English to Russian Bus/Financial Investment / Securities

An Initial Closing will be held as soon as practicable, provided that at such time at least US$XXX of
Commitments has been achieved. The Directors may, at their discretion, decide to have further Initial Closings
(no more than 3) provided that at such time at least US$XXX of Commitments has been achieved for
each further Initial Closing. Each Investor shall pay to the Fund his entire Commitment immediately after signing
the Subscription Agreement, and in accordance with its terms.