Document:

Form of 4% Senior Note, due 2015

 Exhibit 4.1 
  
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR
A NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN
A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
  
 THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN
OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA CORPORATION, AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
  

					
	 REGISTERED
	 	 	  	€750,000,000
			
	 NUMBER R-1
	 	 	  	ISIN: XS0215823369
	 	 	 	  	Common Code: 021582336

  
 BANK OF AMERICA
CORPORATION 
 4% SENIOR NOTE, DUE 2015 
  
 BANK OF AMERICA CORPORATION, a Delaware corporation (herein called the “Corporation,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited or its registered assigns, the principal sum of SEVEN HUNDRED FIFTY MILLION EURO (€750,000,000) on
March 23, 2015 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date). The Corporation will pay interest on such principal sum at the rate of 4% per annum, until payment of such principal sum has been
made or duly provided for, annually in arrears on March 23 of each year (the “Interest Payment Date”). Interest shall be payable commencing on the first Interest Payment Date succeeding the original issue date of this Note, and shall be
payable on each Interest Payment Date and at Maturity. The original issue date of this Note is March 23, 2005, and a Regular Record Date shall be the close of business on March 15 preceding the Interest Payment Date. 
  
 Interest on this Note will accrue from the original issue date of this Note
until the principal amount is paid or duly provided for. Interest (including payments for partial periods) will be computed on the basis of the actual number of days in the interest period and the actual number of days in the calendar year. Interest
payments will equal the amount of interest accrued from, and including, the preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from, and including, the original issue date of this Note, if no interest
has been paid or duly provided for) to, but excluding, the Interest Payment Date or the Maturity Date, as the case may be. If the Maturity Date or an Interest Payment Date falls on a day which is not a Business Day, as defined below, principal of or
interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the succeeding Business Day with the same force and effect as if made on such Maturity Date or Interest Payment Date, as the case may be, and no additional
interest shall accrue as a result of such postponement. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in whose name this Note (or one or
more 

 
predecessor Notes evidencing all or a portion of the same debt as this Note) is registered at the close of business on the record date for such Interest
Payment Date. 
  
 The principal of and interest on this Note are
payable in immediately available funds in such coin or currency of the European Union as at the time of payment is legal tender for payment of public and private debts, at the office or agency of the Corporation in London or such other places that
the Corporation shall designate as provided in the Indenture. However, interest may be paid, at the option of the Corporation, by check mailed to the person entitled thereto at his address last appearing on the registry books of the Corporation
relating to the Notes. Notwithstanding the preceding sentence, payments of principal of and interest payable on the Maturity Date will be made by wire transfer of immediately available funds to a designated account maintained in London upon (i)
receipt of written notice by the Issuing and Paying Agent (as described on the reverse hereof) from the registered holder hereof not less than one Business Day prior to the due date of such principal and (ii) presentation of this Note to the Issuing
and Paying Agent, at The Bank of New York, 48th Floor, One Canada Square, London, E14 5AL. Any interest not
punctually paid or duly provided for shall be payable as provided in such Indenture. “Business Day” means any weekday that (i) is not a legal holiday in New York, New York, Charlotte, North Carolina, or Luxembourg, (ii) is not a day on
which banking institutions in those cities are authorized or required by law or regulation to be closed and (iii) is a day on which the Trans European Automated Real-Time Gross Settlement Express Transfer (“TARGET”) System or any successor
system is open for business. 
  
 If euro are not available to the
Corporation due to circumstances beyond the control of the Corporation (such as the imposition of exchange controls or a disruption in the currency markets), the Corporation is entitled to satisfy its obligations to make the payments in euro by
instead making the payments in U.S. dollars on the basis of the exchange rate determined by the exchange rate agent in its sole discretion. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at
this place. 
  
 Unless the certificate of authentication hereon
has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under such Indenture or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Corporation has caused this Note to be duly executed, by manual or facsimile
signature, under its corporate seal or a facsimile thereof. 
  

							
	 	 	 	 	BANK OF AMERICA CORPORATION
				
	 	 	 	 	By:	 	  

	 [SEAL]
	 	Title:	 	Senior Vice President
			
	ATTEST:	 	 	 	 
				
	 By:
	 	  

	 	 	 	 
	 	 	Assistant Secretary	 	 	 	 

  

 3 

 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  
 Dated: March 23, 2005 
  

			
	 THE BANK OF NEW YORK,
 as
Trustee

		
	 By:
	 	  

	 	 	Authorized Signatory

  

 4 

 [Reverse of Note] 
  
 BANK OF AMERICA CORPORATION 
 4% SENIOR NOTE, DUE 2015 
  
 SECTION 1. General. This Note is one of a duly authorized series of Securities of the Corporation unlimited in aggregate principal amount (herein called the “Notes”) issued and to be issued under an Indenture dated January
1, 1995 (herein called the “Indenture”), between the Corporation (successor in interest to NationsBank Corporation) and The Bank of New York, as Trustee (successor in interest to U.S. Bank Trust National Association, successor trustee to
BankAmerica National Trust Company, herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by a First Supplemental Indenture dated September 18, 1998, a Second Supplemental Indenture
dated May 7, 2001 and a Third Supplemental Indenture dated July 28, 2004, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Corporation, the Trustee, and
the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The series of which this Note is a part also is designated as the Corporation’s 4% Senior Notes, due 2015 (herein called the
“Notes”), initially in the principal amount of €750,000,000. The amount of Notes of this series may be increased by the Corporation in the future. The Trustee initially shall act as Security Registrar, Authenticating Agent, Transfer
Agent, and Issuing and Paying Agent in connection with the Notes. 
  
 SECTION 2. No Sinking Fund. This Note is not subject to any sinking fund. 
  
 SECTION 3. Redemption and Repayment. Except in those situations in which the Corporation may become obligated to pay additional amounts (as described herein), the Notes of this series are not subject to
redemption at the option of the Corporation or repayment at the option of the holder prior to maturity. 
  
 SECTION 4. Defeasance. The provisions of Article Fourteen of the Indenture apply to the Securities of this Series. 
  
 SECTION 5. Payment of Additional Amounts. Subject to the exemptions
and limitations set forth below, the Corporation will pay additional amounts to the beneficial owner of this Note that is a “Non-United States person,” as defined below, in order to ensure that every net payment on such Note will not be
less, due to payment of United States withholding tax, than the amount then due and payable. For this purpose, a “net payment” on the Note means a payment by the Corporation or any paying agent, including payment of principal and interest,
after deduction for any present or future tax, assessment, or other governmental charge of the United States. These additional amounts will constitute additional interest on the Note. 
  
 The Corporation will not be required to pay additional amounts, however, in any of the circumstances described in items (1)
through (13) below. 
  

 5 

 (1) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Note: 
  

	 	(a)	having a relationship with the United States as a citizen, resident, or otherwise; 

  

	 	(b)	having had that relationship in the past; or 

  

	 	(c)	being considered as having had such a relationship. 

  
 (2) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax, assessment, or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner of the Note: 
  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

  

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past; 

  

	 	(c)	having or having had a permanent establishment in the United States; or 

  

	 	(d)	having or having had a qualified business unit which has the U.S. dollar as its functional currency. 

  
 (3) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Note being or having been a: 
  

	 	(a)	personal holding company; 

  

	 	(b)	foreign personal holding company; 

  

	 	(c)	foreign private foundation or other foreign tax-exempt organization; 

  

	 	(d)	passive foreign investment company; 

  

	 	(e)	controlled foreign corporation; or 

  

	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax. 

  
 (4) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Note owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of the Corporation’s stock
entitled to vote. 
  
 (5) Additional amounts will not be payable
if a payment on the Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by 
  

 6 

 reason of the beneficial owner of the Note being a bank extending credit under a loan agreement entered into in the
ordinary course of business. 
  
 For purposes of items (1) through
(5) above, “beneficial owner” includes a fiduciary, settlor, partner, member, shareholder, or beneficiary of the holder if the holder is an estate, trust, partnership, limited liability company, corporation, or other entity, or a person
holding a power over an estate or trust administered by a fiduciary holder. 
  
 (6) Additional amounts will not be payable to any beneficial owner of the Note that is: 
  

	 	(a)	a fiduciary; 

  

	 	(b)	a partnership; 

  

	 	(c)	a limited liability company; 

  

	 	(d)	another fiscally transparent entity; or 

  

	 	(e)	not the sole beneficial owner of the Note, or any portion of the Note. 

  
 However, this exception to the obligation to pay additional amounts only will apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a
beneficial owner, partner or member of the partnership, limited liability company, or other fiscally transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, partner, beneficial owner, or
member received directly its beneficial or distributive share of the payment. 
  
 (7) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld by reason of the failure of the beneficial
owner of the Note or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to pay additional amounts will apply only if compliance with
these reporting requirements is required as a precondition to exemption from the tax, assessment or other governmental charge by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party.

  
 (8) Additional amounts will not be payable if a payment on the
Note is reduced as a result of any tax, assessment, or other governmental charge that is collected or imposed by any method other than by withholding from a payment on the Note by the Corporation or any paying agent. 
  
 (9) Additional amounts will not be payable if a payment on the Note is
reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment
becomes due or is duly provided for, whichever occurs later. 
  

 7 

 (10) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner of the Note for payment more than 30 days after the date on which the payment becomes due or is duly provided for, whichever
occurs later. 
  
 (11) Additional amounts will not be payable if a
payment on the Note is reduced as result of any: 
  

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax; or 

  

	 	(i)	any similar tax, assessment, or other governmental charge. 

  
 (12) Additional amounts will not be payable if a payment on the Note is reduced as a result of any tax, assessment, or other governmental charge required
to be withheld by any paying agent from a payment of principal or interest on the Note if the payment can be made without withholding by any other paying agent. 
  

(13) Additional amounts will not be payable if a payment on the Note is reduced as a result of any combination of items (1) through (12) above.

  
 A “United States person” means: 
  
 (a) any individual who is a citizen or resident of the United States;

  
 (b) any corporation, partnership, or other entity created or
organized in or under the laws of the United States; 
  
 (c) any
estate if the income of that estate falls within the federal income tax jurisdiction of the United States regardless of the source of the income; and 
  
 (d) any trust if a U.S. court is able to exercise primary supervision over its administration and one or more United States persons have the authority to
control all of the substantial decisions of the trust. 
  

 8 

 A “Non-United States person” means a person who is not a United States person, and “United
States” means the United States of America, including the each state of the United States and the District of Columbia, its territories, its possessions, and other areas within its jurisdiction. 
  
 SECTION 6. Redemption for Tax Reasons. The Notes of this series may be
redeemed at the option of the Corporation in whole, but not in part, at any time, after giving not less than 30 nor more than 60 calendar days’ notice to the Trustee and the holders of the Notes, if the Corporation has or will become obliged to
pay additional amounts as a result of any change in, or amendment to, the laws or regulations of the United States or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official
interpretation of those laws or regulations after March 17, 2005. 
  
 Prior to the publication of any notice of redemption, the Corporation shall deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Corporation stating that the Corporation is entitled to
effect such redemption and setting forth a statement of facts showing the conditions precedent to the right to redeem. 
  
 Notes so redeemed will be redeemed at 100% of their principal amount together with interest accrued up to, but excluding, the date of redemption.

  
 SECTION 7. Events of Default. If an Event of Default
(defined in the Indenture as (a) the Corporation’s default in the payment of the principal of (or premium, if any, on) the Notes; (b) the Corporation’s default in the payment of interest on the Notes within 30 calendar days after the same
becomes due; (c) the Corporation’s breach of its other covenants contained in this Note or in the Indenture, which breach is not cured within 90 calendar days after written notice by the Trustee or the holders of at least 25% in outstanding
principal amount of all Securities issued under the Indenture and affected thereby; and (d) certain events involving the bankruptcy, insolvency or liquidation of the Corporation) shall occur with respect to the Notes, the principal of all the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 SECTION 8. Modifications and Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment of the Indenture and the modification of the rights and obligations of the Corporation and
the rights of the holders of the Notes under the Indenture at any time by the Corporation with the consent of the holders of not less than 66 2/3% in aggregate principal amount of the Notes then outstanding and all other Securities then outstanding
under the Indenture and affected by such amendment and modification. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Notes then outstanding and all other Securities then outstanding
under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. 
  

 9 

 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any
claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, or director, as such, past, present, or future, of the Corporation
or any predecessor or successor corporation, whether by virtue of any constitution, statute, or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for issue hereof, expressly waived and released. 
  
 SECTION 9. Obligations Unconditional. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed. 
  
 SECTION 10. Authorized Denominations. The Notes are issuable only as registered Notes without coupons in denominations of €50,000 and any
integral multiple of €50,000 in excess thereof. 
  
 SECTION
11. Registration of Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Security Register of the Corporation relating to the Notes, upon surrender of
this Note for registration of transfer at the office or agency of the Corporation designated by it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the
Trustee or the Security Registrar duly executed by, the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees. 
  
 No service charge
will be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in
connection therewith. 
  
 Prior to due presentment for
registration of transfer of this Note, the Corporation, the Trustee, the Issuing and Paying Agent, and any agent of the Corporation may treat the person in whose name this Note is registered as the owner hereof for all purposes. 
  
 If the Notes are to be issued and outstanding pursuant to a book-entry
system, the following paragraph is applicable: The Notes are being issued by means of a book-entry system with no physical distribution of certificates to be made except as provided in the Indenture. The book-entry system maintained by Euroclear
Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and/or Clearstream Banking, société anonyme, Luxembourg (“Clearstream, Luxembourg”) will evidence ownership of the Notes, with transfers of
ownership effected on the records of Euroclear and Clearstream, Luxembourg and their participants pursuant to rules and procedures established by Euroclear and Clearstream, Luxembourg and their participants. The Corporation will recognize Euroclear
and Clearstream, Luxembourg as the depositories of the Notes, as the owner of the Notes for all purposes, including payment of principal (premium, if any) and interest, notices, and voting. 
  

 10 

 Transfers of the Notes will be effected through the facilities of Euroclear and Clearstream, Luxembourg,
in accordance with the rules and procedures established by those depositories. The Corporation has no responsibility for any aspect of the records kept by Euroclear and Clearstream, Luxembourg or any of their direct or indirect participants. The
Corporation does not supervise these systems in any way. 
  
 SECTION 12. Authentication Date. The Notes of this series shall be dated the date of their authentication. 
  
 SECTION 13. Defined Terms. All terms used in this Note which are not defined herein, but are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
  
 SECTION 14. Governing
Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

 11 

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of the within Note shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

			
	TEN COM—	 	as tenants in common
	TEN ENT—	 	as tenants by the entireties
	JT TEN—	 	as joint tenants with right of survivorship and not as tenants in common
	UNIF GIFT MIN
ACT—                                      
           as Custodian
for                                       
          
	                (Cust)
                                        
            (Minor)
	                                 Under Uniform Gifts to Minors
Act
	                                     
                                        
               
	                               (State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
                                       
                                        
   
  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto 
  
 [PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 
 INCLUDING ZIP CODE, OF ASSIGNEE] 
  
                                       
                                        
                                        
                                        
                                        
               
  
                                       
                                        
                                        
                                        
                                        
               
  
                                       
                                        
                                        
                                        
                                        
               
  

	
	 Please Insert Social Security or
             Other Identifying Number of Assignee:
                                        
                

  
 the within Note and all rights
thereunder, hereby irrevocably constituting and appointing
                                        
                 Attorney to transfer said Note on the books of the Corporation, with full power of substitution in the premises. 
  

	
	Dated:                                     
                                        
                                        
                                        
                                        
   

  
 NOTICE: The signature to this
assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever and must be guaranteed. 
  

 12MASTER LEASE AGREEMENT DATED AS OF JULY 1, 1996

 Exhibit 10.12 
  
 AMENDMENT 
  
 to the Master Lease Agreement 
 between Open Joint Stock Company “Real Estate Investment Fund PIOGLOBAL” and PREA, L.L.C. 
  
 THIS AMENDMENT (this “Amendment”) to the Master Lease Agreement dated 1 July 1996 is executed on this 5th day of May 2004 between 
  
 PREA, L.L.C. (formerly known as Pioneer Real Estate Advisors, Inc.), a legal entity
incorporated under the laws of State of Delaware, USA, having its principal place of business at: One Faneuil Hall Marketplace, Boston, Massachusetts, 02109, U.S.A., represented by James Sheppard, its Managing Director, acting on the basis of power
of attorney (“PREA”) and 
  
 Open Joint Stock Company “Real
Estate Investment Fund PIOGLOBAL” (formerly known as OAO “Investment Fund PIOGLOBAL”, OAO “Pioneer First Investment Fund”, OAO “First Investment Voucher Fund”), a legal entity incorporated under the laws of
Russian Federation, having its legal address at: Russian Federation, 125445, Moscow, ul. Smolnaya, 24/D, represented by Closed Joint Stock Company “PIOGLOBAL Asset Management”, its Management Company acting pursuant to paragraph 3 of
Article 3 of the Federal Law “On Investment Funds” and Contract on Transfer of Authorities of Sole Executive Management Body of July 24, 2002 # B-322, in the person of Andrei M. Uspensky, General Director of the Management Company, acting
on the basis of the Charter of Closed Joint Stock Company “PIOGLOBAL Asset Management” (the “Fund”) 
  
 RECITALS: 
  

	(A)	The parties entered into the Master Lease Agreement dated 1 July 1996 as amended (the “Lease”) in respect of the whole building located at: Russian Federation, 125445,
Moscow, ul. Smolnaya 24/D (the “Building”), owned by the Fund; 

  

	(B)	The parties have agreed to amend and re-state the Lease to reflect the most recent Bureau of Technical Inventory measurements of the Building, to extend the term of the Lease, to
reflect the new name of the Fund and amend certain other terms of the Lease; 

  

	(C)	The parties hereby agree in accordance with Article 425.2 of the Civil Code of the Russian Federation that this Amendment shall be effective as of 1 January 2004;

  

 1 

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

	1	With effect from 1 January 2004, the Lease shall be amended and restated to read as follows: 

  
 “Master Lease Agreement 
  

This Master Lease Agreement (“Lease”) is executed on this day of 1 July 1996 (“Effective Date”) by and between: 
  
 PREA, L.L.C. (formerly known as Pioneer Real Estate Advisors, Inc.), a company
incorporated under the laws of State of Delaware, USA, having its principal place of business at: One Faneuil Hall Marketplace, Boston, Massachusetts, 02109, U.S.A., represented by James Sheppard, its Managing Director, acting on the basis of power
of attorney (“PREA”) and 
  
 Open Joint Stock Company “Real
Estate Investment Fund PIOGLOBAL” (formerly known as OAO “Investment Fund PIOGLOBAL”, OAO “Pioneer First Investment Fund”, OAO “First Investment Voucher Fund”), a legal entity incorporated under the laws of
Russian Federation, having its legal address at: Russian Federation, 125445, Moscow, ul. Smolnaya, 24/D, represented by Closed Joint Stock Company “PIOGLOBAL Asset Management”, its Management Company acting pursuant to paragraph 3 of
Article 3 of the Federal Law “On Investment Funds” and Contract on Transfer of Authorities of Sole Executive Management Body of July 24, 2002 # B-322, in the person of Andrei M. Uspensky, General Director of the Management Company, acting
on the basis of the Charter of Closed Joint Stock Company “PIOGLOBAL Asset Management” (the “Fund”) 
  
 NOW, THEREFORE, in consideration for the Building, rents and mutual covenants set forth in this Lease, the parties hereby agree as follows: 
  
 Article 1. Subject of the Agreement 
  

	1.1	Lease. The Fund hereby leases to PREA, and PREA hereby leases from the Fund, the entire non-residential office building with total area of 22,359.2 square meters,
located at Ulitsa Smolnaya 24/D, 125445 Moscow, Russian Federation with conventional number 24228 (“Building”). 

  
 Article 2. Term of Lease 
  

	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 at 23:59 on 5 September 2043 (“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 one further term of fifteen
years, provided however, that PREA shall notify the Fund in writing of its intent to renew this Lease, or the extension hereof, not later than twelve months prior to the end of the Term. 

  

 2 

 Article 3. Rent 
  

	3.1	Rent. In exchange for the Building, PREA shall pay the Fund annual rent (“Rent”) in the amount to be calculated as the difference between the Gross
Collection (as defined below) for calendar year and the Expenses (as defined below) for the same calendar year. The amount of Rent exclusive of value added or other similar taxes shall be determined for each calendar year, beginning from 1 January
2004, in accordance with the following procedure: 

  

	 	3.1.1	PREA shall, prior to the beginning of each calendar year following 2004, deliver to the Fund an annual budget in U.S. Dollars, including an estimate of the Rent
(“Estimated Rent”) for the upcoming calendar year (“Budget”). The Estimated Rent shall be calculated by PREA as the difference between the estimated Gross Collection and the estimated Expenses for the upcoming calendar year. The
Budget shall identify all anticipated expenses and all anticipated collections planned for the upcoming calendar year in respect of the Building and the Land (as defined below) as individual line items. For each year following 2004 the Parties shall
sign a protocol confirming the agreed Estimated Rent for the respective calendar year. If the Parties fail to sign such protocol on or before 15 January of each calendar year, the amount of Estimated Rent for such year shall be equal to the amount
of Estimated Rent for the previous year. 

  
 The
parties agree that the Estimated Rent for the calendar year 2004 is U.S. $4,800,000.00. 
  

	 	3.1.2 	For the purpose of this Article 3 “Gross Collection” means total amounts, as calculated in U.S. Dollars, that are received from Tenants (as defined below) in
relation to the subleasing of the Building and the use of the parking lot located on the Land, including communication charges, any other charges and commissions, all of which shall be exclusive of value added or other similar taxes that are due
with respect to these payments. 

  
 For the purpose
of this Article 3 “Expenses” means total amounts (exclusive of any value added and other similar taxes), as calculated in U.S. Dollars, of all expenses related to the operation of the Building, any costs and fees, if any, due or incurred
with respect to maintenance of the Building, including costs of utilities, plumbing, air conditioning, heating, upkeep and repair, including current and capital repair, of the Building, including the cost of equipment and tools, costs of servicing
such equipment, landscaping, ground maintenance and snow removal, costs of management of the Building, insurance costs, consulting fees, taxes, salaries of the Building staff, fees for rent review, lease renewals, re-lettings, costs of insurance
reinstatement valuations or other valuations (requested by the Fund or required in connection with any system of local or other taxation), costs of administration of insurance claims and any matter requiring consideration or action as a consequence
of any new or amended statute or requirement of any local, regional or federal level government organization, including the amount of rent payable by PREA to the Fund under the Land Sublease (as defined below), and other costs of PREA. 

 
 Costs of management of the Building (1) are calculated on the basis of
their planned (accounted) amount that is 5% from the total of the following sums payable by the Tenants: base rent (2), payments for car parking (3) and Tenants estimated operating expenses (4) on the basis of the formula below: 
  

			
	(1) =	  	 ( (2)+(3)+(4) ) x 0.05

	  	            1.05

  

 3 

 PREA is entitled at its own discretion to agree with the Tenants the procedure of recovering from the
Tenants in full or in part the above expenses incurred by PREA in connection with maintenance and management of the Building. 
  

	 	3.1.3 	PREA shall, within 60 days after the end of each calendar year, provide the Fund with a statement of the actual Rent, calculated in U.S. Dollars, for the relevant year
calculated as the difference between the actual Gross Collection and the actual Expenses in that year. 

  
 The actual Rent shall be compared to the Estimated Rent for each calendar year and if actual Rent for a given year is different from the amount paid by
PREA as Estimated Rent for that year, then the parties shall make a mutual reconciliation and make appropriate adjustment to the amount of Estimated Rent due for the current calendar year, by either increasing or decreasing the amount of the first
quarterly payment of the Estimated Rent for the current calendar year. 
  
 The Fund may inspect PREA’s accounting records that were used to determine the actual Rent. 
  
 Article 4. Payments 
  

	4.1	Payment of Rent 

  

	 	4.1.1 	Payment of Rent. PREA shall pay the Fund the Estimated Rent quarterly in arrears by equal installments not later than on the respective Payment Day. Payment Day for
the purposes of this Lease means each 15 March, 15 June, 15 September and 15 December in every year (or where not a business day the immediately following business day). 

  

	 	4.1.2 	Change of payment days. Each party shall have the right to request the change of the Payment Days, and the Rent payments shall then be made on the date(s) agreed by
the parties in writing. If no alternative payment date is agreed by the parties, the Rent payments shall continue to be made no later than on the Payments Days. 

  

	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 rouble funds as
appropriate, to the authorized bank accounts designated by the Fund in writing. Any payments in roubles hereunder shall be calculated at the official exchange rate of the Central Bank of the Russian Federation effective on the date of payment.

  

	4.4	 Taxes. The parties have determined that in accordance with Russian legislation payments made under this Lease are not subject to value added tax in
Russia. If at any time, however, applicable law should change such that value added tax is applicable to payments hereunder, or if a 

  

 4 

	 	 
competent Russian Federation authority should determine value added tax applies, then the parties shall negotiate bona fide on adjustment of the Rent to
reflect such changes. Each party shall pay its own income (profits) taxes. 

  

	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 Payment Day (or other date agreed by the parties in accordance with
section 4.1.2), PREA shall pay the Fund on demand 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 otherwise agreed by the parties in writing.

  
 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. 

  

	5.2	Rent Free Office Space. The Fund may, at its discretion and with 30 calendar days notice to PREA, occupy up to 100 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 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 

 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 Building. PREA may, at its 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 to use the parking lot located on the Land. 

  

	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. 

  

	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. 

  

	6.5	Maintenance and operation of the Building. The Fund hereby agrees that for so long as PREA continues to be a tenant of the Building, PREA shall have the right to carry
out at its sole discretion, the property management of the Building for the purposes of fulfilling its obligations to the Tenants under the terms of respective subleases, and shall be entitled at its sole discretion to take any actions, either
itself or by contracting to third parties, that PREA consider necessary and sufficient for the management, maintenance and operation of the Building. 

  

	6.6	Outgoings. PREA shall ensure that payments for all obligations that arise with respect to the Building and such as tax, utility and contractual obligations (except for
property taxes and Land rent which shall be paid directly by the Fund) are paid in a timely manner as they become due. 

  

	6.7	Hire and Supervise Contractors and Building Staff. PREA shall have the right to hire on its own behalf and supervise contractors and Building staff, including
accountants, administrators, architects, attorneys, caterers, drivers, electricians, exterminators, landscapers, maintenance, plumbing, security personnel and telecommunications providers, to ensure the smooth and efficient operation of the
Building, and use such contractors and staff as necessary to fulfil the obligations of PREA pursuant to the terms of the sublease agreements with Tenants. PREA shall pay all payroll taxes and other contributions to the Russian Federation social
funds on all salaries paid to the Building staff, as required by law. 

  

 6 

 Article 7. Fund’s Rights and Obligations 
  

	7.1	Provide Ownership Documents. The Fund shall provide to PREA copies of the ownership and related documents for the Building, including: (a) the current ownership
certificate for the Building; (b) the current technical passport and other certificates, explications, floor plans and other relevant documents for the Building from the Bureau of Technical Inventory (BTI); (c) utility agreements for water,
electricity, sewer and gas services (if any entered into by the Fund); and (d) the lease agreement for the Land and any amendments thereto. Additionally, the Fund shall make the original documents available to PREA and any existing or prospective
Tenants on request. 

  

	7.2	Assist PREA. The Funds shall assist PREA as reasonably necessary from time to time to facilitate relations with government authorities, including tax authorities, and
as necessary to ensure the smooth and efficient operation of the Building. 

  
 Article 8. Insurance, Casualty and Repair 
  

	8.1	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. 

  

	8.2	Repairs. PREA shall make all repairs (including capital 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 at its own cost. PREA shall inform the Fund of the capital repairs carried out in the Building and of any improvements and re-plannings of the Building that affect its capital structures.

  

	8.3	Casualty. 

  

	 	8.3.1 	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 advance 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. 

  

	 	8.3.2 	 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 judgement: (a) repairs of such damage cannot be made within 120 calendar days after the occurrence of 

  

 7 

	 	 
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 deliver all insurance proceeds that remain after sub-part (a) of section 8.3.1 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 9. Expiration and Termination 
  

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

 

	9.2	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 10 below) that has not been cured within the period provided in Article 10; or (2) if at any time the continuation of this Lease is prohibited by Russian law. 

  

	9.3	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.

  

	9.4	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.

  

	9.5	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 9.4). 

  
 Article 10. Default 
  
 The failure of either
party to fulfil 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). 
  

 8 

 Article 11. Representations and Warranties 
  

	11.1	Fund’s Representations and Warranties. The Fund hereby represents and warrants: 

  

	 	11.1.1 	The Building is zoned for use as non-residential office space, as currently contemplated pursuant to the terms of this Lease. 

  

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

  

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

  

	 	11.1.4 	The Fund has a valid land lease N M-09-000979 of 6 September 1994 with the City of Moscow (the “Land Lease”) for land plot with cadaster number 77-09-01010010 of
12,696 sq.m. under and surrounding the Building (the “Land”) and the Fund shall keep the Land Lease in effect for the term of this Lease or shall enter into a new land lease with the City of Moscow with respect to the whole of the Land, or
shall acquire the ownership rights to the whole of the Land if permitted by the applicable legislation in case the Land Lease is terminated for any reason. 

  

	 	11.1.5 	The Fund has a valid land sublease of 18 April 2000 with PREA (the “Land Sublease”) for the Land and the Fund shall keep the Land Sublease in effect for the term of
this Lease or shall enter into a new land sublease with PREA with respect to the whole of the Land in case the Land Sublease is terminated for any reason. In the event the Fund acquires ownership rights to the Land, the Fund shall enter into a lease
with PREA in respect of the whole of the Land as soon as reasonably practicable, but in any event not later than within 90 days of such ownership rights being acquired. 

  

	 	11.1.6 	The Fund shall provide to PREA all assistance, information and documents necessary for the registration of this Lease with appropriate government agencies of the Russian
Federation and/or the City of Moscow 

  

	11.2	PREA’s Representations and Warranties. PREA hereby represents and warrants: 

  

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

  

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

  

	 	11.2.3 	PREA shall endeavour to comply with all laws and regulations of the Russian Federation, the City of Moscow, and any other applicable jurisdiction with respect to the Building
and this Lease. 

  

	 	11.2.4 	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. 

 

	 	11.2.5 	PREA shall endeavour to register this Lease with appropriate government agencies of the Russian Federation and/or the City of Moscow as required by applicable Russian
legislation. 

  

 9 

	11.3	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 12. Dispute Resolution 
  

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

  

	12.2	Dispute Resolution. The parties shall attempt to resolve any dispute, disagreement or claim arising from or in connection with this Agreement, including any question
of its existence, performance, validity, breach or termination, by amicable negotiation. If the parties are unable to resolve the dispute, disagreement or claim within 20 business days after written request to start such negotiations from either
party to the other, then such dispute, disagreement or claim shall be referred to the settlement by the International Court of Commercial Arbitration under the Russian Federation Chamber for Commerce and Industry in accordance with its Rules.

  
 Article 13. Additional Provisions 
  

	13.1	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. 

  

	13.2	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. 

  

	13.3	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. 

  

	13.4	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. All amendments to the Lease shall be subject to the state registration if required by law. 

  

 10 

	13.5	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:
	  	 Managing Director
 Meridian Commercial
Tower
 ul. Smolnaya 24/D
 125445 Moscow,
Russia

		
	 Fax
	  	7 095 960 2920
		
	 To the Fund:
	  	 General Director
 of the Management Company

of OAO “PIOGLOBAL”
 Gazetny pereulok, 5
 103918 Moscow, Russian Federation

		
	 Fax
	  	7 095 960 2905

  
 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. 
  

	13.6	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. 

  

	13.7	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. 

  

	13.8	Limitation on Damages. Subject to section 13.7, 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. 

  

	13.9	 Indemnification. Except when caused by the wilful misconduct or gross negligence of PREA, the Fund shall reimburse to PREA all costs and expenses and
compensate all losses and damages that may arise as a result of 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 be obliged to reimburse to PREA any costs and expenses and compensate losses or damages that may arise as a result of any
claims, damages 

  

 11 

	 	 
or judgements related to any labour disputes arising from employment relationships established by PREA. 

  

	13.10 	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. 

  

	13.11 	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 no 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 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.

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

 12 

  
 APPENDIX A 

To the Master Lease Agreement between 
 Open Joint Stock Company “Real Estate Investment Fund PIOGLOBAL” 
 and 
 PREA, L.L.C. 
  
 Banking Requisites of the Parties 
  

			
	 The Fund:
	  	PREA:
		
	 Open Joint Stock Company “Real Estate
 Investment
Fund PIOGLOBAL”
 OGRN 1027739441971
 24/D Smolnaya
Street
 Moscow, 125445 Russian Federation
  
 Rouble account
 No. 40701 810 6 0070 0100081
  
 in ZAO KB “Citibank”, Moscow
  
 BIC 044525202
  
 correspondent account
 No. 30101 810 3 0000
0000202
  
 currency account
 No. 40701 840 4 0070 0100057
  
 INN 7704038268
	  	 PREA, L.L.C.
  
 One Faneuil Hall Marketplace
 Boston, Massachusetts, 02109 U.S.A.

 
 Representative office:
  
 24/D Smolnaya Street
 Moscow, 125445 Russian
Federation
  
 Rouble Account No. 40814810000831022801
 with KAB Bank Societe Generale Vostok
 BIC 044525957 and
corresponding
 account No. 30101810600000000957
 also through KAB
Bank Societe Generale Vostok
  
 USD currency account No. 10228 0081 309 (USD)
with KAB Bank Societe Generale Vostok, Moscow
  
 (SWIFT: SOGERUMM)
  
 via corresponding account No. 00171352 at
 Societe Generale, New York (SWIFT:SOGEUS33)
  
 Tax Identification No. 7700070140”

  

	2	This Amendment shall constitute an integral part of the Lease and the Lease shall continue in full force and effect as hereby amended. 

  
 IN WITNESS WHEREOF, the parties hereby execute this Amendment to the Lease in six originals,
three in Russian and three in English, one original copy in each language for each party and one for the registration authority. In the case of differences in interpretation between the English and the Russian text, the English text shall control.

  

 13 

									
	PREA, L.L.C.	 	 	 	Open Joint Stock Company “Real Estate Investment Fund PIOGLOBAL”
			
	/s/    JAMES
SHEPPARD        	 	 	 	/s/    ANDREI M.
USPENSKY        
	James Sheppard	 	 	 	Andrei M. Uspensky
	Managing Director	 	 	 	General Director of the Managing Company
	(corporate seal)	 	 	 	ZAO PIOGLOBAL Asset Management
				
	 	 	 	 	 	 	/s/    NIKOLAI I.
PREOBRAZHENSKY        
	 	 	 	 	 	 	Nikolai I. Preobrazhensky
	 	 	 	 	 	 	Chief Accountant
	 	 	 	 	 	 	(corporate seal)

  

 14

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