Document:

EX-10.1

	 	 	 	 	 
	 	 	 	 	EXECUTION COPY
	US$275,000,000
	 	 
	 
	 	 	 	 
	
 
	 	FACILITY AGREEMENT
	 	

	 
	 	 	 	 
	dated 25 January 2007
	 	 
	 
	 	 	 	 
	
 
	 	for
	 	

	 
	 	 	 	 
	GOLDEN TELECOM INC.
	 	 
	 
	 	 	 	 
	
 
	 	EDN SOVINTEL LLC

and

GTS FINANCE INC.
	 	

	 
	 	 	 	 
	as Original Borrowers and Original Guarantors

	 
	 	 	 	 
	
 
	 	arranged by
	 	

	 
	 	 	 	 
	CITIBANK N.A., London Branch
	 	 
	 
	 	 	 	 
	
 
	 	and

ING BANK N.V.

as Arranger

with
	 	

	 
	 	 	 	 
	CITIBANK INTERNATIONAL PLC
	 	 
	 
	 	 	 	 
	
 
	 	acting as Agent
	 	

	 
	 	 	 	 
	 	 	TERM FACILITY AGREEMENT

	 
	 	 	 	 
	 	 	 

	 	 	 
	CONTENTS

	 
	 	 
	Clause

	 	Page

	1.	 	Definitions And Interpretation

	2.	 	The Facility

	3.	 	Purpose

	4.	 	Conditions Of Utilisation

	5.	 	Utilisation

	6.	 	Repayment

	7.	 	Prepayment And Cancellation

	8.	 	Interest

	9.	 	Interest Periods

	10.	 	Changes To The Calculation Of Interest

	11.	 	Fees

	12.	 	Tax Gross Up And Indemnities

	13.	 	Increased Costs

	14.	 	Other Indemnities

	15.	 	Mitigation By The Lenders

	16.	 	Costs And Expenses

	17.	 	Guarantee And Indemnity

	18.	 	Representations

	19.	 	Information Undertakings

	20.	 	Financial Covenants

	21.	 	General Undertakings

	22.	 	Events Of Default

	23.	 	Changes To The Lenders

	24.	 	Changes To The Obligors

	25.	 	Role Of The Agent And The Arranger

	26.	 	Conduct Of Business By The Finance Parties

	27.	 	Sharing Among The Finance Parties

	28.	 	Payment Mechanics

	29.	 	Set-Off

	30.	 	Notices

	31.	 	Calculations And Certificates

	32.	 	Partial Invalidity

	33.	 	Remedies And Waivers

	34.	 	Amendments And Waivers

	35.	 	Counterparts

	36.	 	Governing Language

	37.	 	Usa Patriot Act

	38.	 	Governing Law

	39.	 	Enforcement

	40.	 	Arbitration

	41.	 	Waiver Of Jury Trial

	 	 	Schedule 1 The Original Parties

	 	 	 	Part I The Original Obligors

	 	 	 	Part Ii The Original Lenders

	 	 	Schedule 2 Conditions Precedent

	 	 	 	Part I Conditions Precedent To Initial Utilisation

	 	 	 	Part Ii Conditions Precedent Required To Be Delivered By An Additional Obligor

	 	 	Schedule 3 Utilisation Request

	 	 	Schedule 4 Mandatory Cost Formulae

	 	 	Schedule 5 Form Of Transfer Certificate

	 	 	Schedule 6 Form Of Accession Letter

	 	 	Schedule 7 Form Of Resignation Letter

	 	 	Schedule 8 Form Of Compliance Certificate

	 	 	Schedule 9 Existing Security

	 	 	Schedule 10 Lma Form Of Confidentiality Undertaking

	 	 	Schedule 11 Timetables

	 	 	Schedule 12 List Over Material Subsidiaries

	 	 	Signatures

1

THIS AGREEMENT is dated 25 January 2007 and made between:

	(1)	 	GOLDEN TELECOM INC. (the “Company”);

	(2)	 	THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 (The Original Parties)
as original borrowers (together with the Company the “Original Borrowers”);

	(3)	 	THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 (The Original Parties)
as original guarantors (together with the Company the “Original Guarantors”);

	(4)	 	CITIBANK, N.A. LONDON BRANCH and ING BANK N.V. as mandated lead arrangers (whether
acting individually or together the “Arranger”);

	(5)	 	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as
lenders (the “Original Lenders”); and

	(6)	 	CITIBANK INTERNATIONAL PLC as agent of the other Finance Parties (the “Agent”).

IT IS AGREED as follows:

SECTION 1

INTERPRETATION

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1	 	Definitions

In this Agreement:

"Accession Letter” means a document substantially in the form set out in Schedule 6 (Form of
Accession Letter).

"Account Bank” means ZAO Citibank.

"Additional Borrower” means a company which becomes an Additional Borrower in accordance
with Clause 24 (Changes to the Obligors).

"Additional Cost Rate” has the meaning given to it in Schedule 4 (Mandatory Cost formulae).

"Additional Guarantor” means a company which becomes an Additional Guarantor in accordance
with Clause 24 (Changes to the Obligors).

"Additional Obligor” means an Additional Borrower or an Additional Guarantor.

"Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding
Company of that person or any other Subsidiary of that Holding Company.

"Anti-Terrorism Law” means each of:

	 	(a)	 	Executive Order No. 13224 of September 23, 2001 — Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support
Terrorism (the Executive Order);

	 	(b)	 	the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56
(commonly known as the USA Patriot Act);

	 	(c)	 	the Money Laundering Control Act of 1986, Public Law 99-570;

	 	(d)	 	the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et
seq, the Trading with the Enemy Act, 50 U.S.C. App. §§ 1 et seq, any Executive
Order or regulation promulgated thereunder and administered by the Office of
Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury; and

	 	(e)	 	any similar law enacted in the United States of America subsequent to
the date of this Agreement.

"Authorisation” means an authorisation, consent, approval, resolution, licence, exemption,
filing or, if required, notarisation or registration.

"Availability Period” means the period from and including the date of this Agreement to and
including the day falling eighteen Months after the date of this Agreement.

"Available Commitment” means a Lender’s Commitment minus:

	 	(a)	 	the amount of its participation in any outstanding Loans; and

	 	(b)	 	in relation to any proposed Utilisation, the amount of its
participation in any Loans that are due to be made on or before the proposed
Utilisation Date.

"Available Facility” means the aggregate for the time being of each Lender’s Available
Commitment.

"Bankruptcy Law” means, in relation to any Russian Obligor, Federal Law No. 127-FZ of 26
October 2002 on Insolvency (Bankruptcy), as amended or replaced from time to time.

"Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a
Borrower in accordance with Clause 24 (Changes to the Obligors).

"Borrowings” shall have the meaning ascribed thereto in Clause 20.1 (Financial definitions).

"Break Costs” means the amount (if any) by which:

	 	(a)	 	the interest which a Lender should have received for the period from
the date of receipt of all or any part of its participation in a Loan or Unpaid
Sum to the last day of the current Interest Period in respect of that Loan or
Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the
last day of that Interest Period;

exceeds:

	 	(b)	 	the amount which that Lender would be able to obtain by placing an
amount equal to the principal amount or Unpaid Sum received by it on deposit
with a leading bank in the Relevant Interbank Market for a period starting on
the Business Day following receipt or recovery and ending on the last day of the
current Interest Period.

"Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
general business in London, Moscow and New York City.

"Code” means, at any date, the U.S. Internal Revenue Code of 1986 and the regulations
promulgated and the judicial and administrative decisions rendered under it, all as the same
may be in effect at such date.

"Commitment” means:

	 	(a)	 	in relation to an Original Lender, the amount set opposite its name
under the heading “Commitment” in Part II of Schedule 1 (The Original Parties)
and the amount of any other Commitment transferred to it under this Agreement;
and

	 	(b)	 	in relation to any other Lender, the amount of any Commitment
transferred to it under this Agreement,

to the extent not cancelled, reduced or transferred by it under this Agreement.

"Companies Law” means Federal Law of the Russian Federation no. 14-FZ of 8 February 1998 on
Limited Liability Companies.

"Compliance Certificate” means a certificate substantially in the form set out in Schedule 8
(Form of Compliance Certificate).

"Confidentiality Undertaking” means a confidentiality undertaking substantially in a
recommended form of the LMA as set out in Schedule 10 (LMA Form of Confidentiality
Undertaking) or in any other form agreed between the Company and the Agent.

"Currency Law” means Federal Law of the Russian Federation No. 173-FZ of 10 December 2003 On
Currency Regulation and Control, together with any regulations adopted or issued by the
Government of the Russian Federation or the Central Bank of the Russian Federation pursuant
thereto or implementing the provisions thereof (as amended or replaced from time to time).

"Default” means an Event of Default or any event or circumstance specified in Clause 22
(Events of Default) which would (with the expiry of a grace period, the giving of notice,
the making of any determination under the Finance Documents or any combination of any of the
foregoing) be an Event of Default.

"Designated Person” means

	 	(a)	 	Telenor ASA or any Affiliate thereof;

	 	(b)	 	Alfa Group or any Affiliate thereof;

	 	(c)	 	any person in which Telenor ASA and Alfa Group directly or indirectly
owns more than 50% of the share capital;

	 	(d)	 	any reputable international telecommunications operator which is rated
at least BBB+ by Standard & Poor’s Corporation or at least Baa1 by Moody’s
Investor Services Inc.; or

	 	(e)	 	any other persons approved by the Agent (acting on the instructions of
the Majority Lenders, acting reasonably).

"Environmental Claim” means any claim, proceeding or investigation by any person in respect
of any Environmental Law.

"Environmental Law” means any applicable law in any jurisdiction in which any member of the
Group conducts business which relates to the pollution or protection of the environment or
harm to or the protection of human health or the health of animals or plants.

"Environmental Permits” means any permit, licence, consent, approval and other authorisation
and the filing of any notification, report or assessment required under any Environmental
Law for the operation of the business of any member of the Group conducted on or from the
properties owned or used by the relevant member of the Group.

"ERISA” means, at any date, the United States Employee Retirement Income Security Act of
1974 and the regulations promulgated and rulings issued thereunder, all as the same may be
in effect at such date.

"Event of Default” means any event or circumstance specified as such in Clause 22 (Events of
Default).

"Facility” means the term loan facility made available under this Agreement as described in
Clause 2 (The Facility).

"Facility Office” means the office or offices notified by a Lender to the Agent in writing
on or before the date it becomes a Lender (or, following that date, by not less than five
Business Days’ written notice) as the office or offices through which it will perform its
obligations under this Agreement.

"Fee Letter” means any letter or letters dated on or about the date of this Agreement
between the Arranger and the Company (or the Agent and the Company) setting out any of the
fees referred to in Clause 11 (Fees).

"Finance Document” means this Agreement, the Mandate Letter, any Fee Letter, any Accession
Letter, any Resignation Letter and any other document designated as such by the Agent and
the Company.

"Finance Party” means the Agent, the Arranger, the Account Bank or a Lender.

"Financial Indebtedness” means any indebtedness for or in respect of:

	 	(a)	 	Borrowings; and

	 	(b)	 	any derivative transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price (and, when calculating
the value of any derivative transaction, only the marked to market value shall
be taken into account).

"Group” means the Company and its Material Subsidiaries for the time being.

"Guarantor” means an Original Guarantor or an Additional Guarantor, unless it has ceased to
be a Guarantor in accordance with Clause 24 (Changes to the Obligors).

"Holding Company” means, in relation to a company or corporation, any other company or
corporation in respect of which it is a Subsidiary.

"Information Memorandum” means the document concerning the Original Obligors which, at the
Company’s request and on its behalf, was prepared in relation to this transaction, approved
by the Company and distributed by the Arranger prior to the Syndication Date in connection
with syndication.

"Interest Period” means, in relation to a Loan, each period of three Months and, in relation
to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest).

"IRS” means the United States Internal Revenue Service or any successor thereto.

"Legal Reservations” means

	 	(a)	 	the principle that equitable remedies may be granted or refused at the
discretion of a court and the limitation of enforcement by laws relating to
bankruptcy, liquidation, insolvency, reorganisation, court schemes, moratoria,
administration and other laws generally affecting the rights of creditors;

	 	(b)	 	the time barring of claims under the Limitation Acts, the possibility
that an undertaking to assume liability for or indemnify a person against
non-payment of stamp duty may be void and defences of set-off or counterclaim;
and

	 	(c)	 	similar principles, rights and defences under the laws of any
applicable jurisdiction.

"Lender” means:

	 	(a)	 	any Original Lender; and

	 	(b)	 	any bank, financial institution, trust, fund or other entity which has
become a Party in accordance with Clause 23 (Changes to the Lenders),

which in each case has not ceased to be a Party in accordance with the terms of this
Agreement.

"LIBOR” means, in relation to any Loan:

	 	(a)	 	the applicable Screen Rate; or

	 	(b)	 	(if no Screen Rate is available for dollars for the Interest Period of
that Loan) the arithmetic mean of the rates (rounded upwards to four decimal
places) as supplied to the Agent at its request quoted by the Reference Banks to
leading banks in the London interbank market,

as of the Specified Time on the Quotation Day for the offering of deposits in dollars and
for a period comparable to the Interest Period for that Loan.

"LMA” means the Loan Market Association.

"Loan” means a loan made or to be made under the Facility or the principal amount
outstanding for the time being of that loan.

"Loan Passport” means the certificate required to be issued in relation to this Agreement by
the Account Bank or, as the case may be, by the relevant territorial division of the Central
Bank of the Russian Federation, in accordance with the Currency Law.

"Majority Lenders” means:

	 	(a)	 	if there are no Loans then outstanding, a Lender or Lenders whose
Commitments aggregate more than 662/3% of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated
more than 662/3% of the Total Commitments immediately
prior to the reduction); or

	 	(b)	 	at any other time, a Lender or Lenders whose participations in the
Loans then outstanding aggregate more than 662/3% of all
the Loans then outstanding.

“Mandate Letter” means the letter dated 17 November 2006 between the Arranger, the Company
and others.

"Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance
with Schedule 4 (Mandatory Cost formulae).

"Margin” means:

	 	(a)	 	1.5 per cent. per annum from and including the date of this Agreement
to and including date falling 24 Months after the date of this Agreement; and

	 	(b)	 	2 per cent per annum thereafter.

"Margin Stock” means margin stock or “margin security” within the meaning of Regulations T,
U and X.

"Material Adverse Effect” means a material adverse effect on:

	 	(a)	 	the consolidated business, operations, or financial condition of the
Company, Sovintel or the Group taken as a whole;

	 	(b)	 	the ability of an Obligor to perform and comply with its obligations
under any Finance Documents in all material respects; or

	 	(c)	 	the validity, legality or enforceability of any Finance Document or the
rights or remedies of any Finance Party thereunder.

"Material Subsidiary” means, at any time, a Subsidiary of the Company which:

	 	(a)	 	is listed in Schedule 12; and/or

	 	(b)	 	has profits before interest and tax (calculated on the same basis as
Consolidated EBITDA, as defined in Clause 20 (Financial covenants) representing
ten per cent or more of the Consolidated EBITDA, as defined in Clause 20
(Financial covenants); and/or

	 	(c)	 	has fixed assets representing ten per cent or more of the consolidated
fixed assets of the Reporting Group; and/or

	 	(d)	 	has turnover representing ten per cent or more of the consolidated
turnover of the Reporting Group.

in each case calculated on a consolidated basis.

Compliance with the conditions set out in paragraphs (b), (c) and (d) shall be determined by
reference to the latest unaudited and unconsolidated financial statements of that Subsidiary
and the latest audited consolidated financial statements of the Reporting Group but if a
Subsidiary has been acquired since the date as at which the latest audited consolidated
financial statements of the Reporting Group were prepared, the financial statements shall be
adjusted in order to take into account the acquisition of that Subsidiary (that adjustment
being certified by the Reporting Group’s auditors as representing an accurate reflection of
the revised Consolidated EBITDA, consolidated fixed assets or turnover of the Reporting
Group).

A report by the auditors of the Company that a Subsidiary is or is not a Material Subsidiary
shall, in the absence of manifest error, be conclusive and binding on all Parties.

"Month” means a period starting on one day in a calendar month and ending on the numerically
corresponding day in the next calendar month, except that:

	 	(a)	 	(subject to paragraph (c) below) if the numerically corresponding day
is not a Business Day, that period shall end on the next Business Day in that
calendar month in which that period is to end if there is one, or if there is
not, on the immediately preceding Business Day;

	 	(b)	 	if there is no numerically corresponding day in the calendar month in
which that period is to end, that period shall end on the last Business Day in
that calendar month; and

	 	(c)	 	if an Interest Period begins on the last Business Day of a calendar
month, that Interest Period shall end on the last Business Day in the calendar
month in which that Interest Period is to end.

The above rules will only apply to the last Month of any period.

"Obligor” means a Borrower or a Guarantor.

"Original Financial Statements” means:

	 	(a)	 	in relation to the Company, the audited consolidated financial
statements of the Reporting Group, for the financial year ended 31 December
2005; and

	 	(b)	 	in relation to each Original Obligor other than the Company, its
unconsolidated and unaudited financial statements for its financial year ended
31 December 2005.

"Original Obligor” means an Original Borrower or an Original Guarantor.

"Participating Member State” means any member state of the European Communities that adopts
or has adopted the euro as its lawful currency in accordance with legislation of the
European Community relating to Economic and Monetary Union.

"Party” means a party to this Agreement.

"Qualifying Lender” has the meaning given to it in Clause 12 (Tax gross-up and indemnities).

"Quotation Day” means, in relation to any period for which an interest rate is to be
determined, two Business Days before the first day of that period unless market practice
differs in the Relevant Interbank Market, in which case the Quotation Day will be determined
by the Agent in accordance with market practice in the Relevant Interbank Market (and if
quotations would normally be given by leading banks in the Relevant Interbank Market on more
than one day, the Quotation Day will be the last of those days).

"Reference Banks” means the principal London offices of Citibank N.A. and ING Bank N.V. or
such other banks as may be appointed by the Agent in consultation with the Company.

"Regulations T, U and X” means, respectively, Regulations T, U and X of the Board of
Governors of the Federal Reserve System of the United States (or any successor) as now and
from time to time in effect from the date of this Agreement.

"Relevant Interbank Market” means the London interbank market.

"Repayment Date” means each of the dates specified in Clause 6.1 (Repayment of Loans) as
Repayment Dates.

"Repayment Instalment” means each instalment for repayment of the Loans referred to in 6.1
(Repayment of Loans).

"Repeating Representations” means each of the representations set out in Clauses 18.1
(Status) to 18.8 (Good title to assets), Clause 18.10 (No default), Clause 18.11 (No
misleading information), paragraph (c) of Clause 18.12 (Financial Statements) by reference
to the date of this Agreement and Clause 18.13 (Pari passu ranking) to Clause 18.26 (No
Agent).

"Reporting Group” means the Company and its Subsidiaries from time to time.

"Resignation Letter” means a letter substantially in the form set out in Schedule 7 (Form of
Resignation Letter).

"Restricted Party” means any person listed:

	 	(a)	 	in the Annex to the Executive Order;

	 	(b)	 	on the “Specially Designated Nationals and Blocked Persons” list
maintained by the OFAC; or

	 	(c)	 	in any successor list to either of the foregoing.

"Russia” means the Russian Federation and any republic or political sub-division thereof
(and “Russian” has a corresponding meaning).

"Russian Borrower” means a Borrower whose jurisdiction of incorporation is the Russian
Federation.

"Russian Corporate Reorganisation” means a solvent reorganisation (reorganisatsiya
obschestva), whether by way of merger (sliyaniye obschestva), company accession
(prisoedineniye obschestva), company division (razdeleniye obschestva), company separation
(vydeleniye obschestva) or company transformation (preobrazovaniye obschestva) or otherwise.

"Russian Guarantor” means a Guarantor whose jurisdiction of incorporation is the Russian
Federation.

"Russian Insolvency Proceedings” means, in respect of an entity incorporated under the laws
of the Russian Federation, any of the following:

	 	(a)	 	the implementation of measures to prevent its bankruptcy, including but
not limited to the implementation of pre-juridical recovery (dosudebnaya
sanatsiya) in respect of it;

	 	(b)	 	its seeking, consenting, or acquiescing to the introduction of
proceedings for its liquidation or bankruptcy, or the appointment of a
liquidation commission (likvidatsionnaya komissiya) or the granting of other
similar relief with respect to its debts, other than a solvent liquidation of
such entity pursuant to a Russian Corporate Reorganisation;

	 	(c)	 	the presentation or filing of a petition in respect of it in any court
or arbitrazh court or other similar body or agency alleging, or for, its
bankruptcy, insolvency, dissolution or liquidation, or the initiation of any
analogous proceeding;

	 	(d)	 	the institution of the supervision (nablyudeniye), financial recovery
(finansovoe ozdorovleniye), external management (vneshneye upravleniye) or
bankruptcy management (konkursnoye proizvodstvo) of it, and/or the appointment
of a temporary manager (vremenniy upravlyaushchiy), administrative manager
(administrativniy upravlyaushchiy), external manager (vneshniy upravlyaushchiy),
bankruptcy manager (konkursniy upravlyaushchiy) or similar officer of it;

	 	(e)	 	the convening or announcement of an intention to convene a meeting of
its creditors for the purposes of considering an amicable settlement, or its
entry into a voluntary arrangement (mirovoye soglasheniye);

	 	(f)	 	the taking of any decision on dissolution, liquidation or similar
proceeding with respect to it by any court or any governmental, regulatory or
supervisory body in or of the Russian Federation; or

	 	(g)	 	the initiation of any voluntary or involuntary case or other similar
proceeding against or in respect of it causing any other similar condition or
event contemplated by paragraphs (a) to (f) hereof.

"Russian Insolvency Test” means, in respect of an entity incorporated under the laws of the
Russian Federation, any of the following:

	 	(a)	 	it does not discharge the claims of any creditor related to monetary
obligations and/or make any mandatory payments (obyasatel’niye platezhi) within
three months after their due date, except where such claim, obligation or
payment is contested in good faith by appropriate proceedings and that this
entity has adequate reserves to face its liabilities, or is otherwise incapable
of satisfying the claims of any creditor related to monetary obligations and/or
to make any mandatory payment;

	 	(b)	 	the settlement of claims of one or more creditors makes it impossible
for it to discharge its monetary obligations or to make mandatory payments
(obyasatel’niye platezhi) and/or other payments in full to its other creditors;

	 	(c)	 	its Board of Directors or shareholders or participants adopt a
resolution to file a petition with an arbitrazh court for its liquidation;

	 	(d)	 	the levying of execution of any judgment, award or order on its
property will materially impair or make impossible its ability to carry on its
business activity; or

	 	(e)	 	it meets (but ignoring any requirement for a court determination to
this effect) any other criteria for the commencement of Russian Insolvency
Proceedings specified by the Bankruptcy Law or other applicable law or
regulation (including factual bankruptcy (fakticheskoye bankrotstvo) as that
term is used in Article 195 of the Criminal Code of the Russian Federation).

"Russian Obligor” means any Russian Borrower or Russian Guarantor.

"Screen Rate” means the British Bankers’ Association Interest Settlement Rate for the
offering of deposits in dollars for the relevant period and for the amount comparable to the
aggregate amount of the Loans then outstanding, displayed on the appropriate page of the
Telerate screen. If the agreed page is replaced or service ceases to be available, the Agent
may specify another page or service displaying the appropriate rate after consultation with
the Company and the Lenders.

"SEC” means the United States Securities and Exchange Commission or any successor thereto.

"Security” means a mortgage, charge, pledge, lien or other security interest securing any
obligation of any person or any other agreement or arrangement having a similar effect.

"Sovintel” means limited liability company “EDN Sovintel”, organised and existing under the
laws of the Russian Federation with principal state registration number 1027739006690
and having its registered address at 1 Kozhevnicheskiy proezd, Moscow 115114 Russia. 

"Special Account Requirements” means the requirements (if any) established by or pursuant to
the Currency Law to use special accounts when conducting certain operations.

"Specified Time” means a time determined in accordance with Schedule 11 (Timetables).

"Subsidiary” means in relation to any company or corporation, a company or corporation:

	 	(a)	 	which is controlled, directly or indirectly, by the first mentioned
company or corporation;

	 	(b)	 	more than half the issued share capital of which is beneficially owned,
directly or indirectly by the first mentioned company or corporation; or

	 	(c)	 	which is a Subsidiary of another Subsidiary of the first mentioned
company or corporation,

and for this purpose, a company or corporation shall be treated as being controlled by
another if that other company or corporation is able to direct its affairs and/or to control
the composition of its board of directors or equivalent body.

"Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature
(including any penalty or interest payable in connection with any failure to pay or any
delay in paying any of the same).

"Tax Certificate” means, in respect of a Qualifying Lender, a document issued by the
relevant authority confirming that this Qualifying Lender is a resident in that jurisdiction
for the purpose of the relevant double taxation treaty, and apostilled in that jurisdiction.

"Tax Code” means Part I of the Tax Code of the Russian Federation, which came into force on
1 January 1999 and Part II of the Tax Code of the Russian Federation, which came into force
on 1 January 2002.

"Termination Date” means the date falling 60 Months after the date of this Agreement.

"Total Commitments” means the aggregate of the Commitments being US$275,000,000 at the date
of this Agreement.

"Transaction Authorisations” means each of:

	 	(a)	 	the Loan Passport; and

	 	(b)	 	any other Authorisation required to enable any Obligor lawfully to
enter into, exercise its rights and comply with its obligations in the Finance
Documents to which it is a party,

and “Transaction Authorisation” means any of them.

"Transfer Certificate” means a certificate substantially in the form set out in Schedule 5
(Form of Transfer Certificate) or any other form agreed between the Agent and the Company.

"Transfer Date” means, in relation to a transfer, the later of:

	 	(a)	 	the proposed Transfer Date specified in the Transfer Certificate; and

	 	(b)	 	the date on which the Agent executes the Transfer Certificate.

"Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance
Documents.

"U.S.” and “United States” means the United States of America, its territories, possessions
and other areas subject to the jurisdiction of the United States of America.

"U.S. Borrower” means a Borrower whose jurisdiction of organisation is a state of the United
States of America or the District of Columbia.

"US GAAP” means generally accepted accounting principles in the United States in effect from
time to time, applied on a consistent basis both as to classification of items and amounts.

"U.S. Guarantor” means a Guarantor whose jurisdiction of organisation is a state of the
United States of America or the District of Columbia.

"U.S. Obligor” means any U.S. Borrower or U.S. Guarantor.

"U.S. Tax” means any federal, state, local income, gross receipts, license, premium,
windfall profits, customs duties, capital stock, franchise, profits, withholding, social
security (or similar), real property, personal property, sales, use, registration, value
added, alternative or add-on minimum, estimated or other tax of any kind whatsoever, imposed
by the United States, including any interest, penalty or addition thereto, whether disputed
or not.

"Utilisation” means a utilisation of the Facility.

"Utilisation Date” means the date of a Utilisation, being the date on which the relevant
Loan is to be made.

"Utilisation Request” means a notice substantially in the form set out in Schedule 3
(Requests).

"VAT” means (i) value added tax as provided for in the Tax Code, in relation to any Russian
VAT and (ii) any other tax of a similar nature in any applicable jurisdiction.

"ZAO Citibank” means Citibank ZAO, a Closed Joint Stock Company registered under number
1027700431296, whose registered office is at 8-10 Gasheka st, 125047 Moscow, Russia.

"ZAO Cortec” means ZAO Cortec, a closed joint stock company, organised and existing under
the laws of the Russian Federation with principal state registration number 1027739922430,
having its registered address at 30/15 Ryazanskiy Prospect, 109428 Moscow, Russia.

	1.2	 	Construction

	 	(a)	 	Unless a contrary indication appears any reference in this Agreement to:

	 	(i)	 	the “Agent”, the “Arranger”, any “Finance Party”, any “Lender”, any
“Obligor” or any “Party” shall be construed so as to include its successors in
title, permitted assigns and permitted transferees;

	 	(ii)	 	"assets” includes present and future properties, revenues and rights
of every description;

	 	(iii)	 	a “Finance Document” or any other agreement or instrument is a
reference to that Finance Document or other agreement or instrument as
amended, novated, supplemented, extended, replaced or restated;

	 	(iv)	 	"indebtedness” includes any obligation (whether incurred as principal
or as surety) for the payment or repayment of money, whether present or
future, actual or contingent;

	 	(v)	 	a “person” includes any person, firm, company, corporation,
government, state or agency of a state or any association, trust or
partnership (whether or not having separate legal personality) of two or more
of the foregoing;

	 	(vi)	 	a “regulation” includes any regulation, rule, official directive and,
in relation to the Lenders, any of the foregoing and any request or guideline
(whether or not having the force of law but, if not having the force of law,
being of a type which banks generally in the relevant jurisdiction are
accustomed, expected or required to comply with) of any governmental,
intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

	 	(vii)	 	a provision of law is a reference to that provision as amended or
re-enacted; and

	 	(viii)	 	a time of day is a reference to London time.

	 	(b)	 	Section, Clause and Schedule headings are for ease of reference only.

	 	(c)	 	Unless a contrary indication appears, a term used in any other Finance Document
or in any notice given under or in connection with any Finance Document has the same
meaning in that Finance Document or notice as in this Agreement.

	 	(d)	 	A Default (other than an Event of Default) is “continuing” if it has not been
remedied or waived and an Event of Default is “continuing” if it has not been waived.

	 	 	 
	1.3	 	Currency Symbols and Definitions
	1.4

	 	"$” and “dollars” denote lawful currency of the United States of America.

Third party rights

	 	(a)	 	Unless expressly provided to the contrary in a Finance Document, a person who
is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the
“Third Parties Act”) to enforce or to enjoy the benefit of any term of this Agreement.

	 	(b)	 	Notwithstanding any term of any Finance Document, the consent of any person who
is not a Party is not required to rescind or vary this Agreement at any time.

2

SECTION 2

THE FACILITY

	2.	 	THE FACILITY

	2.1	 	The Facility

Subject to the terms of this Agreement, the Lenders make available to the Borrowers a
dollar term loan facility in an aggregate amount equal to the Total Commitments.

	2.2	 	Finance Parties’ rights and obligations

	 	(a)	 	The obligations of each Finance Party under the Finance Documents are several.
Failure by a Finance Party to perform its obligations under the Finance Documents does
not affect the obligations of any other Party under the Finance Documents. No Finance
Party is responsible for the obligations of any other Finance Party under the Finance
Documents.

	 	(b)	 	The rights of each Finance Party under or in connection with the Finance
Documents are separate and independent rights and any debt arising under the Finance
Documents to a Finance Party from an Obligor shall be a separate and independent debt.

	 	(c)	 	A Finance Party may, except as otherwise stated in the Finance Documents,
separately enforce its rights under the Finance Documents.

	3.	 	PURPOSE

	3.1	 	Purpose

Each Borrower shall apply all amounts borrowed by it under the Facility towards its
general corporate purposes including acquisitions, the payment of dividends and capital
expenditures.

	3.2	 	Monitoring

No Finance Party is bound to monitor or verify the application of any amount borrowed
pursuant to this Agreement.

	4.	 	CONDITIONS OF UTILISATION

	4.1	 	Initial conditions precedent

No Borrower may deliver a Utilisation Request unless the Agent has received all of the
documents and other evidence listed in Part I of Schedule 2 (Conditions precedent) in form
and substance satisfactory to the Agent. The Agent shall notify the Company and the Lenders
promptly upon being so satisfied.

	4.2	 	Further conditions precedent

The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if
on the date of the Utilisation Request and on the proposed Utilisation Date:

	 	(a)	 	no Default is continuing or would result from the proposed Loan; and

	 	(b)	 	the Repeating Representations to be made by each Obligor are true in all
material respects; and

	 	(c)	 	in the case of a proposed Utilisation by the Russian Obligor:

	 	(i)	 	the Loan Passport has been opened and is being maintained within the
Account Bank; and

	 	(ii)	 	the Account Bank has confirmed to the Agent that the Russian Obligor
has given instructions satisfactory to the Account Bank, or has otherwise made
appropriate arrangements, for compliance with any Special Account Requirements
relating to each Utilisation.

	4.3	 	Maximum number of Loans

A Borrower may not deliver a Utilisation Request if as a result of the proposed
Utilisation eleven or more Loans would be outstanding.

3

SECTION 3

UTILISATION

	5.	 	UTILISATION

	5.1	 	Delivery of a Utilisation Request

A Borrower may utilise the Facility by delivery to the Agent of a duly completed
Utilisation Request not later than the Specified Time.

	5.2	 	Completion of a Utilisation Request

	 	(a)	 	Each Utilisation Request is irrevocable and will not be regarded as having been
duly completed unless:

	 	(i)	 	the proposed Utilisation Date is a Business Day within the
Availability Period;

	 	(ii)	 	the currency and amount of the Utilisation comply with Clause 5.3
(Currency and amount);

	 	(iii)	 	the proposed Interest Period complies with Clause 9 (Interest
Periods); and

	 	(iv)	 	in the case of the Russian Obligor the account to which the proceeds
of the Utilisation are to be credited is held with the Account Bank.

	 	(b)	 	Only one Loan may be requested in each Utilisation Request.

	5.3	 	Currency and amount

	 	(a)	 	The currency specified in a Utilisation Request must be dollars.

	 	(b)	 	The amount of the proposed Loan must be an amount which is not more than the
Available Facility and which is a minimum of US$10,000,000 (ten million dollars) and an
integral multiple of US$5,000,000 (five million dollars) or if less, the Available
Facility.

	5.4	 	Lenders’ participation

	 	(a)	 	If the conditions set out in this Agreement have been met, each Lender shall
make its participation in each Loan available by the Utilisation Date through its
Facility Office.

	 	(b)	 	The amount of each Lender’s participation in each Loan will be equal to the
proportion borne by its Available Commitment to the Available Facility immediately
prior to making the Loan.

	 	(c)	 	The Agent shall notify each Lender of the amount of each Loan and the amount of
its participation in that Loan, in each case by the Specified Time.

4

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

	6.	 	REPAYMENT

	6.1	 	Repayment of Loans

	 	(a)	 	Each Borrower shall repay the Loans made to it in instalments by repaying on
each Repayment Date an amount which reduces the amount of the outstanding Loans by an
amount equal to the relevant percentage of all the Loans borrowed by the Borrowers as
at the close of business in London on the last day of the Availability Period as set
out in the table below:

	 	 	 	 	 
	Repayment Date	 	Repayment Percentage
	 
	 	 	 	 
	The date falling the specified number of Months
after the date of this Agreement:
	 	 	 	 
	24 Months
	 	 	7.69	 
	27 Months
	 	 	7.69	 
	30 Months
	 	 	7.69	 
	33 Months
	 	 	7.69	 
	36 Months
	 	 	7.69	 
	39 Months
	 	 	7.69	 
	42 Months
	 	 	7.69	 
	45 Months
	 	 	7.69	 
	48 Months
	 	 	7.69	 
	51 Months
	 	 	7.69	 
	54 Months
	 	 	7.69	 
	57 Months
	 	 	7.69	 
	60 Months
	 	 	7.72	 

	 	(b)	 	If, in relation to a Repayment Date, the aggregate amount of the Loans made to
the Borrowers exceeds the Repayment Instalment to be repaid by the Borrowers, the
Company may, if it gives the Agent not less than five Business Days’ prior notice,
select which of those Loans will be wholly or partially repaid so that the Repayment
Instalment is repaid on the relevant Repayment Date in full. The Company may not make
a selection if as a result more than one Loan will be partially repaid.

	 	(c)	 	If the Company fails to deliver a notice to the Agent in accordance with
paragraph (b) above, the Agent shall select the Loans to be wholly or partially repaid.

	6.2	 	Reborrowing

No Borrower may reborrow any part of the Facility which is repaid.

	7.	 	PREPAYMENT AND CANCELLATION

	7.1	 	Illegality

If, at any time, it is or will become unlawful in any applicable jurisdiction for a
Lender to perform any of its obligations as contemplated by this Agreement or to fund or
maintain its participation in any Loan:

	 	(a)	 	that Lender shall promptly notify the Agent upon becoming aware of that event;

	 	(b)	 	upon the Agent notifying the Company, the Commitment of that Lender will be
immediately cancelled; and

	 	(c)	 	each Borrower shall repay that Lender’s participation in the Loans made to that
Borrower on the last day of the Interest Period for each Loan occurring after the Agent
has notified the Company or, if earlier, the date specified by the Lender in the notice
delivered to the Agent (being no earlier than the last day of any applicable grace
period permitted by law).

	7.2	 	Change of control

	 	(a)	 	If any person or group of persons acting in concert (other than a Designated
Person) gains control of the Company:

	 	(i)	 	the Company shall promptly notify the Agent upon becoming aware of
that event;

	 	(ii)	 	a Lender shall not be obliged to fund a Utilisation;

	 	(iii)	 	if a Lender so requires and notifies the Agent within sixty days of
the Company notifying the Agent of the event, the Agent shall, by not less
than five days notice to the Company, cancel the Commitment of that Lender and
declare the participation of that Lender in all outstanding Loans, together
with accrued interest and all other amounts accrued under the Finance
Documents immediately due and payable, whereupon the Commitment of that Lender
will be cancelled and all such outstanding amounts will become immediately due
and payable.

	 	(b)	 	For the purpose of paragraph (a) above “control” means:

	 	(i)	 	the power (whether by way of ownership of shares, proxy, contract,
agency or otherwise) to:

	 	(A)	 	cast, or control the casting of, more than one-half of the
maximum number of votes that might be cast at a general meeting of the
Company; or

	 	(B)	 	appoint or remove all, or the majority, of the directors or
other equivalent officers of the Company; or

	 	(C)	 	give directions with respect to the operating and financial
policies of the Company which the directors or other equivalent officers
of the Company are obliged to comply with; or

	 	(ii)	 	the holding (whether directly or indirectly) of more than one-half of
the issued share capital of the Company (excluding any part of that issued
share capital that carries no right to participate beyond a specified amount
in a distribution of either profits or capital).

	 	(c)	 	For the purpose of paragraph (a) above “acting in concert” means, a group of
persons who, pursuant to an agreement or understanding (whether formal or informal),
actively co-operate, through the acquisition by any of them, either directly or
indirectly, of shares in the Company, to obtain or consolidate control of the Company.

	7.3	 	Voluntary cancellation

The Company may, if it gives the Agent not less than ten Business Days (or such shorter
period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being
a minimum amount of US$10,000,000 (ten million dollars) and an integral multiple of
US$5,000,000 (five million dollars)) of the Available Facility. Any cancellation under this
Clause 7.3 shall reduce the Commitments of the Lenders rateably.

	7.4	 	Automatic cancellation

At the close of business on the last day of the Availability Period, the Available
Commitment of each Lender shall be (if it has not already been) immediately cancelled and
reduced to zero.

	7.5	 	Voluntary prepayment of Loans

	 	(a)	 	A Borrower to which a Loan has been made may, if it gives the Agent not less
than ten Business Days’ (or such shorter period as the Majority Lenders may agree)
prior notice, prepay on the last day of the Interest Period relating thereto, the whole
or any part of any Loan (but, if in part, being an amount that reduces the amount of
the Loan by a minimum amount of US$10,000,000 (ten million dollars) and an integral
multiple of US$5,000,000 (five million dollars)).

	 	(b)	 	Any prepayment under this Clause 7.5 shall satisfy the obligations under Clause
6.1 (Repayment of Loans) in inverse chronological order.

	7.6	 	Right of repayment and cancellation in relation to a single Lender

	 	(a)	 	If:

	 	(i)	 	any sum payable to any Lender by an Obligor is required to be
increased under paragraph (c) of Clause 12.2 (Tax gross-up); or

	 	(ii)	 	any Lender claims indemnification from the Company under Clause 12.3
(Tax indemnity) or Clause 13.1 (Increased costs); or

	 	(iii)	 	any Lender notifies the Agent of its Additional Cost Rate under
paragraph 3 of Schedule 4 (Mandatory Cost formulae),

the Company may, whilst (in the case of paragraphs (i) and (ii) above) the
circumstance giving rise to the requirement or indemnification continues or (in the
case of paragraph (iii) above) that Additional Cost Rate is greater than zero, give
the Agent notice of cancellation of the Commitment of that Lender and its intention
to procure the repayment of that Lender’s participation in the Loans.

	 	(b)	 	On receipt of a notice of cancellation referred to in paragraph (a) above, the
Commitment of that Lender shall immediately be reduced to zero.

	 	(c)	 	On the last day of each Interest Period which ends after the Company has given
notice of cancellation under paragraph (a) above (or, if earlier, the date specified by
the Company in that notice), each Borrower to which a Loan is outstanding shall repay
that Lender’s participation in that Loan.

	7.7	 	Restrictions

	 	(a)	 	Any notice of cancellation or prepayment given by any Party under this Clause 7
shall be irrevocable and, unless a contrary indication appears in this Agreement, shall
specify the date or dates upon which the relevant cancellation or prepayment is to be
made and the amount of that cancellation or prepayment.

	 	(b)	 	Any prepayment under this Agreement and, for the avoidance of doubt, any
repayment under this Clause 7 (Prepayment and Cancellation), shall be made together
with accrued interest on the amount prepaid and, subject to any Break Costs, without
premium or penalty.

	 	(c)	 	Each Russian Obligor shall:

	 	(i)	 	in the case of a voluntary prepayment under Clause 7.5 (Voluntary
prepayment of Loans), together with the notice of prepayment; and

	 	(ii)	 	in the case of any other prepayment under this Clause 7 (Prepayment
and Cancellation), no later than at the time of prepayment,

deliver to the Agent satisfactory evidence that the Russian Obligor has provided to
the Account Bank all necessary documents required for registering such prepayment
under the Loan Passport, and has complied with any Special Account Requirements
relating to such prepayment.

	 	(d)	 	No Borrower may reborrow any part of the Facility which is prepaid.

	 	(e)	 	The Borrowers shall not repay or prepay all or any part of the Loans or cancel
all or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement.

	 	(f)	 	No amount of the Total Commitments cancelled under this Agreement may be
subsequently reinstated.

	 	(g)	 	If the Agent receives a notice under this Clause 7 it shall promptly forward a
copy of that notice to either the Company or the affected Lender, as appropriate.

5

SECTION 5

COSTS OF UTILISATION

	8.	 	INTEREST

	8.1	 	Calculation of interest

The rate of interest on each Loan for each Interest Period is the percentage rate per
annum which is the aggregate of the applicable:

	 	(a)	 	Margin;

	 	(b)	 	LIBOR; and

	 	(c)	 	Mandatory Cost, if any.

	8.2	 	Payment of interest

The Borrower to which a Loan has been made shall pay accrued interest on that Loan on
the last day of each Interest Period (and, if the Interest Period is longer than six Months,
on the dates falling at six Monthly intervals after the first day of the Interest Period).

	8.3	 	Default interest

	 	(a)	 	If an Obligor fails to pay any amount payable by it under a Finance Document on
its due date, interest shall accrue on the overdue amount from the due date up to the
date of actual payment (both before and after judgment) at a rate which, subject to
paragraph (b) below, is two per cent higher than the rate which would have been payable
if the overdue amount had, during the period of non-payment, constituted a Loan in the
currency of the overdue amount for successive Interest Periods, each of a duration
selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3
shall be promptly payable by the Obligor on demand by the Agent.

	 	(b)	 	If any overdue amount consists of all or part of a Loan which became due on a
day which was not the last day of an Interest Period relating to that Loan:

	 	(i)	 	the first Interest Period for that overdue amount shall have a
duration equal to the unexpired portion of the current Interest Period
relating to that Loan; and

	 	(ii)	 	the rate of interest applying to the overdue amount during that first
Interest Period shall be two per cent higher than the rate which would have
applied if the overdue amount had not become due.

	 	(c)	 	Default interest (if unpaid) arising on an overdue amount will be compounded
with the overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain promptly due and payable.

	8.4	 	Notification of rates of interest

The Agent shall promptly notify the Lenders and the relevant Borrower of the
determination of a rate of interest under this Agreement.

	9.	 	INTEREST PERIODS

	9.1	 	Interest Periods

	 	(a)	 	Each Loan will have an Interest Period of three Months or any other period
agreed between the Company and the Agent (acting on the instructions of all the
Lenders). Following the last day of the Availability Period, each Borrower shall select
an Interest Period of less than three Months, if necessary, to ensure that all Loans
have an Interest Period ending on the first Repayment Date which falls after the date
of such selection.

	 	(b)	 	The Interest Period for a Loan shall not extend beyond the Termination Date.

	 	(c)	 	Each Interest Period for a Loan shall start on the Utilisation Date or (if
already made) on the last day of its preceding Interest Period.

	9.2	 	Changes to Interest Periods

	 	(a)	 	Prior to determining the interest rate for a Loan, the Agent (acting in
consultation with the Company) may shorten an Interest Period for any Loan to ensure
there are sufficient Loans (with an aggregate amount equal to or greater than the
Repayment Instalment) which have an Interest Period ending on a Repayment Date for the
Borrowers to make the Repayment Instalment due on that date.

	 	(b)	 	If the Agent makes any change to an Interest Period referred to in this
Clause 9.2, it shall promptly notify the Company and the Lenders.

	9.3	 	Non-Business Days

If an Interest Period would otherwise end on a day which is not a Business Day, that
Interest Period will instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).

	9.4	 	Consolidation of Loans

If two or more Interest Periods:

	 	(a)	 	end on the same date; and

	 	(b)	 	are made to the same Borrower,

those Loans will be consolidated into, and treated as, a single Loan on the last day of the
Interest Period.

	10.	 	CHANGES TO THE CALCULATION OF INTEREST

	10.1	 	Absence of quotations

Subject to Clause 10.2 (Market disruption), if LIBOR is to be determined by reference
to the Reference Banks but a Reference Bank does not supply a quotation by the Specified
Time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the
quotations of the remaining Reference Banks.

	10.2	 	Market disruption

	 	(a)	 	If a Market Disruption Event occurs in relation to a Loan for any Interest
Period, then the rate of interest on each Lender’s share of that Loan for the Interest
Period shall be the percentage rate per annum which is the sum of:

	 	(i)	 	the Margin;

	 	(ii)	 	the rate notified to the Agent by that Lender as soon as practicable
and in any event before interest is due to be paid in respect of that Interest
Period, to be that which expresses as a percentage rate per annum the cost to
that Lender of funding its participation in that Loan from whatever source it
may reasonably select; and

	 	(iii)	 	the Mandatory Cost, if any, applicable to that Lender’s
participation in the Loan.

	 	(b)	 	In this Agreement “Market Disruption Event” means:

	 	(i)	 	at or about noon on the Quotation Day for the relevant Interest Period
the Screen Rate is not available and none or only one of the Reference Banks
supplies a rate to the Agent to determine LIBOR for dollars and the relevant
Interest Period; or

	 	(ii)	 	before close of business in London on the Quotation Day for the
relevant Interest Period, the Agent receives notifications from a Lender or
Lenders (whose participations in a Loan exceed 50 per cent of that Loan) that
the cost to it of obtaining matching deposits in the Relevant Interbank Market
would be in excess of LIBOR.

	10.3	 	Alternative basis of interest or funding

	 	(a)	 	If a Market Disruption Event occurs and the Agent or the Company so requires,
the Agent and the Company shall enter into negotiations (for a period of not more than
thirty days) with a view to agreeing a substitute basis for determining the rate of
interest.

	 	(b)	 	Any alternative basis agreed pursuant to paragraph (a) above shall, with the
prior consent of all the Lenders and the Company, be binding on all Parties.

	10.4	 	Break Costs

Each Borrower shall, within five Business Days of demand by a Finance Party accompanied
with a certificate confirming the amount of its Break Costs (giving the calculations thereof
in reasonable detail) for any Interest Period in which they accrue, pay to that Finance
Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by
that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid
Sum. This provision shall not apply to any payment made by a Borrower in accordance with
the provisions of Clause 7.1 (Illegality) or paragraph (a)(ii) of Clause 7.6 (Right of
repayment and cancellation in relation to a single Lender).

	11.	 	FEES

	11.1	 	Commitment fee

	 	(a)	 	Subject to paragraph (b) below, the Company shall pay to the Agent (for the
account of each Lender) a fee in dollars computed at the rate of 0.675 per cent per
annum on that Lender’s Available Commitment for the Availability Period.

	 	(b)	 	From and including the date of this Agreement until the date falling 12 Months
after the date of this Agreement, the fee payable by the Company pursuant to paragraph
(a) above shall be reduced to 0.50 per cent per annum if and for so long as the
aggregate amount of the Available Commitments is less than 50 per cent of the Total
Commitment.

	 	(c)	 	The accrued commitment fee is payable on the last day of each successive period
of three Months which ends during the Availability Period, on the last day of the
Availability Period and, if cancelled in full, on the cancelled amount of the relevant
Lender’s Commitment at the time the cancellation is effective.

	11.2	 	Arrangement fee

The Obligors shall pay to the Arranger an arrangement fee in the amount and at the
times agreed in a Fee Letter.

	11.3	 	Agency fee

The Obligors shall pay to the Agent (for its own account) an agency fee in the amount
and at the times agreed in a Fee Letter.

6

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

	12.	 	TAX GROSS UP AND INDEMNITIES

	12.1	 	Definitions

	 	(a)	 	In this Agreement:

"Protected Party” means a Finance Party which is or will be subject to any
liability, or required to make any payment, for or on account of Tax in relation to
a sum received or receivable (or any sum deemed for the purposes of Tax to be
received or receivable) under a Finance Document.

"Qualifying Lender” means a Lender which is beneficially entitled to interest
payable to that Lender in respect of a Loan and is:

	 	(i)	 	with respect to a payment made by a U.S. Obligor or otherwise treated
under the Code as United States source interest, a Lender which is:

	 	(A)	 	a “United States person” within the meaning of Section
7701(a)(30) of the Code, provided such Lender timely has delivered to
the Agent for transmission to the Obligor making such payment two
original copies of IRS Form W-9 (or any successor form) either directly
or under cover of IRS Form W-8IMY (or any successor form) certifying its
status as a “United States person”; or

	 	(B)	 	a Treaty Lender with respect to the United States of America,
provided such Lender timely has delivered to the Agent for transmission
to the Obligor making such payment two original copies of IRS Form
W-8BEN (or any successor form) either directly or under cover of IRS
Form W-8IMY (or any successor form) certifying its entitlement to
receive such payments without any such deduction or withholding under a
double taxation treaty; or

	 	(C)	 	entitled to receive payments under the Finance Documents without
deduction or withholding of any United States federal income Taxes
either as a result of such payments being effectively connected with the
conduct by such Lender of a trade or business within the United States
or under the portfolio interest exemption, provided such Lender timely
has delivered to the Agent for transmission to the Obligor making such
payment two original copies of either (1) IRS Form W-8ECI (or any
successor form) either directly or under cover of IRS Form W-8IMY (or
any successor form) certifying that the payments made pursuant to the
Finance Documents are effectively connected with the conduct by that
Lender of a trade or business within the United States or (2) IRS Form
W-8BEN (or any successor form) either directly or under cover of IRS
Form W-8IMY (or any successor form) claiming exemption from withholding
in respect of payments made pursuant to the Finance Documents under the
portfolio interest exemption and a statement certifying that such Lender
is not a person described in Section 871(h)(3)(B) or Section 881(c)(3)
of the Code or (3) such other applicable form prescribed by the IRS
certifying as to such Lender’s entitlement to exemption from United
States withholding tax with respect to all payments to be made to such
Lender under the Finance Documents.

For purposes of this paragraph (i), in the case of a Lender that is not
treated as the beneficial owner of the payment (or a portion thereof) under
Chapter 3 and related provisions (including Sections 871, 881, 3406, 6041,
6045 and 6049) of the Code, the term “Lender” shall mean the person who is so
treated as the beneficial owner of the payment (or portion thereof); or

	 	(ii)	 	with respect to a payment made by a Russian Obligor,

	 	(A)	 	a company resident in the Russian Federation for Russian
Federation tax purposes; or

	 	(B)	 	a partnership each member of which is a company resident in the
Russian Federation for Russian Federation tax purposes; or

	 	(C)	 	a company not so resident in the Russian Federation which
carries on a trade in the Russian Federation through a branch or agency
or any other subdivision and for which interest payable in respect of
that Loan must be taken into account in computing its chargeable profits
in the Russian Federation (within the meaning given by Article 307 of
the Tax Code); or

	 	(D)	 	a Treaty Lender with respect to the Russian Federation.

"Tax Credit” means a credit against, relief or remission for, or repayment of any
Tax.

"Tax Deduction” means a deduction or withholding for or on account of Tax from a
payment under a Finance Document.

"Tax Payment” means either the increase in a payment made by an Obligor to a
Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax
indemnity).

"Treaty Lender” means a Lender which:

	 	(i)	 	 is treated as a resident of a Treaty State for the purposes of the
Treaty; and

	 	(ii)	 	does not carry on a business in the jurisdiction of incorporation of
the respective Borrower trough a permanent establishment with which that
Lender’s participation in the Loan is effectively connected.

"Treaty State” means a jurisdiction having a double taxation agreement (a “Treaty”)
with the jurisdiction of incorporation of the relevant Borrower which makes
provision for full exemption from tax imposed by the jurisdiction of incorporation
of the relevant Borrower on interest (subject to the completion of any necessary
procedural formalities)

	 	(b)	 	Unless a contrary indication appears, in this Clause 12 a reference to
“determines” or “determined” means a determination made in the absolute discretion of
the person making the determination.

	12.2	 	Tax gross-up

	 	(a)	 	Each Obligor shall make all payments to be made by it without any Tax
Deduction, unless a Tax Deduction is required by law.

	 	(b)	 	The Company shall promptly upon becoming aware that an Obligor must make a Tax
Deduction (or that there is any change in the rate or the basis of a Tax Deduction)
notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming
so aware in respect of a payment payable to that Lender. If the Agent receives such
notification from a Lender it shall notify the Company and that Obligor.

	 	(c)	 	If a Tax Deduction is required by law to be made by an Obligor, the amount of
the payment due from that Obligor shall be increased to an amount which (after making
any Tax Deduction) leaves an amount equal to the payment which would have been due if
no Tax Deduction had been required.

	 	(d)	 	An Obligor is not required to make an increased payment to a Lender under
paragraph (c) above for a Tax Deduction in respect of tax imposed by the Russian
Federation or in respect of U.S. Tax from a payment of interest on a Loan, if on the
date on which the payment falls due:

	 	(i)	 	the payment could have been made to the relevant Lender without a Tax
Deduction if it was a Qualifying Lender, but on that date that Lender is not
or has ceased to be a Qualifying Lender other than as a result of any change
after the date it became a Lender under this Agreement in (or in the
interpretation, administration, or application of) any law or Treaty, or any
published practice or concession of any relevant taxing authority; or

	 	(ii)	 	the relevant Lender is a Treaty Lender and the Obligor making the
payment is able to demonstrate that the payment could have been made to the
Lender without the Tax Deduction had that Lender complied with its obligations
under paragraph (g) below.

	 	(e)	 	If an Obligor is required to make a Tax Deduction, that Obligor shall make that
Tax Deduction and any payment required in connection with that Tax Deduction within the
time allowed and in the minimum amount required by law.

	 	(f)	 	Within thirty days of making either a Tax Deduction or any payment required in
connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver
to the Agent for the Finance Party entitled to the payment evidence reasonably
satisfactory to that Finance Party that the Tax Deduction has been made or (as
applicable) any appropriate payment paid to the relevant taxing authority.

	 	(g)	 	A Treaty Lender and each Obligor which makes a payment to which that Treaty
Lender is entitled shall co-operate in completing any procedural formalities necessary
for that Obligor to obtain authorisation to make that payment without a Tax Deduction.

	12.3	 	Tax indemnity

	 	(a)	 	The Company shall (within five Business Days of demand by the Agent) pay to a
Protected Party an amount equal to the loss, liability or cost which that Protected
Party has (directly or indirectly) suffered or will (directly or indirectly) suffer for
or on account of Tax by that Protected Party in respect of a Finance Document or the
transactions occurring under such Finance Document.

	 	(b)	 	Paragraph (a) above shall not apply:

	 	(i)	 	with respect to any Tax assessed on a Finance Party:

	 	(A)	 	under the law of the jurisdiction in which that Finance Party is
incorporated or, if different, the jurisdiction (or jurisdictions) in
which that Finance Party is treated as resident for tax purposes; or

	 	(B)	 	under the law of the jurisdiction in which that Finance Party’s
Facility Office is located in respect of amounts received or receivable
in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income
received or receivable (but not any sum deemed to be received or receivable)
by that Finance Party; or

	 	(ii)	 	to the extent a loss, liability or cost is compensated for by an
increased payment under Clause 12.2 (Tax gross-up).

	 	(iii)	 	A Protected Party making, or intending to make a claim under
paragraph (a) above shall promptly notify the Agent of the event which will
give, or has given, rise to the claim, following which the Agent shall notify
the Company.

	 	(c)	 	A Protected Party shall, on receiving a payment from an Obligor under this
Clause 12.3, notify the Agent.

	12.4	 	Tax Credit

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

	 	(a)	 	a Tax Credit is attributable either to an increased payment of which that Tax
Payment forms part, or to that Tax Payment; and

	 	(b)	 	that Finance Party has obtained, utilised and retained that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines
(providing reasonable evidence of how that determination is reached) will leave it (after
that payment) in the same after-Tax position as it would have been in had the Tax Payment
not been required to be made by the Obligor.

	12.5	 	Stamp taxes

The Company shall pay and, within five Business Days of demand, indemnify each Finance
Party against any cost and direct loss or liability that Finance Party incurs in relation to
all stamp duty, registration, excise and other similar Taxes payable in respect of any
Finance Document or the transactions occurring under any of them.

	12.6	 	Value added tax

	 	(a)	 	All amounts set out, or expressed to be payable under a Finance Document by any
Party to a Finance Party which (in whole or in part) constitute the consideration for
VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such
supply , and accordingly, subject to paragraph (c) below, if VAT is chargeable on any
supply made by any Finance Party to any Party under a Finance Document, that Party
shall pay to the Finance Party (in addition to and at the same time as paying the
consideration) an amount equal to the amount of the VAT (and such Finance Party shall
promptly provide an appropriate VAT invoice to such Party).

	 	(b)	 	If VAT is chargeable on any supply made by any Finance Party (the “Supplier”)
to any other Finance Party (the “Recipient”) under a Finance Document, and any Party
(the “Relevant Party”) is required by the terms of any Finance Document to pay an
amount equal to the consideration for such supply to the Supplier (rather than being
required to reimburse the recipient in respect of that consideration), such Party shall
also pay to the Supplier (in addition to and at the same time as paying such amount) an
amount equal to the amount of such VAT. The Recipient will promptly pay to the
Relevant Party an amount equal to any credit or repayment from the relevant tax
authority which it reasonably determines relates to the VAT chargeable on that supply.

	 	(c)	 	Where a Finance Document requires any Party to reimburse a Finance Party for
any costs or expenses, that Party shall also at the same time pay and indemnify the
Finance Party against all VAT incurred by the Finance Party in respect of the costs or
expenses to the extent that the Finance Party reasonably determines that neither it nor
any other member of any group of which it is a member for VAT purposes is entitled to
credit or repayment from the relevant tax authority in respect of the VAT.

	12.7	 	Tax Certificate

Each Borrower may request (if necessary), in writing to the Agent, a Tax Certificate
from a Finance Party and such Finance Party will provide a Tax Certificate from the relevant
tax authorities to the extent such Tax Certificate is produced by such authorities. To the
extent the Agent receives Tax Certificates from Finance Parties, upon receipt of the same it
will provide such Tax Certificates to the relevant Borrower. All costs associated with the
production of the Tax Certificates shall be borne by that Borrower and it shall, immediately
on demand, reimburse the Agent (for the account of the Finance Parties) for all such costs.

	12.8	 	Survival of obligations

Without prejudice to the survival of any other section of this Agreement, the
agreements and obligations of each Obligor and each Finance Party contained in this Clause
12 shall survive the payment in full by the Obligors of all obligations under this Agreement
and the termination of this Agreement until such time that such Finance Party would no
longer be subject to any tax claim (except if such tax claim is due to the negligence of the
relevant Finance Party) by any tax authority in respect of any payment received by the
Finance Parties under this Agreement.

	13.	 	INCREASED COSTS

	13.1	 	Increased costs

	 	(a)	 	Subject to Clause 13.3 (Exceptions) the Company shall, within five Business
Days of a demand by the Agent, pay for the account of a Finance Party the amount of any
Increased Costs incurred by that Finance Party or any of its Affiliates as a result of
(i) the introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation or (ii) compliance with any law or regulation
made after the date of this Agreement.

	 	(b)	 	In this Agreement “Increased Costs” means:

	 	(i)	 	a reduction in the rate of return from the Facility or on a Finance
Party’s (or its Affiliate’s) overall capital;

	 	(ii)	 	an additional or increased cost; or

	 	(iii)	 	a reduction of any amount due and payable under any Finance
Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the
extent that it is attributable to that Finance Party having entered into its
Commitment or funding or performing its obligations under any Finance Document.

	13.2	 	Increased cost claims

	 	(a)	 	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased
costs) shall notify the Agent of the event giving rise to the claim, following which
the Agent shall promptly notify the Company.

	 	(b)	 	Each Finance Party shall, as soon as practicable after a demand by the Agent,
provide a certificate confirming the amount of its Increased Costs and including the
details of computation of such Increased Costs.

	13.3	 	Exceptions

	 	(a)	 	Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost
is:

	 	(i)	 	attributable to a Tax Deduction required by law to be made by an
Obligor;

	 	(ii)	 	compensated for by Clause 12.3 (Tax indemnity) (or would have been
compensated for under Clause 12.3 (Tax indemnity) but was not so compensated
solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax
indemnity) applied);

	 	(iii)	 	compensated for by the payment of the Mandatory Cost; or

	 	(iv)	 	attributable to the wilful breach by the relevant Finance Party or
its Affiliates of any law or regulation.

	 	(b)	 	In this Clause 13.3, a reference to a “Tax Deduction” has the same meaning
given to the term in Clause 12.1 (Definitions).

	14.	 	OTHER INDEMNITIES

	14.1	 	Currency indemnity

	 	(a)	 	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be converted from
the currency (the “First Currency”) in which that Sum is payable into another currency
(the “Second Currency”) for the purpose of:

	 	(i)	 	making or filing a claim or proof against that Obligor;

	 	(ii)	 	obtaining or enforcing an order, judgment or award in relation to any
litigation or arbitration proceedings,

that Obligor shall as an independent obligation, within five Business Days of
demand, indemnify each Finance Party to whom that Sum is due against any cost,
direct loss or liability arising out of or as a result of the conversion (done
acting in good faith) including any discrepancy between (A) the rate of exchange
used to convert that Sum from the First Currency into the Second Currency and (B)
the rate or rates of exchange available to that person at the time of its receipt
of that Sum.

	 	(b)	 	Each Obligor waives any right it may have in any jurisdiction to pay any amount
under the Finance Documents in a currency or currency unit other than that in which it
is expressed to be payable.

	14.2	 	Other indemnities

The Company shall (or shall procure that an Obligor will), within five Business Days of
demand, indemnify each Finance Party against any cost, direct loss or liability incurred
(acting in good faith) by that Finance Party as a result of:

	 	(a)	 	the occurrence of any Event of Default;

	 	(b)	 	a failure by an Obligor to pay any amount due under a Finance Document on its
due date (subject to any grace period applicable thereto), including without
limitation, any cost and direct loss or liability arising as a result of Clause 27
(Sharing among the Finance Parties);

	 	(c)	 	funding, or making arrangements to fund, its participation in a Loan requested
by a Borrower in a Utilisation Request but not made by reason of the operation of any
one or more of the provisions of this Agreement (other than by reason of default or
negligence by that Finance Party alone);

	 	(d)	 	the operation of the Currency Law in relation to any payments made or received
under the Finance Documents; or

	 	(e)	 	a Loan (or part of a Loan) not being prepaid in accordance with a notice of
prepayment given by a Borrower or the Company.

	14.3	 	Indemnity to the Agent

The Company shall promptly indemnify the Agent against any cost and direct loss or
liability incurred by the Agent (acting reasonably) as a result of:

	 	(a)	 	investigating any event which it reasonably believes is a Default; or

	 	(b)	 	acting or relying on any notice, request or instruction which it reasonably
believes to be genuine, correct and appropriately authorised.

	14.4	 	Waiver of consequential damages

In no event shall any Finance Party be liable on any theory of liability for any
special, indirect, consequential or punitive damages and the Company hereby waives, releases
and agrees (for itself and on behalf of the members of the Group) not to sue upon any such
claim for any such damages, whether or not accrued and whether or not known or suspected to
exist in its favour.

	15.	 	MITIGATION BY THE LENDERS

	15.1	 	Mitigation

	 	(a)	 	Each Finance Party shall, in consultation with the Company, take all reasonable
steps to mitigate any circumstances which arise and which would result in any amount
becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1
(Illegality), Clause 12 (Tax gross-up and indemnities), Clause 13 (Increased costs) or
paragraph 3 of Schedule 4 (Mandatory Cost formulae) including (but not limited to)
transferring its rights and obligations under the Finance Documents to another
Affiliate or Facility Office.

	 	(b)	 	Paragraph (a) above does not in any way limit the obligations of any Obligor
under the Finance Documents.

	15.2	 	Limitation of liability

	 	(a)	 	The Company shall indemnify each Finance Party for all costs and expenses
reasonably incurred by that Finance Party as a result of steps taken by it under Clause
15.1 (Mitigation).

	 	(b)	 	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation)
if, in the opinion of that Finance Party (acting reasonably), to do so could reasonably
be expected to be prejudicial to it.

	16.	 	COSTS AND EXPENSES

	16.1	 	Transaction expenses

The Company shall promptly on demand pay the Agent and the Arranger the amount (not
exceeding in aggregate US$ 55,000 (fifty five thousand dollars) exclusive of any VAT or any
disbursement incurred by the legal advisers to the Finance Parties in respect of the Finance
Documents) of all costs and expenses (including legal fees) reasonably incurred by any of
them in connection with the negotiation, preparation, printing, execution and syndication
of:

	 	(a)	 	this Agreement and any other documents referred to in this Agreement; and

	 	(b)	 	any other Finance Documents executed after the date of this Agreement.

	16.2	 	Amendment costs

If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is
required pursuant to Clause 28.9 (Change of currency), the Company shall, within five
Business Days of demand, reimburse the Agent for the amount of all costs and expenses
(including legal fees) reasonably incurred by the Agent in responding to, evaluating,
negotiating or complying with that request or requirement.

	16.3	 	Enforcement costs

The Company shall, within five Business Days of demand, pay to each Finance Party the
amount of all costs and expenses (including legal fees) incurred by that Finance Party in
connection with the enforcement of, or the preservation of any rights under, any Finance
Document.

7

SECTION 7

GUARANTEE

	17.	 	GUARANTEE AND INDEMNITY

	17.1	 	Guarantee and indemnity

Each Guarantor irrevocably and unconditionally jointly and severally:

	 	(a)	 	guarantees to each Finance Party punctual performance by each Borrower of all
that Borrower’s obligations under the Finance Documents;

	 	(b)	 	undertakes with each Finance Party that whenever a Borrower does not pay any
amount when due under or in connection with any Finance Document, that Guarantor shall
immediately on demand pay that amount as if it was the principal obligor; and

	 	(c)	 	indemnifies each Finance Party immediately on demand against any cost, loss or
liability suffered by that Finance Party if any obligation guaranteed by it is or
becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability
shall be equal to the amount which that Finance Party would otherwise have been
entitled to recover.

	17.2	 	Continuing guarantee

This guarantee is a continuing guarantee and will extend to the ultimate balance of
sums payable by any Obligor under the Finance Documents, regardless of any intermediate
payment or discharge in whole or in part.

	17.3	 	Reinstatement

If any payment by any Obligor or any discharge given by a Finance Party (whether in
respect of the obligations of any Obligor or any security for those obligations or
otherwise) is avoided or reduced as a result of insolvency or any similar event:

	 	(a)	 	the liability of each Obligor shall continue as if the payment, discharge,
avoidance or reduction had not occurred; and

	 	(b)	 	each Finance Party shall be entitled to recover the value or amount of that
security or payment from each Obligor, as if the payment, discharge, avoidance or
reduction had not occurred.

	17.4	 	Waiver of defences

The obligations of each Guarantor under this Clause 17 will not be affected by an act,
omission, matter or thing which, but for this Clause, would reduce, release or prejudice any
of its obligations under this Clause 17 (without limitation and whether or not known to it
or any Finance Party) including:

	 	(a)	 	any time, waiver or consent granted to, or composition with, any Obligor or
other person;

	 	(b)	 	the release of any other Obligor or any other person under the terms of any
composition or arrangement with any creditor of any member of the Group;

	 	(c)	 	the taking, variation, compromise, exchange, renewal or release of, or refusal
or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any Obligor or other person or any non-presentation or non-observance of any
formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

	 	(d)	 	any incapacity or lack of power, authority or legal personality of or
dissolution or change in the members or status of an Obligor or any other person;

	 	(e)	 	any amendment, novation, supplement, extension, restatement (however
fundamental and whether or not more onerous) or replacement of a Finance Document or
any other document or security including without limitation any change in the purpose
of, any extension of or any increase in any facility or the addition of any new
facility under any Finance Document or other document;

	 	(f)	 	any unenforceability, illegality or invalidity of any obligation of any person
under any Finance Document or any other document or security; or

	 	(g)	 	any insolvency or similar proceedings.

	17.5	 	Immediate recourse

Each Guarantor waives any right it may have of first requiring any Finance Party (or
any trustee or agent on its behalf) to proceed against or enforce any other rights or
security or claim payment from any person before claiming from that Guarantor under this
Clause 17. This waiver applies irrespective of any law or any provision of a Finance
Document to the contrary.

	17.6	 	Appropriations

Until all amounts payable at any time by the Obligors under or in connection with the
Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or
agent on its behalf) may:

	 	(a)	 	refrain from applying or enforcing any other moneys, security or rights held or
received by that Finance Party (or any trustee or agent on its behalf) in respect of
those amounts, or apply and enforce the same in such manner and order as it sees fit
(whether against those amounts or otherwise) and no Guarantor shall be entitled to the
benefit of the same; and

	 	(b)	 	hold in an interest-bearing suspense account any moneys received from any
Guarantor or on account of any Guarantor’s liability under this Clause 17.

	17.7	 	Deferral of Guarantors’ rights

Until all amounts payable at any time by the Obligors under or in connection with the
Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs,
no Guarantor will exercise any rights which it may have by reason of performance by it of
its obligations under the Finance Documents:

	 	(a)	 	to be indemnified by an Obligor;

	 	(b)	 	to claim any contribution from any other guarantor of any Obligor’s obligations
under the Finance Documents; and/or

	 	(c)	 	to take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Finance Parties under the Finance Documents or of any
other guarantee or security taken pursuant to, or in connection with, the Finance
Documents by any Finance Party.

	17.8	 	Limitation on U.S. Guarantors

Any term or provision of this Clause 17 or any other term in this Agreement or any
Finance Document notwithstanding, the maximum aggregate amount of the obligations for which
any U.S. Guarantor shall be liable under this Agreement shall in no event exceed an amount
equal to the largest amount that would not render such U.S. Guarantor’s obligations under
this Agreement, subject to avoidance under applicable United States federal or state
fraudulent conveyance laws. 

	17.9	 	Release of Guarantors’ right of contribution

If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with
the terms of the Finance Documents for the purpose of any sale or other disposal of that
Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

	 	(a)	 	that Retiring Guarantor is released by each other Guarantor from any liability
(whether past, present or future and whether actual or contingent) to make a
contribution to any other Guarantor arising by reason of the performance by any other
Guarantor of its obligations under the Finance Documents; and

	 	(b)	 	each other Guarantor waives any rights it may have by reason of the performance
of its obligations under the Finance Documents to take the benefit (in whole or in part
and whether by way of subrogation or otherwise) of any rights of the Finance Parties
under any Finance Document or of any other security taken pursuant to, or in connection
with, any Finance Document where such rights or security are granted by or in relation
to the assets of the Retiring Guarantor.

	17.10	 	Additional security

This guarantee is in addition to and is not in any way prejudiced by any other
guarantee or security now or subsequently held by any Finance Party.

8

SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

	18.	 	REPRESENTATIONS

Save as otherwise specified, each Obligor makes the representations and warranties set
out in this Clause 18 to each Finance Party on the date of this Agreement.

	18.1	 	Status

	 	(a)	 	It is a corporation, duly incorporated and validly existing under the law of
its jurisdiction of incorporation.

	 	(b)	 	It and each of its Subsidiaries has the power to own its assets and carry on
its business as it is being conducted.

	18.2	 	Binding obligations

The obligations expressed to be assumed by it in each Finance Document are, subject to
any general principles of law as at the date of this Agreement limiting its obligations
which are specifically referred to in any legal opinion delivered pursuant to Clause 4
(Conditions of Utilisation) or Clause 24 (Changes to the Obligors), legal, valid, binding
and enforceable obligations.

	18.3	 	Non-conflict with other obligations

The entry into and performance by it of, and the transactions contemplated by, the
Finance Documents do not and will not conflict with:

	 	(a)	 	any law or regulation applicable to it;

	 	(b)	 	its or any of its Subsidiaries’ constitutional documents; or

	 	(c)	 	any agreement or instrument binding upon it or any of its Subsidiaries or any
of its or any of its Subsidiaries’ assets.

	18.4	 	Power and authority

	 	(a)	 	It has the power to enter into, perform and deliver, and has taken all
necessary action (except for any such action which is not required to be performed
prior to entering into the Finance Documents) to authorise its entry into, performance
and delivery of, the Finance Documents to which it is a party and the transactions
contemplated by those Finance Documents.

	 	(b)	 	The Russian Obligor further represents, without prejudice to paragraph (a)
above, that as at the date of execution of each Finance Document to which it is a
party:

	 	(i)	 	to the best of its knowledge, for the purposes of Article 45 of the
Companies Law, each of the participants of the Russian Obligor is interested
in the conclusion by the Russian Obligor of such Finance Documents and the
transactions contemplated by the same and the Russian Obligor has obtained all
necessary corporate approvals and it and its participants have complied with
all requirements relating thereto;

	 	(ii)	 	other than the participants of the Russian Obligor, for the purposes
of Article 45 of the Companies Law, there are no persons interested in the
conclusion by it of such Finance Documents or any transactions contemplated by
the same; and

	 	(iii)	 	for the purposes of Article 46 of the Companies Law, its entry into
and delivery of, and performance of its obligations under, such Finance
Documents and transactions constitute a major transaction for it, for which
the requisite approval has been duly obtained.

	18.5	 	Validity and admissibility in evidence

All Transaction Authorisations and all other Authorisations required (except for those
which are not required to be performed prior to entering into the Finance Documents):

	 	(a)	 	to enable it lawfully to enter into, exercise its rights and comply with its
obligations in the Finance Documents to which it is a party; and

	 	(b)	 	to make the Finance Documents to which it is a party admissible in evidence in
its jurisdiction of incorporation (other than the Russian legal requirements to provide
a duly certified translation thereof into Russian),

	 	 	 
	18.6

	 	have been obtained or effected and are in full force and effect.

Governing law and enforcement

	 	(a)	 	The choice of English law as the governing law of the Finance Documents will be
recognised and enforced in its jurisdiction of incorporation subject to the Legal
Reservations.

	 	(b)	 	Any judgment obtained in England in relation to a Finance Document will be
recognised and enforced in its jurisdiction of incorporation subject to the Legal
Reservations.

	18.7	 	Insolvency — Winding-up

No:

	 	(a)	 	corporate action, legal proceeding or other procedure or step described in
Clause 22.7 (Insolvency Proceedings); or

	 	(b)	 	creditors’ process described in Clause 22.8 (Creditors’ Process)

has been taken or, to its knowledge, threatened against it (or, in the case of the Company
to its knowledge, threatened against any other member of the Group); and none of the
circumstances described in Clause 22.6 (Insolvency) applies to it (or, in the case of the
Company, to any other member of the Group).

	18.8	 	Good title to assets

It (and, in the case of the Company, each other member of the Group) has a good and
valid title to, or valid leases or licenses of, and all necessary Authorisations (including
the Transaction Authorisations) have been obtained or, if not, are pending approval but
reasonably expected to be obtained, to use, the assets necessary to carry on its business as
presently conducted, the absence or the non acquisition of which might reasonably be
expected to result in a Material Adverse Effect.

	18.9	 	Deduction of Tax

It is not required to make any deduction for or on account of Tax from any payment it
may make under any Finance Document provided that, in the case of a payment of interest on
any Loan, any Lender to which any such payment is made is a Qualifying Lender.

	18.10	 	No default

	 	(a)	 	No Default is continuing or might reasonably be expected to result from the
making of any Utilisation.

	 	(b)	 	To its knowledge, no other event or circumstance is outstanding which
constitutes a default under any other agreement or instrument which is binding on it
(or, in the case of the Company, on any other member of the Group) or to which its (or,
in the case of the Company, such other member of the Group’s) assets are subject which
in each case might reasonably be expected to have a Material Adverse Effect.

	18.11	 	No misleading information

	 	(a)	 	Any factual information provided by any member of the Group for the purposes of
the Information Memorandum was true and accurate in all material respects as at the
date it was provided or as at the date (if any) at which it is stated.

	 	(b)	 	The financial projections contained in the Information Memorandum have been
prepared on the basis of recent historical information and on the basis of reasonable
assumptions.

	 	(c)	 	Nothing has (to its knowledge) occurred or been omitted from the Information
Memorandum and no information has been given or withheld that results in the
information contained in the Information Memorandum being untrue or constitutes a
misrepresentation in any material respect.

	 	(d)	 	All written information (other than the Information Memorandum) supplied to the
Finance Parties, in relation to the entering into, the delivery of and the performance
of the Finance Documents, by any member of the Group is true, complete and accurate in
all material respects as at the date it was given and does not constitute a
misrepresentation in any material respect.

	18.12	 	Financial statements

	 	(a)	 	The Company’s Original Financial Statements were prepared in accordance with US
GAAP.

	 	(b)	 	The Company’s Original Financial Statements fairly represent its financial
condition and operations during the relevant financial year.

	 	(c)	 	There has been no material adverse change in its business or financial
condition (or the business or consolidated financial condition of the Group, in the
case of the Company) since the date to which the Original Financial Statements were
drawn up.

	18.13	 	Pari passu ranking

Its payment obligations under the Finance Documents rank at least pari passu with the
claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally.

	18.14	 	No proceedings pending or threatened

No litigation, arbitration or administrative proceedings of or before any court,
arbitral body or agency which, if adversely determined, might reasonably be expected to have
a Material Adverse Effect have (to its knowledge) been started or threatened against it or
any of its Material Subsidiaries.

	18.15	 	Compliance with laws

It and each member of the Group is conducting its business and operations in compliance
with all laws, regulations and Authorisations (including Transaction Authorisations)
applicable to it, when failure to do so might reasonably be expected to have a Material
Adverse Effect.

	18.16	 	Environmental compliance

It has performed and observed in all material respects all Environmental Law,
Environmental Permits and all other material covenants, conditions, restrictions or
agreements directly or indirectly concerned with any contamination, pollution or waste or
the release or discharge of any toxic or hazardous substance in connection with any real
property which is or was at any time owned, leased or occupied by any member of the Group or
on which any member of the Group has conducted any activity where failure to do so might
reasonably be expected to have a Material Adverse Effect.

	18.17	 	Environmental Claims

No Environmental Claim has been commenced or, to its knowledge, is threatened against
it where that claim might reasonably be expected, if determined against that member of the
Group, to have a Material Adverse Effect.

	18.18	 	Taxation

	 	(a)	 	It has duly and punctually paid and discharged all Taxes imposed upon it or its
assets within the time period allowed without incurring penalties (save to the extent
that (i) payment is being contested in good faith, (ii) it has maintained adequate
reserves to make a payment for those Taxes and (iii) payment can be lawfully withheld).

	 	(b)	 	It is not materially overdue in the filing of any Tax returns.

	 	(c)	 	No material claims are being or are reasonably expected to be asserted against
it with respect to Taxes.

	 	(d)	 	It is resident for Tax purposes only in the jurisdiction of its incorporation.

	 	(e)	 	In the case of each U.S. Obligor, it has properly filed or caused to be filed
(and, where applicable, has been included in) all material U.S. Tax returns, reports
and statements (whether federal, state, local or otherwise) applicable to it in all
jurisdictions in which such returns, reports and statements are required to be filed.
All such U.S. Tax returns are correct and complete in all material respects.

	 	(f)	 	In the case of each U.S. Obligor, it has paid all material U.S. Taxes due
whether or not shown on any tax return, together with applicable interest and
penalties, except to the extent such U.S. Taxes are contested in good faith by proper
proceedings which stay the imposition of any penalty, fine or lien resulting from the
non-payment of such U.S. Taxes and with respect to which adequate reserves have been
set aside for the payment of such U.S. Taxes.

	18.19	 	ERISA and Multiemployer Plans

It has not established, nor does it maintain, contribute or have liability with respect
to any employee benefit plan that is covered by Title IV of ERISA.

	18.20	 	No Immunity

In any proceedings taken in its jurisdiction of incorporation in relation to this
Agreement, it will not be entitled to claim for itself or any of its assets immunity from
suit, execution, attachment or other legal process.

	18.21	 	Private and commercial acts

Its execution of the Finance Documents constitutes, and its exercise of its rights and
performance of its obligations hereunder will constitute, private and commercial acts done
and performed for private and commercial purposes.

	18.22	 	Federal Reserve Regulations

	 	(a)	 	It is not engaged nor will it engage, principally or as one of its important
activities, in the business of purchasing or carrying Margin Stock or extending credit
for the purpose of purchasing or carrying Margin Stock.

	 	(b)	 	None of the proceeds of the Loans or other extensions of credit under this
Agreement will be used, directly or indirectly, for the purpose of buying or carrying
any Margin Stock, for the purpose of reducing or retiring any Financial Indebtedness
that was originally incurred to buy or carry any Margin Stock or for any other purpose
which might cause all or any Loans or other extensions of credit under this Agreement
to be considered a “purpose credit” within the meaning of Regulation U or Regulation X.

	18.23	 	Investment Companies

Neither it nor any person controlling it or any Subsidiary of it is or is required to
be registered as an “investment company” under the U.S. Investment Company Act of 1940 (the
“1940 Act”).

	18.24	 	Anti-Terrorism Laws

	 	(a)	 	To its knowledge, no Obligor nor any Affiliate thereof: (i) is, or is
controlled by, a Restricted Party; (ii) has received funds or other property from a
Restricted Party; or (iii) is in breach of or is the subject of any action or
investigation under any Anti-Terrorism Law.

	 	(b)	 	It and, to its knowledge, each Affiliate has taken reasonable measures to
ensure compliance with the Anti-Terrorism Laws.

	18.25	 	Centre of main interests and establishments

	 	(a)	 	Each US Obligor represents with respect to itself that it has its “centre of
main interests” (as that term is used in Article 3(1) of the Council of the European
Union Regulation no. 1346/2000 on Insolvency Proceedings (the “Regulation”)) in the
United States, and each Russian Obligor represents with respect to itself that it has
its “centre of main interests” in the Russian Federation.

	 	(b)	 	It has no “establishment” (as that term is used in Article 2(h) of the
Regulation) in a jurisdiction other than the United States in the case of each US
Obligor and the Russian Federation in the case of each Russian Obligor.

	18.26	 	No Agent

For the purposes of the transaction contemplated by the Finance Documents, it is
acting, on its own behalf and not as a trustee or agent on behalf of any third party.

	18.27	 	Repetition

The Repeating Representations are made and repeated by each Obligor (by reference to
the facts and circumstances then existing) on:

	 	(a)	 	 the date of each Utilisation Request and the first day of every second
Interest Period thereafter; and

	 	(b)	 	in the case of an Additional Obligor, the day on which that company becomes (or
it is proposed that that company becomes) an Additional Obligor.

	19.	 	INFORMATION UNDERTAKINGS

The undertakings in this Clause 19 remain in force from the date of this Agreement for
so long as any amount is outstanding under the Finance Documents or any Commitment is in
force.

	19.1	 	Financial statements

The Company shall supply to the Agent in sufficient copies for all the Lenders:

	 	(a)	 	as soon as the same become available, but in any event within 120 days after
the end of each of its financial years:

	 	(i)	 	its audited consolidated financial statements for that financial year;

	 	(ii)	 	the unconsolidated unaudited financial statements of each Obligor for
that financial year prepared for the purposes of preparing US GAAP compliant
consolidated financial statements for the Reporting Group ;

	 	(b)	 	as soon as the same become available, but in any event within 90 days after the
end of the first half of each of its financial years:

	 	(i)	 	its consolidated unaudited financial statements for that financial
half year; and

	 	(ii)	 	the unconsolidated unaudited financial statements of each Obligor for
that financial half year prepared for the purposes of preparing US GAAP
compliant consolidated financial statements for the Reporting Group;

	 	(c)	 	as soon as the same become available, but in any event within 105 days after
the end of each of its financial years, the audited financial statements of
each Russian Obligor for that financial year, prepared under the accounting standards
of the Russian Federation in accordance with the Directive of the Ministry of Finance
of the Russian Federation No. 67 dated 22 July 2003; and

	 	(d)	 	as soon as the same become available, but in any event within 45 days after the
end of the first, second and third financial quarter of each of its financial years,
the unaudited financial statements of each Russian Obligor for that financial
quarter, prepared under the accounting standards of the Russian Federation in
accordance with the Directive of the Ministry of Finance of the Russian Federation No.
67 dated 22 July 2003.

	19.2	 	Compliance Certificate

	 	(a)	 	The Company shall supply to the Agent, with each set of financial statements
delivered pursuant to paragraph (a)(i) or (b)(i) of Clause 19.1 (Financial statements),
a Compliance Certificate setting out (in reasonable detail) computations as to
compliance with Clause 20 (Financial covenants) as at the date as at which those
financial statements were prepared.

	 	(b)	 	Each Compliance Certificate shall be signed by two authorised senior officers
of the Company and, if required to be delivered with the financial statements delivered
pursuant to paragraph (a)(i) of Clause 19.1 (Financial statements), shall be reported
on by the Company’s auditors in the form agreed by the Company and the Majority Lenders
before the date of this Agreement.

	19.3	 	Requirements as to financial statements

	 	(a)	 	Each set of consolidated financial statements delivered by the Company pursuant
to paragraph (a)(i) and (b)(i) of Clause 19.1 (Financial statements) shall be certified
by an authorised senior officer of the Company as fairly representing the financial
condition of the Reporting Group as at the date as at which those financial statements
were drawn up.

	 	(b)	 	Each set of unconsolidated financial statements provided by the Company
pursuant to paragraphs (a)(ii) and (b)(ii) of Clause 19.1 (Financial statements) shall
be certified by an authorised senior officer of the relevant company as accurately
representing the information that is used or shall be used to prepare the consolidated
financial statements of the Reporting Group for the relevant period.

	 	(c)	 	Each set of financial statements provided by the Company pursuant to paragraph
(c) and (d) of Clause 19.1 (Financial Statements) shall be certified by an authorised
senior officer of the relevant Russian Obligor and be affixed with that Russian
Obligor’s seal.

	 	(d)	 	Each set of financial statements provided by the Company pursuant to paragraph
(c) and (d) of Clause 19.1 (Financial Statements) shall bear, if available, a receipt
stamp from the tax inspectorate of the relevant Russian Obligor’s place of tax
registration.

	 	(e)	 	The Company shall procure its financial statements delivered by it pursuant to
paragraph (a)(i) and (b)(i) of Clause 19.1 (Financial statements) is prepared using US
GAAP, and accounting practices and financial reference periods consistent with those
applied in the preparation of its Original Financial Statements unless, in relation to
any set of financial statements, it notifies the Agent that there has been a
significant change in US GAAP, or the accounting practices or reference periods and the
Company shall deliver to the Agent:

	 	(i)	 	a description of any change necessary for those financial statements
to reflect the US GAAP, accounting practices and reference periods upon which
its Original Financial Statements were prepared; and

	 	(ii)	 	sufficient information, in form and substance as may be reasonably
required by the Agent (including an opinion from the auditors of the Company),
to enable the Lenders to determine whether Clause 20 (Financial covenants) has
been complied with and make an accurate comparison between the financial
position indicated in those financial statements and the Company’s Original
Financial Statements.

	 	(f)	 	If the Company notifies the Agent of a change in accordance with paragraph (e)
above then the Company and Agent shall enter into negotiations in good faith with a
view to agreeing:

	 	(i)	 	whether or not the change might result in any material alteration in
the commercial effect of any of the terms of this Agreement; and

	 	(ii)	 	if so, any amendments to this Agreement which may be necessary to
ensure that the change does not result in any material alteration in the
commercial effect of those terms,

and if any amendments are agreed they shall take effect and be binding on each of
the Parties in accordance with their terms.

Any reference in this Agreement to those financial statements shall be construed as
a reference to those financial statements as adjusted to reflect the basis upon
which the Original Financial Statements were prepared.

	19.4	 	Information: miscellaneous

The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the
Agent so requests):

	 	(a)	 	all documents dispatched by the Company to its shareholders (or any class of
them) or its creditors generally (or any class of them) at the same time as they are
dispatched;

	 	(b)	 	promptly upon becoming aware of them, the details of any litigation,
arbitration or administrative proceedings which are current, threatened or pending
against any member of the Group, and which might reasonably be expected, if adversely
determined, to have a Material Adverse Effect; and

	 	(c)	 	promptly, such further information regarding the financial condition, business
and operations of any member of the Group as any Finance Party (through the Agent) may
reasonably request.

	19.5	 	Notification of default

	 	(a)	 	Each Obligor shall notify the Agent of any Default (and the steps, if any,
being taken to remedy it) promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another Obligor).

	 	(b)	 	Promptly upon a request by the Agent, the Company shall supply to the Agent a
certificate signed by two of its authorised senior officers on its behalf certifying
that no Default is continuing (or if a Default is continuing, specifying the Default
and the steps, if any, being taken to remedy it).

	19.6	 	Use of websites

	 	(a)	 	The Company may satisfy its obligation under this Agreement to deliver any
information in relation to those Lenders (the “Website Lenders”) who accept this method
of communication by posting this information onto an electronic website designated by
the Company and the Agent (the “Designated Website”) if:

	 	(i)	 	the Agent expressly agrees (after consultation with each of the
Lenders) that it will accept communication of the information by this method;

	 	(ii)	 	both the Company and the Agent are aware of the address of and any
relevant password specifications for the Designated Website; and

	 	(iii)	 	the information is in a format previously agreed between the Company
and the Agent.

If any Lender (a “Paper Form Lender”) does not agree to the delivery of information
electronically then the Agent shall notify the Company accordingly and the Company
shall supply the information to the Agent (in sufficient copies for each Paper Form
Lender) in paper form. In any event the Company shall supply the Agent with at
least one copy in paper form of any information required to be provided by it.

	 	(b)	 	The Agent shall supply each Website Lender with the address of and any relevant
password specifications for the Designated Website following designation of that
website by the Company and the Agent.

	 	(c)	 	The Company shall promptly upon becoming aware of its occurrence notify the
Agent if:

	 	(i)	 	the Designated Website cannot be accessed due to technical failure;

	 	(ii)	 	the password specifications for the Designated Website change;

	 	(iii)	 	any new information which is required to be provided under this
Agreement is posted onto the Designated Website;

	 	(iv)	 	any existing information which has been provided under this Agreement
and posted onto the Designated Website is amended; or

	 	(v)	 	the Company becomes aware that the Designated Website or any
information posted onto the Designated Website is or has been infected by any
electronic virus or similar software.

If the Company notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above,
all information to be provided by the Company under this Agreement after the date
of that notice shall be supplied in paper form unless and until the Agent and each
Website Lender is satisfied that the circumstances giving rise to the notification
are no longer continuing.

	 	(d)	 	Any Website Lender may request, through the Agent, one paper copy of any
information required to be provided under this Agreement which is posted onto the
Designated Website. The Company shall comply with any such request within ten Business
Days.

	19.7	 	“Know your customer” checks

	 	(a)	 	If:

	 	(i)	 	the introduction of or any change in (or in the interpretation,
administration or application of) any law or regulation made after the date of
this Agreement;

	 	(ii)	 	any change in the status of an Obligor or the composition of the
shareholders of an Obligor after the date of this Agreement, except with
respect to the normal trading of the Company’s shares on Nasdaq, the London
Stock Exchange, the Russian Trading System or any other regulated stock
exchange market acceptable for the Lenders; or

	 	(iii)	 	a proposed assignment or transfer by a Lender of any of its rights
and obligations under this Agreement to a party that is not a Lender prior to
such assignment or transfer,

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any
prospective new Lender) to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not
already available to it, each Obligor shall promptly upon the request of the Agent
or any Lender supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by the Agent (for itself or on behalf of any
Lender) or any Lender (for itself or, in the case of the event described in
paragraph (iii) above, on behalf of any prospective new Lender) in order for the
Agent, such Lender or, in the case of the event described in paragraph (iii) above,
any prospective new Lender to carry out and be satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable laws
and regulations pursuant to the transactions contemplated in the Finance Documents.

	 	(b)	 	Each Lender shall promptly upon the request of the Agent supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the
Agent (for itself) in order for the Agent to carry out and be satisfied it has complied
with all necessary “know your customer” or other similar checks under all applicable
laws and regulations pursuant to the transactions contemplated in the Finance
Documents.

	 	(c)	 	The Company shall, by not less than ten Business Days’ written prior notice to
the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention
to request that one of its Subsidiaries becomes an Additional Obligor pursuant to
Clause 24 (Changes to the Obligors).

	 	(d)	 	Following the giving of any notice pursuant to paragraph (c) above, if the
accession of such Additional Obligor obliges the Agent or any Lender to comply with
“know your customer” or similar identification procedures in circumstances where the
necessary information is not already available to it, the Company shall promptly upon
the request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself or
on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new
Lender) in order for the Agent or such Lender or any prospective new Lender to carry
out and be satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the accession of
such Subsidiary to this Agreement as an Additional Obligor. 

	20.	 	FINANCIAL COVENANTS

	20.1	 	Financial definitions

In this Clause 20:

"Borrowings” means, at any time, the outstanding principal, capital or nominal amount and
any fixed or minimum premium payable on prepayment or redemption of any indebtedness for or
in respect of:

	 	(a)	 	moneys borrowed and debit balances with financial institutions;

	 	(b)	 	any amount raised by acceptance under any acceptance credit facility;

	 	(c)	 	any amount raised pursuant to any note purchase facility or the issue
of bonds, notes, debentures, loan stock or any similar instrument;

	 	(d)	 	the amount of any liability in respect of any lease or hire purchase
contract which would, in accordance with US GAAP be treated as a finance or
capital lease;

	 	(e)	 	receivables sold or discounted (other than any receivables to the
extent they are sold on a non-recourse basis);

	 	(f)	 	any counter-indemnity obligation in respect of a guarantee, indemnity,
bond, standby or documentary letter of credit or any other instrument issued by
a bank or financial institution (excluding any given in respect of trade credit
arising in the ordinary course of business);

	 	(g)	 	any amount raised by the issue of redeemable shares which are
redeemable before the Termination Date;

	 	(h)	 	any amount of any liability under an advance or deferred purchase
agreement if one of the primary reasons behind the entry into the agreement is
to raise finance;

	 	(i)	 	any amount raised under any other transaction (including any forward
sale or purchase agreement) having the commercial effect of a borrowing; and

	 	(j)	 	(without double counting) the amount of any liability in respect of any
guarantee or indemnity for any of the items referred to in paragraphs (a) to (i)
above.

"Consolidated EBIT” means the consolidated profits of the Reporting Group from ordinary
activities before taxation:

	 	(a)	 	before deducting any Consolidated Net Finance Charges;

	 	(b)	 	before taking into account any items treated as exceptional or
extraordinary items; and

	 	(c)	 	after deducting the amount of any profit of any member of the Reporting
Group which is attributable to minority interests,

in each case, to the extent added, deducted or taken into account, as the case may be, for
the purposes of determining the profits of the Reporting Group from ordinary activities
before taxation.

"Consolidated EBITDA” means Consolidated EBIT before deducting any amount attributable to
the amortisation of intangible assets or the depreciation of tangible assets.

"Consolidated Net Finance Charges” means, for any Relevant Period, the aggregate amount of
the accrued interest, commission, fees, discounts, prepayment penalties or premiums and
other finance payments in respect of Borrowings whether paid, payable or capitalised by any
member of the Reporting Group in respect of that Relevant Period:

	 	(a)	 	excluding any such obligations owed to any other member of the
Reporting Group;

	 	(b)	 	including the interest element of leasing and hire purchase payments;

	 	(c)	 	including any accrued commission, fees, discounts and other finance
payments payable by any member of the Reporting Group under any interest rate
hedging arrangement; and

	 	(d)	 	deducting any accrued interest owing to any member of the Reporting
Group on any deposit or bank account.

"Consolidated Total Debt” means at any time the aggregate amount of all obligations of the
Reporting Group for or in respect of Borrowings but:

	 	(a)	 	excluding any such obligations to any other member of the Reporting
Group; and

	 	(b)	 	including, in the case of finance leases, only the capitalised value
therefore,

and so that no amount shall be included or excluded more than once.

"Equity” means at any time the aggregate of the amounts paid up or credited as paid up on
the issued ordinary share capital of the Company.

All definitions calculated above are based on the latest audited consolidated financial
statements of the Reporting Group.

"Relevant Period” means each period of twelve months ending on the last day of the Company’s
financial year and each period of twelve months ending on the last day of the first half of
the Company’s financial year.

	20.2	 	Financial condition

The Company shall ensure that:

	 	(a)	 	Debt Cover

The ratio of Consolidated Total Debt to Consolidated EBITDA for any Relevant Period
shall not at any time exceed 2:1.

	 	(b)	 	Gearing Ratio

The ratio of Consolidated Total Debt to Equity shall not at any time exceed 0,5:1.

	 	(c)	 	Interest Cover

The ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of
any Relevant Period shall not be less than 7:1.

	20.3	 	Financial testing

The financial covenants set out in Clause 20.2 (Financial condition) shall be tested by
reference to each of the financial statements and/or each Compliance Certificate delivered
pursuant to Clause 19.2 (Compliance Certificate).

	21.	 	GENERAL UNDERTAKINGS

The undertakings in this Clause 21 remain in force from the date of this Agreement for
so long as any amount is outstanding under the Finance Documents or any Commitment is in
force.

	21.1	 	Authorisations

Each Obligor shall promptly:

	 	(a)	 	obtain, comply with and do all that is necessary to maintain in full force and
effect; and

	 	(b)	 	supply certified copies to the Agent of,

any Authorisation (including the Transaction Authorisations) required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations
under the Finance Documents and to ensure the legality, validity, enforceability or
admissibility in evidence in its jurisdiction of incorporation of any Finance Document.

	21.2	 	Compliance with laws

Each Obligor shall comply in all material respects with all laws, regulations and
Authorisations (including Transaction Authorisations) applicable to it.

	21.3	 	Compliance with Currency Law

The Russian Borrower will:

	 	(a)	 	prior to the date of the first Utilisation Request, open and at all times
thereafter maintain the Loan Passport for the Facility with the Account Bank;

	 	(b)	 	in a timely manner, submit to the Account Bank such documents and other
information as may be required from time to time under the Currency Law (including,
without limitation, Instruction No. 117-I of the Central Bank of the Russian Federation
dated 15 June 2004) for the purpose of utilising the Facility and performing its
obligations under the Finance Documents, in the form and in accordance with the
procedure described therein;

	 	(c)	 	comply with all requirements established under or pursuant to the Currency Law
in relation to any payment made or to be made by or to it under the Finance Documents
(including any Special Account Requirements); and

	 	(d)	 	ensure that its compliance with such requirements does not impair its ability
to comply with its obligations under the Finance Documents.

	21.4	 	Negative pledge

	 	(a)	 	No Obligor shall, without the consent of the Majority Lenders, (and the Company
shall ensure that no other member of the Group will) create or permit to subsist any
Security over any of its assets.

	 	(b)	 	No Obligor shall, without the consent of the Majority Lenders, (and the Company
shall ensure that no other member of the Group will):

	 	(i)	 	sell, transfer or otherwise dispose of any of its assets on terms
whereby they are or may be leased to or re-acquired by an Obligor or any other
member of the Group;

	 	(ii)	 	sell, transfer or otherwise dispose of any of its receivables on
recourse terms;

	 	(iii)	 	enter into any arrangement under which money or the benefit of a
bank or other account may be applied, set-off or made subject to a combination
of accounts; or

	 	(iv)	 	enter into any other preferential arrangement having a similar
effect,

in circumstances where the arrangement or transaction is entered into primarily as
a method of raising Financial Indebtedness or of financing the acquisition of an
asset.

	 	(c)	 	Paragraphs (a) and (b) above do not apply to:

	 	(i)	 	any Security listed in Schedule 9 (Existing Security) except to the
extent the principal amount secured by that Security exceeds the amount stated
in that Schedule;

	 	(ii)	 	any netting or set-off arrangement entered into by any member of the
Group in the ordinary course of its banking arrangements for the purpose of
netting debit and credit balances;

	 	(iii)	 	any lien arising by operation of law and in the ordinary course of
trading;

	 	(iv)	 	any Security over or affecting (or transaction (“Quasi-Security”)
described in paragraph (b) above affecting) any asset acquired by a member of
the Group after the date of this Agreement if:

	 	(A)	 	the Security or Quasi-Security was not created in contemplation
of the acquisition of that asset by a member of the Group;

	 	(B)	 	the principal amount secured has not been increased in
contemplation of, or since the acquisition of that asset by a member of
the Group; and

	 	(C)	 	the Security or Quasi-Security is removed or discharged within
four months of the date of acquisition of such asset;

	 	(v)	 	any Security or Quasi-Security over or affecting any asset of any
company which becomes a member of the Group after the date of this Agreement,
where the Security or Quasi-Security is created prior to the date on which
that company becomes a member of the Group, if:

	 	(A)	 	the Security or Quasi-Security was not created in contemplation
of the acquisition of that company;

	 	(B)	 	the principal amount secured has not increased in contemplation
of or since the acquisition of that company; and

	 	(C)	 	the Security or Quasi-Security is removed or discharged within
four months of that company becoming a member of the Group; or

	 	(vi)	 	any Security entered into pursuant to any Finance Document;

	 	(vii)	 	any Security which exists as an easement, right of way, servitude by
operation of law or any other similar lien or encumbrance not interfering with
the business of any member of the Group;

	 	(viii)	 	any Security over assets the value of which (when aggregated with
the value of any other assets over which the Company or any Obligor has
granted Security not allowed under the preceding sub-paragraphs) does not
exceed an amount equal to five per cent of the Company’s consolidated assets,
as calculated by reference to the most recently consolidated audited financial
statements provided by the Company pursuant to Clause 19.1 (Financial
Statements).

	21.5	 	Disposals

	 	(a)	 	No Obligor shall, without the consent of the Majority Lenders (and the Company
shall ensure that no other member of the Group will), enter into a single transaction
or a series of transactions (whether related or not) and whether voluntary or
involuntary to sell, lease, transfer or otherwise dispose of any asset.

	 	(b)	 	Paragraph (a) above does not apply to any sale, lease, transfer or other
disposal:

	 	(i)	 	made in the ordinary course of trading of the disposing entity;

	 	(ii)	 	of assets in exchange for other assets comparable or superior as to
type, value and quality; or

	 	(iii)	 	where the book value of the assets (when aggregated with the book
value of the assets for any other sale, lease, transfer or other disposal by
the Group, other than any permitted under paragraphs (i) to (ii) above) does
not exceed five per cent of the consolidated total assets of the Group.

	21.6	 	Merger

	 	(a)	 	No Obligor shall (and the Company shall ensure that no other member of the
Group will), enter into any amalgamation, demerger, merger or corporate reconstruction
and no Russian Obligor shall enter into any Russian Corporate Reorganisation.

	 	(b)	 	Paragraph (a) shall not apply to any intra-Group reorganisation on a solvent
basis, provided that to the extent that such reorganisation involves one or more
Obligors, an Obligor is the surviving entity and remains responsible for all the
obligations under the Finance Documents of the Obligors involved in such
reorganisation.

	21.7	 	Change of business

No Obligor shall, without the consent of the Majority Lenders, cease to carry on the
primary business carried on at the date of this Agreement or shall make any substantial
change to the general nature of its business from that carried on at the date of this
Agreement.

	21.8	 	Insurance

Each Obligor shall maintain insurances on and in relation to its business and assets
with reputable underwriters or insurance companies against those risks and to the extent as
is usual for companies carrying on the same or substantially similar business in the
relevant jurisdiction.

	21.9	 	Environmental Compliance

Each Obligor shall comply in all material respects with all Environmental Law and
obtain and maintain any Environmental Permits where failure to do so might reasonably be
expected to have a Material Adverse Effect.

	21.10	 	Environmental Claims

Each Obligor shall inform the Agent in writing as soon as reasonably practicable upon
becoming aware of the same if any Environmental Claim has been commenced or (to its
knowledge) is threatened against it, where the claim might reasonably be expected, if
determined against it, to have a Material Adverse Effect.

	21.11	 	Taxation

Each Obligor shall duly and punctually pay and discharge all Taxes imposed upon it or
its assets within the time period allowed without incurring penalties (save to the extent
that (i) payment is being contested in good faith by appropriate proceedings that are
reasonably likely to succeed, (ii) adequate reserves are being maintained for those Taxes
and (iii) where such payment can be lawfully withheld).

	21.12	 	Notification of Tax claims

Each Obligor shall immediately disclose to the Agent any Tax arrears or claims, which
are of a material amount, together (in each case) with details of the steps (if any) being
taken to contest such liabilities or of the efforts (if any) to negotiate a settlement of
such liabilities with the relevant Tax authorities.

	21.13	 	Acquisitions

No Obligor shall, without the consent of the Majority Lenders (and the Company shall
ensure that no other member of the Group will) acquire any company, business, assets or
undertaking unless (a) any such acquisition is within the industry of telecommunications and
media and (b) the aggregate consideration payable in respect of any such acquisition does
not exceed the greater of (i) US$75,000,000 (seventy five million dollars) (or its
equivalent in other currencies) or (ii) five per cent of the market capitalisation of the
Company except for the planned transaction whereby it is contemplated that the Company or
one of its Subsidiaries will receive 51% ownership in ZAO Cortec and its wholly-owned
Subsidiaries ZAO Investelektrosvyaz, ZAO Kabelstroy and other Subsidiaries (jointly doing
business as the Corbina Telecom Group) in exchange for an issue of approximately 8% of the
Company’s shares calculated on a post-acquisition basis and approximately US$10,000,000 in
cash.

	21.14	 	Loans and Guarantees

Save for (a) any guarantee or indemnity granted by any member of the Reporting Group in
respect of any obligation of any other member of the Reporting Group up to a maximum
aggregate amount for the Reporting Group of US$ 50,000,000 (fifty million dollars), and (b)
any loan, credit, guarantee or indemnity granted by any member of the Reporting Group to any
other member of the Reporting Group, no Obligor shall (and the Company shall ensure that no
other member of the Group will) make any loans, grant any credit (save in the ordinary
course of business) or give any guarantee or indemnity (except as required under any of the
Finance Documents) to or for the benefit of any person or otherwise voluntarily assume any
liability, whether actual or contingent, in respect of any obligation of any person.

	21.15	 	Access

To the extent permitted by any applicable law, each Obligor shall, and the Company
shall ensure that each member of the Group will permit, at the request of the Agent (for
itself and/or accountants or other professional advisers and contractors of the Agent), full
access on reasonable notice at the risk and cost of the Obligor to premises, assets, books,
accounts and records of each member of the Group.

	21.16	 	Pari Passu

Each Borrower shall procure that its payment obligations under the Finance Documents
rank at least pari passu with the claims of all its other unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law.

	21.17	 	Compliance with ERISA

No Obligor will, without the consent of the Majority Lenders, establish, become party
to or incur any liability under any employee benefit plan of the type referred to in Clause
18.21 (ERISA and Multiemployer Plans).

	 	 	 
	21.18	 	Federal Reserve Regulations
	21.19

	 	Each U.S. Borrower will use the Facilities without violating Regulations T, U and X.

Compliance with U.S. Regulations

No Obligor shall (and the Company shall ensure that no other member of the Group will)
become an “investment company,” or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company,” as such terms are defined in the 1940 Act.
Neither the making of any Loan, or the application of the proceeds or repayment of any Loan
by any Obligor nor the consummation of the other transactions contemplated by this agreement
will violate any provision of such act or any rule, regulation or order of the SEC under the
1940 Act.

	21.20	 	Anti-Money Laundering

Each Obligor will use commercially reasonable efforts to ensure that no funds used to
pay the obligations under the Finance Documents are derived from any unlawful activity.

	21.21	 	Russian signatories

Each Russian Obligor shall ensure that:

	 	(a)	 	any amendment to or waiver of any provision of any Finance Document; and

	 	(b)	 	any other document or notice executed by it under or in connection with the
Finance Documents that, in the opinion of the Agent, contains financial or credit
obligations of it,

includes the signature of its Chief Accountant.

	22.	 	EVENTS OF DEFAULT

	 	 	 
	22.1

	 	Each of the events or circumstances set out in Clause 22 is an Event of Default.

Non-payment

An Obligor does not pay on the due date any amount payable pursuant to a Finance
Document at the place at and in the currency in which it is expressed to be payable unless:

	 	(a)	 	its failure to pay is caused by administrative or technical error; and

	 	(b)	 	payment is made within five Business Days of its due date.

	 	 	 
	22.2	 	Financial covenants
	22.3

	 	Any requirement of Clause 20 (Financial covenants) is not satisfied.

Other obligations

	 	(a)	 	An Obligor does not comply with any provision of the Finance Documents (other
than those referred to in Clause 22.1 (Non-payment) and Clause 22.2 (Financial
covenants).

	 	(b)	 	No Event of Default under paragraph (a) above will occur if the failure to
comply is capable of remedy and is remedied within twenty one Business Days of the
earlier of the Agent giving notice to the Company or the Company becoming aware of the
failure to comply.

	22.4	 	Misrepresentation

	 	(a)	 	Any representation or statement made or repeated by an Obligor in the Finance
Documents or any other document delivered by or on behalf of any Obligor under or in
connection with any Finance Document is or proves to have been incorrect or misleading
in any material respect when made or repeated.

	 	(b)	 	No Event of Default under paragraph (a) above will occur if the underlying
circumstances are capable of remedy and are remedied within twenty one Business Days of
the earlier of the Agent giving notice to the Company or the Company becoming aware of
the incorrect or misleading representation or statement.

	22.5	 	Cross default

	 	(a)	 	Any Financial Indebtedness of any member of the Group is not paid when due nor
within any originally applicable grace period.

	 	(b)	 	Any Financial Indebtedness of any member of the Group is declared to be or
otherwise becomes due and payable prior to its specified maturity as a result of an
event of default (however described).

	 	(c)	 	Any commitment for any Financial Indebtedness of any member of the Group is
cancelled or suspended by a creditor of any member of the Group as a result of an event
of default (however described).

	 	(d)	 	Any creditor of any member of the Group becomes entitled to declare any
Financial Indebtedness of any member of the Group due and payable prior to its
specified maturity as a result of an event of default (however described) and (if
capable of being remedied) such event has not been waived or remedied within 10
Business Days.

	 	(e)	 	No Event of Default will occur under this Clause 22.5 if the aggregate amount
of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (d) above is less than US$ 15,000,000 (fifteen million dollars) (or
its equivalent in any other currency or currencies).

	22.6	 	Insolvency

	 	(a)	 	A member of the Group is unable or admits inability to pay its debts as they
fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties, commences negotiations with one or more of its
creditors with a view to rescheduling any of its indebtedness.

	 	(b)	 	The value of the assets of any member of the Group is less than its liabilities
(taking into account contingent and prospective liabilities).

	 	(c)	 	A moratorium is declared in respect of any indebtedness of any member of the
Group.

	 	(d)	 	In relation to any member of the Group incorporated under the laws of the
Russian Federation, a Russian Insolvency Test is satisfied.

	 	(e)	 	Any member of the Group in any U.S. jurisdiction:

	 	(i)	 	applies for, or consents to, the appointment of, or the taking of
possession by, a receiver, custodian, trustee, examiner or liquidator of
itself or of all or a substantial part of its property;

	 	(ii)	 	makes a general assignment for the benefit of its creditors;

	 	(iii)	 	commences a voluntary case under Title 11 of the United States of
America Code entitled Bankruptcy (or any successor thereof), as amended;

	 	(iv)	 	files a petition with respect to itself seeking to take advantage of
any other law relating to bankruptcy, insolvency, reorganisation, liquidation,
dissolution, arrangement or winding up, or composition or readjustment of
debts; or

	 	(v)	 	takes any corporate action for the purpose of effecting any of the
foregoing with respect to itself.

	 	(f)	 	Any member of the Group satisfies any legal test entitling or requiring that
entity, a creditor of that entity or any other person to petition or take any other
step for its insolvency under any applicable law.

	22.7	 	Insolvency proceedings

	 	(a)	 	Any corporate action, legal proceedings or other procedure or step is taken in
relation to:

	 	(i)	 	the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise) of any member of the Group
other than a solvent liquidation or reorganisation of any member of the Group
which is not an Obligor;

	 	(ii)	 	a composition, compromise, assignment or arrangement with any
creditor of any member of the Group; or

	 	(iii)	 	the appointment of a liquidator (other than in respect of a solvent
liquidation of a member of the Group which is not an Obligor), receiver,
administrative receiver, administrator, compulsory manager or other similar
officer in respect of any member of the Group or any of its assets,

or any analogous procedure or step is taken in any jurisdiction.

	 	(b)	 	In respect of any U.S. Obligor or any other member of the Group, a proceeding
or case shall be commenced, without the application or consent of such entity, in any
US court of competent jurisdiction, seeking:

	 	(i)	 	its reorganisation, liquidation, dissolution, arrangement or
winding-up or the composition or readjustment of its debts;

	 	(ii)	 	the appointment of a receiver, custodian, trustee, examiner,
liquidator or the like of the Obligor or of all or any substantial part of its
property; or

	 	(iii)	 	similar relief in respect of any Obligor or any other member of the
Group under any law relating to the bankruptcy insolvency, reorganisation,
winding-up or composition or adjustment of debts,

and any such proceeding or case referred to in paragraphs (i)-(iii) above shall
continue undismissed, or an order, judgment or decree approving or ordering any of
the foregoing shall be entered and continue unstayed and in effect, for a period of
21 or more days, or an order for relief against such entity shall be entered in an
involuntary case under Title 11 of the United States of America Code entitled
Bankruptcy (or any successor thereto) as amended.

	 	(c)	 	In respect of any Russian Obligor or any other member of the Group incorporated
under the laws of the Russian Federation, any Russian Insolvency Proceeding has
occurred and (only in the case of proceedings described in (a), (where the presentation
or filing of a petition is made by a third party) (c), (f) and (g) and of the
definition “Russian Insolvency Procedings”) has continued undismissed for a period of
30 or more days.

	22.8	 	Creditors’ process

Any enforcement of any Security, expropriation, attachment, sequestration, distress or
execution affects any asset or assets of any member of the Group having an aggregate value
of more than US$ 5,000,000 (five million dollars) and is not discharged within thirty days.

	22.9	 	Analogous Proceedings

Any event occurs which under the laws of any relevant jurisdiction has a similar or
analogous effect to any of those mentioned in Clause 22.6 (Insolvency), 22.7 (Insolvency
Proceedings) and 22.8 (Creditor’s Process).

	22.10	 	Ownership of the Obligors

An Obligor (other than the Company) is not or ceases to be a wholly-owned Subsidiary of
the Company.

	22.11	 	Corporate Reorganisation

Any Obligor:

	 	(a)	 	undertakes any corporate or constitutive reorganisation, arrangement or
restructuring or, in relation to any Russian Obligor, a Russian Corporate
Reorganisation; or

	 	(b)	 	amends its constitutional documents; or

	 	(c)	 	changes or procures a change in its capital structure (including the issue of
new shares, the division of existing shares or an alteration in the rights attaching to
the shares),

in each case in a manner or to an extent which might reasonably be expected to have a
Material Adverse Effect.

	22.12	 	Unlawfulness

It is or becomes unlawful for an Obligor to perform any of its obligations under the
Finance Documents.

	22.13	 	Repudiation

An Obligor repudiates or rescinds a Finance Document or evidences an intention to
repudiate or rescind a Finance Document.

	22.14	 	Convertibility/transferability

	 	(a)	 	Any foreign exchange law is enacted or introduced in Russia that (in the
opinion of the Majority Lenders) will have the effect for any Russian Obligor such that
it would not to be able to make any payment on its due date pursuant to the terms of
any of the Finance Documents.

	 	(b)	 	A moratorium is called:

	 	(i)	 	 on the payment of interest or repayment of principal on external
indebtedness (being any indebtedness that is or may become payable in a
currency other than roubles and/or that is owed to a creditor resident outside
the Russian Federation) of Russian borrowers generally or a class thereof to
which any Russian Obligor belongs; or

	 	(ii)	 	on payments under guarantees of or pursuant to enforcement of
Security for such external indebtedness by Russian entities generally or a
class thereof to which any Russian Obligor belongs,

and such moratorium, in the opinion of the Majority Lenders, might reasonably
expected to have a Material Adverse Effect.

	 	(c)	 	Any action, event or circumstance occurs or might reasonably be expected to
occur that (in the opinion of the Majority Lenders, acting reasonably):

	 	(i)	 	has the effect of materially hindering, limiting or restricting:

	 	(A)	 	the convertibility of roubles into dollars or any other
international currency for the purpose of servicing Financial
Indebtedness; or

	 	(B)	 	the transfer of dollars or any other currency (other than
roubles) from the Russian Federation to other countries (including,
without limitation, by way of any delays or discriminatory rates of
exchange) for the purposes of servicing Financial Indebtedness; or

	 	(d)	 	results in the unavailability of dollars or any other international currency
(for the purpose of servicing Financial Indebtedness) in the interbank foreign exchange
market located in the Russian Federation in accordance with normal commercial practice
existing as at the date of this Agreement.

	22.15	 	Political and economic risk

A deterioration occurs in the political or economic situation generally in Russia, or
an act of war or hostilities, invasion, armed conflict or act of foreign enemy, revolution,
insurrection, insurgency occurs in or involving Russia, unless (in any such case), the
Obligors can establish to the continuing reasonable satisfaction of the Majority Lenders
that this does not and will not have a Material Adverse Effect.

	22.16	 	Audit Qualification

The auditors of any Obligor qualify in any material respect the audited annual
consolidated financial statements of the Reporting Group, in respect of the Company, or the
financial statements of any Obligor, in respect of any Obligor other than the Company, so as
to cast doubt on their accuracy, or on the viability of the relevant company to continue as
a going concern or otherwise in a manner which the Majority Lenders reasonably believe might
reasonably be expected to have a Material Adverse Effect.

	22.17	 	Material adverse change

Any event or circumstance occurs which the Majority Lenders reasonably believe might
reasonably be expected to have a Material Adverse Effect.

	22.18	 	Litigation

Any litigation, arbitration or administrative proceeding is commenced or pending
against any Obligor which, if adversely determined, the Majority Lenders reasonably believe
might reasonably be expected to have a Material Adverse Effect.

	22.19	 	Failure to comply with Final Judgment

	 	(a)	 	Any Obligor or any member of the Group fails to comply with or pay any sum due
from it or them under any judgement (the effect of which cannot be suspended by the
exercise of any right of appeal) or any final judgment or any final order made or given
by any court or arbitral body of competent jurisdiction when such sums exceed US$
5,000,000 (five million dollars) (or its equivalent) in aggregate at any time.

	 	(b)	 	Any judgement or order, made or given by any court of competent jurisdiction,
which gives rise to a payment obligation in an amount exceeding US$ 25,000,000 (twenty
five million dollars) (unless the obligation to make such payment can be suspended and
is suspended by the exercise of a right of appeal), enters into force against any
Obligor or any member of the Group and is not immediately stayed by further order of
the court.

	22.20	 	Acceleration

On and at any time after the occurrence of an Event of Default which is continuing the
Agent may, and shall if so directed by the Majority Lenders, by notice to the Company:

	 	(a)	 	cancel the Total Commitments whereupon they shall immediately be cancelled;

	 	(b)	 	declare that all or part of the Loans, together with accrued interest, and all
other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; and/or

	 	(c)	 	declare that all or part of the Loans be payable on demand, whereupon they
shall immediately become payable on demand by the Agent on the instructions of the
Majority Lenders,

but, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in
Clause 22.6 (Insolvency) and Clause 22.7 (Insolvency proceedings), then without notice to
such Obligor or any other act by the Agent or any other person, the Loans to such Obligor,
interest thereon and all other amounts owed by such Obligor under the Finance Documents
shall become immediately due and payable without presentment, demand, protest or notice of
any kind, all of which are expressly waived.

9

SECTION 9

CHANGES TO PARTIES

	23.	 	CHANGES TO THE LENDERS

	23.1	 	Assignments and transfers by the Lenders

Subject to this Clause 23, a Lender (the “Existing Lender”) may:

	 	(a)	 	assign any of its rights; or

	 	(b)	 	transfer by novation any of its rights and obligations,

to another bank or financial institution or to a trust, fund or other entity which is
regularly engaged in or established for the purpose of making, purchasing or investing in
loans, securities or other financial assets (the “New Lender”).

	23.2	 	Conditions of assignment or transfer

	 	(a)	 	The consent of the Company is required for an assignment or transfer by a
Lender, unless (i) assignment or transfer is to another Lender or an Affiliate of a
Lender or (ii) an Event of Default is continuing.

	 	(b)	 	The consent of the Company to an assignment or transfer must not be
unreasonably withheld or delayed. The Company will be deemed to have given its consent
five Business Days after the Lender has requested it unless consent is expressly
refused by the Company within that time.

	 	(c)	 	The consent of the Company to an assignment or transfer must not be withheld
solely because the assignment or transfer may result in an increase to the Mandatory
Cost.

	 	(d)	 	An assignment will only be effective on:

	 	(i)	 	receipt by the Agent of written confirmation from the New Lender (in
form and substance satisfactory to the Agent) that the New Lender will assume
the same obligations to the other Finance Parties as it would have been under
if it was an Original Lender; and

	 	(ii)	 	performance by the Agent of all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to
such assignment to a New Lender, the completion of which the Agent shall
promptly notify to the Existing Lender and the New Lender.

	 	(e)	 	A transfer will only be effective if the procedure set out in Clause 23.5
(Procedure for transfer) is complied with.

	 	(f)	 	If:

	 	(i)	 	a Lender assigns or transfers any of its rights or obligations under
the Finance Documents or changes its Facility Office; and

	 	(ii)	 	as a result of circumstances existing at the date the assignment,
transfer or change occurs, an Obligor would be obliged to make a payment to
the New Lender or Lender acting through its new Facility Office under Clause
12 (Tax gross-up and indemnities) or Clause 13 (Increased costs),

then the New Lender or Lender acting through its new Facility Office is only
entitled to receive payment under those Clauses to the same extent as the Existing
Lender or Lender acting through its previous Facility Office would have been if the
assignment, transfer or change had not occurred.

	23.3	 	Assignment or transfer fee

The New Lender shall, on the date upon which an assignment or transfer takes effect,
pay to the Agent (for its own account) a fee of US$2,500 (two thousands five hundred
dollars), except if the New Lender is an Affiliate of the Existing Lender.

	23.4	 	Limitation of responsibility of Existing Lenders

	 	(a)	 	Unless expressly agreed to the contrary, an Existing Lender makes no
representation or warranty and assumes no responsibility to a New Lender for:

	 	(i)	 	the legality, validity, effectiveness, adequacy or enforceability of
the Finance Documents or any other documents;

	 	(ii)	 	the financial condition of any Obligor;

	 	(iii)	 	the performance and observance by any Obligor of its obligations
under the Finance Documents or any other documents; or

	 	(iv)	 	the accuracy of any statements (whether written or oral) made in or
in connection with any Finance Document or any other document,

and any representations or warranties implied by law are excluded.

	 	(b)	 	Each New Lender confirms to the Existing Lender and the other Finance Parties
that it:

	 	(i)	 	has made (and shall continue to make) its own independent
investigation and assessment of the financial condition and affairs of each
Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by
the Existing Lender in connection with any Finance Document; and

	 	(ii)	 	will continue to make its own independent appraisal of the
creditworthiness of each Obligor and its related entities whilst any amount is
or may be outstanding under the Finance Documents or any Commitment is in
force.

	 	(c)	 	Nothing in any Finance Document obliges an Existing Lender to:

	 	(i)	 	accept a re-transfer from a New Lender of any of the rights and
obligations assigned or transferred under this Clause 23; or

	 	(ii)	 	support any losses directly or indirectly incurred by the New Lender
by reason of the non-performance by any Obligor of its obligations under the
Finance Documents or otherwise.

	23.5	 	Procedure for transfer

	 	(a)	 	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or
transfer) a transfer is effected in accordance with paragraph (c) below when the Agent
executes an otherwise duly completed Transfer Certificate delivered to it by the
Existing Lender and the New Lender and the Agent makes a corresponding entry in the
Register pursuant to Clause 23.9 (The Register). The Agent shall subject to paragraph
(b) below, as soon as reasonably practicable after receipt by it of a duly completed
Transfer Certificate appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that Transfer
Certificate and make such corresponding entry in the Register.

	 	(b)	 	The Agent shall only be obliged to execute a Transfer Certificate delivered to
it by the Existing Lender and the New Lender and make such corresponding entry in the
Register once it is satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations in relation to the
transfer to such New Lender.

	 	(c)	 	On the Transfer Date:

	 	(i)	 	to the extent that in the Transfer Certificate the Existing Lender
seeks to transfer by novation its rights and obligations under the Finance
Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their
respective rights against one another under the Finance Documents shall be
cancelled (being the “Discharged Rights and Obligations”);

	 	(ii)	 	each of the Obligors and the New Lender shall assume obligations
towards one another and/or acquire rights against one another which differ
from the Discharged Rights and Obligations only insofar as that Obligor and
the New Lender have assumed and/or acquired the same in place of that Obligor
and the Existing Lender;

	 	(iii)	 	the Agent, the Arranger, the New Lender and other Lenders shall
acquire the same rights and assume the same obligations between themselves as
they would have acquired and assumed had the New Lender been an Original
Lender with the rights and/or obligations acquired or assumed by it as a
result of the transfer and to that extent the Agent, the Arranger and the
Existing Lender shall each be released from further obligations to each other
under the Finance Documents; and

	 	(iv)	 	the New Lender shall become a Party as a “Lender”.

	23.6	 	Copy of Transfer Certificate to Company

The Agent shall, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Company a copy of that Transfer Certificate.

	23.7	 	Disclosure of information

Any Lender may disclose to any of its Affiliates and any other person:

	 	(a)	 	to (or through) whom that Lender assigns or transfers (or may potentially
assign or transfer) all or any of its rights and obligations under this Agreement;

	 	(b)	 	with (or through) whom that Lender enters into (or may potentially enter into)
any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, this Agreement or any Obligor; or

	 	(c)	 	to whom, and to the extent that, information is required to be disclosed by any
applicable law or regulation,

any information about any Obligor, the Group and the Finance Documents as that Lender shall
consider appropriate if, in relation to paragraphs (a) and (b) above, the person to whom the
information is to be given has entered into a Confidentiality Undertaking.

	23.8	 	Assignment to Federal Reserve Bank

Any Lender may at any time pledge or assign a security interest in all or any portion
of its rights under this Agreement, without notice to or consent of any Party, to any U.S.
Federal Reserve Bank provided that (i) no Lender shall be relieved of any of its obligations
under this Agreement as a result of any such assignment and pledge and (ii) in no event
shall such U.S. Federal Reserve Bank be considered to be a “Lender” or be entitled to
require the assigning Lender to take or omit to take any action under this Agreement.

	23.9	 	The Register

For U.S. federal income tax purposes only, the Agent, acting solely for this purpose as
an agent of the Obligors, shall maintain at one of its offices a copy of each Transfer
Certificate delivered to it and a register (the “Register”) for the recordation of the names
and addresses of each Lender and the Commitments of and obligations owing to each Lender.
Without limitation of any other provision of this Clause 23 (Changes to the Lenders), no
transfer shall be effective until recorded in the Register. The entries in the Register
shall be conclusive absent manifest error and each Obligor, the Agent and each Lender may
treat each person whose name is recorded in the Register as a Lender notwithstanding any
notice to the contrary. The Register shall be available for inspection by each Obligor at
any reasonable time and from time to time upon reasonable prior notice.

	24.	 	CHANGES TO THE OBLIGORS

	24.1	 	Assignments and transfers by Obligors

No Obligor may assign any of its rights or transfer any of its rights or obligations
under the Finance Documents.

	24.2	 	Additional Borrowers

	 	(a)	 	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause
19.7 (“Know your customer” checks), the Company may request that any of its wholly
owned Subsidiaries becomes an Additional Borrower. That Subsidiary shall become an
Additional Borrower if:

	 	(i)	 	all the Lenders approve the addition of that Subsidiary;

	 	(ii)	 	the Company delivers to the Agent a duly completed and executed
Accession Letter;

	 	(iii)	 	the Company confirms that no Default is continuing or would occur as
a result of that Subsidiary becoming an Additional Borrower; and

	 	(iv)	 	the Agent has received all of the documents and other evidence listed
in Part II of Schedule 2 (Conditions precedent) in relation to that Additional
Borrower, each in form and substance satisfactory to the Agent.

	 	(b)	 	The Agent shall notify the Company and the Lenders promptly upon being
satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in Part II of Schedule 2 (Conditions precedent).

	24.3	 	Resignation of a Borrower

	 	(a)	 	The Company may request that a Borrower (other than the Company) ceases to be a
Borrower by delivering to the Agent a Resignation Letter.

	 	(b)	 	The Agent shall accept a Resignation Letter and notify the Company and the
Lenders of its acceptance if:

	 	(i)	 	no Default is continuing or would result from the acceptance of the
Resignation Letter (and the Company has confirmed this is the case); and

	 	(ii)	 	the Borrower is under no actual or contingent obligations as a
Borrower under any Finance Documents,

whereupon that company shall cease to be a Borrower and shall have no further rights or
obligations under the Finance Documents.

It being specified, for the avoidance of doubt, that if a company ceases to be a Borrower in
accordance with this Clause 24.3, it will remain a Guarantor under this Agreement unless it
has ceased to be a Guarantor in accordance with the terms of Clause 24.6 (Resignation of a
Guarantor).

	24.4	 	Additional Guarantors

	 	(a)	 	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause
19.7 (“Know your customer” checks), the Company may request that any of its wholly
owned Subsidiaries become an Additional Guarantor. That Subsidiary shall become an
Additional Guarantor if:

	 	(i)	 	the Company delivers to the Agent a duly completed and executed
Accession Letter; and

	 	(ii)	 	the Agent has received all of the documents and other evidence listed
in Part II of Schedule 2 (Conditions precedent) in relation to that Additional
Guarantor, each in form and substance satisfactory to the Agent.

	 	(b)	 	The Agent shall notify the Company and the Lenders promptly upon being
satisfied that it has received (in form and substance satisfactory to it) all the
documents and other evidence listed in Part II of Schedule 2 (Conditions precedent).

	24.5	 	Repetition of Representations

Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary
that the Repeating Representations are true and correct in all material respects in relation
to it as at the date of delivery as if made by reference to the facts and circumstances then
existing.

	24.6	 	Resignation of a Guarantor

	 	(a)	 	The Company may request that a Guarantor (other than the Company) ceases to be
a Guarantor by delivering to the Agent a Resignation Letter.

	 	(b)	 	The Agent shall accept a Resignation Letter and notify the Company and the
Lenders of its acceptance if:

	 	(i)	 	no Default is continuing or would result from the acceptance of the
Resignation Letter (and the Company has confirmed this is the case); and

	 	(ii)	 	all the Lenders have consented to the Company’s request.

10

SECTION 10

THE FINANCE PARTIES

	25.	 	ROLE OF THE AGENT AND THE ARRANGER

	25.1	 	Appointment of the Agent

	 	(a)	 	Each other Finance Party appoints the Agent to act as its agent under and in
connection with the Finance Documents.

	 	(b)	 	Each other Finance Party authorises the Agent to exercise the rights, powers,
authorities and discretions specifically given to the Agent under or in connection with
the Finance Documents together with any other incidental rights, powers, authorities
and discretions.

	25.2	 	Duties of the Agent

	 	(a)	 	The Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Agent for that Party by any other Party.

	 	(b)	 	Except where a Finance Document specifically provides otherwise, the Agent is
not obliged to review or check the adequacy, accuracy or completeness of any document
it forwards to another Party.

	 	(c)	 	If the Agent receives notice from a Party referring to this Agreement,
describing a Default and stating that the circumstance described is a Default, it shall
promptly notify the other Finance Parties.

	 	(d)	 	If the Agent is aware of the non-payment of any principal, interest, commitment
fee or other fee payable to a Finance Party (other than the Agent or the Arranger)
under this Agreement it shall promptly notify the other Finance Parties.

	 	(e)	 	The Agent’s duties under the Finance Documents are solely mechanical and
administrative in nature.

	25.3	 	Role of the Arranger

Except as specifically provided in the Finance Documents, the Arranger has no
obligations of any kind to any other Party under or in connection with any Finance Document.

	25.4	 	No fiduciary duties

	 	(a)	 	Nothing in this Agreement constitutes the Agent or the Arranger as a trustee or
fiduciary of any other person.

	 	(b)	 	Neither the Agent nor the Arranger shall be bound to account to any Lender for
any sum or the profit element of any sum received by it for its own account.

	25.5	 	Business with the Group

The Agent and the Arranger may accept deposits from, lend money to and generally engage
in any kind of banking or other business with any member of the Group.

	25.6	 	Rights and discretions of the Agent

	 	(a)	 	The Agent may rely on:

	 	(i)	 	any representation, notice or document believed by it to be genuine,
correct and appropriately authorised; and

	 	(ii)	 	any statement made by a director, authorised signatory or employee of
any person regarding any matters which may reasonably be assumed to be within
his knowledge or within his power to verify.

	 	(b)	 	The Agent may assume (unless it has received notice to the contrary in its
capacity as agent for the Lenders) that:

	 	(i)	 	no Default has occurred (unless it has actual knowledge of a Default
arising under Clause 22.1 (Non-payment));

	 	(ii)	 	any right, power, authority or discretion vested in any Party or the
Majority Lenders has not been exercised; and

	 	(iii)	 	any notice or request made by the Company (other than a Utilisation
Request) is made on behalf of and with the consent and knowledge of all the
Obligors.

	 	(c)	 	The Agent may engage, pay for and rely on the advice or services of any
lawyers, accountants, surveyors or other experts.

	 	(d)	 	The Agent may act in relation to the Finance Documents through its personnel
and agents.

	 	(e)	 	The Agent may disclose to any other Party any information it reasonably
believes it has received as agent under this Agreement.

	 	(f)	 	Notwithstanding any other provision of any Finance Document to the contrary,
neither the Agent nor the Arranger is obliged to do or omit to do anything if it would
or might in its reasonable opinion constitute a breach of any law or regulation or a
breach of a fiduciary duty or duty of confidentiality.

	25.7	 	Majority Lenders’ instructions

	 	(a)	 	Unless a contrary indication appears in a Finance Document, the Agent shall (i)
exercise any right, power, authority or discretion vested in it as Agent in accordance
with any instructions given to it by the Majority Lenders (or, if so instructed by the
Majority Lenders, refrain from exercising any right, power, authority or discretion
vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts (or
refrains from taking any action) in accordance with an instruction of the Majority
Lenders.

	 	(b)	 	Unless a contrary indication appears in a Finance Document, any instructions
given by the Majority Lenders will be binding on all the Finance Parties.

	 	(c)	 	The Agent may refrain from acting in accordance with the instructions of the
Majority Lenders (or, if appropriate, the Lenders) until it has received such security
as it may require for any cost, loss or liability (together with any associated VAT)
which it may incur in complying with the instructions.

	 	(d)	 	In the absence of instructions from the Majority Lenders, (or, if appropriate,
the Lenders) the Agent may act (or refrain from taking action) as it considers to be in
the best interest of the Lenders.

	 	(e)	 	The Agent is not authorised to act on behalf of a Lender (without first
obtaining that Lender’s consent) in any legal or arbitration proceedings relating to
any Finance Document.

	25.8	 	Responsibility for documentation

Neither the Agent nor the Arranger:

	 	(a)	 	is responsible for the adequacy, accuracy and/or completeness of any
information (whether oral or written) supplied by the Agent, the Arranger, an Obligor
or any other person given in or in connection with any Finance Document or the
Information Memorandum; or

	 	(b)	 	is responsible for the legality, validity, effectiveness, adequacy or
enforceability of any Finance Document or any other agreement, arrangement or document
entered into, made or executed in anticipation of or in connection with any Finance
Document.

	25.9	 	Exclusion of liability

	 	(a)	 	Without limiting paragraph (b) below, the Agent will not be liable for any
action taken by it under or in connection with any Finance Document, unless directly
caused by its gross negligence or wilful misconduct.

	 	(b)	 	No Party (other than the Agent) may take any proceedings against any officer,
employee or agent of the Agent in respect of any claim it might have against the Agent
or in respect of any act or omission of any kind by that officer, employee or agent in
relation to any Finance Document and any officer, employee or agent of the Agent may
rely on this Clause subject to Clause 1.4 (Third Party Rights) and the provisions of
the Third Parties Act.

	 	(c)	 	The Agent will not be liable for any delay (or any related consequences) in
crediting an account with an amount required under the Finance Documents to be paid by
the Agent if the Agent has taken all necessary steps as soon as reasonably practicable
to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by the Agent for that purpose.

	 	(d)	 	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out
any “know your customer” or other checks in relation to any person on behalf of any
Lender and each Lender confirms to the Agent and the Arranger that it is solely
responsible for any such checks it is required to carry out and that it may not rely on
any statement in relation to such checks made by the Agent or the Arranger.

	25.10	 	Lenders’ indemnity to the Agent

Each Lender shall (in proportion to its share of the Total Commitments or, if the Total
Commitments are then zero, to its share of the Total Commitments immediately prior to their
reduction to zero) indemnify the Agent, within three Business Days of demand, against any
cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’s gross
negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the
Agent has been reimbursed by an Obligor pursuant to a Finance Document).

	25.11	 	Resignation of the Agent

	 	(a)	 	The Agent may resign and appoint one of its Affiliates acting through an office
in the United Kingdom as successor by giving notice to the other Finance Parties and
the Company.

	 	(b)	 	Alternatively the Agent may resign by giving notice to the other Finance
Parties and the Company, in which case the Majority Lenders (after agreement with the
Company acting reasonably) may appoint a successor Agent acting through an office in
the United Kingdom.

	 	(c)	 	If the Majority Lenders have not appointed a successor Agent in accordance with
paragraph (b) above within 30 days after notice of resignation was given, the Agent
(after agreement with the Company, acting reasonably) may appoint a successor Agent
(acting through an office in the United Kingdom).

	 	(d)	 	The retiring Agent shall, at its own cost, make available to the successor
Agent such documents and records and provide such assistance as the successor Agent may
reasonably request for the purposes of performing its functions as Agent under the
Finance Documents.

	 	(e)	 	The Agent’s resignation notice shall only take effect upon the appointment of a
successor.

	 	(f)	 	Upon the appointment of a successor, the retiring Agent shall be discharged
from any further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 25. Its successor and each of the other Parties
shall have the same rights and obligations amongst themselves as they would have had if
such successor had been an original Party.

	 	(g)	 	After consultation with the Company, the Majority Lenders may, by notice to the
Agent, require it to resign in accordance with paragraph (b) above. In this event, the
Agent shall resign in accordance with paragraph (b) above.

	25.12	 	Confidentiality

	 	(a)	 	In acting as agent for the Finance Parties, the Agent shall be regarded as
acting through its agency division which shall be treated as a separate entity from any
other of its divisions or departments.

	 	(b)	 	If information is received by another division or department of the Agent, it
may be treated as confidential to that division or department and the Agent shall not
be deemed to have notice of it.

	25.13	 	Relationship with the Lenders

	 	(a)	 	The Agent may treat each Lender as a Lender, entitled to payments under this
Agreement and acting through its Facility Office unless it has received not less than
five Business Days prior notice from that Lender to the contrary in accordance with the
terms of this Agreement.

	 	(b)	 	Each Lender shall supply the Agent with any information required by the Agent
in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost
formulae).

	25.14	 	Credit appraisal by the Lenders

Without affecting the responsibility of any Obligor for information supplied by it or
on its behalf in connection with any Finance Document, each Lender confirms to the Agent and
the Arranger that it has been, and will continue to be, solely responsible for making its
own independent appraisal and investigation of all risks arising under or in connection with
any Finance Document including but not limited to:

	 	(a)	 	the financial condition, status and nature of each member of the Group;

	 	(b)	 	the legality, validity, effectiveness, adequacy or enforceability of any
Finance Document and any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document;

	 	(c)	 	whether that Lender has recourse, and the nature and extent of that recourse,
against any Party or any of its respective assets under or in connection with any
Finance Document, the transactions contemplated by the Finance Documents or any other
agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document; and

	 	(d)	 	the adequacy, accuracy and/or completeness of the Information Memorandum and
any other information provided by the Agent, any Party or by any other person under or
in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document.

	25.15	 	Reference Banks

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is
an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Company)
appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

	25.16	 	Agent’s Management Time

Any amount payable to the Agent under Clause 14.3 (Indemnity to the Agent), Clause 16
(Costs and expenses) and Clause 25.10 (Lenders’ indemnity to the Agent) shall include the
cost of utilising the Agent’s management time or other resources and will be calculated on
the basis of such reasonable daily or hourly rates as the Agent may notify to the Company
and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11
(Fees).

	25.17	 	Deduction from amounts payable by the Agent

If any Party owes an amount to the Agent under the Finance Documents the Agent may,
after giving notice to that Party, deduct an amount not exceeding that amount from any
payment to that Party which the Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For
the purposes of the Finance Documents that Party shall be regarded as having received any
amount so deducted.

	26.	 	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

No provision of this Agreement will:

	 	(a)	 	interfere with the right of any Finance Party to arrange its affairs (tax or
otherwise) in whatever manner it thinks fit;

	 	(b)	 	oblige any Finance Party to investigate or claim any credit, relief, remission
or repayment available to it or the extent, order and manner of any claim; or

	 	(c)	 	oblige any Finance Party to disclose any information relating to its affairs
(tax or otherwise) or any computations in respect of Tax.

	27.	 	SHARING AMONG THE FINANCE PARTIES

	27.1	 	Payments to Finance Parties

If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from
an Obligor other than in accordance with Clause 28 (Payment mechanics) and applies that
amount to a payment due under the Finance Documents then:

	 	(a)	 	the Recovering Finance Party shall, within three Business Days, notify details
of the receipt or recovery, to the Agent;

	 	(b)	 	the Agent shall determine whether the receipt or recovery is in excess of the
amount the Recovering Finance Party would have been paid had the receipt or recovery
been received or made by the Agent and distributed in accordance with Clause 28
(Payment mechanics), without taking account of any Tax which would be imposed on the
Agent in relation to the receipt, recovery or distribution; and

	 	(c)	 	the Recovering Finance Party shall, within three Business Days of demand by the
Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or
recovery less any amount which the Agent determines may be retained by the Recovering
Finance Party as its share of any payment to be made, in accordance with Clause 28.5
(Partial payments).

	27.2	 	Redistribution of payments

The Agent shall treat the Sharing Payment as if it had been paid by the relevant
Obligor and distribute it between the Finance Parties (other than the Recovering Finance
Party) in accordance with Clause 28.5 (Partial payments).

	27.3	 	Recovering Finance Party’s rights

	 	(a)	 	On a distribution by the Agent under Clause 27.2 (Redistribution of payments),
the Recovering Finance Party will be subrogated to the rights of the Finance Parties
which have shared in the redistribution.

	 	(b)	 	If and to the extent that the Recovering Finance Party is not able to rely on
its rights under paragraph (a) above, the relevant Obligor shall be liable to the
Recovering Finance Party for a debt equal to the Sharing Payment which is immediately
due and payable.

	27.4	 	Reversal of redistribution

If any part of the Sharing Payment received or recovered by a Recovering Finance Party
becomes repayable and is repaid by that Recovering Finance Party, then:

	 	(a)	 	each Finance Party which has received a share of the relevant Sharing Payment
pursuant to Clause 27.2 (Redistribution of payments) shall, upon request of the Agent,
pay to the Agent for account of that Recovering Finance Party an amount equal to the
appropriate part of its share of the Sharing Payment (together with an amount as is
necessary to reimburse that Recovering Finance Party for its proportion of any interest
on the Sharing Payment which that Recovering Finance Party is required to pay); and

	 	(b)	 	that Recovering Finance Party’s rights of subrogation in respect of any
reimbursement shall be cancelled and the relevant Obligor will be liable to the
reimbursing Finance Party for the amount so reimbursed.

	27.5	 	Exceptions

	 	(a)	 	This Clause 27 shall not apply to the extent that the Recovering Finance Party
would not, after making any payment pursuant to this Clause, have a valid and
enforceable claim against the relevant Obligor.

	 	(b)	 	A Recovering Finance Party is not obliged to share with any other Finance Party
any amount which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if:

	 	(i)	 	it notified that other Finance Party of the legal or arbitration
proceedings; and

	 	(ii)	 	that other Finance Party had an opportunity to participate in those
legal or arbitration proceedings but did not do so as soon as reasonably
practicable having received notice and did not take separate legal or
arbitration proceedings.

11

SECTION 11

ADMINISTRATION

	28.	 	PAYMENT MECHANICS

	28.1	 	Payments to the Agent

	 	(a)	 	Subject to the Agent giving appropriate instructions under paragraph (b) below,
on each date on which an Obligor or a Lender is required to make a payment under a
Finance Document, that Obligor or Lender shall make the same available to the Agent
(unless a contrary indication appears in a Finance Document) for value on the due date
at the time and in such funds specified by the Agent as being customary at the time for
settlement of transactions in the relevant currency in the place of payment.

	 	(b)	 	Payment shall be made to such account in the principal financial centre of the
country of that currency with such bank as the Agent specifies.

	28.2	 	Distributions by the Agent

Each payment received by the Agent under the Finance Documents for another Party shall,
subject to Clause 28.3 (Distributions to an Obligor), Clause 28.4 (Clawback) and Clause
25.17 (Deductions from amounts payable by the Agent) be made available by the Agent as soon
as practicable after receipt to the Party entitled to receive payment in accordance with
this Agreement (in the case of a Lender, for the account of its Facility Office), to such
account as that Party may notify to the Agent by not less than five Business Days’ notice
with a bank in the principal financial centre of the country of that currency (or, in
relation to euro, in the principal financial centre of a Participating Member State or
London).

	28.3	 	Distributions to an Obligor

The Agent may (with the consent of the Obligor or in accordance with Clause 29
(Set-off)) apply any amount received by it for that Obligor in or towards payment (on the
date and in the currency and funds of receipt) of any amount due from that Obligor under the
Finance Documents or in or towards purchase of any amount of any currency to be so applied.

	28.4	 	Clawback

	 	(a)	 	Where a sum is to be paid to the Agent under the Finance Documents for another
Party, the Agent is not obliged to pay that sum to that other Party (or to enter into
or perform any related exchange contract) until it has been able to establish to its
satisfaction that it has actually received that sum.

	 	(b)	 	If the Agent pays an amount to another Party and it proves to be the case that
the Agent had not actually received that amount, then the Party to whom that amount (or
the proceeds of any related exchange contract) was paid by the Agent shall on demand
refund the same to the Agent together with interest on that amount from the date of
payment to the date of receipt by the Agent, calculated by the Agent to reflect its
cost of funds.

	28.5	 	Partial payments

	 	(a)	 	If the Agent receives a payment that is insufficient to discharge all the
amounts then due and payable by an Obligor under the Finance Documents, the Agent shall
apply that payment towards the obligations of that Obligor under the Finance Documents
in the following order:

	 	(i)	 	first, in or towards payment pro rata of any unpaid fees, costs and
expenses of the Agent and the Arranger under the Finance Documents;

	 	(ii)	 	secondly, in or towards payment pro rata of any accrued interest, fee
or commission due but unpaid under this Agreement;

	 	(iii)	 	thirdly, in or towards payment pro rata of any principal due but
unpaid under this Agreement; and

	 	(iv)	 	fourthly, in or towards payment pro rata of any other sum due but
unpaid under the Finance Documents.

	 	(b)	 	The Agent shall, if so directed by the Majority Lenders, vary the order set out
in paragraphs (a)(ii) to (iv) above.

	 	(c)	 	Paragraphs (a) and (b) above will override any appropriation made by an
Obligor.

	28.6	 	No set-off by Obligors

All payments to be made by an Obligor under the Finance Documents shall be calculated
and be made without (and free and clear of any deduction for) set-off or counterclaim.

	28.7	 	Business Days

	 	(a)	 	Any payment which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the
preceding Business Day (if there is not).

	 	(b)	 	During any extension of the due date for payment of any principal or Unpaid Sum
under this Agreement interest is payable on the principal or Unpaid Sum at the rate
payable on the original due date.

	28.8	 	Currency of account

	 	(a)	 	Subject to paragraphs (b) to (c) below, US dollars is the currency of account
and payment for any sum due from an Obligor under any Finance Document.

	 	(b)	 	Each payment in respect of costs, expenses or Taxes shall be made in the
currency in which the costs, expenses or Taxes are incurred.

	 	(c)	 	Any amount expressed to be payable in a currency other than US dollars shall be
paid in that other currency.

	28.9	 	Change of currency

	 	(a)	 	Unless otherwise prohibited by law, if more than one currency or currency unit
are at the same time recognised by the central bank of any country as the lawful
currency of that country, then:

	 	(i)	 	any reference in the Finance Documents to, and any obligations arising
under the Finance Documents in, the currency of that country shall be
translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Company); and

	 	(ii)	 	any translation from one currency or currency unit to another shall
be at the official rate of exchange recognised by the central bank for the
conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably).

	 	(b)	 	If a change in any currency of a country occurs, this Agreement will, to the
extent the Agent (acting reasonably and after consultation with the Company) specifies
to be necessary, be amended to comply with any generally accepted conventions and
market practice in the Relevant Interbank Market and otherwise to reflect the change in
currency.

	29.	 	SET-OFF

Whilst an Event of Default is continuing, a Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned
by that Finance Party) against any matured obligation owed by that Finance Party to that
Obligor, regardless of the place of payment, booking branch or currency of either
obligation. If the obligations are in different currencies, the Finance Party may convert
either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off. The Finance Party shall give the Obligor written notice of any such
set off.

	30.	 	NOTICES

	30.1	 	Communications in writing

Any communication to be made under or in connection with the Finance Documents shall be
made in writing and, unless otherwise stated, may be made by fax or letter.

	30.2	 	Addresses

The address and fax number (and the department or officer, if any, for whose attention
the communication is to be made) of each Party for any communication or document to be made
or delivered under or in connection with the Finance Documents is:

	 	(a)	 	in the case of the Company, that identified with its name below;

	 	(b)	 	in the case of each Lender or any other Original Obligor, that notified in
writing to the Agent on or prior to the date on which it becomes a Party; and

	 	(c)	 	in the case of the Agent, that identified with its name below,

or any substitute address or fax number or department or officer as the Party may notify to
the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent)
by not less than five Business Days’ notice.

	30.3	 	Delivery

	 	(a)	 	Any communication or document made or delivered by one person to another under
or in connection with the Finance Documents will only be effective:

	 	(i)	 	if by way of fax, when received in legible form and the successful
receipt is confirmed by the fax machine report; or

	 	(ii)	 	if by way of letter, when it has been left at the relevant address or
five Business Days after being deposited in the post postage prepaid in an
envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address
details provided under Clause 30.2 (Addresses), if addressed to that department or
officer.

	 	(b)	 	Any communication or document to be made or delivered to the Agent will be
effective only when actually received by the Agent and then only if it is expressly
marked for the attention of the department or officer identified with the Agent’s
signature below (or any substitute department or officer as the Agent shall specify for
this purpose).

	 	(c)	 	All notices from or to an Obligor shall be sent through the Agent.

	 	(d)	 	Any communication or document made or delivered to the Company in accordance
with this Clause will be deemed to have been made or delivered to each of the Obligors.

	30.4	 	Notification of address and fax number

Promptly upon receipt of notification of an address and fax number or change of address
or fax number pursuant to Clause 30.2 (Addresses) or changing its own address or fax number,
the Agent shall notify the other Parties.

	30.5	 	Electronic communication

	 	(a)	 	Any communication to be made between the Agent and a Lender under or in
connection with the Finance Documents may be made by electronic mail or other
electronic means, if the Agent and the relevant Lender:

	 	(i)	 	agree that, unless and until notified to the contrary, this is to be
an accepted form of communication;

	 	(ii)	 	notify each other in writing of their electronic mail address and/or
any other information required to enable the sending and receipt of
information by that means; and

	 	(iii)	 	notify each other of any change to their address or any other such
information supplied by them.

	 	(b)	 	Any electronic communication made between the Agent and a Lender will be
effective only when actually received in readable form and in the case of any
electronic communication made by a Lender to the Agent only if it is addressed in such
a manner as the Agent shall specify for this purpose.

	30.6	 	English language

	 	(a)	 	Any notice given under or in connection with any Finance Document must be in
English.

	 	(b)	 	All other documents provided under or in connection with any Finance Document
must be:

	 	(i)	 	in English; or

	 	(ii)	 	if not in English, and if so required by the Agent, accompanied by a
certified English translation and, in this case, the English translation will
prevail unless the document is a constitutional, statutory or other official
document.

	31.	 	CALCULATIONS AND CERTIFICATES

	31.1	 	Accounts

In any litigation or arbitration proceedings arising out of or in connection with a
Finance Document, the entries made in the accounts maintained by a Finance Party are prima
facie evidence of the matters to which they relate.

	31.2	 	Certificates and Determinations

Any certification or determination by a Finance Party of a rate or amount under any
Finance Document is, in the absence of manifest error, conclusive evidence of the matters to
which it relates.

	31.3	 	Day count convention

Any interest, commission or fee accruing under a Finance Document will accrue from day
to day and is calculated on the basis of the actual number of days elapsed and a year of 360
days or, in any case where the practice in the Relevant Interbank Market differs, in
accordance with that market practice.

	32.	 	PARTIAL INVALIDITY

If, at any time, any provision of the Finance Documents is or becomes illegal, invalid
or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction will in any way be
affected or impaired.

	33.	 	REMEDIES AND WAIVERS

No failure to exercise, nor any delay in exercising, on the part of any Finance Party,
any right or remedy under the Finance Documents shall operate as a waiver, nor shall any
single or partial exercise of any right or remedy prevent any further or other exercise or
the exercise of any other right or remedy. The rights and remedies provided in this
Agreement are cumulative and not exclusive of any rights or remedies provided by law.

	34.	 	AMENDMENTS AND WAIVERS

	34.1	 	Required consents

	 	(a)	 	Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be
amended or waived only with the consent of the Majority Lenders and the Obligors and
any such amendment or waiver will be binding on all Parties.

	 	(b)	 	The Agent may effect, on behalf of any Finance Party, any amendment or waiver
permitted by this Clause.

	 	(c)	 	Except as otherwise provided in paragraph (b) of Clause 34.2 (Exceptions), the
consent of the Account Bank is not required for any amendment to or change of any term
of this Agreement.

	34.2	 	Exceptions

	 	(a)	 	An amendment or waiver that has the effect of changing or which relates to:

	 	(i)	 	the definition of “Majority Lenders” in Clause 1.1 (Definitions);

	 	(ii)	 	an extension to the date of payment of any amount under the Finance
Documents;

	 	(iii)	 	a reduction in the Margin or a reduction in the amount of any
payment of principal, interest, fees or commission payable;

	 	(iv)	 	an increase in or an extension of any Commitment;

	 	(v)	 	a change to the Borrowers or Guarantors other than in accordance with
Clause 24 (Changes to the Obligors);

	 	(vi)	 	any provision which expressly requires the consent of all the
Lenders; or

	 	(vii)	 	Clause 2.2 (Finance Parties’ rights and obligations), Clause 23
(Changes to the Lenders), Clause 27 (Sharing among the Finance Parties) or
this Clause 34,

shall not be made without the prior consent of all the Lenders.

	 	(b)	 	An amendment or waiver which relates to the rights or obligations of the Agent,
the Account Bank or the Arranger may not be effected without the consent of the Agent
or the Arranger.

	35.	 	COUNTERPARTS

Each Finance Document may be executed in any number of counterparts, and this has the
same effect as if the signatures on the counterparts were on a single copy of the Finance
Document.

	36.	 	GOVERNING LANGUAGE

Although this Agreement may be translated into Russian, the Russian version is for
information purposes only.

The English language version of this Agreement shall prevail and questions of interpretation
shall be addressed solely in the English language.

	37.	 	USA PATRIOT ACT

Each US Lender and US Affiliate of each Lender hereby notifies each Obligor that
pursuant to the requirements of the USA Patriot Act, such US Lender or US Affiliate may be
required to obtain, verify, and record information that identifies such Obligor, which
information includes the name and address of such Obligor and other information that will
allow such US Lender or US Affiliate to identify such Obligor in accordance with the USA
Patriot Act.

12

SECTION 12

GOVERNING LAW AND ENFORCEMENT

	38.	 	GOVERNING LAW

This Agreement is governed by English law.

	39.	 	ENFORCEMENT

	39.1	 	Jurisdiction

	 	(a)	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a “Dispute”).

	 	(b)	 	The Parties agree that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no Party will argue to the
contrary.

	 	(c)	 	This Clause 39.1 is for the benefit of the Finance Parties only. As a result,
no Finance Party shall be prevented from taking proceedings relating to a Dispute in
any other courts with jurisdiction. To the extent allowed by law, the Finance Parties
may take concurrent proceedings in any number of jurisdictions.

	39.2	 	Service of process

Without prejudice to any other mode of service allowed under any relevant law, each
Obligor (other than an Obligor incorporated in England and Wales):

	 	(a)	 	irrevocably appoints Law Debenture Corporate Services Limited as its agent for
service of process in relation to any proceedings before the English courts in
connection with any Finance Document; and

	 	(b)	 	agrees that failure by an agent for service of process to notify the relevant
Obligor of the process will not invalidate the proceedings concerned.

	39.3	 	Waiver of Immunity

Each Obligor waives generally all immunity it or its assets or revenues may otherwise
have in any jurisdiction, including immunity in respect of:

	 	(a)	 	the giving of any relief by way of injunction or order for specific performance
or for the recovery of assets or revenues; and

	 	(b)	 	the issue of any process against its assets or revenues for the enforcement of
a judgment or, in an action in rem, for the arrest, detention or sale of any of its
assets and revenues.

	40.	 	ARBITRATION

	40.1	 	Arbitration

Subject to Clause 40.4 (Agent’s option) any Dispute shall be referred to and finally
resolved by arbitration under the Arbitration Rules (the “Rules”) of the London Court of
International Arbitration.

	40.2	 	Procedure for arbitration

	 	(a)	 	The arbitral tribunal shall consist of three arbitrators. The claimant(s),
irrespective of number, shall nominate jointly one arbitrator; the respondent(s),
irrespective of number, shall nominate jointly the second arbitrator; and a third
arbitrator, who shall be a Queen’s Counsel of at least five years’ standing and who
shall serve as Chairman, shall be appointed by the LCIA Court (as defined in the Rules)
within 15 days of the appointment of the second arbitrator.

	 	(b)	 	In the event the claimant(s) or the respondent(s) shall fail to nominate an
arbitrator within the time limits specified in the Rules, such arbitrator shall be
appointed by the LCIA Court within 15 days of such failure. In the event that both the
claimant(s) and the respondent(s) fail to nominate an arbitrator within the time limits
specified in the Rules, all three arbitrators shall be appointed by the LCIA Court
within 15 days of such failure who shall designate one of them as chairman.

	 	(c)	 	If all the parties to an arbitration so agree, there shall be a sole arbitrator
appointed by the LCIA Court within 15 days of such agreement.

	 	(d)	 	The seat of arbitration shall be London, England and the language of the
arbitration shall be English.

	40.3	 	Recourse to courts

Save as provided in Clause 40.4 (Agent’s option), the Parties exclude the jurisdiction
of the courts under Sections 45 and 69 of the Arbitration Act 1996.

	40.4	 	Agent’s option

Before an arbitrator has been appointed to determine a Dispute, the Agent (if acting on
its own behalf) may (and shall, when acting on behalf of the Lenders, if so instructed by
the Majority Lenders) by notice in writing to all other Parties require that all Disputes or
a specific Dispute be heard by a court of law. If the Agent gives such notice, the Dispute
to which that notice refers shall be determined in accordance with Clause 39.1
(Jurisdiction).

	41.	 	WAIVER OF JURY TRIAL

EACH OF THE PARTIES TO THIS AGREEMENT AGREES TO WAIVE IRREVOCABLY ITS RIGHTS TO A JURY
TRIAL OF ANY CLAIM BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE DOCUMENTS
REFERRED TO IN THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN THIS AGREEMENT. This
waiver is intended to apply to all Disputes. Each party acknowledges that (a) this waiver
is a material inducement to enter into this Agreement, (b) it has already relied on this
waiver in entering into this Agreement and (c) it will continue to rely on this waiver in
future dealings. Each party represents that it has reviewed this waiver with its legal
advisers and that it knowingly and voluntarily waives its jury trial rights after
consultation with its legal advisers. In the event of litigation, this Agreement may be
filed as a written consent to a trial by the court.

This Agreement has been entered into on the date stated at the beginning of this Agreement.

SCHEDULE 1

The Original Parties

Part I

The Original Obligors

	 	 	 	 	 
	Name of Original Borrower	 	Registration number (or equivalent,
	 	 	if any)
	Golden Telecom Inc.
	 	 	N/A	 
	EDN Sovintel LLC.
	 	 	1027739006690	 
	GTS Finance Inc.
	 	 	N/A	 

	 	 	 	 	 
	Name of Original Guarantor	 	Registration number (or equivalent, if
	 	 	any)
	Golden Telecom Inc.
	 	 	N/A	 
	EDN Sovintel LLC.
	 	 	1027739006690	 
	GTS Finance Inc.
	 	 	N/A	 

Part II

13

The Original Lenders

	 	 	 	 	 
	Name of Original Lender	 	Commitment (US$)
	Citibank N.A., Bahrain
	 	 	20,000,000	 
	ING Eurasia (ZAO).
	 	 	20,000,000	 
	ZAO Banca Intesa
	 	 	20,000,000	 
	BayernLB
	 	 	20,000,000	 
	Commerzbank (Eurasija) SAO
	 	 	20,000,000	 
	Export Development Canada
	 	 	25,000,000	 
	HSBC Bank Plc
	 	 	20,000,000	 
	HVB Banque Luxembourg Société Anonyme
	 	 	20,000,000	 
	Bank Austria Creditanstalt AG
	 	 	20,000,000	 
	KfW, Frankfurt
	 	 	20,000,000	 
	Skandinaviska Enskilda Banlen AB
	 	 	20,000,000	 
	Bank WestLB Vostok (ZAO)
	 	 	20,000,000	 
	BNP Paribas
	 	 	15,000,000	 
	IKB Deutsche Industriebank AG
	 	 	10,000,000	 
	VTB Bank (Deutschland) AG
	 	 	5,000,000	 
	Total
	 	 	275,000,000	 

SCHEDULE 2

Conditions precedent

Part I

Conditions precedent to initial Utilisation

	1.	 	Original Obligors

	 	(a)	 	A copy of the constitutional documents of each Original Obligor, including, in
relation to any Russian Obligor:

	 	(i)	 	An extract from the Unified State Register of Legal Entities dated no
earlier than three months prior to the date of this Agreement.

	 	(ii)	 	A notarised copy of the certificate of state registration issued by
the relevant registration authority in accordance with the Federal Law No.
129-FZ of 8 August 2001 On State Registration of Legal Entities and Individual
Entrepreneurs.

	 	(iii)	 	Notarised copies of the charter and the constitutive agreement and
their amendments.

	 	(iv)	 	Notarised copies of the certificates of registration of the
amendments to the charter and the constitutive agreement.

	 	(v)	 	A notarised copy of the certificate of registration with the relevant
federal tax authority in the Russian Federation.

	 	(b)	 	A copy of a good standing certificate (including verification of tax status)
with respect to each U.S. Obligor, issued as of a recent date by the Secretary of State
or other appropriate official of each U.S. Obligor’s jurisdiction of incorporation or
organization.

	 	(c)	 	A copy of a resolution of the board of directors or any other relevant
corporate body of each Original Obligor:

	 	(i)	 	approving the terms of, and the transactions contemplated by, the
Finance Documents to which it is a party and resolving that it execute the
Finance Documents to which it is a party;

	 	(ii)	 	authorising a specified person or persons to execute the Finance
Documents to which it is a party on its behalf; and

	 	(iii)	 	authorising a specified person or persons, on its behalf, to sign
and/or despatch all documents and notices (including, if relevant, any
Utilisation Request) to be signed and/or despatched by it under or in
connection with the Finance Documents to which it is a party.

	 	(d)	 	A specimen of the signature of each person authorised by the resolution
referred to in paragraph (c) above and, in relation to any Russian Obligor, a notarised
copy of the most recent banking sample signatures and seal card or an original of the
letter executed by an authorised signatory certifying sample signatures of the
signatories of each Russian Obligor to the Finance Documents and related documents and
their respective positions.

	 	(e)	 	A certificate of the Company (signed by a director or, in relation to any US
Obligor, other authorised signatory) confirming that borrowing or guaranteeing, as
appropriate, the Total Commitments would not cause any borrowing, guaranteeing or
similar limit binding on any Original Obligor to be exceeded.

	 	(f)	 	A certificate of an authorised signatory of the relevant Original Obligor and
in relation to any Russian Obligor, from its chief executive officer (or a person
acting under a power of attorney referred to as item (i) below) certifying that:

	 	(i)	 	there has been no material adverse change in the financial condition
of the relevant Obligor since the date of its Original Financial Statements;

	 	(ii)	 	each copy document relating to it specified in this Part 1 of
Schedule 2 is correct, complete and in full force and effect as at the date of
this Agreement; and

	 	(iii)	 	in relation to the Russian Obligor:

	 	(A)	 	there has been no amendment to the information contained in the
extract from the Unified State Register of Legal Entities listed as item
(a) above or that such amendments are enclosed with the certificate;

	 	(B)	 	the conclusion and performance of its obligations under the
Finance Documents and related documents does not violate any internal
regulations of the Russian Obligor nor any decisions of its management
bodies;

	 	(C)	 	there are parties which are interested (as defined in Article
45 of the LLC Companies Law) in concluding by the Russian Obligor the
transaction contemplated in the Finance Documents and related documents;
and

	 	(D)	 	the transaction contemplated in the Finance Documents and
related documents constitutes a major transaction for the Russian
Obligor (as defined in Article 46 of the LLC Companies Law).

	 	(g)	 	A certificate of the Chief Financial Officer of each U.S. Obligor stating that
the respective company is Solvent at the date of the certificate and will remain
Solvent after the advance of the initial Loans, the application of the proceeds of the
Loans in accordance with Clause 3 and the payment of all estimated legal, accounting
and other fees related to this Agreement and the consummation of the other transactions
contemplated by this Agreement. For purposes of this certificate, “Solvent” means with
respect to such U.S. Obligor on any date of determination that (a) the fair value of
the property of such person is greater than the total amount of liabilities (including
contingent and unliquidated liabilities) of such person; (b) the present fair saleable
value of the assets of such person is not less than the amount which will be required
to pay the probable liability of such person on its debts as they become absolute and
mature; (c) such person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such person’s ability to pay as such debts and liabilities
mature; and (d) such person is not engaged in a business or transaction, and is not
about to engage in a business or transaction, for which such person’s property would
constitute unreasonably small capital. In computing the amount of contingent or
unliquidated liabilities at any time, such liabilities will be computed at the amount
which, in light of all the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual and matured liability.

Terms used in this paragraph shall be interpreted in accordance with the United
States Bankruptcy Code and applicable comparable state law.

	 	(h)	 	Copies certified by an authorised signatory of any Russian Obligor of the
resolutions or orders appointing its chief executive officer and its chief accountant.

	 	(i)	 	Notarised copies of the powers of attorney in favour of the signatories of
each Russian Obligor authorising the execution by them of the Finance Documents and
related documents.

	2.	 	Legal opinions

	 	(a)	 	A legal opinion of Clifford Chance LLP legal advisers to the Arranger and the
Agent in England, substantially in the form distributed to the Original Lenders prior
to signing this Agreement.

	 	(b)	 	In relation to any Original Obligor incorporated in the US, a legal opinion of
Chadbourne & Parke LLP legal advisers to the Original Obligors in the United States of
America substantially in the form distributed to the Original Lenders prior to signing
this Agreement.

	 	(c)	 	In relation to any Original Obligor incorporated in Russia, a legal opinion of
Clifford Chance CIS Limited, legal advisers to the Arranger and the Agent in Russia,
substantially in the form distributed to the Original Lenders prior to signing this
Agreement.

	3.	 	Finance Documents and Authorisations

Finance Documents

Each of the Finance Documents duly executed by the parties thereto and in full force and
effect.

Transaction Authorisations

A copy, certified as a true and current copy by an authorised signatory of each Russian
Obligor, of the Transaction Authorisations and of the Loan Passport.

	4.	 	Other documents and evidence

	 	(a)	 	Evidence that any agent for service of process referred to in Clause 39.2
(Service of process), if not an Original Obligor, has accepted its appointment.

	 	(b)	 	A copy of any other Authorisation or other document, opinion or assurance
which the Agent considers reasonably to be necessary or desirable (if it has notified
the Company accordingly) in connection with the entry into and performance of the
transactions contemplated by any Finance Document or for the validity and
enforceability of any Finance Document.

	 	(c)	 	The Original Financial Statements of each Original Obligor.

	 	(d)	 	A certified copy of the business plan prepared by the management of the
Reporting Group together with the financial projections, for the period from the date
of this Agreement until 31 December 2012.

	 	(e)	 	Evidence that the fees, costs and expenses then due from the Company pursuant
to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid or will be paid
by the first Utilisation Date.

Part II

14

Conditions Precedent required to be

delivered by an Additional Obligor

	1.	 	An Accession Letter, duly executed by the Additional Obligor and the Company.

	2.	 	A copy, certified as a true and current copy by an authorised signatory of each
Russian Obligor, of the Transaction Authorisations and of the Loan Passport.

	3.	 	A copy of the constitutional documents of the Additional Obligor, including, in
relation to any Russian Obligor:

	 	(a)	 	An extract from the Unified State Register of Legal Entities dated no
earlier than three months prior to the date of the Accession Letter.

	 	(b)	 	A notarised copy of the certificate of state registration issued by the
relevant registration authority in accordance with the Federal Law No. 129-FZ of
8 August 2001 On State Registration of Legal Entities and Individual
Entrepreneurs.

	 	(c)	 	Notarised copies of the charter and the constitutive agreement and
their amendments.

	 	(d)	 	Notarised copies of the certificates of registration of the amendments
to the charter and the constitutive agreement.

	4.	 	In relation to any Additional Obligor incorporated in Russia, a notarised copy of the
certificate of registration with the relevant federal tax authority in the Russian
Federation..

	5.	 	A copy of a good standing certificate (including verification of tax status) with
respect to each U.S. Obligor, issued as of a recent date by the Secretary of State or other
appropriate official of each U.S. Obligor’s jurisdiction of incorporation or organization.

	6.	 	A copy of a resolution of the board of directors or any other relevant corporate body
of the Additional Obligor:

	 	(a)	 	approving the terms of, and the transactions contemplated by, the
Accession Letter and the Finance Documents and resolving that it execute the
Accession Letter;

	 	(b)	 	authorising a specified person or persons to execute the Accession
Letter on its behalf; and

	 	(c)	 	authorising a specified person or persons, on its behalf, to sign
and/or despatch all other documents and notices (including, in relation to an
Additional Borrower, any Utilisation Request) to be signed and/or despatched by
it under or in connection with the Finance Documents.

	7.	 	A specimen of the signature of each person authorised by the resolution referred to in
paragraph 6 above and, in relation to any Russian Obligor, a notarised copy of the most recent
banking sample signatures and seal card or an original of the letter executed by an authorised
signatory certifying sample signatures of the signatories of each Russian Obligor to the
Finance Documents and related documents and their respective positions.

	8.	 	A copy of a resolution signed by all the holders of the issued shares of the
Additional Guarantor, approving the terms of, and the transactions contemplated by, the
Finance Documents to which the Additional Guarantor is a party.

	9.	 	A certificate of the Additional Obligor (signed by a director or, in relation to any
US Obligor, other authorised signatory) confirming that borrowing or guaranteeing, as
appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar
limit binding on it to be exceeded.

	10.	 	A certificate of an authorised signatory of the Additional Obligor and in relation to
any Russian Obligor, from its chief executive officer (or a person acting under a power of
attorney referred to as item 12 below) certifying that:

	 	(a)	 	there has been no material adverse change in the financial condition of
the relevant Obligor since the date of its latest audited or, as the case may
be, unaudited financial statements;

	 	(b)	 	each copy document relating to it specified in this Part II of Schedule
2 is correct, complete and in full force and effect as at a date no earlier than
the date of this Agreement; and

	 	(c)	 	in relation to any Russian Obligor:

	 	(i)	 	 there has been no amendment to the information contained in the
extract from the Unified State Register of Legal Entities listed as item 3(a)
above;

	 	(ii)	 	the conclusion and performance of its obligations under the Finance
Documents and related documents does not violate any internal regulations of
the relevant Russian Obligor nor any decisions of its management bodies;

	 	(iii)	 	[there are/there are no] parties which are interested (as defined in
Article 81/45 of the Federal Law no. 208-FZ of 26 December 1995 on Joint Stock
Companies or the Companies Law, as applicable to the Additional Obligor) in
concluding by any Russian Obligor the transaction contemplated in the Finance
Documents and related documents; and

	 	(iv)	 	the transaction contemplated in the Finance Documents and related
documents [does/does not] constitute a major transaction for any Rusian
Obligor (as defined in Article 78/6 of the Federal Law no. 208-FZ of 26
December 1995 on Joint Stock Companies or the Companies Law, as applicable to
the Additional Obligor).

	11.	 	Copies certified by an authorised signatory of any Russian Obligor of the resolutions
or orders appointing its chief executive officer and its chief accountant.

	12.	 	Notarised copies of the powers of attorney in favour of the signatories of each
Russian Obligor authorising the execution by them of the Finance Documents and related
documents.

	13.	 	A copy of any other Authorisation or other document, opinion or assurance which the
Agent considers to be necessary or desirable in connection with the entry into and performance
of the transactions contemplated by the Accession Letter or for the validity and
enforceability of any Finance Document.

	14.	 	If available, the latest audited financial statements of the Additional Obligor or,
if not available, the latest unaudited financial statements of the Additional Obligor.

	15.	 	A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Agent
in England.

	16.	 	If the Additional Obligor is incorporated in a jurisdiction other than England and
Wales, a legal opinion of the legal advisers to the Additional Obligor, or as the case may be
of the legal advisers of the Arranger and the Agent, in the jurisdiction in which the
Additional Obligor is incorporated.

	17.	 	If the proposed Additional Obligor is incorporated in a jurisdiction other than
England and Wales, evidence that the agent for service of process specified in Clause 39.2
(Service of process), if not an Obligor, has accepted its appointment in relation to the
proposed Additional Obligor.

	18.	 	A certificate of the Chief Financial Officer of each U.S. Obligor stating that the
respective company is Solvent at the date of the certificate and will remain Solvent after the
advance of the initial Loans, the application of the proceeds of the Loans in accordance with
Clause 3 and the payment of all estimated legal, accounting and other fees related to this
Agreement and the consummation of the other transactions contemplated by this Agreement. For
purposes of this certificate, “Solvent” means with respect to such U.S. Obligor on any date of
determination that (a) the fair value of the property of such person is greater than the total
amount of liabilities (including contingent and unliquidated liabilities) of such person; (b)
the present fair saleable value of the assets of such person is not less than the amount which
will be required to pay the probable liability of such person on its debts as they become
absolute and mature; (c) such person does not intend to, and does not believe that it will,
incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities
mature; and (d) such person is not engaged in a business or transaction, and is not about to
engage in a business or transaction, for which such person’s property would constitute
unreasonably small capital. In computing the amount of contingent or unliquidated liabilities
at any time, such liabilities will be computed at the amount which, in light of all the facts
and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual and matured liability.

Terms used in this paragraph shall be interpreted in accordance with the United States
Bankruptcy Code and applicable comparable state law.

	19.	 	In relation to any additional Russian Obligor a Russian Obligor Account Amendment
Agreement duly executed by all the parties thereto and in full force and effect.

SCHEDULE 3

Utilisation Request

	 	 	 
	From:

To:

Dated:

	 	[Borrower]

[Agent]

Dear Sirs

Golden Telecom Inc. — US$275,000,000 Facility Agreement

dated 25 January 2007 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Utilisation Request. Terms defined in the
Agreement have the same meaning in this Utilisation Request unless given a different meaning
in this Utilisation Request.

	2.	 	We wish to borrow a Loan on the following terms:

	 	 	 
	Proposed Utilisation Date:

	 	[        ] (or, if that is not

a Business Day, the next

Business Day)
	 
	 	 
	Currency of Loan:

	 	Dollars
	 
	 	 
	Amount:

	 	[     ]
	 
	 	 
	Interest Period:

	 	[            ]

	3.	 	We confirm that each condition specified in Clause 4.2 (Further conditions precedent)
is satisfied on the date of this Utilisation Request.

	4.	 	The proceeds of this Loan should be credited to [account].

	5.	 	This Utilisation Request is irrevocable.

Yours faithfully

.......................................

authorised signatory for

[name of relevant Borrower]

SCHEDULE 4

Mandatory Cost formulae 

	1.	 	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the
cost of compliance with (a) the requirements of the Financial Services Authority (or
any other authority which replaces all or any of its functions) or (b) the requirements
of the European Central Bank.

	2.	 	On the first day of each Interest Period (or as soon as possible thereafter) the Agent
shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in
accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the
Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to
the percentage participation of each Lender in the relevant Loan) and will be expressed as a
percentage rate per annum.

	3.	 	The Additional Cost Rate for any Lender lending from a Facility Office in a
Participating Member State will be the percentage notified by that Lender to the Agent. This
percentage will be certified by that Lender in its notice to the Agent to be its reasonable
determination of the cost (expressed as a percentage of that Lender’s participation in all
Loans made from that Facility Office) of complying with the minimum reserve requirements of
the European Central Bank in respect of loans made from that Facility Office.

	4.	 	The Additional Cost Rate for any Lender lending from a Facility Office in the United
Kingdom will be calculated by the Agent as follows:

per cent per annum

Where:

	 	 	 	E            is designed to compensate Lenders for amounts payable under the Fees Rules and
is calculated by the Agent as being the average of the most recent rates of charge
supplied by the Reference Banks to the Agent pursuant to paragraph 7 below and
expressed in pounds per £1,000,000.

	5.	 	For the purposes of this Schedule:

	 	(a)	 	"Fees Rules” means the rules on periodic fees contained in the FSA
Supervision Manual or such other law or regulation as may be in force from time
to time in respect of the payment of fees for the acceptance of deposits;

	 	(b)	 	"Fee Tariffs” means the fee tariffs specified in the Fees Rules under
the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
fee required pursuant to the Fees Rules but taking into account any applicable
discount rate); and

	 	(c)	 	"Tariff Base” has the meaning given to it in, and will be calculated in
accordance with, the Fees Rules.

	6.	 	If requested by the Agent, each Reference Bank shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Agent, the rate of charge
payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules
in respect of the relevant financial year of the Financial Services Authority (calculated for
this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that
Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff
Base of that Reference Bank.

	7.	 	Each Lender shall supply any information required by the Agent for the purpose of
calculating its Additional Cost Rate. In particular, but without limitation, each Lender
shall supply the following information on or prior to the date on which it becomes a Lender:

	 	(a)	 	the jurisdiction of its Facility Office; and

	 	(b)	 	any other information that the Agent may reasonably require for such
purpose.

Each Lender shall promptly notify the Agent of any change to the information provided by it
pursuant to this paragraph.

	8.	 	The rates of charge of each Reference Bank for the purpose of E above shall be
determined by the Agent based upon the information supplied to it pursuant to paragraphs 7
above.

	9.	 	The Agent shall have no liability to any person if such determination results in an
Additional Cost Rate which over or under compensates any Lender and shall be entitled to
assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3,
7 and 8 above is true and correct in all respects.

	10.	 	The Agent shall distribute the additional amounts received as a result of the
Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based
on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7
and 8 above.

	11.	 	Any determination by the Agent pursuant to this Schedule in relation to a formula,
the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the
absence of manifest error, be conclusive and binding on all Parties.

	12.	 	The Agent may from time to time, after consultation with the Company and the Lenders,
determine and notify to all Parties any amendments which are required to be made to this
Schedule in order to comply with any change in law, regulation or any requirements from time
to time imposed by the Financial Services Authority or the European Central Bank (or, in any
case, any other authority which replaces all or any of its functions) and any such
determination shall, in the absence of manifest error, be conclusive and binding on all
Parties.

SCHEDULE 5

Form of Transfer Certificate

	 	 	 
	To:

From:

Dated:

	 	[      ] as Agent

[The Existing Lender] (the “Existing Lender”) and [The New

Lender] (the “New Lender”)

Golden Telecom Inc. — US$275,000,000 Facility Agreement

dated 25 January 2007 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the
Agreement have the same meaning in this Transfer Certificate unless given a different meaning
in this Transfer Certificate.

	2.	 	We refer to Clause 23.5 (Procedure for transfer):

	 	(a)	 	The Existing Lender and the New Lender agree to the Existing Lender
transferring to the New Lender by novation all or part of the Existing Lender’s
Commitment, rights and obligations referred to in the Schedule in accordance
with Clause 23.5 (Procedure for transfer).

	 	(b)	 	The proposed Transfer Date is [      ].

	 	(c)	 	The Facility Office and address, fax number and attention details for
notices of the New Lender for the purposes of Clause 30.2 (Addresses) are set
out in the Schedule.

	3.	 	The New Lender expressly acknowledges the limitations on the Existing Lender’s
obligations set out in paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing
Lenders).

	4.	 	This Transfer Certificate may be executed in any number of counterparts and this has
the same effect as if the signatures on the counterparts were on a single copy of this
Transfer Certificate.

5. This Transfer Certificate is governed by English law.

15

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention details for notices and account details for

payments,]

	 	 	 
	[Existing Lender]

	 	[New Lender]
	 
	 	 
	 
	 	 
	 
	 	 
	By:

	 	By:

This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[           ].

[Agent]

By

SCHEDULE 6

form of accession letter

	 	 	 
	To:

From:

Dated:

	 	[        ] as Agent

[Subsidiary] and [Company]

Dear Sirs

Golden Telecom Inc. — US$275,000,000 Facility Agreement

dated 25 January 2007 (the “Agreement”)

	1.	 	We refer to the Agreement. This is an Accession Letter. Terms defined in the
Agreement have the same meaning in this Accession Letter unless given a different meaning in
this Accession Letter.

	2.	 	[Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by
the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [24.2
(Additional Borrowers)]/[Clause 24.4 (Additional Guarantors)] of the Agreement. [Subsidiary]
is a company duly incorporated under the laws of [name of relevant jurisdiction].

	3.	 	[Subsidiary’s] administrative details are as follows:

Address:

Fax No:

Attention:

	4.	 	This Accession Letter is governed by English law.

[This Guarantor Accession Letter is entered into by a deed.]

	 	 	 
	[Company]

	 	[Subsidiary]

SCHEDULE 7

form of resignation letter

	 	 	 
	To:

From:

	 	[      ] as Agent

[resigning Obligor] and [Company]

Dated:

Dear Sirs

Golden Telecom Inc. — US$275,000,000 Facility Agreement

dated 25 January 2007 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Resignation Letter. Terms defined in the
Agreement have the same meaning in this Resignation Letter unless given a different meaning in
this Resignation Letter.

	2.	 	Pursuant to [Clause 24.3 (Resignation of a Borrower)]/[Clause 24.6 (Resignation of a
Guarantor), we request that [resigning Obligor] be released from its obligations as a
[Borrower]/[Guarantor] under the Agreement.

	3.	 	We confirm that:

	 	(a)	 	no default is continuing or would result from the acceptance of this
request; and

	 	(b)	 	[                     ]¬

	4.	 	This Resignation Letter is governed by English law.

	 	 	 
	[Company]

	 	[Subsidiary]
	 
	 	 
	 
	 	 
	 
	 	 
	By:

	 	By:

SCHEDULE 8

Form of Compliance Certificate

	 	 	 
	To:

From:

	 	[      ] as Agent

[Company]

Dated:

Dear Sirs

Golden Telecom Inc. — US$275,000,000 Facility Agreement dated 25 January 2007 (the

“Agreement”)¬

	1.	 	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the
Agreement have the same meaning when used in this Compliance Certificate unless given a
different meaning in this Compliance Certificate.

	2.	 	We confirm that:

[insert details of financial covenants and whether the Borrower is in compliance with those
covenants.]

	3.	 	[We confirm that no Default is continuing.] **

	 	 	 
	Signed: ....

	 	...............
	 
	 	 
	Director

	 	Director
	 
	 	 
	of

	 	of
	 
	 	 
	[Company]

	 	[Company]

SCHEDULE 9

Existing Security

	 	 	 	 	 
	Name of Obligor

	 	Security
	 	Total Principal

Amount of

Indebtedness

Secured
	 
	 	 	 	 
	Golden Telecom Ukraine LLC

 

 

	 	Pledge of all

of Golden Telecom

Ukraine LLC’s

moveable assets to

support a US$

25,000,000 million

loan from GTS

Finance Inc.
	 	

US$25,000,000

SCHEDULE 10

LMA Form of Confidentiality Undertaking 

THIS MASTER CONFIDENTIALITY UNDERTAKING is dated [•] and made between:

	(1)	 	[•]; and

	(2)	 	[•].

Either party (in this capacity the “Purchaser”) may from time to time consider acquiring an
interest from the other party (in this capacity the “Seller”) in certain Agreements (each an
"Acquisition”). In consideration of the Seller agreeing to make available to the Purchaser certain
information in relation to each Acquisition it is agreed as follows:

	1.	 	CONFIDENTIALITY UNDERTAKING

The Purchaser undertakes in relation to each Acquisition made or to be made by it (a)
to keep the Confidential Information which the Seller supplies to the Purchaser in relation
to that Acquisition confidential and not to disclose it to anyone except as provided for by
paragraph 2 below and to ensure that the Confidential Information which the Seller supplies
to the Purchaser in relation to that Acquisition is protected with security measures and a
degree of care that would apply to the Purchaser’s own confidential information, (b) to use
the Confidential Information which the Seller supplies to the Purchaser in relation to that
Acquisition only for the Permitted Purpose, (c) to use all reasonable endeavours to ensure
that any person to whom the Purchaser passes any Confidential Information which the Seller
supplies to the Purchaser in relation to that Acquisition (unless disclosed under paragraph
2(c) below) acknowledges and complies with the provisions of this undertaking as if that
person were also a party to it, and (d) not to make enquiries of any member of the relevant
Group or any of their officers, directors, employees or professional advisers relating
directly or indirectly to that Acquisition.

	2.	 	PERMITTED DISCLOSURE

The Purchaser may disclose Confidential Information which the Seller supplies to the
Purchaser in relation to each Acquisition made or to be made by it:

	 	(a)	 	to members of the Purchaser Group and their officers, directors, employees and
professional advisers to the extent necessary for the Permitted Purpose and to any
auditors of members of the Purchaser Group;

	 	(b)	 	subject to the requirements of the relevant Agreement, to any person to (or
through) whom the Purchaser assigns or transfers (or may potentially assign or
transfer) all or any of the rights, benefits and obligations which the Purchaser may
acquire under that Agreement or with (or through) whom the Purchaser enters into (or
may potentially enter into) any sub-participation in relation to, or any other
transaction under which payments are to be made by reference to, that Agreement or the
relevant Borrower or any member of the relevant Group in each case so long as that
person has delivered an undertaking to the Purchaser in equivalent form to this
undertaking; and

	 	(c)	 	(i) where requested or required by any court of competent jurisdiction or any
competent judicial, governmental, supervisory or regulatory body, (ii) where required
by the rules of any stock exchange on which the shares or other securities of any
member of the Purchaser Group are listed or (iii) where required by the laws or
regulations of any country with jurisdiction over the affairs of any member of the
Purchaser Group.

	3.	 	NOTIFICATION OF REQUIRED OR UNAUTHORISED DISCLOSURE

The Purchaser agrees in relation to each Acquisition made or to be made by it (to the
extent permitted by law) to inform the Seller of the full circumstances of any disclosure
under paragraph 2 (c) or upon becoming aware that any Confidential Information relating to
that Acquisition has been disclosed in breach of this undertaking.

	4.	 	RETURN OF COPIES

If the Seller so requests in writing, the Purchaser shall return all Confidential
Information supplied by the Seller to the Purchaser in relation to any Acquisition made or
to be made by the Purchaser and in respect of which the Seller has made such a request and
destroy or permanently erase all copies of such Confidential Information made by the
Purchaser and use all reasonable endeavours to ensure that anyone to whom the Purchaser has
supplied any such Confidential Information destroys or permanently erases such Confidential
Information and any copies made by them, in each case save to the extent that the Purchaser
or the recipients are required to retain any such Confidential Information by any applicable
law, rule or regulation or by any competent judicial, governmental, supervisory or
regulatory body or in accordance with internal policy, or where the Confidential Information
has been disclosed under paragraph 2 (c) above.

	5.	 	CONTINUING OBLIGATIONS

The obligations in this undertaking are continuing and, in particular, shall survive
the termination of any discussions or negotiations between the Seller and the Purchaser in
relation to each Acquisition made or to be made by it. Notwithstanding the previous
sentence, the obligations in this undertaking shall cease in relation to that Acquisition
only (a) if the Purchaser becomes a party to or otherwise acquires (by assignment or
sub-participation) an interest, direct or indirect, in the Agreement which was the subject
of that Acquisition or (b) twelve months after the Purchaser has returned all Confidential
Information supplied to it by the Seller in relation to that Acquisition and destroyed or
permanently erased all copies of such Confidential Information made by the Purchaser (other
than any such Confidential Information or copies which have been disclosed under paragraph 2
above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not
required to be returned or destroyed).

	6.	 	NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC

The Purchaser acknowledges and agrees that, in relation to each Acquisition made or to
be made by it:

	 	(a)	 	neither the Seller, nor any member of the Group the subject of that Acquisition
nor any of the Seller’s or the Group’s respective officers, employees or advisers (each
a “Relevant Person”) (i) make any representation or warranty, express or implied, as
to, or assume any responsibility for, the accuracy, reliability or completeness of any
of the Confidential Information supplied by the Seller to the Purchaser in relation to
that Acquisition or any other information supplied by the Seller or the assumptions on
which it is based or (ii) shall be under any obligation to update or correct any
inaccuracy in the Confidential Information supplied by the Seller to the Purchaser in
relation to that Acquisition or any other information supplied by the Seller or be
otherwise liable to the Purchaser or any other person in respect of the Confidential
Information supplied by the Seller to the Purchaser in relation to that Acquisition or
any such information; and

	 	(b)	 	the Seller or members of the Group the subject of that Acquisition may be
irreparably harmed by the breach of the terms of this undertaking and damages may not
be an adequate remedy; each Relevant Person may be granted an injunction or specific
performance for any threatened or actual breach of the provisions of this undertaking
by the Purchaser.

	7.	 	NO WAIVER; AMENDMENTS, ETC

This undertaking sets out the full extent of the Purchaser’s obligations of
confidentiality owed to the Seller in relation to the information the subject of this
undertaking. No failure or delay in exercising any right, power or privilege hereunder will
operate as a waiver thereof nor will any single or partial exercise of any right, power or
privilege preclude any further exercise thereof or the exercise of any other right, power or
privileges hereunder. The terms of this undertaking and the obligations of the Purchaser
hereunder may only be amended or modified by written agreement between the parties.

	8.	 	INSIDE INFORMATION

The Purchaser acknowledges that some or all of the Confidential Information is or may
be price-sensitive information and that the use of such information may be regulated or
prohibited by applicable legislation relating to insider dealing and the Purchaser
undertakes not to use any Confidential Information for any unlawful purpose.

	9.	 	NATURE OF UNDERTAKINGS

The undertakings given by the Purchaser in this undertaking are given to the Seller and
the relevant Borrower and each other member of the relevant Group.

	10.	 	THIRD PARTY RIGHTS

	 	(a)	 	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a
party to this undertaking has no right under the Contracts (Rights of Third Parties)
Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of
this undertaking.

	 	(b)	 	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9
subject to and in accordance with this paragraph 10 and the provisions of the Third
Parties Act.

	 	(c)	 	The parties to this undertaking do not require the consent of the Relevant
Persons to rescind or vary this undertaking at any time.

	11.	 	GOVERNING LAW AND JURISDICTION

	 	(a)	 	This undertaking is governed by English Law.

	 	(b)	 	The parties submit to the non-exclusive jurisdiction of the English courts.

	12.	 	DEFINITIONS

In this undertaking terms defined in the relevant Agreement (as defined below) shall,
unless the context otherwise requires, have the same meaning and:

"Agreement” means any credit agreement in which the Seller has an interest and which
requires the Seller to obtain from the Purchaser an undertaking in or substantially in the
form of this undertaking as a condition to permitting disclosure by the Seller of certain
information to the Purchaser.

"Borrower” means, in relation to each Acquisition, each company party to the relevant
Agreement;

"Confidential Information” means, in relation to each Acquisition, any information relating
to the relevant Borrower, the relevant Group, the relevant Agreement and/or that Acquisition
provided to the Purchaser by the Seller or any of its affiliates or advisers, in whatever
form, and includes information given orally and any document, electronic file or any other
way of representing or recording information which contains or is derived or copied from
such information but excludes information that (a) is or becomes public knowledge other than
as a direct or indirect result of any breach of this undertaking by the Purchaser or (b) is
known by the Purchaser before the date the information is disclosed to the Purchaser by the
Seller or any of its affiliates or advisers or is lawfully obtained by the Purchaser
thereafter, other than from a source which is connected with the relevant Group and which,
in either case, as far as the Purchaser is aware, has not been obtained in violation of, and
is not otherwise subject to, any obligation of confidentiality;

"Group” means, in relation to each Acquisition, the relevant Borrower and each of its
holding companies and subsidiaries and each subsidiary of each of its holding companies (as
each such term is defined in the Companies Act 1985);

"Permitted Purpose” means, in relation to each Acquisition, considering and evaluating
whether to enter into that Acquisition; and

"Purchaser Group” means, in relation to each Acquisition, the Purchaser, each of the
Purchaser’s holding companies and subsidiaries and each subsidiary of each of the Purchasers
holding companies (as each such term is defined in the Companies Act 1985).

This undertaking has been entered into on the date stated at the beginning of this undertaking

¬Insert any other conditions required by the
Facility Agreement.

¬ This Compliance Certificate shall be
accompanied by the Company’s auditors’ certificate addressed to the
Finance Parties in the following form:
“We have audited, in accordance with auditing standards generally accepted
in the United States of America, the consolidated balance sheet of Golden
Telecom Inc and its Subsidiaries (“the Company”) as of
     , and the related consolidated statements of operations,
changes in equity, and cash flows for the year then ended, and have issued our
report thereon dated      .

In connection with our audit, nothing came to our attention that caused us
to believe that the Company failed to comply with the terms, covenants,
provisions, or conditions of Clause 20 (Financial Covenants) of the US$
275,000,000 Facility Agreement between the financial institutions party thereto
as Lenders (“the Lenders”), Citibank N.A. and ING Bank N.V. as arrangers,
Citibank International Plc as agent, and the Company as borrower dated [...] 2007
insofar as they relate to accounting matters. However, our audit was not
directed primarily toward obtaining knowledge of such non-compliance.
This report is intended solely for the information and use of the Company,
the Lenders and the Agents and is not intended to be and should not be used by
anyone other than the specified parties.”

** If this statement cannot be made, the
certificate should identify any Default that is continuing and the steps,
if any, being taken to remedy it.

16

SIGNATURES

[•]

By:

[•]

By:

SCHEDULE 11

Timetables

	 	 	 
	 	 	Loans in US$
	Delivery of a duly completed

Utilisation Request (Clause 5.1

(Delivery of a Utilisation

Request)

	 	

U-3

9.30am
	 
	 	 
	Agent notifies the Lenders of the

Loan in accordance with Clause

5.4 (Lenders’ participation)

	 	

U-3

3.00pm
	 
	 	 
	LIBOR is fixed

	 	Quotation Day as of 11:00 a.m.

“U” = date of utilisation

“U — X” = X Business Days prior to date of utilisation

SCHEDULE 12

list over material subsidiaries

	 	 	 	 	 
	Name of Material Subsidiary	 	Registration no (or equivalent, if any)
	EDN Sovintel LLC
	 	 	1027739006690	 
	Golden Telecom Ukraine LLC
	 	 	19028202	 

SIGNATURES

	 	 	 
	THE COMPANY	 	 
	GOLDEN TELECOM INC	 	 
	By:

	 	

	Address:

	 	Golden Telecom Inc.

2831 29th St., NW

Washington, DC

20008 USA
	 
	 	 
	Attention:

Fax:

	 	General Counsel

+1-202-332-4877

	 	 	 
	THE ORIGINAL BORROWERS	 	 
	GOLDEN TELECOM INC	 	 
	By:

	 	

	Address:

	 	Golden Telecom Inc.

2831 29th St., NW

Washington, DC

20008 USA
	 
	 	 
	Attention:

Fax:

	 	General Counsel

+1-202-332-4877

	 	 	 
	EDN SOVINTEL LLC	 	 
	By:

	 	

	Address:

	 	EDN Sovintel LLC

1 Kozhevnichesky Proezd

Moscow, Russia

115114
	 
	 	 
	Attention:

Fax:

	 	Legal Director

+7-495-797-9306
	 
	 	 

17

	 	 	 
	GTS FINANCE INC	 	 
	By:

	 	

	Address:

	 	Golden Telecom Inc.

2831 29th St., NW

Washington, DC

20008 USA
	 
	 	 
	Attention:

Fax:

	 	General Counsel

+1-202-332-4877

	 	 	 
	THE ORIGINAL GUARANTORS	 	 
	GOLDEN TELECOM INC	 	 
	By:

	 	

	Address:

	 	Golden Telecom Inc.

2831 29th St., NW

Washington, DC

20008 USA
	 
	 	 
	Attention:

Fax:

	 	General Counsel

+1-202-332-4877

EDN SOVINTEL LLC

By:

By:

	 	 	 
	Address:

	 	EDN Sovintel LLC

1 Kozhevnichesky Proezd

Moscow, Russia

115114
	 
	 	 
	Attention:

Fax:

	 	Legal Director

+7-495-797-9306
	 
	 	 

18

	 	 	 
	GTS FINANCE INC	 	 
	By:

	 	

	Address:

	 	Golden Telecom Inc.

2831 29th St., NW

Washington, DC

20008 USA
	 
	 	 
	Attention:

Fax:

	 	General Counsel

+1-202-332-4877

THE ARRANGER

CITIBANK N.A., London Branch

By:

ING BANK N.V.

By:

	 	 	 
	THE AGENT	 	 
	CITIBANK INTERNATIONAL PLC
	By:

	 	

	Address:

	 	European Loans Agency

Capital Markets and Banking Operations

Citibank International PLC

5th Floor Citigroup Centre,

Canary Wharf London E14 5LB
	 
	 	 
	Attention:

Fax:

	 	Alasdair Watson

+44 (0) 20 8636 3824
	 
	 	 

19

	 	 	 
	THE ORIGINAL LENDERS	 	 
	CITIBANK N.A., BAHRAIN	 	 
	By:

	 	

	Address:

	 	Citibank N.A. Bahrain

Block 428

Road 2819

Alseef District 1133

Kingdom of Bahrain
	 
	 	 
	Attention:

Fax:

	 	Terence Rodrigues / Nadia Ismail

+973 17 588510

	 	 	 
	ING EURASIA (ZAO)	 	 
	By:

	 	

	Address:

	 	ING Eurasia (ZAO)

36, Krasnoproletarskaya str

Moscow 127473,

Russia
	 
	 	 
	Attention:

Fax:

	 	Medvedeva Victoria / Petrushin Igor

+7 (495) 755-549

	 	 	 
	ZAO BANCA INTESA	 	 
	By:

	 	

	Address:

	 	ZAO Banca Intesa

2, bld. 2, Petroverigsky per,

Moscow 101000,

Russia
	 
	 	 
	Attention:

Fax:

	 	Tatiana Busygina

+7 (495) 411-8071
	 
	 	 
	BAYERN LB

By:

	 	

	Address:

	 	Bayerische Landesbank

Brienner Strasse 18,

80333 München,

Germany
	 
	 	 
	Attention:

Fax:

	 	Margit Schethaler

(49-89) 2171 22543

	 	 	 
	COMMERZBANK (EURASIJA) SAO
	By:

	 	

	Address:

	 	Commerzbank (Eurasija) SAO

Kadashevskaya Nab. 14/2,

119017 Moscow,

Russia
	 
	 	 
	Attention:

Fax:

	 	Irina Rabinovich

+7 (495) 797 48 62

	 	 	 
	EXPORT DEVELOPMENT CANADA
	By:

	 	

	Address:

Attention:

Fax:

	 	Export Development Canada

151 O’Connor Street

Ottawa, Canada K1A 1K3

Tina MCShane

+1 613 598 2514

	 	 	 
	HSBC BANK PLC	 	 
	By:

	 	

	Address:

Attention:

Fax:

	 	HSBC Bank Plc

Corporate Trust and Loan Agency

Level 24

8 Canada Square

London E14 5 HQ

Matthew Li

+44 (0) 207 991 4347

	 	 	 
	HVB BANQUE LUXEMBOURG SOCIETE ANONYME
	By:

	 	

	Address:

Attention:

Fax:

	 	HVB Banque Luxembourg Société Anonyme

4, rue Alphonse Weicker

L-2721 Luxembourg

Silke Jakobs-Köhn

+352 4272 4547

	 	 	 
	BANK AUSTRIA CREDITANSTALT AG
	By:

	 	

	Address:

Attention:

Fax:

	 	Bank Austria Creditanstalt AG

Schottengasse 6-8

1010 Vienna, Austria

Sabine Teichmann

+43 50505 49394

	 	 	 
	KFW, FRANKFURT	 	 
	By:

	 	

	Address:

Attention:

Fax:

	 	KfW Frankfurt

Department X4a2

Palmengartenstr. 5-9

60325 Frankfurt

Germany

Markus Schmid / Karina Friess

+ 49 69 7431 4013

	 	 	 
	SKANDINAVISKA ENSKILDA BANKEN AB
	By:

	 	

	Address:

Attention:

Fax:

	 	Skandinaviska Enskilda Banken AB

Rissneleden 110, RB8

S — 10640 Stockholm, Sweden

Christine von Wirén

+46 8 611 0384

	 	 	 
	BANK WESTLB VOSTOK (ZAO)
	By:

	 	

	Address:

	 	121069 Moscow, ul. Povarskaya 23, str.4
	 
	 	 
	Attention:

Fax:

BNP PARIBAS

By:

	 	Anna Petrova / Irina Krasovskaya

+7 495 258 6100 / 04

	Address:

Attention:

Fax:

	 	BNP Paribas

CFI Loan Department

37, place du Marché Saint Honoré, 75001 Paris

75001 Paris, France

Mr Bruno Pezy / Mr Guillaume Chinardet

+ 33 1 42 98 10 65

	 	 	 
	IKB DEUTSCHE INDUSTRIEBANK AG
	By:

	 	

	Address:

Attention:

Fax:

	 	IKB Deutsche Industriebank AG

Wilhelm — Bötzkes — Strasse 1

40474 Düsseldorf

Germany

Stephanie Trint

+49 (0) 211/8221-2533

	 	 	 
	VTB BANK (DEUTSCHLAND) AG
	By:

	 	

	Address:

Attention:

Fax:

	 	VTB Bank (Deutschland) AG

Walter — Kolb — Str. 13

60594 Frankfurt

Germany

Peter Seibel / Ute Marschalk

+49/69/2168 — 274
	 
	 	 

20EX-10.1

RAIT FINANCIAL TRUST

2005 EQUITY COMPENSATION PLAN

UNIT AWARD AGREEMENT

This UNIT AWARD AGREEMENT, dated as of      , 200     (the “Date of Grant”), is
delivered by RAIT Financial Trust (“RAIT”), to      (the “Participant”).

RECITALS

A. The RAIT Investment Trust 2005 Equity Compensation Plan (the “Plan”) provides for the grant
of phantom units (“Units”), which represent the right to receive one or more common shares of
beneficial interest, par value $0.01, of RAIT (“Common Shares”), on a future redemption date.

B. The Compensation Committee of the Board of Trustees of RAIT (the “Committee”) has decided
to make a restricted Unit grant, subject to the terms and conditions set forth in this Unit Award
Agreement (the “Agreement”) and the Plan, as an inducement for the Participant to promote the best
interests of RAIT and its shareholders. The Participant may receive a copy of the Plan by
contacting      , at      .

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Units . Subject to the terms and conditions set forth in this Agreement and the
Plan, RAIT hereby grants to the Participant      Units (the “Restricted Units”). The
Restricted Units will become vested in accordance with Paragraph 3 below and will be redeemed in
accordance with Paragraph 4 below.

2. Restricted Unit Account . RAIT shall establish and maintain a Restricted Unit account,
as a bookkeeping account on its records, (the “Restricted Unit Account”) for the Participant and
shall record in such Restricted Unit Account the number of Restricted Units granted to the
Participant. The Participant shall not have any interest in any fund or specific assets of RAIT by
reason of this grant or the Restricted Unit Account established for the Participant.

3. Vesting.

(a) The Participant will become vested in the Restricted Units awarded pursuant to this grant
according to the following vesting schedule, provided the Participant does not incur a termination
of employment or service with the Company (as defined in the Plan) prior to the applicable vesting
date (the “Vesting Date”):

	 	 	 	 	 
	 	 	Percentage of
	Vesting Date	 	Restricted Units Vesting
	First anniversary of Date of Grant
	 	 	20	%
	Second anniversary of Date of Grant
	 	 	20	%
	Third anniversary of Date of Grant
	 	 	20	%
	Fourth anniversary of Date of Grant
	 	 	40	%

The vesting of the Restricted Units is cumulative, but shall not exceed 100% of the Restricted
Units subject to this Agreement. If the foregoing vesting schedule would produce fractional
Restricted Units, the number of Restricted Units that are vested shall be rounded down to the
nearest whole Restricted Unit. The Participant’s Restricted Units shall become fully vested if the
Participant is employed by, or providing service to, the Company on the fourth anniversary of the
Date of Grant.

(b) If the Participant’s employment or service with the Company terminates for any reason
prior to the Participant vesting in any of the Restricted Units as provided in subparagraph (a),
the Restricted Units that are not vested as of the Participant’s termination of employment or
service shall terminate and the Participant shall not have any redemption rights with respect to
any of such unvested Restricted Units.

4. Redemption. On the earliest to occur of (i) the first anniversary of the applicable
Vesting Date, (ii) the date of death of the Participant, or (iii) the Participant becomes disabled
(within the meaning of section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended (the
“Code”)), (the “Redemption Date”), RAIT shall redeem:

(a) in the case of clause (i) above, all of the Restricted Units for which it is the first
anniversary of the applicable Vesting Date; or

(b) in the case of clauses (ii) or (iii) above, all of the vested Restricted Units;

(the “Redeemed Units”) as provided in Paragraph 3, then credited to the Participant’s Restricted
Unit Account as of such date. On the Redemption Date, all Redeemed Units will be converted to an
equivalent number of Common Shares, and the Participant shall receive a single sum distribution of
such Common Shares, which shall be issued under the Plan.

5. Dividend Equivalents. Until such time as the Restricted Units are redeemed, if any
dividends are declared with respect to the Common Shares, a cash payment will be paid to the
Participant by RAIT equal to the value of the dividends that would have been distributed if the
Restricted Units credited to the Participant’s Restricted Unit Account at the time of the
declaration of the dividend were Common Shares. The dividend equivalents will be paid to the
Participant as soon as administratively practicable following the time the dividends are paid to
shareholders holding the Common Shares.

6. Change of Control. The provisions set forth in the Plan applicable to a Change of
Control (as defined in the Plan) shall apply to the Restricted Units, and, in the event of a Change
of Control, the Committee may take such actions as it deems appropriate in accordance with the
terms of the Plan and the requirements of section 409A of the Code.

7. Acknowledgment by Participant. By executing this Agreement, the Participant hereby
acknowledges that with respect to any right to redemption or distribution pursuant to this
Agreement, the Participant is and shall be an unsecured general creditor of RAIT without any
preference as against other unsecured general creditors of RAIT, and the Participant hereby
covenants for himself or herself, and anyone at any time claiming through or under the Participant
not to claim any such preference, and hereby disclaims and waives any such preference which may at
any time be at issue, to the fullest extent permitted by applicable law. The Participant also
hereby agrees to be bound by the terms and conditions of the Plan and this Agreement. The
Participant further agrees to be bound by the determinations and decisions of the Committee with
respect to this Agreement and the Plan and the Participant’s rights to benefits under this
Agreement and the Plan, and agrees that all such determinations and decisions of the Committee
shall be binding on the Participant, his or her beneficiaries and any other person having or
claiming an interest under this Agreement and the Plan on behalf of the Participant.

8. Restrictions on Issuance or Transfer of Common Shares.

(a) The obligation of RAIT to deliver Common Shares upon the redemption of the Restricted
Units shall be subject to the condition that if at any time the Committee shall determine in its
discretion that the listing, registration or qualification of the Common Shares upon any securities
exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of
Common Shares, the Common Shares may not be issued in whole or in part unless such listing,
registration, qualification, consent or approval shall have been effected or obtained free of any
conditions not acceptable to the Committee. The issuance of Common Shares and the payment of cash
to the Participant pursuant to this Agreement is subject to any applicable taxes and other laws or
regulations of the United States or of any state having jurisdiction thereof.

(b) The Participant agrees to be bound by RAIT’s policies regarding the transfer of the Common
Shares and understands that there may be certain times during the year in which the Participant
will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, or
encumbering Common Shares.

(c) As soon as reasonably practicable after the Redemption Date, a certificate representing
the Common Shares that are redeemed shall be issued to the Participant.

9. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. In the event of any contradiction, distinction or difference between this Agreement
and the terms of the Plan, the terms of the Plan will control. Except as otherwise defined in this
Agreement, capitalized terms used in this Agreement shall have the meanings set forth in the Plan.
This grant is subject to the interpretations, regulations and determinations concerning the Plan
established from time to time by the Committee in accordance with the provisions of the Plan,
including, but not limited to, provisions pertaining to (i) rights and obligations with respect to
withholding taxes, (ii) the registration, qualification or listing of the Common Shares, (iii)
changes in capitalization of RAIT, and (iv) other requirements of applicable law. The Committee
shall have the authority to interpret and construe this grant pursuant to the terms of the Plan,
its decisions shall be conclusive as to any questions arising hereunder and the Participant’s
acceptance of this grant is the Participant’s agreement to be bound by the interpretations and
decisions of the Committee with respect to this grant and the Plan.

10. No Rights as Shareholder. The Participant shall not have any rights as a shareholder of
RAIT, including the right to any cash dividends (except as provided in Paragraph 5), or the right
to vote, with respect to any Restricted Units.

11. No Rights to Continued Employment or Service. This grant shall not confer upon the
Participant any right to be retained in the employment or service of the Company and shall not
interfere in any way with the right of the Company to terminate the Participant’s employment or
service at any time. The right of the Company to terminate at will the Participant’s employment or
service at any time for any reason is specifically reserved.

12. Assignment and Transfers. No Restricted Units or dividend equivalents awarded to the
Participant under this Agreement may be transferred, assigned, pledged, or encumbered by the
Participant and a Restricted Unit shall be redeemed and a dividend equivalent distributed during
the lifetime of the Participant only for the benefit of the Participant. Any attempt to transfer,
assign, pledge, or encumber the Restricted Unit or dividend equivalent by the Participant shall be
null, void and without effect. The rights and protections of RAIT hereunder shall extend to any
successors or assigns of RAIT. This Agreement may be assigned by RAIT without the Participant’s
consent.

13. Withholding. The Participant shall be required to pay to the Company, or make other
arrangements satisfactory to the Company to provide for the payment of, any federal, state, local
or other taxes that the Company is required to withhold with respect to the grant, vesting or
redemption/distribution of the Restricted Units and dividend equivalents. Subject to Committee
approval, the Participant may elect to satisfy any tax withholding obligation of the Company with
respect to the Restricted Units by having Common Shares withheld up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and
other tax liabilities.

14. Effect on Other Benefits. The value of Common Shares and dividend equivalents
distributed with respect to the Restricted Units shall not be considered eligible earnings for
purposes of any other plans maintained by the Company. Neither shall such value be considered part
of the Participant’s compensation for purposes of determining or calculating other benefits that
are based on compensation, such as life insurance.

15. Applicable Law. The validity, construction, interpretation and effect of this
Agreement shall be governed by and construed in accordance with the laws of the State of Maryland,
without giving effect to the conflicts of laws provisions thereof.

16. Notice. Any notice to RAIT provided for in this instrument shall be addressed to RAIT
in care of the Board of Trustees at the principal office of RAIT, and any notice to the Participant
shall be addressed to such Participant at the current address shown on the payroll records of the
Company, or to such other address as the Participant may designate to RAIT in writing. Any notice
shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as
stated above, registered and deposited, postage prepaid, in a post office regularly maintained by
the United States Postal Service.

17. Section 409A of the Code. Notwithstanding anything in the Plan or this Agreement to
the contrary, the Committee may, without the Participant’s consent, amend this Agreement to comply
with the requirements of Section 409A of the Code and any corresponding guidance and regulations
issued under Section 409A of the Code to the extent it is subsequently determined, in the sole
discretion of the Committee, that such amendments are necessary for this grant to comply with the
requirements of Section 409A of the Code.

1

IN WITNESS WHEREOF, RAIT has caused its duly authorized officer to execute this Unit Award
Agreement, and the Participant has placed his or her signature hereon, effective as of the Date of
Grant.

RAIT FINANCIAL TRUST

By:

Name:

Title:

I hereby accept the award of Restricted Units and dividend equivalents described in this
Agreement, and I agree to be bound by the terms of this Agreement and the Plan. I hereby
acknowledge and agree that all of the decisions, interpretations and determinations of the
Committee with respect to the Restricted Units and dividend equivalents shall be final, binding and
conclusive on me, my beneficiaries and any other persons having or claiming an interest under this
Agreement.

Date Participant

2

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