Document:

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                                                                   Exhibit 10.90

                AMENDMENT TO FINANCE AGREEMENT AND LIMITED WAIVER

         AMENDMENT (the "Amendment"), dated as of December 28, 1999, between
CLOSED JOINT-STOCK COMPANY "FOREST-STARMA", (the "Company"), a closed
joint-stock company organized and existing under the laws of the Russian
Federation, and OVERSEAS PRIVATE INVESTMENT CORPORATION, an agency of the United
States of America ("OPIC").

                                   WITNESSETH:

         WHEREAS, the Company and OPIC are parties to a finance agreement dated
as of December 21, 1995, as amended, March 6, 1996, March 26, 1996, May 29,
1996, June 24, 1996 and June 3, 1999 (the "Finance Agreement");

         WHEREAS, all capitalized terms used herein and not otherwise defined
herein shall have their respective meanings set forth in the Finance Agreement;

                  WHEREAS, PFI owns 100% of the shares of capital stock of the
Company and wishes to transfer all of this stock to PFI's wholly owned Delaware
subsidiary, "Pioneer Forest, L.L.C." ("PFLLC"), such that as a result of this
transaction (the "Share Transfer") PFLLC will own 100% of the capital stock of
the Company and PFI will no longer be shareholder of the Company; and

         WHEREAS, in order that PFI may proceed with the Share Transfer, the
Company, PGI and PFI have requested that OPIC agree with the Company to amend
certain provisions of the Finance Agreement and to waive certain other
provisions of the Finance Agreement, in accordance with Section 8.06 of the
Finance Agreement; and OPIC is willing to do so.

         NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants, provisions and undertakings herein and in the Finance Agreement and
for other good and valuable consideration, the receipt and and adequacy of which
is hereby acknowledged by the parties hereto, OPIC and the Company agree as
follows:

         1.  Amendments.

             (a)  The following definition is hereby added after the definition
                  of "PFI" in Section 1.01 of the Finance Agreement:

                  "PFLLC" means Pioneer Forest, L.L.C., a Delaware limited
                  liability company.
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             (b)  Paragraph (m) of Section 7.01 of the Finance Agreement  is
                  hereby revised to read in its entirety as follows:

                  (m) The U.S. Sponsor ceases to hold 100% of the legal and
                  beneficial title to the equity of PFI; or PFI ceases to hold
                  100% of the legal and beneficial title to the equity of PFLLC;
                  or prior to the Share Transfer PFI ceases to own 100% of the
                  legal and beneficial title to the equity of the Company; or
                  following the Share Transfer PFLLC ceases to hold 100% of the
                  equity of the Company or the U.S. Sponsor ceases to retain
                  management control of the Company; or

         2.  Waiver. The Company has requested that OPIC waive any Event of
             Default under paragraphs (i) or (m) of Section 7.01 of the Finance
             Agreement arising out of the acquisition of equity of the Company
             by PFLLC in connection with the Share Transfer as set forth in
             Exhibit A annexed hereto and made a part hereof.

             OPIC hereby waives any such Events of Default; provided, however,
             that the waiver contained in paragraph (a) of this Section 2 shall
             not be effective unless and until OPIC shall have received one or
             more of an amended, restated or additional Contract of Pledge of
             Shares, in form and substance satisfactory to OPIC, and an
             opinion, in form and substance satisfactory to OPIC, from counsel
             satisfactory to OPIC, with respect to OPIC's security interest in
             shares of capital stock of the Company pledged to OPIC.

         3.  Representations and Warranties. The Company represents and warrants
             that :

             (a)  This Amendment constitutes a legal, valid and binding
                  obligation of the Company, enforceable against the Company in
                  accordance with its terms.

             (b)  All representations and warranties made by the Company in the
                  Finance Agreement are true and accurate as of the date hereof,
                  except that the record and beneficial ownership of the capital
                  stock of the Company set forth in Section 3.04 of the Finance
                  Agreement has changed, or will change, as a result of the
                  Share Transfer as set forth in Exhibit A annexed hereto.

         4.  Ratification and Confirmation. As amended hereby, all the terms and
             provisions of the Finance Agreement are hereby ratified and
             confirmed in all respects and shall apply in full force and effect.

         5.  No Waiver. The Company acknowledges and agrees that except as
             expressly provided in Section 2 of this Amendment, OPIC, in
             executing and delivering this Amendment, has not and shall not be
             deemed to have waived, released or modified any right or power that
             it may have under the Finance Agreement, as amended herein, to
             claim that any Event of Default has occurred or is occurring,
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             and the execution and delivery of this Amendment shall not be
             deemed a waiver by OPIC of any such Event of Default.

         6.  Effective Date. This Amendment shall be effective as of the date
             hereof, except as otherwise expressly provided herein.

         7.  Counterparts. This Amendment may be executed in counterparts, each
             of which when so executed and delivered shall be deemed an original
             and all of which together shall constitute one and the same
             instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
         executed by their authorized representatives as of the day and year
         first above written.

                                  CLOSED JOINT-STOCK COMPANY "FOREST-STARMA"

                                  By: /s/ Donald H. Hunter
                                      ----------------------------------------
                                      Donald H. Hunter
                                      On the basis of power of attorney No. 73,
                                      Dated December 3, 1999

                                    By: /s/ Catherine V. Mannick
                                      ----------------------------------------
                                      Catherine V. Mannick
                                      On the basis of power of attorney No. 74,
                                      Dated December 3, 1999

                                    By: /s/ Inna Verdini
                                      ----------------------------------------
                                      Inna Verdini
                                      On the basis of power of attorney No. 72,
                                      Dated December 3, 1999

                                   OVERSEAS PRIVATE INVESTMENT CORPORATION

                                    By: /s/ Steven S. Smith
                                      ----------------------------------------
                                      Its: Investment Officer<PAGE>   1
                                                                   Exhibit 10.91

             AGREEMENT WITH RESPECT TO PROJECT COMPLETION AGREEMENT

         AGREEMENT (the "Agreement"), dated as of December 28, 1999, among
CLOSED JOINT-STOCK COMPANY "FOREST-STARMA", a closed joint stock company,
organized and existing under the legislation of the Russian Federation (the
"Company"), THE PIONEER GROUP, INC., a corporation organized and existing under
the laws of the state of Delaware (the "U.S. Sponsor"), PIONEER FOREST, INC., a
corporation organized and existing under the laws of the state of Delaware and a
wholly owned subsidiary of the U.S. Sponsor (the "U.S. Sponsor Subsidiary"),
PIONEER FOREST, L.L.C., a limited liability company organized and existing under
the laws of the state of Delaware and a wholly owned subsidiary of the U.S.
Sponsor Subsidiary ("PFLLC"), and OVERSEAS PRIVATE INVESTMENT CORPORATION, an
agency of the United States of America ("OPIC").

                                   WITNESSETH:

         WHEREAS, the Company, the U.S. Sponsor, International Joint Stock
Company "Starma Holding" (the "Russian Sponsor") and OPIC are parties to a
Project Completion Agreement, dated as of December 21, 1995 (the "Project
Completion Agreement");

         WHEREAS, the Company, the U.S. Sponsor, the U.S. Sponsor Subsidiary and
OPIC entered into an Agreement with respect to Project Completion Agreement,
dated as of June 3, 1999 (the "APCA"), pursuant to which the U.S. Sponsor
Subsidiary agreed to be bound by, and jointly and severally responsible for, all
obligations of the U.S. Sponsor under the terms and conditions of the Project
Completion Agreement;

         WHEREAS, all capitalized terms used herein and not otherwise defined
herein shall have their respective meanings set forth in the Finance Agreement,
dated as of December 21, 1995, as amended to and including the date hereof,
between the Company and OPIC, the Project Completion Agreement and the APCA; and

         WHEREAS, as a result of the Share Transfer, the PFLLC will own 100 % of
the shares of capital stock of the Company and the U.S. Sponsor Subsidiary will
no longer hold any capital stock of the Company.

         NOW, THEREFORE, the parties agree as follows:

         1. Indemnity.

              The U.S. Sponsor hereby indemnifies and holds harmless the
              Indemnified Persons from and against any and all losses,
              liabilities, obligations, damages, penalties, actions, judgments,
              suits, costs, expenses, or disbursements of any kind or nature
              whatsoever (Losses) that may be imposed on, incurred by, or
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              asserted against any Indemnified Person in any way relating to the
              Contract of Pledge of Shares between PFLLC and OPIC or the Share
              Transfer, if such Losses would not have occurred had the U.S.
              Sponsor Subsidiary not transferred its shares of the Company,
              directly or indirectly, to PFLLC in connection with the Share
              Transfer. In particular, but without limitation, this indemnity
              extends to any Losses incurred by an Indemnified Person as a
              result of the bankruptcy of PFLLC or due to the existence of any
              contract for pledge of shares in the Company which PFLLC may have
              entered into, and having priority to, the contract for the Pledge
              of Shares with OPIC."

         2. Representations and Warranties.

              (a)  Each of the Company, the U.S. Sponsor, the U.S. Sponsor
                   Subsidiary and PFLLC represents and warrants to OPIC that
                   this Agreement constitutes a legal, valid and binding
                   obligation of it, enforceable against it in accordance with
                   its terms.

              (b)  Each of the U.S. Sponsor, the U.S. Sponsor Subsidiary and
                   PFLLC represents and warrants to OPIC, jointly and severally
                   that:

                   (i)    (x) as of the effective date hereof the U.S. Sponsor
                          Subsidiary owns of record and beneficially, and the
                          U.S. Sponsor owns beneficially, 100%, and (y) upon
                          completion of the Share Transfer, the U.S. Sponsor
                          Subsidiary and the U.S. Sponsor will own
                          beneficially, and PFLLC will own of record and
                          beneficially, 100% of the issued and outstanding
                          shares of capital stock of the Company;

                   (ii)   as of the effective date hereof the U.S. Sponsor
                          Subsidiary owns, and upon completion of the Share
                          Transfer will own, of record and beneficially all of
                          the issued and outstanding shares of capital stock of
                          PFLLC;

                   (iii)  as of the date hereof the U.S. Sponsor owns, and upon
                          completion of the Share Transfer will own, of record
                          and beneficially all of the issued and outstanding
                          shares of the capital stock of the U.S. Sponsor
                          Subsidiary; and

                   (iv)   as of the date hereof each of the representation and
                          warranties of the Sponsors in paragraphs (b) through
                          (j) of Section 8.A of the Project Completion
                          Agreement are true and accurate.

         3. Undertakings of the U.S. Sponsor Subsidiary and PFLLC. PFLLC hereby
             agrees to be bound by, and jointly and severally responsible and
             liable for all obligations and liabilities of the U.S. Sponsor and
             the U.S. Sponsor Subsidiary under, the terms of Project Completion
             Agreement and the APCA and to appoint an agent for service of
             process satisfactory to OPIC in connection with this undertaking in
             compliance with the terms of Section 14(b) of the Project
             Completion Agreement and give written notice thereof to OPIC within
             30 days after the date hereof. Notices to PFLLC may be given to it
             at the following address:
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                                       3

                           60 State Street
                           Boston, MA 02109
                           Tel: 617-742-7825
                           Fax: 617-422-4286

                           Attention: President

         4. Ratification and Confirmation. All the terms and provisions of the
             Project Completion Agreement and the APCA are hereby ratified and
             confirmed by the U.S. Sponsor, the U.S. Sponsor Subsidiary and
             PFLLC and shall apply in full force and effect.

         5. Effective Date. This Agreement shall be effective as of the date
             hereof.

         6. Counterparts. This Agreement may be executed in counterparts, each
            of which when so executed and delivered shall be deemed an original
            and all of which shall constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
  executed by their authorized representatives as of the day and year first
  above written.

                                   CLOSED JOINT-STOCK COMPANY "FOREST-STARMA"

                                   By: /s/ Donald H. Hunter
                                       ------------------------
                                       Donald H. Hunter
                                       On the basis of power of attorney No. 73,
                                       Dated December 3, 1999

                                   By: /s/ Catherine V. Mannick
                                       ------------------------
                                       Catherine V. Mannick
                                       On the basis of power of attorney No. 74,
                                       Dated December 3, 1999

                                   By: /s/ Inna Verdini
                                       ------------------------
                                       Inna Verdini
                                       On the basis of power of attorney No. 72,
                                       Dated December 3, 1999
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                                   THE PIONEER GROUP, INC.

                                   By: /s/ Stephen G. Kasnet
                                       ------------------------
                                   Its: Executive Vice President

                                   PIONEER FOREST, INC.

                                   By: /s/ Stephen G. Kasnet
                                       ------------------------
                                   Its: President

                                   PIONEER FOREST, L.L.C.

                                   By: /s/ Stephen G. Kasnet
                                       ------------------------
                                   Its: President

                                   OVERSEAS PRIVATE INVESTMENT CORPORATION

                                   By: /s/ Steven S. Smith
                                       ------------------------
                                   Its: Investment Officer

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