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Exhibit 4.4    
    

Contract No. P31009  

Moscow

01.01.2003 

 
 

JSC "Tetra Pak AO",    
    

        Moscow, hereinafter referred to as the "Seller", represented by N.I. Timoshenko acting in accordance with the Power of Attorney, on one part, and 

 
 

ZAO "Wimm-Bill-Dann Purchaser",    
    

        Hereinafter referred to as the "Buyer", represented by Executive Director Medvedev V.V., acting in accordance with the Regulation Rules have concluded the present
contract on the following: 

 
 

PART 1    
    

1.1.  SUBJECT OF THE CONTRACT  

        The
Seller sells and the Buyer buys packaging material and also attendant accessories in accordance with specifications (annex No. l to the present contract). The deliveries are
being fulfilled according to the preliminary orders placed by the Buyer in accordance with the Annex 2. 

1.2.  PRICES  

	 
	 

	1.2.1	Price for the packaging material which is stipulated in the Specification (Annex No. 1 to the present Contract), amount of insurance and transportation are fixed by the Seller in US dollars excluding VAT and included
separately into the invoices to be paid by the Buyer.
	

1.2.2	

Prices for the packaging material include pallets delivered to the Buyer and the cost of corresponding quantity of longitudinal strips (for the material Tetra Brik Aseptic)

1.3.  QUANTITY AND PAYMENT CONTITIONS  

	 
	 

	1.3.1	Payment should be made in Roubles to the Seller's account in accordance with the exchange rate of the Central Bank of RF on the date of transferring the amount from the Buyer's account after the delivery of packaging
material to the Buyer's warehouse. The factura-invoice should be paid within 61 calendar days from the date of issue of the factura-invoice.
	

1.3.2	

The date of issue of the factura-invoice can not be prior to the date of dispatch.
	

1.3.3	

In case the Buyer has failed to make a payment in accordance with the payment conditions the Seller has the right to charge the penalty on overdue amount of 20% yearly for every overdue day.
	

1.3.4	

Supplier shall be entitled to deliver up to 10% above or below the quantity of packaging material ordered by the Buyer, the final balance will be adjusted accordingly to the delivered quantity.

1.4.  TERMS OF DELIVERY  

	 
	 

	1.4.1	The goods are to be delivered to the Customer's warehouse (Moscow and Moscow region) by the transport of the Supplier due to the Buyer if not otherwise specified in the order.
	

 	

Delivery (within European part of R F territory is to be effected by fully-loaded trucks according to the order agreed by the parties, the only exception being the last shipment
	

1.4.2	

Delivery is to be effected within 6 weeks after the Seller receives the official order and if the design(s), duly approved by the Buyers, is available for the Seller.
	

1.4.3	

In case of delivery delay through the Seller's fault the Buyer has the right to charge the penalty on delayed delivery amount of 20% yearly for every overdue day.
	

1.4.4	

The Buyer shall undertake costs of storage of the unpaid goods at the Seller's warehouse in case of delay in shipment of goods, if the delay occurred due to the reasons depending on the Buyer and exceeded 10 calendar days from the established
shipment date.
	

1.4.5	

The Seller shall give shipment advice to the Buyer one e the truck has left the factory and supply the Buyer with all the documents and invoices needed for each shipment by fax within 24 hours.
	

1.4.6	

The production facilities are to be chosen in mutual agreement with the Buyer. In any case of changes the Buyer has to be informed beforehand.
	

1.4.7	

The Buyer shall compensate the demurrage cost after 24 hours from. The stand demurrage equals to:
	

—	

150.00 USD (excl.VAT) per day for the stay of one not unloaded truck arrived from Tetra Pak factories to the specified in transport documents address not later than 12:00am on the agreed arrival date.
	

 	

In case if the truck arrives to the specified in transport documents address earlier the agreed arrival date the demurrage cost should not be charged for the period from the arrival time up to 12:00am on the agreed arrival date.
	

 	

In case if the truck arrives to the specified in transport documents address later 12:00am on the agreed arrival date the demurrage cost should calculated after 24 hours from the time of arrival.
	

 	

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

 	

The time of the truck arrival stated in transport documents is to be the basis for the demurrage cost calculation.

1.5.  TRANSPORTATION RISCS  

All
the rises connected with the transportation of goods to the warehouse of the Buyer are born by the Seller. 

The
Seller is to reimburse to the Buyer all the losses caused by the damage of goods during transportation subject to the conditions of article 2.4."Acceptance of goods damaged during the
transportation". 

The
Seller shall The form of reimbursement: reimbursement of losses by cash or in kind shall be determined on the Parties' concordance. 

 
 

PART 2.    General conditions of sales    
    

2.1.  REQUIREMENTS TO PAYMENT INVOICES  

        The Buyer shall specify the following information when filling up the bank papers to effect the prepayment or the payment according to the invoice. 

	 
	 

	2.1.1	Invoice settlement
	

—	

Date and number of the Invoice
	

—	

INT
	

2.1.2.	

General Conditions

In
case the prepayment or the payment shall be effected by the third party it is necessary to specify the name of the Buyer in addition to the items numerated above. 

2.2.  PACKING AND MARKING  

The
goods is to be shipped in packing suitable for Ion g distance transportation. 

Each
reel is to be shrink-wrapped. Each pallet with the reels is to be shrink-wrapped as well. Marking shall be as follows: 

	 
	 
	 	 

	Contract No P 31009	 	 	 
	Consignee:	
	 	 
	Address of destination:	
	 	 

2.3.  STORAGE REQUIREMENTS  

For
Tetra Brik and Tetra Brik Aceptic packaging material: 

Under
normal circumstances, reels of packaging material are double-wrapped. 

	—
	Each
reel is tightly shrink-wrapped.

	—
	Each
pallet is enclosed in a shrink-film. 

Pallets
can be stacked three on top of each other pro vided a rigid divider board is placed on top of the lower pallets. 

Transportation
pallets are irrevocable and their life is limited. 

Temperature:
Between 0° and +20°C is not detrimental but ensure that immediately prior to production the material is to be conditioned in the
temperature of +20° +30°C. The ideal temperature for storage is +20°C. 

Humidity:
30% to 70% RH. 

Actual
storage temperatures and relative humidity in some cases deviate from recommendations. If so, it is advised that prolonged storage should be avoided through the use of efficient delivery
schedule and by ensuring a strict rotation system, i.e. "first in—first out" 

Whenever
possible correct such deviations by means of adequate heating, cooling or humidity control equipment. 

2.4.  ACCEPTANCE OF THE GOODS  

	 
	 

	2.4.1	On delivery and acceptance of goods by the Buyer or Consignee the notes should be done by them in the shipment documents.
	

2.4.2	

Final acceptance of the goods as to the quantity to b e made by the Buyer at the site within 10 days from the date of the delivery
	

2.4.3	

In case the Buyer has any claims as per the quality of the packaging material supplied he has the right to submit them for the attention of the Seller within 12 (twelve) months from the delivery date of the packaging material provided that all the
storage requirements given in Article 2.3 have been fully met. No claims are accepted if the above time is overdue.
	

2.4.4	

In case of any claims the Buyer should prepare the claim according to the "Packaging Material Claim Routine".
	

2.4.5	

If the claims as per the quality submitted by the Buyer and received by the Seller before 3 months expire from the date of the shipment, the claimed goods shall be compensated by the delivery of the packaging material equals to the amount of the
claimed material. If the total quantity of the packaging material to be replaced is less than one prefabricated reel for Tetra Brik packaging material, the claimed goods shall be compensated when producing the next coming order of the
Buyer.
	

2.4.6	

If the claims are submitted by the Buyer and received by the Seller after 3 months but before 12 months expired from the delivery date, the way to compensate the claimed goods shall be specified additionally.
	
2.4.7	

Acceptance of goods damaged during transportation

Shall
the goods be damaged during the transportation, the Buyers shall at his own expense and risk: 

	—
	effect
the acceptance of the damaged, 

	—
	inform
the Seller of the damages in writing by fax (cable) immediately,

	—
	take
all the necessary steps to prevent the further damaged and loss of the goods and transport facilities,

	—
	take
picture of the damaged goods prior to unloading from the transportation facilities (picture should show the type of damage and the reason of the damage if possible),

	—
	in
case of truck delivery of damaged goods, make the note in the shipment documents of the revealed damages during the transportation, provide for the signature of the
transportation company representative on the shipment documents containing the note of the damages. In case the transportation company representative denies to supply the shipment documents with the
note of the damage, the Buyer makes the following note himself.

	—
	in
case of damaged goods carriage by rail, to sign with a carrier representative a carrier's statement describing the damage.

	—
	forward
the originals of the above listed documents to the Seller through courier service within 72 hours from the moment of acceptance of goods. 

The
liability is to be determined by the Agreement of the parties. 

2.5.  INTANGIBLE PROPERTY AND TRADEMARKS  

	 
	 

	2.5.1	The Buyer releases the Seller of any obligations or responsibility for lawlessly placed order for packaging material in the face of the third persons.
	

2.5.2	

In case of unauthorized use of the Seller's or Buyer's trademarks by one of the Parties the injured party parties may terminate this Contract, seek damages, compensation or any other remedies available under applicable laws.

2.6.  FORCE MAJEURE  

If
the Seller or the Buyer are prevented to perform in whole or in part its obligations in accordance with this Contract or is unreasonably burdened by circumstances over which he has no control,
including but not limited to Acts of God, civil war, mobilization, military conscription on a large scale, riots, insurrections and revolutions, sabotage, requisition, confiscation, nationalization,
embargoes and expropriation, public decrees or any other prohibition acts of authorities, strikes, lockouts, natural cataclysms such as violent storms, earthquakes, lightning, fire, explosions, faults
this shall suspend performance of the obligation without incurring any liability for compensation whatsoever. 

The
circumstances of force majeure should be proved by the conclusion of the Chamber of Commerce of the Russian Federation. 

2.7.  ARBITRATION  

All
disputes, differences or demands which may arise out of or in connection with the present Contract, and connecting its fulfilment transgression, stoppage or nonvalidity, are to be settled in the
International commercial Arbitration court at the Chamber of Commerce and Industry of RF in Moscow in accordance with it's Rules. 

Arbitration
hearings is to be held in Moscow. 

During
the settlement of all disputes the parties must guided by the Material Rules of RF. 

The
award of the Arbitration Court is final and binding upon both parties. 

2.8.  OTHER CONDITIONS  

	 
	 

	2.8.1	The contract comes into effect from the date of signing.
	

2.8.2	

The validity of the Contract is one year.
	

2.8.3	

After signing the contract all the preliminary agreements, discussions and correspondence between the parties concerning this contract are to be considered in valid from the date of signing.
	

2.8.4	

All the appendices and addenda to the present contract make the integral part.
	

2.8.5	

All the amendments and Annexes to the present contract are valid only on condition of being made in written form and signed by both parties
	

2.8.6	

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

 	

However the Seller can assign its rights and obligations regarding this Contract to another company within Tetra Laval Group. The Buyer can assign its rights and obligations regarding this Contract to another company within Wimm Bill Dann group of
companies in the European part of the Russian Federation.
	

 	

In both cases the above should take place against written consent of the parties
	

2.8.7	

If the Buyer initiates the termination of this Contract the Seller must stop immediately further production of the goods for the deliveries as per this contract in case of a written request from the Buyer concerning termination of this contract.
Should there be any orders in production the Seller should immediately stop further production and the Buyer is obliged to pay the costs of order cancellation.

2.9.  LEGAL ADDRESSES OF THE PARTIES  

Seller:  

JSC "Tetra Pak AO"

2-nd Spasonalivkovsky per.,3, 117049, Moscow,

INT 7706017070

acc. 40702810900001000943 in ING Bank Evrazia Moscow

corr. acc. 30101810500000000222

BIK 044525222  

Address of the Bank:

123022 Moscow, Krasnaya Presnia, 31 

Buyer:  

Address:

ZAO "Wimm-Bill-Dann Purchaser"

17, 2nd floor, 8/10 b.2, Brjusov per., 103009,

Moscow, Russia

INN 7110225026 code [Russian characters] 45877002

code [Russian characters] 71100

BIK 044583342

Account 40702810738000130168

Corr. Account 30101810600000000342

Moscow Bank "Akcionerno-Kommerchesky" of

SberBank of Russian Federation

10-2, Mejdunarodnaya str, 109544, Moscow,

Russia 

The
Contract is made in English and Russian languages. In case of differences between English and Russian texts the Russian text shall always prevail over the English text. 

Annex
1: Specification

Annex 2: LQS and Quantity Discounts for packaging material

Annex 3: Packaging material claim routine customer 

FOR
AND ON BEHALF OF THE SELLER 

	

Date: 1 January 2003	
 	

By:	

/s/  N. TIMOSHENKO      
 N. Timoshenko

FOR
AND ON BEHALF OF THE BUYER 

	

Date: 1 January 2003	
 	

By:	

/s/  V. MEDVEDEV      
 V. Medvedev

 
 

Annex 1
  to the Contract P31009
  January 1, 2003    
    

 
 

SPECIFICATION    
    

	No
 
	 	Type of packaging material
	 	Package

volume, ml
	 	Price FCA TP factory,

USD/1000 packs
	 	Printing method

	Production place: Tetra Pak Kiev
	1	 	TBA/j

6296-810	 	1000	 	100.71	 	Flexoprocess
	2	 	TBA/j

6296-813	 	1000S	 	119.44	 	Flexoprocess
	3	 	TBA/j

6296-460	 	200	 	44.00	 	Flexoprocess
	Production place: Tetra Pak Kuban

	1	 	TBA/j

6296-810	 	1000	 	98.15	 	Flexo
	Production place: Tetra Pak Muerdijk

	1	 	TPA/j metallized

6884-602	 	330	 	72.04	 	Offset Metallized
	2	 	TPA/j metallized with Streamcap

6884-602	 	330	 	89.74	 	Offset Metallized
	3	 	TBA/j metallized

7209-813	 	1000S	 	132.40	 	Offset Metallized
	4	 	TBA/j metallized

7209-460	 	200	 	52.08	 	Offset Metallized
	Production place: Tetra Pak Budaors

	1	 	TBA/j

6296-813	 	1000S	 	119.44	 	Flexoprocess
	Production place: Tetra Pak Limburg
	1	 	TBA/j metallized

7209-813	 	1000S	 	132.40	 	Offset Metallized
	Production place: Tetra Pak Rubjera
	1	 	TBA/j

6824-350	 	125S	 	33.00	 	Rotogravure
	Production place: Tetra Pak Lund
	1	 	TBA/j

6296-705	 	500S	 	94.23	 	Flexoprocess
	2	 	TBA/j

6296-350	 	125S	 	32.00	 	Flexoprocess
	3	 	TBA/lk

6539-835	 	1500S	 	148.00	 	Flexoprocess

	 
	 	

Type of straws
 
	 	

Quantity
 
	 	Price FCA Furulund (Sweden) VAT excl (Duties include,

transportation and insurance excluded)
 

	Production place: Tubex AB
	10	 	U straws, 150mm long, 4 mm diam for TBA 200B. Code: 8775-919-01	 	1000	 	4.50	 	 
	11	 	T straws, 150mm long, 5/6 mm diam for TPA 330 Square T15056 Code: 8783-919-07 orange

Code: 8783-919-05 green	 	1000	 	6.50	 	 
	12	 	Straight straws, 100mm long, 4 mm diam	 	1000	 	2.50	 	 

 
 

Annex No. 2
  to contract No. P31009    
    

I. Low Quantity Surcharges and Quantity Discounts for Tetra Brik, Tetra Brik Aseptik packaging material  

	1.
	Low
Quantity Surcharges Flexoline/Flexoprocess 

	Order (1000 packs)
 
	 	Surcharge (USD)

	999–500	 	0,0
	499–250	 	7,0
	249–100	 	19.0

	2.
	Big
Quantity Discount 

	Order (1000 packs)
 
	 	Discount (%)

	1000–1999	 	0.0
	2000–2999	 	1.0
	3000–3999	 	2.0
	4000–4999	 	2.5
	> 5000	 	3.0

The
term "Single order" should be interpreted as Buyer's application for production of a certain quantity of packaging material with one approved design. 

The
term "Co-print order" should be interpreted as a set of Single orders with designs of similar colors in quantity multiple to: 

	—
	4–
for Tetra Pak factories in Kiev, Timashevsk and Moerdijk for packaging material 

TBA/m
TBA/j 1000mlBase 1000mlSlim, 

TPA/j
330ml, 

TB/m
1000ml 500ml 

	—
	6–
for Tetra Pak factories in Kiev and Timashevsk for packaging material 

TBA/m
TBA/j 200mlBase. 

When
placing "Single order" or "Co-print" order quantities stipulated in column "Order" a sum of USD stipulated in column "Surcharge" should be added to the price or reduce the price by the relevant
percent stipulated in column "Discounts" in case of surcharges and discounts application accordingly. 

Low
Quantity Surcharges are based on ordered quantity of "Co-print order" or "Single order". 

II. Low Quantity Surcharges for Tetra Rex packaging material  

	1.
	Low
Quantity Surcharges 

	Order (1000 packs)
 
	 	Surcharge (USD)

	249–100	 	5.0

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

	2.
	Color
Surcharges for Tetra Rex packaging material Printing Method- flexo. 

All prices are based on 2 colors.  

	Color Surcharge
 
	 
	Order (1000 packs)
 
	 	Surcharge (%)
	 
	5	 	+3	%
	4	 	+2	%
	3	 	+1	%

When
ordering the packaging material with more then 2 colors the "Color Surcharge" should be added to the standard price including possible LQS or individual order discount. 

	 	 	THE SELLER
	

 	
 	

By:	

/s/  N. TIMOSHENKO      
 N. Timoshenko

	 	 	THE BUYER
	

 	
 	

By:	

/s/  V. MEDVEDEV      
 V. Medvedev

 
 

Annex No. 3
  to contract No. P31009    
    

Packaging Material Claim Routine Customer  

	1.1.
	In
case the buyer has any claims a per the quality of packaging material supplied that cannot be used in the filling machine, the Buyer should prepare a Claim Routine by the
following way:

	1.2.
	—
Two copies should be sent into Technical service.

	—
	One
copy to be retained by the Buyer/

	—
	One
copy to be attached to the faulty packaging material to show that it is placed on hold.

	1.3.
	The
material should then be moved to a separate location, placed on hold and stored according to the recommendations stated in the sales contract.

	1.4.
	Technical
Service will contact the Buyer to confirm receipt of the claim. This should be done in the fastest possible way.

	1.5.
	Depending
on the amount of packaging material claimed, the size of the order and the Buyer's situation two different actions could be carried out:

	A.
	Immediate
action

	B.
	Action
at next site visit

	1.6.
	An
agreement is made between Technical Service and the Buyer that in case A (article 1.5) Service Engineer is sent to site at a mutually convenient time, in case B (article 1.5) the
Claim will be investigated at the next site visit within two months. 

The
service engineer attends site and investigates the possibility to use the packaging material in the filling machine. If is possible after only minor adjustments, a report is to be completed by the
engineer detailing this and any other changes made to the filling machine. 

	—
	copy
to be returned to Technical Service. 

If
the service engineer investigated that the packaging material cannot be used in the filling machine, then Technical service should complete Claim Report and samples of the packaging material
obtained (at least 2 meters or 20 blanks). 

Within
four weeks an agreement with the Buyer should have been finalized. 

	 	 	THE SELLER
	

 	
 	

By:	

/s/  N. TIMOSHENKO      
 N. Timoshenko

	 	 	THE BUYER
	

 	
 	

By:	

/s/  V. MEDVEDEV      
 V. Medvedev

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Exhibit 4.4

JSC "Tetra Pak AO",

ZAO "Wimm-Bill-Dann Purchaser",

PART 1

PART 2. General conditions of sales

Annex 1 to the Contract P31009 January 1, 2003

SPECIFICATION

Annex No. 2 to contract No. P31009

Annex No. 3 to contract No. P31009QuickLinks
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Exhibit 4.5    
    

	 	 	
 Ministry of Natural Resources

Novgorod Oblast Department of Natural

Resources and Environmental Protection

Territorial Fund for Geological Information

REGISTERED
 December 10, 2002

	 	 	In the register as No	 	154

	 	 	Head of the TFGI	 	[signature]

	 	 	

SUBSOIL USE LICENSE  

	N V G

series	 	0 1 9 4 8

number	 	V E

license type

	

Issued to	
 	

Rodniki Valdaya Limited Liability Company
 (business entity receiving the license)
	

	

represented by	
 	

executive director
 (full name of person representing the business entity)
	

Igor Anatolievich Shutov

	

purpose and types of work	
 	

extraction of underground drinking water

	from exploitation wells No. 2537 and No. 2542

	in the Khorinka plot

	

Location of the subsoil plot	
 	

1 km north of Okulovka
 (name of population center,
	

Okulovka District, Novgorod Oblast
 district, oblast, krai, republic)

	

A description of the boundaries of the subsoil plot, corner coordinates, copies of topographic plans,
	sectional views, etc. are given in annexes	 	No. 4 and No. 5
 (annex numbers)
	

The right to use land plots has been received from	
 	

          

	

Administration of the Okulovka District: Decree No. 646 of October 1, 2002
 (name of issuing body, decree number, date)

Agreement on Lease of Land Plot
No. 183, dated November 2, 2002

        Copies
of documents and a description of the boundaries of the land plot are given in 

	annex	 	No. 4
 (annex number, number of pages)

	

Status of the subsoil plot	
 	

mining claim (within SPZ-1 region)
 (geological or mining claim)
	

	

License term expires:	
 	

14 August 2027
 (day, month, year)

[illegible stamp; dated 10 December 2002] 

Ministry of Natural Resources of the Russian Federation

Novgorod Oblast Department of Natural Resources and Environmental Protection  

Novgorod Oblast Administration

Economic Committee  

JOINT DECISION

to grant a subsoil use license  

	December 4, 2002, No. 56	 	Veliky Novgorod

        Having
examined the application of Rodniki Valdaya Limited Liability Company, on the basis of article 10.41 of the Federal Law "On the Subsoil" and Certificate of
Mineral Strike No. 3/2002, the Novgorod Oblast Department of Natural Resources and Environmental Protection of the Russian Ministry of Natural
Resources (MNR) and the Novgorod Oblast Economic Committee

        DECIDED:

        To grant to Rodniki Valdaya Limited Liability Company a license to use the subsoil for the
purpose of extracting underground drinking water for bottling and manufacture of food products and supplying water for technological needs in a volume of up to 500 m3/day from wells Nos.
2537 and 2542 in the Khorinka plot, Okulovka District, Novgorod Oblast, valid until August 14, 2027. 

	Acting Head,

Novgorod Oblast Department of Natural Resources and Environmental Protection, Russian MNR	 	Representative of the Novgorod Oblast Economic Committee
	

          
	
 	

N. V. Kazakov	
 	

          
	
 	

A. A. Shalumev

 
 

Annex 3    
    

License Agreement

on the terms of subsoil use for the extraction

of up to 500 m3/day of underground drinking water

from exploitation wells No. 2537 and No. 2542  

        1.    SUBSOIL USER:    

        1.1.  FULL
NAME: Rodniki Valdaya Limited Liability Company 

        1.2.  FOUNDATION
DOCUMENTS: Charter of Rodniki Valdaya Limited Liability Company, approved by Minutes No. 19-08 of August 19, 2002. Main state
registration number: 1025301587585; taxpayer identification number: 5311005427. 

        1.3.  ADDRESS:
d. 5, ul. Tsentralnaya, Okulovka, Novgorod Oblast, 174350; tel. (81657) 23977; fax (81657) 21577. 

        1.4.  DIRECTOR:
Executive Director Igor Anatolievich Shutov 

        2.    BODIES GRANTING THE LICENSE AND ADMINISTERING AND MONITORING SUBSOIL
USE    

        2.1.  Novgorod
Oblast Department of Natural Resources and Environmental Protection: d. 22/25, pr. Mira, Veliky Novgorod, 173025; tel. 615519, 55137. 

        2.2.  Novgorod
Oblast Administration, Economic Committee: 1, Sofiiskaya ploshchad, Veliky Novgorod, 173005; tel. 132-118, 132-541. 

        3.    PURPOSES AND BASIS FOR GRANT OF SUBSOIL USE    

        3.1.  USE
OF THE SUBSOIL PLOT IS GRANTED FOR THE PURPOSE OF: extraction of underground drinking water for bottling and manufacture of food products and supplying Rodniki
Valdaya LLC with water for technological needs. 

        3.2.  BASIS:

	•
	article 10.41
of the RF Law "On the Subsoil";

	•
	Certificate
of Mineral Strike No. 3/2002;

	•
	Joint
Decision of the Novgorod Oblast Administration of Natural Resources and Environmental Protection of the Russian MNR and the Novgorod Oblast Economic Committee,
No. 56 of December 4, 2002. 

        3.3.  THE
LAND PLOT IS PROVIDED BY: 

	•
	the
Okulovka District Administration, by Decree No. 646 of October 1, 2002, "On the Transfer of a Land Plot"; Agreement on Lease of Land Plot, No. 183
of October 2, 2002; 

        3.4.  APPROVAL
OF TERMS OF SUBSOIL USE: 

	•
	with
the State Sanitary and Epidemiological Inspectorate (Gossanepidnadzor) Center in the Okulovka District, received November 28, 2002;

	•
	with
the water service of the Novgorod Oblast Department of Natural Resources and Environmental Protection of the Russian MNR, received November 29, 2002;

	•
	a
positive State Environmental Assessment of the project (feasibility study) for the construction of a mineral water bottling plant in the Okulovka District, Novgorod
Oblast, dated January 30, 2002. 

        3.5.  FEASIBILITY
OF USE FOR THE STATED PURPOSES IS BASED ON: 

	•
	Report
on Estimation of Underground Water Reserves in the Khorinka Plot, 1 km North of Okulovka, Okulovka District, Novgorod Oblast, as at August 14, 2002
(Novgrodinzhproekt Institute OAO);

	•
	minutes
of the State Commission on Mineral Reserves of the RF MNR, No. 778 of November 22, 2002;

	•
	opinion
of the Russian Research Center for Restorative Medicine and Balneology (RNCVMIK) on the composition and quality of drinking water from wells No. 2537 and
No. 2542 in Okulovka, Novgorod Oblast, No. 14/548 of September 27, 2002; 

	•
	water
sample records of the Gossanepidnadzor Center in the Novgorod Oblast, Nos. 515/516, 517/518, and 570/571 dated August 23, 2002; No. 497/498 dated
August 2, 2002; No. 506/507 dated August 15, 2002; and No. 354 dated August 12, 2002;

	•
	water
sample records of the Gossanepidnadzor Center in the Okulovka District, No. 7 dated February 1, 2002; No. 22 dated August 27, 2001; Nos.
173 and 174 dated August 8, 2002; and Nos. 175 and 176 dated August 14, 2002. 

        4.    DESCRIPTION OF SUBSOIL PLOT    

        4.1.  NAME:
Khorinka plot (wells No. 2537 and No. 2542). 

        4.2.  LOCATION:
1 km north of Okulovka, Okulovka District, Novgorod Oblast, in the territory of the water bottling plant; 

        4.3.  SPATIAL
BOUNDARIES: preliminarily designated as strict sanitary protection zones (SPZ-1 region) of 60 × 60 for each well on the
land map, leased, 1:2000 scale. 

	Maximum depths:	 	well No. 2537:	 	133.0 m;
	 	 	well No. 2542:	 	132.55 m;
	Coordinates:	 	well No. 2537:	 	33° 18' 05" E, 58° 26' 05" N
	 	 	well No. 2542:	 	33° 18' 00" E, 58° 26' 00" N.

        4.4.  STATUS
OF PLOT: mining claim (in preliminary boundaries). 

        4.5.  EXTENT
OF STUDY AND STRUCTURE OF PLOT: 

        The
extent of study of the territory is based on the materials of a 1:200,000 scale geological and hydrological survey (1958-1959) and a 1:50,000 scale comprehensive
hydrogeological survey (1961-1965), and on materials from an estimation of underground water reserves in the Khorinka plot, in accordance with subsoil use licenses NVG 01635 VP and NVG
01894 VP, conducted in 1999-2002 by Novgorodinzhproekt Institute OJSC on the instructions of Seven Streams Corporation CJSC and Tsaritsino Dairy Plant OJSC. 

        As
a result of the work, 4 wells were drilled. In 1999 well No. 2537(p) was drilled to a depth of 186.5 m as an exploration well; this opened the Plavsk and Yeletsk strata of the
Snezhsky-Plavsk aquifer system at depth ranges of 70.3-72.8 m and 121.0-128.8 m, respectively, and the upper part of the Snezhsky-Stipinaisky aquifer in Frasnian (Upper
Devonian) sediments at a depth range of 176.0-186.5 m. In 2000-2001 well No. 2541 was drilled 240 m west of the exploration well to a depth of 76.8 m, opening the Plavsk
strata at a depth range of 66.0-75.0 m, from which water was unfit for drinking purposes due to its iron (3.9 mg/dm3) and ammonia content (12.7 mg/dm3); well
No. 2542 was drilled nearby to a depth of 132.55 m. In well No. 2542 tests were conducted in the Yeletsk strata at a depth range of 116-119.5 m and 125.5-131.5 m;
when pumped the well yielded 64 m3/day with a 104.4 m water-level decline. In 2002 a new well, No. 2537, was drilled alongside exploration well No. 2537(p) to a depth of
133 m, opening the Yeletsk strata at a depth range of 121.0-132.6 mm [sic]. Under experimental exploitation pumping,
the well yielded 466 m3/day with a 48 m water-level decline. Two wells, No. 2537 and No. 2542, were selected as exploitation wells. 

        Semi-permeable
rocks of the Yeletsk strata are represented by sand and sandstone lying under a mass of clays with interstratified subordinate bands of sand and sandstone of
the Ledebyan strata, Dankov superstrata (Famennian stage of the Upper Devonian). Quaternary sediments have a capacity of 48 m and 46 m, respectively; by origin these are lacustrine-glacial loam and
clay sands and glacial boulder loam. 

        Exploitation
reserves were estimated on the basis of experimental filtration results. At well No. 2542 experimental pumping was carried out with two reductions over a total of
25 days. At well No. 2537 experimental pumping was carried out for 12 days and experimental exploitation pumping for 20 days. 

        4.6.  AQUIFERS
TO BE EXPLOITED: the Yeletsk strata of the Snezhsk-Plavsk aquifer system (Upper Devonian) is opened at a depth range of: 121.0-130.0 m by well
No. 2537; and 116.5-119.5 and 125.5-131.5 m by well No. 2542. Its index number in the State Water Cadastre (GVK) system is 258. 

        4.7.  UNDERGROUND
WATER RESERVES: Balance exploitation reserves of underground natural mineral table water for the Yeletsk aquifer were approved by the State Commission on
Mineral Reserves of the RF MNR (minutes No. 778 of November 22, 2002) under category C1 for 5-year experimental industrial exploitation at a rate of 466 m3/day
for well No. 2537 and 34 m3/day for well No. 2537. 

        4.7.  QUALITY
OF UNDERGROUND WATER AND AREA OF USE: 

        In
accordance with RNCVMIK opinion No. 14/548 of September 27, 2002, underground water from wells No. 2542 and 2537 by chemical composition and overall level of
mineralization (from 0.9 to 1.15 g/dm3) is considered weakly mineralized fresh water (solid residue of 600.0-700.0 mg/dm3) of hydrocarbonate sodium composition,
alkalescent (pH 7.2-7.5), with overall hardness less than 1.0 mol/dm3. Concentrations of toxic and regulated trace elements, including heavy metals and nitrogen group
compounds, as well as strontium, selenium, and radionuclides, are below the established maximums for mineral drinking water. Organoleptic and microbiological indicators meet standards. 

        A
distinctive feature of underground water is higher fluorine content (up to 2.7 mg/dm3), which should be noted on product labels. 

        In
accordance with technical specification TU 10.04.06.0132-88, "Water, mineral natural table," and RF Health Ministry methodological guideline MU 2000/34, "Classification of
mineral waters and curative muds for purposes of their certification," underground water from wells No. 2542 and No. 2637 are categorized as "mineral drinking natural table water," which
may be used as a table beverage and as a basis for the preparation of nonalcoholic beverages. 

        5.    DESCRIPTION OF SUBSOIL RESOURCES TO BE USED AND TERMS OF EXTRACTION OF UNDERGROUND
WATER:    

        5.1.  VOLUMES
AND PURPOSES OF WATER EXTRACTION: 

	 
	 	 
	 	 
	 	Of which designated for:

	Water extraction (m3/day)
 
	 	Total
	 	domestic

drinking

water
	 	auxiliary
	 	bottling

	1.	 	Existing water extraction, of which transferred to other consumers	 	—

—	 	—

—	 	—

—	 	—

—
	2.	 	Stated water requirement, of which transferred to other consumers	 	500.0

—	 	43.13

—	 	18.0

—	 	438.87

—
	3.	 	Licensed water extraction, of which transferred to other consumers	 	500.0

—	 	43.0

—	 	18.0

—	 	439.0

—
	4.	 	By aquifer: Snezhsky-Plavsk aquifer system (D3 snz-pl) GVK-258	 	500.0	 	 	 	 	 	 

        5.2.  SUBSOIL
RESOURCES AND AREA OF USE OF UNDERGROUND WATER IN ACCORDANCE WITH LICENSED WATER EXTRACTION AND AGREED CALCULATION OF WATER CONSUMPTION: 

	•
	subsoil
user's production needs: 500 m3/day (182.5 thousand m3/year), including:

	•
	for
bottling and manufacture of food products: 439.0 m3/day (157.99 thousand m3/year);

	•
	for
auxiliary technological needs: 18.0 m3/day (20.02 thousand m3/year);

	•
	domestic
drinking water supply to factory (incidental use): 43.0 m3/day (4.40 thousand m3/year); 

        5.3.  Water
extraction mode: uninterrupted, but not exceeding the volume established by the license: 500.0 m3/day (182.5 thousand m3/year). 

        5.4.  Water
discharge: after use, water will flow into the plant's biological treatment facilities, and then into the Khorinka river. 

        5.5.  PROVISION
FOR THE ESTABLISHED EXTRACTION MODE: use of up to 500.0 m3 of water per day will be provided by the 2 (two) existing wells. 

        5.6.  Monitoring
of underground water in the water-intake impact zone: established in accordance with the specification of requirements (annex No.      ). 

        6.    DATES AND OTHER MATERIAL TERMS    

        6.1.  LICENSE
EXPIRES: August 14, 2027. 

        6.2.  SUBSOIL
USE IS CONTEMPLATED IN TWO STAGES: 

        Stage
I: experimental industrial exploitation of wells No. 2542 and 2537: through December 31, 2001. 

        The
following work will be performed at Stage I: 

        6.2.1.    Development and approval of subsoil use project (flow chart, planned sanitary protection zones, and planned mining
claim) in accordance with established procedures, prior to the commencement of underground water extraction work.    

        6.2.2.    Thorough, regular monitoring of the underground water exploitation mode (flow rates, dynamic levels, quality),
including after more precise determination of fluorine content.    

        6.2.3.    Consideration of the possibility and expediency of obtaining the entire stated water requirement (500
m3/day) from well No. 2537 alone, after refinement of the water-intake scheme.    

        6.2.4.    On the basis of the results of experimental industrial development of the deposit, re-estimation of
exploitation reserves and submission of a report for state examination: by March 1, 2007.    

        7.    CHARGE FOR USE OF UNDERGROUND WATER FACILITIES    

        7.1.  The
charge for use of underground water facilities associated with water intake for supply to the population and domestic drinking, production, technological, and other
needs shall be assessed in accordance with the Federal Law "On Amendments to the Federal Law "On the Charge for the Use of Water Facilities'," No. 71-FZ of May 6, 1998, as
amended by No. 111-FZ of August 7, 2001, and the RF Government Decree "On the Approval of Minimum and Maximum Charges for the Use of Water Facilities in River Basins, Lakes,
Seas, and Economic Areas," No. 826 of November 28, 2001. 

        7.2.  The
subsoil user shall pay other taxes and levies established in accordance with RF legislation on taxes and levies. 

        8.    HYDROGEOLOGICAL REPORTING AND INFORMATION:    

        8.1.  TO
THE REGIONAL DIVISION OF THE STATE MONITORING SERVICE (Geoinformatics and Monitoring, North-West Center, State Geological Environmental Monitoring
Division, 24, ul. Odoevskogo, korp. 1, St. Petersburg, 199155) and the Novgorod Oblast Department of Natural Resources and Environmental Protection of the Russian MNR (d. 22/25, pr.
Mira, Veliky Novgorod) shall be submitted: 

        8.1.1. ANNUALLY,
by the 10th of January following the reporting year, a report on the use of underground water: state statistical reports on form 2-TP
(water use). 

        8.1.2. IMMEDIATELY
upon being established, information on nonconformity of underground water quality to the requirements of Sanitary Rules and Norms (SanPiN)
2.1.4.559-96 and concerning maximum allowable concentrations in excess of current standards. 

        8.2.  TO
THE TERRITORIAL FUND FOR GEOLOGICAL INFORMATION OF THE NOVGOROD OBLAST DEPARTMENT OF NATURAL RESOURCES shall be submitted, within one month after the end of work to
re-estimate underground water reserves: 

	•
	a
report on the re-estimation of underground water reserves;

	•
	the
registration certificate (pasport) for the underground water deposit;

	•
	informational
map;

	•
	record
card of extent of study;

	•
	record
of the state examination of reserves;

	•
	statement
of sources of funding and expenses for geological prospecting work. 

        8.3.    Within the established periods the subsoil user shall submit state statistical reports on forms
No. 01-gr, No. 2-gr, and No. 7-gr to the Novgorod Oblast Department of Natural Resources.    

        9.    TERMS OF WATER USE AND UNDERGROUND WATER PROTECTION    

        The
SUBSOIL USER: 

        9.1.  Shall
carry out the extraction of underground water within the water extraction limits imposed by the license; develop a Sanitary Protection Zone 1 (SPZ-1)
region and fulfill measures for a SPZ-1 region pursuant to SanPiN 2.1.4.1110-02; shall provide for sanitary protection in regions II and III within the limits of its land
grant, as well as monitor compliance beyond its limits, reporting any violations to sanitary and ecological oversight authorities. 

        9.2.  At
the frequency prescribed by sanitary oversight authorities, but in any event at least once a year, shall take water samples from all water-intake wells (by
captation) and provide for their analysis in 

accordance
with the requirements of SanPiN 2.1.4.559-96 or other newly introduced SanPiNs with respect to the list of indicators agreed with sanitary oversight authorities. 

        9.3.  Is
prohibited from using water for purposes other than those contemplated by this license and the opinion of the Republican Center of the Gossanepidnadzor, and from
polluting underground water. 

        9.4.  Shall
keep systematic water extraction records, monitor the underground water level, and ensure the safekeeping of documentation throughout the entire license term. 

        9.5.  Carry
out its activity in accordance with the Subsoil Law, the Water Code, and other normative acts of the Russian Federation; obtain necessary authorizations and
approvals; and fulfill the instructions of bodies of the Gossanepidnadzor, the Ministry of Natural Resources and its regional body for the Novgorod Oblast, and the regional division responsible for
state monitoring of underground water. 

        10.    OTHER TERMS OF SUBSOIL USE:    

        10.1. Extension,
reregistration, amendment, and cancellation of this license shall be done in accordance with the RF Law "On the Subsoil" pursuant to applications from
subsoil users or submissions from relevant authorities. 

        10.2. Upon
the expiration of the license term, fulfillment of the license agreement, or other causes of termination of the right to use the subsoil, the subsoil user shall
submit an application for cancellation of such right, and return the license—along with all annexes and geological documentation at the date of termination of work, as well as other
materials confirming compliance with the terms of subsoil use—to the bodies that issued the license. 

        10.3. Liability
for violation of the established procedure and terms of subsoil use is set out in articles 49 and 51 of the RF Law "On the Subsoil." 

        10.4. Disputes
concerning subsoil use shall be resolved by state authorities, a court of law, or an arbitration court in accordance with their authority and the manner
established by legislation pursuant to article 50 of the RF Law "On the Subsoil." 

	Acting Head,

Novgorod Oblast Department of Natural

Resources and Environmental Protection,

Russian Ministry of Natural Resources	 	Authorized representative of the

Oblast Administration,

Chairman of the Economic Committee
	 	 	N. V. Kazakov	 	 	 	A. A. Shalumev
	 	 	2002	 	 	 	2002

Director of enterprise

receiving license  

 Executive Director,

Rodniki Valdaya LLC

[signature] I. A. Shutov

December 2, 2002

QuickLinks

Exhibit 4.5

Annex 3

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