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Translation from Russian into English

INFORMATION LETTER OF THE WORKING GROUP OF CREDITORS – HOLDERS OF THE PUBLIC DEBT OFNAZVANIE.NET (formerMIRAXGROUP)

DearHoldersofdebt instruments ofNAZVANIE.NET,

TheWorkingGroupofCreditors – Holdersofthepublicdebt(the “Working Group of Creditors”)hereby informs you about the current status of negotiations on restructuring of the public debt of the Company NAZVANIE.NET(formerMIRAXGROUP).

Inthefirstsix monthsof 2011,theCompanyNAZVANIE.NET, the RestructuringAgent(Alfa-Bank), the Working Group of Creditorsand the Legal Adviser of the Working Group of Creditors (LathamWatkinsLLP) have examined the existing development projects of the GroupNAZVANIE.NET andthe Group’s forward looking financial model, and have conducted a number of discussions on the possible restructuring of the CompanyNAZVANIE.NET’spublic debt.

AtthemeetingheldonSeptember14, 2011,the representatives of the GroupNAZVANIE.NET and the Working Group of Creditors discussed and agreed the following:

  1. Theprincipal terms of restructuring agreed by the representatives of the Working Group of

Creditors and the CompanyNAZVANIE.NET:

New debt form / DebtinstrumentunderEnglish law (LoanParticipationNotes) / bonds under the Russian law for “non-qualified” investors
Currency / Russian Ruble
Borrower(the borrower under Notes) / Russiancompanywithinthe GroupNAZVANIE.NET
Issuer by Notes / EMSP B.V.
Total make of the issue / Theprincipal + outstanding coupon + interestaccruedfrom thematurity date of the relevant debt instrument until the restructuring date at therefinancing rateof the Central Bank of Russian Federation
Initial payment / Under discussion - seeitem 2 of the Minutes
Maturity Date / No laterthan July 30, 2019
Coupon rate / Under discussion - seeitem 2 of the Minutes
Grace period / Under discussion - seeitem 2 of the Minutes
Repayment / Lumpsumintheendofthetermwith the account ofCashSweep (apart of profit generated byproject companies shall be used for LPN’s prepayment)
Prepayment at the Borrower’s initiative / Possibleatanytimewithoutfees. Amount of repayment: 100%
Security / Guaranteeoftheproject companies (subordinatedin case an investor is found for specific project): ZAO Kostyanskiy, 13;OAOFilikrovlya Plant;ZAO Medical Center for Geriatrics and Rehabilitation;OOO Novaya Industria; OOO O.Nik’s; OOO Zhilindustria;and OOO Avanta.
The documentation shall allow the replacement of a guaranteeprovided by one project company with the guaranteeof the company with the similar project in case such project is sold to a third party, provided that the terms of sale and purchase transaction are fully disclosed to the creditors.
Enforcement Agent / There shall be anEnforcementAgentnominatedbythecreditorsempoweredto declare a default, to demand advanced repayment of the loan, to foreclose on the mortgaged propertyand to seek the borrower’s and the guarantors’ responsibility in case of default.
Guarantee of the UltimateBeneficiary / Under discussion - seeitem 2 of the Minutes
Dateofrate fixation / Dateofthe restructuringagreements’execution
Covenants/events of default / Standard
Listing / If practicable
Settlements / Euroclear / Clearstream
  1. TermsofrestructuringregardingwhichtheCompanyNAZVANIE.NETandtheWorkingGroup of Creditors havenot achieved anagreement by the meeting:

Disagreed term / Position of the CompanyNAZVANIE.NET / Position of the Working Group of Creditors
Initial payment / No / 10%
Grace period / Interestwithinthefirstthreeyearsare accrued at the rate of 7% per annum, but are not payable.
Theinterestaccruedduringthegraceperiodarepaidin equal installments during the last 12 quarters on interest payment dates in addition to the regular coupon / No
Guarantee of the UltimateBeneficiary / No / Yes
Coupon rate / 7% perannumduring 5 years,
further–increase of the coupon to 9%
Coupon is paid quarterly / Coupon rateisagreedprior to the exchange of debt instruments

3.RepresentativesoftheCompanyNAZVANIE.NETandthe WorkingGroupofCreditorshaveagreedtostarttheworkonrestructuringwithout delayprovidedthatanydisagreed terms of the restructuring listed in item 2 above shall be agreed before executionby the parties of the binding documents on the restructuring of the Company NAZVANIE.NET’s public debt.

4.TheCompanyNAZVANIE.NEThas confirmedthatsimultaneouslywiththepreparationofthe new issueofdebt instrumentsandotherdocumentsnecessaryforthe restructuring,itwilltakemeasureson(i)raisingfundsnecessaryforpaymentstothecreditors- holdersofthe publicdebt, for the initialpaymentandfortheserviceofdebteitherfullyorpartially during the grace period, and (ii)on the obtaining of authorizations from the Sberbank of Russiaand shareholders of the Group for provision by the ultimate beneficiary of a guarantee on the new debt instruments.

Following the meetingheldonSeptember14, 2011 betweentherepresentativesoftheCompanyNAZVANIE.NETandtheWorkingGroupofCreditors, the “Minutesofthe MeetingoftheRepresentativesofNazvanie.netandthe WorkingGroupofCreditorsonAgreementofPreliminaryPrincipalTermsof theRestructuring (preliminary term sheet)” reflecting the above-mentioned items of agenda weresigned.

TheWorkingGroupofCreditorswillcontinuetoinformregularlyallthepartiesconcernedaboutthecourseofproject on restructuring of the public debtof the Company NAZVANIE.NET.

SincerelyYours,

WorkingGroupof Creditors – Holders of public debt