Conformed Copy - L4107 - Export Development Project - Amendment 2

Page 1 April 25, 2002 Mr. Alexander N. Sorokin Chairman of the Board Joint-Stock Company The State Export-Import Bank of Ukraine 127, Gorkogo Str. Kyiv, 03150 Ukraine Re: Loan No. 4107-UA (Export Development Project) Amendment to the Loan Agreement Dear Mr. Sorokin: We refer to the Loan Agreement (Export Development Project) dated May 15, 1997, between the International Bank for Reconstruction and Development (the Bank) and the State Export-Import Bank of Ukraine (the Borrower), as amended on February 18, 1998, and the related Guarantee Agreement between Ukraine (the Guarantor) and the Bank. We also refer to your request contained in your letter dated May 11, 2001 to extend the Closing Date of the Loan, and the understanding reached between the Borrower and the Bank as recorded in the Aide-Memoire of the Bank dated February 12, 2002, to introduce certain modifications to the Loan Agreement so as to permit the full and most productive utilization of the proceeds of the Loan. We are pleased to inform you that the Bank, after due consideration, has acceded to the above requests and, therefore, the Loan Agreement is hereby amended as follows: 1. In Section 2.03, the Closing Date is modified to read