Document:

EX-10.2

REGISTRATION RIGHTS AGREEMENT

Dated as of February 22, 2007

by and between

Golden Telecom, Inc.

and

Inure Enterprises Ltd.

1

TABLE OF CONTENTS

1. DEFINITIONS AND INTERPRETATION

1.1 Definitions

1.2 Interpretation

2. SECURITIES SUBJECT TO THIS AGREEMENT

3. DEMAND REGISTRATION

	 	 	 
	3.1

3.2

3.3

3.4

3.5

3.6

3.7

	 	Demand Requests

Certain Company Obligations

Effective Registration Statement

Number of, and Limitations on, Registrations

Expenses

No Underwritten Offerings, No 10b5-1 Trading Plans

Circumstances and Effect of Withdrawal of Demand Registration

4. REGISTRATION PROCEDURES

5. EXPENSES

6. INDEMNIFICATION

	 	 	 
	6.1

6.2

6.3

6.4

	 	Indemnification by the Company

Indemnification by Inure

Conduct of Indemnification Proceedings

Contribution

7. NO TRANSFER OF REGISTRATION RIGHTS

8. NO INCONSISTENT AGREEMENTS

9. TERM AND TERMINATION

10. MISCELLANEOUS

	 	 	 
	10.1

10.2

10.3

10.4

10.5

10.6

10.7

10.8

10.9

10.10

10.11

	 	Specific Performance

Waivers; Remedies

Amendments

No Assignment; Binding Effect; No Third Party Beneficiaries

Severability

Further Assurances

Entire Agreement

Notices

Governing Law

Arbitration

Counterparts; Language

2

REGISTRATION RIGHTS AGREEMENT dated as of February 22, 2007 (this “Agreement”) between
and among Golden Telecom, Inc., a corporation organized under the laws of the State of Delaware,
United States of America (the “Company”) and Inure Enterprises Ltd., a corporation under the laws
of the Republic of Cyprus (“Inure”).

WITNESSETH

WHEREAS, Inure has agreed to sell to the Company, and the Company has agreed to purchase from
Inure, shares of capital stock of ZAO Cortec pursuant to the Stock Purchase Agreement dated as of
February 22, 2007 by and among EDN Sovintel LLC, the Company, Inure and Rambert Management Limited
(the “Purchase Agreement”); and

WHEREAS, it is a condition precedent to the obligations of the parties under the Purchase
Agreement that the Company and Inure enter into this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:

1. DEFINITIONS AND INTERPRETATION

1.1 Definitions

As used in this Agreement, the following terms shall have the following meanings:

"Advice” has the meaning specified in the last paragraph of Section 4.

"Agents” means any Person authorized to act and who acts on behalf of Inure with respect to
the transactions contemplated by this Agreement.

"Agreement” has the meaning specified in the preamble hereto.

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

"Common Stock” means shares of the Company’s common stock, par value $.01 per share, as the
same may be constituted from time to time.

"Company” has the meaning specified in the preamble hereto.

"Demand Registration” has the meaning specified in Section 3.1.

"Demand Request” has the meaning specified in Section 3.1.

"Effective Date” means the date on which the Closing under (and as defined in) the Purchase
Agreement has occurred.

"Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

"Existing Registration Rights Agreement” means the Registration Rights Agreement, dated as of
August 19, 2003 between and among Golden Telecom, Inc., Alfa Telecom Limited, Nye Telenor East
Invest AS, OAO Rostelecom, Capital International Global Emerging Markets Private Equity Fund, L.P.,
Cavendish Nominees Limited and First NIS Regional Fund SICAV.

"Parties” means the Company and Inure.

"Person” means any natural person, corporation, partnership, limited liability company,
proprietorship, other business organization, trust, union, association or Governmental or
Regulatory Authority, whether incorporated or unincorporated.

"Principal Agreements” means this Agreement, the Purchase Agreement and the Shareholders’
Agreement.

"Prospectus” means the prospectus included in any Registration Statement, as amended or
supplemented by any prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by the Registration Statement and all other amendments and
supplements to the Prospectus, including post-effective amendments and all material incorporated by
reference in such Prospectus.

"Purchase Agreement” has the meaning specified in the first recital hereto.

"Registrable Securities” means (a) the shares of Common Stock to be acquired by Inure pursuant
to the Purchase Agreement, and (b) any securities issued or issuable with respect to any such
shares of Common Stock by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization,
provided, however, that Registrable Securities shall not include any such
securities as may be transferred pursuant to an exemption from the registration requirements
provided by Rule 144 under the Securities Act.

"Registration Expenses” has the meaning specified in Section 5.

"Registration Statement” means any registration statement of the Company which covers
Registrable Securities pursuant to the provisions of this Agreement, including (a) the Prospectus,
(b) any amendments and supplements to such Registration Statement, (c) any post-effective
amendments, (d) all exhibits and all material incorporated by reference in such Registration
Statement and (e) any registration statement pursuant to a Demand Registration.

"Requesting Shareholder” has the meaning specified in Section 3.1.

"Securities Act” means the United States Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

"Shareholders’ Agreement” has the meaning set forth in the Purchase Agreement.

"SEC” means the United States Securities and Exchange Commission.

"Underwritten Offering” means the offering and sale of securities covered by any registration
statement pursuant to a firm commitment underwriting to an underwriter at a fixed price for
reoffering or pursuant to agency or best efforts arrangement with an underwriter.

1.2 Interpretation

Unless the context of this Agreement otherwise requires, the following rules of interpretation
shall apply to this Agreement:

(a) the singular shall include the plural, and the plural shall include the singular;

(b) words of any gender shall include the other gender;

(c) the words “hereof”, “herein”, “hereby”, “hereto” and similar words refer to this entire
Agreement and not to any particular Section or any other subdivision of this Agreement;

(d) a reference to any “Article” or “Section” is a reference to a specific Article or Section
of this Agreement;

(e) a reference to any law, statute, regulation, notification or statutory provision shall
include any amendment, modification or re-enactment thereof, any regulations promulgated thereunder
from time to time, and any interpretations thereof from time to time by any regulatory or
administrative authority;

(f) a reference to any agreement, instrument, contract or other document shall include any
amendment, amendment and restatement, supplement or other modification thereto; and

(g) a reference to any Person shall include such Person’s successors and permitted assigns
under any agreement, instrument, contract or other document.

2. SECURITIES SUBJECT TO THIS AGREEMENT

The securities entitled to the benefits of this Agreement are the Registrable Securities but,
with respect to any particular Registrable Security, only until (a) it has been effectively
registered under the Securities Act and disposed of in accordance with the Registration Statement
covering it, (b) it has been distributed pursuant to Rules 144 or 144A under the Securities Act (or
any similar provision then in force) or (c) it has otherwise been transferred and a new certificate
or other evidence of ownership thereof not bearing a legend restricting transfer under the
Securities Act and not subject to any stop transfer order has been delivered by or on behalf of the
Company.

3. DEMAND REGISTRATION

3.1 Demand Requests

Inure shall have the right to request (in this capacity, a “Requesting Shareholder”) in
writing that the Company effect a registration under the Securities Act with respect to all or part
of the Registrable Securities held by the Requesting Shareholder (a “Demand Registration”). The
Requesting Shareholder shall deliver to the Company in accordance with Section 10.8 a written
request for a Demand Registration (a “Demand Request”) specifying the number of Registrable
Securities to be registered, the intended method of distribution and other relevant facts.

3.2 Certain Company Obligations

Following delivery of a Demand Request, and subject to the conditions of Articles  3 and 4,
the Company shall:

(a) give prompt written notice of such Demand Request to any Person it is required to Notify
in accordance with any other registration rights agreement to which the Company is a party to; and

(b) use all reasonable efforts to effect such registration as promptly as practicable
(including, without limitation, by filing a Registration Statement (and executing an undertaking to
file any amendments thereto) covering the Registrable Securities so requested to be registered and
complying with applicable regulations issued under the Securities Act and any other governmental
requirements or regulations) or as may be so requested.

3.3 Effective Registration Statement

Subject to Section 3.7, a Demand Registration shall not be deemed to have been effected unless
a Registration Statement with respect thereto has become effective and remained effective in
compliance with the provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by such Registration Statement for the period of time required
pursuant to Section 4(c).

3.4 Number of, and Limitations on, Registrations

Inure shall be entitled to request 2 (two) Demand Registrations. The Company shall not be
obligated to register any Registrable Securities pursuant to any Demand Registration unless there
is requested to be included in such registration by the Requesting Shareholder at least 1,000,000
shares of Common Stock (subject to such adjustments as may be necessary by reason of the occurrence
of an event contemplated by clause (b) of the definition of Registrable Securities).

3.5 Expenses

All Registration Expenses, whether or not the Registration Statement has become effective
shall be paid or borne by (1) the Company in respect of the first Demand Registration; and (2)
Inure in respect of the second Demand Registration.

3.6 No Underwritten Offerings, No 10b5-1 Trading Plans

The Company has no obligation to file any Registration Statement for an offering of shares of
Common Stock that will be offered in an Underwritten Offering. No Registration Statement filed
pursuant to this Agreement be used in connection with a Rule 10b5-1 trading plan.

3.7 Circumstances and Effect of Withdrawal of Demand Registration

Upon the request of the Requesting Shareholder or if the Requesting Shareholder withdraws
Registrable Securities from the Demand Registration such that the number of Registrable Securities
to be included in such Demand Registration fails to meet the threshold specified in Section 3.4,
the Company shall have the right to cease proceeding with a Demand Registration requested by the
Requesting Shareholder and such withdrawn Demand Registration shall count as a Demand Registration
for purposes of Section 3.4.

4. REGISTRATION PROCEDURES

Whenever the Requesting Shareholder has delivered a Demand Request, the Company shall promptly
take all such actions as may be necessary or desirable to permit the sale of such Registrable
Securities, and pursuant thereto the Company shall as expeditiously as possible:

(a) use its reasonable best efforts to prepare and file with the SEC

(i) not later than forty five (45) days after receipt of the first Demand Request,
provided that

(1) if the first Demand Request is received at any time prior to May 10,
2007, such 45 day period shall start to run on May 10, 2007; and

(2) the Company shall not be required to file a Registration Statement
until all settlements under Section 2.6 of the Stock Purchase Agreement shall
have been completed;

(ii) not later than ninety (90) days after receipt of the second Demand Request,

(which time periods period may be extended by the Company for up to an additional sixty (60) days
if at the time of such request the Company is engaged in negotiations in anticipation of its
participation in a material merger, acquisition or other form of business combination or, if by
reason of such transaction, the Company is not in a position to timely prepare and file the
Registration Statement and the Company furnishes to Inure a certificate signed by the president or
a vice president of the Company stating that in the good faith opinion of the board of directors of
the Company such registration would interfere with such transaction then being pursued by the
Company) a Registration Statement on a form for which the Company then qualifies selected by the
Company and which form shall be available for the sale of the Registrable Securities in accordance
with the intended method or methods of distribution thereof, and use its reasonable best efforts to
cause such Registration Statement to become effective; the Company shall not file any Registration
Statement pursuant to Article 3 or any amendment thereto or any Prospectus or any supplement
thereto (including such documents incorporated by reference) to which Inure shall reasonably object
in light of the requirements of the Securities Act or any other applicable laws or regulations;

(b) before filing a Registration Statement or Prospectus or any amendments or supplements
thereto (excluding documents to be incorporated by reference therein, except in the case of the
preparation of the initial Registration Statement), the Company shall, at least five (5) days
before filing, furnish to Inure copies of all such documents in substantially the form proposed to
be filed to enable Inure to review such documents prior to the filing thereof, and the Company
shall make such reasonable changes thereto (including changes to, or the filing of amendments
reflecting such changes to, documents incorporated by reference) as may be reasonably requested by
Inure;

(c) subject to paragraph (b) above, prepare and file with the SEC such amendments and
post-effective amendments to the Registration Statement as may be necessary to keep the
Registration Statement continuously effective for a period of not less than ninety (90) days; cause
the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to
be filed pursuant to Rule 424 under the Securities Act; and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such Registration
Statement during the applicable period in accordance with the intended methods of disposition by
Inure set forth in such Registration Statement or supplement to the Prospectus;

(d) notify Inure (i) when the Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to the Registration Statement or any post-effective
amendment, when the same has become effective, (ii) of any request by the SEC for amendments or
supplements to the Registration Statement or the Prospectus or for additional information, (iii) of
the issuance by the SEC of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose, (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose and (v) of the occurrence of any event which makes any statement made in the Registration
Statement, the Prospectus or any document incorporated therein by reference untrue or which
requires the making of any changes in the Registration Statement, the Prospectus or any document
incorporated therein by reference in order to make the statements therein not misleading;

(e) make every reasonable effort to obtain the withdrawal of any order suspending the
effectiveness of the Registration Statement at the earliest possible moment;

(f) deliver to Inure as many copies of the Prospectus and any amendment or supplement thereto
as Inure may reasonably request;

(g) prior to the date on which the Registration Statement is declared effective, use its
reasonable best efforts to register or qualify, or cooperate with Inure and its counsel in
connection with the registration or qualification of, such Registrable Securities for offer and
sale under the securities or blue sky laws of such jurisdictions as Inure reasonably requests in
writing and do any and all other acts or things necessary or advisable to enable the disposition in
such jurisdictions of the Registrable Securities covered by the Registration Statement; provided
that the Company will not be required to qualify generally to do business in any jurisdiction where
it is not then so qualified or to take any action which would subject it to general service of
process or taxes in any such jurisdiction where it is not then so subject; provided, further, that
the Company will not be required to qualify such Registrable Securities in any jurisdiction in
which the securities regulatory authority requires that Inure submit any shares of its Registrable
Securities to the terms, provisions and restrictions of any escrow, lock-up or similar agreement(s)
for consent to sell Registrable Securities in such jurisdiction unless Inure agrees to do so;

(h) cooperate with Inure to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends;

(i) use its reasonable best efforts to cause the Registrable Securities covered by the
Registration Statement to be registered with or approved by such other governmental agencies or
authorities within the United States as may be necessary to enable the seller or sellers thereof to
consummate the disposition of such Registrable Securities;

(j) upon the occurrence of any event contemplated by paragraph (d)(i) above, prepare a
supplement or post-effective Amendment to the Registration Statement or the Prospectus or any
document incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Securities, the Prospectus will not
contain an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein not misleading;

(k) use its reasonable best efforts to cause all Registrable Securities covered by the
Registration Statement to be listed on the Nasdaq Stock Market and each other exchange on which
similar securities issued by the Company are then listed if requested by Inure;

(l) provide a transfer agent and registrar for all Registrable Securities; and

(m) take such other reasonable steps that are necessary or advisable to permit the sale of
such Registrable Securities.

The Company may require Inure to furnish to the Company such information and documents
regarding Inure and the distribution of the Registrable Securities as the Company may from time to
time reasonably request in writing.

Inure agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 4(d)(v) hereof, Inure will forthwith discontinue disposition of
Registrable Securities until Inure’s receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 4(j), or until it is advised in writing (the “Advice”) by the
Company that the use of the Prospectus may be resumed, and has received copies of any additional or
supplemental filings which are incorporated by reference in the Prospectus, and, if so directed by
the Company, Inure will deliver to the Company (at the Inure’s expense) all copies, other than
permanent file copies then in Inure’s possession, of the Prospectus covering such Registrable
Securities current at the time of receipt of such notice. If the Company shall give such notice,
the time periods mentioned in Section 4(c) hereof shall be extended by the number of days during
the period from and including the date of the giving of such notice pursuant to Section 4(d)(v) to
and including the date when Inure shall have received the copies of the supplemented or amended
prospectus contemplated by Section 4(j) or the Advice.

5. EXPENSES

Except as otherwise provided herein, all expenses incident to the Company’s performance of or
compliance with this Agreement including without limitation all registration and filing fees,
including with respect to filings required to be made with the National Association of Securities
Dealers, fees and expenses of compliance with securities or blue sky laws (including reasonable
fees and disbursements of counsel in connection with blue sky qualifications of the Registrable
Securities and determination of their eligibility for investment under the laws of such
jurisdictions as holders of a majority of the Registrable Securities being sold may designate),
printing expenses, messenger, telephone and delivery expenses, and fees and disbursements of
counsel for the Company, and of all independent certified public accountants (including the
expenses of any special audit and “comfort” letters required by or incident to such performance),
the fees and expenses incurred in connection with the listing of the securities to be registered on
each securities exchange on which similar securities issued by the Company are then listed, rating
agency fees, securities acts liability insurance if Inure so requires, the reasonable fees and
expenses of any special experts retained by Inure or by the Company at the request of Inure in
connection with such registration and fees and expenses of other Persons retained by Inure (all
such expenses being herein called “Registration Expenses”) in respect of the first Demand
Registration will be paid and borne by the Company and in respect of the second Demand Registration
shall be paid and borne by Inure (on demand). The Company shall, in any event, pay its internal
expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties) and the expense of any annual audit which are not
Registration Expenses for purposes of this Agreement. In no event shall the Company be liable for
the payment of any discounts, commissions or fees of underwriters, selling brokers, dealer managers
or similar industry professionals relating to the distribution of the Registrable Securities.
Inure shall be liable for the cost and expense of the time spent by its officers, employees and
Agents, including Inure’s counsel, in connection with the registration of Registrable Securities
owned by it.

6. INDEMNIFICATION

6.1 Indemnification by the Company

The Company will indemnify and hold harmless, to the full extent permitted by law, Inure, its
officers and directors, Agents and each Person who controls Inure (within the meaning of the
Securities Act) against all losses, claims, damages, liabilities (or actions in respect thereto)
and expenses to which any such Person may be subject, under the Securities Act or otherwise, and
reimburse all such Persons for any legal or other expenses incurred with investigating or defending
against any such losses, claims, damages or liabilities, insofar as such losses, claims, damages or
liabilities arise out of or are based upon any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, Prospectus or preliminary prospectus or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as the same arise out of or are based
upon an untrue statement of a material fact or omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, which statement or omission is
made therein in reliance upon and in conformity with information furnished in writing to the
Company by Inure, expressly for use therein. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of Inure, Inure’s directors and officers, its
Agents or a controlling Person, and shall survive the transfer of such securities by Inure.

6.2 Indemnification by Inure

Inure will indemnify and hold harmless, to the full extent permitted by law, the Company, its
directors and officers and each Person who controls the Company (within the meaning of the
Securities Act) against any losses, claims, damages, liabilities (or actions in respect thereto)
and expenses to which any such Person may be subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities arise out of or are based upon any untrue or
alleged untrue statement of a material fact contained in a Registration Statement or Prospectus or
preliminary prospectus or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, to the extent, but only if and
to the extent, that such untrue or alleged untrue statement or omission or alleged omission is made
therein in reliance upon and in conformity with the information furnished in writing by Inure
specifically for inclusion therein. In no event shall the liability of Inure hereunder be greater
in amount than the dollar amount of the proceeds received by Inure upon the sale of the Registrable
Securities giving rise to such indemnification obligation. The Company shall be entitled to
receive indemnities from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as provided above with
respect to information so furnished in writing by such Persons.

6.3 Conduct of Indemnification Proceedings

Any Person entitled to indemnification hereunder will (a) give prompt notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (b) unless in
such indemnified party’s reasonable judgment a conflict of interest may exist between such
indemnified and indemnifying parties with respect to such claim, permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party and
in that case the indemnified party shall have the right to participate in the conduct of such
defense provided that it will pay for the fees of its own counsel. Whether or not such defense is
assumed by the indemnifying party, the indemnifying party will not be subject to any liability for
any settlement made without its consent (but such consent will not be unreasonably withheld). No
indemnifying party will consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or litigation. An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not
be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim, in which event the indemnifying party shall be
obligated to pay the fees and expenses of such additional counsel or counsels. The failure to
notify an indemnifying party promptly of the commencement of any such action, if and to the extent
prejudicial to its ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Article 6, but the omission so to notify the
indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Article 6.

6.4 Contribution

(a) To the extent any indemnification by an indemnifying party is prohibited or limited by
law, the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified party in connection with the actions which resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative fault
of such indemnifying party and indemnified party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue statement of
material fact or omission or alleged omission to state a material fact, has been made, or relates
to information supplied by, such indemnifying party or indemnified party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such action. The
amount paid or payable by a party as a result of the losses, claims, damages or liabilities
referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding. In any event, the
amount of contribution payable by Inure hereunder shall not exceed the dollar amount of the
proceeds received by Inure upon the sale of the Registrable Securities giving rise to such
contribution obligation.

(b) The Parties agree that it would not be just and equitable if contribution pursuant to this
Section 6.4 were determined by pro rata allocation or by any other method of allocation which does
not take account of the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

7. NO TRANSFER OF REGISTRATION RIGHTS

The registration rights of Inure under this Agreement with respect to any Registrable
Securities may not be transferred to any Person without the prior written consent of the Company,
which consent may be conditional (except to the extent required by the Amendment to VTB Loan
Agreement or in connection with an initial (but no subsequent) refinancing of a loan documented by
the Amendment VTB Loan Agreement by a reputable financial institution or institutions of the loans
issued by VTB, provided that such exception shall be subject to prior written notice to the
Company and each other Shareholder (as this term is defined in the Shareholders’ Agreement)
containing the identity of the proposed lender and a summary of the principal terms).

8. NO INCONSISTENT AGREEMENTS

The Company shall not enter into any agreement or arrangement of any kind with any Person that
is inconsistent with any of the rights granted to Inure in this Agreement or otherwise conflicts
with any of the provisions hereof. Inure acknowledges that the Company is a party to the Existing
Registration Rights Agreement and agrees that if any action requested or required to be taken
hereunder would conflict with, or cause a breach of such Agreement, then the Company shall not be
obligated to take such action and instead shall use best reasonable efforts to resolve such
conflict or breach.

9. TERM AND TERMINATION

This Agreement shall become effective on the Effective Date and remain in effect until the
first to occur of (a) the date on which all of the Parties agree in writing to the termination of
this Agreement, (b) all securities covered hereby cease to be Registrable Securities, and (c) the
termination of the Purchase Agreement.

10. MISCELLANEOUS

10.1 Specific Performance

The Parties hereby declare that it is impossible to measure in money the damages that will
accrue to a Party by reason of a failure by another Party to perform any of the obligations under
this Agreement. Therefore, if any Party shall, in accordance with Section 10.10, institute any
proceeding to enforce specifically the provisions hereof, any Party against whom such proceeding is
brought hereby waives the claim or defense therein that the Party instituting such proceeding has
an adequate remedy at law or in damages, and the Party against whom such proceeding is brought
shall not urge in any such proceeding the claim or defense that such remedy at law or in damages
exists.

10.2 Waivers; Remedies

Any term or condition of this Agreement may be waived at any time by the Party that is
entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a
written instrument duly executed by or on behalf of the Party waiving such term or condition. No
waiver by any Party of any term or condition of this Agreement, in one or more instances, shall be
deemed to be or construed as a waiver of the same or any other term or condition of this Agreement
on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded,
will be cumulative and not alternative.

10.3 Amendments

This Agreement may be amended, supplemented or modified only by a written instrument duly
executed by or on behalf of each Party.

10.4 No Assignment; Binding Effect; No Third Party Beneficiaries

Except as provided in Article 7, neither this Agreement nor any right, interest or obligation
hereunder may be assigned by any Party without the prior written consent of the other Parties and
any attempt to do so will be void. Subject to the preceding sentence, this Agreement is binding
upon, inures to the benefit of and is enforceable by the Parties and their respective successors
and assigns. The terms and provisions of this Agreement are intended solely for the benefit of
each Party and their respective successors or permitted assigns, and, except as specified in
Article 6, it is not the intention of the Parties to confer third party beneficiary rights upon any
other Person.

10.5 Severability

If any provision of this Agreement is or shall become invalid, illegal or unenforceable in any
jurisdiction, the invalidity, illegality or unenforceability of such provision in such jurisdiction
shall not affect or impair the validity, legality or enforceability of (a) any other provision of
this Agreement or any such other document in such jurisdiction or (b) such provision or any other
provision of this Agreement or any such other document in any other jurisdiction.

10.6 Further Assurances

From time to time, at any Party’s reasonable request and without further consideration, each
Party shall execute and deliver such additional documents and take all such further action as may
be reasonably necessary or desirable to consummate and make effective, in the most expeditious
manner practicable, the transactions contemplated by this Agreement.

10.7 Entire Agreement

This Agreement and the other Principal Agreements will, from and after the Effective Date,
supersede all prior discussions and agreements among the Parties with respect to the subject matter
hereof and thereof and contain the sole and entire agreement between the Parties with respect to
the subject matter hereof and thereof.

10.8 Notices

All notices, requests, demands and other communications provided for by this Agreement shall
be in writing (including telecopier or similar writing) and shall be deemed to have been duly given
only if delivered personally or by facsimile transmission or sent by courier, addressed to the
address of the parties stated below or to such changed address as such party may have fixed by
notice or, if given by telecopier, when such telecopy is transmitted and the appropriate answerback
is received.

	 	(i)	 	If to Inure:

Inure Enterprises Limited

Diagoru 4, Kermia Building

6th floor, office 601

Nicosia P.C. 1097

Cyprus

Tel:

Fax:

	 	 	 	 	 
	(ii)

	 	If to the Company:
	 	

	 
	 	 	 	 
	
 
	 	Golden Telecom, Inc.
	 	

	 
	 	 	 	 
	 	 	2831 29th Street, NW Washington, D.C. 20008, USA

	 
	 	 	 	 
	
 
	 	Attn:
	 	Julia Marx

Fax: +1 (202) 332-4877

Telephone: +1 (202) 332-5997

with a copy to:

	 	 	 
	Moscow Representative Office of Golden TeleServices, Inc.

	 
	 	 
	1, Kozhevnichesky Proezd, 2nd floor

Moscow, 115114, Russia

Attn:

	 	

General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

10.9 Governing Law

This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York, United States of America, without giving effect to any conflicts of laws principles
thereof which would result in the application of the laws of another jurisdiction.

10.10 Arbitration

Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach,
termination or invalidity hereof, shall be settled by arbitration in accordance with the UNCITRAL
Arbitration Rules (the “Rules”) as at present in force. There shall be three arbitrators,
with the Company having the right to appoint one arbitrator, and Inure having the right to jointly
appoint one arbitrator, with the third arbitrator being selected by the two arbitrators appointed
by the parties, or upon any failure to select the third arbitrator within thirty (30) days from the
date that the second of the party appointed arbitrators has been selected, then the third
arbitrator shall be appointed as provided in the Rules. The seat and place of arbitration shall be
New York City, New York, USA and the English language shall be used throughout the arbitral
proceedings. Any arbitral award shall be final and may not be challenged in any other arbitral
tribunals located in any other jurisdictions. The successful party shall have the right to enforce
such arbitral award in any court of competent jurisdiction. The arbitral tribunal shall have
authority to consider and include in any proceeding, decision or award any further dispute properly
brought before it by the parties to the arbitration insofar as such dispute arises out of this
Agreement, but, subject to the foregoing, no other parties or other disputes shall be included in,
or consolidated with, the arbitral proceedings. All expenses connected with the arbitration,
including legal fees and other fees, incurred by the parties when resolving disputes under this
Agreement shall be payable in accordance with the arbitral award of the tribunal.

10.11 Counterparts; Language

This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties have executed this Registration Rights Agreement as of the
date first written above.

INURE ENTERPRISES LTD.

By /s/ Marina Abramova

Name: Marina Abramova

Title: Authorized Representative

GOLDEN TELECOM, INC.

By /s/ Jean-Pierre Vandromme

Name: Jean-Pierre Vandromme

Title: Chief Executive Officer

3EX-10.3

SHAREHOLDERS’ AGREEMENT

by and among

EDN SOVINTEL LLC

and

SFMT CIS INC.

and

INURE ENTERPRISES LTD.

and

ZAO CORTEC

Dated as of February 22, 2007

1

TABLE OF CONTENTS

	 	 	 	 	 
	
 
	 	 	 	Page
	 
	 	 	 	 
	ARTICLE I DEFINITIONS AND INTERPRETATION
	 	 
	 
	 	 	 	 
	1.1.

	 	Definitions.
	 	

	
 
	 	 
	 	

	1.2.

	 	Interpretation.
	 	

	
 
	 	 
	 	

	 	 	 
	ARTICLE II GENERAL PROVISIONS

	 
	 	 
	2.1.

	 	Status of the Company.
	
 
	 	 
	2.2.

	 	Subsidiaries.
	
 
	 	 

	 	 	 
	ARTICLE III BUSINESS AND MANAGEMENT OF BUSINESS

	 
	 	 
	3.1.

	 	Management of Business.
	
 
	 	 
	3.2.

	 	Agreement Concerning Provision of Services.
	
 
	 	 
	3.3.

	 	Forecast.
	
 
	 	 
	3.4.

	 	Financing.
	
 
	 	 

	 	 	 
	ARTICLE IV CORPORATE GOVERNANCE

	 
	 	 
	4.1.

	 	Shareholders’ Meetings; Board’s Meetings.
	
 
	 	 
	4.2.

	 	Voting.
	
 
	 	 
	4.3.

	 	Reserved Matters.
	
 
	 	 
	4.4.

	 	Board of Directors.
	
 
	 	 
	4.5.

	 	Executive Officers.
	
 
	 	 
	4.6.

	 	Books and Records.
	
 
	 	 

	 	 	 
	ARTICLE V SHARE TRANSFERS

	 
	 	 
	5.1.

	 	Right of First Refusal.
	
 
	 	 
	5.2.

	 	Tag-Along Rights.
	
 
	 	 
	5.3.

	 	Liens.
	
 
	 	 
	5.4.

	 	Transfers Void.
	
 
	 	 

	 	 	 
	ARTICLE VI PRE-EMPTION RIGHTS AND LISTING

	 
	 	 
	6.1.

	 	Pre-emption Rights.
	
 
	 	 
	6.2.

	 	Listing.
	
 
	 	 

	 	 	 
	ARTICLE VII CHANGES IN SHARES

	 	

	 
	 	 
	ARTICLE VIII REPRESENTATIONS AND WARRANTIES OF INURE

	 
	 	 
	8.1.

	 	Organization; Standing.
	
 
	 	 
	8.2.

	 	Power and Authority.
	
 
	 	 
	8.3.

	 	Authorization.
	
 
	 	 
	8.4.

	 	Binding Obligation.
	
 
	 	 
	8.5.

	 	Non-Contravention.
	
 
	 	 

	 	 	 
	ARTICLE IX REPRESENTATIONS AND WARRANTIES OF BUYER

	 
	 	 
	9.1.

	 	Organization, Standing and Authority.
	
 
	 	 
	9.2.

	 	Power and Authority.
	
 
	 	 
	9.3.

	 	Binding Obligation.
	
 
	 	 
	9.4.

	 	Authorization.
	
 
	 	 
	9.5.

	 	Non-Contravention.
	
 
	 	 

	 	 	 
	ARTICLE X TERM AND TERMINATION

	 
	 	 
	10.1.

	 	Term.
	
 
	 	 
	10.2.

	 	Termination.
	
 
	 	 
	10.3.

	 	New Shareholders’ Agreement.
	
 
	 	 

	 	 	 
	ARTICLE XI MISCELLANEOUS

	 
	 	 
	11.1.

	 	Entire Agreement.
	
 
	 	 
	11.2.

	 	Confidentiality.
	
 
	 	 
	11.3.

	 	Notices.
	
 
	 	 
	11.4.

	 	Successors and Assigns; No Agency.
	
 
	 	 
	11.5.

	 	Performance by Affiliates of the Parties.
	
 
	 	 
	11.6.

	 	Specific Performance.
	
 
	 	 
	11.7.

	 	Further Assurances.
	
 
	 	 
	11.8.

	 	Amendment.
	
 
	 	 
	11.9.

	 	Breach.
	
 
	 	 
	11.10.

	 	Remedies.
	
 
	 	 
	11.11.

	 	Non-waiver.
	
 
	 	 
	11.12.

	 	Attorneys’ Fees.
	
 
	 	 
	11.13.

	 	Indemnification for Breach of Representations and Warranties.
	
 
	 	 
	11.14.

	 	Indemnification of Parties.
	
 
	 	 
	11.15.

	 	Conflict with Organizational Documents.
	
 
	 	 
	11.16.

	 	Governing Law.
	
 
	 	 
	11.17.

	 	Dispute Resolution.
	
 
	 	 
	11.18.

	 	Severability.
	
 
	 	 
	11.19.

	 	Counterparts.
	
 
	 	 

Exhibit A: List of Entities used in Business

Exhibit B: Business Plan

Exhibit C: Fair Value Determination Procedure

2

SHAREHOLDERS’ AGREEMENT

THIS SHAREHOLDERS’ AGREEMENT (this “Agreement” or this “Shareholders’ Agreement”) is entered
into as of February 22 , 2007 and shall become effective (the “Effective Date”) on the Closing
Date, as defined below, by and among

(i) EDN SOVINTEL LLC, a limited liability company organized and existing under the laws of the
Russian Federation, with its principal offices at 1, Kozhevnichesky Proezd, 2nd floor, Moscow,
115114, Russia (“Buyer”);

(ii) SFMT CIS INC., a company organized and existing under the laws of the state of Delaware,
with its principal offices at 2831 29th Street, NW Washington, D.C. 20008, USA (“SFMT”)
and wholly owned by Golden Telecom, Inc., a company organized and existing under the laws of
Delaware, with its principal offices at 2831 29th Street, NW Washington, D.C. 20008, USA
(“Parent”);

(iii) INURE ENTERPRISES, Ltd., a company organized and existing under the laws of the Republic
of Cyprus (“Inure”), with its principal offices at Diagoru 4, Kermia Building, 6th
floor, office 601 Nicosia P.C. 1097, Cyprus;

(iv) ZAO CORTEC, a closed joint stock company organized and existing under the laws of the
Russian Federation (the “Company”), with its principal offices at 30/15 Ryazansky Prospect, Moscow,
109428, Russian Federation; and

Buyer, Inure, SFMT and the Company are referred to collectively as the “Parties” and Buyer,
Inure and their permitted transferees who become party to this Shareholders’ Agreement are referred
to collectively as the “Shareholders.”

RECITALS

A. Immediately prior to the consummation of the Acquisition (as defined below), Inure was the
legal, record, and beneficial owner of 99 (ninety-nine) ordinary registered shares, with a nominal
value of 75.9 (seventy-five decimal nine) Rubles per share of the Company representing 99%
(ninety-nine percent) of all issued and outstanding shares of capital stock of the Company and
Rambert Management Limited, a company organized and existing under the laws of the British Virgin
Islands (“RML”), was the legal, record and beneficial owner of 1 (one) such share of the Company.

B. Dawn Key Limited, a company organized and existing under the laws of the British Virgin
Islands (“DKL”), is the legal, record and beneficial owner of 21,682,830 (twenty one million sixty
hundred eighty two thousand eight hundred thirty) shares, representing on the Closing Date 71.11%
(seventy-one decimal eleven percent) of all issued and outstanding shares of capital stock of
Inure;

C. Ansley Financial Holdings Ltd., a company organized and validly existing under the laws of
the British Virgin Islands (“Ansley”), is the legal, record and beneficial owner of 8,808,621
(eight million eighty hundred eight thousand and six hundred twenty one) shares of the issued and
outstanding capital stock of Inure, representing on the Closing Date 28.89% (twenty-eight decimal
eighty-nine percent) of all of the issued and outstanding shares of capital stock of Inure.

D. Pursuant to a Stock Purchase Agreement, dated as of February 22, 2007, among Buyer, Parent,
Inure and RML (the “Stock Purchase Agreement”), Inure and RML (the “Sellers”), are selling to Buyer
and Buyer is purchasing the Transferred Shares (as defined in the Stock Purchase Agreement) from
the Sellers, all upon the terms and subject to the conditions set forth in the Stock Purchase
Agreement (the “Acquisition”).

E. Upon consummation of the Acquisition, Inure shall own 49% (forty-nine percent) of the
issued and outstanding shares of the Company and Buyer shall own 51% (fifty-one percent) of the
issued and outstanding shares of the Company.

F. The Company fully owns directly or indirectly all of the legal entities involved in the
Business (as defined below) listed on Exhibit A.

G. The Parties have determined that it is in their respective best interests to enter into
this Shareholders’ Agreement with respect to the operation and management of the Company and the
acquisition and disposition of all and any shares or other equity interest in the Company (the
"Shares”).

H. The Parties wish to establish: (i) certain rights and obligations of Buyer and Inure in
respect of their ownership of the Shares; and (ii) certain agreements with respect to the
management, control, funding, operation and ownership of the Company, the Subsidiaries (as defined
below), their Affiliates (as defined below), the Business and related matters.

NOW, THEREFORE, in consideration of the foregoing and the mutual terms, covenants and
conditions set forth below, the Parties agree as follows:

ARTICLE I

DEFINITIONS AND INTERPRETATION

1.1. Definitions. 

For the purposes of this Agreement and in addition to the terms defined in the Recitals and
Preamble hereof, the following terms shall have the following meanings:

"Acquisition” has the meaning set forth in Recital D.

"Advisor” has the meaning set forth in Section 6.2(d).

"Affiliate” means with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with such Person.

"Agreement” has the meaning set forth in the Preamble.

"Ansley” has the meaning set forth in Recital C.

"Auditor” has the meaning set forth in Section 4.6(b).

"Board” means the Board of Directors of the Company.

"Business” means the business of the Company and its Subsidiaries as carried out at the date
of this Agreement.

"Business Plan” means the indicative annual business plans for the years 2007 and 2008
attached as Exhibit B.

"Buyer” has the meaning set forth in the Preamble.

"Buyer Director” has the meaning set forth in Section 4.4(a).

"Capital Expenditures” means payments made, or obligations to make future payments, for
long-term assets, including property, plant and equipment and intangible assets delivered to a
Person or any of its subsidiaries, or pre-payments for such long-term assets less internal labor
and material costs associated with developing plant and equipment.

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

"Charter” has the meaning set forth in Section 2.1.

"Closing Date” has the meaning set forth in the Stock Purchase Agreement.

"Company” has the meaning set forth in the Preamble.

"Confidential Information” has the meaning set forth in Section 11.2(e).

"Consolidation” has the meaning set forth in Section 4.3(c).

"Directors” has the meaning set forth in Section 4.4(a).

"Disclosing Party” has the meaning set forth in Section 11.2(e).

"DKL” has the meaning set forth in Recital B.

"EBITDA” means operating earnings before implementation of the adjustment described in
Financial Accounting Standards Board Staff Accounting Bulletin 101 and before interest, taxes,
depreciation and amortization, based upon the results of a Person prepared in accordance with US
GAAP and, in any case, after deducting any amounts resulting from capitalization of internal labor
and material costs associated with developing plant and equipment.

"Effective Date” has the meaning set forth in the Preamble.

"Fair Value” means the fair value of the Shares of which the fair value is to be determined in
the events provided for in this Agreement and in accordance with the procedure set forth in
Exhibit C.

"IFRS” means international financial reporting standards.

"Initial Period” has the meaning set forth in Section 1 of Exhibit C.

"Inure” has the meaning set forth in the Preamble.

"Inure Director” has the meaning set forth in Section 4.4(a).

"Inure Listing Shares” has the meaning set forth in Section 6.2(f).

"JSC Law” means the Russian Federation Law 1 208-FZ “On Joint Stock Companies,” dated December
26, 1995, as the same is amended from time to time.

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

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

"Listing Notice” has the meaning set forth in Section 6.2(f).

"Offer Notice” has the meaning set forth in Section 5.1(b)(i).

"Offer Terms” has the meaning set forth in Section 5.1(b)(i)(5).

"Offeree Shareholders” has the meaning set forth in Section 5.1(a).

"Offering Shareholder” has the meaning set forth in Section 5.1(a).

"Offering Price” has the meaning set forth in Section 5.1(b)(i)(4).

"Ongoing Funding” means all funding requirements in respect of the Company and the
Subsidiaries.

"Organizational Documents” has the meaning set forth in Section 2.2.

"Panel” has the meaning set forth in Section 6.2(d).

"Parent” has the meaning set forth in the Preamble.

"Permitted Transferee” has the meaning set forth in Section 5.1(e).

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

"Proposed Purchaser” has the meaning set forth in Section 5.1(b)(i)(2).

"Pro Rata Portion” has the meaning set forth in Section 5.2(a).

"RAS” has the meaning set forth in Section 4.6(a).

"Receiving Party” has the meaning set forth in Section 11.2(e).

"Recipient” has the meaning set forth in Section 11.2(b).

"Reserved Matters” has the meaning set forth in Section 4.3(a).

"Right of First Refusal” has the meaning set forth in Section 5.1(a).

"RML” has the meaning set forth in Recital A.

"SEC” means United States Securities and Exchange Commission.

"SFMT” has the meaning set forth in the Preamble.

"Shareholder Loan” has the meaning set forth in Section 3.4(b).

"Shareholders’ Agreement” has the meaning set forth in the Preamble.

"Stock Purchase Agreement” has the meaning set forth in Recital D.

"Shares” has the meaning set forth in Recital G.

"Subsidiaries” means the companies listed in Exhibit A and such other entities of
which more than fifty percent (50%) of the shares or interests are acquired by the Company after
the Effective Date.

"Surviving Provisions” means Article 1 and Sections 11.1 through 11.4 (inclusive), 11.10 and
11.15 through 11.18 (inclusive).

"Tag-Along Notice” has the meaning set forth in Section 5.2(a).

"Termination” has the meaning set forth in Section 10.2.

"Transfer” means any direct or indirect sale, exchange, transfer (including, without
limitation, any transfer by gift or operation of law, or any transfer of an economic interest in
any derivative security of any Share), assignment, distribution or other disposition, or issuance
or creation of any option or any voting proxy, voting trust or other voting agreement in respect of
any Person or instrument (including, without limitation, any of the Shares), whether in a single
transaction or a series of related transactions, including, without limitation, the direct or
indirect enforcement or foreclosure of any Lien, pledge, security interest or similar encumbrance.

"Trigger Date” means the date on which a decision to issue new Shares shall have been made by
the Company.

"US GAAP” means accounting principles generally accepted in the United States, consistently
applied.

"VTB” means OAO Vneshtorgbank, a commercial bank organized and existing as a open joint stock
company under Russian law.

1.2. Interpretation. 

In this Shareholders’ Agreement:

(a) The masculine, feminine and neuter genders and the singular and the plural shall be deemed
to include one another, as appropriate;

(b) a reference to an amount in US Dollars shall also mean a reference to an equivalent
thereof in any other currency;

(c) “control” (including, with correlative meanings, the terms “controlling”, “controlled by”
and “under common control with”), as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through ownership of voting securities, by contract or otherwise;

(d) the captions used are for convenience of reference only and are not a part of this
Shareholders’ Agreement and do not in any way limit or amplify the terms and provisions hereof; and

(e) any references herein to a particular Section, Exhibit or Schedule means a Section of, or
an Exhibit or Schedule to, this Shareholders’ Agreement unless another agreement is specified.

ARTICLE II

GENERAL PROVISIONS

2.1. Status of the Company.

The Parties agree that the Company shall operate the Business, and shall be governed by (a)
the provisions of its charter, which shall be amended to reflect this Shareholders’ Agreement (the
"Charter”) as such may be amended from time to time in accordance with the provisions thereof and
hereof and (b) this Shareholders’ Agreement. Subject to compliance with applicable law, the
Shareholders shall cause the Company to take any and all actions necessary to effectuate the terms
and conditions of this Shareholders’ Agreement.

2.2. Subsidiaries.

(a) The Parties agree that the terms and conditions of this Shareholders’ Agreement, where
relevant, shall apply to the Subsidiaries and that no decision, corporate action or any transaction
shall be made, taken or entered into by any Subsidiary in breach of the terms of this Shareholders’
Agreement. The Parties acting through the Company and the relevant Subsidiaries shall procure that
the relevant changes or modifications are made to the articles of association, charters, foundation
or partnership agreements and any other organizational documents (“Organizational Documents”) of
the Company and the Subsidiaries to give full effect to the provisions and spirit of this
Shareholders’ Agreement.

(b) The voting and other rights attributable to the shares in the Subsidiaries shall be
exercised pursuant to the Board’s decision approved in accordance with its normal procedures.

ARTICLE III

BUSINESS AND MANAGEMENT OF BUSINESS

3.1. Management of Business.

The Parties agree to manage and finance the Business and the Company and the Subsidiaries as
reflected in the Business Plan. Any business plan or financing plan for any period after
expiration of the Business Plan or any modifications to the Business Plan shall be approved by the
Board in accordance with its standard procedures.

3.2. Agreement Concerning Provision of Services.

The Parties agree that the services purchased by (a) the Company and its Subsidiaries and (b)
Buyer and its Affiliates following the Effective Date from one another shall:

(a) be provided on an arm’s length basis on commercial terms; and

(b) be at the rates specified for each such type of service in the relevant interconnect
agreement(s) (subject to adjustments from time to time to take into account the then current market
prices and applicable rules and regulations).

Nothing in this Section 3.2 or in the Business Plan is intended to constitute any price fixing
or any restriction on competition in the relevant market.

3.3. Forecast.

The Parties agree that the expansion of the operation of the business of the Company following
the Effective Date shall include the matters set forth in the Business Plan and the Parties agree
to use their respective reasonable efforts to cause the Company to achieve the objectives set forth
in the Business Plan.

3.4. Financing.

(a) The Shareholders shall procure that the Company shall, and the Company shall, apply any
contributions made by the Shareholders in connection with Ongoing Funding solely for the benefit of
the business of the Company and each Subsidiary and in accordance with the provisions of the
Business Plan to achieve financial objectives.

(b) Shareholders are not obliged to provide any Ongoing Funding (by means of equity
contributions, or loans provided by the Shareholder (each, a “Shareholder Loan”), or security with
respect to third parties’ financing) unless such Ongoing Funding is agreed by the Shareholders
according to the relevant corporate governance rules or provided for in the Business Plan.

(c) Ongoing Funding shall be met as follows:

(i) first, from the Company and relevant Subsidiary’s available cash in the
relevant calendar year;

(ii) second, if funds obtained under clause (i) are insufficient to cover
Ongoing Funding as provided in the Business Plan, then from unsecured third-party debt,
provided that in the event any third-party unsecured debt is offered to the Company
as contemplated in this Section 3.4(c)(ii), then upon receiving from a potential lender a
termsheet or similar description of the terms of the proposed debt financing and prior to
the Company entering into any binding agreement with respect to such debt, each Shareholder
shall have the right (exercisable within five (5) Business Days after notice of the proposed
unsecured borrowing by the Company is provided by the Company to each Shareholder) to extend
all or a portion of such debt to the Company on substantially the same terms. In the event
more than one Shareholder desires to extend such debt to the Company, such debt shall be
allocated pro rata between the Shareholders based on their holdings in the Company;

(iii) third, if funds obtained under clauses (i) and (ii) are insufficient to
cover Ongoing Funding as provided in the Business Plan, then from Shareholder Loans,
provided that (A) the Buyer and Inure shall have the option to participate pro
rata (based on their holdings in the Company) in such Shareholder Loans to the extent
necessary to meet the Ongoing Funding of the Company set out in the Business Plan, and any
Shareholder Loans in excess of such amount shall be at the sole discretion of the relevant
Shareholder; (B) the terms of the Shareholder Loans shall be substantially similar to the
terms of the latest unsecured debt obtained by the Company from a third party on an arm’s
length basis, and (C) the terms and conditions for each such Shareholder Loan entered into
in connection with the same Ongoing Funding shall be on the same commercial terms; and

(iv) fourth, if funds obtained under clauses (i), (ii) and (iii) are
insufficient to cover the amount of Ongoing Funding (but only when Ongoing Funding exceeds
the amount provided for in the Business Plan), then through equity contributions by the
Shareholders pro rata to their shareholdings in the Company, provided,
however, that both Buyer and Inure shall have extended Shareholder Loans under
clause (iii) above.

(d) If it is agreed by the Shareholders that Ongoing Funding is to be provided by equity
contributions, and a Shareholder fails to subscribe or pay for the newly issued Shares prior to the
expiration of the relevant subscription period subject to applicable Russian company laws, such
unsubscribed or unpaid for Shares (or any part thereof) may be acquired by the other Shareholder,
failing which, the Board, in accordance with its standard procedures, may authorize the sale of
such Shares to a third Person, approved by a non-defaulting Shareholder. The defaulting
Shareholder shall have no rights under Sections 5.1 or 6.1 in respect of the Shares it shall have
failed to subscribe or pay for.

(e) Other than in accordance with Section 5.3, no Shareholder shall be entitled to establish
any Lien on the subscribed Shares.

ARTICLE IV

CORPORATE GOVERNANCE

4.1. Shareholders’ Meetings; Board’s Meetings.

Meetings of the Shareholders and the Board shall be held as necessary but not less frequently
than required by Russian company laws. The matters related to the convocation, notice and agenda
of such meetings shall be as provided for in the Charter, provided that to the extent consistent
with Russian company laws, the participation of at least one Inure Director and one Buyer Director
shall be required for any meeting of the Board to be quorate and if any such Director has been duly
notified of the meeting but fails to participate for any reason, the meeting shall be deemed
quorate when reconvened with or without the participation of at least one Inure Director.

4.2. Voting.

Except as set forth in Section 4.3, the decisions of the Board shall be taken by majority vote
of Directors present at any duly convened meeting having a quorum.

4.3. Reserved Matters.

(a) Subject to any mandatory provisions of Russian law, the following decisions (“Reserved
Matters”) shall require either (i) the affirmative vote of holders of seventy percent (70%) of the
Shares entitled to vote on the matter at a general or extraordinary meeting of shareholders at
which a quorum is represented or (ii) the affirmative vote of at least five (5) Directors:

(i) changes to the Charter or other Organizational Documents of the Company or the
Subsidiaries (except where the equity contributions are required to be provided by operation of
Section 3.4(c)(iv), in which case the necessary changes to the Charter should not qualify as a
Reserved Matter and each Shareholder shall vote its shares to authorize such change (to the extent
required));

(ii) any proposal to wind up the Company or any Subsidiary or initiation of any other
voluntary proceeding seeking liquidation or reorganization thereof;

(iii) any material change in the nature or scope of the Business;

(iv) any “major transaction” of the Company or any Subsidiary as this term is defined under
the JSC Law;

(v) any issuance of shares or securities convertible into shares, creation of any options to
subscribe for or acquire such shares or redemption of shares, any increase or decrease of the
charter capital or other change in the capital structure in each case relating to the Company or
the Subsidiaries, including in each case the terms of each such change;

(vi) any distribution of dividends by the Company;

(vii) the merger or any corporate reorganization or restructuring of the Company or the
Subsidiaries, any joint venture or partnership or acquisition of a material part of the assets of
the Company or the Subsidiaries or any transaction for the acquisition of equity interest in
another company; and

(viii) any transaction by the Company or any Subsidiary with any Shareholder or any Affiliate
(other than the Company and its Subsidiaries) of any of the Shareholders and any “interested party
transaction” of the Company or any Subsidiary as this term is defined under the JSC Law.

(b) In determining whether any of the Reserved Matters described above requires the approval
of the Shareholders as aforesaid, a series of related transactions that, when aggregated, exceed
the figure specified in the relevant paragraph above shall be construed as a single transaction
requiring such Shareholder approval.

(c) The Parties agree that in no event shall Reserved Matters include any matter that would
disallow Parent from fully consolidating the Company and its Subsidiaries in Parent’s financial
statements in accordance with US GAAP and/or SEC rules (the "Consolidation”).

4.4. Board of Directors.

(a) Board Composition. The Board shall be comprised of seven (7) directors (“Directors”).
The Directors shall be elected by cumulative vote, and removed by the Shareholders in accordance
with Russian company laws. For so long as their shareholding remain unchanged from the closing of
the Acquisition, each Shareholder agrees to take all actions necessary from time to time
(including, without limitation, the voting of Shares, the execution of written consents, the
calling of special meetings, the removal of Directors, the filling of vacancies on the Board, the
waiving of notice of and attendance at meetings, the amendment of the Charter and the like) to
procure that four (4) Directors are elected from the candidates nominated by the Buyer (each
Director so nominated and elected, a “Buyer Director”) and three (3) Directors are elected from the
candidates nominated by Inure (each Director so nominated and elected, an “Inure Director”).

(b) Chairman of the Board. The Parties shall procure that the first chairman of the Board
(the “Chairman”) shall for the first year be Mr. Alexander Mamut.

(c) Shareholder Information. Each Director shall be permitted to pass any information it
obtains in its capacity as a Director to its nominating Shareholder. Each Shareholder shall be
required to keep such information confidential.

4.5. Executive Officers.

The Company, its Subsidiaries and the Business shall be run by respective executive officers,
including a president and a general director. The nomination, election, removal and authorities of
the executive officers shall be in accordance with the Charter and, where applicable, the
Organizational Documents and applicable Russian company laws.

4.6. Books and Records.

(a) The books and records of the Company and the Subsidiaries shall be maintained, and the
financial statements of the Company shall be prepared, in accordance with (1) generally accepted
accounting principles in the Russian Federation (“RAS”) and (2) US GAAP, consistently applied.

(b) The Board or its audit committee shall appoint an independent licensed public accounting
firm (the “Auditor”) to perform an annual audit of the Company and its Subsidiaries’ consolidated
financial statements and quarterly reviews of the Company and its Subsidiaries’ consolidated
financial statements in accordance with US GAAP. If required by the Board, the Auditor will
perform an audit and/or quarterly reviews of the financial statements prepared in accordance with
RAS.

(c) Buyer shall procure that the Company shall, and the Company shall, provide Inure (at no
expense to Inure) and Inure’s Permitted Transferees (provided that Inure or such Permitted
Transferee owns more than twenty percent (20%) of the Shares) with all information which Inure or
such Permitted Transferee reasonably requires (including, without limitation, reconciliation from
US GAAP to IFRS) to prepare its annual IFRS financial statements.

ARTICLE V

SHARE TRANSFERS

A Shareholder may only Transfer its Shares in accordance with the provisions of this Article V
(except that if any Shareholder is including its shares in the Listing, such Transfer shall not be
subject to this Article V):

5.1. Right of First Refusal.

(a) Right of First Refusal. Subject to mandatory provisions of Russian company laws,
before any Shares held by any Shareholder (the "Offering Shareholder”) may be sold to any third
party, the other Shareholders or their assignees (the "Offeree Shareholders”) shall have a right of
first refusal (the “Right of First Refusal”) to purchase the Shares at the Offering Price in
accordance with the terms and conditions set forth in this Article V.

(b) Notice of Proposed Sale. Upon the receipt of an arm’s length bona fide offer from
a third party, the Offering Shareholder shall:

(i) deliver to the Offeree Shareholder a written notice (the “Offer Notice”) stating

	 	(1)	 	the bona fide intention of the Offering
Shareholder to sell the Shares;

	 	(2)	 	the name of each proposed purchaser (the
“Proposed Purchaser”) and their beneficial owners (save where a
proposed transferee is a publicly traded company);

	 	(3)	 	the number of Shares to be sold to each
Proposed Purchaser;

	 	(4)	 	the price for which the Offering Shareholder
proposes to sell the Shares (the “Offering Price”), which Offering
Price shall be a cash offer in a freely convertible currency; and

	 	(5)	 	all other terms and conditions of the proposed
sale (“Offer Terms”); and

(ii) irrevocably offer the Shares at the Offering Price and on the Offer Terms to the Offeree
Shareholders.

(c) Exercise of Right of First Refusal. At any time within forty-five (45) days after
receipt of the Offer Notice, the Offeree Shareholders may, by giving written notice to the Offering
Shareholder, elect to purchase and, within forty-five (45) days of such notice, enter into a
binding agreement or obtain a waiver and take all measures required to purchase all, but not less
than all, of the Shares proposed to be transferred to any one or more of the Proposed Purchasers.
The purchase price for the Shares purchased shall be the Offering Price, and the terms and
conditions shall be identical in all material respects, to the extent possible, to the Offer Terms.

(d) Offering Shareholder’s Right to Sell. If all of the Shares proposed in the Offer
Notice are not purchased by the Offeree Shareholders and/or their assignees as provided in this
Section 5.1, then the Offering Shareholder may sell such Shares to the Proposed Purchaser at the
Offering Price and on the Offer Terms, provided that such sale shall be made subject to Section 5.2
and is consummated within one hundred eighty (180) days after the date of the Offer Notice and
provided further that any such sale is effected in accordance with any applicable law or regulation
and, upon the remaining Shareholders’ request, the Proposed Purchaser agrees in writing that the
provisions of this Shareholders’ Agreement shall apply to the Proposed Purchaser. If the Shares
described in the Offer Notice are not transferred to the Proposed Purchaser within said one hundred
eighty (180) day period, a new Offer Notice shall be required and the Offeree Shareholder shall
again be offered the Right of First Refusal before any Shares held by the Offering Shareholder may
be sold. All Shareholders hereby agree to make any and all modifications to the Charter if
required to effectuate the provisions of this Article V.

(e) Exception for Certain Sales. Anything to the contrary contained in this Section
5.1 notwithstanding, the Parties agree that the Offeree Shareholder shall not exercise its Right of
First Refusal and shall grant the Offering Shareholder its duly executed waiver of the Right of
First Refusal in compliance with Russian company laws to the sale of any or all of the Shares to an
Affiliate of the Offering Shareholder (“Permitted Transferee”) provided that

(i) such Affiliate executes a counterpart of this Shareholders’ Agreement,

(ii) such Affiliate shall assume joint and several liability with such Offering Shareholder
under the Stock Purchase Agreement, and

provided further that if such Affiliate ceases to be an Affiliate of the Offering Shareholder, it
shall be required to immediately transfer the Shares back to the Offering Shareholder.

(f) Reorganization Into an Open Joint Stock Company. If and when the Company is
reorganized into an open joint stock company and if, at the time such reorganization becomes
effective, the JSC Law does not permit the Right of First Refusal to be established in an open
joint stock company, then the preceding provisions of this Section 5.1 shall no longer apply.

5.2. Tag-Along Rights.

(a) If the Buyer or any of its Permitted Transferees issues an Offer Notice to Inure in
respect of the proposed Transfer by Buyer or its Permitted Transferees, and if the Transfer of the
Shares proposed in such Offer Notice will (in the aggregate with prior Transfers of the Shares by
Buyer or its Permitted Transfers) be equal to or greater than fifty percent (50%) plus one (1)
Share out of all the issued and outstanding Shares, then Inure shall have the right, in the
alternative to exercising its rights under Section 5.1(c) above, at any time within forty-five (45)
days after receipt of the Offer Notice, to give written notice to Buyer and any relevant Permitted
Transferee (a “Tag-Along Notice”) requesting that the Proposed Purchaser purchase the same
percentage of the Shares held by Inure as constitute the percentage of Shares proposed to be
transferred by Buyer or any of its Permitted Transferees (as the case may be) to the total number
of the Shares held by Buyer and its Permitted Transferees (as the case may be) (a “Pro Rata
Portion”).

(b) The Tag-Along Notice shall specify the number of Shares that Inure desires to include in
the proposed Transfer (but not in excess of the Pro Rata Portion of Inure’s Shares).

(c) If Inure does not give Buyer the Tag Along Notice in the forty-five (45) day time period
prescribed above, Buyer or its Permitted Transferees (as the case may be) may Transfer the Shares
specified in the Offer Notice to the Proposed Purchaser identified in, and on the same terms and
conditions as are set forth in, the Offer Notice. If Inure does give Buyer the Tag Along Notice in
the forty-five (45) day time period prescribed above, Buyer shall use commercially reasonable
efforts to cause Inure’s Pro Rata Portion to be acquired by the Proposed Purchaser at the same time
and on the same terms and conditions as are set forth in the Offer Notice. If the Proposed
Purchaser is unwilling or unable to acquire such additional Shares upon such terms, then Buyer and
its Permitted Transferees (as the case may be) may elect either to cancel such proposed Transfer or
to allocate the maximum number of Shares that such transferee is willing to purchase pro
rata between Buyer and Inure (but pro rata to their holdings in the Shares) up to the
number that Inure has identified in the Tag-Along Notice but not in excess of Inure’s Pro Rata
Portion.

5.3. Liens.

(a) No Shareholder shall be permitted to establish or grant any Lien in respect of its Shares
except for Liens given with the consent of the other Shareholder, which consent shall not be
unreasonably withheld or delayed, and except for Liens granted to VTB or in connection with an
initial (but no subsequent) refinancing by a reputable financial institution or institutions of the
loans issued by VTB, provided that such exception shall be subject to prior written notice
to each other Shareholder containing the identity of the proposed lender and a summary of the
principal terms.

(b) No Liens over Shares nor any enforcement action related thereto entitle its holder to any
rights under this Agreement.

5.4. Transfers Void.

(a) No Transfer of the Shares shall be permitted except as provided for in this Article V.

(b) Any purported sale or other Transfer of, the creation of any Lien upon, or the permitting
of any Lien to subsist on, any Shares or any shares of capital stock of any Subsidiary that is in
violation of the provisions of this Shareholders’ Agreement shall be void and of no force or effect
whatsoever, and, to the extent within the Shareholder’s control, the Shareholder shall not permit,
and shall procure that neither the Company nor any Subsidiary shall permit, the Organizational
Documents to be amended, or the members’ register of the Company to be modified, to reflect any
such event or treat any transferee as the owner or pledgee of such Shares (as applicable) or any
shares of capital stock of any Subsidiary for any purpose.

ARTICLE VI

PRE-EMPTION RIGHTS AND LISTING

6.1. Pre-emption Rights. 

(a) The Shareholders shall have the pre-emptive right to acquire any new Shares or securities
convertible into Shares pro rata to their holdings of the Shares on the terms provided for
in the Charter and relevant provisions of the applicable Russian company laws (but in any event for
the subscription price which shall be no less than (x) in the case of equity contributions, the
Fair Value of such Shares or other securities convertible into Shares or (y) the market price, in
the case of a Listing or public offering of Shares or securities convertible into Shares). For the
avoidance of doubt, such right shall be available to the Shareholders where the Company, if
recommended by the Advisor, is issuing new Shares for their inclusion into the Listing.

(b) The pre-emptive rights shall not apply to any issuance of new Shares or instrument
convertible into Shares that are issued in connection with any Board approved employee benefit
plan.

6.2. Listing. 

(a) Subject to this Section 6.2, Buyer shall to the extent of its voting rights, and the
Company shall, cause Shares representing at least ten percent (10%) of the issued and outstanding
Shares of the Company on the initial offering date to be listed and offered in an underwritten
public offering on at least one of the Moscow, London or any U.S. stock market on or before
December 31, 2008 (the “Listing”), provided that, unless otherwise agreed by Buyer in its sole
discretion, only Inure’s Shares shall be included in the Listing and in no event shall Buyer or the
Company be obligated to include any Shares in the Listing. For the avoidance of doubt, under this
Section 6.2 the Buyer shall be obligated to take any action, including, without limitation, voting
to approve and authorize any action necessary or advisable in order for the Company to fulfill its
obligations under this Section 6.2, including, without limitation, the replacement of the Board and
general director of the Company.

(b) The Company’s and Buyer’s obligations set forth in Section 6.2(a) may only be postponed:

(i) by the mutual agreement of Buyer and Inure that the Listing is not timely or feasible due
to unfavorable market conditions; or

(ii) if a reputable counsel for the Company produces a formal written legal opinion (concurred
in material respects by counsel for Buyer if Buyer elects to obtain such an opinion) opining that
in such counsel’s good faith professional judgment the Listing would reasonably be prevented from
taking place on each of the Moscow, London and U.S. stock markets due to non-compliance by the
Company or any Subsidiary with any applicable rules or regulations of the United States Foreign
Corrupt Practices Act, the SEC, NASDAQ or any other applicable rules or regulations of the relevant
stock market.

(c) If the Listing is postponed as provided in Section 6.2(b) above, the Company and the Buyer
shall endeavor to rectify the circumstances on which such postponement is based as soon as
reasonably possible. The Company’s and Buyer’s obligations set forth in Section 6.2(a) shall be
reinstated and become current as soon as the event or matter giving basis for the postponement of
the Listing pursuant to Section 6.2(b) ceases to exist, and upon such reinstatement, subject to
this Section 6.2 the Listing shall be conducted as soon as reasonably possible.

(d) A decision as to the best timing, place, structure, and feasibility of the Listing shall
be made based on a recommendation from a reputable equity market advisor (“Advisor”) to be retained
by the Company and selected as follows: (i) Buyer shall first select a panel of three advisors
(the “Panel”) from the following list: Morgan Stanley, UBS, JP Morgan, HSBC, or Deutsche Bank, and
others as agreed among the Parties, and (ii) Inure shall then select the Advisor from among the
advisors on the Panel, and the Shareholders shall procure that so selected Advisor be retained by
the Company. The Advisor shall also advise as to which Shares shall be included in the Listing and
the type of offering (e.g., secondary or primary Shares).

(e) In connection with the Listing, the Shareholders agree that the Shares will be included
into the Listing in the following order of priority:

(i) Inure and its Permitted Transferees shall include Shares in the Listing representing at
least ten percent (10%) of the issued and outstanding Shares immediately prior to issuance of any
new Shares (if any) by the Company for the Listing; then

(ii) in the event that not all Shares are Listed, Inure shall have a priority right over
Parent and Buyer and their Permitted Transferees to include up to twenty-five percent (25%) of the
total then outstanding Shares in the Listing (provided such Shares are at such time held by Inure)
in priority to the Listing of the Shares held by Parent/Buyer and their Permitted Transferees;
then

(iii) the Company shall be entitled (but only where Buyer agrees to such issuance in its sole
discretion) to include newly issued Shares, in such amount, as advised by the Advisor,
provided that if a Shareholder has exercised its pre-emptive rights in respect of the newly
issued Shares, the proceeds of the sale of such Shares offered in the Listing acquired by such
Shareholder shall be applied by the Company first towards repayment of the Company’s outstanding
indebtedness to such Shareholder or its Affiliates, if any.

(f) The right of Inure and its Permitted Transferees under Section 6.2(e)(ii)
above may be exercised by Inure by sending to the Company with a copy to Parent and to
Buyer, an irrevocable written notice (“Listing Notice”) no later than twenty (20) days prior to the
Listing date (as such date is determined in the Listing prospectus, or if there is no such date, a
date reasonably determined by the Board), specifying the number of Inure’s Shares of the Company
that Inure intends to sell through Listing (the "Inure Listing Shares”).

ARTICLE VII

CHANGES IN SHARES

Subject to the Charter and this Agreement, if, from time to time during the term of this
Agreement, there is a dividend of any Shares, stock split or other change in the character or
amount of any of the outstanding Share, or any shares of capital stock of the Subsidiary, or there
is a consolidation, merger or sale of all, or substantially all, of the assets of the Company or
any Subsidiary, then, in all such events, any and all new, substituted or additional shares of the
Company or any Subsidiary or other property, to which the holders of the Shares are entitled by
reason of ownership of the Shares, shall be immediately subject to the full provisions of this
Shareholders’ Agreement.

ARTICLE VIII

REPRESENTATIONS AND WARRANTIES OF INURE

	 	 	 
	Inure hereby represents and warrants to each of Buyer and SFMT as follows:

	 
	 	 
	8.1.

	 	Organization; Standing.
	
 
	 	 

The Company is a closed joint stock limited liability company duly organized, validly existing
and in good standing under the laws of the Russian Federation, having all requisite corporate or
other power and authority to carry on its business as it is currently conducted. Inure is a
limited liability company duly organized, validly existing and in good standing under the laws of
Cyprus, with full power and capacity to enter into this Agreement and perform its obligations
hereunder.

8.2. Power and Authority.

Inure has the requisite power and authority to sign, deliver and perform its obligations under
this Shareholders’ Agreement. The execution, delivery, and performance of their respective
obligations hereunder by Inure of this Shareholders’ Agreement have been duly authorized by their
respective governing bodies and all requisite corporate and governmental approvals have been
obtained.

8.3. Authorization. 

Inure has obtained all necessary authorizations from third parties, including governmental
permits and licenses to enter into this Shareholders’ Agreement and to perform the activities and
transactions contemplated thereby.

8.4. Binding Obligation. 

This Shareholders’ Agreement constitutes a valid and binding obligation of Inure, enforceable
in accordance with its terms, except to the extent that such enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the rights of creditors generally.

8.5. Non-Contravention. 

The execution, delivery and performance of this Shareholders’ Agreement by Inure will not
breach or conflict with (1) any judgment, order or injunction issued by any court or arbitration
any other governmental authority or (2) any contract or other obligation binding upon it or any of
their respective assets.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer and SFMT hereby, jointly and severally, each represent and warrant to Inure as follows:

9.1. Organization, Standing and Authority.  

It is company duly organized, validly existing and in good standing under the laws of
jurisdiction of its organization with full power and capacity to enter into this Shareholders’
Agreement and perform its obligations hereunder.

9.2. Power and Authority.

It has the requisite power and authority to sign, deliver and perform its obligations under
this Shareholders’ Agreement. The execution and delivery by it of this Shareholders’ Agreement and
the performance by it of its obligations hereunder, have been duly authorized by its governing body
and all requisite corporate and governmental actions.

9.3. Binding Obligation.

This Shareholders’ Agreement constitutes a valid and binding obligation of it, enforceable in
accordance with its terms, except to the extent that such enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the rights of creditors generally

9.4. Authorization. 

It is not required to obtain any authorizations from third parties, including governmental
permits and licenses, in order to enter into this Shareholders’ Agreement and to perform the
activities and transactions contemplated thereby.

9.5. Non-Contravention. 

The execution, delivery and performance of this Shareholders’ Agreement by it will not breach
or conflict with (1) any judgment, order or injunction issued by any court or arbitration any other
governmental authority or (2) any contract or other obligation binding upon it or any of its
respective assets.

ARTICLE X

TERM AND TERMINATION

10.1. Term.

	 	 	 
	This Shareholders’ Agreement becomes effective on the Closing Date.

	 
	 	 
	10.2.

	 	Termination.
	
 
	 	 

This Shareholders’ Agreement shall terminate (“Termination”) upon the occurrence of any of the
following:

(a) the unanimous written agreement of the Shareholders;

(b) the dissolution of the Company;

(c) the appointment of a receiver to take possession of all or substantially all of the assets
of the Company, a general assignment by the Company for the benefit of creditors, or any action
voluntarily taken by the Company under any applicable insolvency or bankruptcy act;

(d) any action involuntarily suffered by the Company under any insolvency or bankruptcy act,
which continues for a period of ninety (90) calendar days;

(e) any Shareholder commits a material breach of this Agreement and such breach continues
unremedied for a period of thirty (30) days after notice thereof has been served by a non-breaching
Shareholder on the breaching Shareholder, in which case the non-breaching Shareholder may terminate
this Shareholders’ Agreement;

(f) any Shareholder commits a material breach of its Title Representations and Warranties, as
defined in the Stock Purchase Agreement, in which case the non-breaching Shareholder may terminate
this Shareholders’ Agreement;

(g) either of Buyer or Inure together with their respective Permitted Transferees collectively
own less than twenty-five percent (25%), or either of Buyer or Inure or its respective Permitted
Transferee owns less than ten percent (10%) of the Shares, and in such case this Shareholders’
Agreement shall terminate with respect to the Party whose shareholding in the Company became less
than ten percent (10%) of the issued and outstanding Shares, provided, however,
that such termination shall only apply if there are more than two (2) Shareholders;

(h) nationalization of the assets, real property of the Company or the Subsidiaries or the
Business by any governmental authority; or

(i) the Listing in which Inure had the opportunity to include all its Shares owned by it at
the time of the Listing in the Listing regardless of whether or not Inure included all such Shares
in such Listing.

10.3. New Shareholders’ Agreement.

Notwithstanding anything to the contrary contained in this Agreement, Inure shall have a right
to effect the transfer of title to all or part of its Shares to DKL and/or Ansley at any time. The
Parties agree not to exercise any rights of first refusal they may have under this Agreement and/or
under Russian Law in connection with any transfer of Shares from Inure to DKL and/or Ansley. Upon
Inure’s written request made in connection with Inure’s contemplated or actual transfer of title to
all or part of its Shares to DKL and/or Ansley (or to any other Person, upon Buyer having received
evidence to its satisfaction that such other Person has beneficial owners identical to those of DKL
and/or Ansley), the Parties shall negotiate in good faith and use their respective best efforts to
agree to amend this Agreement to allow DKL and Ansley to become parties to this Agreement on
substantially the same terms as Inure and collectively to have substantially the same rights under
this Agreement as Inure, provided that any and all undertakings or liabilities of Inure under the
Stock Purchase Agreement or preexisting obligations hereunder shall be assumed in full by DKL
and/or Ansley and the revised shareholder ownership structure of the Company shall not (1) in any
way affect the ability of the Parent to fully consolidate the Company and its Subsidiaries in
Parent’s financial statement in accordance with US GAAP and/or SEC Rules; (2) diminish the rights
of Buyer or SFMT hereunder.

ARTICLE XI

MISCELLANEOUS

11.1. Entire Agreement. 

This Shareholders’ Agreement, the Stock Purchase Agreement and the Registration Rights
Agreement and other documents referred to herein and therein, as well as other documents and
agreements executed and entered into pursuant hereto or thereto, supersede all other agreements,
oral or written, made between the Parties with respect to the subject matter hereof and thereof.
All prior or contemporaneous agreements, representations and understandings of the Parties are
hereby superseded and merged herein and therein.

11.2. Confidentiality. 

(a) During the term of this Agreement and for a period of two (2) years after the date of
termination or expiration of this Agreement for any reason whatsoever the Receiving Party shall:

(i) keep the Confidential Information confidential;

(ii) not disclose the Confidential Information to any other person other than with the prior
written consent of the Disclosing Party or in accordance with Sections (b) and (c); and

(iii) not use the Confidential Information for any purpose other than the performance of its
obligations under this Agreement.

(b) During the term of this Agreement the Receiving Party may disclose the Confidential
Information to its employees, agents or professional advisors (including legal advisers) (the
"Recipient”) to the extent that it is necessary for the purposes of this Agreement.

(c) The Receiving Party shall procure that each Recipient is made aware of and complies with
all the Receiving Party’s obligations of confidentiality under this Agreement as if the Recipient
were a party to this Agreement.

(d) The obligations contained in Sections (a) to (c) shall not apply to any Confidential
Information which:

(i) is at the date of this Agreement or at any time after the date of this Agreement comes
into the public domain other than through breach of this Agreement by the Receiving Party or any
Recipient;

(ii) is disclosed to professional advisers (including legal advisers) and consultants of the
Disclosing Party whose duties in relation to the Disclosing Party or under this Agreement
necessarily require the disclosure;

(iii) can be shown by the Receiving Party, to the reasonable satisfaction of the Disclosing
Party, to have been known to the Receiving Party prior to it being disclosed by the Disclosing
Party to the Receiving Party;

(iv) subsequently comes lawfully into the possession of the Receiving Party from a third
party; or

(v) is disclosed in connection with the Listing or in connection with a possible sale to a
third party and the recipient agrees to be bound by substantially the same terms or is disclosed by
Buyer or Parent in any regulatory filings that, in Buyer’s or Parent’s reasonable determination,
required such disclosure.

(e) For the purposes of this Section 11.2, “Confidential Information” means all information of
a confidential nature relating to any of the Company, its Subsidiaries or a Party or its respective
Affiliates disclosed (whether in writing, verbally or by any other means and whether directly or
indirectly) by one Shareholder (the “Disclosing Party”) to the other Shareholder (the “Receiving
Party”) whether before or after the date of this Agreement.

11.3. Notices. 

Any notice given under the terms of this Shareholders’ Agreement shall be in writing in
English and shall be given by personal delivery to the other Parties by facsimile or by depositing
such notice in the mail, registered or certified, postage prepaid and return receipt requested, as
follows:

If to Inure:

Inure Enterprises Limited

Registered office:

Diagorou 4,            

Kermia House, 6th floor, Flat/Office 601,

P.C. 1097, Nicosia, Cyprus

Fax:     

Telephone:     

If to Buyer:

EDN SOVINTEL LLC

1, Kozhevnichesky Proezd, 2nd Floor

Moscow 115114, Russia

Attention: General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

	 	 	 
	with copies to:

	 	

	 
	 	 
	Moscow Representative Office of Golden TeleServices, Inc.

	 
	 	 
	1, Kozhevnichesky Proezd, 2nd floor

Moscow, 115114, Russia

Attn:

	 	

General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

	 	 	 
	If to SFMT:

	 	

	SFMT CIS Inc

	 	

	 
	 	 
	2831 29th Street, NW Washington, D.C. 20008, USA

	 
	 	 
	Attn:

	 	Julia Marx

Fax: +1 (202) 332-4877

Telephone: +1 (202) 332-5997

	 	 	 
	with copies to:

	 	

	 
	 	 
	Moscow Representative Office of Golden TeleServices, Inc.

	 
	 	 
	1, Kozhevnichesky Proezd, 2nd floor

Moscow, 115114, Russia

Attn:

	 	

General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

Any address may be changed by giving notice to the Parties hereto in the manner provided for
in this Section 11.3. The date of receipt of any notice hereunder shall be the date of personal
delivery or receipt of a facsimile (with confirmation of transmission).

11.4. Successors and Assigns; No Agency. 

This Shareholders’ Agreement shall be binding upon and inure to the benefit of the heirs,
personal representatives, transferees, donees, legatees, devisees, successors and assignees of the
Parties. Nothing contained in or relating to this Shareholders’ Agreement shall be deemed to
constitute a partnership or agency relationship between any of the Parties. No Shareholder may
assign its rights or obligations under this Shareholders’ Agreement except as provided for herein.

11.5. Performance by Affiliates of the Parties. 

(a) Each Party shall procure the performance by its Affiliates of all obligations under this
Shareholders’ Agreement which are expressed to be performed by such Affiliates of a Shareholder
(whether as a Shareholder or otherwise) and of all obligations under any agreement entered into by
any Affiliate of a Shareholder pursuant to this Shareholders’ Agreement.

(b) SFMT shall procure the performance by Buyer of all obligations under this Shareholders’
Agreement which are expressed to be performed by the Buyer (whether as a Shareholder or otherwise)
and of all obligations under any agreement entered into by the Buyer pursuant to this Shareholders’
Agreement. In addition to the foregoing, SFMT shall be a joint and several obligor with Buyer in
respect of the obligations of the Buyer under Sections 5.2 and 6.2 of this Agreement.

11.6. Specific Performance. 

The obligations undertaken pursuant to this Shareholders’ Agreement may be enforced by
specific performance by any of the Parties, the events of breach not being remedied by payment of
damages. Notwithstanding the foregoing, the Parties do not waive, and may commence any lawsuit,
arbitration or action (including for collecting damages) to which they are entitled, pursuant to
the applicable legislation and this Shareholders’ Agreement, and hereby expressly undertake to be
bound by any judgment, court orders or any similar acts, which purpose is to prevent any of the
Parties from breaching this Shareholders’ Agreement.

11.7. Further Assurances. 

Each Party agrees to perform any further acts and to execute and deliver any further documents
reasonably necessary to or in furtherance of the intent and purposes of this Shareholders’
Agreement.

11.8. Amendment. 

This Shareholders’ Agreement may not be amended or modified unless by the unanimous written
agreement of the Parties.

11.9. Breach. 

Each provision of this Shareholders’ Agreement to be performed by a Party shall be deemed both
a covenant and a condition and shall be a material consideration for the performance of each other
Party’s obligations hereunder.

11.10. Remedies. 

All rights, remedies, undertakings, obligations, options, covenants, conditions and agreements
contained in this Shareholders’ Agreement or provided by law shall be cumulative and no one of them
shall be exclusive of any other. A Party may pursue any one or more of its rights, options or
remedies hereunder or may seek damages or specific performance in the event of any other Party’s
breach hereunder, or may pursue any other remedy by law, whether or not stated in this
Shareholders’ Agreement.

11.11. Non-waiver. 

No failure by a Party to take action by reason of any default by any other Party, whether in a
single instance or repeatedly, shall constitute a waiver of any such default or of the performance
required of the defaulting Party. No express waiver by a Party of any provision of this
Shareholders’ Agreement or a default by a Party in any one instance shall be construed as a waiver
of the same provision or default hereunder.

11.12. Attorneys’ Fees. 

If any litigation or arbitration is commenced to enforce any of the provisions of this
Shareholders’ Agreement, or to obtain declaratory, injunctive or specific relief, the prevailing
Party shall be entitled to recover actual attorneys’ fees and costs, including expert witness fees
and associated expenses, and all other costs of litigation or arbitration.

11.13. Indemnification for Breach of Representations and Warranties. 

Each Shareholder agrees to indemnify, defend, and hold harmless the other Shareholder and its
Affiliates and their respective officers, directors and employees from and against any debts,
liabilities, obligations, judgments, claims, losses, damages or deficiency (including interest,
penalties, and reasonable attorneys’ fees) arising out of or resulting from any breach of any
representation and warranty given or made by such Shareholder in this Shareholders’ Agreement or in
any certificate delivered under this Shareholders’ Agreement or the noncompliance with or
nonperformance of any agreement, obligation or covenant of such Shareholder under this
Shareholders’ Agreement.

11.14. Indemnification of Parties. 

The Shareholders shall take all necessary corporate actions to ensure that the Company
indemnifies to the extent of its assets each Shareholder and its Affiliates against any and all
judgments, fines, claims, debts, obligations, losses, damages or deficiency (including amounts paid
in settlement, interest, penalties, and reasonable attorneys’ fees) recovered against or imposed
upon such Shareholder by any third party which arise out of any negligent, reckless, or intentional
act or failure to act by the Company or any Subsidiary.

11.15. Conflict with Organizational Documents.

The Shareholders hereby agree that to the extent there are any conflicts between the provision
of the Charter and this Shareholders Agreement, they shall, to the extent permitted by applicable
Russian law, amend the Charter to comply with the terms agreed in this Agreement. The Shareholders
agree not to invoke against each other the provisions of applicable corporate governance law in
Russia, any provisions of the Charter, resolutions or any provisions of any agreement, offer,
promise or understanding, which may conflict with this Shareholders’ Agreement.

11.16. Governing Law. 

This Shareholders’ Agreement is entered into and shall be construed and enforced in accordance
with the laws of the State of New York, excluding any such legislation which may direct the
application of the laws of any other jurisdiction.

11.17. Dispute Resolution. 

Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach,
termination or invalidity hereof, shall be settled by arbitration in accordance with the UNCITRAL
Arbitration Rules (the “Rules”) as at present in force. There shall be three arbitrators, with
Parent and Buyer (or either of them if only one is a party to the arbitral proceedings) having the
right to appoint one arbitrator, and Sellers having the right to jointly appoint one arbitrator,
with the third arbitrator being selected by the two Party appointed arbitrators, or upon any
failure to select the third arbitrator within thirty (30) days from the date that the second of the
Party appointed arbitrators has been selected, then the third arbitrator shall be appointed as
provided in the Rules. The seat and place of arbitration shall be New York City, New York, USA and
the English language shall be used throughout the arbitral proceedings. Any arbitral award shall
be final and may not be challenged in any other arbitral tribunals located in any other
jurisdictions. The successful party shall have the right to enforce such arbitral award in any
court of competent jurisdiction. The arbitral tribunal shall have authority to consider and
include in any proceeding, decision or award any further dispute properly brought before it by the
parties to the arbitration insofar as such dispute arises out of this Agreement, but, subject to
the foregoing, no other parties or other disputes shall be included in, or consolidated with, the
arbitral proceedings. All expenses connected with the arbitration, including legal fees and other
fees, incurred by the parties when resolving disputes under this Agreement shall be payable in
accordance with the arbitral award of the tribunal.

11.18. Severability. 

If any provision of this Shareholders’ Agreement as applied to any Party or to any
circumstance shall be adjudged by a court or tribunal of competent jurisdiction to be void or
unenforceable for any reason, the same shall in no way affect (to the maximum extent permissible by
law) any other provision of this Shareholders’ Agreement, the application of any such provision
under circumstances different from those adjudicated by the court or tribunal, or the validity or
enforceability of the Shareholders’ Agreement as a whole.

11.19. Counterparts.

This Shareholders’ Agreement may be executed in more than one counterpart, each of which shall
be deemed an original, but all of which together shall constitute but one and the same instrument.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

3

IN WITNESS WHEREOF, the Parties have entered into this Shareholders’ Agreement, as of the date
and year first written.

	 	 	 	 	 
	EDN SOVINTEL LLC

	 
	By: /s/ Jean-Pierre Vandromme

Name: Jean-Pierre Vandromme

Title: General Director

SFMT CIS INC.

	 

	By: /s/ Jean-Pierre Vandromme

Name: Jean-Pierre Vandromme

Title: Authorized Representative

	 
	INURE ENTERPRISES LTD.
	By: /s/ Marina Abramova
	Name: Marina Abramova
	Title: Authorized Representative
	ZAO CORTEC
	By: /s/ Alexander Malis
	Name: Alexander Malis
	Title: Acting General Director

4

Exhibit A

List of Entities used in Business

	 	 	 
	Ref. 1	 	Entity
	1.

	 	ZAO Investelectrosvyaz (Main State Registration Number

1027739249560)
	 
	 	 
	2.

	 	ZAO Kabelstroy (Main State Registration Number 1047796903175)

5

Exhibit B

INDICATIVE BUSINESS PLAN

	 	 	 	 	 	 	 	 	 
	 	 	2007	 	2008
	Revenue, thousands
	 	$	104,004	 	 	$	189,519	 
	 
	 	 	 	 	 	 	 	 
	HomeNet Users, thousands
	 	 	332	 	 	 	607	 
	 
	 	 	 	 	 	 	 	 
	EBITDA, thousands
	 	$	37,638	 	 	$	79,307	 
	 
	 	 	 	 	 	 	 	 
	Capital Expenditures, thousands
	 	$	53,099	 	 	$	46,648	 
	 
	 	 	 	 	 	 	 	 
	Ongoing Funding, thousands
	 	$	34,500	 	 	$	22,000	 
	 
	 	 	 	 	 	 	 	 

6

Exhibit C

FAIR VALUE DETERMINATION PROCEDURE

(1) Initial Period. Upon the exercise of pre-emptive rights, the Shareholders shall
use their best reasonable efforts to mutually determine the value of the Shares and determine the
Fair Value within thirty (30) days (such 30-day period referred to as the “Initial Period”) after
the relevant Trigger Date (being the date on which a decision to issue new Shares shall have been
made by the Company).

(2) Appraisal Procedure. In the event that the Shareholders cannot agree upon the Fair
Value within the timeframe of the Initial Period, then:

	 	(a)	 	each Shareholder at its own expense shall select and appoint an Advisor from
the Panel within fourteen (14) days (the “Appointment Period”) after the expiration of
the Initial Period;

	 	(b)	 	within ninety (90) days (the “Determination Period”) after the expiration of
the Appointment Period, each Advisor appointed by each respective Party shall
independently determine the Fair Value, each having done so without consultation with
the other Advisor or having any knowledge of the determination of the other Advisor;

	 	(c)	 	the Fair Value shall be determined as of the Trigger Date according to
internationally accepted criteria and on the following assumptions: (i) the sale is on
a going concern basis between a willing seller and a willing buyer; (ii) the sale is
on the basis that each Share has the same value corresponding to its proportion of the
value of all the Shares of the same class taken as a whole; and (iii) no additional or
reduced value is attached to any holding of Shares by virtue only of that holding
comprising or after purchase conferring or giving rise to a majority or minority of the
total issued share capital of the Company.

	 	(d)	 	the Shareholders shall resolve a difference in valuation between the Advisor in
accordance with the procedures of paragraph 5 below.

(3) Failure to Appoint Advisor. If either Shareholder fails to appoint an Advisor
within the Appointment Period as prescribed above in paragraph 2, or an Advisor selected by either
Shareholder fails to complete a valuation or make a determination of the fair value within the
Determination Period, then the valuation of the fair value made by the other Advisor that has been
appointed by the other Shareholder shall be binding, final and enforceable on all of the
Shareholders and the Company.

(4) Difference in Valuation. If the determination of the fair value by the Advisors
under paragraph 2(b) differs and the higher value differs from the lower value by

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

	 	(b)	 	more than fifteen percent (15%) from the lower valuation, then within fourteen
(14) days after the expiry of the Determination Period, the Advisors selected by the
Parties shall select and appoint a concluding Advisor (the “Concluding Advisor”) from
the Panel. If the Advisors fail to select a Concluding Advisor within fourteen (14)
days after the expiration of the Determination Period, such Concluding Advisor shall be
selected by Company at its own expense from among the Panel.

(5) Concluding Advisor. The Concluding Advisor shall determine the fair value of the
Shares as quickly as practical, but in any event, not later than ninety (90) days from the date of
the appointment of the Concluding Advisor. The appraisal of fair value by the Concluding Advisor
shall not be lower than the lowest valuation made by an Advisor under paragraph 2(b), nor higher
than the highest valuation made by an Advisor under paragraph 2(b). Where such valuation by the
Concluding Advisor falls beyond the range of the lowest valuation or the highest valuation made
during the Determination Period, then the Fair Value shall be equal to that value (either the
highest or the lowest), which is closest to the Concluding Advisor’s valuation. Such value shall
be the Fair Value, which shall be binding and final on the Parties.

(6) Access to Records. The Advisor, during the Determination Period, shall have
access to all financial information, as well as all books and records and such other information of
the Company and its Subsidiaries as may be required in order to conduct and complete a valuation.
The Advisor shall also have full access to all financial information and all books and records and
such other information as may be required in order to conduct and complete a valuation of the
Company and its subsidiaries.

(7) Validity. The determination of Fair Value shall be effective for ninety (90) days
(after its determination in accordance with this Exhibit).

7

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