4. Liabilities of the parties

Moody’s shall be liable to compensate the Client solely for direct loss or damage (excluding any loss of profit) caused to the Client as a result of any fault on its part in providing Services.

5. Force Majeure

Upon the occurrence of an event of Force Majeure, the party which is claiming Force Majeure shall promptly notify the other party of the duration, nature and extent of the circumstances in question, and of the expected period of delay in the performance of its obligations and shall not be liable to the other party for such delay in performance.

If the Force Majeure continues for a period of 30 calendar days, either party may terminate this Agreement by giving written notice to the other without any liability to the other (except in relation to payment for Services provided and disbursements and expenses to be reimbursed in respect of any period to termination).

6. Confidentiality

6.1 The parties shall keep confidential and not disclose to any third parties all confidential information received by them in connection with this Agreement. The parties may disclose confidential information to:

a) their employees (full time and part-time); and

b) third parties with the express agreement of the other party.

The parties may also disclose confidential information upon appropriate written request from the Russian public authorities if they are required to do so in accordance with the applicable Russian law. In such cases the parties may disclose confidential information only to the extent legally required by the relevant public authority and shall take all reasonable steps to prevent further disclosure of such confidential information.

6.2 The parties shall not be liable for disclosure of confidential information which:

a) is in the public domain;

b) one of the parties has received, or which comes into its possession, from a third party, other than directly as a result of a breach by it of this Clause 6;

c) it is necessary to disclose in order to assist the relevant party to defend any claim brought against it.

7. Duration and Termination

7.1 This Agreement shall come into force on the date of its execution and shall be in effect until it is fulfilled in accordance with its terms. The period of this Agreement shall not exceed one year.

7.2 Either party shall have the right to terminate the Agreement by giving 30 calendar days notice to the other party. Provided that neither party has sent the other party a notice of termination 30 calendar days before the expiration of this Agreement in accordance with Clause 7.1, this Agreement shall be deemed concluded for an unlimited duration and may be terminated by any party on 30 calendar days written notice.

7.3 Either party shall be entitled to terminate this Agreement forthwith by written notice to the other if:

a) the other party is in material breach of this Agreement and fails to remedy the same, if such breach is capable of remedy, within 30 calendar days of receipt of a written notice specifying the details of such breach and the requirement for such breach to be remedied;

b) the other party ceases to carry on business;

c) if the parties fail to reach any agreement as contemplated by this Agreement.

7.4 This Agreement may be terminated at any time by express agreement of the parties.