Issue of ADRs Clause Samples

Issue of ADRs. 3 Section 5. Distributions on Deposited Securities....................................................3 Section 6. Withdrawal of Deposited Securities.......................................................3 Section 7. Substitution of ADRs ....................................................................4 Section 8. Cancellation and Destruction of ADRs.....................................................4

Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall issue and deliver at the Transfer Office, to or upon the order of any person named in such notice, the aggregate ADSs to which such person is entitled and, if applicable, ADR(s) evidencing ADSs so issued, in each case registered as requested. ADRs may be issued by the Depositary only under circumstances contemplated in this Deposit Agreement.

Issue of ADRs. After any permitted deposit of Shares hereunder, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. At all times in the case of Rule 144A ADSs, the Depositary shall use reasonable efforts to obtain an executed certificate substantially in the form of Exhibit C-1 annexed hereto (or in such other form as the Company shall approve) or an electronic certification through DTC, in lieu of such certification set forth in Exhibit C-1, in connection with each such deposit, except deposits pursuant to paragraphs (10) and (13) of the Form of Rule 144A ADR, from or on behalf of each person named in the Delivery Order to receive a credit of ADSs or certificated ADRs. After receiving such notice from the Custodian and any such certificate, the Depositary, subject to the Deposit Agreement and paragraphs (4) and (7) of the applicable Form of ADR, shall (x) if certificated ADRs are not then available pursuant to Section 2, credit the DTC Participant or the DTC account of Euroclear or Clearstream, as the case may be, for the account specified in the Delivery Order, make appropriate notifications thereof and adjust its records to increase the number of ADSs evidenced by the applicable Master ADR, or (y) if certificated ADRs are then available pursuant to Section 2, execute and deliver at the Transfer Office, to or upon the order of any person named in such notice, one or more ADRs registered as requested, in either case for the number of ADSs representing such deposited Shares.

Issue of ADRs. 5 Section 5. Distributions on Deposited Securities; Conversion of Foreign Currency.....................................5 Section 6. Substitution of ADRs...............................................6 Section 7. Cancellation and Destruction of ADRs...............................6

Issue of ADRs. Upon receipt by a Custodian of a deposit pursuant to Section 3 hereunder and a proper acknowledgment or other evidence (i) from the Company (or the appointed agent of the Company for transfer and registration of Shares), satisfactory to the Depositary that any Deposited Securities are properly recorded upon the shareholders’ register of the Company (or such agent) maintained for that purpose in the name of the Depositary or, subject to applicable law, its nominee (ii) where such deposit is made by entry in the books of a CSD, from such CSD that any Deposited Securities have been recorded upon the books of such CSD in the name of the Depositary, or, subject to applicable law, its nominee, together with the other documents required hereunder, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

Issue of ADRs. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by

Issue of ADRs. 2 Section 5. Distributions on Deposited Securities 3 Section 6. Withdrawal of Deposited Securities... 3 Section 7.

Issue of ADRs. After any such deposit of Shares, together with any other documents required by the Depositary in accordance with this Deposit Agreement, and upon receipt in form satisfactory to the Depositary or a proper acknowledgement or other evidence from the Company or the Russian Share Registrar (including extracts from the Share Register) that any Deposited Securities have been recorded on the Share Register maintained by the Russian Share Registrar in the name of the Depositary or its nominee or the Custodian or its nominee, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by SWIFT, cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

Issue of ADRs. After any permitted deposit of Shares hereunder, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. At all times, the Depositary shall use reasonable efforts to obtain an executed certificate substantially in the form of Exhibit C-1 annexed hereto (or in such other form as the Company shall approve) in connection with each such deposit, except deposits pursuant to paragraphs (10) and (13) of the Form of ADR, from or on behalf of each person named in the Delivery Order to receive a credit of ADSs or certificated ADRs. After receiving such notice from the Custodian and any such certificate, the Depositary, subject to the Deposit Agreement and paragraphs (4) and (7) of the applicable Form of ADR, shall issue book-entry ADSs or, if certificated ADRs are available, execute and deliver at the Transfer Office, to or upon the order of any person named in such notice, one or more ADRs registered as requested, for the number of ADSs representing such deposited Shares.