Waiver of pre-emption — side letter

Annexed to the deed of amendment of the articles of association, outside its body

Status. A standalone declaration signed by the existing shareholders and handed to the notary together with the amendment. It stays out of the Articles: the Articles carry the general rule, this letter disapplies it once, for one purpose.

Why it exists. Where an option over shares is satisfied by an issue of new shares, articles of association Article 4(3) gives shareholders on the register a pre-emptive right to subscribe within 14 days in proportion to their holdings. Where it is satisfied by a sale, Article 7(3)–(4) obliges the selling shareholder to offer the shares to the other shareholder first, with 3 days to take them up. Either right, exercised over the tranche, would absorb the very shares meant for the option, and the option would fail while the Articles were fully observed.

The waiver is scoped by purpose rather than by a share count. It covers whatever number the approving resolution sets and reaches nothing else, so the letter stays correct at every tranche and needs no amendment once the ladder is settled. President Director options under president director are founder sales only (no new issue for that package); use Form B (sale) for those transfers.

Form A — where the option is satisfied by an issue of new shares

SURAT PERNYATAAN PELEPASAN HAK TERLEBIH DAHULU

Yang bertanda tangan di bawah ini:

1. ALISA VOINOVA, pemegang 3.940 saham dalam PT. CYBER VALLEY ESTATE;
2. DMITRY STARODUBTSEV, pemegang 4.020 saham dalam PT. CYBER VALLEY ESTATE;

dengan ini menyatakan, secara tegas dan tidak dapat ditarik kembali, melepaskan hak terlebih dahulu untuk mengambil bagian atas saham sebagaimana dimaksud dalam Pasal 4 ayat (3) Anggaran Dasar Perseroan, semata-mata sepanjang menyangkut saham baru yang diterbitkan kepada OLEKSANDR FEDOROV dalam rangka pelaksanaan hak opsi yang diberikan kepadanya berdasarkan keputusan Rapat Umum Pemegang Saham yang menyetujui hak opsi tersebut, dalam jumlah sebagaimana ditetapkan dalam keputusan itu.

Pelepasan ini terbatas pada saham dan tujuan tersebut di atas, tidak berlaku bagi penerbitan saham lainnya, dan tidak mengurangi hak Para Pemegang Saham berdasarkan Anggaran Dasar maupun Perjanjian Pemegang Saham dalam hal apapun selain yang dinyatakan di sini.

Pernyataan ini merupakan lampiran dari akta perubahan Anggaran Dasar dan berlaku sejak tanggal ditandatangani.

DECLARATION OF WAIVER OF PRE-EMPTIVE RIGHTS

The undersigned:

1. ALISA VOINOVA, holder of 3,940 shares in PT. CYBER VALLEY ESTATE;
2. DMITRY STARODUBTSEV, holder of 4,020 shares in PT. CYBER VALLEY ESTATE;

hereby expressly and irrevocably waive the pre-emptive right to subscribe for shares under Article 4(3) of the Articles of Association of the Company, solely in respect of the new shares issued to OLEKSANDR FEDOROV in satisfaction of the option granted to him by the resolution of the General Meeting of Shareholders approving that option, in the number established by that resolution.

This waiver is limited to those shares and that purpose, does not extend to any other issue of shares, and does not diminish the rights of the Shareholders under the Articles of Association or the Shareholders' Agreement in any respect other than as stated here.

This declaration is annexed to the deed of amendment of the Articles of Association and takes effect on the date of signature.

Form B — where the option is satisfied by a sale from an existing shareholder

Signed by the shareholder who is not selling. Covers both the entry sale of 80 shares and every later option tranche, scoped by purpose rather than by a share count, so one signature serves the whole ladder.

SURAT PERNYATAAN PELEPASAN HAK TERLEBIH DAHULU

Yang bertanda tangan di bawah ini:

DMITRY STARODUBTSEV, pemegang 4.020 saham dalam PT. CYBER VALLEY ESTATE,

dengan ini menyatakan, secara tegas dan tidak dapat ditarik kembali, melepaskan hak terlebih dahulu untuk membeli saham sebagaimana dimaksud dalam Pasal 7 ayat (3) dan ayat (4) Anggaran Dasar Perseroan, serta hak untuk menyamai penawaran (Matching Right) sebagaimana dimaksud dalam Pasal 1 Perjanjian Pemegang Saham, semata-mata sepanjang menyangkut saham yang dialihkan oleh ALISA VOINOVA kepada OLEKSANDR FEDOROV, yaitu:

a. 80 (delapan puluh) saham sebagai saham masuk berdasarkan akta jual beli saham; dan

b. saham yang dialihkan dalam rangka pelaksanaan hak opsi yang diberikan kepadanya berdasarkan keputusan Rapat Umum Pemegang Saham yang menyetujui hak opsi tersebut, dalam jumlah sebagaimana ditetapkan dalam keputusan itu, pada setiap tahap pelaksanaannya.

Pelepasan ini terbatas pada saham dan tujuan tersebut di atas, tidak berlaku bagi pengalihan saham lainnya kepada pihak manapun, dan tidak mengurangi hak yang bersangkutan berdasarkan Anggaran Dasar maupun Perjanjian Pemegang Saham dalam hal apapun selain yang dinyatakan di sini.

Pernyataan ini berlaku sejak tanggal ditandatangani dan diserahkan kepada Perseroan untuk dicatat dalam Daftar Pemegang Saham.

Tempat, tanggal: __________________

DMITRY STARODUBTSEV __________________

DECLARATION OF WAIVER OF THE RIGHT OF FIRST REFUSAL

The undersigned:

DMITRY STARODUBTSEV, holder of 4,020 shares in PT. CYBER VALLEY ESTATE,

hereby expressly and irrevocably waives the right of first refusal under Article 7(3) and 7(4) of the Articles of Association of the Company, and the Matching Right under Article 1 of the Shareholders' Agreement, solely in respect of the shares transferred by ALISA VOINOVA to OLEKSANDR FEDOROV, being:

a. 80 (eighty) shares as the entry stake under the deed of sale of shares; and

b. the shares transferred in satisfaction of the option granted to him by the resolution of the General Meeting of Shareholders approving that option, in the number established by that resolution, at each tranche of its exercise.

This waiver is limited to those shares and that purpose, does not extend to any other transfer of shares to any person, and does not diminish the undersigned's rights under the Articles of Association or the Shareholders' Agreement in any respect other than as stated here.

This declaration takes effect on the date of signature and is delivered to the Company for entry in the Register of Shareholders.

Place, date: __________________

DMITRY STARODUBTSEV __________________

Notes

• Signed by both existing shareholders under Form A, since Article 4(3) gives the right to each of them; by the non-selling shareholder alone under Form B.
• Handed to the notary with the amendment; not recited in the body of the Articles.
• Scoped by purpose, so one letter serves every tranche and no further waiver is needed later.
• The Director's own accession under shareholders agreement Article 5 is a separate document and is unaffected.