Law On Joint Stock Companies which have arisen (may arise during the term
hereof);

 

b) any MTS Group Company (as defined below) is in
default or improperly performs its obligations under facility agreements
(including revolving/non-revolving credit facility agreements) which are
entered into (or may be entered into during the term hereof) between the MTS
Group Companies and any other lender, as a result of which the MTS Group
Company received an acceleration demand with respect to any outstanding amount
in excess of Thirty Million US Dollars (US$30,000,000) as a result of
occurrence of an event of default, if such term is defined in the agreement
with such lender and if the outstanding amount is declared immediately due and
payable for any reason, if the term “event of default” is not defined in the
agreement with such lender.

 

The Borrower shall provide or procure the provision to
the Lender of copies of documents confirming whether an obligation which has
not been performed qualifies as an “event of 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

7

 

default” or not within Five (5) business days
from the date of the acceleration demand by the relevant lender to repay the
outstanding amount due to such lender.

 

The amounts of ruble facilities which were declared
immediately due and payable shall be recalculated into US Dollars at the
exchange rate of the Bank of Russia as at the date the relevant lender makes an
acceleration demand with respect to the facility.

 

The amounts of facilities denominated in a currency
other than US Dollars which were declared immediately due and payable shall be
recalculated into US Dollars at the exchange rate determined by recalculation
through the currency rates to the Russian Rubles established by the Bank of
Russia as at the date the relevant lender makes an acceleration demand with
respect to the facility.

 

For the purposes hereof, an “MTS Group Company”
shall mean the Borrower and its subsidiaries, where a “Subsidiary” means a
company which the Borrower, directly or indirectly (through any other
companies) controls or owns, directly or indirectly (through other companies)
over Fifty percent (50%) of the shares/interests in the charter capital or
similar ownership rights.

 

c) the Borrower uses the facility other than in
accordance with its designated purpose;

 

d) the Borrower is in default under its reporting
obligations set forth in Clauses 6.2.4. and 6.2.5 hereof;

 

e) applications, confirmations or information
furnished by the Borrower to the Lender, including with respect to the MTS
Group Companies, in connection with the Parties’ relations hereunder, are
inaccurate, incomplete or unverified;

 

f) an arbitration court, acting in accordance with the
procedure set forth in the applicable laws, accepts a petition seeking to
recognize the Borrower as insolvent (bankrupt);

 

g) a claim or claims have been filed against the
Borrower seeking payment of a cash amount or recovery of assets the amount of
which exceeds in the aggregate Thirty Million US Dollars (US$30,000,000) or an
equivalent thereof in the currency of the Russian Federation at the rate of the
Bank of Russia as of the date the claims were filed, or in another currency
recalculated into US Dollars through the currency exchange rates to the Russian
Rubles established by the Bank of Russia as of the date the claims were filed
(provided that the amount of at least one of such claims exceeds Five Million
US Dollars (US$5,000,000) or an equivalent thereof in the currency of the
Russian Federation at the rate of the Bank of Russia as of the date such claim
was filed, or an equivalent amount in any other currency recalculated into US
Dollars through the currency exchange rates to the Russian Rubles established
by the Bank of Russia as of the date the claim was filed) and the judgment to
grant such claim(s) entered into legal force;

 

h) a decision is made on reorganization (other than
reorganization in the form of a merger of subsidiaries into the Borrower),
liquidation or reduction of the charter capital of the Borrower without prior
consent of the Lender;

 

i)              the
Borrower is declared insolvent (bankrupt) in accordance with the procedure set
forth by the applicable laws;

 

j) the Borrower is in default under the provisions of
Clauses 6.2.6.-6.2.11 hereof;

 

k) the Borrower is in breach of the terms of Clauses
7.2-7.6 hereof.

 

The
above violations and changes in circumstances shall be deemed material by the
Lender.

 

The Lender shall notify the Borrower of its claims
subject to the procedure specified in Clause 9.3 hereof.

 

5.1.7.       Unilaterally
terminate the available balance of the facility limit hereunder in the event
that the disbursement of the facility is terminated for reasons specified in
Clause 5.1.6 hereof, and the Lender shall notify the Borrower as provided in
Clause 9.3 hereof.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

8

 

 

5.1.8.       Refuse
to disburse the loan, in full or in part, if there is reasonable evidence that
the loan will not be repaid by the Borrower within the timeline set out herein.

 

5.1.9.       Conduct
audits and check the accuracy of the information provided by the Borrower
regarding its business and financial activity in a manner convenient for the
Lender, and request other data pertaining to the use of the facility proceeds.

 

5.1.10.     If
requested by the Borrower at least Fifteen (15) calendar days prior to the
maturity of the facility, the Lender shall have the right to extend the loan
maturity date.

 

5.2. The Borrower may:

 

5.2.1.       in
the event that the Lender increases the interest rate pursuant to Clause 5.1.1
hereof, repay a portion or the entire amount of the facility and pay the
interest, penalties and make other payments accrued as of the repayment date on
the former terms (the terms that existed before the Lender increase the
interest rate) within Sixty (60) calendar days from the date on which the
Lender gives a written notice to the Borrower of such change of the terms of
the facility.

 

5.2.2. fully or partially prepay the outstanding
facility before the maturity dates set forth in Clause 2.11. hereof, and pay
the interest, all fees hereunder and penalties accrued as of the prepayment
date by giving a written notice to the Lender at least Twenty (20) business
days before the prepayment date of the facility (or a portion thereof)
(inclusive). The date of receipt of the notice by the Lender shall be not be
taken into account as a business day of the notice period.

 

The
Borrower shall notify the Lender of its intention to prepay the facility (or a
portion thereof) as provided for in Clause 9.3. hereof and such notice shall
specify the amount and the date of such prepayment.

 

In
the event of a prepayment of the facility (or a portion thereof) without a
prior written notice to the Lender or notice to the Lender given less than
Twenty (20) business days prior to the prepayment date of the facility (or a
portion thereof) the Borrower shall pay to the Lender a prepayment fee for
prepayment of the facility (or a portion thereof) in the amount of Three
percent (3%) of the amount so prepaid.

 

The
prepayment fee for prepayment of the facility (or a portion thereof) shall be paid
by the Borrower simultaneously with the prepayment hereunder.

 

5.2.3. If there is a need to extend the maturity
date, submit a request to the Lender at least Fifteen (15) calendar days prior
to the maturity date of the facility.

 

Article 6. Obligations of the
Parties

 

6.1. The Lender assumes the following obligations:

 

6.1.1 Subject to the fulfillment of conditions set
forth in Clauses 2.3, 2.4 and 2.7 hereof, as well as in the absence of any
of the conditions whereby the Lender is entitled to terminate the disbursement
of the facility and accelerate the same, to transfer facility amounts within
the available balance of the facility limit, to the Borrower’s settlement
account based on its drawdown requests, within not later than Ten (10) calendar
days from the date of the relevant drawdown request of the Borrower.

 

6.2. The Borrower assumes the following obligations:

 

6.2.1. To repay the principal and pay the interest
due, the commitment fee, the loan administration fee, and any penalties accrued
as of the repayment date, within Five (5) business days from receipt of the
Lender’s acceleration demand in accordance with Clause 5.1.6 hereof.

 

6.2.2. To use facility in strict accordance with its
designated purpose as provided in Article 1 hereof.

 

6.2.3. To provide the Lender with the duly executed
payment documents confirming the intended use of the facility.

 

6.2.4. Each quarter not later than Ten (10) business
days from the expiration of the period allocated by Federal Law No. 129-FZ
On Accounting dated November 21, 1996, for preparation of the accounting
statements, the Borrower shall provide to the Lender:

 

·                  a full accounting statement in forms established by the Ministry of Finance
of Russia, containing a mark on submission method of the same with the relevant
unit of the Federal 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

9

 

Tax Service of Russia, certified by the signature of
the Borrower’s general manager and its seal, with the attachment of the notes
(in respect of the annual accounts) and an auditor report (or its final part)
(subject to mandatory audit of the accounting statements in accordance with the
laws of the Russian Federation, and in respect of the annual statements);

 

·                  a breakdown of the accounting statements in respect of the accounts payable
and receivable, specifying the names of creditors and debtors, the amounts due
and the dates of their origination, and also indicating the status thereof
(overdue/current);

 

·                  a breakdown of the accounting statements in respect of the short-term and
long-term financial investments specifying their type, the amount, as well as
the names of companies and entities;

 

·                  a breakdown of the accounting statements in respect of the short-term and
long-term credits and loans (including bill and bond loans) specifying the
creditor, the amounts due, the loan term, the interest rate (or the coupon
yield), the repayment and interest payment schedule, the amounts overdue (dates
of origination), accelerated amounts claimed (including the reasons for such
acceleration, and the relevant creditor);

 

·                  a breakdown of the accounting statements in respect of the security
received (indicating the security provider and the beneficiary of the same),
and security provided (indicating the secured person and the beneficiary, the
maturity date, and the balance value of the assets secured (pledged);

 

·                  information on all accounts opened by the Borrower and communicated to the
tax inspectorate, as well as turnover and balance statements in respect of
settlement and current currency accounts, and any claims thereon;

 

·                  copies of any changes and amendments introduced into the constituent
documents of the Borrower (duly registered in accordance with the laws), and a
copy of the certificate on the entry made in the Unified State Register of
Legal Entities on the state registration of amendments introduced into the
Borrower’s constituent documents, either notarized or certified by a
registering body, should any such changes be introduced into the Borrower’s
constituent documents in the expired calendar year.

 

·                  information on any changes in the membership of the Borrower’s management
bodies (Board of Directors/Management Board/General Director/President)
occurred in the expired calendar quarter;

 

·                  information on any changes in the list of persons recorded in the share
register and holding five (5%) per cent or more of the Borrower’s shares,
occurred in the expired calendar quarter;

 

·                  information on the subsidiaries (more than Fifty (50%) percent in the
charter capital) and dependent entities (more than Twenty (20%) of the charter
capital) as of the last reporting date, indicating the percentage of the
charter capital held in such subsidiaries or dependent entities;

 

·                  information on security extended by MTS Group (indicating the secured
person and the beneficiary, the maturity date, and the balance value of the
assets secured (pledged));

 

·                  a note issued by the relevant unit of the Federal Tax Service of Russia, on
the status of statutory payments, or a settlement reconciliation report in
respect thereto (and in case of any overdue statutory amounts — a taxpayer
certificate specifying the periods, the amounts and the reasons of the debt).

 

Moreover, the Borrower shall upon demand of the Lender
provide other reports and financial documents within Ten (10) business days
from the date of receipt of the relevant Lender’s demand.

 

6.2.5. Each quarter, within One Hundred And Twenty
(120) business days from the date of expiration of each calendar quarter, the
Borrower shall provide the Lender with the Borrower’s consolidated financial
statements certified by the Borrower’s general manager and its chief
accountant, prepared in accordance with the Generally Accepted Accounting
Principles of the United States of America (GAAP) (hereinafter, the “Financial
Statements”), and moreover, the Borrower’s Financial Statements thus prepared
following the calendar year results shall be confirmed by an audit company.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

10

 

6.2.6. In case of reorganization (other than
reorganization in form of the subsidiaries’ merger into to the Borrower) or
liquidation, reduction of the charter capital, to inform the Lender
accordingly, at least Ten (10) business days prior to any of the abovementioned
events, and upon the Lender’s demand, to repay the facility irrespective of the
due date specified in the Agreement, to pay the interest due, the commitment
fee, and other payments as provided by the Agreement.

 

6.2.7. At the date of the transaction for the
acquisition by the Borrower and/or Communications Provider Limited Liability
Company (OGRN: 1097746395790, registered address: 8 Presnenskaya emb.,
build. 1, Moscow, 123100, hereinafter “Communications Provider”) and/or
Capital Limited Liability Company (OGRN: 1097746415073, registered address:
8 Presnenskaya emb., build. 1, Moscow, 123100, hereinafter “Capital”)
of shares in COMSTAR-United TeleSystems Open Joint Stock Company (OGRN:
1027700003946, registered address: 27 Smolenskaya-Sennaya Sq.,
build. 2, Moscow, 119121, hereinafter COMSTAR-UTS), to provide to the
Lender a copy of the sale and purchase agreement(s) (or similar documents)
entered into between the seller and the buyer, duly and properly notarized.

 

6.2.8. To ensure that all settlements connected with
the acquisition of shares in COMSTAR-UTS as between the Borrower,
Communications Provider and/or Capital and Sistema, and Telecom System, be
conducted only through the settlement accounts of the companies referred to in
this clause, opened with the Lender.

 

6.2.9. To ensure the maintenance of not less than
Fifty (50%) per cent plus one share of unpledged and unencumbered voting stock
of COMSTAR-UTS at custody accounts of Communications Operator and/or Capital
and/or United TeleSystems Closed Joint Stock Company (OGRN 1047796779535,
registered address: 27 Smolenskaya-Sennaya Sq., build. 2, Moscow,
119121, hereinafter “UTS”) opened with the Depositary of Sberbank of Russia
OJSC, from the date of acquisition (from the date of acquisition by
Communications Operator and/or Capital of shares in UTS), and up to the date of
the pledge executed in favor of the Lender.

 

6.2.10. Beginning from October 1, 2009 and up to the
date of full repayment of the facility, specified in Clause 1.1 hereof, to
maintain the overall credit turnover on any of the Borrower’s settlement and
current currency accounts opened with the Lender and specified in Annex 1
hereto, in the amount of no less than Seventeen Billion (RUR 17,000,000,000)
rubles in each calendar quarter, however, no loans, issue proceeds, conversions
of own funds, or transfers of the same to pay under import contracts, no
borrowings or repayments of the loans extended shall be taken into account in
the abovementioned overall amount.

 

Quarterly credit turnover in foreign currencies on
current currency accounts shall be converted into rubles at the average
exchange rate of the relevant currency as quoted by the Bank of Russia. The
average exchange rate is calculated as the simple average of exchange rates of
foreign currencies to ruble quoted by the Bank of Russia, in a given calendar
quarter.

 

For the purposes of Clause 6.2.12 hereof the Borrower
shall provide to the Lender properly certified bank statements of all the
Borrower’s settlement and currency accounts opened with the Lender and
specified in Annex 1 hereto, for each full calendar quarter, within Twenty
(20) business days from the last day of the calendar quarter.

 

Failure to provide the abovementioned information
within the timing set forth herein shall constitute a default to maintain the
credit turnover on the Borrower’s settlement and current currency accounts
opened with the Lender, referred to in the first paragraph of this clause.

 

6.2.11. Beginning from January 1, 2010 and up to the
date of full repayment of the facility, specified in Clause 1.1 hereof, to
ensure that Ukrainian Mobile Communications CJSC (Registered address:
15 Leipzig Str., Kiev, 01015, Ukraine, EGRPOU (enterprise identification
code) 14333937, hereinafter, “Ukrainian Communications”) maintain the credit
turnover on all accounts opened with the Subsidiary Bank of Sberbank of Russia
OJSC (Registered address: 46 Vladimirskaya Street, Kiev, 01034 Ukraine,
hereinafter the “Subsidiary Bank”) and specified in Annex 2 hereto, in the
amount of no less than Five Hundred Million (UAH 500,000,000) hryvnas in each
calendar quarter, however, no 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

11

 

loans, issue
proceeds, conversions of own funds, or transfers of the same, no borrowings or
repayments of the loans extended shall be taken into account in the
abovementioned overall amount.

 

Quarterly credit turnover in foreign currencies on
current currency accounts shall be converted into hryvnas at the average exchange
rate of the relevant currency as quoted by the National Bank of Ukraine. The
average exchange rate is calculated as the simple average of exchange rates of
foreign currencies to hryvna quoted by the National Bank of Ukraine, in a given
calendar quarter.

 

For the purposes of Clause 6.2.11 hereof the Borrower
shall provide to the Lender properly certified bank statements of all the
settlement and currency accounts of Ukrainian Communications opened with the
Subsidiary Bank and specified in Annex 2 hereto, for each full calendar
quarter, within Twenty (20) business days from the last day of the calendar
quarter.

 

Failure to provide the abovementioned information
within the timing set forth herein shall constitute a default to maintain the
credit turnover on the accounts, referred to in the first paragraph of this
clause.

 

6.2.12. Within Ten (10) business days from the
execution date of any bank account agreement in respect of opening by the
Borrower with the Lender of a new settlement and/or current currency account,
to inform the Lender in writing of the details of such new account and of its
intention, should it be necessary, to amend accordingly Annex 1 hereto in
connection with opening by the Borrower of a new settlement and/or current
currency account with the Lender.

 

6.2.13. Within Ten (10) business days from the
execution date of any bank account agreement in respect of opening by Ukrainian
Communications with the Subsidiary Bank of a new account, to inform the Lender
in writing of the details of such new account and of the intention, should it
be necessary, to amend accordingly Annex 2 hereto in connection with
opening by Ukrainian Communications of a new account with the Subsidiary Bank.

 

Article 7. Special Terms

 

7.1. The Borrower does not object to filing by the
Lender of the Borrower’s information with the bureau of credit histories, as
specified in Clause 4 of Federal Law No. 218-FZ On Credit Histories,
dated December 30, 2004.

 

7.2. The ratio of the Indebtedness of the MTS Group of
Companies to OIBDA value determined for the Reporting Period, shall not exceed
Three (3) during the whole term hereof.

 

The following terms shall be used herein for the
abovementioned purposes:

 

“Indebtedness of the MTS Group of Companies” shall
mean any indebtedness (the nominal amount of any principal/limit of liability
under off-balance obligations) of the Borrower and/or its Subsidiaries:

 

1) under loans and credits obtained, bond issues,
financial leasing agreements, any other forms of repayable borrowings received
either for consideration or without the same;

 

2) under issued suretyships and/or guarantees (except
for suretyships and/or guarantees provided by Subsidiaries in respect of the
borrowings made by the Borrower, and/or suretyships and/or guarantees provided by
the Borrower in respect of the borrowings made by Subsidiaries), notes
(guarantees of the same), as well as other contingent liabilities.

 

For the purposes of calculation of the Indebtedness of
the MTS Group of Companies, any amount due to be paid or repaid and denominated
in the currency other than US Dollars, shall be taken on this day into account
in US Dollars at a cross-rate which would be used for preparation of the
Financial Statements on this day in accordance with US GAAP applied to the
Borrower’s Financial Statements.

 

The Indebtedness of the MTS Group of Companies and
OIBDA will be calculated on the basis of the Financial Statements of the MTS
Group of Companies and will be denominated in US Dollars.

 

“Reporting Period” shall mean a period of Six (6)
consecutive months ending on the last day of each financial year, or of the
relevant Borrower’s financial quarter.

 

“OIBDA” shall mean in respect of each Reporting
Period, the aggregate consolidated income of the MTS Group of Companies in such
Reporting Period, determined on the basis of the Financial 

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

12

 

Statements, that:

 

1) does not include inflows or outflows recorded in
the statement of profits and losses in respect of: the minority interest, the
income tax, other expenses/income, MTS Group of Companies’ interest in net
profit (net losses) of its associated companies or entities, interest expenses
and any interest income received, as well as any currency exchange and translation
gains (losses);

 

2) is increased by depreciation and amortization
charges and assets impairment losses, included in the operating costs in the
given Reporting Period and multiplied by Two (2).

 

7.3. The ratio of OIBDA to the value of the Income
Expenses determined for the given Reporting Period, shall not exceed Five (5)
during the whole term hereof.

 

The following term shall be used herein for the
abovementioned purposes:

 

“Interest Expenses” shall mean in respect of each
Reporting Period, the aggregate expenses to pay any interest, commissions and
other financial charges (irrespective of whether they have been paid, are due
or to be capitalized) accrued as payable by MTS Group of Companies in the
relevant Reporting Period, reduced by the interest income of the MTS Group of
Companies in such Reporting Period, payable in cash, determined on the basis of
the Financial Statements and multiplied by Two (2).

 

The value of the Interest Expenses will be calculated
on the basis of the Financial Statements and will be denominated in US Dollars.

 

7.4. During the whole term hereof the balance value of
the Borrower’s assets as of each reporting date calculated on the basis of its
accounting statements prepared in accordance with the requirements of the RAS Enterprise Accounting as approved by Order of the Ministry
of Finance of the Russian Federation No. 43n dated July 6, 1999, shall be
no less than Two Hundred Billion (RUR 200,000,000,000) rubles.

 

7.5. During the whole term hereof the balance value of
the assets secured (pledged) by the MTS Group of Companies (except for the
security granted to the Lender) calculated in accordance with the Financial
Statements as of the last reporting date shall not exceed Thirty (30%) per cent
of the aggregate value of assets calculated in accordance with the Financial
Statements as of the last reporting date.

 

7.6. The Borrower shall ensure that MTS Group of
Companies shall hold valid licenses for the provision of cellular wireless
telephony in GSM 900/1800 MHz range in Moscow, Moscow Region, and St.
Petersburg, from the execution date hereof and up to the date of full repayment
of the facility referred to in Clause 1.1 hereof.

 

For the purposes of this clause, at the execution
hereof, the Borrower shall provide the Lender with the certified copies of the
licenses for the provision of cellular wireless telephony in GSM 900/1800 MHz
range in Moscow, Moscow Region, and St. Petersburg.

 

Article 8. Term

 

8.1. The Agreement shall become effective on the date
of its execution by the Parties and remain in full force and effect until the
Parties fully perform their obligations hereunder.

 

Article 9. Miscellaneous

 

9.1. All changes and amendments hereto, except
indicated in Clause 2.5, 5.1.1, and 5.1.2 hereof, shall be valid only if
they are made in writing and signed by authorized representatives of the
Parties.

 

9.2. In the event of any change in the registered or
mailing address of either Party, such Party shall notify the other Party of
such change before it is officially registered in its constituent documents.

 

In the event of any change in the bank details of
either Party, such Party shall notify the other Party of such change before it
becomes effective.

 

The Borrower shall notify the Lender of any changes in
the membership or powers of its management bodies authorized to enter into any
transactions on behalf of the Borrower, stamp impression, other information
required by the Lender to duly perform its obligations hereunder, not later
than the date when such change becomes effective, and subject to provision of
the duly certified copies of the confirmation documents within Three (3)
business days. In case of failure to perform or timely perform the
abovementioned condition:

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

13

 

a) the Borrower shall pay a penalty in the amount of
Ten Thousand (RUR 10,000) rubles. The penalty shall be paid within Five (5)
business days from the date of receipt from the Lender of the relevant notice
to pay the same (including such date of receipt).

 

b) the Lender shall bear no liability for any
consequences of processing the Borrower’s drawdown requests for the transfer of
facility amounts from the facility account to the settlement account, signed by
any unauthorized persons.

 

9.3. Any notice or other communication sent by the
Parties to each other hereunder shall be made in writing. Such notice or
communication shall be deemed duly given if delivered to the addressee by hand,
by registered mail with return receipt requested or by fax to its address
stated herein (or to such other address as such other Party may specify in
accordance with Clause 9.2 hereof) and signed by a duly authorized person.

 

9.4. Any and all disputes under this Agreement shall
be resolved in accordance with the applicable laws of the Russian Federation by
the Moscow Arbitrazh Court.

 

9.5. The Agreement is made in 2 counterparts having
equal legal force: one counterpart shall be kept by the Lender, the other — by
the Borrower.

 

Article 10. Annexes

 

10.1. Annex 1 — A list of settlement and current
currency accounts of the Borrower on one (1) page constituting an integral part
hereof.

 

10.2. Annex 2 — A list of settlement and current
currency accounts of Ukrainian Communications on one (1) page constituting an
integral part hereof.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

14

 

Addresses
and Bank Account Details of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings Bank of the Russian
  Federation (Open Joint Stock Company)

  	
   

  	
  Mobile TeleSystems Open Joint Stock Company

  
	
  Registered/mailing address:

  	
   

  	
  Registered/mailing address:

  
	
  19 Vavilov Str., Moscow 117997, Russian Federation

  	
   

  	
  4 Marksistskaya Str., Moscow 109147, Russian
  Federation

  
	
  Tel: (495) 957 57 75, fax: (495) 957 55 61

  	
   

  	
  Tel: (495) 223 21 64, fax: (495) 223 21 68

  
	
  Account details for payments in rubles: corr. acc. #
  30101810400000000225 maintained by Sberbank of Russia with the Transaction
  Department of the Moscow Principal Territorial Branch of the Bank of Russia,
  BIC 044525225, INN 7707083893

  	
   

  	
  INN 7740000076, OGRN 1027700149124,

  KPP 770901001, OKPO 52686811

  Account details for payments in rubles:

  s/a. #40702810100020008293 with the Transaction Department of Sberbank of
  Russia,

  
	
  Account details for payments in foreign currencies:
  #30301840800001000014 with Sberbank of Russia, Moscow Bank of New York: New
  York, NY, SWIFT  IRVT US 3N, acc.
  #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  corr. acc. #30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia,

  BIC 044525225,

  Account details for payments in foreign currencies:

  Curr. foreign-currency acc. #40702840400020008293
  with the Transaction Department of Sberbank of Russia,

  Bank of New York, New York, acc. #8900057610

  

 

Signatures
of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
  Vice-President - Head of the Major Clients
  Department of Sberbank of Russia OJSC

  	
   

  	
  President of MTS OJSC

  
	
  _________________________A.V. Bazarov

  	
   

  	
  ______________________________M.V. Shamolin

  
	
  Seal here

  	
   

  	
  Seal here

  

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

15

 

Annex 1 to Non-Revolving Credit
Facility Agreement No. 9656 dated September
         2009

 

List of Settlement and Current
Currency Accounts of Mobile TeleSystems OJSC

 

	
  No.

  	
   

  	
  Account number:

  	
   

  	
  Account

  currency

  	
   

  	
  Type of

  account

  	
   

  	
  Sberbank of Russia Unit

  	
   

  	
  Bank Account Agreement

  Number

  	
   

  	
  Bank Account

  Agreement Date

  
	
  1

  	
   

  	
  40702810100020008293

  	
   

  	
  RUR

  	
   

  	
  settlement

  	
   

  	
  Transaction Department of Sberbank of Russia, 19 Vavilov Str., Moscow
  117997

  	
   

  	
  40702810100020008293

  	
   

  	
  August 12, 2009

  
	
  2

  	
   

  	
  40702810738050011729

  	
   

  	
  RUR

  	
   

  	
  settlement

  	
   

  	
  Maryina Roscha Branch No. 7981 of Sberbank of Russia, OJSC

  	
   

  	
  40702810738050011729

  	
   

  	
  March 10, 2009

  
	
  3

  	
   

  	
  40702840400020008293

  	
   

  	
  USD

  	
   

  	
  current

  	
   

  	
  Transaction Department of Sberbank of Russia, 19 Vavilov Str., Moscow
  117997

  	
   

  	
  40702840400020008293

  	
   

  	
  August 12, 2009

  
	
  4

  	
   

  	
  40702978000020008293

  	
   

  	
  EURO

  	
   

  	
  current

  	
   

  	
  Transaction Department of Sberbank of Russia, 19 Vavilov Str., Moscow
  117997

  	
   

  	
  40702978000020008293

  	
   

  	
  August 12, 2009

  

 

Signatures of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Vice-President - Head of the Major Clients
  Department of Sberbank of Russia OJSC

  	
   

  	
  President of MTS OJSC

  
	
   

  	
   

  	
   

  
	
  _________________________A.V. Bazarov

  	
   

  	
  ______________________________M.V. Shamolin

  
	
   

  	
   

  	
   

  
	
  Seal here

  	
   

  	
  Seal here

  

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

16

 

Annex 2 to Non-Revolving Credit
Facility Agreement No. 9656 dated September
         2009

 

List of settlement and current
currency accounts of Ukrainian Mobile Communications CJSC

 

	
  No.

  	
   

  	
  Account

  number:

  	
   

  	
  Account currency

  	
   

  	
  Type of

  account

  	
   

  	
  Sberbank of Russia Unit

  	
   

  	
  Bank Account

  Agreement Number

  	
   

  	
  Bank Account

  Agreement Date

  
	
  1

  	
   

  	
  260090132615

  	
   

  	
  multi-currency

  	
   

  	
  current

  	
   

  	
  SUBSIDIARY BANK OF SBERBANK OF RUSSIA, OJSC,
  46 Vladimirskaya Str. Kiev, 01034

  	
   

  	
  No. RKO32615

  	
   

  	
  August 18, 2009

  

 

Signatures of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Vice-President - Head of the Major Clients
  Department of Sberbank of Russia OJSC

  	
   

  	
  President of MTS OJSC

  
	
   

  	
   

  	
   

  
	
  _________________________A.V. Bazarov

  	
   

  	
  ______________________________M.V. Shamolin

  
	
   

  	
   

  	
   

  
	
  Seal here

  	
   

  	
  Seal here

  

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

17

 

 

AGREEMENT No. 9657-BS/MBRD

 

	
  City of Moscow

  	
   

  	
  ,
  2009

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Lender,”
represented by Mr. Alexander Vladimirovich Bazarov, its Vice President and
Director of its Key Accounts Department, who is acting pursuant to its Charter
and Power of Attorney No. 01-1/480 dated June 15, 2009, Mobile TeleSystems Open Joint Stock Company hereinafter
referred to as the “Client,”
represented by Mr. Mikhail Valerievich Shamolin, its President, who is
acting pursuant to its Charter, and Joint
Stock Commercial Moscow Bank for Reconstruction and Development (Open Joint Stock Company)  hereinafter
referred to as the “Bank,”
represented by Mr. Andrey Vitalievich Sergiyenko, Director of its
Corporate Accounts Department, who is
acting pursuant to its Charter and Power of Attorney No. I-24-665/8-(0)
dated December 30, 2008, hereinafter referred to collectively as
the “Parties” and each individually, a “Party,” have made this Agreement (“this
Agreement”) on the following:

 

In consideration of Articles 2.3.2, 5.1.4 and 5.1.5 of
Non-revolving Credit facility Agreement No. 9657 dated September     ,
2009 made by and between the Lender and the Client (the “Loan
Agreement”), the Parties hereby agree as follows:

 

1.                             The Client hereby authorizes the Bank to withdraw, without any acceptance
by or any further instruction from the Client, any amounts from current account
#40702810000000000652 maintained by the Client with Joint Stock Commercial Moscow Bank for Reconstruction and Development (Open
Joint Stock Company), upon a
payment request from the Lender containing a reference to this Agreement and
Articles 2.3.2, 5.1.4 and 5.1.5 of the Loan Agreement, in repayment of any past
due debt owed by the Client to the Lender under the Loan Agreement (including
the principal amount of the loan, loan interest and any other payments) and in
payment of any penalties payable by the Client to the Lender under the Loan, to
the extent of the amounts of such past due debt and penalties, and transfer
such amounts to the bank account specified in such payment request.

 

2.                             Upon receipt of any payment request from the Lender, the Bank shall
withdraw the amount stated therein from the Client’s current account specified
in Article 1 above and transfer such amount to the bank account specified
in such payment request within one (1) transaction day of the receipt date
thereof. If no funds are kept on the Client’s current account specified in Article 1
above or if the funds kept thereon are insufficient to meet the Lender’s claim,
the Bank shall transfer the missing funds to the Lender as they are credited
onto such current account.

 

3.                             If the funds kept on the Client’s current account specified in Article 1
above are insufficient to repay the debt owed by the Client to the Lender as
stated in the payment request from the Lender, the Client shall authorize the
Bank to sell, no later than on the next transaction day following the receipt
date of such request, the foreign-currency funds kept on foreign-currency
account #40702840300000000652 maintained by the Client with Joint Stock Commercial Moscow Bank for
Reconstruction and Development (Open Joint Stock Company) on the conversion terms set by the
Bank for the date of such transaction and transfer the proceeds from the sale
of such funds to current account #40702810000000000652 maintained by the Client
with Joint Stock Commercial Moscow Bank
for Reconstruction and Development (Open Joint Stock Company).

 

4.                             The Lender shall notify the Bank in writing when the Client fully performs
all of its obligations under the Loan Agreement no later than on the next
business day following the date of such performance.

 

5.                             This Agreement shall constitute an instruction from the Client to the Bank
to independently fill in any certificates for those foreign-currency
transactions made hereunder in accordance with the regulations of the Bank of
Russia.

 

 

Agreement No. 9657-BS/MBRD
dated                         
    , 2009

 

6.                             If any other account is opened for the Client with the Bank, the Client
shall notify the Lender in writing of such opening within three (3) business
days of the date on which the Bank gives notice of such opening or the date on
which the information letter confirming receipt of the notice of such opening
is filed with the local branch of the Federal Tax Service. Within five (5) business
days of the date of receipt by the Lender of the notice of such opening, the
Bank, the Client and the Lender shall make an additional agreement authorizing
the Bank to withdraw without acceptance any amounts in favor of the Lender from
such other account opened for the Client with the Bank in addition to those
stated herein.

 

7.                             The Lender shall return any amounts excessively withdrawn without
acceptance hereunder to those accounts specified in Articles 1 and 3 above no
later than on the next business day following the date on which such amounts
were credited on the Lender’s correspondent account.

 

8.                             This Agreement shall become effective on the date of its signing by the
Parties and terminate on the date on which the Client fully discharges all of
its obligations under the Lender under the Loan Agreement. This Agreement shall
constitute an integral part of Bank Account Agreement No. 1517 dated July 3,
2000 and Bank Account Agreement No. 1555 dated July 3, 2000.

 

9.                             This Agreement may be amended or terminated by agreement of the Parties.

 

10.                       This Agreement is made in three (3) counterparts of equal legal
effect, one for each of the Parties.

 

Addresses and Bank Account
Details of the Parties:

 

The Lender:

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company)

 

Registered/mailing address:

19 Vavilov Str., Moscow 117997, Russian Federation

Tel.: (495) 957 57 75

Fax: (495) 957 55 61

 

Account details for payments in rubles:

#30301810500001000014,

corr. acc. # 30101810400000000225 maintained by
Sberbank of Russia with the Transaction Department of the Moscow Principal Territorial
Branch of the Bank of Russia, BIC 044525225, INN 7707083893

 

Account details for payments in foreign currencies:

#30301840800001000014 with Sberbank of Russia, Moscow

Bank of New York: New York, NY, SWIFT  IRVT US 3N, acc. #890-0057-610 Sberbank, Moscow,
Russia, SWIFT: SABRRUMM

 

	
  For the Lender:

  	
   

  	
  For the Client:

  	
   

  	
  For the Bank:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

2

 

The Bank:

 

Joint Stock Commercial Moscow Bank
for Reconstruction and Development (Open
Joint Stock Company)

 

Registered/mailing address:

9 Kuznetsky Most, bldg. 1, Moscow 103031, Russian
Federation

INN 7702045051,

Corr. acc. # 3010181060000000232 with the Transaction
Department of the Principal Branch of the Russian Federation Central Bank, BIC
044525232

 

The Client:

 

Mobile TeleSystems Open Joint
Stock Company

 

Registered/mailing address:

4 Marksistskaya Str., Moscow 109147, Russian
Federation

Tel.: (495) 223 21 64

Fax: (495) 223 21 68

INN 7740000076, OGRN 1027700149124,

KPP 770901001, OKPO 52686811

 

Account details for payments in rubles:

Curr. acc. #40702810100020008293 with the Transaction
Department of Sberbank of Russia,

corr. acc. #30101810400000000225 maintained by
Sberbank of Russia with the Transaction Department of the Moscow Principal
Territorial Branch of the Bank of Russia, BIC 044525225

 

Account details for payments in foreign currencies:

Curr. foreign-currency acc. #40702840400020008293 with
the Transaction Department of Sberbank of Russia,

Bank of New York, New York, acc. #8900057610

 

	
  For the Lender:

  	
   

  	
  For the Client:

  	
   

  	
  For the Bank:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

3

 

	
  For the Lender:

  	
   

  	
  For the Client:

  	
   

  	
  For the Bank:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A.V. Bazarov  

  Vice President and Director of the Key Accounts
  Department, Sberbank of Russia OJSC

  	
   

  	
  Mikhail Valerievich Shamolin, President, Mobile
  TeleSystems OJSC

  	
   

  	
  Andrey Vitalievich Sergiyenko, Director of the
  Corporate Accounts Department, Joint
  Stock Commercial Moscow Bank for Reconstruction and Development (Open
  Joint Stock Company)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seal here

  	
   

  	
  Seal here

  	
   

  	
  Seal here

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [·]  

  Chief Accountant,
  Mobile TeleSystems OJSC  

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Seal here

  	
   

  	
   

  

 

	
  For the Lender:

  	
   

  	
  For the Client:

  	
   

  	
  For the Bank:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

4

 

[On Sberbank’s letterhead]

 

Agreement No. 9657-BS

 

	
  City of Moscow

  	
   

  	
  September     ,
  2009

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), also known as “Sberbank of Russia,” hereinafter
referred to as the “Bank,”
represented by Mr. Alexander Vladimirovich Bazarov, its Vice President and
Director of its Key Accounts Department, who is acting pursuant to its Charter
and Power of Attorney No. 01-1/480 dated June 15, 2009, on the one
part, and Mobile TeleSystems Open Joint Stock
Company hereinafter referred to as the “Client,” represented by Mr. Mikhail Valerievich Shamolin,
its President, who is acting pursuant to its Charter, on the other part,
hereinafter referred to collectively as the “Parties”
and each individually, a “Party,”
have made this Agreement (“this Agreement”)
on the following:

 

In consideration of Articles 2.3.2, 5.1.4 and 5.1.5 of
Non-revolving Credit facility Agreement No. 9657 dated September     ,
2009 made by and between the Client (as the “Borrower”) and the Bank (as the “Lender”)
(the “Loan Agreement”), the Parties hereby
agree to amend Bank Account Agreement No. 40702810100020008293 dated August 12,
2009, Bank Account Agreement No. 40702840400020008293 dated August 12,
2009, Bank Account Agreement No. 40702978000020008293 dated August 12,
2009 and Bank Account Agreement No. 40702810738050011729 dated March 10,
2009 as follows:

 

1.                             The Bank shall have the right to withdraw, without any acceptance by or any
further instruction from the Client, any amounts of money, whether immediately
or as available, in repayment of any past due debt owed by the Borrower to the
Lender (including the principal amount of the loan, loan interest and any other
payments) and/or in payment of any penalties payable by the Borrower to the
Lender under the Loan Agreement, to the extent of the amounts of such past due
debt and penalties:

 

·                      from current account #40702810100020008293 maintained by the Client with
the Transaction Department of Sberbank of Russia OJSC and current account
#40702810738050011729 maintained by the Client with Mariina Roscha Branch
Office No. 7981 of Sberbank of Russia OJSC;

 

·                      if the funds kept on the current accounts mentioned above are insufficient
for such repayment, from current foreign-currency account #40702840400020008293
and current foreign-currency account #40702978000020008293 maintained by the
Client with the Transaction Department of Sberbank of Russia OJSC and convert
such amounts into rubles on the conversion terms set by the Bank for the date
of such conversion, with the amounts resulting from such conversion to be
credited on current account #40702810100020008293 maintained by the Client with
the Transaction Department of Sberbank of Russia OJSC.

 

2.                             This Agreement shall constitute an instruction from the Client to the Bank
to independently fill in any certificates for those foreign-currency
transactions made hereunder in accordance with the regulations of the Bank of
Russia.

 

3.                             The Bank shall return any amounts excessively withdrawn without acceptance
hereunder to those accounts specified in Article 1 above no later than on
the next business day following the withdrawal date.

 

	
  For the Bank:

  	
   

  	
  For the Client:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

1

 

Agreement No. 9657-BS dated September     ,
2009

 

4.                             This Agreement shall become effective on the date of its signing by both
Parties and terminate on the date on which the Client fully performs all of its
obligations to the Bank under the Loan Agreement. This Agreement shall
constitute an integral part of Bank Account Agreement No. 40702810100020008293
dated August 12, 2009, Bank
Account Agreement No. 40702840400020008293 dated August 12, 2009,
Bank Account Agreement No. 40702978000020008293 dated August 12, 2009
and Bank Account Agreement No. 40702810738050011729 dated March 10,
2009.

 

5.                             This Agreement is made in two (2) counterparts of equal legal effect,
one for the Bank and the other one for the Client.

 

Addresses and Bank Account Details of the Parties

 

	
  The Bank:  

  	
   

  	
  The Client:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)  

  	
   

  	
  Mobile TeleSystems Open Joint
  Stock Company

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:  

  19 Vavilov Str., Moscow 117997, Russian
  Federation  

  Tel.: (495) 957 57 75  

  Fax: (495) 957 55 61  

   

  Account details for payments in rubles:  

  #30301810500001000014,  

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893  

   

  Account details for payments in foreign
  currencies:  

  #30301840800001000014 with Sberbank of
  Russia, Moscow  

  Bank of New York: New York, NY, SWIFT  IRVT US 3N, acc. #890-0057-610 Sberbank,
  Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered/mailing address:  

  4 Marksistskaya Str., Moscow 109147, Russian
  Federation

  Tel.: (495) 223 21 64  

  Fax: (495) 223 21 68  

  INN 7740000076, OGRN 1027700149124,  

  KPP 770901001, OKPO 52686811  

   

  Account details for payments in rubles:  

  Curr. acc. #40702810100020008293 with the
  Transaction Department of Sberbank of Russia,  

  corr. acc. #30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225  

   

  Account details for payments in foreign
  currencies:  

  Curr. foreign-currency acc.
  #40702840400020008293 with the Transaction Department of Sberbank of Russia,  

  Bank of New York, New York, acc. #8900057610

  

 

	
  For the Bank:                            

  	
   

  	
  For the Client:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

2

 

Signatures of the Parties

 

	
  For the Bank:

  	
   

  	
  For the Client:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  A.V. Bazarov  

  Vice President and Director of the Key
  Accounts Department, Sberbank of Russia OJSC  

  	
   

  	
  M.V. Shamolin  

  President, Mobile
  TeleSystems OJSC  

  
	
   

  	
   

  	
   

  
	
  Seal here

  	
   

  	
  Seal here  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  I.R. Borisenkova  

  Chief Accountant, Mobile
  TeleSystems OJSC  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Seal here

  

 

	
  For the Bank:

  	
   

  	
  For the Client:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

3

 

Amendment Agreement No. 1

to Non-Revolving Credit Facility Agreement
Agreement No. 9662 dated August 28, 2009

 

	
  City of Moscow

  	
   

  	
  September     , 2009

  

 

Joint Stock Commercial Savings Bank of the Russian
Federation (Open Joint Stock Company), hereinafter referred to as the “Lender”,
represented by Mr. Alexander Vladimirovich Bazarov, Vice-President and
Director of the Major Clients Department, acting on the basis of the Charter
and Power of Attorney No. 01-1/480 dated June 15, 2009, as one party,
and Mobile TeleSystems Open Joint Stock Company, hereinafter referred to as the
“Borrower”, represented by Mr. Mikhail Valerievich Shamolin, its
President, acting on the basis of the Charter, as the other party, hereinafter
collectively referred to as the “Parties” and individually the “Party” have
made this Amendment Agreement No. 1 (hereinafter, “Amendment Agreement”)
to Non-Revolving Credit Facility Agreement No. 9662 dated August 28,
2009 (hereinafter, the “Loan Agreement”) as follows:

 

1. To amend Clause 2.3.1 of
the Loan Agreement as follows:

 

“2.3.1. Provision to the Lender
of documents in form satisfactory to the Lender, confirming the intended use of
the facility, and/or any documents containing the relevant information on the
principal proposed applications of the facility proceeds.

 

The documents confirming the
intended use of the facility shall be deemed satisfactory to the Lender, unless
the Lender informs the Borrower otherwise in writing within Five (5) business
days from the date of submission by the Borrower of such documents.”

 

2. To amend Clause 5.1.6 (c) of
the Loan Agreement as follows:

 

“c) the Borrower uses the
facility other than in accordance with its designated purpose;”

 

3. To amend Clause 5.1.6 (g) of
the Loan Agreement as follows:

 

“g) a claim or claims have been
filed against the Borrower seeking payment of a cash amount or recovery of
assets the amount of which exceeds in the aggregate Thirty Million US Dollars
(US$30,000,000) or an equivalent thereof in the currency of the Russian
Federation at the rate of the Bank of Russia as of the date the claims were
filed, or in another currency recalculated into US Dollars through the currency
exchange rates to the Russian Rubles established by the Bank of Russia as of
the date the claims were filed (provided that the amount of at least one of
such claims exceeds Five Million US Dollars (US$5,000,000) or an equivalent
thereof in the currency of the Russian Federation at the rate of the Bank of
Russia as of the date such claim was filed, or an equivalent amount in any
other currency recalculated into US Dollars through the currency exchange rates
to the Russian Rubles established by the Bank of Russia as of the date the
claim was filed) and the judgment to grant such claim(s) entered into
legal force;”

 

4. To amend Clause 5.1.6 (h) of
the Loan Agreement as follows:

 

“h) a decision is made on
reorganization (other than reorganization in the form of a merger of
subsidiaries into the Borrower), liquidation or reduction of the charter
capital of the Borrower without prior consent of the Lender;”

 

5. To amend Clause 5.2.2 of
the Loan Agreement as follows:

 

“5.2.2. fully or partially
prepay the outstanding facility before the maturity dates set forth in Clause
2.11. hereof, and pay the interest, all fees hereunder and penalties accrued as
of the prepayment date by giving a written notice to the Lender at least Five (5)
business days before the prepayment date of the facility (or a portion thereof)
(inclusive).  The date of receipt of the
notice by the Lender shall be not be included in the notice period.

 

The Borrower shall notify the
Lender of its intention to prepay the facility (or a portion thereof) as
provided for in Clause 9.3. hereof and such notice shall specify the amount and
the date of such prepayment.

 

In the event of a prepayment of
the facility (or a portion thereof) without a prior written notice to the
Lender or notice to the Lender given less than Five (5) business days
prior to the prepayment date of the facility (or a portion thereof) the
Borrower shall pay to the Lender a prepayment fee for prepayment of the
facility (or a portion thereof) in the amount of Three percent (3%) of the
amount so prepaid.

 

The prepayment fee for
prepayment of the facility (or a portion thereof) shall be paid by the Borrower
simultaneously with the prepayment hereunder.”

 

6. To
amend Clause 6.2.6 of the Loan Agreement as follows:

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

 

“6.2.6. In case of
reorganization (other than reorganization in form of the subsidiaries’ merger
into to the Borrower) or liquidation, reduction of the charter capital, to
inform the Lender accordingly, at least Ten (10) business days prior to
any of the abovementioned events, and upon the Lender’s demand, to repay the
facility irrespective of the due date specified in the Agreement, to pay the
interest due, the commitment fee, and other payments as provided by the
Agreement.”

 

7. To
amend Clause 6.2.8 of the Loan Agreement as follows:

 

“6.2.8.
Beginning from January 1, 2010 and up to the date of full repayment of the
facility, specified in Clause 1.1 hereof, to ensure that Ukrainian Mobile
Communications CJSC (Registered address: 15 Leipzig Str., Kiev, 01015,
Ukraine, EGRPOU (enterprise identification code) 14333937) maintain the credit
turnover on all accounts opened with the Subsidiary Bank of Sberbank of Russia OJSC
(Registered address: 46 Vladimirskaya Street, Kiev, 01034 Ukraine,
hereinafter the “Subsidiary Bank”) and specified in Annex 2 hereto, in the
amount of no less than Five Hundred Million (UAH 500,000,000) hryvnas in each
calendar quarter, however, no loans, issue proceeds, conversions of own funds,
or transfers of the same, no borrowings or repayments of the loans extended
shall be taken into account in the abovementioned overall amount.

 

Quarterly
credit turnover in foreign currencies on current currency accounts shall be
converted into hryvnas at the average exchange rate of the relevant currency as
quoted by the National Bank of Ukraine. 
The average exchange rate is calculated as the simple average of
exchange rates of foreign currencies to hryvna quoted by the National Bank of
Ukraine, in a given calendar quarter.

 

For
the purposes of Clause 6.2.8 hereof the Borrower shall provide to the Lender
properly certified bank statements of all the settlement and currency accounts
of the Borrower opened with the Subsidiary Bank and specified in Annex 2
hereto, for each full calendar quarter within Twenty (20) business days from
the last day of the calendar quarter.

 

Failure
to provide the abovementioned information within the timing set forth herein
shall constitute a default to maintain the credit turnover on the accounts,
referred to in the first paragraph of this clause.”

 

8. To add Article 6 of the
Loan Agreement with Clause 6.2.11 as follows:

 

“6.2.11. In case of use
of the facility proceeds in accordance with the information on proposed
principal applications of the facility proceeds, provided to the Lender under
Clause 2.3.1 hereof, to provide to the Lender not later than December 31,
2009, any relevant documents in form satisfactory to the Lender, including agreements,
contracts, invoices, payment documents and/or other documents as demanded by
the Lender, confirming the intended use of the facility.

 

The documents provided by
the Borrower and confirming the intended use of the facility shall be deemed
satisfactory to the Lender, unless the Lender informs the Borrower otherwise in
writing within Ten (10) business days from the date of submission by the
Borrower of the documents referred to in this clause.”

 

9. To
amend Clause 7.3 of the Loan Agreement as follows:

 

“7.3.
The ratio of OIBDA to the value of the Income Expenses determined for the given
Reporting Period, shall not exceed five (5) during the whole term hereof.

 

The
following term shall be used herein for the abovementioned purposes:

 

“Interest
Expenses” shall mean in respect of each Reporting Period, the aggregate
expenses to pay any interest, commissions and other financial charges
(irrespective of whether they have been paid, are due or to be capitalized)
accrued as payable by MTS Group of Companies in the relevant Reporting Period,
reduced by the interest income of the MTS Group of Companies in such Reporting
Period, payable in cash, determined on the basis of the Financial Statements
and multiplied by two (2).

 

The
value of the Interest Expenses will be calculated on the basis of the Financial
Statements of the MTS Group of Companies and will be denominated in US Dollars.”

 

10.                                 All other clauses and terms of the Loan Agreement not
amended by this Amendment Agreement shall remain in force.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

2

 

11.                                 The Amendment Agreement becomes effective from the
date of its execution and constitutes an integral part of the Loan Agreement.

 

12.                                 The Amendment Agreement is made in 2 counterparts having
equal legal force: one counterpart shall be kept by the Lender, the other — by
the Borrower.

 

Addresses and Bank Account Details of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial
  Savings Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Mobile TeleSystems Open
  Joint Stock Company

  
	
   

  	
   

  	
   

  
	
  Registered/mailing
  address:  

  19 Vavilov Str., Moscow
  117997, Russian Federation  

  Tel: (495) 957 57 75,
  fax: (495) 957 55 61  

  Account details for
  payments in rubles: corr. acc. # 30101810400000000225 maintained by Sberbank
  of Russia with the Transaction Department of the Moscow Principal Territorial
  Branch of the Bank of Russia, BIC 044525225, INN 7707083893

  Account details for
  payments in foreign currencies: #30301840800001000014 with Sberbank of
  Russia, Moscow Bank of New York: New York, NY, SWIFT IRVT US 3N, acc.
  #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered/mailing
  address:  

  4 Marksistskaya Str.,
  Moscow 109147, Russian Federation  

  Tel: (495) 223 21 64,
  fax: (495) 223 21 68  

  INN 7740000076, OGRN
  1027700149124,  

  KPP 770901001, OKPO
  52686811  

  Account details for
  payments in rubles:  

  s/a.
  #40702810100020008293 with the Transaction Department of Sberbank of Russia,  

  corr. acc.
  #30101810400000000225 maintained by Sberbank of Russia with the Transaction
  Department of the Moscow Principal Territorial Branch of the Bank of Russia,  

  BIC 044525225,  

  Account details for
  payments in foreign currencies:  

  Curr. foreign-currency
  acc. #40702840400020008293 with the Transaction Department of Sberbank of
  Russia,  

  Bank of New York, New
  York, acc. #8900057610

  

 

Signatures of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Vice-President - Head of the
  Major Clients Department of Sberbank of Russia OJSC

  	
   

  	
  President of Mobile TeleSystems
  OJSC

  
	
   

  	
   

  	
   

  
	
   

  	
   A.V. Bazarov

  	
   

  	
   

  	
   M.V. Shamolin

  
	
   

  	
   

  	
   

  
	
  Seal here

  	
   

  	
  Seal here

  
					

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Borrower

  

 

3Exhibit 4.6

 

[THE BANK LOGO]

Founded in 1848

 

THE JOINT STOCK COMMERCIAL

SAVINGS BANK OF THE RUSSIAN FEDERATION

(OPEN JOINT STOCK COMPANY)

 

Non-Revolving Credit Facility

AGREEMENT No. 9463

 

	
  City of Moscow

  	
   

  	
  08 June 2007

  

 

The Joint Stock Commercial
Savings Bank of the Russian Federation (Open Joint Stock Company), also known
as “Sberbank of Russia”, hereinafter referred to as the “Lender”, represented
by Ms Alla Konstantinovna Aleshkina, First Deputy Chairman of the Board, who is
acting pursuant to its Charter and Power of Attorney No. 01-1/501, dated
28 July 2009, on the one part, and OAO “COMSTAR — Integrated TeleSystems”,
hereinafter referred to as the “Borrower”, represented by Mr. Nikolai
Vladimirovich Tokarev, Acting President, who is acting pursuant to its Charter
and OAO “COMSTAR — Integrated TeleSystems” Board of Directors Decision No. 26-07/108,
dated 16 May 2007, on the other part, hereinafter collectively referred to
as the “Parties”, made this agreement, hereinafter referred to as the
Agreement, on the following:

 

Article 1. Scope of the
Agreement

 

1.1                     The
Lender agrees to open for the Borrower a non-revolving Credit Facility with a
limit of Twenty-six Billion Rubles (RUR 26,000,000,000) to finance the Borrower’s
costs of communications network development, including the previous cost
refinancing, and for repayment of its current liabilities, for the period
ending on 07 June 2012, at
an annual interest rate of seven point six per cent (7.6%), and the Borrower
agrees to repay the obtained loan to the Lender and to pay the interest on the
loan at the time and under the terms of this Agreement.

 

Article 2. Terms of the Loan Extended

 

2.1                     The
Lender will open for the Borrower credit account No. 45208810000140029463.

 

2.2                     The
Borrower shall pay a Credit Facility set-up fee in the amount of to zero point
fifteen per cent (0.15%) of the Credit Facility limit as specified in Section 1.1
of this Agreement, which equals to Thirty-nine Million Rubles (RUR 39,000,000).
This amount shall be transferred by the Borrower to the Lender as a lump sum
within eight (8) business days of the signature date of this Agreement.

 

2.3                     The
loan shall be extended to the Borrower after:

 

2.3.1            The
documents confirming the loan purpose (agreements, contracts, invoices, payment
documents and/or other documents) are submitted to the Lender in the form
satisfying the Lender.

 

2.3.2            Addenda
to bank account agreements, entitling the Lender to direct debiting the
Borrower’s transaction and current foreign currency accounts No. 40702810300000001500,
No. 40702810100000000057, No. 40702840600000001500, and No. 40702978000000000057
held in the Moscow Bank for Reconstruction and Development, Joint Stock
Commercial Bank (Open Joint Stock Company), transaction accounts No. 40702810738000110285,
No. 40702810138360105954 and current foreign currency account No. 40702840038000110285
held in the Sberbank of Russia Central Office No. 8641, are concluded and
submitted to the Lender.

 

2.3.3            The
Credit Facility set-up fee specified in Section 2.2 of this Agreement is
paid.

 

2.3.4            A
share pledge agreement is made and the pledge of shares specified in Section 6.2.4.2
of this Agreement is executed in accordance with the applicable laws of the
Russian Federation and 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

 

Non-revolving
Line of Credit Agreement No. 9463, dated 08 June 2007

 

statements of the
pledger’s account held in the Savings Bank of Russia Depository (located at 19
Vavilov St., Moscow, 117997, Russian Federation) confirming the pledge of
shares are submitted.

 

2.3.5            A
share pledge agreement is made and the pledge of shares specified in Section 6.2.4.3
of this Agreement is executed in accordance with the applicable laws of the
Russian Federation and statements of the pledger’s account held in the Savings
Bank of Russia Depository (located at 19 Vavilov St., Moscow, 117997, Russian
Federation) confirming the pledge of shares are submitted.

 

2.3.6            A
suretyship agreement is made, as well as addenda to bank account agreements,
entitling the Lender to direct debiting in accordance with Section 6.2.4.1
of this Agreement are concluded and submitted to the Lender.

 

2.3.7            A
suretyship agreement is made, as well as addenda to bank account agreements,
entitling the Lender to direct debiting in accordance with Section 6.2.4.4
of this Agreement are concluded and submitted to the Lender.

 

2.3.8            The
documentation in accordance with Section 6.2.13 of this Agreement is
submitted to the Lender in the form satisfying the Lender.

 

2.4                     The
loan shall be drawn down by transfer of loan funds to the Borrower’s
transaction account No. 40702810738000110285 in the Savings Bank of Russia
Central Office No. 8641 under payment orders to be issued by the Borrower.

 

The transfer of loan funds shall be made if
there is no past due debt under this Agreement and under all other credit
agreements (including any non-revolving Credit Facility agreements), which are
made (or can be made) between the Lender and the Borrower.

 

2.5                     The
Borrower shall pay the Lender a drawdown fee at an annual interest rate of
seven point six per cent (7.6%).

 

2.6                     The
interest shall be payable for the period during which the loan has been
actually drawn down on a quarterly basis, on the 27th day of the third month of each calendar
quarter and on the last repayment date on 07
June 2012.

 

2.7                     Any
loan funds shall be extended within the available credit limit in accordance
with the following schedule:

 

	
  Tranche

  No.

  	
   

  	
  Drawdown Period

  	
   

  	
  Amount (in words), Rubles

  
	
  1

  	
   

  	
  From 08
  June 2007 to 30 June 2007

  	
   

  	
  Seventeen Billion Five Hundred Fifty Million
  (17,550,000,000)

  
	
  2

  	
   

  	
  From 08
  June 2007 to 31 December 2007

  	
   

  	
  Two Billion Four Hundred Fifty Million
  (2,450,000,000)

  
	
  3

  	
   

  	
  From 08
  June 2007 to 30 June 2008

  	
   

  	
  Six Billion (6,000,000,000)

  

 

Repayment of any loan funds shall not increase
the available credit limit.

 

Any open tranche funds shall be extended after
all previous tranches opened under this Agreement are fully utilized.

 

Any funds of the first tranche shall be
extended after fulfillment of the terms specified in Sections 2.3.1 – 2.3.4 of
this Agreement.

 

Any funds of the second tranche shall be
extended after fulfillment of the terms specified in Sections 2.3.1 – 2.3.7 of
this Agreement.

 

Any funds of the third tranche shall be
extended after fulfillment of the terms specified in Sections 2.3.1 – 2.3.8 of
this Agreement.

 

2.8                     The
Borrower shall pay the Lender a drawdown fee at an annual interest rate of zero
per cent (0%). Such drawdown fee shall be accrued on the undrawn funds of each
tranche for the period from the drawdown start date of such a tranche
(excluding that date) as specified by Section 2.7 of this Agreement
through the drawdown end date of such a tranche as specified by Section 2.7
of this Agreement.

 

2.9                     The
drawdown fee shall be payable on
                        
of the third month of each calendar quarter and on the end date of the credit
resource availability period on
                          .

 

2.10               The
Borrower shall have the right to use the loan funds after the drawdown dates
specified in Section 2.7 of this Agreement, but no later than the date
specified in Section 2.12 of this Agreement.

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

2

 

For granting such a right, the Borrower shall
pay the Lender a credit resource reservation fee at an annual interest rate of
zero point twenty-five per cent (0.25%) of the amount of tranche undrawn by the
due date for the period from the drawdown end date of such a tranche (excluding
that date) as specified by Section 2.7 of this Agreement through the date
when the tranche has been actually drawn down.

 

2.11               The
credit resource reservation fee shall be payable by the Borrower on a quarterly
basis, on the 27th day of the third month of each calendar
quarter and on the end date of the credit resource availability period on 31 December 2008.

 

2.12               The
loan shall be drawn down by 31 December 2008. Should the Borrower not
fully utilize the Credit Facility by 31 December 2008, any available
credit limit shall be cancelled.

 

2.13               The
loan shall be repayable in accordance with the following schedule:

 

	
   

  	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of
  the outstanding

  debt as of the end date of the availability period

  (31 December 2008)

  
	
   

  	
  1

  	
   

  	
  27 September 2009

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  2

  	
   

  	
  27 December 2009

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  3

  	
   

  	
  27 March 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  4

  	
   

  	
  27 June 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  5

  	
   

  	
  27 September 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  6

  	
   

  	
  27 December 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  7

  	
   

  	
  27 March 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  8

  	
   

  	
  27 June 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  9

  	
   

  	
  27 September 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  10

  	
   

  	
  27 December 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  11

  	
   

  	
  27 March 2012

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  12

  	
   

  	
  07
  June 2012

  	
   

  	
  One twelfth (1/12)

  

 

Article 3. Liability of the Parties

 

3.1                     The
Parties shall be held liable under the applicable laws of the Russian
Federation for non-fulfillment or improper fulfillment of any of their
respective obligations hereunder.

 

3.2                     Should
the Borrower delay in transfer any payment to repay the loan or pay any
interest, drawdown fee, Credit Facility set-up fee, or credit resource
reservation fee, the Borrower shall pay the Lender a penalty in the amount of
one point five (1.5) times the Bank of Russia annual refinancing rate to be
applied to the amount of the overdue payment for each day of such delay for the
period from the date when the past due debt emerges (excluding that date)
through the date when such past due debt is repaid in full.

 

Article 4. Payments Terms

 

4.1                     The
repayment of loan, payments of interest and any other fees under this Agreement
shall be made by the Borrower’s payment orders to be issued from its
transaction account No. 40702810738000110285 held in the Savings Bank of
Russia Central Office No. 8641, as well as from other Borrower’s accounts.

 

In such payment orders, the loan principal
amount, any amounts of interest, Credit Facility set-up fee, drawdown fee,
credit resource reservation fee, compensation for early repayment of loan and
penalties shall be listed separately.

 

4.2                     Loan
origination date shall be the Borrower’s credit account No. 45208810000140029463
draw down date.

 

4.3                     Loan
repayment, interest payment, penalty payment, Credit Facility set-up fee,
drawdown fee, credit resource reservation fee or other payment dates shall be
the dates when the Borrower’s 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

3

 

transaction account
held with the Lender is debited or the date when funds are credited to the
Lender’s correspondent account, if such payments are made from accounts held in
other banks.

 

4.4                     Loan interest accrual period shall start from the date when a debt on the
credit account emerges (excluding that date) and shall end on the date when the
debt is repaid (inclusive), and in case of delay in making any payment to repay
the debt (late payment), the loan repayment date as set by this Agreement
(inclusive). In addition, if the loan repayment date falls on a non-business
day, then, in case of delay in making any payment to repay the debt (late
payment), such loan interest accrual period shall end on the first business day
(including that day) following the non-business day, on which the loan
repayment date falls.

 

Drawdown fee shall be charged in accordance
with Section 2.8 of this Agreement.

 

Credit resource reservation fee shall be
charged in accordance with Section 2.10 of this Agreement.

 

Credit Facility set-up fee shall be charged in
accordance with Section 2.2 of this Agreement.

 

Compensation for early repayment of loan shall
be charged in accordance with Section 5.2.2 of this Agreement.

 

4.5                     When
calculating amounts of interest, Credit Facility set-up fee, drawdown fee,
credit resource reservation fee, and penalties, the actual number of calendar
days in a month and a year shall be used.

 

4.6                     Any
funds received to repay the debt under this Agreement, including those directly
debited on the Borrower’s accounts and transferred by third parties, including
any guarantors, shall be applied, as a first priority, irrespective of the
purpose of payment stated in the relevant payment order, to cover any legal or
other costs as may be incurred by the Lender to collect debt, and afterwards shall
be applied in the following order of priority:

 

1)                          to pay penalties for failure to timely fulfill obligations under this
Agreement (excluding the penalty payable under Section 9.2 of this
Agreement);

 

2)                          to pay Credit Facility set-up fee past due;

 

3)                          to pay drawdown past due;

 

4)                          to pay credit resource reservation fee past due;

 

5)                          to pay interest past due;

 

6)                          to pay credit resource reservation fee due;

 

7)                          to pay drawdown fee due;

 

8)                          to pay interest due;

 

9)                          to repay loan debt past due;

 

10)                    to pay compensation for early repayment of loan;

 

11)                    to repay loan debt due;

 

12)                    to pay penalty payable under Section 9.2 of this Agreement.

 

4.7                     Payments
made by the Borrower to early repay the loan shall be counted towards the
closest by time payments to repay the loan specified in Section 2.13 of
this Agreement, in accordance with the order of priority set in Section 4.6
hereunder.

 

Article 3.
Rights of the Parties

 

5.1                     The
Lender may:

 

5.1.1            Unilaterally
increase the interest rate under this Agreement, upon notice to the Borrower of
such increase, but without the need to execute any addendum to this Agreement,
if any of the following should occur:

 

(a)          any
decision made by the Bank of Russia to increase its requirement criteria for
obligatory reserves of credit organizations deposited in the Bank of Russia,
for more than ten per cent (10%) of the values set as of the date of this
Agreement or as of the date when the last change in interest rate became
effective, made in accordance with this Section, both one time and
cumulatively;

 

(b)         any
decision made by the Bank of Russia to increase its discount (refinancing) rate
for more than ten per cent (10%) of the values set as of the date of this
Agreement or as of the date 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

4

 

when the last change in interest rate became
effective, made in accordance with this Section, both one time and
cumulatively;

 

(c)          any
decision made by the Government of the Russian Federation, its agencies, or by
the Bank of Russia, substantially changing positions of the Parties under this
Agreement.

 

In this case, such unilaterally increased
interest rate may not exceed the Lender’s maximum interest rate on two (2) year
fixed-term deposits for individuals (or should the types of deposits change,
with respect to those in effect as of the signature date of this Agreement, for
a term of two (2) years or more), the interest increased by one point two
(1.5) times.

 

If the Lender unilaterally
increases the interest rate, such increase shall become effective sixty (60)
calendar days after the date when the corresponding notice was given to the
Borrower, unless a later effective date is stated in such notice.

 

The Lender shall notify the Borrower of any
such change to this Agreement in accordance with the procedure established by Section 9.3
hereunder.

 

5.1.2          Unilaterally
decrease the interest rate under this Agreement, including, but not limited to,
providing any decision made by the Bank of Russia to decrease its discount
(refinancing) rate, upon notice to the Borrower of such decrease, but without
the need to execute any addendum to this Agreement. If the Lender unilaterally
decreases the interest rate, such decrease shall become effective thirty (30)
calendar days after the date when the corresponding notice was given to the
Borrower, unless a different effective date is stated in such notice.

 

The Lender may unilaterally decrease amount of
any penalty and/or set a period of time when such a penalty is not collected,
upon notice to the Borrower of such a change, but without the need to execute
any addendum to this Agreement.

 

The decreased amount of penalty and/or the
period of time when the penalty is not collected shall become effective thirty
(30) calendar days after the date when the corresponding notice was given to
the Borrower, unless a different effective date is stated in such a notice.

 

The Lender shall notify the Borrower of any
such change to this Agreement in accordance with the procedure established by Section 9.3
hereunder.

 

5.1.3            Request
from the Borrower to submit any information and documents confirming the
authorized use of loan.

 

5.1.4            If
there is a past due debt on the loan and/or interest or other payments under
this Agreement, directly debit, as funds become available, the Borrower’s
accounts (including any accounts held in the Lender’s branches and other banks)
towards any past due payments and penalties.

 

The Lender shall notify the Borrower in writing
of any such direct debit in accordance with the procedure established by Section 9.3
of this Agreement.

 

5.1.5            If
the Borrower’s transaction accounts held with the Lender have insufficient
funds to repay any past due debt under this Agreement, sell foreign currency
from the Borrower’s current foreign currency accounts opened with the Lender
and other banks, at the exchange rate and under the terms set by the Lender and
other banks for foreign exchange transactions as of the date of such a
transaction, and credit the proceeds to the Borrowers transaction accounts held
with the Lender and other banks.

 

The Lender shall notify the Borrower in writing
of any such foreign currency sale in accordance with the procedure established
by Section 9.3 of this Agreement.

 

5.1.6            Cease
disbursement of the loan and/or demand from the Borrower to early repay the
entire amount of loan and pay interest due for its utilization, Credit Facility
set-up fee, drawdown fee, credit resource reservation fee, any penalties and
make other payments due under this Agreement, and the Lender may extend the
similar demands to the Guarantors, as well as recover the pledged property in
case of:

 

(a)                      non-fulfillment or improper fulfillment by the Borrower of any of its
obligations under this Agreement to repay the loan and/or to pay interest due,
and/or Credit Facility set-up fee, and/or drawdown fee, and/or credit resource
reservation fee, if such non-fulfillment or improper fulfillment continues for
a period of more than five (5) calendar days;

 

(b)                     non-fulfillment or improper fulfillment by the Borrower of any of its
obligations under other credit agreements (including any non-revolving Credit Facility
agreements), which are made (or can be made during the term of this Agreement)
between the Borrower and 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

5

 

the
Lender, resulting in demand to the Borrower to early repay the loan amount and
to make other payments due under such agreements;

 

(c)                      loss of security or deterioration of its conditions under circumstances
beyond the Lender’s control, subject to the terms set forth in Section 6.2.11
of this Agreement;

 

(d)                     unauthorized use of the loan;

 

(e)                      non-fulfillment by the Borrower of its obligations to submit reports as
specified in Sections 6.2.5, 6.2.7 of this Agreement, if such violation has not
been rectified within ten (10) days of the date the Lender’s written
demand thereof was received;

 

(f)                        a statement made by arbitration court adjudging the Borrower insolvent
(bankrupt) in accordance with the procedure established by law;

 

(g)                     a claim(s) was (were) made against the Borrower to pay money or to
reclaim any property for the aggregate amount of Fifteen Million US Dollars
(USED 15,000,000) or more, or an equivalent amount in the currency of the
Russian Federation at the exchange rate of the Bank of Russia on the day such a
claim was made, or an equivalent amount in any other currency translated into
US Dollars using the exchange rates to the Russian Federation Rubles as set by
the Bank of Russia on the day the claim was made, and such a claim(s) has
(have) been granted by a court of first instance;

 

(h)                     a decision on reorganization, liquidation or downsizing of the Borrower’s
authorized capital without written endorsement by the Lender;

 

(i)                         declaring the Borrower insolvent (bankrupt) in accordance with the
procedure established by law;

 

(j)                         non-fulfillment by the Borrower of its obligations as specified in Sections
6.2.4.1, 6.2.4.4 of this Agreement;

 

(k)                      non-fulfillment by the Borrower of its obligations as specified in Sections
6.2.4.2, 6.2.4.3 of this Agreement, to maintain its interest in pledged
securities of OAO “Svyazinvest”;

 

(l)                         non-fulfillment by the Borrower of its obligations as specified in Section 6.2.8
of this Agreement;

 

(m)                   non-fulfillment by the Borrower of its obligations as specified in Section 6.2.10
of this Agreement;

 

(n)                     non-fulfillment by the Borrower of its obligations as specified in Section 6.2.12
of this Agreement;

 

(o)                     non-fulfillment by the Borrower of its obligations as specified in Section 6.2.14
of this Agreement;

 

(p)                     non-fulfillment by the Borrower of its obligations as specified in Section 7.2
of this Agreement;

 

(q)                     non-fulfillment by the Borrower of its obligations as specified in Sections
6.2.15 and 6.2.16 of this Agreement.

 

The above violations of the Agreement terms and
changes in circumstances shall be material for the Lender.

 

In addition, the Lender shall notify the Borrower
of its demands in accordance with the procedure established by Section 9.3
of this Agreement.

 

5.1.7            Unilaterally
close any available credit limit under this Agreement, in case the loan
disbursement has been ceased on the grounds specified in Section 5.1.6
above, of which the Lender shall notify the Borrower in accordance with the
procedure established by Section 9.3 hereunder.

 

5.1.8            Cancel
its obligation to extend the loan in full or in part, if circumstances exist,
which apparently indicate that the amount of debt will not be repaid by the
Borrower in due time under this Agreement.

 

5.1.9            Validate
in a convenient to the Lender way the business and financial activities
accounting data reported by the Borrower for accuracy and request other data relevant
to the loan funds utilization.

 

5.1.10 The Lender may, upon the Borrower’s
request made no later than sixty (60) calendar days before the loan repayment
date, extend the loan repayment period.

 

5.2                     The
Borrower may:

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

6

 

5.2.1    Upon
increase of the interest rate by the Lender in accordance with Section 5.1.1
of this Agreement, repay any part or the entire amount of loan along with
paying interest, penalties and other fees accrued by the repayment date, under
the old terms, within sixty (60) calendar days of the date the written notice
of a change in loan terms was given by the Lender to the Borrower.

 

In doing so, the Borrower shall not pay the
compensation specified in Section 5.2.2 hereunder.

 

5.2.2    Early
repay in full or in part any amounts of the drawn down loan before the dates
specified in Section 2.13 of this Agreement along with payment of
interest, all fees under this Agreement, as well as any penalties assessed by
the repayment date, upon giving prior written notice to the Lender at least
thirty (30) days before the loan or any part thereof repayment date
(inclusive).

 

The Borrower shall notify the Lender of its
intent to early repay the loan in accordance with the procedure established by Section 9.3
of this Agreement, indicating the amount and date of such early repayment.

 

In this case, the repayment of loan debt shall
be done in chronological order starting with the debt, which would have been
repaid on the date specified in Section 2.13 of this Agreement closest to
the early repayment date.

 

In case of early repayment of loan without a
prior written notice to the Lender or with a notice given to the Lender less
than thirty (30) days before the loan or any part thereof repayment date, the
Borrower shall pay to the Lender compensation for early repayment of loan in
the amount of zero point one per cent (0.1%) of the amount of loan being early
repaid.

 

Such compensation for early repayment of loan
shall be paid by the Borrower at the time the early repayment of the debt under
this Agreement is made.

 

Compensation for early repayment of loan shall
not be collected, if the early repayments of loan funds are made less than five
(5) calendar days before the scheduled repayment date of the corresponding
amount of loan as specified in Section 2.13 of this Agreement (inclusive)
and/or in case of the Lender’s written consent for such early repayment of loan
given to the Borrower in accordance with the procedure established by Section 9.3
hereunder.

 

5.2.3    If
there is a need to extend the loan repayment period, send the corresponding
request to the Lender no later than sixty (60) calendar days before the loan
repayment date.

 

Article 6. Obligations of the
Parties

 

6.1       The Lender shall be obligated as follows:

 

6.1.1    The Lender shall, subject to the provisions
of Sections 2.3, 2.4 and 2.7 of this Agreement and provided that at the time of
the loan disbursement no conditions exist, under which the Lender may cease the
loan disbursement and demand to early repay the loan, transfer of the loan
funds within the available credit limit to the Borrower’s transaction account
under payment orders to be issued by the Borrower.

 

6.2       The Borrower shall be obligated as
follows:

 

6.2.1    The
Borrower shall, within five (5) days of the date when the Lender’s demand
for early repayment is received in accordance with Section 5.1.6 of this
Agreement, repay the principal amount of debt outstanding and pay any interest
on the loan, drawdown fee, credit resource reservation fee, as well as any
penalties assessed by the repayment date.

 

6.2.2    The
Borrower shall use the loan strictly in accordance with its authorized use as
specified in Article 1 of this Agreement.

 

6.2.3    The
Borrower shall submit to the Lender properly executed payment documents in
accordance with the authorized use of the loan.

 

6.2.4    The
Borrower shall ensure timely and complete fulfillment of its obligations under
this Agreement, including repayment of the loan, payment of interest, drawdown
fee, credit resource reservation fee:

 

6.2.4.1 The Borrower shall, within sixty (60)
days of the signature date of this Agreement, have the ZAO “COMSTAR-Direct”
(located at 27, bld. 2, Smolenskaya-Sennaya Sq., Moscow, 119121, Russian
Federation; OGRN [Primary State Registration Number]: 1027700288076) Guarantee
with liability limit of Four Billion Two Hundred Million Rubles (RUR
4,200,000,000) to be submitted and addenda to bank account agreements,
entitling the Lender to direct debiting the guarantor’s transaction 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

7

 

and current foreign currency accounts No. 40702810200000000795,
No. 40702810400000001552, No. 40702840500000000795, held in the
Moscow Bank for Reconstruction and Development, Joint Stock Commercial Bank
(Open Joint Stock Company), concluded and submitted by the guarantor to the
Lender.

 

6.2.4.2 
The Borrower shall pledge to the Lender ordinary shares of stock of OAO “Investitsionnya
Kompaniya Svyazi” (located at 55, bld. 2, Plyushchikha St., Moscow, 119121,
Russian Federation; OGRN: 1027739875998), hereinafter referred to as the OAO “Svyazinvest”,
with nominal value of One Ruble (RUR 1), in quantity of Three Billion Three
Hundred Seventy-eight Million One Hundred Seventy-three Thousand Seven Hundred
and Fifty (3,378,173,750) shares, which constitutes seventeen point 30769231
per cent (17.30769231%) of the OAO “Svyazinvest” authorized capital as of the
date of this Agreement. The pledge value shall be set in the amount of Seven
Hundred Twenty Million and One point 82 US Dollars (USED 720,000,001.82)
translated into Rubles at the exchange rate of the Bank of Russia as of the
date of the Property Pledge Agreement. The OAO “Svyazinvest” shares hereunder
pledged shall be posted on the Pledger’s deposit account, held in the Savings
Bank of Russia Depository (located at 19 Vavilov St., Moscow, 117997, Russian
Federation). The Pledger shall bear all costs related to the pledge
registration.

 

In the future, should any additional OAO “Svyazinvest”
shares be issued and placed with the public, the Borrower shall agree, within
ten (10) business days of the time of the share placement report
registration with competent government authorities, to ensure transfer to the
Lender such quantity of OAO “Svyazinvest” shares so that the OAO “Svyazinvest”
shares held by the Lender under pledge constitute, after such placement of
additional shares, no less than seventeen point 30769231 per cent
(17.30769231%) plus one share of the OAO “Svyazinvest” authorized capital, and
the ordinary shares held under pledge constitute no less than seventeen point
30769231 per cent (17.30769231%) of all ordinary shares of stock placed.

 

6.2.4.3 
The Borrower shall ensure that the OAO “Svyazinvest” ordinary shares of
stock with nominal value of One Ruble (RUR 1), in quantity of One Billion Five
Hundred One Million Four Hundred Ten Thousand Five Hundred and Fifty-six
(1,501,410,556) shares, which constitutes seven point 6923077 per cent
(7.6923077%) of the OAO “Svyazinvest” authorized capital as of the date of this
Agreement are pledged to the Lender by the owner of such shares. The pledge
value shall be set in the amount of Three Hundred Twenty Million point 90 US
Dollars (USED 320,000,000.90) translated into Rubles at the exchange rate of
the Bank of Russia as of the date of the Property Pledge Agreement. The OAO “Svyazinvest”
shares hereunder pledged shall be posted on the Pledger’s deposit account, held
in the Savings Bank of Russia Depository. The Pledger shall bear all costs
related to the pledge registration.

 

Should the Borrower ensure the pledge as
specified in the first paragraph of Section 6.4.2.3 hereunder, the total
quantity of OAO “Svyazinvest” shares pledged under Sections 6.2.4.2 and 6.2.4.3
of this Agreement should constitute no less than twenty five per cent (25%)
plus one share of the OAO “Svyazinvest” authorized capital, which as of the
date of this Agreement represents Four Billion Eight Hundred Seventy-nine
Million Five Hundred Eighty-four Thousand Three Hundred and Six (4,878,584,306)
shares.

 

In the future, should any additional OAO “Svyazinvest”
shares be issued and placed with the public, the Borrower shall agree, within
ten (10) business days of the time of the share placement report
registration with competent government authorities, to ensure transfer to the
Lender such quantity of OAO “Svyazinvest” shares so that the OAO “Svyazinvest”
shares held by the Lender under pledge constitute, after such placement of
additional shares, no less than twenty-five per cent (25%) plus one share of
the OAO “Svyazinvest” authorized capital, and the ordinary shares held under
pledge constitute no less than twenty-five per cent (25%) of all ordinary
shares of stock placed.

 

6.2.4.4 
The Borrower shall, within sixty (60) days of the signature date of this
Agreement, have the Moscow City Telephone Network, Open Joint Stock Company
(located at 12, bld. 3, Petrovsky Boulevard, Moscow, 127994, Russian
Federation; OGRN: 1027739285265) Guarantee with liability limit of Nine Hundred
Million Rubles (RUR 900,000,000) to be submitted and addenda to bank account
agreements, entitling the Lender to direct debiting the guarantor’s transaction
and current foreign currency accounts No. 40702810900000001900, No. 40702810300000000640,
No. 40702840600000000640, No. 40702978200000000640 held in the Moscow
Bank for Reconstruction 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

8

 

and Development, Joint Stock Commercial Bank (Open
Joint Stock Company) and transaction account No. 40702810800020106631 held
in the Transaction Department of Sberbank of Russia, concluded and submitted by
the guarantor to the Lender.

 

6.2.5    The
Borrower must submit to the Lender, on a quarterly basis, within ten (10) business
days following the ending date of the period set for submitting accounting
statements to tax authorities the following documentation:

 

·      full accounting statements using the forms
established by the Ministry of Finance of Russia and other ministries and
departments with a note indicating the method of submitting the document to the
Federal Tax Service of Russia, certified by the Borrower’s chief executive
officer and seal, with attached explanation note (for year-end accounts) and
audit report (or its summary) showing results of the year-end accounts audit as
required by the Russian Federation laws;

 

·      breakdowns of any accounts payable and
receivable, listing names of creditors, debtors, amounts outstanding and dates
when the debt emerged, with the tax liabilities, debts to extra-budgetary funds
highlighted, and indicating the debt status (past due/ due);

 

·      breakdowns of any short-term and long-term
financial investments;

 

·      breakdowns of any debts under long-term
and short-term credits and loans (including paper and bond ones), listing
creditors, amounts outstanding, dates when the loan was received and repaid,
interest rates (coupon yield), loan repayment and interest payment schedules,
amounts of interest past due, pledges;

 

·      statements of account turnover and
balances for transaction and current foreign currency, and of any claims on
accounts;

 

·      breakdowns of any pledges received and
made, with names of entities, in whose favor such pledges were issued, as well
as names of principals or entities, under whose obligations a pledge was made,
and dates when obligations under securities emerged and were fulfilled.

 

The Borrower must submit to the Lender, on a
quarterly basis, within ninety (90) calendar days of the calendar quarter
ending date, its consolidated statements (balance sheet, profit and loss
statement and cash flow statement) prepared in accordance with the generally
accepted in the USA accounting principles (US GAAP), and on an annual basis,
within one hundred eighty (180) calendar days of the calendar year ending date,
its year-end consolidated statements prepared in accordance with the generally
accepted in the USA accounting principles (US GAAP), with attached Notes to
consolidated statements and audit report showing results of the year-end
consolidated accounts audit.

 

If during the previous calendar quarter any
amendments were made in the Borrower’s statutory documents, the Borrower must
submit to the Lender, within the deadlines set for submitting accounting
statements to tax authorities, copies of such amendments in statutory
documents, notarized or certified by registration body in accordance with the
procedure established by law, and Certificate of record in the Uniform State
Register of Legal Entities about registration of amendments in constituent
documents, notarized or certified by registration body.

 

If during the previous calendar quarter any
changes occurred in executive and/or collegiate management body, the Borrower
must submit to the Lender, within the deadlines set for submitting accounting
statements to tax authorities, information on personal composition of the
collegiate and executive management bodies (Board of Directors / President)
(indicating the positions held, and in case of additional duties, other places
of job).

 

If during the previous calendar quarter any
changes occurred in the composition of shareholders owning twenty (20.0) or
more per cent of the Borrower’s shares, the Borrower must submit to the Lender,
within the deadlines set for submitting accounting statements to tax
authorities, information on personal composition of shareholders owning twenty
(20.0) or more per cent of the Borrower’s shares, including information on any
shareholders on whose behalf other persons act as stockholders of record.

 

In addition, the Borrower must submit any other
financial documents as may be requested by the Lender, within ten (10) days
of the date such a request was received.

 

6.2.6    In
case of any reorganization, liquidation or downsizing of the authorized
capital, the Borrower shall notify the Lender at least ten (10) business
days before any of such events occur and, upon the Lender’s demand, promptly
repay the principal amount of debt outstanding, irrespective of 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

9

 

its due date hereunder specified, and pay any interest
on the loan, drawdown fee, credit resource reservation fee, and make any other
payments under this Agreement.

 

6.2.7    The
Borrower must ensure that ZAO “COMSTAR-Direct” and OAO “Moscow City Telephone
Network”  submit their financial
statements listed in Section 6.2.5 of this Agreement, prepared in
accordance with the Russian accounting standards, on a quarterly basis, within
ten (10) business days following the ending date of the period set for
submitting accounting statements to tax authorities.

 

6.2.8    Starting
01 January 2008, the Borrower shall ensure posting of quarterly credit
turnovers (crediting of funds) in the amount of no less than Four Billion
Rubles (RUR 4,000,000,000) for each calendar quarter to transaction and current
foreign currency accounts, listed in Annex 1, which constitutes an integral
part of this Agreement, opened with the Lender by the Borrower and the
companies listed in Annex 1 (hereinafter referred to as the “Group of Companies”),
as well as to any new accounts opened by the Borrower and the Group of
Companies with the Lender during the term of this Agreement (provided they are
included in Annex 1). In so doing, in credit turnover calculations, no credit
turnovers reflecting raising loans, seigniorage revenues, equity capital
conversion, debt financing and attracting investments, as well as loan
repayments shall be included.

 

For the purposes of this Section of the
Agreement, the Borrower must submit (ensure submission of) to the Lender duly
certified bank statements containing data on the Borrower’s and Group of
Companies’ turnovers, excluding turnovers reflecting raising loans, seigniorage
revenues, equity capital conversion, debt financing and attracting investments,
as well as loan repayments, of all transaction and current foreign currency
accounts, listed in Annex 1, for each full calendar quarter within fifteen (15)
business days of the calendar quarter ending date.

 

Any quarterly credit turnovers in foreign
currencies on current accounts shall be translated into Rubles at an average
exchange rate of the Bank of Russia. In doing so, the average exchange rate
shall be determined as a mean value of exchange rates on the starting and
ending dates of the quarter, for which the quarterly credit turnovers are
calculated.

 

Quarterly credit turnovers on any new
transaction and/or current foreign currency accounts, opened with the Lender
(the Lender’s branches) by the Borrower and/or any of the businesses included
in the Group of Companies, shall be discounted by the Lender from the quarter,
in which addendum to Agreement on entering new account into Annex 1 was made.

 

If the Borrower fails to submit to the Lender,
within fifteen (15) business days of the calendar quarter ending date, bank
statements containing data on the Borrower’s and Group of Companies’ turnovers,
excluding turnovers reflecting raising loans, seigniorage revenues, equity
capital conversion, debt financing and attracting investments, as well as loan
repayments, on all transaction and current foreign currency accounts, listed in
Annex 1, the Lender itself shall determine such credit turnovers on the
accounts, listed in Annex 1, for the corresponding calendar quarter, provided
the Borrower fulfilled the provisions of Section 6.2.9 hereunder.

 

6.2.9    Before
31 December 2007, the Borrower shall have the Group of Companies to make
and submit to the Lender addenda to bank account agreements, providing for use
by the Lender of information on transactions and data on credit turnover
volumes on the accounts, opened with the Lender (the Lender’s branches) and
listed in Annex 1, for credit turnover calculations in accordance with Section 6.2.8
of this Agreement, including the right to disclose such information and data to
the Borrower.

 

6.2.10 During the term of this Agreement, the
Borrower shall ensure that ratio of the Borrower’s obligations under credits,
loans, leasing agreements, inventory credits and other obligations, on which
use-of-money interest is accrued (financial liability) to OIBDA (Operating
Income Before Depreciation and Amortization), as calculated based on the
Borrower’s consolidated statements, prepared in accordance with the generally
accepted in the USA accounting principles (US GAAP), does not exceed three
point five per cent (3.5%).

 

Furthermore, for the purposes of Section 6.2.10
hereunder, the OIBDA value calculated based on the consolidated statements for
three (3) months shall be adjusted to an annual basis by multiplying this
value by four (4).

 

The Borrower must submit to the Lender, within
ninety (90) calendar days of the calendar quarter ending date, statements of ratio
of the Borrower’s obligations to OIBDA, as calculated based 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

10

 

on the Borrower’s consolidated statements, prepared in
accordance with the generally accepted in the USA accounting principles (US
GAAP), in the form agreed with the Lender, as of the first (1) day of the
first month of the corresponding calendar quarter.

 

In case the ratio of the Borrower’s obligations
to OIBDA, as calculated based on the Borrower’s consolidated statements,
prepared in accordance with the generally accepted in the USA accounting
principles (US GAAP), exceeds three point five per cent (3.5%) or if the
Borrower fails to submit such a statement of ratio of the Borrower’s
obligations to OIBDA in due time as specified in Section 6.2.10 of this
Agreement, then the Borrower’s obligations to ensure such a ratio shall be
deemed unfulfilled.

 

6.2.11 Upon request of the Lender, the Borrower
shall replace any properties pledged under Sections 6.2.4.2 – 6.2.4.3 of this
Agreement with any property of equal value and acceptable for the Lender,
within sixty (60) calendar days of the date the Lender’s written request to
replace such pledged property was received by the Borrower, in the following
cases:

 

·                  the  pledged property is lost through
no fault of the Lender;

 

·                  title to the pledged property is terminated for any ground provided for by
law.

 

6.2.12 The Borrower shall ensure that, from the
signature date of this Agreement and throughout its term, that the Borrower’s
shareholders fulfill the following condition: “Sistema” Joint Stock Financial
Corporation, Open Joint Stock Company interest in the Borrower’s voting shares
must be maintained at a level of fifty per cent (50%) or higher plus one share
of the total number of the Borrower’s voting shares.

 

6.12.13 Before 31 December 2007, the
Borrower shall submit to the Lender satisfactory documentation on approval of
the authorized use of the third tranche funds by the Borrower’s management
bodies.

 

6.2.14 The Borrower must maintain, from the
signature date of this Agreement and throughout its term, the Borrower’s
interest in the OAO “Moscow City Telephone Network” voting shares at a level of
fifty per cent (50%) or higher plus one share of the total number of the OAO “Moscow
City Telephone Network”  voting shares.

 

6.2.15 In case a claim(s), specified in Section 5.1.6
(g) of this Agreement was (were) made against the Borrower, the latter
shall, within five (5) business days, notify the Lender of such a claim
and provide an opportunity to review (on a confidential basis) all documents
relevant to the subject-matter of the claim(s) and available to the
Borrower and, upon the Lender’s request, within five (5) business days of
the date the Lender’s request to grant power of attorney, shall grant such
power of attorney to the person, specified by the Lender, to attend court
sessions and review materials of the case being heard by the court, including
to make notes and take copies of the case materials, participate in
investigation of evidence, but without the right to act on behalf of the
Borrower (in particular, without the right to file counterclaims, admit the
claim or settle amicably).

 

6.2.16 The Borrower shall not revoke any power
of attorney granted pursuant Section 6.2.15 of this Agreement.

 

Article 7. Special Terms

 

7.1       The
Lender may not provide to credit bureaus (registered in accordance with the
laws of Russian Federation) any information on the Borrower as specified in Article 4
of the Federal Law “On Credit Histories” No. 218-F3, dated 30 December 2004.

 

7.2       Taking
into account the dependence of collateral value of the shares listed in
Sections 6.2.4.2 and 6.2.4.3 of this Agreement on OAO “Svyazinvest” majority
interest in voting shares (constituting fifty per cent (50%) or higher plus one
share of the total number of ordinary shares as of the signature date of this
Agreement) of OAO “Tsentralnaya Telekommunikatsionnaya Kompaniya” (located at
23, Proletarskaya St. Khimki, Moscow Region, 141400, Russian Federation; OGRN:
1025006174710), OAO “Severo-Zapadnyj Telekom” (located at 14/26, Gorokhovaya
St., St. Petersburg, 191186, Russian Federation; OGRN: 1027809169849), OAO “VolgaTelekom”
(located at Dom Svyazi, M. Gorki Sq., Nizhny Novgorod, 603000, Russian
Federation; OGRN: 1025203014781), OAO “Yuzhnaya Telekommunikatsionnaya
Kompaniya” (located at 66, Karasunskaya St., Krasnodar, 350000, Russian
Federation; OGRN: 1022301172112), OAO “Uralsvyazinform” (located at 11,
Moskovskaya St., Yekaterinburg, 620014, Russian Federation; OGRN:
1025900510349), OAO 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

11

 

“Sibirtelekom” (located at 53, M. Gorki St.,
Novosibirsk, 630099, Russian Federation; OGRN: 1025403189778), OAO “Dalnevostochnaya
Kompaniya Elektrosvyazi” (located at 57, Svetlanskaya St., GSP, Vladivostok,
690950, Russian Federation; OGRN: 1022501276159) and International and
Long-distance Electrical Communications OAO “Rostelekom” (located at 15,
Dostoyevski St., St. Petersburg, 191002, Russian Federation; OGRN:
1027700198767), the Parties made this agreement on the following:

 

7.2.1    Starting
from the date when OAO “Svyazinvest” interest in voting shares of OAO “Tsentralnaya
Telekommunikatsionnaya Kompaniya” and/or OAO “Severo-Zapadnyj Telekom”, and/or
OAO “VolgaTelekom”, and/or OAO “Yuzhnaya Telekommunikatsionnaya Kompaniya”,
and/or OAO “Uralsvyazinform”, and/or OAO “Sibirtelekom”, and/or OAO “Dalnevostochnaya
Kompaniya Elektrosvyazi”, and/or International and Long-distance Electrical
Communications OAO “Rostelekom” becomes less than fifty per cent (50%) plus one
share, the Borrower must, within fifteen (15) business days notify thereof the
Lender in accordance with the procedure established by Section 9.3
hereunder.

 

7.2.2    Within
forty-five (45) calendar days of the date when the Lender sent notice (in
accordance with the procedure established by Section 9.3 hereunder) requiring
to perform an independent valuation of the OAO “Svyazinvest” shares held by the
Lender under pledge in accordance with Sections 6.2.4.2 and 6.2.4.3 of this
Agreement, the Borrower must involve an independent valuer to valuate the OAO “Svyazinvest”
shares. The Borrower shall bear all costs of valuation company services.

 

7.2.3    Should
the value of liabilities under this Agreement exceed the current value of
pledged property executed in accordance with Sections 6.2.4.2 and 6.2.4.3 of
this Agreement, the Borrower must, within thirty (30) calendar days of the date
of independent valuation of the OAO “Svyazinvest” shares, pledge and/or have to
be pledged to the Lender ordinary shares of OAO “Svyazinvest” and/or other
security in the amount of the value of liabilities under this Agreement exceeds
the current value of the pledged property executed in accordance with Sections
6.2.4.2 and 6.2.4.3 of this Agreement 
(unsecured loan amount) or repay such an unsecured loan amount.

 

7.2.4    For
the purposes of Section 7.2.3 hereunder, current value of pledged property
executed in accordance with Sections 6.2.4.2 and 6.2.4.3 of this Agreement
shall be understood as assessed value of pledged property, as determined by the
valuation company, multiplied by security factor of zero point eight (0.8);
value of liabilities under this Agreement shall be understood as current
principal amount of debt outstanding and any interest accrued on such current
amount of debt outstanding for at least than three (3) months of loan use.

 

7.2.5    List
and collateral value of any other properties pledged under Section 7.2.3
hereunder shall be determined by agreement between the Parties through signing
an addendum to this Agreement.

 

Article 8. Term of Agreement

 

8.1       This
Agreement shall become effective on the date of its signature and remain in
full force and effect until the Parties fulfill their obligations under this
Agreement.

 

Article 9. Other Provisions

 

9.1       Any
amendments to this Agreement, except as specified in Sections 5.1.1 and 5.1.2
hereunder, shall be effective only if they are executed in writing and signed
by authorized persons.

 

9.2       In
the event of any change in the registered or mailing address of either Party,
such a Party shall notify the other Party of such change before the amendment
made to its constituent documents to reflect such change is officially
registered.

 

In the event of any change in the bank account
details of either Party, such Party shall notify the other Party of such change
before such change takes effect.

 

The Borrower
must notify the Lender of any changes in composition and powers of officials
authorized to make any transactions on the Borrower’s behalf, in the seal
impression or other data required by the Lender to properly perform its
obligations under this Agreement, no later than such 

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

12

 

changed become effective and with submission,
within three (3) business days, of duly certified copies of supporting
documents. In case of failure to fulfill or timely fulfill that condition:

 

(a)       the Borrower shall pay penalty in the
amount of Ten Thousand Rubles (RUR 10,000). Such a penalty have to be paid
within five (5) business days of the date the Lender’s notice of penalty
was received (including the date of receipt);

 

(b)       the Lender shall not be liable for any
implications of execution of the Borrower’s payment orders to transfer loan
funds from the loan account to transaction account, signed by unauthorized
persons.

 

9.3       Any notice or other communication given
or sent by either Party to the other Party hereunder shall be made in writing
and deemed duly given if delivered to such other Party by hand, by registered
mail or by fax to its address stated herein (or to such other address as may be
specified by such other Party in accordance with Article 8.5 above) and
signed by a duly authorized representative of the giving or sending Party.

 

9.4       Any
and all disputes arising out of or related to this Agreement shall be resolved
by the Moscow Arbitration Court under the applicable laws of the Russian
Federation.

 

9.5       This Agreement was made in three (3) counterparts
of equal legal effect, two for the Lender and one for the Borrower.

 

Article 10. Addresses and Bank
Account Details of the Parties

 

	
  The
  Lender:

  	
   

  	
  The Borrower:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial
  Savings Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  COMSTAR — Integrated TeleSystems, Open Joint Stock Company

  
	
   

  	
   

  	
   

  
	
  Registered address: 19 Vavilov St., Moscow 117997,
  Russian Federation

  Tel.: (495) 957 56 07, fax: (495) 957 55 61

  For payments in foreign currencies: Bank of
  New York, New York, acc. 8900057610,

  acc. 30301810500001000014;

  for payments in rubles:

  acc. No. 30301810500001000014,

  corr. acc. No. 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

  	
   

  	
  Registered address: 27, bld. 2,
  Smolenskaya-Sennaya Sq., Moscow, 119121, Russian Federation

  Tel.: (495) 956 00 00, fax: (495) 956 07 07

  For payments in rubles:

  acc. No. 40702810738000110285 and

  for payments in foreign currencies:

  acc. No. 40702840038000110285

  in the Sberbank of Russia Central Office No. 8641

  BIC 044525225, INN 7740000069.

   

  

 

Signatures of the Parties

 

	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  A. K. Aleshkina

  First Deputy Chairman of the
  Board,

  Sberbank of Russia

  	
   

  	
  N. V. Tokarev

  Acting President

  OAO “COMSTAR — Integrated
  TeleSystems”

  
	
   

  	
   

  	
   

  
	
  Seal here

  	
   

  	
  Seal here

  

 

 

	
   

  	
   

  	
   

  
	
  For the Lender:

  	
   

  	
  For the Borrower:

  
	
  [illegible signature]

  	
   

  	
  [illegible signature]

  

 

13

 

Amendment Agreement No. 4

to Non-Revolving Credit Facility Agreement No. 9463 dated June 8,
2007

 

	
  City
  of Moscow

  	
   

  	
  October 12, 2009

  

 

Joint Stock Commercial Savings Bank of the Russian
Federation (Open Joint Stock Company), hereinafter referred to as the “Lender”,
represented by Ms. Tatyana Gennadievna Sakharova, Head of the Financing
Unit of the Major Clients Department, acting on the basis of the Charter and
Power of Attorney No. 01-1/776 dated September 7, 2009, on the one
part, and COMSTAR-United TeleSystems Open Joint Stock Company, hereinafter
referred to as the “Borrower”, represented by Mr. Sergey Vladimirovich
Pridantsev, its President acting on the basis of the Charter, as the other
party, hereinafter collectively referred to as the “Parties”, have made this
Amendment Agreement No. 4 (hereinafter, the “Amendment Agreement”) to
Agreement No. 9463 for Non-Revolving Credit Facility dated August 28,
2009 (hereinafter, the “Loan Agreement”) as follows:

 

1.              To delete
subclause 6.2.12 of the Loan Agreement and all references thereto, however
the numbering order of other subclauses of Article 6 of the Loan Agreement
shall remain intact.

 

2.               To delete
subclause n) of Clause 5.1.6 of the Loan Agreement and all references
thereto, however the numbering order of other subclauses of Clause 5.1.6
of the Loan Agreement shall remain intact.

 

3.               All other clauses and
terms of the Loan Agreement not amended by this Amendment Agreement shall
remain in force.

 

4.               The Amendment Agreement
becomes effective from the date of its execution and constitutes an integral
part of the Loan Agreement.

 

5.               The Amendment Agreement is
made in 2 counterparts having equal legal force: one counterpart shall be kept
by the Lender, the other — by the Borrower.

 

Addresses
and Bank Account Details of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  COMSTAR United TeleSystems
  Open Joint Stock Company 

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address: 19
  Vavilov Str., Moscow 117997, Russian Federation

   

  Tel: (495) 957 57 75, fax:
  (495) 957 55 61 

  	
   

  	
  Registered/mailing address:
  27, Smolenskaya-Sennnaya Sq., build 2, Moscow, 119121.

   

  Tel: (495) 956-00-00, Fax:
  (495) 956 07 07

  
	
   

  	
   

  	
   

  
	
  Account details for payments
  in rubles:

   

  corr. acc. # 30101810400000000225
  maintained by Sberbank of Russia with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of 

  	
   

  	
  Account
  details for payments in rubles: acc. # 40702810738000110285

  

 

 

	
  Russia, BIC 044525225, INN
  7707083893 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Account details for payments
  in foreign currencies:

   

  #30301840800001000014 with
  Sberbank of Russia, Moscow Bank of New York: New York, NY, SWIFT IRVT US
  3N, acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Account details for payments
  in foreign currencies: acc. # 40702840038000110285 in Central Branch
  No. 8641 of Sberbank of Russia, Moscow. 
  BIC 044525225, INN 7740000069. corr. acc.
  # 30101810400000000225

  

 

Signatures of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Head of the Crediting Unit,
  Major Clients Department of Sberbank of Russia OJSC

  	
   

  	
  President of COMSTAR-UTS OJSC

  
	
   

  	
   

  	
   

  
	
   

  	
   T.G. Sakharova

  	
   

  	
   

  	
   S.V. Pridantsev

  
	
   

  	
   

  	
   

  
	
  [Seal]

  	
   

  	
  [Seal]

  
					

 

 

Amendment
Agreement No. 5

to Non-Revolving Credit Facility Agreement No. 9463 dated June 8,
2007

 

	
  City
  of Moscow

  	
   

  	
  March 26, 2010

  

 

Joint Stock Commercial Savings Bank of the Russian
Federation (Open Joint Stock Company), hereinafter referred to as the “Lender”,
represented by Ms. Tatyana Gennadievna Sakharova, Head of the Financing
Unit of the Major Clients Department, acting on the basis of the Charter and
Power of Attorney No. 01-1/776 dated September 7, 2009, on the one
part, and

 

COMSTAR - United TeleSystems Open Joint Stock
Company, hereinafter referred to as the “Surety”, represented by Sergey
Vladimirovich Pridantsev, its President acting on the basis of the Charter, as
the other party, hereinafter collectively referred to as the “Parties”,

 

have entered into this Amendment Agreement No. 5
(hereinafter, the “Amendment Agreement”) to Non-Revolving Credit Facility Agreement
No. 9463 dated June 8, 2007 (hereinafter, the “Loan Agreement”) as
follows:

 

1.        To add Clause 2.5 of the Loan Agreement with the
following:

 

Beginning from March 1, 2010 to September 27,
2010 (inclusively), the Borrower shall pay to the Lender interest on the
facility at the rate of Ten Point Five (10.5%) per cent per annum.

 

Beginning from September 28, 2010 and up to the
date of the final repayment specified in Clause 1.1 of the Loan Agreement,
the Borrower shall pay to the Lender interest on the facility at the rate of
Eleven Point Seventy-Five (11.75%) per cent per annum.”

 

2.         To amend Clause 2.1.3 of
the Loan Agreement as follows:

 

«2.13. The outstanding facility shall
be repaid in accordance with the following repayment schedule:

 

	
  No

  	
   

  	
  Repayment Date

  	
   

  	
  Payment in percentage of the outstanding facility as of the final

  availability date (December 31, 2008)

  
	
  1

  	
   

  	
  September 27, 2010

  	
   

  	
  One eighth (1/8)

  
	
  2

  	
   

  	
  December 27, 2010

  	
   

  	
  One eighth (1/8)

  
	
  3

  	
   

  	
  March 27, 2011

  	
   

  	
  One eighth (1/8)

  
	
  4

  	
   

  	
  June 27, 2011

  	
   

  	
  One eighth (1/8)

  
	
  5

  	
   

  	
  September 27, 2011

  	
   

  	
  One eighth (1/8)

  
	
  6

  	
   

  	
  December 27, 2011

  	
   

  	
  One eighth (1/8)

  
	
  7

  	
   

  	
  March 27, 2012

  	
   

  	
  One eighth (1/8)

  
	
  8

  	
   

  	
  June 7, 2012

  	
   

  	
  One eighth (1/8)

  

 

 

3. All
other clauses and terms of the Loan Agreement not amended by this Amendment
Agreement shall remain in force.

 

4. The Amendment Agreement
becomes effective from the date of its execution by the Parties and constitutes
an integral part of the Loan Agreement. The terms hereof shall apply to the
relations between the Parties thereto, arising from March 1, 2010
(inclusively).

 

5. The Amendment Agreement is
made in 2 counterparts having equal legal force: one counterpart shall be kept
by the Lender, the other — by the Borrower.

 

Addresses
and Bank Account Details of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  COMSTAR United TeleSystems
  Open Joint Stock Company

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address: 19
  Vavilov Str., Moscow 117997, Russian Federation

   

  Tel: (495) 957 57 75, fax:
  (495) 957 55 61

  	
   

  	
  Registered/mailing address:
  27, Smolenskaya-Sennnaya Sq., build 2, Moscow, 119121. INN 774000069

   

  Tel: (495) 956-00-00, Fax:
  (495) 956 07 07

  
	
   

  	
   

  	
   

  
	
  Account details for payments
  in rubles:

   

  corr. acc. #
  30101810400000000225 maintained by Sberbank of Russia with the Transaction
  Department of the Moscow Principal Territorial Branch of the Bank of Russia,
  BIC 044525225, INN 7707083893

  	
   

  	
  Account details for payments
  in rubles:

   

  acc.
  # 40702810738000110285

  
	
   

  	
   

  	
   

  
	
  Account details for payments
  in foreign currencies:

   

  #30301840800001000014 with
  Sberbank of Russia, Moscow Bank of New York: New York, NY, SWIFT IRVT US 3N,
  acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Account details for payments
  in foreign currencies:

   

  acc. #  40702840038000110285
  in Central Branch No. 8641 of Sberbank of Russia, Moscow. BIC
  044525225, INN 7740000069. corr. acc. # 30101810400000000225

  

 

Signatures
of the Parties

 

	
  Lender

  	
   

  	
  Borrower

  
	
   

  	
   

  	
   

  
	
  Head of the Crediting Unit,
  Major Clients Department of Sberbank of Russia OJSC

  	
   

  	
  President of COMSTAR-UTS OJSC

  
	
   

  	
   

  	
   

  
	
   

  	
   T.G. Sakharova

  	
   

  	
   

  	
   S.V. Pridantsev

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [Seal]

  	
   

  	
  [Seal]

  

 

 

SECURITIES PLEDGE AGREEMENT

No. Z-9463/1

 

	
  City of Moscow

  	
   

  	
  June 8, 2007

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Ms. Alla Konstantinovna Aleshkina, First Deputy Chair of
its Management Board, who is acting pursuant to its Charter and Power of
Attorney No. 01-1/501 dated July 28, 2006, on the one part, and Comstar United TeleSystems Open Joint Stock Company
hereinafter referred to as the “Pledger,”
represented by Mr. Nikolay Vladimirovich Tokarev, its Acting President,
who is acting pursuant to its Charter and its Board of Directors Resolution No. 26-07/108
dated May 16, 2007, on the other part, hereinafter referred to
collectively as the “Parties” and
each individually, a “Party,” have
made this Agreement (“this Agreement”)
on the following:

 

Article 1. Scope of
Agreement

 

1.1                       Under this Agreement, the Pledger shall pledge to the Pledgee the three
billion three hundred and seventy-eight million one hundred and seventy-three
thousand seven hundred and fifty (3,378,173,750) ordinary registered
uncertificated shares in Communications Investment Company OJSC (located at 55
Plyuschikha Str., bldg. 2, Moscow 119121, Russian Federation and registered
under Principal State Registration Number (OGRN) 1027739875998) (the “Issuer”), which are beneficially owned by the Pledger (the “Pledged Securities”) and represent seventeen point thirty
million seven hundred and sixty-nine thousand two hundred and thirty-one
percent (17.30769231%) of the Issuer’s charter capital. The par value of each
of the Pledged Securities amounts to one ruble (RUR 1) each.

 

1.2                       The Pledged Securities have not been pledged, assigned or subjected to any
dispute or seizure as of the effective date of this Agreement.

 

1.3                       The Pledger’s title to the Pledged Securities specified in Article 1.1
above shall be proved by Statement of Account No. 0002/510046 dated June 7,
2007 issued in respect of custody account #000201760501 maintained by the
Pledger with the Depository of Sberbank of Russia (located at 19 Vavilov Str.,
Moscow 117997, Russian Federation).

 

1.4                       The Pledged Securities shall be placed on custody account #000201767901
maintained by the Pledger with the Depository of Sberbank of Russia.

 

Throughout the term of this Agreement, the Pledged
Securities shall be frozen on the Pledger’s custody account, with the Pledger
retaining all of its shareholder rights, including the right to vote, the right
to receive dividends or any other distributions and any other rights arising
out of the Pledger’s title to the Pledged Securities subject to the limitations
imposed hereby.

 

Article 2. Obligations
Secured by the Pledge

 

2.1                       The Pledged Securities shall secure the obligations of Comstar United
TeleSystems OJSC (located at 27 Smolenskaya-Sennaya Square, bldg. 2, Moscow
119121, Russian Federation and registered under Principal State Registration
Number (OGRN) 1027700003946) (the “Borrower”)
under Non-revolving Credit facility Agreement No. 9463 made by and between
the Borrower and the Pledgee (as the “Lender”) on June 8, 2007 (the “Loan Agreement”).

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

 

Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007

 

2.2                       The Borrower’s obligations secured by this Agreement shall include, but not
limited to, those to repay the amount of the loan and pay the loan interest,
penalties and commitment fee payable under the Loan Agreement.

 

2.3                       The Pledger hereby agrees to be liable for the Borrower’s obligations under
the Loan Agreement to the extent of the Pledged Securities, in particular on
the following terms:

 

2.3.1                       Under the Loan Agreement, a non-revolving credit facility has been provided
to the Borrower with a limit amounting to twenty-six billion rubles (RUR
26,000,000,000) for the period ending on June 7, 2012 to fund the costs
incurred or to be incurred by the Borrower to develop is communications network
and meet its current liabilities.

 

2.3.2                       The Borrower shall be entitled to draw down loan amounts later than on
those dates specified in Article 2.7 of the Loan Agreement but no later
than on that date specified in Article 2.12 thereof.

 

For such entitlement, the Borrower shall pay the
Lender a commitment fee amounting to naught point twenty-five percent (0.25%)
per annum of the amount of any tranche not drawn down in due time for the
period beginning from the last drawdown date of such tranche as specified in Article 2.7
of the Loan Agreement (excluding that date) through the actual drawdown date
thereof.

 

2.3.3                       The Borrower shall pay the commitment fee on a quarterly basis, on the 27th day of the third month of each
calendar quarter and on the end date of the availability period on December 31,
2008.

 

2.3.4                       The loan shall be repayable in accordance with the following schedule:

 

	
   

  	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of
  the total debt as of

  the end date of the availability period

  
	
   

  	
  1

  	
   

  	
  September 27, 2009

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  2

  	
   

  	
  December 27, 2009

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  3

  	
   

  	
  March 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  4

  	
   

  	
  June 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  5

  	
   

  	
  September 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  6

  	
   

  	
  December 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  7

  	
   

  	
  March 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  8

  	
   

  	
  June 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  9

  	
   

  	
  September 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  10

  	
   

  	
  December 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  11

  	
   

  	
  March 27, 2012

  	
   

  	
  One twelfth (1/12)

  
	
   

  	
  12

  	
   

  	
  June 7, 2012

  	
   

  	
  One twelfth (1/12)

  

 

2.3.5                       The Borrower shall pay the Lender a loan interest amounting to seven point
six percent (7.6%) per annum.

 

2.3.6                       The interest shall be payable for the period during which the loan has been
actually drawn down, on a quarterly basis, on the 27th day of the third month of each calendar
quarter and on the last repayment date on June 7, 2012.

 

2.3.7                       The Lender may unilaterally increase the interest rate specified by the
Loan Agreement upon notice to the Borrower but without the need to execute any
addendum to the Loan Agreement for such increase to become effective if any of
the following events occurs:

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

2

 

(a)                        The Bank of Russia makes any decision to increase the amount of the
mandatory reserves to be deposited by the lending organizations with the Bank
of Russia by more than ten percent (10%) of that prescribed as of the execution
date of the Loan Agreement or the effective date of the most recent change of
the interest rate made in accordance with Article 5.1.1 of the Loan
Agreement, whether on a single occasion or cumulatively; or

 

(b)                       The Bank of Russia makes any decision to increase its discount
(refinancing) rate by more than ten percent (10%) of its level prescribed as of
the execution date of the Loan Agreement or the effective date of the most
recent change of the interest rate made in accordance with Article 5.1.1
of the Loan Agreement, whether on a single occasion or cumulatively; or

 

(c)                        The Russian Federation Government or any of its agencies or the Bank of
Russia takes any measures considerably changing the positions of the Lender and
the Borrower under the Loan Agreement.

 

The unilaterally increased interest rate may not
exceed one point two (1.2) times the maximum interest rate offered by the
Lender for individual deposits for a term of (or, if the types of deposit are
changed from those existing as of the execution date of the Loan Agreement, for
a term of at least) two (2) years.

 

If the Lender unilaterally increases the interest
rate, such increase shall become effective sixty (60) calendar days after the
date of the notice of such increase sent by the Lender to the Borrower, unless
a later effective date is stated in such notice.

 

The Lender shall notify the Borrower on any such
change in the Loan Agreement in accordance with the procedure established by Article 9.3
thereof.

 

2.3.8                       If the Borrower delays in paying any amount in repayment of the loan or in
payment of the interest or commitment fee, the Borrower shall pay the Lender a
penalty amounting to one point five (1.5) times the refinancing rate set by the
Bank of Russia in percent per annum to be applied to the amount of the overdue
payment for each day of such delay during the period from the date on which the
past due debt emerges (excluding that date) through the date on which such past
due debt is repaid in full.

 

Article 3. Pledged
Securities

 

3.1                       The Pledger shall pledge to the Pledgee the ordinary shares in the Issuer
described as follows:

 

·                      State registration number: 73-1«P»-8400;

 

·                      Par value of one share: one ruble (RUR 1);

 

·                      Quantity: three billion three hundred and seventy-eight million one hundred
and seventy-three thousand seven hundred and fifty (3,378,173,750);

 

·                      Total par value of the shares: three billion three hundred and
seventy-eight million one hundred and seventy-three thousand seven hundred and
fifty rubles (RUR 3,378,173,750); and

 

·                      Form of issue: uncertificated.

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

3

 

3.2                       The Pledger shall undertake to pledge to the Pledgee any shares in the
Issuer which may be obtained by the Pledger as a result of any issue
accompanying any re-appraisal of the Issuer’s assets, within ten (10) business
days of the registration date of the report on the results of such issue, in
such quantity as may be necessary to maintain the share of the shares initially
pledged by the Pledger to the Pledgee in percent of the Issuer’s charter
capital as of the execution date hereof.

 

The class, state registration number, par value and
quantity of the shares to be pledged by the Pledger to the Pledgee shall be
specified by a resolution approving such issue passed by the Issuer’s general
shareholders meeting and the report on the results of such issue.

 

Article 4. Appraisal of the
Pledged Securities

 

4.1                       The Parties hereby agree that, as of the execution date hereof, the
ordinary shares in the Issuer shall be pledged at a per-share price of naught
point twenty-one million three hundred and thirteen thousand two hundred and
ninety-one U.S. dollars (USD 0.21313291), which is equal to five point fifty
million seven hundred and ninety-five thousand one hundred and seventeen rubles
(RUR 5.50795117) at the exchange rate set by the Bank of Russia for the
execution date hereof.

 

4.2                       The pledge value of the Pledged Securities shall amount to seven hundred
and twenty million U.S. dollars and eighty-two U.S. cents (USD 720,000,000.82),
which is equal to eighteen billion six hundred and six million eight hundred
and sixteen thousand forty-seven rubles and three kopecks (RUR
18,606,816,047.03) at the exchange rate set by the Bank of Russia for the
execution date hereof.

 

Article 5. Rights and
Obligations of the Parties

 

5.1                       The Pledger shall be obligated as follows:

 

5.1.1                       Once the Pledged Securities are placed on the Pledger’s custody account
with the Depository of Sberbank of Russia, the Pledger shall deliver to the
Pledgee a statement of such custody account proving the availability of the
Pledged Securities beneficially owned by the Pledger as specified in Article 3.1
above.

 

No later than on June 8, 2007, the Pledger shall
deliver to the Pledgee a pledge order in accordance with the “Sberbank of
Russia Terms of Depository Operations” to transfer the Pledged Securities
specified in Article 3.1 above to the pledge section of the Pledger’s
custody account with the Depository of Sberbank of Russia.

 

After the Borrower has fully performed all of its
obligations under the Loan Agreement, including those to pay any penalties or
other costs, the Pledger shall issue and deliver to the Pledgee a pledge order
in accordance with the “Sberbank of Russia Terms of Depository Operations” to
transfer/release the Pledged Securities specified in Article 3.1 above
from the pledge section of the Pledger’s custody account with the Depository of
Sberbank of Russia.

 

The Pledger shall pay any costs to cause the pledge
with the Depository of Sberbank of Russia to be registered and terminated in
accordance with the “Sberbank of Russia Terms of Depository Operations.”

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

4

 

5.1.2                       The Pledger’s obligations to pledge the Pledged Securities specified in Article 3.1
above shall be deemed duly discharged on the date on which the Pledged
Securities are frozen by the Depository of Sberbank of Russia.

 

5.1.3                       Upon written request of the Pledgee, the Pledger shall replace the Pledged
Securities with any property of equal value within sixty (60) calendar days of
the date of such request if any of the following events occurs:

 

·                      the Pledged Securities get lost not through the Pledgee’s fault; or

 

·                      the Pledger’s title to the Pledged Securities is terminated for any reason
stipulated by law.

 

5.1.4                       If the Issuer’s general shareholders meeting passes any resolution to split
or consolidate the shares, the Pledger shall replace the Pledged Securities
with shares of the new par value for the amount equal to the total par value of
the Pledged Securities as specified in Article 3.1 above within twenty
(20) business days of the date on which the report on the results of the share
issue is registered with competent governmental authorities.

 

5.1.5                       The Pledger shall undertake to pledge to the Pledgee any share in the
Issuer which may be acquired by the Pledger as a result of any additional share
issue(s), within twenty (20) business days of the date on which the report on
the results of such additional share issue is registered with competent
governmental authorities, in such quantity as may be necessary to maintain the
share of the shares initially pledged by the Pledger to the Pledgee in percent
of the Issuer’s charter capital as of the execution date hereof.

 

The classes and state registration numbers of such
additionally issued shares to be pledged by the Pledger to the Pledgee shall be
determined based on the report on the results of such additional share issue
and an extract from the register of shareholders.

 

5.2                       The Pledger hereby confirms that the Pledged Securities have not been sold,
pledged or subjected to any dispute, seizure or third-party rights as of the
execution date hereof. The Pledger hereby acknowledges its obligation to take
any lawful steps practicable to prevent the Pledged Securities from being
seized by any competent authorities and to protect the same against any
third-party claims throughout the term of the Loan Agreement.

 

5.3                       The Pledger may not sell, exchange, present, grant on lease, financial
lease or in trust, invest, re-pledge, assign, alienate or otherwise dispose of
the Pledged Securities without prior written consent of the Pledgee until the
Borrower fully performs all of its obligations under the Loan Agreement.

 

5.4                       After the obligations secured by the pledge are fully discharged, the
Pledgee shall sign a pledge order to release the Pledged Securities from the
Depository and deliver the Pledged Securities so released to the Pledger within
ten (10) business days of the date of receipt of such pledge order from
the Pledger.

 

Article 6. Liability of the
Parties

 

6.1                       The Parties may be held liable under the applicable laws of the Russian
Federation for any failure to perform or duly perform any of their respective
obligations hereunder.

 

6.2                       If the Pledger fails to perform any of its obligations under Articles 3.2,
5.1.1, 5.1.3, 5,1.4 and 5.1.5 above, the Pledger shall pay the Pledgee a
penalty amounting to naught point naught five 

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

5

 

percent (0.05%) of the pledge value of the Pledged
Securities as stated in Article 4.2 above for each day of such failure.

 

6.3                       If the Pledger fails to perform any of its obligations under Article 5.3
above, the Pledger shall pay the Pledgee a penalty amounting to naught point
five percent (0.5%) of the pledge value of the Pledged Securities as stated in Article 4.2
above within five (5) business days of the date of receipt of a written
request to pay such penalty from the Pledgee.

 

6.4                       If the Borrower violates any of the terms of the Loan Agreement, the
Pledgee may recover the Pledged Securities before any of the obligations
secured by the pledge becomes mature in accordance with the procedure
established by Article 7 below.

 

Article 7. Terms of Recovery
of and Transactions with the Pledged Securities

 

7.1                       The Parties have agreed that the Pledged Securities described in Article 3
above, which constitute the security of the Borrower’s obligations under the
Loan Agreement, may be recovered in accordance with the procedure established
by the applicable laws.

 

7.2                       All proceeds from the sale of the Pledged Securities to repay the debt owed
by the Borrower to the Lender under the Loan Agreement shall be applied to
cover any legal or other costs as may be incurred by the Lender to collect such
debt.

 

Any proceeds remaining after such legal or other costs
incurred by the Lender to collect such debt are covered shall be applied in the
following order of priority, irrespective of the purpose of payment stated in
the relevant payment order:

 

(1)                        to repay the debt owed by the Borrower to the Lender under the Loan
Agreement in accordance with the payment schedule specified by the Loan
Agreement; and

 

(2)                        to pay the penalties payable by the Pledger hereunder.

 

Article 8. Dispute Resolution

 

8.1                       Any and all disputes, disagreements or claims arising out of or related to
this Agreement, including those concerning its performance, violation,
termination or invalidity, shall be resolved by the Moscow Arbitration Court.
At the option of the Pledgee, any such dispute, disagreement or claim may be
referred for resolution by the International Commercial Arbitration Court at
the Chamber of Commerce and Industry of the Russian Federation in accordance
with its Rules.

 

Article 9. Amendments

 

9.1                       Any amendment to this Agreement shall only be valid if made in writing and
signed by duly authorized representatives of both Parties. Any amendment to
this Agreement shall be executed as an addendum hereto and constitute an
integral part hereof.

 

9.2                       In the event of any change in the bank account details of either Party,
such Party shall notify the other Party of such change within three (3) business
days after such change takes effect. In the event of any change in the
registered or mailing address of either Party, such Party shall notify the
other Party of such change within five (5) business days after the date on
which the amendment made to its constituent documents to reflect such change is
officially registered.

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

6

 

Article 10. Term

 

10.1                 This Agreement shall become effective on the date of its signing by both
Parties.

 

10.2                 This Agreement shall terminate as soon as the Borrower fully performs all
of its obligations under the Loan Agreement or as soon as the Pledger fully
performs all of its obligations hereunder.

 

Article 11. Miscellaneous

 

11.1                 Any notice or other communication given or sent by either Party to the
other Party hereunder shall be made in writing and deemed duly given if
delivered to such other Party by hand, by registered mail with return receipt
requested or by fax to its address stated herein (or to such other address as
may be specified by such other Party in accordance with Article 9.2 above)
and signed by a duly authorized representative of the giving or sending Party.

 

11.2                 The terms of this Agreement shall be confidential and may not be disclosed.

 

11.3                 This Agreement is made in four (4) counterparts of equal legal effect,
two for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

Article 12.
Addresses and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian
  Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in foreign
  currencies:

  Bank of New York, New York, acc.
  #890-0057-610, acc. #30301840800001000014

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

  	
   

  	
  27 Smolenskaya-Sennaya Square, bldg. 2,
  Moscow 119121, Russian Federation

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

   

  Account details for payments in rubles:

  Acc. #407028107380000110285 with Central Branch
  Office No. 8641 of Sberbank of Russia, Moscow, BIC 044525225, INN
  7740000069

   

  Account details for payments in foreign
  currencies:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

  

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

7

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.K. Aleshkina

  First Deputy Chair of the Management Board,

  Sberbank of Russia

  	
   

  	
  [Signed]

  N.V. Tokarev

  Acting President, Comstar United TeleSystems
  OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
  [Comstar’s corporate seal affixed]

  

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

8

 

Addendum No. 1

to
Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007

 

	
  City of Moscow

  	
   

  	
  July 31, 2008

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Mr. Anton Alexandrovich Karamzin, Deputy Chair of its
Management Board, who is acting pursuant to its Charter and Power of Attorney No. 01-1/125
dated February 26, 2008, on the one part, and Comstar
United TeleSystems Open Joint Stock Company hereinafter referred to
as the “Pledger,” represented by Mr. Sergey
Vladimirovich Pridantsev, its President, who is acting pursuant to its Charter,
on the other part, hereinafter referred to collectively as the “Parties” and each individually, a “Party,”
have made this Addendum No. 1 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007 (the  “Agreement”) on
the following:

 

1.          The
first paragraph of Article 2.3.5 of the Agreement shall be amended to read
as follows:

 

“2.3.5         The
Borrower shall pay the Lender a loan interest amounting to nine point five
percent (9.5%) per annum beginning from June 28, 2008.”

 

2.          Any
other provisions of the Agreement which are not amended by this Addendum shall
remain in full force and effect.

 

3.          This
Addendum shall become effective on its signature date and constitute an
integral part of the Agreement.

 

4.          This
Addendum is made in four (4) counterparts of equal legal effect, two for
the Pledgee, one for the Pledger and one for the Depository of Sberbank of
Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  

  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  The Pledger:

  

  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian
  Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

  

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

  

  Account details for payments in foreign
  currencies:

  #30301840800001000014 with Sberbank of
  Russia, Moscow

  Bank of New York: New York, NY, SWIFT IRVT US
  3N, acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  27 Smolenskaya-Sennaya Square, bldg. 2,
  Moscow 119121, Russian Federation

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

  

  Account details for payments in rubles:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

  

  Account details for payments in foreign
  currencies:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.A. Karamzin

  Deputy Chair of the Management Board,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S.V. Pridantsev

  President, Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
  [Comstar’s corporate seal affixed]

  

 

2

 

Addendum No. 2

to
Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007

 

	
  City of Moscow

  	
   

  	
  December 30, 2008

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Mr. Alexander Vladimirovich Soloviyov, Director of its
Project Financing Department, who is acting pursuant to its Charter and Power
of Attorney No. 01-1/1150 dated December 4, 2008, on the one part,
and Comstar United TeleSystems Open Joint Stock
Company hereinafter referred to as the “Pledger,”
represented by Mr. Sergey Vladimirovich Pridantsev, its President, who is
acting pursuant to its Charter, on the other part, hereinafter referred to
collectively as the “Parties” and
each individually, a “Party,” have
made this Addendum No. 2 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007 as
amended as of July 31, 2008 (the  “Agreement”) on the following:

 

1.          Article 2.1
of the Agreement shall be amended to read as follows:

 

“The Pledged Securities
shall secure the obligations of Comstar United TeleSystems OJSC (located at 27
Smolenskaya-Sennaya Square, bldg. 2, Moscow 119121, Russian Federation and
registered under Principal State Registration Number (OGRN) 1027700003946) (the
“Borrower”) under Non-revolving Credit
facility Agreement No. 9463 made by and between the Borrower and the
Pledgee (as the “Lender”) on June 8, 2007 and amended as of December 30,
2008 (the “Loan Agreement”).”

 

2.          Article 2.3.5
of the Agreement shall be supplemented by the following paragraph:

 

“Beginning from January 1, 2009, the Borrower
shall pay the Lender a loan interest amounting to thirteen point thirty-five
percent (13.35%) per annum.”

 

3.          Article 2.3.7
of the Agreement shall be amended to read as follows:

 

“2.3.7      The
Lender may unilaterally, at its sole discretion, increase the interest rate
specified by the Loan Agreement, including, but not limited to, in the event
that the Bank of Russia decides to increase its discount (refinancing) rate,
upon notice to the Borrower of such increase but without the need to execute
any addendum to the Loan Agreement for such increase to become effective.

 

If the Lender unilaterally increases the interest
rate, such increase shall become effective thirty (30) calendar days after the
date of the notice of such increase sent by the Lender to the Borrower, unless
a later effective date is stated by the Lender.

 

The Lender shall notify the Borrower on any such
change in the Loan Agreement in accordance with the procedure established by Article 9.3
thereof.”

 

4.          Any
other provisions of the Agreement which are not amended by this Addendum shall
remain in full force and effect.

 

5.          This
Addendum shall become effective on its signature date and constitute an
integral part of the Agreement.

 

6.          This
Addendum is made in four (4) counterparts of equal legal effect, two for
the Pledgee, one for the Pledger and one for the Depository of Sberbank of
Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian
  Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

  

  Account details for payments in foreign
  currencies:

  Bank of New York, New York, acc.
  #890-0057-610, acc. #30301840800001000014

  

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

  	
   

  	
  27 Smolenskaya-Sennaya Square, bldg. 2,
  Moscow 119121, Russian Federation

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

  

  Account details for payments in rubles:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

  

  Account details for payments in foreign
  currencies:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.V. Soloviyov

  Director, Project Financing Department,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S.V. Pridantsev

  President, Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
  [Comstar’s corporate seal affixed]

  

 

4

 

Addendum No. 3

to
Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007

 

	
  City of Moscow

  	
   

  	
  February 17, 2009

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Mr. Alexander Vladimirovich Soloviyov, Director of its
Project Financing Department, who is acting pursuant to its Charter and Power
of Attorney No. 01-1/1150 dated December 4, 2008, on the one part,
and Comstar United TeleSystems Open Joint Stock
Company hereinafter referred to as the “Pledger,”
represented by Mr. Sergey Vladimirovich Pridantsev, its President, who is
acting pursuant to its Charter, on the other part, hereinafter referred to
collectively as the “Parties” and
each individually, a “Party,” have
made this Addendum No. 3 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007 as
amended as of December 30, 2008 (the  “Agreement”) on the following:

 

1.          Article 11.2
of the Agreement shall be stricken out.

 

2.          Any
other provisions of the Agreement which are not amended by this Addendum shall
remain in full force and effect.

 

3.          This
Addendum shall become effective on its signature date and constitute an
integral part of the Agreement.

 

4.          This
Addendum is made in four (4) counterparts of equal legal effect, two for
the Pledgee, one for the Pledger and one for the Depository of Sberbank of
Russia.

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian
  Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in foreign
  currencies:

  Bank of New York, New York, acc.
  #890-0057-610, acc. #30301840800001000014

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

  	
   

  	
  27 Smolenskaya-Sennaya Square, bldg. 2,
  Moscow 119121, Russian Federation

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

   

  Account details for payments in rubles:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

   

  Account details for payments in foreign
  currencies:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC 044525225, INN
  7740000069

  

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.V. Soloviyov

  Director, Project Financing Department,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S.V. Pridantsev

  President, Comstar United TeleSystems OJSC

   

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
  [Comstar’s corporate seal affixed]

  

 

6

 

Addendum No. 4

to
Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007

 

	
  City of Moscow

  	
   

  	
  September 24, 2009

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Ms. Tatiana Gennadievna Sakharova, Head of the Lending
Office of its Key Accounts Department, who is acting pursuant to its Charter
and Power of Attorney No. 01-1/776 dated September 7, 2009, on the
one part, and Comstar United TeleSystems Open Joint Stock
Company hereinafter referred to as the “Pledger,”
represented by Mr. Sergey Vladimirovich Pridantsev, its President, who is
acting pursuant to its Charter, on the other part, hereinafter referred to
collectively as the “Parties” and
each individually, a “Party,” have
made this Addendum No. 4 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007 (the  “Agreement”) on
the following:

 

1.          Article 2.3.4
of the Agreement shall be amended to read as follows:

 

“2.3.4      The
loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  March 27, 2010

  	
   

  	
  One sixth (1/6)

  	
   

  
	
  2

  	
   

  	
  June 27, 2010

  	
   

  	
  One sixth (1/6)

  	
   

  
	
  3

  	
   

  	
  September 27, 2010

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  4

  	
   

  	
  December 27, 2010

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  5

  	
   

  	
  March 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  6

  	
   

  	
  June 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  7

  	
   

  	
  September 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  8

  	
   

  	
  December 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  9

  	
   

  	
  March 27, 2012

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  10

  	
   

  	
  June 7, 2012

  	
   

  	
  One twelfth (1/12)

  	
  ”

  

 

2.          Article 7.1
of the Agreement shall be amended to read as follows:

 

“The Parties hereby agree that the Pledged Securities
described in Article 3 above, which constitute the security of the
Borrower’s obligations under the Loan Agreement, may be recovered in accordance
with the procedure established by the Extrajudicial Recovery Agreement made in
respect of the Pledged Securities.”

 

3.          Any
other provisions of the Agreement which are not amended by this Addendum shall
remain in full force and effect.

 

4.          This
Addendum shall become effective on its signature date and constitute an
integral part of the Agreement.

 

5.          This
Addendum is made in three (3) counterparts of equal legal effect, one for
the Pledgee, one for the Pledger and one for the Depository of Sberbank of
Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian
  Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign
  currencies:

  #30301840800001000014 with Sberbank of
  Russia, Moscow

  Bank of New York: New York, NY, SWIFT IRVT US
  3N, acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  27 Smolenskaya-Sennaya Square, bldg. 2,
  Moscow 119121, Russian Federation

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

   

  Account details for payments in rubles:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

   

  Account details for payments in foreign
  currencies:

  Acc. #407028107380000110285 with Central
  Branch Office No. 8641 of Sberbank of Russia, Moscow, BIC
  044525225, INN 7740000069

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  T.G. Sakharova

  Head of the Lending Office, Key Accounts Department,
  Sberbank of Russia

  	
   

  	
  [Signed]

  S.V. Pridantsev

  President, Comstar United TeleSystems OJSC

   

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
  [Comstar’s corporate seal affixed]

  

 

8

 

Addendum No. 5

to
Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007

 

	
  City of Moscow

  	
   

  	
  March 26, 2010

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Ms. Tatiana Gennadievna Sakharova, Head of the Lending
Office of its Key Accounts Department, who is acting pursuant to its Charter
and Power of Attorney No. 01-1/776 dated September 7, 2009, on the
one part, and Comstar United TeleSystems Open Joint Stock
Company hereinafter referred to as the “Pledger,”
represented by Mr. Sergey Vladimirovich Pridantsev, its President, who is
acting pursuant to its Charter, on the other part, hereinafter referred to
collectively as the “Parties” and
each individually, a “Party,” have
made this Addendum No. 5 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/1 dated June 8, 2007 (the  “Agreement”) on
the following:

 

1.          Article 2.3.5
of the Agreement shall be supplemented by the following paragraph:

 

“In the period from March 1, 2010 through September 27,
2010, the Borrower shall pay the Lender a loan interest amounting to ten point
five percent (10.5%) per annum.

 

In the period from September 28, 2010 through the
final repayment date stated in Article 1.1 of the Loan Agreement, the
Borrower shall pay the Lender a loan interest amounting to eleven point
seventy-five percent (11.75%) per annum.”

 

2.          Article 2.3.4
of the Agreement shall be amended to read as follows:

 

“2.3.4      The
loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of
  the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  September 27, 2010

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  2

  	
   

  	
  December 27, 2010

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  3

  	
   

  	
  March 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  4

  	
   

  	
  June 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  5

  	
   

  	
  September 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  6

  	
   

  	
  December 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  7

  	
   

  	
  March 27, 2012

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  8

  	
   

  	
  June 7, 2012

  	
   

  	
  One eighth (1/8)

  	
  ”

  

 

3.          Any
other provisions of the Agreement which are not amended by this Addendum shall
remain in full force and effect.

 

4.          This
Addendum shall become effective on its signature date and constitute an
integral part of the Agreement. This Addendum shall apply to those relations
emerging between the Parties under the Agreement beginning from March 1,
2010 (inclusive).

 

5.          This
Addendum is made in three (3) counterparts of equal legal effect, one for
the Pledgee, one for the Pledger and one for the Depository of Sberbank of
Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian
  Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained
  by Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign
  currencies:

  #30301840800001000014 with Sberbank of
  Russia, Moscow

  Bank of New York: New York, NY, SWIFT IRVT US
  3N, acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  27 Smolenskaya-Sennaya Square, bldg. 2,
  Moscow 119121, Russian Federation

  INN 7740000069

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

   

  Account details for payments in rubles:

  Acc. #407028107380000110285 with Moscow Bank
  of Sberbank of Russia OJSC, Moscow, BIC 044525225, corr. acc.
  #30101810400000000225

   

  Account details for payments in foreign
  currencies:

  Acc. #407028107380000110285 with Moscow Bank
  of Sberbank of Russia OJSC, Moscow, BIC 044525225, corr. acc.
  #30101810400000000225

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  T.G. Sakharova

  Head of the Lending Office, Key Accounts Department,
  Sberbank of Russia

  	
   

  	
  [Signed]

  S.V. Pridantsev

  President, Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
  [Comstar’s corporate seal affixed]

  

 

10

 

SECURITIES PLEDGE AGREEMENT

No. Z-9463/2

 

	
  City of Moscow

  	
   

  	
  November 6, 2007

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Ms. Alla Konstantinovna Aleshkina, First Deputy Chair of
its Management Board, who is acting pursuant to its Charter and Power of
Attorney No. 01-1/501 dated July 28, 2006, on the one part, and MGTS Finance S.A. hereinafter referred to as the “Pledger,” represented by Mr. Shamil Kurmashov and Ms. Irina
Matveyeva, its Directors, who are acting pursuant to its Charter and the
Resolution of its Board of Directors dated October 17, 2007, on the other
part, hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Agreement (“this Agreement”)
on the following:

 

Article 1. Scope of
Agreement

 

1.1                       Under this Agreement, the Pledger shall pledge to the Pledgee the one
billion five hundred and one million four hundred and ten thousand five hundred
and fifty-six (1,501,410,556) ordinary registered uncertificated shares in
Communications Investment Company OJSC (located at 55 Plyuschikha Str., bldg.
2, Moscow 119121, Russian Federation and registered under Principal State
Registration Number (OGRN) 1027739875998) (the “Issuer”),
which are beneficially owned by the Pledger (the “Pledged
Securities”) and represent seven point six million nine hundred and
twenty-three thousand seventy-seven percent (7.6923077%) of the Issuer’s
charter capital. The par value of each of the Pledged Securities amounts to one
ruble (RUR 1) each.

 

1.2                       The Pledged Securities have not been pledged, assigned or subjected to any
dispute or seizure as of the effective date of this Agreement.

 

1.3                       The Pledger’s title to the Pledged Securities specified in Article 1.1
above shall be proved by Statement of Account No. 0002/546740 dated October 29,
2007 issued in respect of custody account #000201767901 maintained by the
Pledger with the Depository of Sberbank of Russia (located at 19 Vavilov Str.,
Moscow 117997, Russian Federation).

 

1.4                       The Pledged Securities shall be placed on custody account #000201767901
maintained by the Pledger with the Depository of Sberbank of Russia.

 

Throughout the term of this Agreement, the Pledged
Securities shall be frozen on the Pledger’s custody account, with the Pledger
retaining all of its shareholder rights, including the right to vote, the right
to receive dividends or any other distributions and any other rights arising out
of the Pledger’s title to the Pledged Securities subject to the limitations
imposed hereby.

 

Article 2. Obligations
Secured by the Pledge

 

2.1                       The Pledged Securities shall secure the obligations of Comstar United
TeleSystems OJSC (located at 27 Smolenskaya-Sennaya Square, bldg. 2, Moscow
119121, Russian Federation and registered under Principal State Registration
Number (OGRN) 1027700003946) (the “Borrower”)
under Non-revolving Credit facility Agreement No. 9463 made by and between
the Borrower and the Pledgee (as the “Lender”) on June 8, 2007 (the “Loan Agreement”).

 

2.2                       The Borrower’s obligations secured by this Agreement shall include, but not
limited to, those to repay the amount of the loan and pay the loan interest,
penalties and commitment fee payable under the Loan Agreement.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Securities
Pledge Agreement No. Z-9463/2 dated November 6, 2007

 

2.3                       The Pledger hereby agrees to be liable for the Borrower’s obligations under
the Loan Agreement to the extent of the Pledged Securities, in particular on
the following terms:

 

2.3.1                       Under the Loan Agreement, a non-revolving credit facility has been provided
to the Borrower with a limit amounting to twenty-six billion rubles (RUR
26,000,000,000) for the period ending on June 7, 2012 to fund the costs
incurred or to be incurred by the Borrower to develop is communications network
and meet its current liabilities.

 

2.3.2                       The Borrower shall be entitled to draw down loan amounts later than on
those dates specified in Article 2.7 of the Loan Agreement but no later
than on that date specified in Article 2.12 thereof.

 

For such entitlement, the Borrower shall pay the
Lender a commitment fee amounting to naught point twenty-five percent (0.25%)
per annum of the amount of any tranche not drawn down in due time for the
period beginning from the last drawdown date of such tranche as specified in Article 2.7
of the Loan Agreement (excluding that date) through the actual drawdown date
thereof.

 

2.3.3                       The Borrower shall pay the commitment fee on a quarterly basis, on the 27th day of the third month of each
calendar quarter and on the end date of the availability period on December 31,
2008.

 

2.3.4                       The loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  September 27, 2009

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  2

  	
   

  	
  December 27, 2009

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  3

  	
   

  	
  March 27, 2010

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  4

  	
   

  	
  June 27, 2010

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  5

  	
   

  	
  September 27, 2010

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  6

  	
   

  	
  December 27, 2010

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  7

  	
   

  	
  March 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  8

  	
   

  	
  June 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  9

  	
   

  	
  September 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  10

  	
   

  	
  December 27, 2011

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  11

  	
   

  	
  March 27, 2012

  	
   

  	
  One twelfth (1/12)

  	
   

  
	
  12

  	
   

  	
  June 7, 2012

  	
   

  	
  One twelfth (1/12)

  	
   

  

 

2.3.5                       The Borrower shall pay the Lender a loan interest amounting to seven point
six percent (7.6%) per annum.

 

2.3.6                       The interest shall be payable for the period during which the loan has been
actually drawn down, on a quarterly basis, on the 27th day of the third month of each calendar
quarter and on the last repayment date on June 7, 2012.

 

2.3.7                       The Lender may unilaterally increase the interest rate specified by the
Loan Agreement upon notice to the Borrower but without the need to execute any
addendum to the Loan Agreement for such increase to become effective if any of
the following events occurs:

 

(a)                        The Bank of Russia makes any decision to increase the amount of the
mandatory reserves to be deposited by the lending organizations with the Bank
of Russia by more than ten percent (10%) of that prescribed as of the execution
date of the 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

2

 

Loan Agreement or the effective date of the most
recent change of the interest rate made in accordance with Article 5.1.1
of the Loan Agreement, whether on a single occasion or cumulatively; or

 

(b)                       The Bank of Russia makes any decision to increase its discount
(refinancing) rate by more than ten percent (10%) of its level prescribed as of
the execution date of the Loan Agreement or the effective date of the most
recent change of the interest rate made in accordance with Article 5.1.1
of the Loan Agreement, whether on a single occasion or cumulatively; or

 

(c)                        The Russian Federation Government or any of its agencies or the Bank of
Russia takes any measures considerably changing the positions of the Lender and
the Borrower under the Loan Agreement.

 

The unilaterally increased interest rate may not
exceed one point two (1.2) times the maximum interest rate offered by the
Lender for individual deposits for a term of (or, if the types of deposit are
changed from those existing as of the execution date of the Loan Agreement, for
a term of at least) two (2) years.

 

If the Lender unilaterally increases the interest
rate, such increase shall become effective sixty (60) calendar days after the
date of the notice of such increase sent by the Lender to the Borrower, unless
a later effective date is stated in such notice.

 

The Lender shall notify the Borrower on any such
change in the Loan Agreement in accordance with the procedure established by Article 9.3
thereof.

 

2.3.8                       If the Borrower delays in paying any amount in repayment of the loan or in
payment of the interest or commitment fee, the Borrower shall pay the Lender a
penalty amounting to one point five (1.5) times the refinancing rate set by the
Bank of Russia in percent per annum to be applied to the amount of the overdue
payment for each day of such delay during the period from the date on which the
past due debt emerges (excluding that date) through the date on which such past
due debt is repaid in full.

 

Article 3. Pledged
Securities

 

3.1                       The Pledger shall pledge to the Pledgee the ordinary shares in the Issuer
described as follows:

 

·                      State registration number: 73-1«P»-8400;

 

·                      Par value of one share: one ruble (RUR 1);

 

·                      Quantity: one billion five hundred and one million four hundred and ten
thousand five hundred and fifty-six (1,501,410,556);

 

·                      Total par value of the shares: one billion five hundred and one million
four hundred and ten thousand five hundred and fifty-six rubles (RUR
1,501,410,556); and

 

·                      Form of issue: uncertificated.

 

3.2                       The Pledger shall undertake to pledge to the Pledgee any shares in the
Issuer which may be obtained by the Pledger as a result of any issue
accompanying any re-appraisal of the Issuer’s assets, within ten (10) business
days of the registration date of the report on the results of such issue, in
such quantity as may be necessary to maintain the share of the shares initially
pledged

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

3

 

by the Pledger to the Pledgee in percent of the
Issuer’s charter capital as of the execution date hereof.

 

The class, state registration number, par value and
quantity of the shares to be pledged by the Pledger to the Pledgee shall be
specified by a resolution approving such issue passed by the Issuer’s general
shareholders meeting and the report on the results of such issue.

 

Article 4. Appraisal of the
Pledged Securities

 

4.1                       The Parties hereby agree that, as of the execution date hereof, the
ordinary shares in the Issuer shall be pledged at a per-share price of naught
point twenty-one million three hundred and thirteen thousand two hundred and
ninety-one U.S. dollars (USD 0.21313291), which is equal to five point
twenty-five million seven hundred and forty-three thousand four hundred and
seventy-four rubles (RUR 5.25743474) at the exchange rate set by the Bank of
Russia for the execution date hereof.

 

4.2                       The pledge value of the Pledged Securities shall amount to three hundred
and twenty million U.S. dollars and ninety U.S. cents (USD 320,000,000.90),
which is equal to seven billion eight hundred and ninety-three million five
hundred and sixty-eight thousand twenty-two rubles and twenty kopecks (RUR
7,893,568,022.20) at the exchange rate set by the Bank of Russia for the
execution date hereof.

 

Article 5. Rights and
Obligations of the Parties

 

5.1                       The Pledger shall be obligated as follows:

 

5.1.1                       Once the Pledged Securities are placed on the Pledger’s custody account
with the Depository of Sberbank of Russia, the Pledger shall deliver to the
Pledgee a statement of such custody account proving the availability of the
Pledged Securities beneficially owned by the Pledger as specified in Article 3.1
above.

 

No later than on November 9, 2007, the Pledger
shall deliver to the Pledgee a pledge order in accordance with the “Sberbank of
Russia Terms of Depository Operations” to transfer the Pledged Securities
specified in Article 3.1 above to the pledge section of the Pledger’s
custody account with the Depository of Sberbank of Russia.

 

After the Borrower has fully performed all of its
obligations under the Loan Agreement, including those to pay any penalties or
other costs, the Pledger shall issue and deliver to the Pledgee a pledge order
in accordance with the “Sberbank of Russia Terms of Depository Operations” to
transfer/release the Pledged Securities specified in Article 3.1 above
from the pledge section of the Pledger’s custody account with the Depository of
Sberbank of Russia.

 

The Pledger shall pay any costs to cause the pledge
with the Depository of Sberbank of Russia to be registered and terminated in
accordance with the “Sberbank of Russia Terms of Depository Operations.”

 

5.1.2                       The Pledger’s obligations to pledge the Pledged Securities specified in Article 3.1
above shall be deemed duly discharged on the date on which the Pledged
Securities are frozen by the Depository of Sberbank of Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

4

 

5.1.3                       Upon written request of the Pledgee, the Pledger shall replace the Pledged
Securities with any property of equal value within sixty (60) calendar days of
the date of such request if any of the following events occurs:

 

·                      the Pledged Securities get lost not through the Pledgee’s fault; or

 

·                      the Pledger’s title to the Pledged Securities is terminated for any reason
stipulated by law.

 

5.1.4                       If the Issuer’s general shareholders meeting passes any resolution to split
or consolidate the shares, the Pledger shall replace the Pledged Securities
with shares of the new par value for the amount equal to the total par value of
the Pledged Securities as specified in Article 3.1 above within twenty
(20) business days of the date on which the report on the results of the share
issue is registered with competent governmental authorities.

 

5.1.5                       The Pledger shall undertake to pledge to the Pledgee any share in the
Issuer which may be acquired by the Pledger as a result of any additional share
issue(s), within twenty (20) business days of the date on which the report on
the results of such additional share issue is registered with competent
governmental authorities, in such quantity as may be necessary to maintain the
share of the shares initially pledged by the Pledger to the Pledgee in percent
of the Issuer’s charter capital as of the execution date hereof.

 

If any additional share issue results in the Pledger’s
share in the Issuer’s charter capital becoming less than that of the shares
pledged by the Pledger to the Pledgee in percent of the Issuer’s charter
capital as of the execution date hereof, the Pledger shall pledge to the
Pledgee all of those shares obtained by the Pledger as a result of such
additional share issue within twenty (20) business days of the registration
date of the report on the results of such additional share issue.

 

The classes and state registration numbers of such
additionally issued shares to be pledged by the Pledger to the Pledgee shall be
determined based on the report on the results of such additional share issue
and an extract from the register of shareholders.

 

5.2                       The Pledger hereby confirms that the Pledged Securities have not been sold,
pledged or subjected to any dispute, seizure or third-party rights as of the
execution date hereof. The Pledger hereby acknowledges its obligation to take
any lawful steps practicable to prevent the Pledged Securities from being
seized by any competent authorities and to protect the same against any
third-party claims throughout the term of the Loan Agreement.

 

5.3                       The Pledger may not sell, exchange, present, grant on lease, financial
lease or in trust, invest, re-pledge, assign, alienate or otherwise dispose of
the Pledged Securities without prior written consent of the Pledgee until the
Borrower fully performs all of its obligations under the Loan Agreement.

 

5.4                       After the obligations secured by the pledge are fully discharged, the
Pledgee shall sign a pledge order to release the Pledged Securities from the
Depository and deliver the Pledged Securities so released to the Pledger within
ten (10) business days of the date of receipt of such pledge order from
the Pledger.

 

5.5                       The Pledger shall submit to the Pledgee on an annual basis, within one
hundred and eighty (180) calendar days of the end date of each calendar year,
its annual financial statements prepared in accordance with the financial
reporting standards adopted in the Grand Duchy of Luxembourg along with the Notes thereto as required by
the laws of the Grand Duchy of
Luxembourg and an audit report in respect of such annual financial
statements.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

5

 

Furthermore, the Pledger shall submit to the Lender
any other financial statements as may be requested by the Lender within thirty
(30) business days of the receipt date of such request.

 

5.6                       Any income from the Pledged Securities shall be transferred to the Pledger
until the Borrower fully performs all of its obligations under the Loan
Agreement.

 

5.7                       The Pledger shall warn the Pledgee on any potential risks to which the
Pledged Securities may be exposed, including those arising out of the Pledger’s
business operations or any other events affecting the marketability of the
Pledged Securities.

 

5.8                       The Pledger may be held liable under the applicable laws for the
authenticity and validity of the Pledged Securities transferred to the Pledgee.

 

5.9                       The Pledger may exercise all of its shareholder rights arising out of its
title to the Pledged Securities, which are vested in the Pledger by the
applicable laws, including:

 

·                      the right to participate in the management of the Issuer, inter alia by exercising its voting right at any general
shareholders meeting on any matters within the competence of such meeting; and

 

·                      the right to obtain part of the Issuer’s profits in the form of dividends.

 

Article 6. Liability of the
Parties

 

6.1                       The Parties may be held liable under the applicable laws of the Russian
Federation for any failure to perform or duly perform any of their respective
obligations hereunder.

 

6.2                       If the Pledger fails to perform any of its obligations under Articles 3.2,
5.1.1, 5.1.3, 5,1.4 and 5.1.5 above, the Pledger shall pay the Pledgee a
penalty amounting to naught point naught five percent (0.05%) of the pledge
value of the Pledged Securities as stated in Article 4.2 above for each
day of such failure.

 

6.3                       If the Pledger fails to perform any of its obligations under Articles 5.3,
5.7 and 5.8 above, the Pledger shall pay the Pledgee a penalty amounting to
naught point five percent (0.5%) of the pledge value of the Pledged Securities
as stated in Article 4.2 above within five (5) business days of the
date of receipt of a written request to pay such penalty from the Pledgee.

 

6.4                       No payment of any penalty payable hereunder shall release the Pledger from
any of its obligations hereunder.

 

6.5                       If the Borrower violates any of the terms of the Loan Agreement, the
Pledgee may recover the Pledged Securities before any of the obligations
secured by the pledge becomes mature in accordance with the procedure
established by Article 7 below.

 

Article 7. Terms of Recovery
of and Transactions with the Pledged Securities

 

7.1                       The Parties have agreed that the Pledged Securities described in Article 3
above, which constitute the security of the Borrower’s obligations under the
Loan Agreement, may be recovered in accordance with the procedure established
by the applicable laws.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

6

 

7.2                       All proceeds from the sale of the Pledged Securities to repay the debt owed
by the Borrower to the Lender under the Loan Agreement shall be applied to
cover any legal or other costs as may be incurred by the Lender to collect such
debt.

 

Any proceeds remaining after such legal or other costs
incurred by the Lender to collect such debt are covered shall be applied in the
following order of priority, irrespective of the purpose of payment stated in
the relevant payment order:

 

(1)                        to repay the debt owed by the Borrower to the Lender under the Loan
Agreement in accordance with the payment schedule specified by the Loan
Agreement; and

 

(2)                        to pay the penalties payable by the Pledger hereunder.

 

Article 8. Dispute
Resolution

 

8.1                       Any and all disputes, disagreements or claims arising out of or related to
this Agreement, including those concerning its performance, violation,
termination or invalidity, shall be resolved by the Moscow Arbitration Court.
At the option of the Pledgee, any such dispute, disagreement or claim may be
referred for resolution by the International Commercial Arbitration Court at
the Chamber of Commerce and Industry of the Russian Federation in accordance
with its Rules.

 

8.2                       This Agreement, including the rights or obligations of the Parties
hereunder, shall be governed by the law of the Russian Federation.

 

Article 9. Amendments

 

9.1                       Any amendment to this Agreement shall only be valid if made in writing and
signed by duly authorized representatives of both Parties. Any amendment to
this Agreement shall be executed as an addendum hereto and constitute an
integral part hereof.

 

9.2                       In the event of any change in the bank account details of either Party,
such Party shall notify the other Party of such change within three (3) business
days after such change takes effect. In the event of any change in the
registered or mailing address of either Party, such Party shall notify the
other Party of such change within five (5) business days after the date on
which the amendment made to its constituent documents to reflect such change is
officially registered.

 

Article 10. Term

 

10.1                 This Agreement shall become effective on the date of its signing by both
Parties.

 

10.2                 This Agreement shall terminate as soon as the Borrower fully performs all
of its obligations under the Loan Agreement or as soon as the Pledger fully
performs all of its obligations hereunder.

 

Article 11. Miscellaneous

 

11.1                 Any notice or other communication given or sent by either Party to the
other Party hereunder shall be made in writing and deemed duly given if
delivered to such other Party by hand, by registered mail with return receipt
requested or by fax to its address stated herein (or to such other address as
may be specified by such other Party in accordance with Article 9.2 above)
and signed by a duly authorized representative of the giving or sending Party.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

7

 

11.2                 The terms of this Agreement shall be confidential and may not be disclosed.

 

11.3                 This Agreement is made in four (4) counterparts of equal legal effect,
two for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

Article 12.
Addresses and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in foreign currencies:

  Bank of New York, New York, acc. #890-0057-610, acc.
  #30301840800001000014

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

  	
   

  	
  Registered address: 5, rue Eugene Ruppert,
  Luxembourg L-2453

  Tel.: (495) 950 02 42

  Fax: (495) 950 07 84

   

  Account details for payments in USD:

  Acc. #04411202 with Deutsche Bank Trust Company
  Americas, curr. acc. #40807840200000000126

   

  Account details for payments in rubles:

  Curr. acc. #40807810300000000124 with Deutsche Bank
  LLC, corr. acc. #30101810100000000101 with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of Russia

  BIC 044525101

  INN/KPP 7702216772 / 997950001

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.K. Aleshkina

  First Deputy Chair of the Management Board,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S. Kurmashov

  Director, MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signed]

  I. Matveyeva

  Director, MGTS Finance S.A.

  

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

8

 

Addendum No. 1

to
Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007

 

	
  City of Moscow

  	
   

  	
  July 31, 2008

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Mr. Anton Alexandrovich Karamzin, Deputy Chair of its
Management Board, who is acting pursuant to its Charter and Power of Attorney No. 01-1/225
dated February 26, 2008, on the one part, and MGTS Finance
S.A. hereinafter referred to as the “Pledger,”
represented by Mr. Shamil Kurmashov and Ms. Irina Matveyeva, its
Directors, who are acting pursuant to its Charter and the Resolution of its
Board of Directors dated July 1, 2008, on the other part, hereinafter
referred to collectively as the “Parties” and
each individually, a “Party,” have
made this Addendum No. 1 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007
(the  “Agreement”) on
the following:

 

1.                             The first paragraph of Article 2.3.5 of the Agreement shall be amended
to read as follows:

 

“2.3.5                           The Borrower shall pay the Lender a loan interest amounting to nine point
five percent (9.5%) per annum beginning from June 28, 2008.”

 

2.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

3.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement.

 

4.                             This Addendum is made in four (4) counterparts of equal legal effect,
two for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia,
  Moscow

  Bank of New York: New York, NY, SWIFT IRVT US 3N,
  acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered address: 5, rue Eugene Ruppert,
  Luxembourg L-2453

  Tel.: (495) 950 02 42

  Fax: (495) 950 07 84

   

  Account details for payments in USD:

  Acc. #04411202 with Deutsche Bank Trust Company
  Americas, curr. acc. #40807840200000000126

   

  Account details for payments in rubles:

  Curr. acc. #40807810300000000124 with Deutsche Bank
  LLC, corr. acc. #30101810100000000101 with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of Russia

  BIC 044525101

  INN/KPP 7702216772 / 997950001

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.A. Karamzin

  Deputy Chair of the Management Board,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S. Kurmashov

  Director, MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signed]

  I. Matveyeva

  Director, MGTS Finance S.A.

  

 

2

 

Addendum No. 2

to
Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007

 

	
  City of Moscow

  	
   

  	
  December 30,
  2008

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Mr. Alexander Vladimirovich Soloviyov, Director of its
Project Financing Department, who is acting pursuant to its Charter and Power
of Attorney No. 01-1/2150 dated December 4, 2008, on the one part,
and MGTS Finance S.A. hereinafter referred
to as the “Pledger,” represented by Mr. Shamil
Kurmashov and Ms. Irina Matveyeva, its Directors, who are acting pursuant
to its Charter and the Resolution of its Board of Directors dated November 9,
2008, on the other part, hereinafter referred to collectively as the “Parties” and each individually, a “Party,”
have made this Addendum No. 2 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007 as
amended as of July 31, 2008 (the  “Agreement”) on the following:

 

1.                             Article 2.1 of the Agreement shall be amended to read as follows:

 

“The Pledged Securities
shall secure the obligations of Comstar United TeleSystems OJSC (located at 27
Smolenskaya-Sennaya Square, bldg. 2, Moscow 119121, Russian Federation and
registered under Principal State Registration Number (OGRN) 1027700003946) (the
“Borrower”) under Non-revolving Credit
facility Agreement No. 9463 made by and between the Borrower and the
Pledgee (as the “Lender”) on June 8, 2007 and amended as of December 30,
2008 (the “Loan Agreement”).”

 

2.                             Article 2.3.5 of the Agreement shall be supplemented by the following
paragraph:

 

“Beginning from January 1, 2009, the Borrower
shall pay the Lender a loan interest amounting to thirteen point thirty-five
percent (13.35%) per annum.”

 

3.                             Article 2.3.7 of the Agreement shall be amended to read as follows:

 

“2.3.7                 The Lender may unilaterally, at its sole discretion, increase the interest
rate specified by the Loan Agreement, including, but not limited to, in the
event that the Bank of Russia decides to increase its discount (refinancing)
rate, upon notice to the Borrower of such increase but without the need to
execute any addendum to the Loan Agreement for such increase to become
effective.

 

If the Lender unilaterally increases the interest
rate, such increase shall become effective thirty (30) calendar days after the
date of the notice of such increase sent by the Lender to the Borrower, unless
a later effective date is stated by the Lender.

 

The Lender shall notify the Borrower on any such
change in the Loan Agreement in accordance with the procedure established by Article 9.3
thereof.”

 

4.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

5.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement.

 

6.                             This Addendum is made in four (4) counterparts of equal legal effect,
two for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia,
  Moscow

  Bank of New York: New York, NY, SWIFT IRVT US 3N,
  acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered address: 5, rue Eugene Ruppert,
  Luxembourg L-2453

  Tel.: (495) 950 02 42

  Fax: (495) 950 07 84

   

  Account details for payments in USD:

  Acc. #04411202 with Deutsche Bank Trust Company
  Americas, curr. acc. #40807840200000000126

   

  Account details for payments in rubles:

  Curr. acc. #40807810300000000124 with Deutsche Bank
  LLC, corr. acc. #30101810100000000101 with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of Russia

  BIC 044525101

  INN/KPP 7702216772 / 997950001

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.V. Soloviyov

  Director, Project Financing Department,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S. Kurmashov

  Director, MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signed]

  I. Matveyeva

  Director, MGTS Finance S.A.

  

 

4

 

Addendum No. 3

to
Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007

 

	
  City of Moscow

  	
   

  	
  February 17, 2009

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,” represented
by Mr. Alexander Vladimirovich Soloviyov, Director of its Project
Financing Department, who is acting pursuant to its Charter and Power of
Attorney No. 01-1/2150 dated December 4, 2008, on the one part, and MGTS Finance S.A. hereinafter referred to as the “Pledger,” represented by Mr. Shamil Kurmashov and Ms. Irina
Matveyeva, its Directors, who are acting pursuant to its Charter, on the other
part, hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Addendum No. 3 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007 as
amended as of December 30, 2008 (the  “Agreement”) on the following:

 

1.                             Article 11.2 of the Agreement shall be stricken out.

 

2.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

3.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement.

 

4.                             This Addendum is made in four (4) counterparts of equal legal effect,
two for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia,
  Moscow

  Bank of New York: New York, NY, SWIFT IRVT US 3N,
  acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered address: 5, rue Eugene Ruppert, Luxembourg
  L-2453

  Tel.: (495) 950 02 42

  Fax: (495) 950 07 84

   

  Account details for payments in USD:

  Acc. #04411202 with Deutsche Bank Trust Company
  Americas, curr. acc. #40807840200000000126

   

  Account details for payments in rubles:

  Curr. acc. #40807810300000000124 with Deutsche Bank
  LLC, corr. acc. #30101810100000000101 with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of Russia

  BIC 044525101

  INN/KPP 7702216772 / 997950001

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  A.V. Soloviyov

  Director, Project Financing Department,

  Sberbank of Russia

  	
   

  	
  [Signed]

  S. Kurmashov

  Director, MGTS Finance S.A.

   

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signed]

  I. Matveyeva

  Director, MGTS Finance S.A.

  

 

6

 

Addendum No. 4

to
Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007

 

	
  City of Moscow

  	
   

  	
  September 24, 2009

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Ms. Tatiana Gennadievna Sakharova, Head of the Lending
Office of its Key Accounts Department, who is acting pursuant to its Charter
and Power of Attorney No. 01-1/776 dated September 7, 2009, on the
one part, and MGTS Finance S.A. hereinafter
referred to as the “Pledger,”
represented by Mr. Dmitry Sharovatov and Ms. Irina Matveyeva, its
Directors, who are acting pursuant to its Charter, on the other part, hereinafter
referred to collectively as the “Parties” and
each individually, a “Party,” have
made this Addendum No. 4 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007
(the  “Agreement”) on
the following:

 

1.                             Article 2.3.4 of the Agreement shall be amended to read as follows:

 

“2.3.4                 The loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  March 27, 2010

  	
   

  	
  One sixth (1/6)

  	
   

  
	
  2

  	
   

  	
  June 27, 2010

  	
   

  	
  One sixth (1/6)

  	
   

  
	
  3

  	
   

  	
  September 27, 2010

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  4

  	
   

  	
  December 27, 2010

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  5

  	
   

  	
  March 27, 2011

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  6

  	
   

  	
  June 27, 2011

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  7

  	
   

  	
  September 27, 2011

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  8

  	
   

  	
  December 27, 2011

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  9

  	
   

  	
  March 27, 2012

  	
   

  	
  One twelfth (1/22)

  	
   

  
	
  10

  	
   

  	
  June 7, 2012

  	
   

  	
  One twelfth (1/22)

  	
  ”

  

 

2.                             Article 7.1 of the Agreement shall be amended to read as follows:

 

“The Parties hereby agree that the Pledged Securities
described in Article 3 above, which constitute the security of the
Borrower’s obligations under the Loan Agreement, may be recovered in accordance
with the procedure established by the Extrajudicial Recovery Agreement made in
respect of the Pledged Securities.”

 

3.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

4.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement.

 

5.                             This Addendum is made in three (3) counterparts of equal legal effect,
one for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia,
  Moscow

  Bank of New York: New York, NY, SWIFT IRVT US 3N,
  acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered address: 5, rue Eugene Ruppert,
  Luxembourg L-2453

  Tel.: (495) 950 02 42

  Fax: (495) 950 07 84

   

  Account details for payments in USD:

  Acc. #04411202 with Deutsche Bank Trust Company
  Americas, curr. acc. #40807840200000000126

   

  Account details for payments in rubles:

  Curr. acc. #40807810300000000124 with Deutsche Bank
  LLC, corr. acc. #30101810100000000101 with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of Russia

  BIC 044525101

  INN/KPP 7702216772 / 997950001

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  T.G. Sakharova

  Head of the Lending Office, Key Accounts Department,
  Sberbank of Russia

  	
   

  	
  [Signed]

  D. Sharovatov

  Director, MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signed]

  I. Matveyeva

  Director, MGTS Finance S.A.

  

 

8

 

Addendum No. 5

to
Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007

 

	
  City of Moscow

  	
   

  	
  March 26, 2010

  

 

Joint Stock Commercial Savings Bank of the Russian Federation (Open
Joint Stock Company), also known as “Sberbank of
Russia,” hereinafter referred to as the “Pledgee,”
represented by Ms. Tatiana Gennadievna Sakharova, Head of the Lending
Office of its Key Accounts Department, who is acting pursuant to its Charter
and Power of Attorney No. 01-1/776 dated September 7, 2009, on the
one part, and MGTS Finance S.A. hereinafter
referred to as the “Pledger,”
represented by Mr. Dmitry Sharovatov and Ms. Irina Matveyeva, its
Directors, who are acting pursuant to its Charter, on the other part,
hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Addendum No. 5 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/2 dated November 6, 2007
(the  “Agreement”) on
the following:

 

1.                             Article 2.3.5 of the Agreement shall be supplemented by the following
paragraph:

 

“In the period from March 1, 2010 through September 27,
2010, the Borrower shall pay the Lender a loan interest amounting to ten point
five percent (10.5%) per annum.

 

In the period from September 28, 2010 through the
final repayment date stated in Article 1.1 of the Loan Agreement, the
Borrower shall pay the Lender a loan interest amounting to eleven point
seventy-five percent (11.75%) per annum.”

 

2.                             Article 2.3.4 of the Agreement shall be amended to read as follows:

 

“2.3.4                 The loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  September 27, 2010

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  2

  	
   

  	
  December 27, 2010

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  3

  	
   

  	
  March 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  4

  	
   

  	
  June 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  5

  	
   

  	
  September 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  6

  	
   

  	
  December 27, 2011

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  7

  	
   

  	
  March 27, 2012

  	
   

  	
  One eighth (1/8)

  	
   

  
	
  8

  	
   

  	
  June 7, 2012

  	
   

  	
  One eighth (1/8)

  	
  ”

  

 

3.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

4.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement. This Addendum shall apply to those relations
emerging between the Parties under the Agreement beginning from March 1,
2010 (inclusive).

 

5.                             This Addendum is made in three (3) counterparts of equal legal effect,
one for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  [Signed]

  	
   

  	
  For the Pledger:

  [Signed]

  

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

   

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by
  Sberbank of Russia with the Transaction Department of the Moscow Principal
  Territorial Branch of the Bank of Russia, BIC 044525225, INN
  7707083893

   

  Account details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia,
  Moscow

  Bank of New York: New York, NY, SWIFT IRVT US 3N,
  acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  Registered address: 5, rue Eugene Ruppert,
  Luxembourg L-2453

  Tel.: (495) 950 02 42

  Fax: (495) 950 07 84

   

  Account details for payments in USD:

  Acc. #04411202 with Deutsche Bank Trust Company
  Americas, curr. acc. #40807840200000000126

   

  Account details for payments in rubles:

  Curr. acc. #40807810300000000124 with Deutsche Bank
  LLC, corr. acc. #30101810100000000101 with the Transaction Department of the
  Moscow Principal Territorial Branch of the Bank of Russia

  BIC 044525101

  INN/KPP 7702216772 / 997950001

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  T.G. Sakharova

  Head of the Lending Office, Key Accounts Department,
  Sberbank of Russia

  	
   

  	
  [Signed]

  D. Sharovatov

  Director, MGTS Finance S.A.

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal affixed]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signed]

  I. Matveyeva

  Director, MGTS Finance S.A.

  

 

10

 

SECURITIES
PLEDGE AGREEMENT

No. Z-9463/3

 

	
  City of Moscow

  	
   

  	
  September 24,
  2009

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), also known as “Sberbank of Russia,” hereinafter referred to as the “Pledgee,” represented by Ms. Tatiana Gennadievna
Sakharova, Head of the Lending Office of its Key Accounts Department, who is
acting pursuant to its Charter and Power of Attorney No. 01-1/776 dated September 7,
2009, on the one part, and Comstar United TeleSystems
Open Joint Stock Company hereinafter referred to as the “Pledger,” represented by Mr. Sergey Vladimirovich
Pridantsev, its President, who is acting pursuant to its Charter, on the other
part, hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Agreement (“this Agreement”)
on the following:

 

Article 1.
Scope of Agreement

 

1.1                     Under this Agreement, the Pledger shall pledge to the Pledgee a certain
promissory note issued by Sberbank of Russia OJSC which is beneficially owned
by the Pledger as described in Annex 1 hereto (the “Pledged
Securities”).

 

1.2                     The Pledged Securities shall be kept with the Pledgee’s Depository (the “Depository”).

 

Article 2.
Obligations Secured by the Pledge

 

2.1                     The Pledged Securities shall secure the Pledger’s obligations under
Non-revolving Credit facility Agreement No. 9463 made by and between the
Pledger (as the “Borrower”) and the Pledgee (as the “Lender”) on June 8,
2007 (the “Loan Agreement”).

 

2.2                     The Borrower’s obligations secured by this Agreement shall include, but not
limited to, those to repay the amount of the loan and pay the loan interest and
penalties payable under the Loan Agreement.

 

2.3                     The Pledger is aware of all of the terms of the Loan Agreement and hereby
agrees to be liable for the Borrower’s obligations under the Loan Agreement to
the extent of the Pledged Securities, in particular on the following terms:

 

2.3.1                      Under the Loan Agreement, a non-revolving credit facility has been provided
to the Borrower with a limit amounting to twenty-six billion rubles (RUR
26,000,000,000) for the period ending on June 7, 2012 to fund the costs
incurred or to be incurred by the Borrower to develop is communications
network, including those to re-finance the earlier incurred costs, and meet its
current liabilities.

 

2.3.2                     The Borrower shall pay the Lender a loan interest amounting to thirteen
point thirty-five percent (13.35%) per annum.

 

2.3.3                     The loan interest shall be payable for the period during which the loan has
been actually drawn down, on a quarterly basis, on the 27th day of the third month of each
calendar quarter and on the last repayment date on June 7, 2012.

 

2.3.4                     The loan shall be repayable in accordance with the following schedule:

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

 

Securities
Pledge Agreement No. Z-9463/3 dated September 24, 2009

 

	
  No.

  	
   

  	
  Repayment
  date

  	
   

  	
  Amount
  of payment as a share of the total debt as of

  the end date of the availability period

  
	
  1

  	
   

  	
  March 27,
  2010

  	
   

  	
  One
  sixth (1/6)

  
	
  2

  	
   

  	
  June 27,
  2010

  	
   

  	
  One
  sixth (1/6)

  
	
  3

  	
   

  	
  September 27,
  2010

  	
   

  	
  One
  twelfth (1/12)

  
	
  4

  	
   

  	
  December 27,
  2010

  	
   

  	
  One
  twelfth (1/12)

  
	
  5

  	
   

  	
  March 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  6

  	
   

  	
  June 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  7

  	
   

  	
  September 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  8

  	
   

  	
  December 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  9

  	
   

  	
  March 27,
  2012

  	
   

  	
  One
  twelfth (1/12)

  
	
  10

  	
   

  	
  June 7,
  2012

  	
   

  	
  One
  twelfth (1/12)

  

 

2.3.5                     If the Borrower delays in paying any amount in repayment of the loan or in
payment of the interest or commitment fee, the Borrower shall pay the Lender a
penalty amounting to one point five (1.5) times the refinancing rate set by the
Bank of Russia in percent per annum to be applied to the amount of the overdue
payment for each day of such delay during the period from the date on which the
past due debt emerges (excluding that date) through the date on which such past
due debt is repaid in full.

 

2.3.6                     The Lender may unilaterally, at its sole discretion, increase the interest
rate specified by the Loan Agreement, including, but not limited to, in the
event that the Bank of Russia decides to increase its discount (refinancing)
rate, upon notice to the Borrower of such increase but without the need to
execute any addendum to the Loan Agreement for such increase to become
effective.

 

If the Lender unilaterally
increases the interest rate, such increase shall become effective thirty (30)
calendar days after the date of the notice of such increase sent by the Lender
to the Borrower, unless a later effective date is stated by the Lender.

 

The Lender shall notify the
Borrower on any such change in the Loan Agreement in accordance with the
procedure established by Article 9.3 thereof.

 

Article 3.
Pledged Securities

 

3.1                     The Pledger shall pledge to the Pledgee those securities as listed and
having the par value, quantity and qualitative characteristics as described in
the List attached hereto as Annex 1 and constituting an integral part hereof.

 

3.2                     The par value of the Pledged Securities shall amount to two billion one
hundred and sixty-seven million rubles (RUR 2,167,000,000) as of the execution
date hereof.

 

3.3                     The Parties hereby agree that the Pledged Securities are appraised at two
billion one hundred and sixty-seven million rubles (RUR 2,167,000,000) as of
the execution date hereof.

 

3.4                     The note pledged hereunder shall become mature on demand, but in no case
earlier than on March 25, 2010 or later than on March 26, 2010.

 

Article 4.
Rights and Obligations of the Parties

 

4.1                     The Pledger shall be obligated as follows:

 

4.1.1                     When signing this Agreement, the Pledger shall deliver to the Pledgee a
statement of its custody account with the Depository proving the availability
of the Pledged Securities

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

2

 

beneficially owned by the
Pledger as specified in Article 3 above; provided, however, that the note
pledged hereunder shall be issued with a blank endorsement which may be
accompanied by the following inscription: “without recourse to Comstar United
TeleSystems Open Joint Stock Company.”

 

4.1.2                     No later than on September 25, 2009, the Pledger shall deliver to the
Pledgee a pledge order in accordance with the “Sberbank of Russia Terms of
Depository Operations” to transfer the Pledged Securities specified in Article 3
above to the pledge section of the Pledger’s custody account with the
Depository.

 

4.1.3                     After the Borrower has fully performed all of its obligations under the
Loan Agreement, including those to pay any penalties or other costs, the
Pledger shall issue and deliver to the Pledgee a pledge order in accordance
with the “Sberbank of Russia Terms of Depository Operations” to
transfer/release the Pledged Securities specified in Article 3 above from
the pledge section of the Pledger’s custody account with the Depository.

 

The Pledger shall pay any
costs to cause the pledge with the Depository of Sberbank of Russia to be
registered and terminated in accordance with the “Sberbank of Russia Terms of
Depository Operations.”

 

4.1.4                     The Pledger shall warn the Pledgee on any potential risks to which the
Pledged Securities may be exposed, including those arising out of the Pledger’s
business operations or any other events affecting the marketability of the
Pledged Securities.

 

4.1.5                     Upon request of the Pledgee, the Pledger shall replace the Pledged
Securities with any property of equal value within ten (10) calendar days
of the date of such request if the Pledger’s title thereto is terminated for
any ground provided for by the applicable laws of the Russian Federation.

 

4.2                     The Pledger hereby confirms that the Pledged Securities have not been sold,
pledged or subjected to any dispute, seizure or third-party rights as of the
execution date hereof. The Pledger hereby acknowledges its obligation to take
any lawful steps practicable to prevent the Pledged Securities from being
seized by any competent authorities and to protect the same against any
third-party claims throughout the term of the Loan Agreement.

 

4.3                     The Pledger may not sell, exchange, present, grant on lease, financial
lease or in trust, invest, re-pledge, assign, alienate or otherwise dispose of
the Pledged Securities until the Borrower fully performs all of its obligations
under the Loan Agreement.

 

4.4                     The Pledgee shall be obligated as follows:

 

4.4.1                     The Pledgee shall take whatever measures may be needed to preserve the
Pledged Securities.

 

4.4.2                     The Pledgee shall immediately notify the Pledger of any threat of loss of
or damage to the Pledged Securities.

 

4.4.3                     After the obligations secured by the pledge are fully discharged or this
Agreement terminated, the Pledgee shall sign the pledge order issued by the
Pledger in accordance with the “Sberbank of Russia Terms of Depository
Operations” to release the Pledged Securities from the Depository and return
such pledge order to the Pledger within one (1) business day of the date
of receipt of thereof from the Pledger.

 

4.4.4                     On the date of acceptance by the Depository of such pledge order signed by
both the Pledger and the Pledgee, the Pledgee shall terminate the pledge and
release the Pledged Securities from the pledge section to the main section of
the Pledger’s custody account.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

3

 

4.5                     The Pledged Securities will not to be insured.

 

4.6                     If the Borrower violates any of the terms of the Loan Agreement, the
Pledgee may recover the Pledged Securities before any of the obligations
secured by the pledge becomes mature in accordance with the procedure
established by Article 7 below.

 

Article 5.
Liability of the Parties

 

5.1                     The Parties may be held liable under the applicable laws of the Russian
Federation for any failure to perform or duly perform any of their respective
obligations hereunder.

 

5.2                     The Pledgee shall be liable for any loss or shortage if or damage to the
Pledged Securities, unless the Pledgee proves that such loss, shortage or
damage occurred not through its fault. The Pledgee’s liability for any loss or
shortage of or damage to the Pledged Securities in the period during which they
are pledged shall be limited to the replacement cost thereof.

 

5.3                     If the Pledger fails to perform any of its obligations under Article 4.1.5,
the Pledger shall pay the Pledgee a penalty amounting to naught point naught
one percent (0.01%) of the pledge value of the Pledged Securities as stated in Article 3.3
above for each day of such failure.

 

5.4                     If the Pledger fails to perform any of its obligations under Articles 4.1.2
and 4.1.3 above, the Pledger shall pay the Pledgee a penalty amounting to one
percent (1%) of the pledge value of the Pledged Securities as stated in Article 3.3
above.

 

5.5                     The Pledger shall pay the penalty specified in Article 5.4 above
within ten (10) business days of the date of receipt of a written request to
pay such penalty from the Pledgee.

 

5.6                     No payment of any penalty shall release the Pledger from any of its
obligations hereunder.

 

Article 6.
Terms of Recovery of and Transactions with the Pledged Securities

 

6.1                     The Parties hereby agree that the Pledged Securities described in Annex 1
hereto, which constitute the security of the Borrower’s obligations under the
Loan Agreement, may be recovered in accordance with the procedure established
by the Extrajudicial Recovery Agreement made in respect of the Pledged
Securities.

 

All proceeds from the sale
of the Pledged Securities shall be applied to repay the debts in the following
order of priority:

 

·                      to cover any legal or other costs incurred by the Lender to collect such
debts;

 

·                      to perform the Borrower’s obligations under the Loan Agreement in the order
of priority prescribed thereby; and

 

·                      to pay the penalties payable by the Pledger hereunder.

 

Article 7.
Dispute Resolution

 

7.1                     This Agreement, including the rights and obligations of the Parties
hereunder, shall be governed by the law of the Russian Federation. Any and all
disputes, disagreements or claims arising out of or related to this Agreement,
including those concerning its performance, violation, termination or
invalidity, shall be resolved by the Moscow Arbitration Court.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

4

 

Article 8.
Amendments

 

8.1                     Any amendment to this Agreement shall only be valid if made in writing and
signed by duly authorized representatives of both Parties. Any amendment to
this Agreement shall be executed as an addendum hereto and constitute an
integral part hereof.

 

8.2                     In the event of any change in the bank account details of either Party,
such Party shall notify the other Party of such change before such change takes
effect, but in no case later than five (5) business days after the date on
which such change actually occurs. In the event of any change in the registered
or mailing address of either Party, such Party shall notify the other Party of
such change before the amendment made to its constituent documents to reflect
such change is officially registered, but in no case later than five (5) business
days after the date on which such change actually occurs.

 

In the event of any change
in the Pledger’s address for notices and communications, the Pledger shall
notify the Pledgee of such change before such change takes effect.

 

Article 9.
Term

 

9.1                     This Agreement shall become effective on the date of its signing by both
Parties and remain in full force and effect until March 26, 2010
(inclusive).

 

9.2                     If the Lender assigns its rights of claim under the Loan Agreement to any
third party, the Lender shall terminate this Agreement no later than on the
execution date of the relevant assignment agreement.

 

Article 10.
Miscellaneous

 

10.1               The pledge hereunder shall remain in full force and effect if the Pledgee
duly assigns its claims secured by the Pledged Securities to any third party;
provided, however, that:

 

·                       the Pledgee may assign any of its rights hereunder without the Pledger’s
consent in accordance with the applicable claim assignment rules; and

 

·                      the Pledger may not assign, whether in whole or in part, any of its rights
hereunder without the Pledgee’s written consent.

 

10.2               Any notice or other communication given or sent by either Party to the
other Party hereunder shall be made in writing and deemed duly given if
delivered to such other Party by hand, by registered mail with return receipt
requested or by fax to its address stated herein (or to such other address as
may be specified by such other Party in accordance with Article 8.2 above)
and signed by a duly authorized representative of the giving or sending Party.

 

10.3               This Agreement is made in three (3) counterparts of equal legal
effect, two for the Pledgee and one for the Pledger.

 

Article 11.
Annexes

 

11.1               Annex 1 (List of Securities) containing
one (1) page shall constitute an integral part hereof.

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

5

 

Addresses
and Bank Account Details of the Parties

 

	
  The
  Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint
  Stock Commercial Savings Bank of the Russian Federation (Open Joint Stock
  Company)

  	
   

  	
  Comstar
  United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing
  address:

  19 Vavilov Str., Moscow
  117997, Russian Federation

  Tel.: (495) 957 57 75

  Fax: (495) 957 55 61

  	
   

  	
  27 Smolenskaya-Sennaya
  Square, bldg. 2, Moscow 119121, Russian Federation

  Tel.: (495) 956 00 00

  Fax: (495) 956 07 07

  
	
   

  	
   

  	
   

  
	
  

  Account details for payments in foreign currencies:

  Bank of New York, New
  York, acc. #890-0057-610, acc. #30301840800001000014

  	
   

  	
  Account details for
  payments in rubles:

  Acc. #407028107380000110285 with Central

  Branch Office
  No. 8641 of Sberbank of Russia,

  Moscow, BIC 044525225, INN 7740000069

  
	
   

  	
   

  	
   

  
	
  

  Account details for payments in rubles:

  #30301810500001000014,

  corr. acc. #
  30101810400000000225 maintained by Sberbank of Russia with the Transaction
  Department of the Moscow Principal Territorial Branch of the Bank of Russia,
  BIC 044525225, INN 7707083893

  	
   

  	
  Account details for
  payments in foreign currencies:

  Acc.
  #407028107380000110285 with Central Branch Office No. 8641 of Sberbank
  of Russia, Moscow, BIC 044525225, INN 7740000069

  

 

Signatures
of the Parties:

 

	
  For the
  Pledgee:

  	
   

  	
  For the
  Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  	
   

  	
  [Signed]

  
	
  T.G. Sakharova

  Head of the Lending
  Office, Key Accounts Department, Sberbank of Russia

  	
   

  	
  S.V. Pridantsev

  President, Comstar United
  TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s corporate seal
  affixed]

  	
   

  	
  [Comstar’s corporate seal
  affixed]

  

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

6

 

Annex 1 to Securities Pledge
Agreement No. Z-9463/3

dated September 24, 2009

 

List of
Securities Pledged under Securities Pledge Agreement No. Z-9463/3 dated September 24,
2009

 

	
  No.

  	
   

  	
  Issuer
  name

  	
   

  	
  Name
  and type of

  securities

  	
   

  	
  Interest
  rate,

  p.a.

  	
   

  	
  Series and

  number

  	
   

  	
  Q-ty

  	
   

  	
  Par
  value, RUR

  	
   

  	
  Pledge
  value, RUR

  	
   

  	
  Maturity

  
	
  1

  	
   

  	
  Sberbank
  of Russia OJSC

  	
   

  	
  Interest-bearing
  promissory note

  	
   

  	
  6

  	
   

  	
  HB
  0076882

  	
   

  	
  1

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
  On
  demand, but in no case earlier than on March 25, 2010 or later than on
  March 26, 2010

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  TOTAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
   

  

 

Signatures
of the Parties:

 

	
   

  	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Signed]

  	
   

  	
  [Signed]

  	
   

  
	
   

  	
  T.G.
  Sakharova

  	
   

  	
  S.V.
  Pridantsev

  	
   

  
	
   

  	
  Head
  of the Lending Office, Key Accounts Department, Sberbank of Russia

  	
   

  	
  President,
  Comstar United TeleSystems OJSC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Sberbank’s
  corporate seal affixed]

  	
   

  	
  [Comstar’s
  corporate seal affixed]

  	
   

  

 

 

Addendum
No. 1

to
Securities Pledge Agreement No. Z-9463/3 dated September 24, 2009

 

	
  City of Moscow

  	
   

  	
  March 26,
  2010

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), also known as “Sberbank of Russia,” hereinafter referred to as the “Pledgee,” represented by Ms. Tatiana Gennadievna
Sakharova, Head of the Lending Office of its Key Accounts Department, who is
acting pursuant to its Charter and Power of Attorney No. 01-1/776 dated September 7,
2009, on the one part, and Comstar United TeleSystems
Open Joint Stock Company hereinafter referred to as the “Pledger,” represented by Mr. Sergey Vladimirovich
Pridantsev, its President, who is acting pursuant to its Charter, on the other
part, hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Addendum No. 1 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/3 dated September 24, 2007
(the  “Agreement”) on
the following:

 

1.                             Article 2.3.2 of the Agreement shall be supplemented by the following
paragraph:

 

“In the period from March 1,
2010 through September 27, 2010, the Borrower shall pay the Lender a loan
interest amounting to ten point five percent (10.5%) per annum.

 

In the period from September 28,
2010 through the final repayment date stated in Article 1.1 of the Loan
Agreement, the Borrower shall pay the Lender a loan interest amounting to
eleven point seventy-five percent (11.75%) per annum.”

 

2.                             Article 2.3.4 of the Agreement shall be amended to read as follows:

 

“2.3.4                The loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment
  date

  	
   

  	
  Amount
  of payment as a share of the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  September 27,
  2010

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  2

  	
   

  	
  December 27,
  2010

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  3

  	
   

  	
  March 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  4

  	
   

  	
  June 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  5

  	
   

  	
  September 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  6

  	
   

  	
  December 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  7

  	
   

  	
  March 27,
  2012

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  8

  	
   

  	
  June 7,
  2012

  	
   

  	
  One
  eight (1/8)

  	
  ”

  

 

3.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

4.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement. This Addendum shall apply to those relations
emerging between the Parties under the Agreement beginning from March 1,
2010 (inclusive).

 

5.                             This Addendum is made in three (3) counterparts of equal legal effect,
one for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The
  Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings
  Bank of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing
  address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  	
   

  	
  27
  Smolenskaya-Sennaya Square, bldg. 2, Moscow 119121, Russian Federation

  
	
  Tel.:
  (495) 957 57 75

  	
   

  	
  INN
  7740000069

  
	
  Fax:
  (495) 957 55 61

  	
   

  	
  Tel.:
  (495) 956 00 00

  
	
   

  	
   

  	
  Fax:
  (495) 956 07 07

  
	
   

  	
   

  	
   

  
	
  Account
  details for payments in rubles:

  	
   

  	
  Account
  details for payments in rubles:

  
	
  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by Sberbank of Russia with the
  Transaction Department of the Moscow Principal Territorial Branch of the Bank
  of Russia, BIC 044525225, INN 7707083893

  	
   

  	
  Acc.
  #407028107380000110285 with Moscow Bank of Sberbank of Russia OJSC, Moscow,
  BIC 044525225, corr. acc. #30101810400000000225

  

  Account details for payments in foreign currencies:

  
	
   

  	
   

  	
  Acc.
  #407028107380000110285 with Moscow Bank of Sberbank

  
	
  Account
  details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia, Moscow Bank of New York: New
  York, NY, SWIFT IRVT US 3N, acc. #890-0057-610 Sberbank, Moscow, Russia,
  SWIFT: SABRRUMM

  	
   

  	
  of
  Russia OJSC, Moscow, BIC 044525225, corr. acc. #30101810400000000225

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  	
   

  	
  [Signed]

  
	
  T.G.
  Sakharova

  	
   

  	
  S.V.
  Pridantsev

  
	
  Head
  of the Lending Office, Key Accounts Department, Sberbank of Russia

  	
   

  	
  President,
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s
  corporate seal affixed]

  	
   

  	
  [Comstar’s
  corporate seal affixed]

  

 

2

 

SECURITIES
PLEDGE AGREEMENT

No. Z-9463/4

 

	
  City of Moscow

  	
   

  	
  December 25,
  2009

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), also known as “Sberbank of Russia,” hereinafter referred to as the “Pledgee,” represented by Ms. Tatiana Gennadievna
Sakharova, Head of the Lending Office of its Key Accounts Department, who is
acting pursuant to its Charter and Power of Attorney No. 01-1/776 dated September 7,
2009, on the one part, and Comstar United TeleSystems
Open Joint Stock Company hereinafter referred to as the “Pledger,” represented by Mr. Sergey Vladimirovich
Pridantsev, its President, who is acting pursuant to its Charter, on the other
part, hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Agreement (“this Agreement”)
on the following:

 

Article 1.
Scope of Agreement

 

1.1                     Under this Agreement, the Pledger shall pledge to the Pledgee a certain
promissory note issued by Sberbank of Russia OJSC which is beneficially owned
by the Pledger as described in Annex 1 hereto (the “Pledged
Securities”).

 

1.2                     The Pledged Securities shall be kept with the Pledgee’s Depository (the “Depository”).

 

Article 2.
Obligations Secured by the Pledge

 

2.1                     The Pledged Securities shall secure the Pledger’s obligations under
Non-revolving Credit facility Agreement No. 9463 made by and between the
Pledger (as the “Borrower”) and the Pledgee (as the “Lender”) on June 8,
2007 (the “Loan Agreement”).

 

2.2                     The Borrower’s obligations secured by this Agreement shall include, but not
limited to, those to repay the amount of the loan and pay the loan interest and
penalties payable under the Loan Agreement.

 

2.3                     The Pledger is aware of all of the terms of the Loan Agreement and hereby
agrees to be liable for the Borrower’s obligations under the Loan Agreement to
the extent of the Pledged Securities, in particular on the following terms:

 

2.3.1                     Under the Loan Agreement, a non-revolving credit facility has been provided
to the Borrower with a limit amounting to twenty-six billion rubles (RUR
26,000,000,000) for the period ending on June 7, 2012 to fund the costs
incurred or to be incurred by the Borrower to develop is communications
network, including those to re-finance the earlier incurred costs, and meet its
current liabilities.

 

2.3.2                     The Borrower shall pay the Lender a loan interest amounting to thirteen
point thirty-five percent (13.35%) per annum.

 

2.3.3                     The loan interest shall be payable for the period during which the loan has
been actually drawn down, on a quarterly basis, on the 27th day of the third month of each
calendar quarter and on the last repayment date on June 7, 2012.

 

2.3.4                     The loan shall be repayable in accordance with the following schedule:

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

 

Securities
Pledge Agreement No. Z-9463/4 dated December 25, 2009

 

	
  No.

  	
   

  	
  Repayment
  date

  	
   

  	
  Amount
  of payment as a share of the total debt as of

  the end date of the availability period

  
	
  1

  	
   

  	
  March 27,
  2010

  	
   

  	
  One
  sixth (1/6)

  
	
  2

  	
   

  	
  June 27,
  2010

  	
   

  	
  One
  sixth (1/6)

  
	
  3

  	
   

  	
  September 27,
  2010

  	
   

  	
  One
  twelfth (1/12)

  
	
  4

  	
   

  	
  December 27,
  2010

  	
   

  	
  One
  twelfth (1/12)

  
	
  5

  	
   

  	
  March 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  6

  	
   

  	
  June 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  7

  	
   

  	
  September 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  8

  	
   

  	
  December 27,
  2011

  	
   

  	
  One
  twelfth (1/12)

  
	
  9

  	
   

  	
  March 27,
  2012

  	
   

  	
  One
  twelfth (1/12)

  
	
  10

  	
   

  	
  June 7,
  2012

  	
   

  	
  One
  twelfth (1/12)

  

 

2.3.5                     If the Borrower delays in paying any amount in repayment of the loan or in
payment of the interest or commitment fee, the Borrower shall pay the Lender a
penalty amounting to one point five (1.5) times the refinancing rate set by the
Bank of Russia in percent per annum to be applied to the amount of the overdue
payment for each day of such delay during the period from the date on which the
past due debt emerges (excluding that date) through the date on which such past
due debt is repaid in full.

 

2.3.6                     The Lender may unilaterally, at its sole discretion, increase the interest
rate specified by the Loan Agreement, including, but not limited to, in the
event that the Bank of Russia decides to increase its discount (refinancing)
rate, upon notice to the Borrower of such increase but without the need to
execute any addendum to the Loan Agreement for such increase to become
effective.

 

If the Lender unilaterally
increases the interest rate, such increase shall become effective thirty (30)
calendar days after the date of the notice of such increase sent by the Lender
to the Borrower, unless a later effective date is stated by the Lender.

 

The Lender shall notify the
Borrower on any such change in the Loan Agreement in accordance with the
procedure established by Article 9.3 thereof.

 

Article 3.
Pledged Securities

 

3.1                     The Pledger shall pledge to the Pledgee those securities as listed and
having the par value, quantity and qualitative characteristics as described in
the List attached hereto as Annex 1 and constituting an integral part hereof.

 

3.2                     The par value of the Pledged Securities shall amount to two billion one
hundred and sixty-seven million rubles (RUR 2,167,000,000) as of the execution
date hereof.

 

3.3                     The Parties hereby agree that the Pledged Securities are appraised at two
billion one hundred and sixty-seven million rubles (RUR 2,167,000,000) as of
the execution date hereof.

 

3.4                     The note pledged hereunder shall become mature on demand, but in no case
earlier than on June 25, 2010 or later than on June 26, 2010.

 

Article 4.
Rights and Obligations of the Parties

 

4.1                     The Pledger shall be obligated as follows:

 

4.1.1                     When signing this Agreement, the Pledger shall deliver to the Pledgee a
statement of its custody account with the Depository proving the availability
of the Pledged Securities 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

2

 

beneficially owned by the
Pledger as specified in Article 3 above; provided, however, that the note
pledged hereunder shall be issued with a blank endorsement which may be
accompanied by the following inscription: “without recourse to Comstar United
TeleSystems Open Joint Stock Company.”

 

4.1.2                     No later than on December     , 2009, the Pledger
shall deliver to the Pledgee a pledge order in accordance with the “Sberbank of
Russia Terms of Depository Operations” to transfer the Pledged Securities
specified in Article 3 above to the pledge section of the Pledger’s
custody account with the Depository.

 

4.1.3                     After the Borrower has fully performed all of its obligations under the
Loan Agreement, including those to pay any penalties or other costs, the
Pledger shall issue and deliver to the Pledgee a pledge order in accordance
with the “Sberbank of Russia Terms of Depository Operations” to
transfer/release the Pledged Securities specified in Article 3 above from
the pledge section of the Pledger’s custody account with the Depository.

 

The Pledger shall pay any
costs to cause the pledge with the Depository of Sberbank of Russia to be
registered and terminated in accordance with the “Sberbank of Russia Terms of
Depository Operations.”

 

4.1.4                     The Pledger shall warn the Pledgee on any potential risks to which the
Pledged Securities may be exposed, including those arising out of the Pledger’s
business operations or any other events affecting the marketability of the
Pledged Securities.

 

4.1.5                     Upon request of the Pledgee, the Pledger shall replace the Pledged
Securities with any property of equal value within ten (10) calendar days
of the date of such request if the Pledger’s title thereto is terminated for
any ground provided for by the applicable laws of the Russian Federation.

 

4.2                     The Pledger hereby confirms that the Pledged Securities have not been sold,
pledged or subjected to any dispute, seizure or third-party rights as of the
execution date hereof. The Pledger hereby acknowledges its obligation to take
any lawful steps practicable to prevent the Pledged Securities from being
seized by any competent authorities and to protect the same against any
third-party claims throughout the term of the Loan Agreement.

 

4.3                     The Pledger may not sell, exchange, present, grant on lease, financial
lease or in trust, invest, re-pledge, assign, alienate or otherwise dispose of
the Pledged Securities until the Borrower fully performs all of its obligations
under the Loan Agreement.

 

4.4                     The Pledgee shall be obligated as follows:

 

4.4.1                     The Pledgee shall take whatever measures may be needed to preserve the
Pledged Securities.

 

4.4.2                     The Pledgee shall immediately notify the Pledger of any threat of loss of
or damage to the Pledged Securities.

 

4.4.3                     After the obligations secured by the pledge are fully discharged or this
Agreement terminated, the Pledgee shall sign the pledge order issued by the
Pledger in accordance with the “Sberbank of Russia Terms of Depository
Operations” to release the Pledged Securities from the Depository and return
such pledge order to the Pledger within one (1) business day of the date
of receipt of thereof from the Pledger.

 

4.4.4                     On the date of acceptance by the Depository of such pledge order signed by
both the Pledger and the Pledgee, the Pledgee shall terminate the pledge and
release the Pledged Securities from the pledge section to the main section of
the Pledger’s custody account.

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

3

 

4.5                     The Pledged Securities will not to be insured.

 

4.6                     If the Borrower violates any of the terms of the Loan Agreement, the
Pledgee may recover the Pledged Securities before any of the obligations
secured by the pledge becomes mature in accordance with the procedure
established by Article 7 below.

 

Article 5.
Liability of the Parties

 

5.1                     The Parties may be held liable under the applicable laws of the Russian
Federation for any failure to perform or duly perform any of their respective
obligations hereunder.

 

5.2                     The Pledgee shall be liable for any loss or shortage if or damage to the
Pledged Securities, unless the Pledgee proves that such loss, shortage or
damage occurred not through its fault. The Pledgee’s liability for any loss or
shortage of or damage to the Pledged Securities in the period during which they
are pledged shall be limited to the replacement cost thereof.

 

5.3                     If the Pledger fails to perform any of its obligations under Article 4.1.5,
the Pledger shall pay the Pledgee a penalty amounting to naught point naught
one percent (0.01%) of the pledge value of the Pledged Securities as stated in Article 3.3
above for each day of such failure.

 

5.4                     If the Pledger fails to perform any of its obligations under Articles 4.1.2
and 4.1.3 above, the Pledger shall pay the Pledgee a penalty amounting to one
percent (1%) of the pledge value of the Pledged Securities as stated in Article 3.3
above.

 

5.5                     The Pledger shall pay the penalty specified in Article 5.4 above
within ten (10) business days of the date of receipt of a written request
to pay such penalty from the Pledgee.

 

5.6                     No payment of any penalty shall release the Pledger from any of its
obligations hereunder.

 

Article 6.
Terms of Recovery of and Transactions with the Pledged Securities

 

6.1                     The Parties hereby agree that the Pledged Securities described in Annex 1
hereto, which constitute the security of the Borrower’s obligations under the
Loan Agreement, may be recovered in accordance with the procedure established
by the Extrajudicial Recovery Agreement made in respect of the Pledged
Securities.

 

All proceeds from the sale
of the Pledged Securities shall be applied to repay the debts in the following
order of priority:

 

·                      to cover any legal or other costs incurred by the Lender to collect such
debts;

 

·                      to perform the Borrower’s obligations under the Loan Agreement in the order
of priority prescribed thereby; and

 

·                      to pay the penalties payable by the Pledger hereunder.

 

Article 7.
Dispute Resolution

 

7.1                     This Agreement, including the rights and obligations of the Parties
hereunder, shall be governed by the law of the Russian Federation. Any and all
disputes, disagreements or claims arising out of or related to this Agreement,
including those concerning its performance, violation, termination or
invalidity, shall be resolved by the Moscow Arbitration Court.

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

4

 

Article 8.
Amendments

 

8.1                     Any amendment to this Agreement shall only be valid if made in writing and
signed by duly authorized representatives of both Parties. Any amendment to
this Agreement shall be executed as an addendum hereto and constitute an
integral part hereof.

 

8.2                     In the event of any change in the bank account details of either Party,
such Party shall notify the other Party of such change before such change takes
effect, but in no case later than five (5) business days after the date on
which such change actually occurs. In the event of any change in the registered
or mailing address of either Party, such Party shall notify the other Party of
such change before the amendment made to its constituent documents to reflect
such change is officially registered, but in no case later than five (5) business
days after the date on which such change actually occurs.

 

In the event of any change
in the Pledger’s address for notices and communications, the Pledger shall
notify the Pledgee of such change before such change takes effect.

 

Article 9.
Term

 

9.1                     This Agreement shall become effective on the date of its signing by both
Parties and remain in full force and effect until June 26, 2010
(inclusive).

 

9.2                     If the Lender assigns its rights of claim under the Loan Agreement to any
third party, the Lender shall terminate this Agreement no later than on the
execution date of the relevant assignment agreement.

 

Article 10.
Miscellaneous

 

10.1               The pledge hereunder shall remain in full force and effect if the Pledgee
duly assigns its claims secured by the Pledged Securities to any third party;
provided, however, that:

 

·                      the Pledgee may assign any of its rights hereunder without the Pledger’s
consent in accordance with the applicable claim assignment rules; and

 

·                      the Pledger may not assign, whether in whole or in part, any of its rights
hereunder without the Pledgee’s written consent.

 

10.2               Any notice or other communication given or sent by either Party to the
other Party hereunder shall be made in writing and deemed duly given if
delivered to such other Party by hand, by registered mail with return receipt
requested or by fax to its address stated herein (or to such other address as
may be specified by such other Party in accordance with Article 8.2 above)
and signed by a duly authorized representative of the giving or sending Party.

 

10.3               This Agreement is made in three (3) counterparts of equal legal
effect, two for the Pledgee and one for the Pledger.

 

 

	
   

  	
   

  	
   

  
	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
  [Signed]

  	
   

  	
  [Signed]

  

 

5

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings Bank
  of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing
  address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  	
   

  	
  27
  Smolenskaya-Sennaya Square, bldg. 2, Moscow 119121, Russian Federation

  
	
  Tel.:
  (495) 957 57 75

  	
   

  	
  Tel.:
  (495) 956 00 00

  
	
  Fax:
  (495) 957 55 61

  	
   

  	
  Fax:
  (495) 956 07 07

  
	
   

  	
   

  	
   

  
	
  Account
  details for payments in foreign currencies:

  	
   

  	
  Account
  details for payments in rubles:

  
	
  Bank
  of New York, New York, acc. #890-0057-610, acc. #30301840800001000014

  	
   

  	
  Acc.
  #407028107380000110285 with Central Branch Office No. 8641 of Sberbank
  of Russia, Moscow, BIC 044525225, INN 7740000069

  
	
   

  	
   

  	
   

  
	
  Account
  details for payments in rubles:

  	
   

  	
  Account
  details for payments in foreign currencies:

  
	
  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by Sberbank of Russia with the
  Transaction Department of the Moscow Principal Territorial Branch of the Bank
  of Russia, BIC 044525225, INN 7707083893

  	
   

  	
  Acc.
  #407028107380000110285 with Central Branch Office No. 8641 of Sberbank
  of Russia, Moscow, BIC 044525225, INN 7740000069

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  	
   

  	
  [Signed]

  
	
  T.G.
  Sakharova

  	
   

  	
  S.V.
  Pridantsev

  
	
  Head
  of the Lending Office, Key Accounts Department, Sberbank of Russia

  	
   

  	
  President,
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s
  corporate seal affixed]

  	
   

  	
  [Comstar’s
  corporate seal affixed]

  

 

6

 

Annex 1 to Securities Pledge
Agreement No. Z-9463/4

dated December 25, 2009

 

List of
Securities Pledged under Securities Pledge Agreement No. Z-9463/4 dated December 25,
2009

 

	
  No.

  	
   

  	
  Issuer name

  	
   

  	
  Name and type of

  securities

  	
   

  	
  Interest rate,

  p.a.

  	
   

  	
  Series and

  number

  	
   

  	
  Q-ty

  	
   

  	
  Par value, RUR

  	
   

  	
  Pledge value, RUR

  	
   

  	
  Maturity

  	
   

  
	
  1

  	
   

  	
  Sberbank
  of Russia OJSC

  	
   

  	
  Interest-bearing
  promissory note

  	
   

  	
  6

  	
   

  	
  HB
  0076711

  	
   

  	
  1

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
  On
  demand, but in no case earlier than on June 25, 2010 or later than on
  June 26, 2010

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  TOTAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
  Two
  billion one hundred and sixty-seven million (2,167,000,000)

  	
   

  	
   

  	
   

  

 

Signatures
of the Parties:

 

	
   

  	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Signed]

  	
   

  	
  [Signed]

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  T.G.
  Sakharova

  	
   

  	
  S.V.
  Pridantsev

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Head
  of the Lending Office, Key Accounts Department, Sberbank of Russia

  	
   

  	
  President,
  Comstar United TeleSystems OJSC

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Sberbank’s
  corporate seal affixed]

  	
   

  	
  [Comstar’s
  corporate seal affixed]

  	
   

  	
   

  	
   

  	
   

  

 

 

Addendum
No. 1

to
Securities Pledge Agreement No. Z-9463/4 dated December 25, 2009

 

	
  City of Moscow

  	
   

  	
  March 26,
  2010

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), also known as “Sberbank of Russia,” hereinafter referred to as the “Pledgee,” represented by Ms. Tatiana Gennadievna
Sakharova, Head of the Lending Office of its Key Accounts Department, who is
acting pursuant to its Charter and Power of Attorney No. 01-1/776 dated September 7,
2009, on the one part, and Comstar United TeleSystems
Open Joint Stock Company hereinafter referred to as the “Pledger,” represented by Mr. Sergey Vladimirovich
Pridantsev, its President, who is acting pursuant to its Charter, on the other
part, hereinafter referred to collectively as the “Parties”
and each individually, a “Party,” have
made this Addendum No. 1 (“this Addendum”)
to Securities Pledge Agreement No. Z-9463/4 dated December 25, 2009
(the  “Agreement”) on
the following:

 

1.                             Article 2.3.2 of the Agreement shall be supplemented by the following
paragraph:

 

“In the period from March 1,
2010 through September 27, 2010, the Borrower shall pay the Lender a loan
interest amounting to ten point five percent (10.5%) per annum.

 

In the period from September 28,
2010 through the final repayment date stated in Article 1.1 of the Loan
Agreement, the Borrower shall pay the Lender a loan interest amounting to
eleven point seventy-five percent (11.75%) per annum.”

 

2.                             Article 2.3.4 of the Agreement shall be amended to read as follows:

 

“2.3.4                 The loan shall be repayable in accordance with the following schedule:

 

	
  No.

  	
   

  	
  Repayment
  date

  	
   

  	
  Amount
  of payment as a share of the total debt as of

  the end date of the availability period

  	
   

  
	
  1

  	
   

  	
  September 27,
  2010

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  2

  	
   

  	
  December 27,
  2010

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  3

  	
   

  	
  March 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  4

  	
   

  	
  June 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  5

  	
   

  	
  September 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  6

  	
   

  	
  December 27,
  2011

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  7

  	
   

  	
  March 27,
  2012

  	
   

  	
  One
  eight (1/8)

  	
   

  
	
  8

  	
   

  	
  June 7,
  2012

  	
   

  	
  One
  eight (1/8)

  	
  ”

  

 

3.                             Any other provisions of the Agreement which are not amended by this
Addendum shall remain in full force and effect.

 

4.                             This Addendum shall become effective on its signature date and constitute
an integral part of the Agreement. This Addendum shall apply to those relations
emerging between the Parties under the Agreement beginning from March 1,
2010 (inclusive).

 

5.                             This Addendum is made in three (3) counterparts of equal legal effect,
one for the Pledgee, one for the Pledger and one for the Depository of Sberbank
of Russia.

 

 

Addresses
and Bank Account Details of the Parties

 

	
  The Pledgee:

  	
   

  	
  The Pledger:

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings Bank
  of the Russian Federation (Open Joint Stock Company)

  	
   

  	
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  Registered/mailing
  address:

  19 Vavilov Str., Moscow 117997, Russian Federation

  	
   

  	
  27
  Smolenskaya-Sennaya Square, bldg. 2, Moscow 119121, Russian Federation

  
	
  Tel.:
  (495) 957 57 75

  	
   

  	
  INN
  7740000069

  
	
  Fax:
  (495) 957 55 61

  	
   

  	
  Tel.:
  (495) 956 00 00

  
	
   

  	
   

  	
  Fax:
  (495) 956 07 07

  
	
   

  	
   

  	
   

  
	
  Account
  details for payments in rubles:

  	
   

  	
  Account
  details for payments in rubles:

  
	
  #30301810500001000014,

  corr. acc. # 30101810400000000225 maintained by Sberbank of Russia with the
  Transaction Department of the Moscow Principal Territorial Branch of the Bank
  of Russia, BIC 044525225, INN 7707083893

  	
   

  	
  Acc.
  #407028107380000110285 with Moscow Bank of Sberbank of Russia OJSC, Moscow,
  BIC 044525225, corr. acc. #30101810400000000225

  

  Account details for payments in foreign currencies:

  
	
   

  	
   

  	
  Acc.
  #407028107380000110285 with Moscow Bank of Sberbank 

  
	
  Account
  details for payments in foreign currencies:

  #30301840800001000014 with Sberbank of Russia, Moscow

  Bank of New York: New York, NY, SWIFT IRVT US 3N, acc. #890-0057-610
  Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
  of
  Russia OJSC, Moscow, BIC 044525225, corr. acc. #30101810400000000225

  

 

Signatures
of the Parties:

 

	
  For the Pledgee:

  	
   

  	
  For the Pledger:

  
	
   

  	
   

  	
   

  
	
  [Signed]

  	
   

  	
  [Signed]

  
	
  T.G.
  Sakharova

  	
   

  	
  S.V.
  Pridantsev

  
	
  Head
  of the Lending Office, Key Accounts Department, Sberbank of Russia

  	
   

  	
  President,
  Comstar United TeleSystems OJSC

  
	
   

  	
   

  	
   

  
	
  [Sberbank’s
  corporate seal affixed]

  	
   

  	
  [Comstar’s
  corporate seal affixed]

  

 

2

 

SURETYSHIP AGREEMENT NO. P-9463/2

 

Moscow, June 27, 2007

 

Joint
Stock Commercial Savings Bank of the Russian Federation (Open Joint Stock Company),
also known as “Sberbank”, hereinafter referred to as the “Lender”,
represented by Ms. Alla Aleshkina, its First Deputy Chairman of the
Management Board, who is acting pursuant to its Charter and Power of Attorney No. 01-1/501
dated July 28, 2006, on the one part, and Moscow City
Telephone Network, an open joint stock company hereinafter referred
to as the “Surety”, duly represented by Mr. Alexey
Goltsov, its General Director acting pursuant to its Charter, on the other
part, hereinafter referred to collectively as the “Parties”,
have made this Agreement (“Agreement”) as
follows:

 

1. Scope of Agreement

 

1.1                       This agreement regulates the
Surety’s obligation to guarantee to the Lender that COMSTAR —
United TeleSystems, an open joint stock company located at 27
Smolenskaya-Sennaya Square, bldg. 2, Moscow 119121 Russia and registered under
company number (OGRN): 1027700003946 (the “Borrower”),
performs its obligations under Non-Revolving Loan Facility Agreement No. 9656
(the “Loan Agreement”), which was made
between the Lender and the Borrower on June 08, 2007.

 

1.2                      The Surety’s aggregate
liability to the Borrower in the event of the Lender’s default under the Loan
Agreement shall be limited to Nine Hundred Million Roubles (RUR 900,000,000).

 

1.3                      The Surety is aware of all of
the terms and conditions of the Loan Agreement and hereby agrees to be held
liable for the Borrower’s obligations under the Loan Agreement, including the
following provisions thereof:

 

1.3.1                                Under the Loan Agreement, a
Twenty Six Billion Rouble (RUR 26,000,000,000) non-revolving loan facility has
been provided to the Borrower for the period ending on June 7, 2012 to
cover the anticipated and previous expenditures related to development of its
telecom network.

 

1.3.2                                The Borrower must pay a loan
interest at the rate of Seven Pont Six Percent (7.6%) per annum.

 

This
interest is payable for the period during which the loan has been actually
drawn down, on a quarterly basis, on the 27th day of the third month of each calendar
quarter and on the last repayment date on June 7, 2012.

 

1.3.3                                The Borrower has an option to
use the facility after the drawdown dates specified in clause 2.7 of the Loan
Agreement, but not later than the date specified in clause 2.12 thereof.

 

In
consideration of this option, the Borrower must pay to the Lender a commitment
fee based on the annual rate of Zero Point Twenty Five Percent (0.25%) of any
tranche amount undrawn by the drawdown date in any period between the last drawdown
date of such tranche as specified in clause 2.7 of the Loan Agreement and the
actual drawdown date, both inclusive.

 

The
commitment fee is payable on a quarterly basis on the 27th day of the
third month of each calendar quarter and on the ending date of the availability
period on December 31, 2008.

 

1.3.4                                The loan must be repaid in
accordance with the following schedule:

 

 

	
   

  	
   

  	
   

  
	
  For the
  Lender:

  	
   

  	
  For the Guarantor:

  

 

 

Guarantee Agreement No. P-9463/2 dated
July 27, 2007

 

	
  No

  	
   

  	
  Repayment date

  	
   

  	
  Amount of payment as a share of the total
  outstanding loan as

  of the end date of the availability period

  
	
  1

  	
   

  	
  September 27, 2009

  	
   

  	
  One twelfth (1/12)

  
	
  2

  	
   

  	
  December 27, 2009

  	
   

  	
  One twelfth (1/12)

  
	
  3

  	
   

  	
  March 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
  4

  	
   

  	
  June 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
  5

  	
   

  	
  September 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
  6

  	
   

  	
  December 27, 2010

  	
   

  	
  One twelfth (1/12)

  
	
  7

  	
   

  	
  March 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
  8

  	
   

  	
  June 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
  9

  	
   

  	
  September 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
  10

  	
   

  	
  December 27, 2011

  	
   

  	
  One twelfth (1/12)

  
	
  11

  	
   

  	
  March 27, 2012

  	
   

  	
  One twelfth (1/12)

  
	
  12

  	
   

  	
  June 27, 2011

  	
   

  	
  One twelfth (1/12)

  

 

1.3.5                                The Lender may unilaterally
increase the loan interest rate by a notice to the Borrower and without the
need to execute any addendum to the Loan Agreement if any of the following
occurs:

 

a)                            the Bank of Russia makes any
decision to increase the amount of bank reserves required to be deposited with
the Bank of Russia by more than Ten Percent (10%) of the amount applicable on
the date of the Loan Agreement or on the date of the latest change in the loan
interest rate, if any, made in accordance with clause 5.1.1 of the Loan
Agreement, whether on a one-time or accrual basis;

 

b)                           the Bank of Russia makes any
decision to increase its interest rate or refinance rate by more than Ten Percent
(10%) of the amount applicable on the date of the Loan Agreement or on the date
of the latest change in the loan interest rate, if any, made in accordance with
clause 5.1.1 of the Loan Agreement, whether on a one-time or accrual basis;

 

c)                            the Russian Government or any
of its agencies or the Bank of Russia makes actions that materially affect the
position of the Lender and the Borrower under the Loan Agreement;

 

provided
that such unilateral increase in the loan interest rate may not exceed the
Lender’s maximum interest rate on two-year fixed-term retail deposits (or at
least two-year fixed-term deposits, if the deposit product line has become
different from the one existing in the date of the Loan Agreement) multiplied
by One Point Two (1.2).

 

If
the Lender unilaterally increases the interest rate, such increase becomes
effective Sixty (60) calendar days after the date when the Lender sends a
notice of such increase, unless a later effective date is stated in such
notice.

 

The
Lender shall notify the Borrower on any such change in the Loan Agreement in
accordance with the procedure provided by clause 9.3 of the Loan Agreement.

 

1.3.6                                Should the Borrower delay any
payment of the principal, interest, or commitment fee, the Borrower is subject
to a penalty based on the annual rate equal to the Bank of Russia’s refinancing
rate multiplied by One Point Five (1.5) to be applied to the amount of any
overdue payment for each day of such delay during the period from the date on
which the past due debt emerges (excluding that date) through the date on which
such past due debt is repaid in full.

 

 

	
   

  	
   

  	
   

  
	
  For the
  Lender:

  	
   

  	
  For the Guarantor:

  

 

2

 

2. Rights and Obligations of the Parties

 

2.1                       The Surety undertakes the following
obligations:

 

2.1.1                                The Surety shall guarantee,
within the limit mentioned in clause 1.2 above, the performance of the Borrower’s
obligations to the Lender under the Loan Agreement, including the obligations
to repay the loan amount and to pay the loan interest, any penalties charged,
the commitment fee, any legal expenses related to debt collection, and any
other loss that may be incurred by the Lender as a result of non-fulfilment or
improper fulfilment by the Borrower of its obligations under the Loan
Agreement.

 

2.1.2                                The Surety shall pay any
amount delayed by the Borrower plus penalty accrued on the date of actual
payment as promptly as possible but not later that the next business day
following the receipt of the Lender’s respective written notice containing a
calculation of the amount payable hereunder.

 

2.1.3                                The Surety shall execute and
make available to the Lender, within Ten (10) business days after the date
hereof, supplements to Bank Account Agreements #1943 of June 15, 2000,
#6261 of December 11, 2006, #1944 of June 15, 2000, #3716 of April 22,
2002, and #40702810800020106631 of November 15, 2001, which regulate the
procedure for transactions on the Surety’s current accounts
#40702810900000001900 and #40702810300000000640 and current foreign currency
accounts #40702840600000000640 and #40702978200000000640 held in Moscow Bank
for Reconstruction and Development and current account #40702810800020106631
held in Sberbank’s Transaction Department, which supplements shall entitle the
Lender to directly debit the mentioned accounts with amounts arising under the
obligations to repay the loan amount and to pay the loan interest, the
commitment fee and penalties if the Borrower defaults on its obligations under
the Loan Agreement.

 

2.1.4                                The Surety consents to the
Lender’s right to demand early repayment of the loan amount from the Borrower
or payment of all interest, penalties, and any other amounts due under the Loan
Agreement in the circumstances described in the Loan Agreement, and in such
circumstances the Lender may claim such amounts from the Surety.

 

2.1.5                                The Surety consents to the
Lender’s right to unilaterally increase the interest rate specified in clause
2.5 of the Loan Agreement in the manner and circumstanced envisaged by clause
5.1.1 thereof.

 

2.1.6                                The Surety agrees to be held
liable for the Borrower’s obligations under the Loan Agreement within the
liability limit specified in clause 1.2 above, as well as for the obligations
of any other entity to which the Borrower’s debt may be transferred.

 

2.1.7                                The Surety agrees to provide
the Lender, within Five (5) business days after the date following the
accounts filing deadline, with each of the following:

 

·                      the full accounting statements
in the form required by the Russian Ministry of Finance or other ministries or
departments, with an indication of the means of sending it to the Russian
Federal Tax Service, certified and sealed by the Surety’s signatory, and with
attached explanatory notes (for annual statements) and audit opinion (or summary)
based on statutory annual accounts audit;

·                      a breakdown of accounts
payable and receivable with names of creditors and debtors, respective amounts
and dates of incurrence, and with highlighted tax and social insurance
liabilities and their status (overdue/current);

·                      a breakdown of short-term and
long-term financial investments;

·                      a breakdown of long-term and
short-term loans payable (including notes and bonds payable) with names of
creditors, amounts outstanding, drawing and maturity dates, interest / coupon
rates, repayment and interest payment schedules, any interest overdue, and
security provided;

 

	
   

  	
   

  	
   

  
	
  For the
  Lender:

  	
   

  	
  For the Guarantor:

  

 

3

 

·                      account statements containing
the turnover and balance for current domestic and foreign currency accounts and
any claims on the accounts;

·                      breakdown of security received
and provided with names of plegdeholders and principals / primary obligor, and
incurrence and maturity dates for such security;

 

Where
any changes were made in the documents of incorporation during any calendar
quarter, the Surety agrees to provide the Lender, within the accounts filing
deadlines, with notarized or registrar-certiied copies of such duly registered
amendments and of the certificate of registration of such amendments by the
National Register of Corporations.

 

Where
any changes occurred in the membership of the Surety’s executive or supervisory
bodies during any calendar quarter,
the Surety agrees to provide the Lender, within the accounts filing deadlines,
with information on the members of such bodies (Board of Directors/CEO)
specifying the positions held and other concurrent jobs, if any.

 

Where
any changes occurred in the list of holders of at least Twenty (20.0) per cent
of the Surety’s shares during any calendar quarter, the Surety agrees to
provide the Lender, within the accounts filing deadlines, with information on
any shareholder owning at least Twenty (20.0) per cent of the Surety’s shares,
including beneficiaries that own shares through nominees.

 

Furthermore,
at the Lender’s request, the Surety shall provide other reporting and financial
documents prepared in compliance with Russian law within Ten (10) business
days after receipt of any such request.

 

2.1.8                                The Surety shall not make any
objections to the Lender’s demands that the Borrower could make.

 

2.1.9                                The Surety shall not
disclosure in any manner (including but not limited to interviews,
publications, or advertising activities) any information related to the terms and
conditions of the Loan Agreement without the Bank’s written consent.

 

This provision shall not apply to disclosures required
by Russian law and to information that the Surety needs to provide under any
existing or new disclosure obligations to other lenders, rating agencies, or
financial institutions.

 

2.2                       The Borrower’s liabilities
under the Loan Agreement must be paid in roubles. Any sums received from the
Surety in a currency other than the Loan Agreement currency, shall be converted
to roubles at the Lender’s conversion rate and on its terms applicable on the
date when such sum is received and
shall be applied to discharge the Borrower’s liabilities regardless of the
purpose of payment specified in the payment document, primarily to reimburse
the Lender’s legal and other debt collection expenses and then in the following
order of priority:

 

(1)                        to discharge the obligations
under the Loan Agreement in accordance with the order of priority established
in the Loan Agreement; and

 

2)                            to pay any penalties due under
clause 3.2 hereof.

 

Any currency conversion costs shall be borne by the
Surety.

 

2.3                       The date of payment of the
Borrower’s debt by the Surety hereunder shall be the date when the respective sum is debited against
the Surety’s account held with the Lender or, if such sums are
transferred from the Surety’s account in another bank, the date when the Surety’s
remittance intended to redeem any debt outstanding under the Loan Agreement is
credited to the Lender’s correspondent account.

 

2.4                       The Lender agrees that after
termination of the Loan Agreement it shall, within Ten (10) business days
upon receipt of a written request, provide the Surety with copies of documents
certifying the Lender’s claims against the Borrower, provided that all or part
of the Borrower’s liabilities under the Loan Agreement were paid by the Surety.

 

2.5                       Where the Surety has fulfilled
the Borrower’s obligation to the Lender under the

 

	
   

  	
   

  	
   

  
	
  For the
  Lender:

  	
   

  	
  For the Guarantor:

  

 

4

 

Loan
Agreement, the Lender’s rights of claim shall devolve on the Surety to the
extent the Surety has satisfied the Lender’s claim.

 

2.6                       If the Borrower defaults on
its obligations under clause 2.1.2 hereof, the Lender shall be entitled to
directly debit the Surety’s current accounts and current foreign currency
accounts numbered 40702810900000001900, 40702810300000000640,
40702840600000000640, and 40702978200000000640 held in Moscow Bank for
Reconstruction and Development and current account #40702810800020106631 held
in Sberbank’s Transaction Department with amounts arising under the obligations
to repay the loan amount and to pay the loan interest, the commitment fee and
penalties under this Agreement and the Loan Agreement.

 

The Lender shall notify the Surety in writing of any
direct debits against its accounts in the manner prescribed by clause 5.3
below.

 

3.
Liability of the Parties

 

3.1                       The Parties may be held liable
under the applicable laws of the Russian Federation for non-fulfilment or
improper fulfilment of their respective obligations hereunder.

 

3.2                       In the event that the Surety
fails to observe the time period mentioned in clause 2.1.2 above, a penalty
shall accrue from the date following the due date hereunder for each day of
such delay, including the actual repayment date, at the rate of Three (3) percent
per annum of any overdue amount of principal, interest, and/or commitment fee.

 

The Lender may unilaterally and at its own disposal
reduce the penalty rate or establish any penalty-free period by a notice to the
Surety and without the need to execute any supplemental agreement for such
change to be valid.

 

Such penalty reduction and/or penalty-free period
shall become effective on the date specified in the Lender’s notice.

 

3.3                       The payment of a penalty
arising out of this Agreement shall not release the Surety from its obligations
hereunder.

 

4.
Term

 

4.1                       This Agreement enters into
effect upon signature of both Parties.

 

4.2                       This Agreement shall terminate
after the Borrower discharges all of its liabilities under the Loan Agreement
or after both Parties fulfil their obligations hereunder.

 

5. Miscellaneous

 

5.1 No amendments to this Agreement, except for the
changes described in clause 3.2 above, shall be valid unless made in writing
and signed by authorised signatories of both Parties.

 

5.2                       In the event of any change in
the address of either Party, such Party shall notify the other Party of such
change before the amendment of its documents of incorporation is officially
registered, but no later than Five (2) business days after the date on
which such change actually occurs.

 

In the event of any change in the bank account details
of either Party, such Party shall notify the other Party of such change before
such change takes effect, but no later than Five (5) business days after
the date on which such change actually occurs.

 

5.3                       Any notice or other
communication given or sent by either Party to the other Party hereunder shall
be made in writing and deemed duly given if delivered to such other Party by

 

	
   

  	
   

  	
   

  
	
  For the
  Lender:

  	
   

  	
  For the Guarantor:

  

 

5

 

hand, by registered mail with return receipt requested
or by fax to its address stated herein (or to such other address as may be
specified by such other Party in accordance with clause 5.2 above) and signed
by a duly authorised person.

 

5.4                       Any disputes arising out of or
related to this Agreement shall be resolved by the Moscow Arbitration Court
under the applicable laws of the Russian Federation.

 

5.5                       In matters not regulated by
this Agreement, the Parties shall be governed by applicable law of the Russian
Federation.

 

5.6                       This Agreement is made in
Three (3) equally valid counterparts, two to be held by the Lender and one
by the Surety

 

6. Addresses and Bank Account Details of the Parties

 

	
  Lender

  Joint
  Stock Commercial Savings Bank of the Russian Federation, Open Joint-Stock
  Company (Sberbank)

  Registered/mailing
  address:

  19
  Vavilova Str., Moscow 117997, Russian Federation

   tel. (495) 957 56 07, fax (495) 957 55 61

  Account
  details for payments in foreign currencies:

  Bank of New York, New York,

  acc. 8900057610

  acc. 30301840400000100014

  Account
  details for payments in roubles:

  acc.
  no. 30301810100000100014

  corr.
  acc. no. 30101810400000000225

  with
  the Transaction Department of the Moscow Principal Territorial Branch of the
  Bank of Russia

  BIK
  044525225, INN 7707083893 

  	
   

  	
  Surety

  Moscow
  City Telephone Network, Open Joint-Stock Company (MGTS)

  

  Registered/mailing address:

  12
  Petrovsky Boulevard, bldg. 3. Moscow 103051 Russia

  Telephone:  (495) 950 00 00, Fax: (495) 950-06-18

  Current
  account #40702810800020106631 with the Transaction Department of Sberbank of
  Russia

  BIK
  044525225

  corr.
  acc. 30101810400000000225 with the Transaction Department of the Moscow
  Principal Territorial Branch of the Bank of Russia

  INN
  7710016640, OGRN 1027739285265, KPP 997750001, OKPO 04856548 

  

 

Signatures of the Parties

 

	
  For the Lender:

  	
   

  	
  For the Surety:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Alla
  Aleshkina

  First
  Deputy Chairman of the Management Board, Sberbank

   

  	
   

  	
  Alexey
  Goltsov

  General
  Director,

  Moscow
  City Telephone Network

  

 

 

	
   

  	
   

  	
   

  
	
  For the
  Lender:

  	
   

  	
  For the Guarantor:

  

 

6

 

Amendment
Agreement No. 1

to Suretyship Agreement No. P-9463/2 dated July 27, 2007

 

	
  Moscow

  	
  July 31, 2008

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), hereinafter referred to as the  “Lender,” represented by Mr. Anton Alexandrovich Karamzin, Deputy Chairman of the Board
acting on the basis of the Charter and Power of Attorney No. 01-1/125 dated February 26, 2008, on the one part, and Moscow City Telephone
Network Open Joint Stock Company hereinafter referred to as the  “Surety,” represented by Mr. Nikolay Anatolievich Maksimenka, its General Director acting on
the basis of the Charter, on the
other part, hereinafter
collectively referred to as the  “Parties” have entered into this Amendment
Agreement No. 1, hereinafter the “Amendment Agreement” to Suretyship Agreement No. 9463/2 dated July 27, 2007 (hereinafter the “Suretyship Agreement”) as follows:

 

1.     To add
the first paragraph of Clause 1.3.2 of the Suretyship Agreement with the
following:

 

“Beginning from June 28, 2008 the Borrower shall pay
the Lender interest on the loan at the rate of Nine Point Five (9.5%) per cent
per annum.”

 

2.         All other clauses of the
Suretyship Agreement not amended by this Amendment Agreement shall remain in
force.

 

3.       The Amendment Agreement
becomes effective from the date of its execution by the Parties and constitutes
an integral part of the Suretyship Agreement.

 

4.       The Amendment Agreement is
made in 3 counterparts having equal legal force: two of those shall be kept by
the Lender, and one — by the Surety.

 

Addresses and Bank Account
Details of the Parties

 

	
  Lender

  	
   

  	
  Surety

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial Savings Bank of the Russian
  Federation (Open Joint Stock Company)  

  	
   

  	
  Moscow City Telephone Network (OJSC MGTS) Open Joint
  Stock Company 

  
	
   

  	
   

  	
   

  
	
  Registered/mailing address:  19 Vavilov Str., Moscow 117997

  	
   

  	
  Registered/mailing address:

   

  
	
  Tel:  (495) 957 56 07, fax: (495) 957 55 61 

  	
   

  	
  25 Bolshaya
  Ordynka Str., build. 1, Moscow, 119017,
  Russia

  
	
   

  	
   

  	
  Telephone:  (495) 950-00-00, Fax: (495) 950-06-18

  
	
   

  	
   

  	
   

  
	
  Account details for payments in rubles:

  	
   

  	
  Current account # 40702810800020106631 with the
  Transaction Department of Sberbank of Russia.

  
	
  corr. acc. # 30101810400000000225 maintained by Sberbank of
  Russia with the Transaction Department of the Moscow Principal Territorial
  Branch of the Bank of Russia, BIC 044525225, INN 7707083893  

  	
   

  	
  

  BIC:  044525225,
  corr. acc. 30101810400000000225 with the Transaction Department of the Moscow
  Principal Territorial Branch of the Bank of Russia.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INN 7710016640, OGRN 1027739285265.

  

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Surety

  

 

 

	
   

  	
   

  	
  KPP 997750001, OKPO 04856548

  
	
   

  	
   

  	
   

  
	
  Account details for payments in foreign currencies:

  

  #30301840800001000014 with Sberbank of Russia, Moscow  Bank of New York:  New York, NY, SWIFT IRVT
  US 3N, acc. #890-0057-610 Sberbank, Moscow, Russia, SWIFT: SABRRUMM

  	
   

  	
   

  

 

Signatures of the Parties

 

	
  Lender

  	
   

  	
  Surety

  
	
   

  	
   

  	
   

  
	
  Deputy Chairman of the Board of Sberbank of
  Russia

  	
   

  	
  Acting General Director of MGTS OJSC

  
	
   

  	
   

  	
   

  
	
   

  	
  A.A. Karamzin

  	
   

  	
   

  	
  N.A. Maksimenka

  
	
   

  	
   

  	
   

  
	
  [Seal]

  	
   

  	
  [Seal]

  
					

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Surety

  

 

 

Amendment Agreement No. 2

to Suretyship Agreement No. P-9463/2 dated July 27, 2007

 

	
  City of Moscow

  	
   

  	
  December 30, 2008

  

 

Joint Stock Commercial Savings
Bank of the Russian Federation (Open Joint Stock Company), hereinafter referred to as the  “Lender”, represented by Mr. Alexander Vladimirovich Soloviev, Director of the Project Finance
Department of Sberbank of Russia, OJSC, acting on the basis of the
Charter and Power of Attorney No. 01-1/1150 dated December 4, 2008, as the one party, and

 

Moscow City Telephone Network
Open Joint Stock Company, hereinafter
referred to as the
“Surety”, represented by Nikolay
Anatolievich Maksimenka, its
General Director acting on the basis of the Charter, as the other party,

 

hereinafter collectively
referred to as the
“Parties”, have entered into this Amendment
Agreement No. 2, hereinafter referred to as the “Amendment Agreement”, to Suretyship Agreement No. P-9463/2 dated July 27,
2007, amended and restated as of July 31, 2008 (hereinafter referred to as the “Suretyship
Agreement”) as follows:

 

1.            To amend Clause 1.1
of the Suretyship Agreement as follows:

 

“1.1. Under this Agreement the Surety
shall assume liability to the Lender in respect of the performance of
COMSTAR-United TeleSystems Open Joint Stock Company (Registered address:
27 Smolenskaya-Sennaya Sq., build. 2, Moscow 119121, OGRN
1027700003946), hereinafter referred to as the “Borrower”, under Agreement
No. 9463 for Non-Revolving Facility dated June 8, 2007, amended and
restated as of
            
December, 2008, hereinafter referred to as the “Loan Agreement”, entered into
between the Lender and the Borrower.”

 

2.      To add Clause 1.3.2
of the Suretyship Agreement with the following:

 

“Beginning from January 01, 2009
the Borrower shall pay the Lender interest on the loan at the rate of Thirteen
Point Thirty-Five (13.35%) per cent per annum.”

 

3.       To amend Clause 1.3.5
of the Suretyship Agreement as follows:

 

“1.3.5. The Lender shall have the
right to unilaterally increase the interest rate under the Loan Agreement, including,
without limitation, in connection with resolution of the Bank of Russia on the
increase of its discount (refinancing) rate, and notify the Borrower
accordingly, without executing any amendment agreement to this effect.

 

If the Lender unilaterally increases
the interest rate under the Loan Agreement, such increase shall become
effective Thirty (30) calendar days after the date of the notice of such
increase sent by the Lender, unless a later effective date is stated by the
Lender.

 

The Lender shall notify the
Borrower on any such change in the Loan Agreement in accordance with the
procedure established by Clause 9.3 of the Loan Agreement.”

 

4.                  All other clauses of the
Suretyship Agreement not amended by this Amendment Agreement shall remain in
force.

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Surety

  

 

 

5.                  The Amendment Agreement
becomes effective from the date of its execution by the Parties and constitutes
an integral part of the Suretyship Agreement.

 

6.                  The Amendment Agreement is
made in 3 counterparts having equal legal force: two of those shall be kept by
the Lender, and one — by the Surety.

 

Addresses and Bank Account
Details of the Parties

 

	
  Lender

  	
   

  	
  Surety

  
	
   

  	
   

  	
   

  
	
  Joint Stock Commercial
  Savings Bank of the Russian Federation (Open Joint Stock Company) 

  	
   

  	
  Moscow City Telephone Network
  Open Joint Stock Company (MGTS OJSC)

  
	
   

  	
   

  	
   

  
	
  Registered/mailing
  address: 19 Vavilov Str., Moscow 117997

  

  Tel: (495) 957 56 07,
  fax: (495) 957 55 61 

  	
   

  	
  Registered/mailing
  address:

  

  25, Bolshaya Ordynka Str., build 1, Moscow, 119017.

  

  25, Bolshaya Ordynka Str., build 1, Moscow, 119991.

  

  Telephone: (495) 950-00-00, Fax: (495) 950-06-18

  
	
  Account details for
  payments in rubles:

  

  corr. acc. # 30101810400000000225 maintained by Sberbank of Russia with the
  Transaction Department of the Moscow Principal Territorial Branch of the Bank
  of Russia, BIC 044525225, INN 7707083893 

  	
   

  	
  Current account
  # 40702810800020106631 with the Transaction Department of Sberbank of
  Russia.

  

  BIC: 044525225, corr. acc. 30101810400000000225 with the Transaction
  Department of the Moscow Principal Territorial Branch of the Bank of Russia.

  

  INN 7710016640, OGRN 1027739285265.

  KPP 997750001, OKPO
  04856548

  
	
   

  	
   

  	
   

  
	
  Account details for
  payments in foreign currencies:

  

  #30301840800001000014 with Sberbank of Russia, Moscow Bank of New York: New
  York, NY, SWIFT IRVT US 3N, acc. #890-0057-610 Sberbank, Moscow, Russia,
  SWIFT: SABRRUMM

  	
   

  	
   

  

 

Signatures of the Parties

 

	
  Lender

  	
   

  	
  Surety

  
	
   

  	
   

  	
   

  
	
  Director
  of the Project Finance Department of Sberbank of Russia OJSC 

  	
   

  	
  Acting
  General Director of MGTS OJSC

  
	
   

  	
   

  	
   

  
	
   

  	
  A.V. Soloviev

  	
   

  	
   

  	
  N.A.
  Maksimenka

  
	
   

  	
   

  	
   

  
	
  [Seal]

  	
   

  	
  [Seal]

  
					

 

	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  Surety

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