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STANDARD TERMS OF FX CURRENCY OPTION AND FX SWAP Currency Pair

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STANDARD TERMS OF FX CURRENCY OPTION AND FX SWAP Currency Pair

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									                                   2009

                              STANDARD TERMS
                    OF FX, CURRENCY OPTION AND FX SWAP
                               TRANSACTIONS




MOS242148/11 151276-0001
MOS242148/11 151276-0001   Page 2
                             2009
      STANDARD TERMS OF FX, CURRENCY OPTION AND FX SWAP
                       TRANSACTIONS

These Standard Terms of FX, currency option and FX swap transactions (hereinafter
the Standard Terms) shall establish the specifics of execution, performance and
termination of the Transactions, as defined in section 1.23 of the Standard Terms.
These Standard Terms shall apply to a Transaction (a) if they are incorporated,
whether in whole or in part, in the Confirmation of the Transaction by the statement
therein that such Standard Terms apply in whole or in the relevant part; or (b) by
default if there is no Confirmation. Any term used in the Confirmation will, when
combined with the name of a party, have meaning in respect of the named party
only.

1.      GENERAL DEFINITIONS

1.1     Settlement Currency means, in respect of a Non-Deliverable Transaction, any
currency specified as such in the Confirmation or otherwise agreed by the parties in
respect of the Transaction, or, if no such currency is specified or otherwise agreed,
U.S. Dollars or other currency in the Currency Pair with reference to a single unit (or
other amount multiple of ten) which expresses the exchange rate according to general
practice accepted in the market of the relevant Currency Pair.

1.2  Non-Deliverable Transaction means a Non-Deliverable FX Transaction or a
Non-Deliverable Currency Option Transaction.

1.3     Payment Currency means, in respect of a Non-Deliverable Transaction, any
currency in which settlements are made under such Transaction in accordance with
the procedure set out in sections 2.5(d) and 3.8(c) of the Standard Terms, and which is
specified as such in the relevant Confirmation or otherwise agreed by the parties in
respect of the Transaction, or, if no such currency is specified or otherwise agreed,
Russian Rubles.

1.4     Currency Pair means:

(a)     in respect of any Spot Transaction, Deliverable FX Transaction and FX Swap
        Transaction, the currencies specified as being payable by the parties to the
        Transaction in the related Confirmation;

(b)     in respect of any Non-Deliverable FX Transaction, the Reference Currency
        and the Settlement Currency;

(c)     in respect of any Currency Option Transaction, the Call Currency and the Put
        Currency.

1.5   Master Agreement means the Master Agreement in the meaning defined in the
Model Provisions.

1.6    Governmental Authority means any governmental authority of the Russian
Federation, including the Bank of Russia.




MOS242148/11 151276-0001                                                          Page 3
1.7    Valuation Date means, in respect of any Non-Deliverable Transaction, the
Business Day as of which the Spot Rate is determined and which is specified as the
Valuation Date in, or otherwise determined pursuant to, the related Confirmation, or
otherwise agreed by the parties in respect of the Transaction. The occurrence of the
Valuation Date is subject to adjustment in accordance with the Preceding Business
Day Convention unless otherwise is agreed by the parties.

Unless otherwise is specified in the Confirmation or agreed by the parties in any other
way, the Valuation Date occurs:

(a)     in respect of any Non-Deliverable FX Transaction, two Business Days prior to
        the Settlement Date;

(b)     in respect of any Non-Deliverable Currency Option Transaction, on the
        Exercise Date.

1.8     Settlement Date means, in respect of any Transaction, the date on which the
parties shall perform their respective obligations set out in sections 2.5, 3.8 or 5.1 of
the Standard Terms and which is specified as the Settlement Date in, or otherwise
determined pursuant to, the related Confirmation, or otherwise agreed by the parties in
respect of the Transaction.

For the purposes of these Standard Terms, each of the Initial Exchange Dates and
Final Exchange Dates shall be the Settlement Date.

1.9     Trade Date means in respect of a Transaction the Trade Date in the meaning
specified in the Master Agreement.

1.10 Spot Rate means, in respect of any Non-Deliverable Transaction and a
Transaction that is subject to a Knock-in Event or a Knock-out Event, the currency
exchange rate as of the Valuation Date determined in accordance with the agreed
Settlement Rate Option or the applicable Disruption Fallback.

1.11 Notional Amount means, in respect of a Non-Deliverable Transaction, the
amount of the Settlement Currency specified as such in the related Confirmation or
otherwise agreed by the parties in respect of the Transaction for the purposes of
calculation of payments to be made under the Transaction or, if such amount is not
specified or otherwise agreed:

(a)     in respect of any Non-Deliverable FX Transaction, the amount of the
        Settlement Currency equal to the Reference Currency Notional Amount
        divided by the Forward Rate;

(b)     in respect of any Non-Deliverable Currency Option Transaction, either the
        Call Currency Amount or the Put Currency Amount, whichever is
        denominated in the Settlement Currency.

1.12 Reference Currency Notional Amount means, in respect of a Non-
Deliverable Transaction, the amount of the Reference Currency specified as such in
the related Confirmation or otherwise agreed by the parties in respect of the
Transaction or, if such amount is not specified or otherwise agreed:




MOS242148/11 151276-0001                                                            Page 4
(a)     in respect of any Non-Deliverable FX Transaction, the amount of the
        Reference Currency equal to the Notional Amount multiplied by the Forward
        Rate;

(b)     in respect of any Non-Deliverable Currency Option Transaction, either the
        Call Currency Amount or the Put Currency Amount, whichever is
        denominated in the Reference Currency.

1.13 Principal Financial Center means, in respect of any Transaction or a
currency, the financial center or centers specified as such in the related Confirmation
or otherwise agreed by the parties in respect of the Transaction, or, if none is specified
or otherwise agreed, the financial center or centers listed under EXHIBIT 7 to the
Standard Terms in relation to each currency.

1.14 Rounding means, for the purposes of any calculation made pursuant to these
Standard Terms:

(a)     rounding of any amounts expressed as a percentage to the nearest one
        hundred-thousand of a percentage point;

(b)     rounding of any currency amounts to the nearest one ten-thousandth of a
        percentage point (inclusively) pursuant to mathematical method unless another
        rounding method is used in accordance with the market practice on the
        relevant currency market.

1.15 Confirmation means a Confirmation, as defined in the Master Agreement,
which may be drafted substantially in the form attached to the Standard Terms as
EXHIBIT 1 to EXHIBIT 6 depending on the type of the Transaction or in other form
agreed by the parties.

1.16 Reference Currency Buyer means the party to any Non-Deliverable FX
Transaction specified as such in the related Confirmation or otherwise agreed by the
parties in respect of the Transaction, or, if such a party is not specified or otherwise
agreed, the party to which the Reference Currency is payable on the Settlement Date.

1.17 Deliverable Transaction means a Spot Transaction, Deliverable FX
Transaction, Deliverable Currency Option Transaction or FX Swap Transaction.

The settlements under a Transaction shall be made in the manner prescribed for a
Deliverable Transaction, unless otherwise explicitly agreed by the Parties.

1.18 Model Provisions means the Model Provisions of an Agreement for
Derivatives Transactions on Financial Markets published in the Internet on the web
pages of the Association of Russian Banks, National Foreign Exchange Association
and Russian National Association of Securities Market Participants.

1.19 Reference Currency Seller means the party to any Non-Deliverable FX
Transaction specified as such in the related Confirmation or otherwise agreed by the
parties in respect of the Transaction, or, if such party is not specified or otherwise
agreed, the party which owes (or would have owed if the settlement under the




MOS242148/11 151276-0001                                                             Page 5
Transaction were made in the manner prescribed for a Deliverable Transaction) the
Reference Currency on the Settlement Date.

1.20    Business Day means:

(a)     for the purposes of making payments on the Settlement Date/Premium
        Payment Date, the Valuation Date and/or Settlement Rate Option, any day
        which is a Business Day, as defined in the Master Agreement, and:

            (i) a day on which credit institutions are open (or, but for the occurrence
                of any Disruption Event, would have been open) for banking and other
                transactions (including dealings in foreign exchange market in
                accordance with the relevant market practice) in the place(s) specified
                in a Confirmation or otherwise agreed by the parties in respect of the
                Transaction for the purpose of determining the Business Day;

           (ii) if a place is not so specified:

                 (A)       where Euro is the currency in which the payment is to be made
                           or one of the currencies in the Currency Pair for the purposes of
                           the Valuation Date and/or Settlement Rate Option, a day on
                           which the Trans-European Automated Real-Time Gross
                           Settlement Express Transfer (TARGET) System is open; or

                 (B)       where any other foreign currency is the currency in which the
                           payment is to be made or one of the currencies in the Currency
                           Pair for the purposes of the Valuation Date and/or Settlement
                           Rate Option, a day on which credit institutions are open (or, but
                           for the occurrence of any Disruption Event, would have been
                           open) for banking and other transactions (including dealings in
                           foreign exchange market in accordance with the relevant
                           market practice) in the Principal Financial Center of such
                           foreign currency; or

                 (C)       where several foreign currencies are payable, or both currencies
                           of the Currency Pair are foreign currencies, a Business Day
                           pursuant to this definition in respect of each relevant currency
                           (unless market practice in the relevant foreign exchange market
                           provides otherwise);

(b)     for the purposes of the remaining provisions of these Standard Terms or any
        Confirmation, a Business Day as defined in the Master Agreement.

1.21 Reference Currency means, in respect of a Non-Deliverable Transaction, the
currency specified as the Reference Currency in the related Confirmation or otherwise
agreed by the parties in respect of the Transaction, or, if such currency is not so
specified or agreed, Russian Rubles.

1.22 Calculation Agent means a person specified as such in the Master Agreement,
unless the other person is specified as such in the related Confirmation or otherwise
agreed by the parties in respect of the Transaction. The Calculation Agent shall




MOS242148/11 151276-0001                                                               Page 6
determine the relevant rates, amounts and other notions, and shall perform other acts
in accordance with these Standard Terms. The Calculation Agent shall act in a
reasonable manner and in good faith in any circumstances. Any determination
(calculation) made by the Calculation Agent shall be binding for the parties in the
absence of manifest error.

1.23 Transaction means a Spot Transaction, as defined in section 2.2 of the
Standard Terms, an FX Forward Transaction, as defined in section 2.3 of the Standard
Terms, a Currency Option Transaction, as defined in section 3.1 of the Standard
Terms, an FX Swap Transaction, as defined in section 5.1 of the Standard Terms, any
combination of the above Transactions, or any other transaction with respect to which
the parties indicate in the related Confirmation that these Standard Terms apply.

1.24 In-the-Money Amount means, in respect of a Non-Deliverable Transaction, an
amount determinable on the Valuation Date in accordance with the formulas set out in
sections 2.5(c) and 3.8(b) of the Standard Terms, and payable on the Settlement Date
in accordance with the procedure established in sections 2.5(d) and 3.8(c) of the
Standard Terms, respectively.

1.25 Firm Quotation means an offer of a currency exchange rate by a market
participant providing for a commitment of such participant to buy or sell such
currency at the offered exchange rate.

1.26 Business Day Convention means the convention for adjusting the end of a
period if it would otherwise fall on a day which is not a Business Day. In a
Confirmation the parties may specify the following as a Business Day Convention:

(a)     Following Business Day, and in this case such period shall be deemed to end
        on the first following day that is a Business Day;

(b)     Preceding Business Day, and in this case such period shall be deemed to end
        on the fist preceding day that is a Business Day;

(c)     Modified Following, and in this case such period shall be deemed to end on
        the first following day that is a Business Day unless that day falls in the next
        calendar month, in which case that date will be the first preceding day that is a
        Business Day.

If the last day of any period pursuant to these Standard Terms falls on a day other that
a Business Day, the day on which such period ends shall be determined in accordance
with the Following Business Day rule set out by sub-section (a) above, unless
otherwise provided for by other provisions of these Standard Terms, the Confirmation
or otherwise agreed by the parties in respect of a particular time period or in general.

1.27    Forward Rate means:

(a)     in respect of any Deliverable FX Transaction, the currency exchange rate
        expressed in accordance with the procedure specified in the related
        Confirmation or otherwise agreed by the parties in respect of the Transaction,
        or, if such a rate is not specified or otherwise agreed, in accordance with the
        practice in the market of the relevant Currency Pair;




MOS242148/11 151276-0001                                                            Page 7
(b)     in respect of any Non-Deliverable FX Transaction, the currency exchange rate
        expressed as the amount of the Reference Currency per a single unit (or
        another amount multiple of ten) of the Settlement Currency and specified as
        such in the related Confirmation or otherwise agreed by the parties in respect
        of the Transaction, or, if such a rate is not specified or otherwise agreed, the
        currency exchange rate obtained by dividing the Reference Currency Notional
        Amount by the Notional Amount.

2.      FX TRANSACTIONS

2.1    FX Transaction means any Spot Transaction and any FX Forward
Transaction.

2.2     Spot Transaction means any transaction providing for the purchase by one
party to such transaction of an amount in one currency from the other party to such
transaction in exchange for the sale by it of an agreed amount in another currency to
the other party to such transaction on the terms agreed by such parties with delivery of
the said amounts by both parties on the Settlement Date occurring not later than on the
second Business Day following the Trade Date.

2.3     FX Forward Transaction means any transaction under which:

(a)     one party undertakes to purchase from the other party to such transaction an
        amount in one currency and in exchange for the sale by it of an agreed amount
        in another currency to the other party to such transaction with delivery of the
        said amounts by both parties on the Settlement Date occurring not earlier than
        on the third Business Day following the Trade Date (the Deliverable FX
        Transaction); or

(b)     one party undertakes to pay on the Settlement Date, occurring not earlier than
        on the third Business Day following the Trade Date, the In-the Money Amount
        to the other party depending on the fluctuation of the exchange rate of the
        Reference Currency against the Forward Rate agreed by the parties on the
        Trade Date (the Non-Deliverable FX Transaction),

on the terms agreed by such parties.

2.4     Material Terms of FX Transaction

(a)     The material terms of a Spot Transaction to be agreed by the parties on the
        Trade Date shall be:

            (i) the Currency Pair;

           (ii) the amount of currency payable by one party;

          (iii) the amount of currency payable by the other party, or the exchange
                rate;

          (iv) the Settlement Date.




MOS242148/11 151276-0001                                                           Page 8
(b)     The material terms of a Deliverable FX Transaction to be agreed by the parties
        on the Trade Date shall be:

            (i) the Currency Pair;

           (ii) the amount of currency payable by one party;

          (iii) the amount of currency payable by the other party, or the Forward Rate
                (and in this case the currency specified in sub- section (ii) above shall
                be deemed the Reference Currency);

          (iv) the Settlement Date.

(c)     The material terms of a Non-Deliverable FX Transaction to be agreed by the
        parties on the Trade Date shall be:

            (i) the Reference Currency;

           (ii) the Settlement Currency;

          (iii) the Reference Currency Seller;

          (iv) the Reference Currency Buyer;

           (v) the Notional Amount and Reference Currency Notional Amount, or
               Forward Rate and either the Notional Amount or the Reference
               Currency Notional Amount;

          (vi) the Settlement Rate Option;

          (vii) ‘the Settlement Date.

(d)     Any other terms may be agreed as the material terms of the FX Transactions if
        requested by one of the parties.

2.5     Settlement Procedure under FX Transactions

Spot Transactions

(a)     On the Settlement Date in respect of a Spot Transaction, each party shall pay
        the amount specified as payable by it in the related Confirmation or otherwise
        agreed by the parties in respect of the Transaction.

Deliverable FX Transactions

(b)     On the Settlement Date in respect of a Deliverable FX Transaction, each party
        shall pay the amount specified as payable by it in the related Confirmation or
        otherwise agreed by the parties in respect of the Transaction.




MOS242148/11 151276-0001                                                            Page 9
Non-Deliverable FX Transactions

(c)     The In-the-Money Amount in relation to a Non-Deliverable FX Transaction
        shall be calculated, unless the parties to the Transaction agree otherwise, in
        accordance with the following formula:


          In-the-Money                 Notional                   Forward Rate
             Amount
                             =
                                 [     Amount
                                                   Ï   ( 1-        Spot Rate        )]
        where the Spot Rate is expressed as a quotient of the amount of the Reference
        Currency and a single unit (or another amount multiple of ten) of the
        Settlement Currency.

(d)     On the Settlement Date in respect of a Non-Deliverable FX Transaction:

            (i) if the In-the-Money Amount is a positive number the Reference
                Currency Buyer shall pay to the Reference Currency Seller:

                 (A)       such amount in the Settlement Currency (if the Settlement
                           Currency is the Payment Currency);

                 (B)       an equivalent of such amount in the Payment Currency at the
                           Spot Rate (if the Reference Currency is the Payment Currency)
                           or at an exchange rate the calculation method of which is
                           specified for that purpose in the related Confirmation (if the
                           Payment Currency is any currency other than a currency in the
                           Currency Pair); or

           (ii) if the In-the-Money Amount is a negative number the Reference
                Currency Seller shall pay to the Reference Currency Buyer the
                absolute value of:

                 (A)       such amount in the Settlement Currency (if the Settlement
                           Currency is the Payment Currency);

                 (B)       an equivalent of such amount in the Payment Currency at the
                           Spot Rate (if the Reference Currency is the Payment Currency)
                           or at an exchange rate the calculation method of which is
                           specified for that purpose in the related Confirmation (if the
                           Payment Currency is any currency other than a currency in the
                           Currency Pair).

3.      CURRENCY OPTION TRANSACTIONS

3.1    Currency Option Transaction means any transaction under which, on the
terms agreed by the parties:

(a)     one party (the Buyer) pays to the other party (the Seller) the Premium and
        acquires the right (subject to its exercise in accordance with the procedure
        established by section 3.7 of the Standard Terms), but not the obligation, to



MOS242148/11 151276-0001                                                           Page 10
        purchase from the Seller a specified quantity of the Call Currency at the Strike
        Price and to sell to the Seller a specified amount of the Put Currency at the
        Strike Price while the Seller undertakes to purchase from the Buyer a specified
        quantity of the Put Currency at the Strike Price and to sell to the Buyer a
        specified quantity of the Call Currency at the Strike Price with delivery of the
        said amounts by both parties on the Settlement Date (the Deliverable
        Currency Option Transaction); or

(b)     the Buyer pays to the Seller the Premium and acquires the right (subject to its
        exercise in accordance with the procedure established by section 3.7 of the
        Standard Terms), but not the obligation, to claim payment by the Seller of the
        In-the-Money Amount (if the In-the-Money is a positive number) on the
        Settlement Date while the Seller undertakes to pay to the Buyer the In-the-
        Money Amount (if the In-the-Money Amount is a positive number) on the
        Settlement Date (the Non-Deliverable Currency Option Transaction).

3.2    When used in relation to a Currency Option Transaction, the following terms
have the following meanings:

(a)     Call Currency means the currency specified as such in the related
        Confirmation or otherwise agreed by the parties in respect of the Transaction,
        or, if such a currency is not specified or otherwise agreed, the currency that is
        to be purchased by Buyer.

(b)     Put Currency means the currency specified as such in the related
        Confirmation or otherwise agreed by the parties in respect of the Transaction,
        or, if such a currency is not specified or otherwise agreed, the currency that is
        to be sold by Buyer.

(c)     Expiration Date means the last day of the Exercise Period occurring not
        earlier than on the third Business Day following the Trade Date and specified
        as such in the related Confirmation or otherwise agreed by the parties in
        respect of the Transaction.

(d)     Commencement Date means the date specified as such in the related
        Confirmation or otherwise agreed by the parties in respect of the Transaction,
        or, if such a date is not specified or otherwise agreed, the Trade Date.

(e)     Exercise Right means the right of the Buyer to claim from the Seller the
        payment on the Settlement Date of:

            (i) in respect of any Deliverable Currency Option Transaction, the Call
                Currency Amount;

           (ii) in respect of any Non-Deliverable Currency Option Transaction, the
                In-the-Money Amount (if positive).

When used in relation to a Exercise Right under a Currency Option Transaction, the
following terms have the indicated meanings:




MOS242148/11 151276-0001                                                           Page 11
            (i) Expiration Time means any time during a Business Day specified as
                such in the related Confirmation or otherwise agreed by the parties in
                respect of the Transaction as the deadline for receipt of the Notice of
                Exercise, or, if such time is not specified or otherwise agreed,
                04.00 p.m. (Moscow time).

           (ii) Exercise Date means a Business Day during the Exercise Period when
                the Exercise Right under a Currency Option Transaction is exercised
                pursuant to section 3.7 of the Standard Terms.

          (iii) Exercise Period means:

                 (A)       in respect of an American Style Option, all Business Days from
                           the Commencement Date to the Expiration Date (both dates
                           inclusive) between 09.00 a.m. (Moscow time) and the
                           Expiration Time;

                 (B)       in respect of a European Style Option, the Expiration Date
                           between 09.00 a.m. (Moscow time) and the Expiration Time;

                 (C)       in respect of a Bermuda Style Option, each Exercise Date
                           specified as such in the related Confirmation or otherwise
                           agreed by the parties, from the Commencement Date to the
                           Expiration Date (both dates inclusive) between 09.00 a.m.
                           (Moscow time) and the Expiration Time.

          (iv) Notice of Exercise means irrevocable notice which may be prepared
               by the Buyer in the form attached hereto as EXHIBIT 8 to these
               Standard Terms or in other from agreed by the parties. Notice of
               Exercise may be delivered by facsimile, unless the parties agree
               otherwise.

(f)     Call Currency Amount means the aggregate amount of the Call Currency to
        be purchased upon the exercise of the Exercise Right under a Currency Option
        Transaction as specified in the related Confirmation or, if such an amount is
        not specified in the Confirmation, the Put Currency Amount multiplied by the
        Strike Price (where the Strike Price is expressed as an amount of the Call
        Currency to be paid per one unit (or another amount multiple of ten) of the Put
        Currency).

(g)     Put Currency Amount means the aggregate amount of the Put Currency to be
        sold upon the exercise of the Exercise Right under a Currency Option
        Transaction as specified in the related Confirmation or, if such an amount is
        not specified in the Confirmation, the Call Currency Amount divided by the
        Strike Price (where the Strike Price is expressed as the amount of the Call
        Currency to be paid per one unit (or another amount multiple of ten) of the Put
        Currency).

(h)     Strike Price means the currency exchange rate specified as such in the related
        Confirmation or otherwise agreed by the parties in respect of the Transaction




MOS242148/11 151276-0001                                                           Page 12
        at which the Currency Pair will be exchanged upon the exercise of the
        Exercise Right under a Currency Option Transaction.

3.3     Option Styles

(a)     American Option means a style of Currency Option Transaction pursuant to
        which the Exercise Right is exercisable on any Business Day during the
        Exercise Period that consists of two or more days.

(b)     Bermuda Option means a style of Currency Option Transactions pursuant to
        which the Exercise Right is exercisable only on one of the Exercise Dates
        specified as such in the related Confirmation or otherwise agreed by the
        parties and on the Expiration Date.

(c)     European Option means a style of Currency Option Transactions pursuant to
        which the Exercise Right is exercisable only on the Expiration Date.

3.4     Option Types

(a)     Call means a type of Currency Option Transactions pursuant to which the
        Buyer is entitled upon the exercise of the Exercise Right:

            (i) in the case of a Deliverable Currency Option Transaction, to purchase
                from the Seller the Call Currency Amount at the Strike Price;

           (ii) in the case of any Non-Deliverable Currency Option Transaction, to
                receive from the Seller the In-the-Money Amount (if positive)
                calculated in accordance with section 3.8(b) of the Standard Terms,

        in each case subject to the related Confirmation.

(b)     Put means a type of Currency Option Transactions pursuant to which the
        Buyer is entitled upon the exercise of the Exercise Right:

            (i) in the case of any Deliverable Currency Option Transaction, to sell to
                the Seller the Put Currency Amount at the Strike Price; and

           (ii) in the case of any Non-Deliverable Currency Option Transaction, to
                receive from the Seller the In-the-Money Amount (if positive)
                calculated pursuant to section 3.8(b) of the Standard Terms,

        in each case, subject to the related Confirmation.

3.5     Premium payment

(a)     On one or each date agreed by the parties (the Premium Payment Date), the
        Buyer shall pay a premium to the Seller (the Premium) specified in the related
        Confirmation or otherwise determined as provided in, or otherwise determined
        in accordance with, the related Confirmation, or otherwise agreed by the
        parties.




MOS242148/11 151276-0001                                                        Page 13
(b)     The parties may set the Premium as a fixed amount or as a percentage of the
        Call Currency Amount or the Put Currency Amount.

3.6     Material Terms of a Currency Option Transaction

(a)     The general material terms of Currency Option Transactions to be agreed by
        the parties on the Trade Date in relation to each of such Transactions shall be:

            (i) the Buyer;

           (ii) the Seller;

          (iii) the option style;

          (iv) the option type;

           (v) the Call Currency;

          (vi) the Put Currency;

          (vii) the Expiration Time;

         (viii) the Expiration Date;

          (ix) the Exercise Date for a Bermuda Option (in respect of Bermuda
               Options);

           (x) the Settlement Date;

          (xi) the amount of the Premium;

          (xii) the Premium Payment Date.

(b)     The material terms of a Deliverable Currency Option Transaction to be also
        agreed by the parties on the Trade Date shall be:

            (i) the Call Currency Amount and Put Currency Amount, or the Strike
                Price and either the Call Currency Amount or the Put Currency
                Amount; and

(c)     The material terms of a Non-Deliverable Currency Option Transaction to be
        also agreed by the parties on the Trade Date shall be:

            (i) the Strike Price and the Call Currency Amount or the Put Currency
                Amount;

           (ii) the Settlement Rate Option.

(d)     Any other terms may be agreed as the material terms of a Currency Option
        Transaction if requested by one of the parties.

3.7     Exercise of the Exercise Right




MOS242148/11 151276-0001                                                          Page 14
(a)     The Exercise Right shall be deemed exercised automatically at the Expiration
        Time on the Expiration Date, provided that at such Expiration Time:

            (i) under a Non-Deliverable Currency Option Transaction the In-the-
                Money Amount equals or exceeds the product of one percent of the
                Strike Price multiplied by either the Call Currency Amount or the Put
                Currency Amount, as appropriate;

           (ii) under a Deliverable Currency Option Transaction the amount
                calculated as the In-the-Money Amount pursuant to section 3.8(b)(i) or
                3.8(b)(ii) of the Standard Terms, as if such Deliverable Currency
                Option Transaction was a Non-Deliverable Currency Option
                Transaction, equals or exceeds the product of one percent of the Strike
                Price multiplied by either the Call Currency Amount or the Put
                Currency Amount, as appropriate.

        If in the above circumstances the parties send any notifications or other notices
        reminding that the term for exercising the Currency Option Transaction under
        which the Exercise Right shall be deemed exercised automatically pursuant to
        this section 3.7(a) is has fallen due, including when such notifications are sent
        in the form of the Notice of Exercise, such notifications or other notices shall
        be of a notifying character and shall not constitute a ground for creation,
        alteration or termination of any rights and obligations of the parties under the
        Currency Option Transaction.

        If the Exercise Right is exercised automatically under the Currency Option
        Transaction, the Seller may elect to settle such Currency Option Transaction in
        accordance with either section 3.8(a) or 3.8(b) of the Standard Terms,
        provided that the Seller has notified the Buyer respectively as soon as
        reasonably practicable after the Expiration Time.

        The Exercise Right shall not be exercised automatically, if prior to the
        Expiration Time the Buyer notifies Seller that it will not exercise the Exercise
        Right under the Currency option Transaction.

        The provisions of this section on automatic exercise of the Exercise Right
        apply, unless the parties have specified otherwise in the relevant Confirmation.

(b)     If the Exercise Right is not exercised automatically pursuant to section 3.7(a)
        of the Standard Terms, the Buyer may exercise its Exercise Right under a
        Currency Option Transaction by giving a Notice of Exercise to the Seller
        during the Exercise Period.

(c)     If no Notice of Exercise has been received by the Seller prior to or at the
        Expiration Time on the Expiration Date (and the Exercise Right is not
        exercised automatically pursuant to section 3.7(a) of the Standard Terms) the
        rights and obligations of the parties under the Currency Option Transaction
        shall expire.

(d)     A Currency Option Transaction may not be exercised in part, unless otherwise
        specified in the Confirmation.




MOS242148/11 151276-0001                                                           Page 15
(e)     If the Buyer exercises its Exercise Right under a Currency Option Transaction
        in accordance with section 3.7(b) of the Standard Terms, the following dates
        shall be deemed the Exercise Date under such Currency Option Transaction:

            (i) in respect of an American Option:

                 (A)       the Business Day within the Exercise Period on which the
                           Seller receives the Notice of Exercise prior to or at the
                           Expiration Time; or

                 (B)       the following Business Day within the Exercise Period if the
                           Seller receives the Notice of Exercise after the Expiration
                           Time;

           (ii) in respect of a Bermuda Option, any of the Exercise Dates specified as
                such in the related Confirmation or otherwise agreed by the parties on
                which the Seller receives the Notice of Exercise prior to or at the
                Expiration Time; and

          (iii) in respect of a European Option, the Expiration Date if the Seller
                receives the Notice of Exercise prior to or at the Expiration Time on
                such Expiration Date.

3.8     Settlement Procedure under Currency Option Transactions

Deliverable Currency Option Transactions

(a)     If the Exercise Right is exercised under a Deliverable Currency Option
        Transaction, the Buyer shall, on the Settlement Date, pay the Put Currency
        Amount to the Seller, and the Seller shall pay the Call Currency Amount to the
        Buyer.

Non-Deliverable Currency Option Transactions

(b)     The In-the-Money Amount in relation to a Non-Deliverable Currency Option
        Transaction shall, unless the parties to the Transaction agree otherwise, be
        calculated in accordance with the following formula:

            (i) in respect of a Non-Deliverable Currency Option Transaction where
                the Call Currency is the Reference Currency, and the Put Currency is
                the Settlement Currency:

                              Put
  In-the-Money                                       Strike Price – Spot Rate
     Amount
               =
                       [    Currency
                            Amount
                                       Ï   (                Spot Rate               )]
           (ii) in respect of a Non-Deliverable Currency Option Transaction where
                the Call Currency is the Settlement Currency, and the Put Currency is
                the Reference Currency:




MOS242148/11 151276-0001                                                         Page 16
                             Call
     In-the-Money                                    Spot Rate – Strike Price
        Amount
                  =
                      [    Currency
                           Amount
                                      Ï   (                Spot Rate                    )]
           (iii) provided that for the purposes of sections 3.8(b)(i) and 3.8(b)(ii) of the
                 Standard Terms, the Settlement Currency shall be the currency which
                 is the Settlement Currency for expressing the exchange rate of the
                 relevant Currency Pair and the other currency in the Currency Pair
                 shall be the Reference Currency.

(c)      In the event of exercise of the Exercise Right under a Non-Deliverable
         Currency Option Transaction, if the In-the-Money Amount is positive the
         Seller shall on the Settlement Date pay to the Buyer:

            (i) such amount in the Settlement Currency (if the Settlement Currency is
                the Payment Currency); or

           (ii) the equivalent of such amount in the Payment Currency at the Spot
                Rate (if the Reference Currency is the Payment Currency) or at the
                exchange rate the method of calculation of which is specified as such
                in the related Confirmation (if the Payment Currency is any currency
                other than the currencies of the Currency Pair).

4.       SETTLEMENT RATE OPTIONS

4.1     In respect of a Non-Deliverable Transaction for the purposes of calculating the
In-the-Money Amount and a Transaction that is subject to a Knock-in Event or a
Knock-out Event, the parties shall agree a method of determining the Spot Rate
(hereafter referred to as the Settlement Rate Option). The Settlement Rate Option
may be specified in the related Confirmation by inclusion of a reference to any
provision of this section 4 or a separate definition of the Settlement Rate Option.

4.2      For the purposes of determining the Spot Rate in respect of the relevant
Settlement Rate Option, the parties may use any of the following exchange rates
specified in the related Confirmation or otherwise agreed by the parties in respect of
the Transaction (the Specified Rate): (i) the Reference Currency bid exchange rate;
(ii) the Reference Currency offer exchange rate; (iii) the arithmetic mean of the
Reference Currency bid and offer exchange rates; (iv) the Settlement Currency bid
exchange rate; (v) the Settlement Currency offer exchange rate; (vi) the arithmetic
mean of the Settlement Currency bid and offer exchange rates; or (vii) any other
exchange rate specified in the related Confirmation or otherwise agreed by the parties
in respect of the Transaction. If no such rate is specified, the Specified Rate will be
deemed to be the average of the Reference Currency bid and offer rates.

4.3      The parties may use the following Settlement Rate Options:

Published market exchange currency rates

(a)      RUB MICEXFRX or RUB01 means that the Spot Rate for a Valuation Date
         will be the Russian Ruble/U.S. Dollar Specified Rate, expressed as the amount




MOS242148/11 151276-0001                                                             Page 17
        of Russian Rubles per one U.S. Dollar, for settlement on the same day,
        reported by ZAO Moscow Interbank Currency Exchange (MICEX) which
        appears on the Reuters Screen MICEXFRX Page as of 10.30 a.m. (Moscow
        time) on that Valuation Date;

(b)     RUB MMVB or RUB02 means that the Spot Rate for a Valuation Date will be
        the Russian Ruble/U.S. Dollar Specified Rate, expressed as the amount of
        Russian Rubles per one U.S. Dollar, for settlement on the same day, reported
        by MICEX which appears on the Reuters Screen MMVB Page as of 10.30 am
        (Moscow time) on that Valuation Date;

(c)     RUB CME-EMTA or RUB03 means that the Spot Rate for a Valuation Date
        will be the Russian Ruble/U.S. Dollar Specified Rate, expressed as the amount
        of Russian Rubles per one U.S. Dollar, for settlement on the same day, which
        is calculated by the Chicago Mercantile Exchange and published by the
        Emerging Markets Traders Association (EMTA) on the Reuters Screen EMTA
        Page or, if such page is unavailable, on any other page of Reuters or another
        system publishing such information at or about 01.30 p.m. (Moscow time);

(d)     EMTA RUB INDICATIVE SURVEY RATE or RUB04 means that the Spot
        Rate for a Valuation Date will be the Russian Ruble/U.S. Dollar Specified
        Rate, expressed as the amount of Russian Rubles per one U.S. Dollar, for
        settlement on the same day which is published on EMTA’s web site
        (www.emta.org);

(e)     ECB37 means, in relation to any Currency Pair that includes Russian Rubles
        and a foreign currency other than U.S. Dollar, that the Spot Rate for a
        Valuation Date will be the Russian Ruble/relevant foreign currency Specified
        Rate, expressed as the amount of Russian Rubles per a single unit (or another
        amount multiple of ten) of such foreign currency which is calculated in
        accordance with the following formulas:

            (i) in the case of the Russian Ruble/Euro Specified Rate:

              EUR/RUB =        USD/RUB CME-EMTA            Ï    EUR/USD ECB37            ,


                 where:    EUR means Euro;

                           RUB means Russian Rubles;

                           USD/RUB CME-EMTA means RUB CME-EMTA;

                           EUR/USD ECB37 means the Euro/U.S. Dollar exchange
                           rate reported by the European Central Bank which appears
                           on the Reuters Screen ECB37 Page;

           (ii) in respect of the Specified Rate of Russian Ruble to any foreign
                currency other than Euro and U.S. Dollar:

                                                               EUR/USD ECB37                 ,
             FCY/RUB =      USD/RUB CME-EMTA Ï



MOS242148/11 151276-0001                                                       Page 18
                                                               EUR/FCY ECB37


                 where:    FCY means the relevant foreign currency;

(f)     EUR/FCY ECB37 means the foreign currency/Euro exchange rate reported by
        the European Central Bank which appears on the Reuters Screen ECB37 Page.

Reference Bank Quotations

(g)     Reference Bank Quotations means that the Spot Rate for a Valuation Date
        may be determined on the basis of the quotations of the Specified Rate
        (expressed as the amount of the Reference Currency per a single unit (or
        another amount multiple of ten) of the Settlement Currency) for a Valuation
        Date for settlement on the Settlement Date which are requested from the banks
        specified in the related Confirmation or otherwise agreed by the parties in
        respect of the Transaction, or, if no such banks are specified or otherwise
        agreed, by at least four banks selected by the Calculation Agent out of the
        leading banks in the relevant currency market (the Reference Banks). Such
        Reference Banks shall be Reference Dealers for the purposes of the Master
        Agreement.

            (i) If the Reference Bank Quotations are the primary Settlement Rate
                Option, the Calculation Agent shall request from the above Reference
                Banks Firm Quotations of the Specified Rate in respect of the amount
                of the Reference Currency specified as the quotation amount in the
                related Confirmation or otherwise agreed by the parties in respect of
                the Transaction (the Quotation Amount), or, if no such currency is
                specified or otherwise agreed, in respect of the regular amount for any
                transaction with the Reference Currency (i.e. the amount which is
                regular for spot foreign exchange transactions in the relevant currency
                market on the Valuation Date). The quotations used to determine the
                Spot Rate on a Valuation Date shall be, in each case, determined at the
                time of the day (the Quotation Time) specified as such in the related
                Confirmation or otherwise agreed by the parties in respect of the
                Transaction, on the Valuation Date or, if no time is specified or
                otherwise agreed, at the time of the day selected by the Calculation
                Agent.

           (ii) If the Reference Bank Quotations are a Fallback Reference Price, the
                Calculation Agent shall request from the above Reference Banks a
                quotation of what the Specified Rate would have been in accordance
                with the primary Settlement Rate Option had it been published on the
                Valuation Date based on each Reference Bank’s experience in the
                foreign exchange market of the Reference Currency and general
                activity in such market on the Valuation Date. Quotations used to
                determine the Spot Rate on a Valuation Date shall be, in each case,
                determined for such Valuation Date and requested at the Quotation
                Time or as soon as practicably possible after it is known that the
                Specified Rate is not available or may not be determined pursuant to
                the primary Settlement Rate Option.



MOS242148/11 151276-0001                                                         Page 19
          (iii) The Spot Rate shall be determined: ( ) if at least four quotations are
                provided, as the arithmetic mean of the quotations without regard to
                the quotations having the highest and lowest value (and if more than
                one quotation have the same highest value or lowest value then one of
                such quotations only shall be disregarded); (B) if two or three
                quotations are provided, as the arithmetic mean of the quotations
                provided. If fewer than two quotations are provided it will be deemed
                that the Spot Rate for that Valuation Date cannot be determined
                pursuant to this Settlement Rate Option.

Official Currency Rates

(h)     Official Rate means that the Spot Rate for a Valuation Date may be
        determined on the basis of the official rate of the relevant foreign currency
        against Russian Ruble established by the Bank of Russia for the Valuation
        Date (or a cross rate calculated on the basis of the official rate of the Bank of
        Russia).

4.4     If any published currency exchange rate applicable to a Transaction that is
specified in the Settlement Rate Option or its source of publication is officially
replaced with another published exchange rate or another source of publication, such
event shall not constitute a Price Source Disruption. Upon the occurrence of such
event the Spot Rate for a Valuation Date shall be determined as if a replacement
published currency exchange rate or a replacement source were specified in the
Settlement Rate Option.

5.      FX SWAP TRANSACTIONS

5.1      FX Swap Transaction means a transaction under which on the Initial
Exchange Date one party pays to the other party an amount (the Initial Exchange
Amount) in one agreed currency (in this section, the First Currency) while the other
party pays to the first party the Initial Exchange Amount in another agreed currency
(in this section, the Second Currency), and on the Final Exchange Date occurring not
earlier than the third Business Day after the Trade Date the first party pays to the
other party an amount (the Final Exchange Amount) in the Second Currency and the
other party pays to the first party the Final Exchange Amount in the First Currency,
on the terms agreed by the parties.

5.2     When used in relation to an FX Swap Transaction, the following terms have
the following meanings:

(a)     Final Exchange Date means, in respect of any FX Swap Transaction, the date
        specified as such in the related Confirmation or otherwise agreed by the
        parties in respect of the Transaction.

(b)     Initial Exchange Date means, in respect of any FX Swap Transaction, the
        date specified as such in the related Confirmation or otherwise agreed by the
        parties in respect of the Transaction, or, if such a date is not specified or
        otherwise agreed, the next Business Day following the Trade Date.




MOS242148/11 151276-0001                                                           Page 20
5.3     Material Terms of FX Swap Transactions

(a)     The material terms of an FX Swap Transaction to be agreed by the parties on
        the Trade Date shall be:

            (i) the Initial Exchange Amount and currency for the first party;

           (ii) the Initial Exchange Amount and currency for the second party;

          (iii) the Final Exchange Amount for the first party;

          (iv) the Final Exchange Amount for the second party; and

           (v) the Final Exchange Date.

(b)     Any other terms may be agreed as the material terms of the FX Swap
        Transactions if requested by one of the parties.

6.      BARRIERS IN TRANSACTIONS

6.1    A Transaction may be subject to a knock-in event or a knock-out event,
pursuant to which the Exercise Right, the right to receive a payment of the obligation
to make a payment under the Transaction shall, unless otherwise provided for by the
terms of the Transaction, shall:

(a)     arise (the Knock-in Event); or

(b)     terminate (the Knock-out Event)

with a respective party, if the Spot Rate of the agreed Currency Pair determined as of
the Knock-in/Knock-out Valuation Time on any Knock-in/Knock-out Determination
Day is greater or overpassed the Reference Rate.

6.2    Reference Rate means, in respect of a Transaction that is subject to a Knock-
in Event or a Knock-out Event, the exchange rate of the Currency Pair specified as
such in the related Confirmation or otherwise agreed by the parties in respect of the
Transaction for the purposes of determining the occurrence of a Knock-in Event or a
Knock-out Event.

6.3      Knock-in/Knock-out Determination Day means, in respect of a Transaction
that is subject to a Knock-in Event or a Knock-out Event, each Business Day specified
as such in the related Confirmation or otherwise agreed by the parties.

If no Knock-in/Knock-out Determination Days are specified in the related
Confirmation, the Knock-in/Knock out Determination Day shall be each Business
Day during the period from (and including) the Trade Date to (and including) the final
Valuation Date, Expiration Date or, in the absence thereof, the Business Day next
preceding the Settlement Date (or the last Settlement Date, if the Transaction provides
for more than one Settlement Dates) or Final Exchange Date under the Transaction.

6.4    Knock-in/Knock-out Valuation Time means , in respect of a Transaction that
is subject to a Knock-in Event or a Knock-out Event, the time on the Knock-




MOS242148/11 151276-0001                                                         Page 21
in/Knock-out Determination Day specified as such in the related Confirmation or
otherwise agreed by the parties in respect of the Transaction, or, if no such time is
specified or otherwise agreed, the actual closing time of the trading session within the
main session on MICEX in respect of the Currency Pair on the Knock-in/Knock-out
Determination Day.

6.5    The material terms of a Transaction that is subject to a Knock-in Event or a
Knock-out Event, which must be agreed by the parties on the Trade Date apart from
the material terms of the respective type of Transaction specified in the Standard
Terms shall be as follows:

(a)     Type of the barrier event (Knock-in Event or Knock-out Event);

(b)     Reference Rate;

(c)     Settlement Rate Option.

6.6    In the event of controversy between the parties as to the occurrence of a
Knock-in Event or a Knock-out Event, the issue of whether the relevant event has
occurred shall be resolved by the Calculation Agent.

7.      DISRUPTION EVENTS AND DISRUPTION FALLBACKS

Disruption Events

7.1    If any of the following events occurs and is continuing in relation to any
Transaction (each referred to as a Disruption Event) such Transaction shall be
performed or terminated in accordance with any of the methods (each referred to as a
Disruption Fallback) listed in section 7.4:

(a)     Exchange Restrictions means the adoption by a Governmental Authority of
        any regulatory or other act which:

            (i) prohibits or materially restricts conversion of Russian Rubles into
                foreign currencies and/or conversion of any foreign currency into
                Russian Rubles;

           (ii) prohibits or materially restricts maintenance of residents’ foreign
                currency accounts (as defined by the currency legislation of the
                Russian Federation) and requires mandatory conversion of foreign
                currencies into Russian Rubles;

          (iii) introduces moratorium on transactions with foreign currencies,

if one or more of the above restrictions exist on the Settlement Date.

(b)     Dual Exchange Rate means, in respect of a Non-Deliverable Transaction, the
        existence, on the Valuation Date, of two or more numeric values of the
        currency exchange rate specified in the Settlement Rate Option applicable to
        the relevant Transaction.




MOS242148/11 151276-0001                                                          Page 22
(c)     Price Source Disruption means, in respect of a Non-Deliverable Transaction,
        that it becomes impossible to obtain information about the Spot Rate for a
        Valuation Date from the price source specified in the Settlement Rate Option
        that has been agreed by the parties.

(d)     The parties may specify other Disruption Events applicable to a Transaction in
        the related Confirmation.

7.2     If any event or circumstance that constitutes an Illegality or a Force Majeure
Event, as defined in the Master Agreement, also constitutes a Disruption Event then,
for the purposes of these Standard Terms and Master Agreement, the consequences
established for the Disruption Event shall apply to such event or circumstance.

7.3    A Confirmation may provide for the “Calculation Agent Determination of
Disruption Event”. In this event, the Calculation Agent shall, following consultation
with both parties (or the other party, if the Calculation Agent is one of the parties)
determine in good faith whether a Disruption Event applicable to a Transaction has
occurred.

Disruption Fallbacks

7.4     If a Disruption Event occurs in relation to any Transaction such Transaction
shall be performed or terminated in accordance with one of the following Disruption
Fallbacks if it is specified in the related Confirmation or arises from the provisions in
section (h):

(a)     Fallback Reference Price means, in respect of a Dual Exchange Rate or a
        Price Source Disruption, that the Calculation Agent shall determine the Spot
        Rate for a Transaction on the relevant Valuation Date in accordance with other
        Settlement Rate Options in the order specified in the related Confirmation or
        otherwise agreed by the parties in respect of the Transaction.

        If no such order is specified in the Confirmation the Fallback Reference Prices
        for the relevant Currency Pair shall be applied in the order specified in
        section 4.3 of the Standard Terms starting from the Settlement Rate Option
        following the initial Settlement Rate Option agreed by the parties.

(b)     Ruble Substitute means, in respect of Non-Deliverable Transactions, that the
        obligation to pay the In-the-Money Amount in a foreign currency is replaced
        with an obligation to pay a Russian Ruble equivalent of the In-the-Money
        Amount at the Spot Rate (if Russian Rubles is one of the currencies of the
        Currency Pair) or otherwise at an exchange rate determined by the Calculation
        Agent.

(c)     Non-Deliverable Substitute means that under a Deliverable Transaction or an
        FX Swap Transaction (with regard to payment by the parties of the Final
        Exchange Amounts) in respect of the Currency Pair where Russian Rubles is
        one of the currencies, the payment obligations of the parties are replaced with
        an obligation to pay a Russian Ruble equivalent calculated at the Spot Rate of
        the amount that would be due pursuant to these Standard Terms if the
        settlements under the Deliverable FX Transaction and the FX Swap




MOS242148/11 151276-0001                                                           Page 23
        Transaction (with regard to payment by the parties of the Final Exchange
        Amounts) were made in the manner prescribed for a Non-Deliverable FX
        Transaction and the settlements under the Deliverable Currency Option
        Transaction were made in the manner prescribed for a Non-Deliverable
        Currency Option Transaction.

        For the purposes of this section, unless otherwise specified in the
        Confirmation:

            (i) the Valuation Date shall be the o date that, but for the Disruption
                Event, would have been the Settlement Date;

           (ii) the Spot Rate shall be determined:

                 (A)       in respect of any Currency Pair that includes Russian Rubles
                           and U.S. Dollars, as if EMTA RUB INDICATIVE SURVEY
                           RATE was the Settlement Rate Option;

                 (B)       in any other case, as if the Reference Bank Quotations were the
                           Settlement Rate Option,

                 and shall be expressed as a an amount of Russian Rubles per single
                 unit (or another amount multiple of ten) of the relevant foreign
                 currency;

          (iii) the Settlement Date shall be the second Business Day after the
                Valuation Date specified above;

          (iv) the Reference Currency shall be Russian Rubles;

           (v) the Settlement Currency shall be the foreign currency;

          (vi) the Reference Currency Notional Amount shall be equal to the amount
               of Russian Rubles that would be payable under the Deliverable FX
               Transaction or Deliverable Currency Option Transaction (but for the
               Disruption Event), or the Final Exchange Amount in Russian Rubles
               under the FX Swap Transaction;

          (vii) the Notional Amount shall be equal to the amount of the relevant
                foreign currency that would be payable under the Deliverable FX
                Transaction or Deliverable Currency Option Transaction (but for the
                Disruption Event), or the Final Exchange Amount in foreign currency
                under the FX Swap Transaction;

         (viii) in respect of FX Forward Transactions and FX Swap Transactions
                (with regard to payment by the parties of the Final Exchange
                Amounts), the Forward Rate shall be the currency exchange rate
                expressed as an amount of Russian Rubles per single unit (or another
                amount multiple of ten) of the relevant foreign currency determined by
                dividing the Russian Ruble amount that would be payable under the
                Deliverable FX Transaction or FX Swap Transaction (but for the




MOS242148/11 151276-0001                                                            Page 24
                 Disruption Event) by the amount of the relevant foreign currency that
                 would be payable under the Deliverable FX Transaction or the FX
                 Swap Transaction (but for the Disruption Event);

          (ix) the In-the-Money Amount for a Non-Deliverable FX Transaction shall
               be determined in accordance with the following formula:

       In-the-
                               Notional                        Forward Rate              Spot
       Money
       Amount
                      =
                           [   Amount
                                              Ï   (    1-       Spot Rate         )] Ï   Rate


           (x) the In-the-Money Amount for a Non-Deliverable Currency Option
               Transaction shall be determined, unless the parties to the related
               Transaction agree otherwise, in accordance with the following
               formulas:

                 (A)       where the Put Currency is Russian Rubles and the Call
                           Currency is a foreign currency:

      In-the-                Call
                                                       Spot Rate – Strike Price             Spot
      Money
      Amount
                  =
                      [    Currency Ï
                           Amount
                                          (                  Spot Rate             )] Ï     Rate



                 (B)       where the Call Currency is Russian Rubles and the Put
                           Currency is a foreign currency:

      In-the-                Put
                                                      Strike Price – Spot Rate
      Money       =
                      [    Currency Ï
                                          (                                        )]    Ï Spot
                                                             Spot Rate                      Rate
      Amount               Amount



(d)     Calculation Agent Determination of Settlement Rate means that the
        Calculation Agent shall determine the Spot Rate (or a method for determining
        the Spot Rate), taking into consideration all available information that it
        reasonably and in good faith deems relevant.

(e)     Settlement Postponement means that the Settlement Date for the Transaction
        shall be deemed to be the first Business Day following the day on which the
        applicable Disruption Event ceases to exist, unless that Disruption Event
        continues to exist (starting from the date that, but for the occurrence of a
        Disruption Event, would have been the Settlement Date) for maximum number
        of consecutive Business Days established in the related Confirmation (the
        Maximum Days of Disruption). In that event, the last such consecutive
        Business Day shall be the Settlement Day, and the relevant Disruption
        Fallbacks shall apply to that Transaction.




MOS242148/11 151276-0001                                                                 Page 25
(f)     No Fault Termination means that the obligations under the Transaction
        terminate pursuant to the applicable provisions of Section 6 of the Model
        Provisions as if:

            (i) the Disruption Event were defined as an Additional Termination Event;

           (ii) all applicable Grace Periods had lapsed;

          (iii) all notices required for the right to terminate the obligations under the
                Transaction to arise were received on the date when the No Fault
                Termination became the applicable Disruption Fallback;

          (iv) there were two Affected Parties;

           (v) the Transaction were the only Affected Transaction.

        The terms “Additional Termination Event”, “Grace Period”, “Affected
        Parties” and “Affected Transaction” have the meanings provided for in the
        Model Provisions, unless the Master Agreement provides for otherwise.

(g)     In a Confirmation, the parties may specify other Disruption Fallbacks that will
        apply to the Transaction.

(h)     Should the parties fail to specify any Disruption Fallback in the Confirmation,
        the following order of the Disruption Fallbacks shall apply:

(i)     in relation to the Exchange Restrictions:

            (i) in respect of a Deliverable Transaction where the Currency Pair
                includes Russian Rubles, the Non-Deliverable Substitute or, in any
                other case in respect of Deliverable Transactions, the Disruption
                Postponement;

           (ii) in respect of a Non-Deliverable Transaction, the Ruble Substitute;

(j)     in relation to the Dual Exchange Rate, the applicable Fallback Reference Price
        or, in the absence thereof, the Calculation Agent Determination of Settlement
        Rate;

(k)     in relation to the Price Source Disruption:

            (i) the applicable Fallback Reference Price out of the published market
                currency exchange rates or, in the absence thereof, the Reference Bank
                Quotations; and

           (ii) the Calculation Agent Determination of Settlement Rate.

7.5    Except as provided in section 7.6 of the Standard Terms, if one or more
Disruption Fallbacks are specified in the Confirmation then only the Disruption
Fallbacks specified shall apply to the Transaction (in the order so specified).




MOS242148/11 151276-0001                                                           Page 26
7.6    Unless otherwise specified in the Confirmation, if none of the applicable
Disruption Fallbacks enables the parties to determine the Spot Rate or method of
performing the Transaction, the obligations under the Transaction shall terminate
pursuant to the provisions of No Fault Termination.




MOS242148/11 151276-0001                                                   Page 27
                                                                     Draft: 11 December 2007


                                      EXHIBIT 1

      to Standard Terms of FX, Currency Option and FX Swap Transactions



                    Form of the Confirmation for a Spot Transaction




                                 [Letterhead of Party A]



                                                                                   [Date]

[Name and Address of Party B]



Re: [Name of Transaction]



Dear [                 ]!

The purpose of this letter (the Confirmation) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes the Confirmation in the meaning of the Master Agreement
for Derivative Transactions on Financial Markets between [ ] (Party A) and [ ]
(Party B) dated [ ] (the Master Agreement).

1.     The provisions of the Standard Terms of FX, Currency Option and FX Swap
Transactions (the Standard Terms) published in the Internet on the web pages of the
Association of Russian Banks, National Foreign Exchange Association and Russian
National Association of Securities Market Participants are incorporated into this
Confirmation. In the event of any inconsistency between this Confirmation and the
provisions of the above Standard Terms, this Confirmation will prevail.

2.    This Confirmation supplements, forms a part of, and is subject to, the Master
Agreement. All provisions contained in the Master Agreement apply to this
Confirmation except as expressly modified below.




MOS242148/11 151276-0001
3.        The terms of the Transaction to which this Confirmation relates are as follows:

(a)       General Terms:
          Trade Date:
          [Amount and type of currency payable by
          Party A:]

          [Amount and]1 type of currency payable
          by Party B:
          [Exchange Rate:]2
          Settlement Date:                                  [today/tomorrow/day after tomorrow]

[(b)      Other terms and conditions:]


[4][5]. Account details:
                Account for payments to Party A:

                Account for payments to Party B:
[[5][6]. Business Day:]
[[6][7]. [Business Day Convention:]
This Confirmation supersedes and replaces any previous correspondence between us
in respect of this Transaction (including by the Electronic Messaging System).
Please confirm that the foregoing correctly sets forth the terms of the Transaction by
executing a copy of this Confirmation enclosed for that purpose and returning it to us.


Yours sincerely,

[PARTY A]
                                                              Confirmed as of the date first
______________________                                        above written:
Name:
Title:                                                        [PARTY B]

                                                              ______________________
                                                              Name:
                                                              Title:



1
      For Spot Transactions, the parties shall specify either (a) the amount and currency payable by
      Party B or (b) the Spot Rate and currency payable by Party B.
2
      For Spot Transactions, the parties shall specify either (a) the amount and currency payable by
      Party B or (b) the Spot Rate and currency payable by Party B.




MOS242148/11 151276-0001                                                                     Page 29
MOS242148/11 151276-0001   Page 30
                                     EXHIBIT 2

      to Standard Terms of FX, Currency Option and FX Swap Transactions



              Form of a Confirmation for a Deliverable FX Transaction




                                [Letterhead of Party A]



                                                                                [Date]

[Name and Address of Party B]



Re: [Name of Transaction]



Dear [                 ]!

The purpose of this letter (the Confirmation) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes the Confirmation in the meaning of the Master Agreement
for Derivative Transactions on Financial Markets between [ ] (Party A) and [ ]
(Party B) dated [ ] (the Master Agreement).

1.     The provisions of the Standard Terms of FX, Currency Option and FX Swap
Transactions (the Standard Terms) published in the Internet on the web pages of the
Association of Russian Banks, National Foreign Exchange Association and Russian
National Association of Securities Market Participants are incorporated into this
Confirmation. In the event of any inconsistency between this Confirmation and the
provisions of the above Standard Terms, this Confirmation will prevail.

2.    This Confirmation supplements, forms a part of, and is subject to, the Master
Agreement. All provisions contained in the Master Agreement apply to this
Confirmation except as expressly modified below.




MOS242148/11 151276-0001                                                         Page 31
3.        The terms of the Transaction to which this Confirmation relates are as follows:

(a)       General Terms:

          Trade Date:

          [Amount and type of currency payable by
          Party A:]

          [Amount and]3 type of currency payable
          by Party B:

          [Forward Rate]4

          Settlement Date:

          [Settlement as under a Deliverable                   [Applicable]
          Transaction:]

[(b)      Other terms and conditions:]


[4.       Provisions relating to Disruption Events and Disruption Fallbacks:

[Other Disruption Events:]

[Calculation Agent Determination of Disruption                  Applicable]
Event:

[Disruption Fallbacks:]

            [Fallback Reference Price Settlement
            Rate Option:5

                        Dual Exchange Rate:                     [Settlement Rate Option:]

                        Price Source Disruption:                [Settlement Rate Option:]



3
      For Deliverable FX Transactions, the parties shall specify either (a) the amount and currency
      payable by Party B or (b) the Forward Rate and currency payable by Party B.
4
      For Deliverable FX Transactions, the parties will need to specify either (a) the amount and
      currency payable by Party B or (b) the Forward Rate and currency payable by Party B.
5
      Applicable if the parties intend, in the event of the Non-Deliverable Substitute, to amend the
      method for determining the Spot Rate established in section 7.4(c)(ii) of the Standard Terms. If the
      parties select the Reference Bank Quotations as a Settlement Rate Option and intend to amend the
      provisions of section 4.3(g) of the Standard Terms set forth for such Settlement Rate Option then
      they must specify the following information: (i) the Reference Banks (the presumption is four
      leading banks selected by the Calculation Agent); (ii) the Specified Rate (the presumption is the
      arithmetic mean of the Reference Currency bid and offer rate); (iii) the Quotation Amount (the
      presumption is the amount equal to the Reference Currency Notional Amount); and (iv) the
      Quotation Time.




MOS242148/11 151276-0001                                                                           Page 32
          [Settlement Postponement:

                      Maximum Days of
                      Disruption:]

          [Other Disruption Fallbacks:]


[4][5]. Calculation Agent: [Party A].

[5][6]. Account details:

               Account for payments to Party A:

               Account for payments to Party B:

[[6][7]. Business Day:]

[[7][8]. [Business Day Convention:]

This Confirmation supersedes and replaces any previous correspondence between us
in respect of this Transactions (including by the Electronic Messaging System).

Please confirm that the foregoing correctly sets forth the terms of the Transaction by
executing a copy of this Confirmation enclosed for that purpose and returning it to us.



Yours sincerely,

[PARTY A]
                                                     Confirmed as of the date first
______________________                               above written:
Name:
Title:                                               [PARTY B]

                                                     ______________________
                                                     Name:
                                                     Title:




MOS242148/11 151276-0001                                                         Page 33
                                     EXHIBIT 3

      to Standard Terms of FX, Currency Option and FX Swap Transactions



           Form of a Confirmation for a Non-Deliverable FX Transaction




                                [Letterhead of Party A]



                                                                                [Date]

[Name and Address of Party B]



Re: [Name of Transaction]



Dear [                 ]!

The purpose of this letter (the Confirmation) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes the Confirmation in the meaning of the Master Agreement
for Derivative Transactions on Financial Markets between [ ] (Party A) and [ ]
(Party B) dated [ ] (the Master Agreement).

1.     The provisions of the Standard Terms of FX, Currency Option and FX Swap
Transactions (the Standard Terms) published in the Internet on the web pages of the
Association of Russian Banks, National Foreign Exchange Association and Russian
National Association of Securities Market Participants are incorporated into this
Confirmation. In the event of any inconsistency between this Confirmation and the
provisions of the above Standard Terms, this Confirmation will prevail.

2.    This Confirmation supplements, forms a part of, and is subject to, the Master
Agreement. All provisions contained in the Master Agreement apply to this
Confirmation except as expressly modified below.




MOS242148/11 151276-0001                                                         Page 34
3.        The terms of the Transaction to which this Confirmation relates are as follows:

(a)       General Terms:

          Trade Date:

          Reference Currency:

          [Reference Currency Notional
          Amount:]6

          [Notional Amount:]10

          [Forward Rate:]10

          Reference Currency Buyer:                      [Party A] [Party B]

          Reference Currency Seller:                     [Party B] [Party A]

          [Payment Currency]7 [and exchange
          rate option for the purpose of
          calculating the amount in the
          Settlement Currency]8:

          Settlement Date:

          Settlement as under a Non-                     Applicable9
          Deliverable Transaction:

          Settlement Rate Option:

          [Valuation Date:]10

[(b)      Other terms and conditions:]




6
      For Non-Deliverable FX Transactions, the parties shall specify either (a) a Reference Currency
      Notional Amount and a Notional Amount or (b) a Forward Rate and either a Reference Currency
      Notional Amount or a Notional Amount.
7
      The parties shall provide this information if they intend to make settlement under the Transaction
      in any currency other than the Settlement Currency.
8
      The parties shall specify the exchange rate option for re-calculation of the In-the Money Amount
      into the Payment Currency if the Payment Currency is neither the Settlement Currency nor the
      Reference Currency.
9
      The parties should expressly specify that the settlements under the Transaction shall be made in the
      manner prescribed for a Non-Deliverable Transaction since the method prescribed for a
      Deliverable Transaction is presumed to apply to the Transaction.
10
      The parties should specify such date if they intend to modify the provision of section 1.7 of the
      Standard Terms which provides for that the Valuation Date occurs [two Business Days] prior to
      the Settlement Date.




MOS242148/11 151276-0001                                                                           Page 35
[4.       Provisions relating to Disruption Events and Disruption Fallbacks:

[Other Disruption Events:]

[Calculation Agent Determination of Disruption                 Applicable]
Event:

[Disruption Fallbacks:]

           [Fallback Reference Price Settlement
           Rate Option: 11

                       Dual Exchange Rate:                     [Settlement Rate Option:]

                       Price Source Disruption:                [Settlement Rate Option:]

           [Settlement Postponement:

                       Maximum Days of
                       Disruption:]

           [Other Disruption Fallbacks:]


[4][5]. Calculation Agent: [Party A].

[5][6]. Account details:

                 Account for payments to Party A:

                 Account for payments to Party B:

[[6][7]. Business Day:]

[[7][8]. [Business Day Convention:]



This Confirmation supersedes and replaces any previous correspondence between us
in respect of this Transactions (including by the Electronic Messaging System).

Please confirm that the foregoing correctly sets forth the terms of the Transaction by
executing a copy of this Confirmation enclosed for that purpose and returning it to us.



11
      If parties select Reference Bank Quotations as a Settlement Rate Option and intend to amend the
      provisions of section 4.3(g) of the Standard Terms set forth for such Settlement Rate Option then
      they must specify the following information: (i) the Reference Banks (the presumption is four
      leading banks selected by the Calculation Agent); (ii) the Specified Rate (the presumption is the
      arithmetic mean of the Reference Currency bid and offer rate); (iii) the Quotation Amount (the
      presumption is an amount equal to the Reference Currency Notional Amount); and (iv) the
      Quotation Time.




MOS242148/11 151276-0001                                                                        Page 36
Yours sincerely,

[PARTY A]
                           Confirmed as of the date first
______________________     above written:
Name:
Title:                     [PARTY B]

                           ______________________
                           Name:
                           Title:




MOS242148/11 151276-0001                              Page 37
                                     EXHIBIT 4

      to Standard Terms of FX, Currency Option and FX Swap Transactions



     Form of a Confirmation for a Deliverable Currency Option Transaction




                                [Letterhead of Party A]



                                                                                [Date]

[Name and Address of Party B]



Re: [Name of Transaction]



Dear [                 ]!

The purpose of this letter (the Confirmation) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes the Confirmation in the meaning of the Master Agreement
for Derivative Transactions on Financial Markets between [ ] (Party A) and [ ]
(Party B) dated [ ] (the Master Agreement).

1.     The provisions of the Standard Terms of FX, Currency Option and FX Swap
Transactions (the Standard Terms) published in the Internet on the web pages of the
Association of Russian Banks, National Foreign Exchange Association and Russian
National Association of Securities Market Participants are incorporated into this
Confirmation. In the event of any inconsistency between this Confirmation and the
provisions of the above Standard Terms, this Confirmation will prevail.

2.    This Confirmation supplements, forms a part of, and is subject to, the Master
Agreement. All provisions contained in the Master Agreement apply to this
Confirmation except as expressly modified below.




MOS242148/11 151276-0001                                                         Page 38
3.       The terms of the Transaction to which this Confirmation relates are as follows:

 (a)       General Terms:

           Trade Date:

           Buyer:                                       [Party A] [Party B]

           Seller:                                      [Party B] [Party A]

           Currency Option style:                       [American/Bermuda/European]

           Currency Option type:12                      [Put Option [ ]13 / Call Option [ ]14]

           Call Currency [and Call Currency
           Amount]:15

           Put Currency [and Put Currency
           Amount:] 15

           [Strike Price:] 15

           [Commencement Date:]16

           [Exercise Period:]17

           [Exercise Date for a Bermuda
           Option:]18

           Expiration Date:

           Expiration Time:                                ] [a.m./p.m.] (Moscow time)

           Settlements as under a Deliverable           Applicable
           Transaction:


12
     The parties shall classify their transaction as a Put Option and/or a Call Option with respect to the
     relevant currency.
13
     The parties shall insert the appropriate currency, which will be the same currency as the Put
     Currency.
14
     The parties shall insert the appropriate currency, which will be the same currency as the Call
     Currency.
15
     For Deliverable Currency Option Transactions, the parties shall specify either (a) a Call Currency
     Amount and a Put Currency Amount or (b) a Strike Price and either a Call Currency Amount or a
     Put Currency Amount.
16
     The parties shall specify such date if they intend to modify the provision of section 3.2(d) of the
     Standard Terms regarding the Commencement Date being the Trade Date.
17
     Parties may wish to modify the Exercise Period specified for an American Option. For example,
     additional references are necessary if there multiple Exercise Periods.
18
     The parties shall include this information for a Bermuda Option.




MOS242148/11 151276-0001                                                                           Page 39
            Settlement Date:19                          [The [ ] Business Day following the
                                                        Exercise Date.] [specify date]

            [Premium:] 20

            Premium Payment Date:

            [Knock-in Event:                            [Applicable] 21

            Reference Rate:

            Settlement Rate Option for the
            Knock-in Event:22

            Knock-in Determination Day(s):

            Knock-in Valuation Time:]23

            [Knock-out Event:                           [Applicable] 24

            Reference Rate:

            Settlement Rate Option for the
            Knock-out Event:25

            Knock-out Determination Day(s):

            Knock-out Valuation Time:]26

 [(b)      Other terms and conditions:]27


[4.       Provisions relating to Disruption Events and Disruption Fallbacks:
19
      The parties may wish to specify the Settlement Date in respect of the Expiration Date.
20
      The parties may specify amount of the Premium as a fixed amount or as a percentage of a Call
      Currency Amount or a Put Currency Amount.
21
      If Knock-in Event is applicable, specify the event(s) that will trigger the Knock-in Event. The
      parties must also specify what rights and/or obligations under the Transaction are conditional upon
      the occurrence of a Knock-in Event.
22
      The parties shall specify the Settlement Rate Option if they have specified the Knock-in event as
      applicable.
23
      Include if Knock-in Event is applicable.
24
      If Knock-out Event is applicable, specify the event(s) that will trigger the Knock-out Event. The
      parties must also specify what rights and/or obligations under the Transaction are conditional upon
      the occurrence of a Knock-out Event.
25
      The parties shall specify the Settlement Rate Option if they have specified the Knock-out event as
      applicable.
26
      Include if Knock-out Event is applicable.
27
      For example, these other terms and conditions might include whether a Currency Option
      Transaction may be exercised in part.




MOS242148/11 151276-0001                                                                          Page 40
[Other Disruption Events:]

[Calculation Agent Determination of Disruption                Applicable]
Event:

[Disruption Fallbacks:]

          [Fallback Reference Price Settlement
          Rate Option:28

                      Dual Exchange Rate:                     [Settlement Rate Option:]

                      Price Source Disruption:                [Settlement Rate Option:]

          [Settlement Postponement:

                      Maximum Days of
                      Disruption:]

          [Other Disruption Fallbacks:]


[4][5]. Calculation Agent: [Party A].

[5][6]. Account details:

                Account for payments to Party A:

                Account for payments to Party B:

[[6][7]. Business Day:]

[[7][8]. [Business Day Convention:]



This Confirmation supersedes and replaces any previous correspondence between us
in respect of this Transactions (including by the Electronic Messaging System).

Please confirm that the foregoing correctly sets forth the terms of the Transaction by
executing a copy of this Confirmation enclosed for that purpose and returning it to us.


Yours sincerely,


28
     If the parties select Reference Bank Quotations as a Settlement Rate Option and intend to amend
     the provisions of section 4.3(g) of the Standard Terms set forth for such Settlement Rate Option
     then they must specify the following information: (i) the Reference Banks (the presumption is four
     leading banks selected by the Calculation Agent); (ii) the Specified Rate (the presumption is the
     arithmetic mean of the Reference Currency bid and offer rate); (iii) the Quotation Amount (the
     presumption is an amount equal to the Reference Currency Notional Amount); and (iv) the
     Quotation Time.




MOS242148/11 151276-0001                                                                        Page 41
[PARTY A]

______________________     Confirmed as of the date first
Name:                      above written:
Title:
                           [PARTY B]

                           ______________________
                           Name:
                           Title:




MOS242148/11 151276-0001                              Page 42
                                     EXHIBIT 5

      to Standard Terms of FX, Currency Option and FX Swap Transactions



  Form of a Confirmation for a Non-Deliverable Currency Option Transaction




                                [Letterhead of Party A]



                                                                                [Date]

[Name and Address of Party B]



Re: [Name of Transaction]



Dear [                 ]!

The purpose of this letter (the Confirmation) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes the Confirmation in the meaning of the Master Agreement
for Derivative Transactions on Financial Markets between [ ] (Party A) and [ ]
(Party B) dated [ ] (the Master Agreement).

1.     The provisions of the Standard Terms of FX, Currency Option and FX Swap
Transactions (the Standard Terms) published in the Internet on the web pages of the
Association of Russian Banks, National Foreign Exchange Association and Russian
National Association of Securities Market Participants are incorporated into this
Confirmation. In the event of any inconsistency between this Confirmation and the
provisions of the above Standard Terms, this Confirmation will prevail.

2.    This Confirmation supplements, forms a part of, and is subject to, the Master
Agreement. All provisions contained in the Master Agreement apply to this
Confirmation except as expressly modified below.




MOS242148/11 151276-0001                                                         Page 43
3.       The terms of the Transaction to which this Confirmation relates are as follows:

 (a)       General Terms:

            Trade Date:

            Buyer:                                       [Party A] [Party B]

            Seller:                                      [Party B] [Party A]

            Currency Option style:                       [American/Bermuda/European]

            Currency Option type:29                      [Put Option [ ]30 / Call Option [ ]31]

            Call Currency [and Call Currency
            Amount]:32

            Put Currency [and Put Currency
            Amount:] 33

            Strike Price:

            [Payment Currency]34 [and
            exchange rate option for the
            purpose of calculating the amount
            in the Payment Currency] 35:

            Settlement Rate Option:

            [Commencement Date:]36

            [Exercise Period:]37


29
     The parties shall classify their transaction as a Put Option and/or a Call Option, with respect to the
     relevant currency.
30
     The parties shall insert the appropriate currency, which will be the same currency as the Put
     Currency.
31
     The parties shall insert the appropriate currency, which will be the same currency as the Put
     Currency.
32
     For Non-Deliverable Currency Option Transactions, parties shall specify a Strike Price and either a
     Call Currency Amount or a Put Currency Amount.
33
     For Non-Deliverable Currency Option Transactions, parties shall specify a Strike Price and either a
     Call Currency Amount or a Put Currency Amount.
34
     Parties shall provide this information if they intend to make settlements under the Transaction in
     any currency other than the Settlement Currency.
35
     Parties shall specify the exchange rate option for re-calculation of the In-the Money Amount into
     the Payment Currency if the Payment Currency is neither the Settlement Currency nor the
     Reference Currency.
36
     The parties shall specify such date if they intend to modify the provision of section 3.2(d) of the
     Standard Terms regarding the Commencement Date being the Trade Date.




MOS242148/11 151276-0001                                                                            Page 44
           [Exercise Date for a Bermuda
           Option:]38

           Expiration Date:

           Expiration Time:                                ] [a.m./p.m.] (Moscow time)

           [Valuation Date:]39

           Settlements as under a Non-                  Applicable40
           Deliverable Transaction:

           Settlement Date:41                           [The [ ] Business Day following the
                                                        Exercise Date.]/[specify date]

           [Premium:] 42

           Premium Payment Date:

           [Knock-in Event:                             [Applicable] 43

           Reference Rate:

           Settlement Rate Option for the
           Knock-in Event:44

           Knock-in Determination Day(s):

           Knock-in Valuation Time:]45

           [Knock-out Event:                            [Applicable] 46



37
     Parties may modify the Exercise Period presumed for an American Option. For example,
     additional references are necessary if there are multiple Exercise Periods.
38
     The parties shall include this information for a Bermuda Option.
39
     The parties shall specify such date if they intend to modify the provision of section 1.7 of the
     Standard Terms regarding the Valuation Date being the Exercise Date.
40
     The parties should expressly specify that the settlements under the Transaction shall be made in the
     manner prescribed for a Non-Deliverable Transaction since the method prescribed for a
     Deliverable Transaction is presumed to apply to the Transaction..
41
     The parties may specify the Settlement Date in respect of the Expiration Date.
42
     The parties may specify amount of the Premium as a fixed amount or as a percentage of a Call
     Currency Amount or a Put Currency Amount.
43
     If Knock-in Event is applicable, specify the event(s) that will trigger the Knock-in Event. The
     parties must also specify what rights and/or obligations under the Transaction are conditional upon
     the occurrence of a Knock-in Event.
44
     The parties shall specify the Settlement Rate Option if they have specified the Knock-in event as
     applicable.
45
     Include if Knock-in Event is applicable.




MOS242148/11 151276-0001                                                                          Page 45
            Reference Rate:

            Settlement Rate Option for the
            Knock-out Event:47

            Knock-out Determination Day(s):

            Knock-out Valuation Time:]48

 [(b)      Other terms and conditions:]49


[4.       Provisions relating to Disruption Events and Disruption Fallbacks:

[Other Disruption Events:]

[Calculation Agent Determination of Disruption                  Applicable]
Event:

[Disruption Fallbacks:]

            [Fallback Reference Price Settlement
            Rate Option:50

                       Dual Exchange Rate:                      [Settlement Rate Option:]

                       Price Source Disruption:                 [Settlement Rate Option:]

            [Settlement Postponement:

                       Maximum Days of
                       Disruption:]

            [Other Disruption Fallbacks:]



46
      If Knock-out Event is applicable, specify the event(s) that will trigger the Knock-out Event. The
      parties must also specify what rights and/or obligations under the Transaction are conditional upon
      the occurrence of a Knock-out Event.
47
      The parties shall specify the Settlement Rate Option if they have specified the Knock-out event as
      applicable.
48
      Include if Knock-out Event is applicable.
49
      These other terms and conditions might include, among other things, whether a Currency Option
      Transaction may be exercised in part.
50
      If parties select Reference Bank Quotations as a Settlement Rate Option and intend to amend the
      provisions of section 4.3(g) of the Standard Terms set forth for such Settlement Rate Option then
      they must specify the following information: (i) the Reference Banks (the presumption is four
      leading banks selected by the Calculation Agent); (ii) the Specified Rate (the presumption is the
      arithmetic mean of the Reference Currency bid and offer rate); (iii) the Quotation Amount (the
      presumption is an amount equal to the Reference Currency Notional Amount); and (iv) the
      Quotation Time.




MOS242148/11 151276-0001                                                                          Page 46
[4][5]. Calculation Agent: [Party A].

[5][6]. Account details:

               Account for payments to Party A:

               Account for payments to Party B:

[[6][7]. Business Day:]

[[7][8]. [Business Day Convention:]



This Confirmation supersedes and replaces any previous correspondence between us
in respect of this Transactions (including by the Electronic Messaging System).

Please confirm that the foregoing correctly sets forth the terms of the Transaction by
executing a copy of this Confirmation enclosed for that purpose and returning it to us.


Yours sincerely,

[PARTY A]
                                                     Confirmed as of the date first
______________________                               above written:
Name:
Title:                                               [PARTY B]

                                                     ______________________
                                                     Name:
                                                     Title:




MOS242148/11 151276-0001                                                         Page 47
                                     EXHIBIT 6

      to Standard Terms of FX, Currency Option and FX Swap Transactions



                  Form of a Confirmation for a FX Swap Transaction




                                [Letterhead of Party A]



                                                                                [Date]

[Name and Address of Party B]



Re: [Name of Transaction]



Dear [                 ]!

The purpose of this letter (the Confirmation) is to confirm the terms and conditions of
the Transaction entered into between us on the Trade Date specified below. This
Confirmation constitutes the Confirmation in the meaning of the Master Agreement
for Derivative Transactions on Financial Markets between [ ] (Party A) and [ ]
(Party B) dated [ ] (the Master Agreement).

1.     The provisions of the Standard Terms of FX, Currency Option and FX Swap
Transactions (the Standard Terms) published in the Internet on the web pages of the
Association of Russian Banks, National Foreign Exchange Association and Russian
National Association of Securities Market Participants are incorporated into this
Confirmation. In the event of any inconsistency between this Confirmation and the
provisions of the above Standard Terms, this Confirmation will prevail.

2.    This Confirmation supplements, forms a part of, and is subject to, the Master
Agreement. All provisions contained in the Master Agreement apply to this
Confirmation except as expressly modified below.




MOS242148/11 151276-0001                                                         Page 48
3.         The terms of the Transaction to which this Confirmation relates are as follows:

(a)       General Terms:

           Trade Date:

           [Initial Exchange Date:]51                        ], [subject to            Business      Day
                                                           Convention: [ ]]52

           Initial Exchange Amount and
           currency for Party A:

           Initial Exchange Amount and
           currency for Party B:

           Final Exchange Date:                              ], [subject to            Business      Day
                                                           Convention: [ ]]53

           Final Exchange Amount for Party A:

           Final Exchange Amount for Party B:

[(b)      Other terms and conditions:]


[4.        Provisions relating to Disruption Events and Disruption Fallbacks:

[Other Disruption Events:]

[Calculation Agent Determination of                        Applicable]
Disruption Event:

[Disruption Fallbacks:]

             [Settlement Postponement:

                        Maximum Days of
                        Disruption:]

             [Other Disruption Fallbacks:]



51
       The parties shall specify such date if they intend to modify the provision of section 5.2(b) of the
       Standard Terms regarding the Initial Exchange Date occurring on [the Following Business Day
       after the Trade Date].
52
       The parties shall specify the Business Day Convention if they intend to modify the provision of
       section 1.26 of the Standard Terms regarding the presumed application of the Modified Business
       Day.
53
       The parties shall specify the Business Day Convention if they intend to modify the provision of
       section 1.26 of the Standard Terms regarding the presumed application of the Modified Business
       Day.




MOS242148/11 151276-0001                                                                           Page 49
5.        Account details:

                 Account for payments to Party A:

                 Account for payments to Party B:

[6.       Business Day:

                 for the [first currency] 54:

                 for the [second currency] 55:]

[7.       Business Day Convention:]



This Confirmation supersedes and replaces any previous correspondence between us
in respect of this Transactions (including by the Electronic Messaging System).

Please confirm that the foregoing correctly sets forth the terms of the Transaction by
executing a copy of this Confirmation enclosed for that purpose and returning it to us.


Yours sincerely,

[PARTY A]
                                                                 Confirmed as of the date first
______________________                                           above written:
Name:
Title:                                                           [PARTY B]

                                                                 ______________________
                                                                 Name:
                                                                 Title:




54
      Please specify the first of the two currencies in respect of which the Currency Swap Transaction is
      entered into.
55
      Please specify the second of the two currencies in respect of which the Currency Swap Transaction
      is entered into.




MOS242148/11 151276-0001                                                                          Page 50
                                     EXHIBIT 7

      to Standard Terms of FX, Currency Option and FX Swap Transactions



                              Principal Financial Centers

                   Currency                          Principal Financial Center

Australian Dollar                           Sydney and Melbourne

Danish Krone                                Copenhagen

U.S. Dollar                                 New York

Iceland Krone                               Reykjavik

Yen                                         Tokyo

Canadian Dollar                             Toronto

Norwegian Krone                             Oslo

Russian Ruble                               Moscow

Singapore Dollar                            Singapore

Turkish Lira                                Ankara

Pound Sterling                              London

Swedish Krona                               Stockholm

Swiss Franc                                 Zurich




MOS242148/11 151276-0001                                                          Page 51
                                    EXHIBIT 8

      to Standard Terms of FX, Currency Option and FX Swap Transactions



        Form of a Notice of Exercise under a Currency Option Transaction




                              [Letterhead of the Buyer]



                                                                               [Date]

[Name and Address of the Seller]



Re: Notice of Exercise of [specify Currency Option Transaction]



Dear Sirs!

We refer to the Currency Option Transaction entered into by and between us on [date]
[transaction identification number] (the Transaction) pursuant to the Master
Agreement for Derivative Transactions on Financial Markets between [ ] and [ ]
dated [ ].

This Notice of Exercise has been sent to you in accordance with, and for the purposes
of, exercise by us of the Exercise Right under the Transaction pursuant to section 3.7
of the Standard Terms of FX, Currency Option and FX Swap Transactions (the
Standard Terms) published in the Internet on the web pages of the Association of
Russian Banks, National Foreign Exchange Association and Russian National
Association of Securities Market Participants, applied pursuant to the Confirmation of
the Transaction.

All capitalised terms in this Notice of Exercise have the meanings ascribed to them in
the Standard Terms.

Yours sincerely,

[Buyer]

______________________
Name:
Title:




MOS242148/11 151276-0001                                                        Page 52
                              INDEX OF TERMS

Term                                                 Page       Section
American Option                                      13         3.3(a)
Bermuda Option                                       13         3.3(b)
Business Day                                         6           1.20
Business Day Convention                              7           1.26
Buyer                                                10         3.1(a)
Calculation Agent                                    6           1.22
Calculation Agent Determination of Settlement Rate   25         7.4(d)
Call                                                 13         3.4(a)
Call Currency                                        11         3.2(a)
Call Currency Amount                                 12         3.2(f)
Commencement Date                                    11         3.2(d)
Confirmation                                         5           1.15
Currency Option Transaction                          10           3.1
Currency Pair                                        3            1.4
FX Swap Transaction                                  20           5.1
Deliverable Currency Option Transaction              10         3.1(a)
Deliverable FX Transaction                           8          2.3(a)
Disruption Event                                     22           7.1
Disruption Fallback                                  22           7.1
Dual Exchange Rate                                   22         7.1(b)
ECB37                                                18         4.3(e)
EMTA                                                 18         4.3(c)
EMTA RUB INDICATIVE SURVEY RATE                      18         4.3(d)
European Option                                      13         3.3(c)
Exchange Restrictions                                22         7.1(a)
Exercise Date                                        11       3.2(e)(ii)
Exercise Period                                      12       3.2(e)(iii)
Exercise Right                                       11         3.2(e)
Expiration Time                                      11        3.2(e)(i)
Expiration Time                                      12        3.2(e)(i)
Fallback Reference Price                             23         7.4(a)
Final Exchange Amount                                20           5.1
Final Exchange Date                                  20         5.2(a)
Firm Quotation                                       7           1.25
Following Business Day                               7         1.26(a)
Forward Rate                                         7           1.27
FX Forward Transaction                               8            2.3
FX Forward Transaction                               8            2.3




MOS242148/11 151276-0001                                    Page 53
Governmental Authority                        3         1.6
Initial Exchange Amount                       20        5.1
Initial Exchange Date                         20       5.2(b)
In-the-Money Amount                           7         1.24
Knock-in Event                                21       6.1(a)
Knock-in/Knock-out Determination Day          21        6.3
Knock-in/Knock-out Valuation Time             21        6.4
Knock-out Event                               21       6.1(b)
Master Agreement                              3         1.5
Maximum Days of Disruption                    25       7.4(e)
MICEX                                         17       4.3(a)
Model Provisions                              5         1.18
Modified Following                            7       1.26(c)
No Fault Termination                          26       7.4(f)
Non-Deliverable Currency Option Transaction   11       3.1(b)
Non-Deliverable FX Transaction                8        2.3(b)
Non-Deliverable Substitute                    23       7.4(c)
Non-Deliverable Transaction                   3         1.2
Notice of Exercise                            12     3.2(e)(iv)
Notional Amount                               4         1.11
Official Rate                                 20       4.3(h)
or RUB02                                      18       4.3(b)
or RUB03                                      18       4.3(c)
Payment Currency                              3         1.3
Preceding Business Day                        7       1.26(b)
Premium                                       13       3.5(a)
Premium Payment Date                          13       3.5(a)
Price Source Disruption                       23       7.1(c)
Principal Financial Center                    5         1.13
Put                                           13       3.4(b)
Put Currency                                  11       3.2(b)
Put Currency Amount                           12       3.2(g)
Quotation Amount                              19     4.3(g)(i)
Quotation Time                                19     4.3(g)(i)
Reference Bank Quotations                     19       4.3(g)
Reference Banks                               19       4.3(g)
Reference Currency                            6         1.21
Reference Currency Buyer                      5         1.16
Reference Currency Notional Amount            4         1.12
Reference Currency Seller                     5         1.19
Reference Rate                                21        6.2




MOS242148/11 151276-0001                           Page 54
Rounding                   5         1.14
RUB CME-EMTA               18       4.3(c)
RUB MICEXFRX               17       4.3(a)
RUB MMVB                   18       4.3(b)
RUB01                      17       4.3(a)
RUB04                      18       4.3(d)
Ruble Substitute           23       7.4(b)
Seller                     10       3.1(a)
Settlement Currency        3         1.1
Settlement Date            4         1.8
Settlement Postponement    25       7.4(e)
Settlement Rate Option     17        4.1
Specified Rate             17        4.2
Spot Rate                  4         1.10
Spot Transaction           8         2.2
Strike Price               12       3.2(h)
Trade Date                 4         1.9
Transaction                7         1.23
Valuation Date             4         1.7




MOS242148/11 151276-0001        Page 55

								
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