Document:

<PAGE>   1

                                                                   Exhibit 10.24

                             MASTER LEASE AGREEMENT

THIS MASTER LEASE AGREEMENT ("Lease") is executed to be effective as of 1 July
1996 ("Effective Date") by and between:

      THE FIRST INVESTMENT VOUCHER FUND, an open joint stock company established
      and existing under the laws of the Russian Federation, having its
      principal place of business at Trubnikovsky 21/2, Moscow, Russian
      Federation, and represented by the Chairman of its Board of Directors, Mr.
      Michael Yu. Chebotarev, who is acting on the basis of the Fund's charter
      ("Fund"); and

      PIONEER REAL ESTATE ADVISORS, INC., a company organized and existing under
      the laws of the State of Delaware, U.S.A., having its principal place of
      business at 60 State Street, Boston, Massachusetts, U.S.A., and
      represented by its President Stephen G. Kasnet, who is acting on the basis
      of a resolution of the Board of Directors ("PREA").

NOW THEREFORE, in consideration for the Premises, rents and mutual covenants set
forth in this Lease, the parties hereby agree as follows:

                                    AGREEMENT

                      ARTICLE 1. SUBJECT OF THE AGREEMENT.

1.1.Lease. The Fund hereby leases to PREA, and PREA hereby leases from the Fund,
the entire 19 floor office building with total a total area of 22,678 square
meters, as set forth in the Building's Certificate from the Bureau of Technical
Inventory, located at Ulitsa Smolnaya 24/D, 125445 Moscow, Russia ("Building").

1.2 Adjacent Land and Parking Lot. The Fund hereby authorizes PREA to use the
parking lot adjacent to the Building ("Parking Lot") and the 13,035 square
meters of land surrounding the Building which the Fund has leased from the City
of Moscow pursuant to a 49 year lease dated 6 September 1994 ("Land" and
together with the Building and Parking Lot "Property"). The Fund shall use best
efforts and shall undertake all steps whatsoever necessary to maintain the lease
agreement for the Land in full force and effect throughout the Term and any
additional Terms.

                                 ARTICLE 2. TERM

2.1 Initial Term. PREA shall have and hold the Building for a total term
commencing on the Effective Date, and unless earlier terminated or extended
according to the terms of this Lease, expiring five years thereafter ("Term").

2.2 Right to Renew. PREA, at its sole discretion, shall have the right to renew
this Lease according to the same terms and conditions for two additional five
year terms, provided however, that PREA shall notify the Fund in writing of its
intent to renew this Lease, or the extension thereof, not later than six months
prior to the end of each Term.

                                                                         [STAMP]
<PAGE>   2

                                 ARTICLE 3. RENT

3.1 Rent. In exchange for the Building, and the right to use the Parking Lot and
Land, PREA shall pay the Fund rent in an amount equivalent to U.S. $250,000.00
per quarter, plus any value added or other taxes that may be due with respect to
the payment thereof ("Rent").

3.2 Adjustment. Not later than the 15th day of the first month of each calendar
quarter, being April 15th, July 15th, October 15th and January 15th, the parties
shall amend this Lease to adjust the Rent payable for such calendar quarter, in
such amounts and according to such terms as shall be agreed between the parties.
If for any given quarter the parties fail to timely adjust the Rent in
accordance with this section, then the Rent for such quarter shall be U.S.
$250,000.00, exclusive of value added and other taxes.

                               ARTICLE 4. PAYMENTS

4.1 Payment of Rent. PREA shall pay the Fund the Rent quarterly, in arrears, not
later than the 25th calendar day of the last month of each quarter, being March
25th, June 25th, September 25th and December 25th.

4.2 Pro Rata Basis. To the extent this Lease may commence, terminate or expire
on a day other than the first day of any calendar quarter, the Rent shall be pro
rated to the actual number of calendar days the Lease is in effect, and shall be
subject to any obligation of PREA to refund amounts of rents and contributions
toward Operating Expenses collected from Tenants that must be returned pursuant
to their lease agreements.

4.3 Manner of Payment. All amounts owing and payable to the Fund under this
Lease shall be paid by bank transfer, in immediately available U.S. dollar or
ruble funds as appropriate, to the authorized bank accounts designated by the
Fund.

4.4 Taxes. PREA shall pay, in addition to all payments made to the Fund under
this Lease, all value added and any other taxes that may be levied on such
payments, provided however, that the PREA shall not be responsible for the
Fund's income (profits) tax.

4.5 Acceptance of Rent. The acceptance of Rent or any other payment by the Fund
shall not constitute a waiver by the Fund of breach of covenant or obligations
under this Lease.

4.6 Late Payments. If any payment due under this Lease is not made within
20 Business Days after the date it is due, PREA shall pay the Fund interest at
the rate of 1% per month of the amount due, compounded monthly and calculated on
a pro rata basis with effect from the date due, unless such late fee is
expressly waived by the Fund.

                        ARTICLE 5. FUND'S SPECIAL RIGHTS

5.1 Right of Entry. The Fund may enter the Building at reasonable hours and upon
reasonable notice to inspect the Building to ensure PREA is complying with its
obligations hereunder. In so doing, the Fund shall use its best efforts not to
materially interfere with or disrupt the conduct of PREA's business nor that of
the Tenants.

                                                                         [STAMP]

                                       2
<PAGE>   3

5.2 Rent Free Office Space. The Fund may, at its discretion and with 30 calendar
days notice to PREA, occupy up to 1,000 square meters of space in the Building
without obligation to pay Base Rent for such space ("Rent Free Office Space"),
provided that the space is unoccupied, and there are no current or prospective
Tenants interested in leasing the Rent Free Office Space or part thereof. If the
Fund elects to occupy the Rent Free Office Space, it shall undertake and pay all
fit-out and related expenses. The Fund shall be responsible for and timely pay
its pro rata share of all relevant expenses including Operating Expenses with
respect to the Rent Free Office Space, according to the same formulas and at
substantially similar times as the other Tenants in the Building. PREA shall
promptly notify the Fund if the Rent Free Office Space or part thereof becomes
the subject of lease negotiations between PREA and a prospective Tenant. The
Fund shall provide unrestricted access to the Rent Free Office Space to all
interested prospective Tenants for inspection pursuant to lease negotiations,
upon one calendar day prior notice from PREA. The Fund shall vacate the Rent
Free Office Space within 30 calendar days after receiving notice from PREA that
the Rent Free Office Space has been let. If the Fund fails to vacate the Rent
Free Office Space, as provided above, then the Rent due to the Fund under
section 3.1 shall be reduced by the rents and other fees and payments foregone
by PREA because of the Fund's failure timely to vacate the Rent Free Office
Space.

5.3 Parking. The Fund may request to purchase parking permits in connection with
the Rent Free Office Space, and PREA shall provide such permits at its then
current market rate, in an amount equivalent to 1 parking permit for every 100
leasable square meters of Rent Free Office Space occupied by the Fund.

5.4 Archive Space. The Fund may, at its discretion and with 30 calendar days
notice to PREA, occupy up to 600 cubic meters in the basement of the Building
for document storage and archival purposes ("Archive Space"). The use of the
Archive Space shall be free of charge to the Fund and no rental fees, operating
expenses or other expenses shall be due with respect to the Archive Space. PREA
shall not be responsible for the fit-out nor for the maintenance of the Archive
Space, nor for the security or safe storage of the materials stored therein.

                    ARTICLE 6. PREA'S RIGHTS AND OBLIGATIONS.

6.1 Use of the Building. The Building shall be used for general office and
administrative purposes not inconsistent with applicable zoning regulations.
PREA hereby agrees to comply with any and all laws, regulations and requirements
applicable or in any way relating to the use and occupancy of the Property. PREA
may, at it own discretion, and on terms and conditions acceptable to it,
sublease all or part of the Building to good and reputable tenants ("Tenants")
and grant such Tenants the right of use to the Parking Lot.

6.2 Fit Out. Any portion of the Building that PREA or any Tenants finish and
improve ("Fit Out") shall be finished, improved or altered only in accordance
with standards and requirements included in the Tenant Improvement Package dated
24 April 1996, as prepared by PREA's architect, Fuller Associates Inc. and
approved by the Fund.

                                                                         [STAMP]

                                       3
<PAGE>   4

6.3 Quiet Enjoyment. Upon paying the Rent, PREA may peaceably and quietly use
and enjoy the Building, and shall have all rights of PREA hereunder during the
Term without any manner of hindrance or molestation by any party claiming
through or under the Fund.

6.4 Signs. PREA and the Tenants may install signs in or on the Building,
provided however that all signs shall comply with the requirements of any
governmental authority having jurisdiction over the Building, and PREA shall be
solely responsible for such compliance. PREA shall ensure that, unless otherwise
permitted by the Fund, all signs are removed prior to the expiration of the
Term, and any damage caused by the installation or removal of any sign is
completely repaired at PREA's expense.

                    ARTICLE 7. INSURANCE, CASUALTY AND REPAIR

7.1 Insurance. At all times during the Term, PREA shall obtain and maintain
property and liability insurance policies in the scope and amount as is
customary in the Russian market, and in no event less than PREA and the Fund
deem prudent to cover their own interests in the Building, and the interests of
any commercial lenders who have provided funds for the Building. PREA shall name
PREA and the Fund and, where agreed by the parties, others providing funds for
the benefit of the Building, as beneficiaries of the insurance to the extent of
their respective interests in the Building, and PREA shall pay the costs for
such insurance, which may be recovered from Tenants as part of their
contributions toward Building operating expenses.

7.2 Repairs. PREA shall make all repairs to the Building and its operating
systems to the extent such repairs may be necessary to maintain the Building in
good repair and condition. PREA shall pay the costs of such repairs, which PREA
may recover from Tenants in the form of Building operating expenses.

7.3 Casualty.

      7.3.1. Use of Insurance Proceeds. If the Building is damaged by fire or
      other casualty, PREA shall use available insurance proceeds to (a)
      reimburse Tenants for amounts that may be owing to them, including any
      reimbursement for advanced rents and other payments that may be due in
      accordance with the terms of their lease agreements; and (b) repair the
      damage and rebuild the Building as appropriate, in that order. The Fund in
      a timely fashion shall take all such action and execute all such documents
      as may be necessary to make its insurance proceeds available to PREA for
      these purposes. To the extent the insurance proceeds are insufficient,
      PREA may, but shall not be obligated to, provide the additional funds
      required to undertake and complete the repairs.

      7.3.2. Termination of Lease. PREA may, with the consent of the Fund,
      terminate this Lease if the damage to the Building shall be so great that,
      in PREA's reasonable judgment: (a) repairs of such damage cannot be made
      within 120 calendar days after the occurrence of such damage, without the
      payment of overtime or other premiums, or; (b) PREA and the Fund decide to
      demolish or discontinue operating the Building, or; (c) the proceeds from
      applicable insurance policies are insufficient to finance the necessary
      repairs. If PREA should terminate the Lease under this section, it shall

                                                                         [STAMP]

                                       4
<PAGE>   5

      deliver all insurance proceeds that remain after sub-part (a) of section
      7.3.1 above has been satisfied, and any financing PREA obtained for use in
      connection with the Building has been paid in full, to the Fund.

                     ARTICLE 8. EXPIRATION AND TERMINATION.

8.1 Expiration. Unless otherwise terminated or extended pursuant to the terms of
this Lease, this Lease shall expire on the last day of the Term.

8.2 Earlier Termination. Either the Fund or PREA shall have the right to
terminate this Lease: (1) upon the occurrence of a Default by the other party
(as defined in Article 9 below) that has not been cured within the period
provided in Article 9; (2) if the Fund sells the Building, which sale must be
subject to any subleases then in effect; or (3) if at any time the continuation
of this Lease is prohibited by Russian law.

8.3 Settlement. Within 30 calendar days after the expiration or any termination
of this Lease, the Fund shall reimburse PREA, according to PREA's calculations,
for all amounts expended by PREA in accordance with the budget for operation,
maintenance, repair and improvement of the Building, plus any amounts payable to
commercial lenders pursuant to loan agreements related to the Building. In the
event of termination pursuant to section 8.2(2), the Fund shall reimburse PREA
all amounts under this section 8.3 from the immediately available proceeds of
sale.

8.4 Attornment. Unless otherwise provided in any sublease, the termination of
this Lease prior to the expiration of the Term shall not terminate any sublease
for office space executed hereunder, which shall continue, each according to its
terms, with the Tenants attorned to the Fund, and the Fund attorned to the
Tenants, as if the sublease agreements had been executed between the Fund and
the Tenants directly.

8.5 Vacation of Building. Upon the expiration or termination of this Lease, PREA
shall remove its goods and effects and shall yield up peacefully the Building to
the Fund (subject to surviving subtenancies pursuant to section 8.4).

                               ARTICLE 9. DEFAULT

      The failure of either party to fulfill materially its obligations under
this Lease shall constitute a material breach and default of this Lease (a
"Default"), provided that, the defaulting party shall have 30 calendar days
after written demand by the other party to cure the Default (unless the Default
involves a hazardous condition, in which case the Default shall be cured within
two calendar days).

                   ARTICLE 10. REPRESENTATIONS AND WARRANTIES.

10.1 Fund's Representations and Warranties. The Fund hereby represents and
warrants:

      10.1.1 The Property is zoned for use as business and office space, as
      currently contemplated pursuant to the terms of this Lease.

                                                                         [STAMP]

                                       5
<PAGE>   6

      10.1.2 The Fund has and shall continue to comply with all laws and
      regulations of the Russian Federation, the city of Moscow, and any other
      applicable jurisdictions with respect to the Property, its Land lease with
      the City of Moscow dated 6 September 1994, and this Lease.

      10.1.3 As provided by the resolution of the board of directors of the
      Fund, the execution of the Lease by the Fund or by the persons or other
      entities executing the Lease on behalf of the Fund, and the performance by
      the Fund hereunder have been, to the extent required, duly authorized by
      all necessary corporate action of the Fund.

      10.1.4 The Fund has clear and valid right of ownership to the Building.

      10.1.5 The Fund shall register this Lease with appropriate government
      agencies of the Russian Federation and/or the City of Moscow as required
      by applicable Russian legislation.

10.2 PREA's Representations and Warranties. PREA hereby represents and warrants:

      10.2.1 PREA is a company duly registered in accordance with the laws of
      the State of Delaware and has all legal rights, power and corporate
      authority to lease the Building.

      10.2.2 PREA has the right, power and authority to execute and deliver this
      Lease and to perform the provisions hereof.

      10.2.3 PREA shall comply with all laws and regulations of the Russian
      Federation, the city of Moscow, and any other applicable jurisdiction with
      respect to the Property and this Lease.

      10.2.4 The execution of this Lease by PREA, and the performance by PREA
      have been, to the extent required, duly authorized by all necessary action
      of PREA.

10.3 Breach of Representations and Warranties. To the extent that either party
breaches any of the representations and warranties made hereunder, such breach
shall constitute a material breach of the provisions of this Lease.

                         ARTICLE 11. DISPUTE RESOLUTION

11.1 Choice of Law. This Agreement shall be governed and construed in accordance
with the laws of the Russian Federation.

11.2 Dispute Resolution. The parties shall attempt to resolve any dispute
arising from or in connection with this Agreement, including any question of its
existence, validity or termination, by amicable negotiation. If the parties are
unable to resolve the dispute within 20 Business Days, then either party may
refer the dispute to, and the parties hereby agree to the jurisdiction of any
Russian Federation Arbitration Court having jurisdiction over the

                                                                         [STAMP]

                                       6
<PAGE>   7

parties and matter concerned.

                        ARTICLE 12. ADDITIONAL PROVISIONS

12.1 No Assignment. Neither party shall assign, delegate and/or transfer to
third parties its rights and obligations under this Lease without the other
party's prior written consent, except PREA may assign its rights and obligations
under this Lease to any entity controlling, controlled by or under the common
control of PREA. This Lease shall be binding upon and inure to the benefit of
the parties, their successors in interest, if any, and their respective
permitted assigns and transferees.

12.2 No Partnership. Nothing in this Lease is intended nor shall be construed to
create a partnership, joint venture or similar relationship between the parties,
nor shall it be construed to create any rights in any third parties against the
parties hereto.

12.3 Severability. If any provision of this Lease is or becomes invalid,
ineffective, unenforceable or illegal for any reason, the remaining provisions
shall continue in full force and effect. The parties shall amend any invalid
provision so as to fulfil their original intent to the maximum extent possible.

12.4 Amendments. The parties may amend this Lease at any time, provided such
amendments are made in writing, designated as an amendment to this Lease, and
duly signed by both parties.

12.5 Notices. Notices required or permitted under this Lease shall be in writing
and shall be delivered by: (1) an internationally accepted courier service, with
signed receipt of delivery made; (2) hand-delivery, with signed receipt of
delivery made; or (3) by facsimile, with a confirmation copy sent by
internationally accepted courier service or hand-delivery, addressed to the
parties hereto as follows (unless changed by a notice in accordance herewith
from the party changing its address to the other party):

      To PREA                 Robert Nault, Stephen G. Kasnet
                              Pioneer Real Estate Advisors, Inc
                              60 State Street
                              Boston, MA 02109-1820
                              FAX: 1-617-422-4293

      with a copy to          Grenville Carr-Jones
                              Management Office
                              Meridian Commercial Tower
                              Ulitsa Smolnaya 24/D
                              125445 Moscow, Russia
                              FAX: 7-095-960-2920

      To the Fund:            Michael Chebotarev, Timothy Frost
                              First Investment Voucher Fund
                              21/2 Trubnikovsky Pereulok
                              Moscow, Russia

                                                                         [STAMP]

                                       7
<PAGE>   8

                              FAX: 7-095-956-6181

Notices delivered pursuant to the terms of this section shall be deemed
effective within three calendar days from the date when the notice is sent to
the foregoing addresses.

12.6 Force Majeure. The parties shall be relieved of responsibility for any
nonfulfillment in whole or in part of their obligations under this Lease, if
such nonfulfillment is caused by force-majeure circumstance, including but not
limited to such events as war, civil uprising, rebellion, civil or military
conflict, acts of sabotage, strike, lockout, fire, floods, or other natural
disasters. Notwithstanding the foregoing, if as a result of such force majeure
circumstances, one of the parties is unable to fulfil its obligations, that
party shall inform the other party immediately and take all measures that it
deems expedient in order to protect the interests of the other party. The
parties shall not have the right to demand compensation for any losses arising
as a consequence of such unfulfilled obligations.

12.7 Liability of PREA. PREA shall not be liable directly or vicariously for the
acts or omissions of, nor any damages caused to the Fund by any other party,
including the acts or omissions of the Tenants. Except for PREA's own acts of
wilful misconduct or gross negligence, PREA shall not be liable for any damages
caused to the Fund for actions taken in good faith in connection with performing
its obligations under this Lease.

12.8 Limitation on Damages. Subject to sections 5.2.5 and 12.7, if either party
breaches any of its obligations under this Lease, such party shall compensate
the other party for any actual damages, but shall not be liable for any
subsequent or consequential damages suffered as a result of the breach.

12.9 Indemnification. Except when caused by the wilful misconduct or gross
negligence of PREA, the Fund shall indemnify and hold PREA harmless from and
against all claims, costs, damages, judgments, attorneys' fees, expenses,
obligations and liabilities of any kind or nature that PREA may incur or sustain
in good faith in connection with or arising out of its obligations under this
Lease. Notwithstanding the foregoing, the Fund shall not be liable and shall not
indemnify PREA for any claims, damages or judgements related to any labor
disputes arising from employment relationships established by PREA.

12.10 Cost and Expenses. Wherever in this Lease a provision is made for the
doing of any act by any person it is understood and agreed that such act shall
be done by such person at its own cost and expense unless otherwise stated.

12.11 Interpretation. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms, and with respect
to the parties shall include where the context does not prohibit, their
respective permitted successors and assigns. The words "include," "includes" and
"including" shall be deemed to be followed by the phrase "without limitation."
"Business Day" means any day, other than Saturday, Sunday or any public holiday
in the United States of America or in the Russian Federation. "Operating
Expenses" shall be as defined in the lease agreements between PREA and Tenants.
All references to articles, sections and appendices shall mean articles,
sections and appendices of this Lease, unless otherwise stated. All headings are
inserted for convenience only and shall not affect construction of this Lease.

                                                                         [STAMP]

                                       8
<PAGE>   9

IN WITNESS WHEREOF, the parties have executed this Lease in four counterparts,
two in English and two in Russian with one counterpart of each language for each
party. In the case of differences in interpretation between the English and
Russian texts of this Agreement, the English text shall control.

FIRST INVESTMENT VOUCHER FUND                PIONEER REAL ESTATE ADVISORS INC.

[SEAL]

/s/ Michael Yu. Chebotarev                   /s/ Stephen G. Kasnet
-------------------------------              -------------------------------
Michael Yu. Chebotarev                       Stephen G. Kasnet
Chairman, Board of Directors                 President
Executed:                                    Executed:
          ---------------------                        ---------------------

                                                                         [STAMP]

                                       9
<PAGE>   10

                                   APPENDIX A
                      To the Master Lease Agreement between
                        The First Investment Voucher Fund
                                       and
                       Pioneer Real Estate Advisors, Inc.

                        Banking Requisites of the Parties

The Fund:                            PREA:

21/2 Trubnikovsky Per                60 State Street
Moscow, Russian Federation           Boston, MA, U.S.A
                                     representative office:
                                     24/D Smolnaya Street,
                                     Moscow, Russian Federation

Account no. 701467900                Ruble Account no. 853603717
with Citibank T/O                    with ING Bank Eurasia
MFO 996426 Yu 6P                     BIC 044545176 and corresponding account no.
                                     001161392 also through ING

currency account No. 700100022       USD currency account No. 17845
with Citibank T/O                    with ING Bank Eurasia
Cor. account no. 36087478            and corresponding account
Citibank New York                    no. 001-1-908019 through
                                     Chase Manhattan Bank N.A. New York

Tax Identification no. 7704038268    Tax Identification no. 7700070140

                                                                         [STAMP]

                                       A1
<PAGE>   11

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
IBC 30.10.96
Cost for Project                  Completion
------------------------------------------------------------------------------------------------------------------------
                                     Total      Total Curent    Due to pay     01.12-08.12    09.12-15.12    16.12-22.12
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
<S>                               <C>            <C>            <C>              <C>            <C>            <C>
IlkUmut                             711,488        200,000        511,488              -              -              -
------------------------------------------------------------------------------------------------------------------------
York Russia (condition)             314,198         64,198        250,000              -        132,833              -
------------------------------------------------------------------------------------------------------------------------
Otis (elevators)                    157,522        157,522              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (facade works)                117,515        117,515              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (fence)                       201,421        196,315          5,106              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (canopy)                        4,936          4,936              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (sidewalks)                    42,997         42,997              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (credit interest)               2,332          2,332              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (demolition)                   17,410         17,410              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
SU-122 (windows)                     48,814         13,090         35,724              -              -         16,169
------------------------------------------------------------------------------------------------------------------------
Krona (parking)                     252,999        214,009         38,990              -         26,696              -
------------------------------------------------------------------------------------------------------------------------
Region (preliminary works)           74,746         70,682          4,084              -          4,084              -
------------------------------------------------------------------------------------------------------------------------
Stroirazvitiya (add power)            5,378          5,378              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Ekont (heat reg. unit)                4,625          4,625              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Elnet-M (ext. lighting)              38,531         34,678          3,853              -          3,853              -
------------------------------------------------------------------------------------------------------------------------
GPM (add. power)                     42,569         42,569              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Lonmadi (generator)                  71,440         71,440              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Etkos (add. glass)                   11,149          8,750          2,399              -              -              -
------------------------------------------------------------------------------------------------------------------------
Alfa Laval                              312            312              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Bovis                               205,695              -        205,695              -              -              -
------------------------------------------------------------------------------------------------------------------------
Dispas (keys)                        14,766         14,766              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Oscar Faber                          96,963              -         96,963              -              -              -
------------------------------------------------------------------------------------------------------------------------
Comstar                             266,444              -        266,444              -              -              -
------------------------------------------------------------------------------------------------------------------------
Russtil (elevator shafts)            49,634         49,634              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Mosctroy (lighting fixtures)         11,272          5,588          5,684              -          5,684              -
------------------------------------------------------------------------------------------------------------------------
Eltem (add. power)                   75,000         52,500         22,500              -              -              -
------------------------------------------------------------------------------------------------------------------------
Vitim (guard house)                   9,550          5,730          3,820          3,820              -              -
------------------------------------------------------------------------------------------------------------------------
Fraklin (guard house)                13,172         10,780          2,392              -              -              -
------------------------------------------------------------------------------------------------------------------------
Restaurant                          700,000              -        700,000              -              -        300,000
------------------------------------------------------------------------------------------------------------------------
Region (health club)                 50,897         23,800         27,097              -              -         27,097
------------------------------------------------------------------------------------------------------------------------
Krona (sidewalk curbing)              6,330          6,330              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Krona (demolition works)              2,754          2,754              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Landscaping                          40,000              -         40,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Entrance Lobby                       50,000              -         50,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Manager's office                     40,200              -         40,200              -              -              -
------------------------------------------------------------------------------------------------------------------------
Driver's room                        10,000              -         10,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Security room                        10,000              -         10,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Post room                            12,000              -         12,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Stocksigns                           25,000              -         25,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Landing Area                         53,325              -         53,325              -              -              -
------------------------------------------------------------------------------------------------------------------------
Canopy Lights                         7,000              -          7,000              -          7,000              -
------------------------------------------------------------------------------------------------------------------------
Eltem (electric works)              130,000              -        130,000         87,000              -              -
------------------------------------------------------------------------------------------------------------------------
John Moriarty                       667,461        150,000        517,461              -              -              -
------------------------------------------------------------------------------------------------------------------------
Contingency                         100,000              -        100,000         10,000         10,000         10,000
------------------------------------------------------------------------------------------------------------------------
Aster (automatic doors)               4,257          4,257              -              -              -              -
------------------------------------------------------------------------------------------------------------------------
Storage rooms                        10,000              -         10,000              -              -              -
------------------------------------------------------------------------------------------------------------------------
Total Cash Outflows               4,782,102      1,594,877      3,187,225        100,820        190,150        353,266
------------------------------------------------------------------------------------------------------------------------

<CAPTION>
---------------------------------------------------------------------------------------------------------
IBC 30.10.95
Cost for Project
---------------------------------------------------------------------------------------------------------
                                    23.12-29.12     Juanruary       Febreary        March         May-97
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------
<S>                                    <C>           <C>            <C>             <C>         <C>
IlkUmut                                     -              -              -              -        511,488
---------------------------------------------------------------------------------------------------------
York Russia (condition)                     -         69,235         47,932              -              -
---------------------------------------------------------------------------------------------------------
Otis (elevators)                            -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Vitim (facade works)                        -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Vitim (fence)                               -              -          5,106              -              -
---------------------------------------------------------------------------------------------------------
Vitim (canopy)                              -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Vitim (sidewalks)                           -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Vitim (credit interest)                     -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Vitim (demolition)                          -              -              -              -              -
---------------------------------------------------------------------------------------------------------
SU-122 (windows)                       19,555              -              -              -              -
---------------------------------------------------------------------------------------------------------
Krona (parking)                             -              -              -              -         12,294
---------------------------------------------------------------------------------------------------------
Region (preliminary works)                  -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Stroirazvitiya (add power)                  -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Ekont (heat reg. unit)                      -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Elnet-M (ext. lighting)                     -              -              -              -              -
---------------------------------------------------------------------------------------------------------
GPM (add. power)                            -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Lonmadi (generator)                         -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Etkos (add. glass)                          -          2,399              -              -              -
---------------------------------------------------------------------------------------------------------
Alfa Laval                                  -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Bovis                                       -              -        100,000              -        105,695
---------------------------------------------------------------------------------------------------------
Dispas (keys)                               -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Oscar Faber                                 -              -         96,963                             -
---------------------------------------------------------------------------------------------------------
Comstar                                     -              -              -                       266,444
---------------------------------------------------------------------------------------------------------
Russtil (elevator shafts)                   -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Mosctroy (lighting fixtures)                -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Eltem (add. power)                          -         22,500              -              -              -
---------------------------------------------------------------------------------------------------------
Vitim (guard house)                         -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Fraklin (guard house)                       -          2,392              -              -              -
---------------------------------------------------------------------------------------------------------
Restaurant                                  -        200,000              -              -        200,000
---------------------------------------------------------------------------------------------------------
Region (health club)                        -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Krona (sidewalk curbing)                    -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Krona (demolition works)                    -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Landscaping                                 -              -              -              -         40,000
---------------------------------------------------------------------------------------------------------
Entrance Lobby                              -         25,000         25,000              -              -
---------------------------------------------------------------------------------------------------------
Manager's office                            -         20,000         20,200              -              -
---------------------------------------------------------------------------------------------------------
Driver's room                               -         10,000              -              -              -
---------------------------------------------------------------------------------------------------------
Security room                               -         10,000              -              -              -
---------------------------------------------------------------------------------------------------------
Post room                                   -         12,000              -              -              -
---------------------------------------------------------------------------------------------------------
Stocksigns                             15,000         10,000              -              -              -
---------------------------------------------------------------------------------------------------------
Landing Area                                -              -         53,325              -              -
---------------------------------------------------------------------------------------------------------
Canopy Lights                               -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Eltem (electric works)                      -         43,000              -              -              -
---------------------------------------------------------------------------------------------------------
John Moriarty                               -              -              -              -        517,461
---------------------------------------------------------------------------------------------------------
Contingency                            10,000         10,000         20,000         30,000              -
---------------------------------------------------------------------------------------------------------
Aster (automatic doors)                     -              -              -              -              -
---------------------------------------------------------------------------------------------------------
Storage rooms                               -         10,000              -              -              -
---------------------------------------------------------------------------------------------------------
Total Cash Outflows                    44,555        446,526        368,526         30,000      1,653,382
---------------------------------------------------------------------------------------------------------
</TABLE><PAGE>   1
                                                                   Exhibit 10.25

                            Translation from Russian

                         CONTRACT OF AGENCY NO. A - 618
                    ON THE MANAGEMENT OF THE INVESTMENT FUND

      Moscow                                                November 24, 1998

      Closed Joint-Stock Company "Pioneer First" Company for the Management of
Investment Funds" (the "Manager") represented by its General Director Ms.
Churaeva M.N., acting on the basis of its Charter, and Open Joint-Stock Company
"First Investment Voucher Fund" (the "Fund"), represented by Mr. Chebotarev
M.Yu., its Board of Directors' Chairman, acting on the basis of its Charter and
Minutes of the Board of Directors' Meeting No.9 (77) of November 24, 1998, have
entered into this Contract with respect to the following:

1.    SUBJECT OF THE CONTRACT:

1.2   The Fund charges and the Manager accepts an obligation to manage the Fund
in accordance with the current Russian legislation in force.

2.    MANAGERS' RIGHTS AND OBLIGATIONS:

2.1   In accordance with the terms and conditions of this Contract, Manager is
the Fund's sole executive body and has the right to perform all necessary acts
allowed under the Russian law to be performed by a sole executive body of a
joint-stock company. While carrying out its obligations, the Manager shall act
on the basis of this Contract and of a Power of Attorney issued by the Fund
(Board of Directors).

2.2   The Manager shall carry out its obligations in accordance with the current
      legislation of the Russian Federation, including the following:

2.2.1 Ensure an effective management of the Fund in the interests of the Fund's
      shareholders;
2.2.2 Submit to the Fund's Board of Directors reports on the Fund's activities;
2.2.3 Arrange submission of information regarding the Fund's activities in
      accordance with the requirements of the Russian legislation in force;
2.2.4 Arrange Fund's book-keeping and financial reporting;
2.2.5 On behalf of the Fund enter into the following agreements:
o     With Specialized Depository -- on keeping and controlling all the Fund's
      property rights;
o     With Specialized Registrar -- on keeping a Register of the Fund's
      securities owners;
o     With an Independent Appraiser -- on performing an assessment of the market
      value of the Fund's property;
o     With an Auditor -- on conducting audits,
      and arrange the fulfillment of the Fund's obligations under these
      agreements.
      According to the terms and conditions of these agreements, they shall
become effective after being approved by the Fund's Board of Directors.
      According to this Contract, services provided by a Specialized Depository,
a Registrar, an Independent Appraiser and an Auditor shall be paid for by the
Fund;
2.2.6 Ensure accurate and full payment of the dividends to the Fund's
      shareholders;
2.2.7 Take all necessary measures allowed by the Russian law to protect the
      interests of the Fund's shareholders;
2.2.8 On behalf and in the name of the Fund, conduct all administrative
      functions, correspondence, etc.;
2.2.9 Provide assistance to the Fund's advertisement program and provide other
      services, as agreed upon by the Manager and the Fund.

<PAGE>   2

2.3   In order to fulfill its obligations, the Manager has the right:
2.3.1 On behalf and in the name of the Fund to enter into securities- and other
      property transactions, as well as money- transactions in order to invest
      into securities and other assets in accordance with the Russian
      legislation and the Fund's Charter;
2.3.2 To represent the Fund in all government/executive agencies of the Russian
      Federation, courts, arbitral courts, enter into agreements with commercial
      organizations, and conduct other activities aimed at the fulfillment of
      the Fund's rights and obligations;
2.3.3 To have one representative to be present as an observer at the Board of
      Directors' Meetings, except for those meetings of the Board
      where the Directors are voting on the issues connected with the Manager's
      activity or terms and conditions of a Contract with the Manager.

2.4   The Manager shall not:
2.4.1 Acquire in the name of the Fund assets not listed in the Fund's investment
      declaration;
2.4.2 Enter in the name of the Fund in the transactions violating the Russian
      legislation in force;
2.4.3 Dispose of the Fund's property free of charge;
2.4.4 Act in violation to the Russian legislation in force.

3.    FUND'S RIGHTS AND OBLIGATIONS

3.1   Fund shall pay to the Manager a remuneration not exceeding 5% of the
      Fund's net assets (without VAT). VAT is payable by the Fund. Fund is not
      compensating Manager's expenses, except those directly specified by the
      Russian legislation in force.
3.2   The amount of Manager's remuneration for a certain period of time under
      this Contract shall be set forth in an Act, which shall not contradict
      terms of Section 3.1 above. The Act shall be in writing, shall be signed
      by the Parties' representatives and is regarded as an integral part of
      this Contract.
3.3   The Manager's remuneration shall be payable not often that once a month.
3.4   The Fund shall ensure that all necessary conditions for the Manager's
      activities under this Contract are present.

4.    TERM OF THE CONTRACT; PARTIES' OBLIGATIONS

4.1   This Contract becomes effective at the moment of its signing by the
      Parties. The duration of this Contract is indefinite.
4.2   This Contract can be terminated:
4.2.1 By a mutual agreement of the Parties;
4.2.2 Unilaterally, on the basis of the Fund's Board of Directors' decision; the
      Board of Directors shall send to the Manager a written notice; the
      Contract is considered terminated after one month from the day of the
      Manager's receiving the notice.
4.2.3 Unilaterally, by the Manager; the Manager shall send to the Fund's Board
      of Directors a written notice; the Contract is considered terminated after
      three months from the day of the Fund's receiving the notice.
4.2.4 If the Manager's license is suspended, revoked, terminated or expired and
      such license is mandatory in order to act as the Fund's executive body.
4.2.5 If the Manager is liquidated or declared bankrupt.
4.3   If the Fund is liquidated or declared bankrupt, the Parties' actions shall
      be determined by a separate agreement. If an agreement is not reached,
      this Contract is considered terminated after the Parties fulfilled their
      obligations existed prior to the Fund's liquidation or bankruptcy.
4.4   If this Contract is terminated, the Manager shall transfer to a Fund's
      representative, authorized by the Fund's Board of Directors, all Fund's
      documentation.
4.5   The Manager shall compensate the Fund for all damages incurred by the Fund
      as a result of Manager's failure to fulfill its obligations under this
      Contract.

<PAGE>   3

4.6   All disputes in connection with this Contract shall be resolved by a court
      or by an arbitral court.
4.7   All changes and amendments to this Contract shall be in writing.

      Parties' legal addresses and banking information.

      Signatures

      /s/ M.N. Churaeva               Pioneer First

      /s/ M.Yu. Chebotaryev           First Investment
                                      Voucher Fund

<PAGE>   4

                            Translation from Russian

                                 AMENDMENT NO. 1
                TO THE CONTRACT OF AGENCY NO. A - 618 OF 11.24.98
                    ON THE MANAGEMENT OF THE INVESTMENT FUND

       Moscow                                                 December 13, 1998

      Closed Joint-Stock Company "Pioneer First" Company for the Management of
Investment Funds" (the "Manager") represented by its General Director Ms.
Churaeva M.N., acting on the basis of its Charter, and Open Joint-Stock Company
"First Investment Voucher Fund" (the "Fund"), represented by Mr. Chebotarev
M.Yu., its Board of Directors' Chairman, acting on the basis of its Charter (the
"Parties"), have entered into this Amendment to the Contract No. A-618 of
11.24.98 with respect to the following:

1.    MAIN PROVISIONS

1.1   Under a mutual agreement of the Parties, section 3 titled "Fund's rights
      and obligations", setting forth the Manager's remuneration under the
      Contract No. A-618, dated 11.24.98, becomes effective on January 1, 1999.
1.2   From November 24,1998 through December 31, 1998, all financial relations
      between the Parties shall be governed by the Contract of Management No.
      10, dated April 8, 1995:
      A Managers annual remuneration shall be set at 10% of the value of the
      Fund's annual average assets.
      A quarterly remuneration shall be set forth as one-fourth of the value of
      the Fund's assets as of the end of a quarter.
      A revision of the remuneration shall take place once a year, based on the
      results of the Fund's annual activity.
1.3   All terms and condition of the Contract No. A-618 of 11.24.98, except
      Section 3 titled "Fund's rights and obligations", under a mutual agreement
      of the Parties are effective as of 11.24.98.

      This Amendment has been executed in two original copies, one for each
      party; both copies have an equal legal force.

      Parties' legal addresses and banking information.

      Signatures

      /s/ M.N. Churaeva               Pioneer First

      /s/ M.Yu. Chebotaryev           First Investment
                                      Voucher Fund

<PAGE>   5

THE PIONEER GROUP, INC.

60 State Street
Boston, MA 02109-1820
617-742-7825

[PIONEER LOGO]

      The undersigned hereby certifies that the translation of Management
Agreement dated as of November 24, 1998 by and between Closed Joint-Stock
Company "Pioneer First" and Open Joint-Stock Company "First Investment Fund"
(formerly Open Joint-Stock Company "First Investment Voucher Fund"), as amended
December 13, 1998 to which this certification is attached is a fair and accurate
translation of the original document executed in Russian.

Dated: May 22, 2000

                                     /s/ Catherine Mannick
                                     ----------------------------------------
                                     Name: Catherine Mannick
                                     Title: Vice President and Assistant
                                     General Counsel, The Pioneer Group,
                                     Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}]]