July 10, 2001
Global TeleSystems Europe Holdings B.V.
Avioport
Xxxxx van de Xxxxxxxxxx 000
0000 XX Xxxxxxxx Xxxxxx
Xxxxxxxxxxx
Attn: General Counsel
Facsimile No.: x00 (0)00 0000 0000
Re: Purchaser designation and stock exercise notice
Ladies and Gentlemen:
Reference is made to that certain Stock Option Agreement, dated as of
May 11, 2001 (the "Option Agreement"), among Cavendish Nominees Limited
("Cavendish"), and First NIS Regional Fund SICAV ("NIS Fund", together with
Xxxxxxxxx, "Barings"), and Global TeleSystems Europe Holdings B.V. Unless
otherwise indicated herein, capitalized terms used in this letter have the
meanings ascribed thereto in the Option Agreement.
In accordance with Sections 3(c) and 7(j) of the Option Agreement,
please be advised that (i) Cavendish and NIS Fund designate Golden Telecom,
Inc. ("GTI") as the purchaser of 181,818 of the Option Shares and (ii) the
closing of the purchase of the 181,818 Option Shares by GTI will take place
on July 24, 2001 at 10:00 a.m., local time, at the New York offices of
Xxxxxxxxxx & Xxxxx LLP located at 00, Xxxxxxxxxxx Xxxxx, Xxx Xxxx, XX 00000.
Very truly yours,
CAVENDISH NOMINEES LIMITED
By: /s/ Xx. X. X. Xxxxxxx
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Name: Xx. X. X. Xxxxxxx
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Title: Director
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FIRST NIS REGIONAL FUND SICAV
By: /s/Xxxxxxx Xxxxxx
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Name: Xxxxxxx Xxxxxx
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Title: Authorized Signatory
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By: /s/ Xxxxxx Xxxx Xxxxxxx
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Name: Xxxxxx Xxxx Xxxxxxx
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Title: Authorized Signatory
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cc: Shearman & Sterling
0 Xxxxxx Xxxxxx
Xxxxxx XX0X 0XX
Xxxxxx Xxxxxxx
Attention: Xxxxxxx Xxxxxxxxx
Facsimile No.: x00 (0)00 0000 0000
