----

----

|   |   |                                             | Page |
|--------|--------|--------------------------------------------------|------|
| 1      |   | Definitions      and Interpretation              | 1    |
| 2      |   | Warranties                                       | 7    |
| 3      |   | The      Business of the TV2 Group               | 7    |
| 4      |   | Board      Appointments                          | 8    |
| 5      |   | Board      Meetings                              | 12   |
| 6      |   | Board      Authority                             | 14   |
| 7      |   | Further      Undertaking                         | 15   |
| 8      |   | The      Annual Budget                           | 15   |
| 9      |   | Minority      Rights                             | 16   |
| 10     |   | Transfer      of Ownership Interests             | 18   |
| 11     |   | Tag      Along Right                             | 20   |
| 12     |   | Put      Option                                  | 21   |
| 13     |   | Call      Option                                 | 23   |
| 14     |   | Provision      Relating to Transfers             | 25   |
| 15     |   | Events      of Default                           | 25   |
| 16     |   | Termination      and Consequences of Termination | 26   |
| 17     |   | Additional      Undertakings                     | 26   |
| 18     |   | Trade      Restrictions                          | 27   |
| 19     |   | Acknowledgement                                  | 28   |
| 20     |   | Status      of Agreement and Effect              | 28   |
| 21     |   | Confidentiality                                  | 28   |
| 22     |   | Notices                                          | 29   |
| 23     |   | Entire      Agreement                            | 31   |
| 24     |   | Third      Party Rights                          | 32   |
| 25     |   | Amendments                                       | 32   |
| 26     |   | Waiver                                           | 32   |
| 27     |   | Costs      and Expenses                          | 32   |
| 28     |   | Assignment                                       | 32   |
| 29     |   | No      Partnership                              | 32   |
| 30     |   | Severability                                     | 32   |
| 31     |   | Further      Assurance                           | 33   |
| 32     |   | Counterparts                                     | 33   |
| 33     |   | Governing      Law and Jurisdiction              | 33   |
| 34     |   | Dispute      Resolution                          | 33   |

----

| (1) | CME MEDIA ENTERPRISES B.V.,      a company organized under the laws of the Netherlands, and having      its seat at Dam 5b, JS 1012 Amsterdam, the Netherlands ("CME  ME"); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | TOP TONE MEDIA HOLDINGS      LIMITED, a BVI Business company organized under the laws of the      British Virgin Islands with registered number 1381053 and having its      registered office at 3rd      Floor, Omar Hodge Building, Wickhams Cay I, P.O. Box 362, Road Town,      Tortola, British Virgin Islands ("Top Tone Holdings");      and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | EQUIP LIMITED, a BVI      Business company organized under the laws of the British Virgin Islands      with registered number 1415526 and having its registered office at Trident      Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands ("Equip", together with      Top Tone Holdings, the "Top Tone      Parties") |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | CME      ME and Top Tone Holdings have entered into a Master Share Purchase      Agreement dated July 28, 2008 (the "MSPA") pursuant to which      CME ME has agreed to purchase from Top Tone Holdings 80% of the issued      share capital of Top Tone Media (as defined below) and 80% of the issued      share capital of Zopal (also as defined below) in exchange for the      Purchase Price (as defined in theMSPA); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Following      the First Closing of the MSPA, CME ME, Top Tone Holdings and Equip will      hold 2480 shares, 311 shares and 309 shares in Top Tone Media      respectively; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | Following      the Second Closing of the MSPA, CME ME and Top Tone Holdings will hold 80      shares and 20 shares in Zopal respectively;and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | Pursuant      to the MSPA, CME ME, and Top Tone Holdings agreed to enter into this      Agreement to regulate the business and affairs of the TV2 Group (as      defined below) and the rights among CME ME, Top Tone Holdings and Equip as      shareholders in Top Tone Media and the rights between CME ME and Top Tone      Holdings as shareholders in Zopal. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1 | Definitions      and Interpretation |
|---|-------------------------------------|

| 1.1 | Terms      not otherwise defined herein shall, unless the context requires otherwise,      bear the meanings ascribed thereto in the MSPA;  and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| "AcceptanceNotice" | has      the meaning given thereto in Clause 10.1(b); |
|--------------------|-------------------------------------------------------|

| "AdvertisingAgreement" | means      the cooperation agreement relating to the sale of commercial inventory      among TV2, Ring TV and "Piero97 MA" AD in the Agreed  Form; |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| "Affiliate" | of      a person means any person that directly or indirectly through one or more      intermediaries, Controls, is Controlled by, or is under common Control      with, such person; |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Annual      Budget" | has      the meaning given thereto in Clause8.1; |
|----------------------|--------------------------------------------------|

| "Board of      Directors" | means      the Top Tone Media Board of Directors or the Zopal Board of Directors, as      applicable; |
|---------------------------|-------------------------------------------------------------------------------------------------------|

| "Business      Day" | means      a day (other than a Saturday or a Sunday) on which commercial banks are      open for general business in, Sofia, New York and London (other than      solely for services via theinternet); |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Call" | has      the meaning given thereto in Clause13; |
|--------|-------------------------------------------------|

| "Call Closing      Date" | has      the meaning given thereto in Clause13.3(c); |
|--------------------------|------------------------------------------------------|

| "Call    Notice" | has      the meaning given thereto in Clause13.3; |
|------------------|---------------------------------------------------|

| "Call    Price" | means      an amount equal to the Valuation; |
|-----------------|----------------------------------------------|

| "Called      Party" | has      the meaning given thereto in Clause13.1; |
|---------------------|---------------------------------------------------|

| "CME GroupTransfer" | means      a transfer by CME ME of all or any part of its Ownership Interest in Top      Tone Media or Zopal to one or more of its Affiliates, which Affiliates      shall agreed to be bound by this Agreement as if an original Party with      identical rights and obligations as has CME ME  hereunder; |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Consultancy      Deed" | means      the consultancy deed entered into on or around the date of this      Agreement; |
|-------------------------|--------------------------------------------------------------------------------------------|

| "Control" | means      the power to direct or cause the direction of the management or policy of      any Person, directly or indirectly, through family relationship (if a      natural person), the holding of securities or other participation      interests, by virtue of an agreement, arrangement or understanding or on      other grounds, and "Controlling" and "Controlled" shall have      the correlative meanings proceeding from this  term. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Disposal      Notice" | has      the meaning given thereto in Clause10.1(e); |
|------------------------|------------------------------------------------------|

----

| "Editorial      Code" | means      the editorial code from time to time adopted by the TV2 Supervisory      Committee; |
|-----------------------|------------------------------------------------------------------------------------------------|

| "Event of      Default" | has      the meaning given thereto in Clause15.1; |
|-------------------------|---------------------------------------------------|

| "Financial      Year" | means      the financial year of TV2 or LGC as applicable, which shall be a 12 month      period ending on 31 December of eachyear; |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| "Investment      Bank" | means      an international investment bank of recognised international standing with      experience conducting valuations of broadcasting  assets; |
|------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| "LGC" | means      LG Consult EOOD, a limited liability company organized and existing under      the laws of the Republic of Bulgaria with registration number 12574/2006      and having its registered address at 66 Belomorski Prohod Str., Block 2,      1st      Floor, App 2, Lozenets Region, Sofia, Republic of  Bulgaria; |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "LGC GroupBusiness" | means      the broadcasting operations of Ring TV, Max TV, Radio Mila (as such      operations may be rebranded from time to time) and such other businesses      as are owned by Zopal from time to time otherwise than in accordance with      the terms of this Agreement; |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "LGC      SupervisoryCommittee" | means      the supervisory committee of LGC; |
|---------------------------------|----------------------------------------------|

| "MSPA" | has      the meaning given thereto in theRecitals; |
|--------|----------------------------------------------------|

| "Non-Selling      Party" | has      the meaning given thereto in Clause10.1(a); |
|--------------------------|------------------------------------------------------|

| "Objection      Notice" | has      the meaning given thereto in Clause12.6; |
|-------------------------|---------------------------------------------------|

| "Ownership      Interests" | means      the shares, participation rights or other equity ownership interest of Top      Tone Media or Zopal, as applicable; |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------|

| "Purchaser" | has      the meaning given thereto in Clause10.1(e)(ii); |
|-------------|----------------------------------------------------------|

| "Put" | has      the meaning given thereto in Clause12; |
|-------|-------------------------------------------------|

| "Put Closing      Date" | has      the meaning given thereto in Clause12.4(c); |
|-------------------------|------------------------------------------------------|

| "Put Party    " | has      the meaning given thereto in Clause12.1; |
|-----------------|---------------------------------------------------|

| "Put    Notice" | has      the meaning given thereto in Clause12.4; |
|-----------------|---------------------------------------------------|

| "Put    Price" | means      an amount equal to theValuation; |
|----------------|---------------------------------------------|

----

| "Ring TV" | means      Ring-SV AD, a joint stock company organized and existing under the laws of      the Republic of Bulgaria with registration number 7774/1997 and having its      registered address at 27 Tsarigradsko Shosse Blvd., Sredets Region, Sofia,      Republic of Bulgaria; |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Ring TVSupervisoryBoard" | means      the supervisory board of Ring TV; |
|---------------------------|----------------------------------------------|

| "StatutoryExecutives" | means      the General Director and the Finance Director of TV2, Top Tone BG, LGC or      Ring TV, as applicable; |
|-----------------------|-------------------------------------------------------------------------------------------------------------------|

| "SupervisoryCommittee" | means      the supervisory committee of TV2 or  LGC or the supervisory      board of Ring TV, as applicable; |
|------------------------|------------------------------------------------------------------------------------------------------------------------|

| "Tagged Party      " | has      the meaning given thereto in Clause11.1; |
|----------------------|---------------------------------------------------|

| "Tag Along      Notice" | has      the meaning given thereto in Clause11.2; |
|-------------------------|---------------------------------------------------|

| "Tag Along      Right" | has      the meaning given thereto in Clause11.1; |
|------------------------|---------------------------------------------------|

| "Top Tone    BG" | means      Top Tone Media Bulgaria EOOD, a limited liability company organized under      the laws of the Republic of Bulgaria with registration number 175413380      and its registered address at 17 Voyvodina Mogila Str., Ovcha Kupel      Region, Sofia, Republic of Bulgaria and a wholly owned subsidiary of      TV2; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Top Tone      GroupTransfer" | means      a transfer by Top Tone Holdings or Equip of all or any part of their      respective Ownership Interest in Top Tone Media to each    other; |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Top Tone      Media" | means      Top Tone Media S.A., a public limited liability company (société anonyme)      organized under the laws of Luxembourg with registered number B 124257 and      having its registered office at Rue Aldringen no. 19, Luxembourg      L-1118; |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Top Tone      MediaBoard of      Directors" | means      in respect of Top Tone Media, collectively the directors appointed thereto      from time to time in accordance with the terms  hereof; |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| "TransactionDocuments" | means      this Agreement, the MSPA, the Advertising Agreement, the Terminated      Agreements and the ConsultancyDeed; |
|------------------------|-------------------------------------------------------------------------------------------------------------------------|

| "Transfer      Notice" | has      the meaning given thereto in Clause10.1(a); |
|------------------------|------------------------------------------------------|

| "TV2" | means      TV2 EOOD, a limited liability company organized under the laws of the      Republic of Bulgaria with registration number 121853910 and its registered      address at 2 Tsanko Tserkovski Str., Lozenets Region, 1407 Sofia, Republic      of Bulgaria; |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| "TV2    Group" | means      Top Tone Media and Zopal and their respective  subsidiaries; |
|----------------|-------------------------------------------------------------------------|

| "TV2 Group Business" | means      the broadcasting operations of TV2 and Top Tone BG (as such operations may      be rebranded from time to time) and such other businesses as are owned by      Top Tone Media from time to time otherwise than in accordance with the      terms of this Agreement; |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "TV2      SupervisoryCommittee" | means      the supervisory committee of TV2; |
|---------------------------------|----------------------------------------------|

| "U.S.      Dollars"or      "US$" | means      the official currency for the time being of the United States of      America; |
|----------------------------------|-------------------------------------------------------------------------------------------|

| "Valuation" | means      the amount expressed in U.S. Dollars equal to the average    of: |
|-------------|-----------------------------------------------------------------------------|

|   | (a) | the      valuation of the Ownership Interests in Top Tone Media or Zopal, as      applicable, calculated with reference to 100% of the enterprise value of      Top Tone Media or Zopal, as applicable, and in accordance with the      percentage of such Ownership Interest, provided by an Investment Bank      appointed by CME ME (the "CME Valuation");      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      valuation of the Ownership Interests in Top Tone Media or Zopal, as      applicable, calculated with reference to 100% of the enterprise value of      Top Tone Media or Zopal, as applicable, and in accordance with the      percentage of such Ownership Interest, provided by an Investment Bank      appointed by the Top Tone Parties or Top Tone Holdings, as applicable (the      "Seller      Valuation"), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Voting      Rights" | means,      as the case may be: |
|----------------------|---------------------------------|

----

|   | (i) | in      respect of CME ME, the voting rights of CME ME in Top Tone Media and Zopal      and/or any of their respective subsidiaries or other entities over which      they exercise management control (as appropriate);  or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      respect of Top Tone Holdings, the voting rights in Top Tone Media and      Zopal and/or any of their subsidiaries or other entities over which it      exercises management control (as appropriate);  or |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in      respect of Equip, the voting rights in Top Tone Media and/or any of its      subsidiaries or other entities over which it exercises management control      (as appropriate); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Working      Hours" | means      the hours of 9:00 a.m. to 5:00 p.m. on a Business  Day |
|----------------------|-------------------------------------------------------------------|

| "Zopal" | means      Zopal S.A., a public limited liability company (société anonyme) organized      under the laws of Luxembourg with registered number B 139431 and having      its registered address at Aldringen no. 19, Luxembourg L-1118;      and |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Zopal Boardof      Directors" | means      in respect of Zopal, collectively the directors appointed thereto from      time to time in accordance with the terms  hereof. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | In      construing this Agreement, unless otherwise  specified: |
|-----|-----------------------------------------------------------------|

|   | (a) | references      to Clauses and Schedules are to clauses of, and schedules to, this      Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (b) | references      to a "person"      shall be construed so as to include any physical or legal person, firm,      company or other body corporate, government, state or agency of a state,      local or municipal authority or government body or any joint venture,      association or partnership (whether or not having separate legal      personality); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a      reference to any law, regulation, statute or statutory provision shall be      construed as a reference to the same as it may have been, or may from time      to time be, amended, modified orre-enacted; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      reference to a "day" (including within      the phrase "Business      Day") shall mean a period of 24 hours running from midnight to      midnight (except for the days of time change lasting 25 or 23 hours which      days shall be 25 or 23 hoursrespectively); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | references      to time are to Central EuropeanTime; |
|--------|-----|------------------------------------------------------|

|   | (f) | a      reference to any other document referred to in this Agreement is a      reference to that other document as amended, varied, novated or      supplemented (other than in breach of the provisions of this Agreement) at      any time; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | headings,      recitals and titles are for convenience only and do not affect the      interpretation of this Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (h) | general      words shall not be given a restrictive meaning by reason of the fact that      they are followed by particular examples intended to be embraced by the      general words; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | references      to a "Party" or      the "Parties"      shall be construed as to include and each of its permitted successors and      permitted assignees. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Warranties |
|---|------------|

| 2.1 | Each      Party warrants to the each other Partythat: |
|-----|-------------------------------------------------------|

|   | (a) | it      has full power, authority and right to enter into and carry out its      obligations hereunder; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (b) | this      Agreement constitutes its valid and legally binding obligations;      and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (c) | the      entry into and performance by it of this Agreement and the transactions      contemplated by this Agreement do not and will not conflict      with: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      law or regulation or judicial or otherorder; |
|--------|-----|-------------------------------------------------------|

|   | (ii) | its      constitutional documents; or |
|--------|------|---------------------------------------|

|   | (iii) | any      document which is binding on it or on any of its  assets. |
|--------|-------|--------------------------------------------------------------------|

| 2.2 | Each      of the warranties set out above are deemed to be repeated by each Party      upon the exercise and upon the completion of the Put, the Call or the Tag      Along Right. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The      Business of the TV2 Group |
|---|------------------------------------|

| 3.1 | The      business of Top Tone Media and Zopal are to act as holding companies for      the TV2 Group Business and the LGC Group Business respectively and to      ensure their respective operations are conducted in accordance with the      terms hereof. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Each      of CME ME and the Top Tone Parties shall use its commercially reasonable      endeavours to promote and develop the TV2 Group Business to the best      advantage of Top Tone Media, CME ME and the Top Tone    Parties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Each      of CME ME and Top Tone Holdings shall use its commercially reasonable      endeavours to promote and develop the LGC Group Business to the best      advantage of Zopal, CME ME and Top Tone  Holdings. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4 | Board      Appointments |
|---|-------------------------|

| 4.1 | CME      ME and the Top Tone Parties agree and shall procure that Top Tone Media      shall have a Board of Directors asfollows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      Top Tone Media Board of Directors shall consist of three      directors. |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | CME      ME shall have the right to nominate and be represented by two directors of      the Top Tone Media Board of Directors and the Top Tone Parties shall      jointly have the right to nominate and be represented by one director of      the Top Tone Media Board of Directors, save in the event that the      aggregate Ownership Interest of the Top Tone Parties in Top Tone Media      falls at any time beneath 6%, in which event the Top Tone Parties' right      to nominate and be represented by one director shall cease and CME ME      shall have the right to nominate and be represented by all of the three      directors of the Top Tone Media Board of  Directors. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Decisions      of the Top Tone Media Board of Directors will be taken by simple majority      vote other than any decision below, which shall require the affirmative      vote of the member of the Top Tone Media Board of Directors designated by      the Top Tone Parties: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      restructuring or reorganisation of any of the subsidiaries of Top Tone      Media (other than a merger or other restructuring to combine the TV2 Group      Business and the LGC Group Business, provided that any such merger or      restructuring is without prejudice to the rights of Top Tone Holdings and      is otherwise permitted by law); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      sale of the issued share capital of TV2, or the business of TV2 and its      subsidiaries, or substantially all of the assets of the TV2 Group      Business, in the event that such sale adversely affects Top Tone Holdings'      right under Clauses 10, 11 and 12; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      resolution related to the surrender or other disposal of the TV2 Licenses      (other than to comply with any regulatory  requirement); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a      decision to enter into or cause the TV2 Group to enter into any business      that is not media or media-related;and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a      decision to issue any shares in Top Tone Media other than as permitted      pursuant to Clause 9.2. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

| 4.2 | CME      ME and Top Tone Holdings agree and shall procure that Zopal shall have a      Board of Directors as follows: |
|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      Zopal Board of Directors shall consist of three  directors. |
|--------|-----|----------------------------------------------------------------------|

----

|   | (b) | CME      ME shall have the right to nominate and be represented by two directors of      the Zopal Board of Directors and Top Tone Holdings shall have the right to      nominate and be represented by one director of the Zopal Board of      Directors, save in the event that the Ownership Interest of Top Tone      Holdings in Zopal falls at any time beneath 6%, in which event Top Tone      Holdings' right to nominate and be represented by one director shall cease      and CME ME shall have the right to nominate and be represented by all of      the three directors of Zopal Board ofDirectors. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Decisions      of the Zopal Board of Directors will be taken by simple majority vote      except for any decision below, which shall require the affirmative vote of      the member of the Zopal Board of Directors designated by Top Tone      Holdings: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      restructuring or reorganisation of any of the subsidiaries of Zopal (other      than a merger or other restructuring to combine the TV2 Group Business and      the LGC Group Business, provided that any such merger or restructuring is      without prejudice to the rights of Top Tone Holdings and is otherwise      permitted by law); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      sale of the issued share capital of LGC, or the business of LGC and its      subsidiaries, or substantially all of the assets of the LGC Group      Business, in the event that such sale adversely affects Top Tone Holdings'      right under Clauses 10, 11 and 12; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      resolution related to the surrender or other disposal of the LGC Licenses      (other than to comply with any regulatory  requirement); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a      decision to enter into or cause LGC to enter into any business that is not      media or media-related; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | (v) | a      decision to issue any shares in Zopal other than as permitted pursuant to      Clause 9.2. |
|--------|-----|---------------------------------------------------------------------------------------------------|

| 4.3 | CME      ME and Top Tone Parties agree and shall procure that TV2 shall have a TV2      Supervisory Committee as follows: |
|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      TV2 Supervisory Committee shall consist of three  members. |
|--------|-----|---------------------------------------------------------------------|

|   | (b) | CME      ME shall have the right to nominate and be represented by two members of      the TV2 Supervisory Committee and the Top Tone Parties shall jointly have      the right to nominate and be represented by one member of the TV2      Supervisory Committee, save in the event that the aggregate Ownership      Interest of the Top Tone Parties in Top Tone Media falls at any time      beneath 6%, in which event the Top Tone Parties' right to nominate and be      represented by one member shall cease and CME ME shall have the right to      nominate and be represented by all of the three members of the TV2      Supervisory Committee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Decisions      of the TV2 Supervisory Committee will be taken by simple majority vote      except as expressly providedherein. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | CME      ME and the Top Tone Parties agree and shall procure that TV2 shall have an      executive committee as follows: |
|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      TV2 executive committee shall consist of the General Director, the Finance      Director, the Legal Director, the Director of Programming, the Sales      Director and the News Director. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For      so long as the Top Tone Parties have the right to nominate and be      represented by a member of the TV2 Supervisory Committee, the member of      the TV2 Supervisory Committee so nominated by the Top Tone Parties will be      entitled to nominate up to three candidates with appropriate      qualifications and experience for the position of News Director for      appointment by the TV2 Supervisory Committee.  In the event the      TV2 Supervisory Committee, acting reasonably, does not wish to appoint the      first candidate, the Top Tone Parties shall jointly nominate a second      candidate.  In the event the TV2 Supervisory Committee, acting      reasonably, does not appoint the second candidate, the Top Tone Parties      shall jointly nominate a third candidate.  The appointed      candidate may be removed for failure to abide by the Editorial Code and in      such case the Top Tone Parties shall jointly be entitled to nominate      another candidate for the position of News Director as provided      herein. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      TV2 Supervisory Committee shall nominate and, to the extent permitted by      Bulgarian law, appoint the members of the TV2 executive      committee.  The member of the TV2 Supervisory Committee      designated by the Top Tone Parties shall be entitled to make non-binding      recommendations for candidates for each of these  positions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      appointment and removal of the members of the Top Tone BG executive      committee shall be approved by the TV2 Supervisory    Committee. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Each      of TV2 and Top Tone BG shall be legally represented in accordance with      Bulgarian law by its respective General Director and Finance Director,      acting jointly as StatutoryExecutives. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | To      the extent a shareholder resolution is required for the appointments of      any member of the TV2 executive committee or the Top Tone BG executive      committee, CME ME and the Top Tone Parties shall procure that Top Tone      Media, as the sole owner of TV2, promptly passes such resolution to      appoint such members of the TV2 executive committee and that TV2, as the      sole owner of Top Tone BG, promptly passes such resolution to appoint such      members of the Top Tone BG executivecommittee. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.5 | CME      ME and Top Tone Holdings agree and shall procure that LGC shall have a      Supervisory Committee and Ring TV shall have a Supervisory Board as      follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      LGC Supervisory Committee and the Ring TV Supervisory Board shall each      consist of three members. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | CME      ME shall have the right to nominate and be represented by two members of      each of the LGC Supervisory Committee and the Ring TV Supervisory Board      and Top Tone Holdings shall have the right to nominate and be represented      by one member of each of the LGC Supervisory Committee and the Ring TV      Supervisory Board, save in the event that the Ownership Interest of Top      Tone Holdings in Zopal falls at any time beneath 6%, in which event Top      Tone Holdings' right to nominate and be represented by one member shall      cease and CME ME shall have the right to nominate and be represented by      all of the three members of each of the LGC Supervisory Committee and the      Ring TV Supervisory Committee. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Decisions      of each of the LGC Supervisory Committee and the Ring TV Supervisory Board      will be taken by simple majority vote except as expressly provided      herein. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | CME      ME and Top Tone Holdings agree and shall procure that each of LGC and Ring      TV shall have an executive committee asfollows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each      executive committee shall consist of the General Director, the Finance      Director, the Legal Director, the Director of Programming, the Sales      Director and the News Director. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      LGC Supervisory Committee and the Ring TV Supervisory Board, as      applicable, shall nominate and, to the extent permitted by Bulgarian law,      appoint the members of the LGC executive committee and the Ring TV      executive committee, respectively.  The member of the LGC      Supervisory Committee or the Ring TV Supervisory Board, as applicable,      designated by Top Tone Holdings shall be entitled to make non-binding      recommendations for candidates for each of these  positions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      appointment and removal of the members of the Ring TV Supervisory Board      and management board shall be approved by the LGC Supervisory      Committee. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each      of LGC and Ring TV shall be legally represented in accordance with      Bulgarian law by its respective General Director and Finance Director,      acting jointly as StatutoryExecutives. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | To      the extent a shareholder resolution is required for the appointments of      any member of the LGC executive committee or the Ring TV Supervisory Board      and management board, CME ME and Top Tone Holdings shall procure that      Zopal, as the sole shareholder of LGC, promptly passes such resolution to      appoint such members of the LGC executive committee and that LGC, as the      owner of 88.7% of the share capital of Ring TV, shall vote at a general      meeting of shareholders and shall procure that the members of the Ring TV      Supervisory Board shall vote in favour of such resolution to promptly      appoint such members of the Ring TV Supervisory Board and management      board, respectively. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.7 | The      Parties may appoint alternates to their appointees to the relevant      Supervisory Committee as specified above.  An alternate will      have one vote for each member of the relevant Supervisory Committee in      respect of whom he is appointed and who is absent from the relevant      meeting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | Each      Supervisory Committee and each Board of Directors shall elect one of the      members appointed by CME ME to serve as its chairman, who shall preside at      the meetings of the relevant Supervisory Committee or the relevant Board      of Directors, as the case may be, but shall not have a separate or casting      vote. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9 | No      member of the Supervisory Committee shall be compensated for service in      such capacity, but all shall be reimbursed their reasonable expenses      subject to the policies (if any) adopted by the relevant Supervisory      Committee or the relevant Board of Directors, as the case may      be. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.10 | Either      Party may at any time replace any of its respective nominees appointed      pursuant to this Clause 4 and the Parties shall exercise their respective      Voting Rights and powers to procure that any nominees who are being      replaced are removed from, and the replacement nominees are appointed to,      the relevant Supervisory Committee or the relevant Board of Directors, as      the case may be, of the relevant entity as soon as is      practicable. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| 5 | Board      Meetings |
|---|---------------------|

| 5.1 | CME      ME and the Top Tone Parties agree and shall procure that regular meetings      of the TV2 Supervisory Committee and the Top Tone Media Board of Directors      shall be held on such dates, but in any event no less frequently than once      per quarter, and at such times and places, as are determined from time to      time by resolution of the TV2 Supervisory Committee or the Top Tone Media      Board of Directors, as the case maybe. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | CME      ME and Top Tone Holdings agree and shall procure that regular meetings of      the LGC Supervisory Committee, the Ring TV Supervisory Board and the Zopal      Board of Directors shall be held on such dates, but in any event no less      frequently than once per quarter, and at such times and places, as are      determined from time to time by resolution of the LGC Supervisory      Committee, the Ring TV Supervisory Board or the Zopal Board of Directors,      as the case may be. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Any      member of the relevant Supervisory Committee or the relevant Board of      Directors as the case may be shall be entitled to raise items for the      agenda of a regular meeting of that Supervisory Committee or that Board of      Directors, as the case may be. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.4 | The      General Director or Finance Director of TV2, LGC or Ring TV, as      applicable, may call an extraordinary meeting of the relevant Supervisory      Committee. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Meetings      of a Supervisory Committee or a Board of Directors, as the case may be,      shall be convened and held asfollows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | prior      written notice of any meeting of a Supervisory Committee or a Board of      Directors, as the case may be, shall be given to each member at least      three Business Days prior to such meeting.  Any such notice      shall contain an agenda identifying in reasonable detail the matters to be      discussed at the meeting and shall be accompanied by copies of any      relevant papers to be discussed thereat.  Any matter that is      submitted to a Supervisory Committee or a Board of Directors, as the case      may be, for a decision, but which is not identified in reasonable detail      on such agenda, shall not be decided upon at that meeting, unless      otherwise agreed by all of the memberspresent; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      presence of two members of a Supervisory Committee or a Board of      Directors, as the case may be, constitutes a quorum and, subject to      Clauses 4.1(c) and 4.2(c) with respect to the Top Tone Media Board of      Directors and the Zopal Board of Directors, the vote of at least two      members present at any meeting at which a quorum is present shall be      required for a decision; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | alternate      members may participate in meetings of a Supervisory Committee on behalf      of duly appointed members in theirabsence; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | members      may participate in a meeting by teleconference, videoconference or other      electronic means whereby each member may hear all other members, and any      member so participating shall be considered to be present.  A      meeting shall deemed to be held where the largest number of participating      members is, or if there is no such maximum, at the location of the      chairman; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      action required or permitted to be taken at any meeting of a Supervisory      Committee or, as the case may be, a Board of Directors may be taken      without a meeting if all members consent thereto (and make any appropriate      resolution or perform any action, as the case may be) in writing, and such      writing or writings are filed with the minutes of proceedings of a      Supervisory Committee or a Board of Directors, as the case may      be. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | The      appointment of any Bulgarian citizen to a Supervisory Committee by CME ME      shall be subject to the approval of the Top Tone Parties or Top Tone      Holdings, as applicable, which shall not be unreasonably withheld or      delayed. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Board      Authority |
|---|----------------------|

| 6.1 | The      authority of the Supervisory Committee of TV2 and LGC shall include the      right to: |
|-----|-------------------------------------------------------------------------------------------------|

----

|   | (a) | approve      the five-year plan and any amendments thereto for TV2 or, as the case may      be, LGC; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (b) | approve      the Annual Budget and expenditures in excess of the Annual Budget for TV2      or, as the case may be, LGC; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (c) | propose      the appointment and removal of the Statutory Executives of TV2 or, as the      case may be, LGC to Top Tone Media or Zopal, as  applicable; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | approve      the appointment or removal of the other members of the executive      committees of TV2 or LGC, asapplicable; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (e) | determine      the compensation of the members of any executive committee for TV2 or, as      the case may be, LGC (other than compensation of the Statutory Executives      of TV2 and LGC, whose compensation shall be determined by Top Tone Media      and Zopal, respectively); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | approve      delegated authorities for expenditures up to US$250,000 (or its      equivalent) for TV2 or, as the case may be, LGC or their respective      subsidiaries; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | approve      expenditures in excess of US$250,000 (or its equivalent) for TV2 or, as      the case may be, LGC or their respective  subsidiaries; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | approve      any decision to borrow or lend money by TV2 or, as the case may be, LGC or      their respective subsidiaries; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (i) | approve      the Advertising Agreement and the entering into the same, and any material      amendments thereto or termination thereof to the extent such Advertising      Agreement is entered into by TV2 or one of its subsidiaries (for the      Supervisory Committee of TV2) or, as the case may be, to the extent such      Advertising Agreement is entered into by LGC or one of its subsidiaries      (for the Supervisory Committee ofLGC); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | approve      any related party agreements or arrangements of any member of any      executive committee or Supervisory Committee of TV2 or one of its      subsidiaries (for the Supervisory Committee of TV2) or, as the case may      be, LGC or one of its subsidiaries (for the Supervisory Committee of LGC);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | approve      other items delegated to the Supervisory Committee pursuant to the      foundation act of TV2 or the foundation act of LGC, as applicable, or a      decision of the general meeting of TV2 or LGC, as    applicable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Parties acknowledge that as long as TV2 or LGC are limited liability      companies incorporated under Bulgarian law, the relevant Supervisory      Committee and executive committee shall enjoy consultative functions and      shall facilitate the implementation of the decisions, instructions,      regulations and policies adopted by TV2 or LGC, as the case may      be. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7 | Further      Undertaking |
|---|--------------------------|

| 7.1 | CME      ME and the Top Tone Parties shall each exercise all of their respective      Voting Rights and powers to procure, or as appropriate procure that Top      Tone Media or the TV2 Supervisory Committee procures, the matters set out      in Clause 5 and Clause 6, including the adoption of necessary amendments      to the constitutive document of TV2 and the execution of amendments to the      terms of employment of the Statutory Executives of TV2 or, to the extent      required, any other member of an executive  committee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | CME      ME and Top Tone Holdings shall each exercise all of their respective      Voting Rights and powers to procure or, as appropriate procure that Zopal      or the LGC Supervisory Committee procures, the matters set out in Clause 5      and Clause 6, including the adoption of necessary amendments to the      constitutive document of LGC and the execution of amendments to the terms      of employment of the Statutory Executives of LGC or, to the extent      required, any other member of an executive  committee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | CME      ME and Top Tone Holdings shall each exercise all of their respective      Voting Rights and powers to procure or, as appropriate procure that LGC or      the Ring TV Supervisory Board procures, the matters set out in Clause 5      and the adoption of amendments to the by-laws of Ring TV to incorporate a      two-tier governance structure, including a supervisory board with the      authorities set out in Clause 6 and the execution of amendments to the      terms of employment of the Statutory Executives of Ring TV or, to the      extent required, any other member of an executive    committee. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | The      Annual Budget  |
|---|------------------------------|

| 8.1 | CME      ME and the Top Tone Parties shall each exercise their respective Voting      Rights to procure that the TV2 Group Business, and CME ME and Top Tone      Holdings shall each exercise their respective Voting Rights to procure      that the LGC Group Business, are conducted in accordance with the initial      business plan proposed by CME ME during the remainder of the current      Financial Year and prior to the end of each Financial Year, the executive      committee of TV2 and the executive committee of LGC shall jointly prepare      for approval by their respective Supervisory Committees the annual budget      for the TV2 Group Business and the LGC Group Business on a combined basis      for the next Financial Year (the "Annual Budget"), which      shall include, in particular, thefollowing: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      cashflow statement giving: |
|--------|-----|-----------------------------------|

|   | (i) | an      estimate of the working capital requirements;  and |
|--------|-----|------------------------------------------------------------|

|   | (ii) | a      recommendation for the necessary retention of profits of the previous      Financial Year to satisfy such working capital    requirements; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | a      projected profit and loss account; |
|--------|-----|-------------------------------------------|

|   | (c) | an      operating budget and balance sheetforecast; |
|--------|-----|-----------------------------------------------------|

|   | (d) | a      management report giving business objectives for the year;    and |
|--------|-----|--------------------------------------------------------------------------|

|   | (e) | a      financial report which shall include an analysis of the results of such of      the TV2 Group Business as is conducted by TV2 (or its subsidiaries) and      the results of such of the LGC Group Business as is conducted by LGC (or      its subsidiaries) for the previous Financial Year compared with the Annual      Budget for that year, identifying variations in sales revenues, costs and      other material items. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | The      Parties shall exercise their respective Voting Rights to procure that the      Annual Budgets are adopted by the Top Tone Media Board of Directors and      the Zopal Board of Directors as soon as reasonably practicable following      each Annual Budget being produced and agreed for each Financial      Year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | CME      ME undertakes to procure that sufficient funds will be made available to      TV2 to meet its investment commitments under the Advertising      Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | Minority      Rights |
|---|----------------------|

| 9.1 | CME      ME and the Top Tone Parties shall each exercise their respective Voting      Rights to procure that Top Tone Media shall not without the prior consent      of the Top Tone Parties, and CME ME and Top Tone Holdings shall each      exercise their respective Voting Rights to procure that Zopal shall not      without the prior consent of Top ToneHoldings: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | amend      the articles of association of Top Tone Media or Zopal in the event that      such amendment will adversely affects the rights of Top Tone Parties or      Top Tone Holdings, as the case may be, under Clauses 9.1(b), (c), (d),      (e), (f) and (g); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | pass      any resolution for its winding up or  liquidation; |
|--------|-----|--------------------------------------------------------------|

|   | (c) | amalgamate      or merge with any other company or business undertaking  (other      than a merger or other restructuring to combine Top Tone Media and Zopal,      provided that any such merger or restructuring is without prejudice to the      rights of the Top Tone Parties and is otherwise permitted by      law); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | demerge,      reorganize or divide into differententities; |
|--------|-----|------------------------------------------------------------|

|   | (e) | increase      the amount of the issued share capital of Top Tone Media or Zopal or allow      any of the share capital of Top Tone Media or Zopal to be issued or      subscribed for except as may be permitted pursuant to Clause      9.2; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | decrease      or effect any reduction or cancellation of the amount of the authorised or      issued share capital of Top Tone Media or Zopal or purchase or redeem any      of the shares of Top Tone Media orZopal; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | effect      any other changes or reorganisation of its share capital of Top Tone Media      or Zopal that have the effect of varying the rights of the Top Tone      Parties in its Ownership Interests in Top Tone Media or Zopal except as      may be permitted hereunder; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | cause      restructuring or reorganisation of any of the subsidiaries of Top Tone      Media or Zopal (other than a merger or other restructuring to combine the      TV2 Group Business and the LGC Group Business, provided that any such      merger or restructuring is without prejudice to the rights of the Top Tone      Parties and is otherwise permitted bylaw); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | cause      the sale of the issued share capital of TV2 or LGC, the business of TV2      and its subsidiaries, the business of LGC and its subsidiaries or      substantially all of the assets of the TV2 Group Business or the LGC Group      Business, in the event that such sale adversely affects the Top Tone      Parties' right under Clauses 10, 11 and12; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | expel      or by any means cause the termination of the direct or indirect      participation of the Top Tone Parties in the TV2 Group other than in      connection with a sale or transfer permitted  hereunder; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | pass      any resolutions related to the surrender or other disposal of the TV2      Group Licenses (other than to comply with any regulatory      requirement); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | cause      the TV2 Group to enter into any media or media-related business;      and |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (m) | declare      any dividends other than in accordance with Clause  9.3. |
|--------|-----|-----------------------------------------------------------------------|

| 9.2 | In      the event that the TV2 Group Business or the LGC Group Business requires      additional funding after CME ME has funded the TV2 Group Business and the      LGC Group Business in cash with an aggregate amount at least equal to      US$140,000,000 or its equivalent in another currency (excluding the      Purchase Price paid by CME ME under the MSPA) ("Investment Amount"),      Clause 9.1(e) shall not apply to any issuance of new shares by Top Tone      Media or Zopal for raising such additional funds, provided that (i) the      Top Tone Parties shall not be obliged to subscribe for any new shares, and      (ii) the Ownership Interest of Top Tone Holdings in Zopal and the      aggregate Ownership Interest of the Top Tone Parties in Top Tone Media, as      the case may be, shall in no event be diluted to less than 6% as a result      of any such issuance. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | CME      ME and the Top Tone Parties shall each exercise their respective Voting      Rights to procure that Top Tone Media, and CME ME and Top Tone Holdings      shall each exercise their respective Voting Rights to procure that Zopal,      shall not make or pay any dividend or other distribution until such time      as the Investment Amount has been contributed and the Investment Amount      and all associated debts and interest thereon is repaid in      full. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10 | Transfer      of Ownership Interests |
|----|--------------------------------------|

| 10.1 | CME      ME may sell, transfer, grant any security interest over or otherwise      dispose of all or any part of its Ownership Interest in Top Tone Media or      Zopal in accordance with the provisions of this Clause  10. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | CME      ME agrees that whenever it wishes to sell, transfer or otherwise dispose      of all or any part of its Ownership Interest in Top Tone Media or Zopal      other than pursuant to a CME Group Transfer, it shall give notice (a      "Transfer Notice")      to the Top Tone Parties (in respect of the sale, transfer or otherwise      disposal of all or any part of the Ownership Interest in Top Tone Media)      and Top Tone Holdings (in respect of the sale, transfer or otherwise      disposal of all or any part of the Ownership Interest in Zopal) of such      intention  (each a "Non-Selling      Party").  A Transfer Notice shall  specify: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      relevant Ownership Interest proposed to be sold, transferred or otherwise      disposed of; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (ii) | the      cash amount of the consideration for which such Ownership Interest is      proposed to be sold, transferred or otherwise disposed of;    and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      other principal terms and conditions of such intended sale or      disposal. |
|--------|-------|---------------------------------------------------------------------------------------|

|   | (b) | If      a Non-Selling Party wishes to acquire such Ownership Interest as specified      in the Transfer Notice for the consideration and on the other terms and      conditions specified therein, the Non-Selling Party shall give notice to      CME ME of such intention (an "Acceptance Notice")      within twenty (20) Business Days of receipt of the Transfer Notice;      provided, that only one Top Tone Party shall be entitled to deliver an      Acceptance Notice in respect of Top ToneMedia. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a Non-Selling Party delivers such an Acceptance Notice to CME ME, CME ME      and the Non-Selling Party shall in good faith and acting reasonably      negotiate terms for definitive transfer documentation in accordance with      the terms of the Transfer Notice for a further period of thirty (30)      Business Days from the receipt by CME ME of the Acceptance      Notice.  Not later than the day falling forty-five (45) Business      Days following the receipt by CME ME of the Acceptance Notice (and for the      avoidance of doubt notwithstanding the negotiations as aforesaid and their      status), the Non-Selling Party shall acquire from CME ME and pay for the      Ownership Interest as specified in the Transfer Notice for the      consideration and on the other terms and conditions specified therein and      otherwise as (and if) agreed in the thirty (30) Business Day period      referred to above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | If      no Acceptance Notice is delivered in accordance with Clause 10.1(b) or if      at the end of the forty-five (45) Business Day period referred to in      Clause 10.1(c), the Non-Selling Party has not acquired from CME ME and      paid for the Ownership Interest as specified in the Transfer Notice as      aforesaid (otherwise than solely due to the default by CME ME of the terms      hereof), CME ME may, subject to the Tag Along Right and within the period      of one hundred and twenty (120) Business Days  following: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      date of the last date on which an Acceptance Notice could be delivered in      accordance with Clause 10.1(b); or as the case may  be |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      end of the forty-five (45) Business Day period referred to in Clause      10.1(c), |
|--------|------|---------------------------------------------------------------------------------------------|

|   | (e) | If      CME ME effects a sale, transfer or other disposal of some or all of its      Ownership Interest in Top Tone Media or Zopal other than by way of a CME      Group Transfer, it shall serve a notice of such sale, transfer or other      disposal (a "Disposal      Notice") on the Top Tone Parties (in respect of the sale, transfer      or otherwise disposal of all or any part of the Ownership Interest in Top      Tone Media) and Top Tone Holdings (in respect of the sale, transfer or      otherwise disposal of all or any part of the Ownership Interest in Zopal)      which shall state: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | what      percentage of its relevant Ownership Interest was so sold, transferred or      otherwise disposed of; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      identity of the third party purchaser (the "Purchaser");      and |
|--------|------|----------------------------------------------------------------------------|

|   | (iii) | where      applicable, an offer to the Top Tone Parties for the exercise of their Tag      Along Right in respect of Top Tone Media or, as the case may be, to Top      Tone Holdings for the exercise of its Tag Along Right in respect of      Zopal. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Save      under and pursuant to the Tag Along Right, the Put, the Call or a Top Tone      Group Transfer, Top Tone Holdings may not sell, transfer or otherwise      dispose of, grant any option over or create or permit other encumbrance,      security interest or third party right on or over all or any part of its      Ownership Interest in respect of Top Tone Media and Zopal or its Voting      Rights or any other rights or privileges it may have in connection with      its Ownership Interest in respect of Top Tone Media and Zopal without the      prior written consent of CMEME. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.3 | Save      under and pursuant to the Tag Along Right, the Put, the Call or a Top Tone      Group Transfer, Equip may not sell, transfer or otherwise dispose of,      grant any option over or create or permit other encumbrance, security      interest or third party right on or over all or any part of its Ownership      Interest in respect of Top Tone Media or its Voting Rights or any other      rights or privileges it may have in connection with its Ownership Interest      in respect of Top Tone Media without the prior written consent of CME      ME. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | For      the avoidance of doubt, CME ME (or any of its Affiliates to whom Ownership      Interests have been transferred) may create or permit any other      encumbrance, security interest or third party right on or over all or any      part of their Ownership Interest or their voting rights or any other      rights or privileges they may have in connection with its Ownership      Interest. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | Tag      Along Right |
|----|----------------------|

| 11.1 | If      CME ME serves a Disposal Notice pursuant to Clause 10 and pursuant to such      Disposal Notice CME ME has agreed to sell all or a majority of all the      Ownership Interests in Top Tone Media or Zopal to a Purchaser, the Top      Tone Parties (in respect of their respective sale of the Ownership      Interests in Top Tone Media) and/or Top Tone Holdings (in respect of a      sale of its Ownership Interest in Zopal) (each a "Tagged Party") shall      have the right (subject to Clause 11.4) to sell their entire Ownership      Interests in Top Tone Media or Zopal as the case may be to the Purchaser      at the price per share and otherwise on the terms and conditions specified      in the Disposal Notice (the "Tag Along      Right"). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | A      Tagged Party may exercise the Tag Along Right within ten (10) Business      Days of receipt of the Disposal Notice by delivering a written notice      stating the exercise of such right to CME ME (the "Tag Along      Notice"). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | By      delivery of the Tag Along Notice, a Tagged Party agrees to sell its entire      Ownership Interest at the price per share and otherwise on the terms and      conditions specified in, and concurrently with the proposed transaction      described in, the Disposal Notice.  Once delivered, such Tag      Along Notice shall be irrevocable and the Tagged Party shall be obligated      to deliver and sell its Ownership Interest pursuant thereto and on the      terms thereof. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | In      the event that a Tagged Party so exercises the Tag Along Right and that      the Purchaser wishes to purchase some but not all of the Ownership      Interests offered by CME ME and the Tagged Party, each of CME ME and the      Tagged Party shall be entitled to sell to the Purchaser such portion of      their respective Ownership Interests pro rata to the entire Ownership      Interests in Top Tone Media or Zopal, as the case may be, that are offered      by CME and the Tagged Party in connection  herewith. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | Upon      the delivery of a Put Notice (in respect of the Ownership Interest in Top      Tone Media), the relevant Top Tone Parties shall be deemed to have      irrevocably waived their Tag Along Right in respect of such Ownership      Interest in Top Tone Media. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.6 | Upon      the delivery of a Put Notice (in respect of the Ownership Interest in      Zopal), Top Tone Holdings shall be deemed to have irrevocably waived its      Tag Along Right in respect of such Ownership Interest in      Zopal. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | Put      Option |
|----|-----------------|

| 12.1 | For      good and valuable consideration, the receipt and sufficiency of which are      hereby acknowledged, each of the Top Tone Parties and Top Tone Holdings      (each a "Put      Party") shall, subject to the provisions of this Clause 12, have      the irrevocable and unconditional right to require CME ME to purchase all      or any part of its Ownership Interests in Top Tone Media and Zopal      respectively at the Put Price (the "Put"). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Subject      to Clause 15.3, the Put shall be exercisable at any time following the      fifth anniversary of the date of this Agreement or at any time following      the giving of a Call Notice otherwise than in respect of all of the      Ownership Interests in Top Tone Media or in Zopal above an Ownership      Interest of 6%, as applicable. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | The      right of a Put Party to exercise the Put is conditional upon the      following: |
|------|-------------------------------------------------------------------------------------------|

|   | (a) | neither      Top Tone Holdings nor any of its Affiliates or, as the case may be,      neither the Top Tone Parties nor any of their respective Affiliates being      in material breach of any of the Transaction  Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Put Party having full unencumbered right and title to its entire Ownership      Interest in Top Tone Media or in Zopal, as applicable;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | no      Event of Default shall have occurred and be  continuing. |
|--------|-----|------------------------------------------------------------------|

| 12.4 | A      Put Party may only exercise the Put by giving a written exercise notice (a      "Put Notice") to      CME ME.  The Put Noticeshall: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | state      that the Put Party is exercising thePut; |
|--------|-----|-----------------------------------------------------|

|   | (b) | request      CME ME nominate an Investment Bank for purposes of the Valuation;      and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (c) | state      the anticipated time and place on which CME ME shall be obliged, subject      to the completion of the Valuation, to acquire the entire Ownership      Interests of the Put Party in exchange of payment by CME ME of the Put      Price, which (subject to such terms and conditions) shall occur on a date      falling not more than twenty (20) Business Days after the date on which      such Valuation is completed (or, in each case, such later date as is      necessary to obtain all required governmental and regulatory approvals and      consents) (the "Put      Closing Date"). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.5 | Once      given, a Put Notice shall beirrevocable. |
|------|----------------------------------------------------|

----

| 12.6 | If      CME ME receives a Put Notice, CME ME may give written notice (an "Objection Notice") to      the Put Party within ten (10) Business Days of the receipt of such Put      Notice of any objections to the exercise of the Put. If such Objection      Notice contains valid grounds for objection, the Put shall not be      exercisable.  If the grounds for objection specified in the      Objection Notice are capable of remedy, the Put Party may remedy any such      grounds for objection. If, following such a remedy, the Put Party wishes      to exercise the Put, it shall recommence the process outlined in this      Clause 12. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.7 | Within      twenty (20) Business Days of receipt of a Put Notice (provided that no      Objection Notice containing valid grounds for objection has been served),      each of CME ME and Top Tone Holdings shall appoint an Investment Bank (in      each case as an expert and not an arbitrator) for the purposes of      determining the Valuation. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.8 | CME      ME and the Put Party shall instruct their respective Investment Banks to      agree on common valuation parameters within fifteen (15) Business Days of      appointment (which shall be limited to considerations of economic value      only, on a "debt-free, cash-free" basis viewed as a passive investment      without regard for any board or management positions or any share transfer      restrictions). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.9 | CME      ME and the Put Party shall use their commercially reasonable efforts to      cause their respective Investment Banks to provide their valuations of the      Ownership Interests within thirty (30) Business Days of agreeing the      common valuation parameters. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.10 | In      the event that a third Investment Bank is jointly appointed, CME ME and      the Put Party shall use their commercially reasonable efforts to cause      such Investment Bank to provide its valuation of the Ownership Interests      within twenty (20) Business Days of its appointment based on the same      valuation principles as referred to in Clause  12.8. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.11 | The      consummation of the Put shall take place at such time and place as may be      specified in the Put Notice in accordance with the foregoing or otherwise      agreed among the Parties. CME ME shall have no obligation to pay any      portion of the Put Price unless all conditions to the exercise of the Put      are satisfied and remain satisfied on the Put Closing Date.  CME      ME shall pay the full amount of the Put Price to such bank account as is      nominated in writing for such purpose by the Put  Party. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.12 | The      Parties agree that if they determine that the transfer and payment      arrangements described herein are not structured properly to optimize the      tax and accounting treatment to the level intended by the Parties, they      shall cooperate in good faith to agree on and implement an alternative      structure or make any appropriate changes to the existing      structure.  All such changes shall in all material respects      result in maintaining the same balance of commercial and economic      interests of the Parties as existed before making any such      changes. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13 | Call      Option |
|----|------------------|

| 13.1 | For      good and valuable consideration, the receipt and sufficiency of which are      hereby acknowledged, CME ME shall, subject to the provisions of this      Clause 13, have the irrevocable and unconditional right to require the Top      Tone Parties and Top Tone Holdings (each a "Called Party") to sell      to CME ME at the Call Price (the "Call") such portion of      its Ownership Interests in Top Tone Media and in Zopal, as the case may      be, provided that after the exercise of the Call, the Top Tone Parties      shall retain an aggregate Ownership Interest of 6% in Top Tone Media and      Top Tone Holdings shall retain an Ownership Interest of 6% in Zopal, as      applicable. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Subject      to Clause 15.3, the Call shall be exercisable at any time following the      fifth anniversary of the date of this Agreement or at any time following      the giving of a Put Notice otherwise than in respect of all of the      Ownership Interests in Top Tone Media or Zopal, as    applicable. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | CME      ME may only exercise the Call by giving a written exercise notice (a      "Call Notice") to      the Called Party.  The Call Notice  shall: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | state      that CME ME is exercising the Call; |
|--------|-----|------------------------------------------------|

|   | (b) | request      that the Called Party nominate an Investment Bank for purposes of the      Valuation; and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (c) | state      the anticipated time and place on which the Called Party shall be obliged,      subject to the completion of the Valuation, to sell its entire Ownership      Interests in exchange of payment by CME ME of the Call Price, which      (subject to such terms and conditions) shall occur on a date falling not      more than twenty (20) Business Days after the date on which such Valuation      is completed (or, in each case, such later date as is necessary to obtain      all required governmental and regulatory approvals and consents) (the      "Call Closing      Date"). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | Once      given, a Call Notice shall beirrevocable. |
|------|-----------------------------------------------------|

| 13.5 | Within      twenty (20) Business Days of receipt of a Call Notice (provided that no      Objection Notice containing valid grounds for objection has been served),      each of CME ME and the Called Party shall appoint an Investment Bank (in      each case as an expert and not an arbitrator) for the purposes of      determining the Valuation. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.6 | CME      ME and the Called Party shall instruct their respective Investment Banks      to agree on common valuation parameters within fifteen (15) Business Days      of appointment (which shall be limited to considerations of economic value      only, on a "debt-free, cash-free" basis viewed as a passive investment      without regard for any board or management positions or any share transfer      restrictions). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.7 | CME      ME and the Called Party shall use their commercially reasonable efforts to      cause their respective Investment Banks to provide their valuations of the      Ownership Interests within thirty (30) Business Days of agreeing the      common valuation parameters. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.8 | In      the event that a third Investment Bank is jointly appointed, CME ME and      the Called Party shall use their commercially reasonable efforts to cause      such Investment Bank to provide its valuation of the Ownership Interests      within twenty (20) Business Days of its appointment based on the same      valuation principles as referred to in Clause  13.6. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.9 | The      consummation of the Call shall take place at such time and place as may be      specified in the Call Notice in accordance with the foregoing or otherwise      agreed among the Parties.  The Called Party shall have no      obligation to sell its Ownership Interest unless all conditions to the      exercise of the Call are satisfied and remain satisfied on the Call      Closing Date.  CME ME shall pay the full amount of the Call      Price to such bank account as is nominated in writing for such purpose by      the Called Party. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.10 | The      Parties agree that if they determine that the transfer and payment      arrangements described herein are not structured properly to optimize the      tax and accounting treatment to the level intended by the Parties, they      shall cooperate in good faith to agree on and implement an alternative      structure or make any appropriate changes to the existing      structure.  All such changes shall in all material respects      result in maintaining the same balance of commercial and economic      interests of the Parties as existed before making any such      changes. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | Provision      Relating to Transfers |
|----|--------------------------------------|

| 15 | Events      of Default |
|----|------------------------|

| 15.1 | The      occurrence of any of the following shall constitute an event of default      with respect to a Party (an "Event of      Default"): |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      liquidation, administration or entry into receivership of such      Party; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | a      material breach of any Transaction Documents by such Party, which remains      unremedied thirty (30) Business Days after a notice by the non-defaulting      Party to remedy the same; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      termination of the Advertising Agreement (other than due to a default by      the relevant member of the TV2 Group that is not remedied within any      applicable grace period). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Each      Party shall notify the others of any material breach of this Agreement      that it has committed, together with short details of the      same. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | Notwithstanding      Clause 12.2 and Clause 13.2: |
|------|---------------------------------------------------|

----

|   | (a) | if      there occurs at any time an Event of Default by CME ME, the Top Tone      Parties may exercise the Put as if the Event of Default occurred after the      fifth anniversary of the date of thisAgreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      there occurs at any time an Event of Default by Top Tone Holdings or      Equip, CME ME may exercise the Call as if the Event of Default occurred      after the fifth anniversary of the date of this  Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      there occurs at any time an Event of Default (or any material breach of      this Agreement which would constitute an Event of Default with the passing      of time and/or the giving of notice) by Top Tone Holdings or Equip, the      Put shall not be exercisable until such time as the Event of Default has      been remedied to the reasonable satisfaction of CME ME (acting      reasonably); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if      there occurs at any time an Event of Default (or any material breach of      this Agreement which would constitute an Event of Default with the passing      of time and/or the giving of notice) by CME ME, the Call shall not be      exercisable until such time as the Event of Default has been remedied to      the reasonable satisfaction of the Top Tone Parties or Top Tone Holdings,      as applicable (acting reasonably). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16 | Termination      and Consequences of Termination |
|----|--------------------------------------------------|

| 16.1 | Except      for the provisions which this Clause states shall continue in full force      after termination, this Agreement shall  terminate: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      respect of any Party, when such Party ceases to hold any Ownership      Interest; or |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (b) | when      a resolution is passed by shareholders or creditors or an order made by a      court or other competent body or person instituting a process that shall      lead to Top Tone Media and Zopal being wound up and its assets being      distributed among the creditors, shareholders or other contributors of Top      Tone Media and Zopal. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | This      Clause and Clauses 18 and 21, and the rights of the Parties in respect of      antecedent breaches, shall survive termination of this      Agreement. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | Additional      Undertakings |
|----|------------------------------|

| 17.1 | The      Parties shall use their reasonable endeavours to assist any entity of the      TV2 Group with the renewal or receipt of program, broadcasting and any      other material licenses and approvals required by the TV2 Group in order      to enable it to conduct its business efficiently and in accordance with      applicable law. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | In      the event CME ME invests or intends to invest in broadcasting assets in      Bulgaria outside of the TV2 Group Business and LGC Group Business and does      not intend to hold such investments through Top Tone Media or Zopal, it      shall notify the Top Tone Parties of such investment or intended      investment.  The Top Tone Parties may offer to participate in      such investment either directly or through an Affiliate on such terms as      may be agreed by the Parties.  CME ME may in its absolute      discretion decline such offer, but it shall consider such offers as are      made acting reasonably. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.3 | The      Parties shall not recommend or facilitate the making of, or cause or      permit any member of the TV2 Group or any of its respective officers,      employees, directors, representatives, agents or Affiliates to make, or to      offer, promise, or authorize to make, in each case, directly or      indirectly, any unlawful payments or payments or other inducements to any      government official, including any officer, director or other official      representative of an entity owned or controlled by a government, with the      intent or purpose of: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | influencing      any act or decision of such person in his official    capacity; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (b) | inducing      such person to do or omit to do any act in violation of the lawful duty of      such person; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (c) | inducing      such person to use his influence with a government or instrumentality      thereof to affect or influence any act or decision of such government or      instrumentality; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | assisting      the TV2 Group or any of its respective officers, employees, directors,      representatives or agents in obtaining or retaining business for or with,      or directing business to the TV2 Group or any of its respective officers,      employees, directors, representatives oragents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | The      Parties undertake to amend this Agreement to the extent required to give      effect to the provisions of this Agreement in the event of a Top Tone      Group Transfer or any other restructuring permitted    hereunder. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | Trade      Restrictions |
|----|-------------------------|

| 18.1 | Each      of Top Tone Holdings and Equip hereby jointly and severally undertakes and      covenants with CME ME that it shall not, and shall procure that its      Affiliates shall not, for the duration of this Agreement and for a period      of two years after its termination, either on its own behalf or in any      other capacity whatsoever directly or indirectly carry on or be concerned      or engaged or interested directly or indirectly (whether as principal,      shareholder, partner, employee, officer, agent or otherwise) in any part      of any trade or business competing with any part of any the trade or      business of the TV2 Group (save for any interest in the shares or other      securities of a company traded on a securities market so long as such      interest does not extend to more than 3% of the issued share capital of      the company or the class of securities concerned or as disclosed in      writing to CME ME on the Execution Date of the  MSPA). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | Each      of Top Tone Holdings and Equip hereby jointly and severally hereby      undertakes and covenants with CME ME that it shall not, and shall procure      that its Affiliates shall not, for a period of two years after the      termination of this Agreement, either on its own behalf or in any other      capacity whatsoever directly orindirectly: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 18.2.1 | deal      with, solicit, approach or offer goods or services to, for purposes of      enticing away from CME ME and/or the TV2 Group, any person, firm or      company who was a client, customer, supplier, agent or distributor of CME      ME, its Affiliates and/or the TV2 Group during the term of this Agreement      or in the twelve (12) months prior to the date of this Agreement;      or |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.2.2 | approach,      solicit, entice away or endeavour to entice away, employ, offer employment      to or procure the employment of any person who is or was an employee of      CME ME, its Affiliates or TV2 Group whether or not such person would      commit any breach of his contract of employment by reason of so leaving      the service of CME ME or the TV2 Group or otherwise;  or |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.2.3 | interfere      or seek to interfere with the continuance, or any of the terms, of the      supply of goods or services to CME ME, its Affiliates or the TV2 Group;      or |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.2.4 | represent      itself as being in any way connected with or interested in the business of      CME ME, its Affiliates and/or the TV2 Group (other than as a consultant if      such be the case) or use any name which is identical or similar to or      likely to be confused with the name of CME ME, its Affiliates and/or the      TV2 Group or any product or service produced or provided by CME ME, its      Affiliates and/or the TV2 Group or which might suggest a connection with      CME ME, its Affiliates and/or the TV2Group. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | Each      of the restrictions contained in Clauses 18.1, 18.2.1, 18.2.2, 18.2.3 and      18.2.4 is separate and distinct and is to be construed separately from the      other such restrictions.  Each of Top Tone Holdings and Equip      hereby jointly and severally acknowledges (having received professional      advice) that it considers such restrictions to be reasonable both      individually and in the aggregate and that the duration, extent and      application of each of such restrictions is no greater than is necessary      for the protection of the goodwill of the businesses of the TV2      Group. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19 | Acknowledgement |
|----|-----------------|

| 20 | Status      of Agreement and Effect |
|----|-------------------------------------|

| 20.1 | Each      Party shall, to the extent that it is able to do so, exercise all its      Voting Rights and other powers in relation to Top Tone Media, Zopal, the      TV2 Group Business and the LGC Group Business to procure that the      provisions of this Agreement are properly and promptly observed and given      full force and effect. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20.2 | If      any provision in the foundation act, by-laws, memorandum or articles of      association of Top Tone Media, Zopal, TV2, Top Tone BG, LGC or Ring TV      conflicts with any provision of this Agreement, this Agreement shall      prevail. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.3 | The      Parties shall, when necessary, exercise their Voting Rights and any other      rights and powers they have to amend, waive or suspend any conflicting      provision in the foundation act, by-laws, memorandum or articles of      association of Top Tone Media, Zopal, TV2, Top Tone BG, LGC or Ring TV to      the extent necessary to permit the TV2 Group Business or the LGC Group      Business to be administered as provided in this  Agreement. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21 | Confidentiality |
|----|-----------------|

| 21.1 | No      Party shall divulge or communicate to any person (other than those of its      shareholders, directors, employees and professional advisers whose      province it is to know the same) or use or exploit for any reason      whatsoever this Agreement or the matters contemplated hereby or the      information disclosed by either Party to the other Party, and shall use      its reasonable endeavours to prevent its employees from so      acting. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | Notwithstanding      the provisions of Clause 21.1, any Party may make an announcement or      disclosure concerning thisAgreement: |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | if      required by law or any requirement of any securities exchange or      regulatory or governmental body to which that Party is subject, wherever      situated, whether or not the requirement has the force of law,      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      a Party's or its Affiliates' directors, officers, employees, professional      advisers, counsel, rating agencies, and lenders or other providers of      funds (a) who are directly concerned with this Agreement or any related      arrangements or transactions, (b) whose knowledge of such information is      reasonably necessary; and (c) who by its position or otherwise is under a      duty to observe confidentiality in dealing with this Agreement and such      related arrangements or otherwise must comply with the provisions of this      Agreement in respect ofconfidentiality. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | The      restrictions contained in this Clause 21 shall continue to apply for a      period of three (3) years following the expiration or termination of this      Agreement. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | Notices |
|----|---------|

| 22.1 | Any      notice or other communication to be given under this Agreement shall be in      writing, in the English language, and shall be deemed to have been duly      given to a Party: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | on      receipt, when delivered personally; |
|--------|-----|---------------------------------------------|

|   | (b) | on      the next following Business Day following being transmitted by facsimile      with suitable proof of transmission;or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | three      Business Days following being sent by an international courier      service. |
|--------|-----|-----------------------------------------------------------------------------------------|

| 22.2 | For      purposes of this Clause, the authorized address and facsimile details of      the Parties shall be as follows: |
|------|-------------------------------------------------------------------------------------------------------------------------|

----

| 22.3 | Any      notice given under this Agreement outside Working Hours of the place to      which it is addressed shall be deemed not to have been given until the      start of the next period of Working Hours in such  place. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23 | Entire      Agreement |
|----|-----------------------|

| 23.1 | This      Agreement constitutes the whole agreement between the Parties and      supersedes any arrangements, understanding or previous agreement between      them relating to the subject matter to which it  relates. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | Each      Party acknowledges that in entering into this Agreement, it does not rely      on, and shall have no remedy in respect of, any statement, representation,      assurance or warranty of any person other than as expressly set out in      this Agreement. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.3 | Nothing      in this Clause 23 operates to limit or exclude any liability for      fraud. |
|------|-------------------------------------------------------------------------------------------|

----

| 24 | Third      Party Rights |
|----|-------------------------|

| 25 | Amendments |
|----|------------|

| 26 | Waiver |
|----|--------|

| 26.1 | The      single or partial exercise of any right, power or remedy provided by law      or under this Agreement shall not preclude any other or further exercise      of it or the exercise of any other right, power or  remedy. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.2 | None      of the terms of this Agreement may be waived except by an instrument in      writing duly executed by the waivingParty. |
|------|-----------------------------------------------------------------------------------------------------------------------------------|

| 27 | Costs      and Expenses |
|----|-------------------------|

| 28 | Assignment |
|----|------------|

| 29 | No      Partnership |
|----|---------------------|

| 30 | Severability |
|----|--------------|

----

| 31 | Further      Assurance |
|----|------------------------|

| 32 | Counterparts |
|----|--------------|

| 33 | Governing      Law and Jurisdiction |
|----|-------------------------------------|

| 34 | Dispute      Resolution |
|----|-------------------------|

| 34.1 | Any      disputes, claims or controversy arising out of or related to this      Agreement, including any question as to its formation, validity,      interpretation or termination, which cannot be resolved by negotiations      between the Parties shall be settled by arbitration on an ad hoc basis in      accordance with the Rules of the London Court of International      Arbitration, which are deemed to be incorporated by reference into this      Clause 34, except to the extent modified by this Clause 34.  The      tribunal shall consist of three arbitrators. CME ME shall nominate one      arbitrator, the Top Tone Parties shall jointly nominate one arbitrator and      the third arbitrator shall be appointed by the two arbitrators nominated      by the Parties.  Any Party shall have the right to initiate the      proceedings. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.2 | The      seat of the arbitration shall be London, England.  The language      of the arbitration shall be English, except that any party to the      arbitration may submit testimony or documentary evidence in Bulgarian,      whereupon it shall also furnish a certified translation or interpretation      of any such evidence into English. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.3 | If      any dispute arising out of or relating to this Agreement (hereinafter      referred to as a "Related      Dispute") raises issues which are substantially the same as or      connected with issues raised in another dispute which has already been      referred to arbitration under this Agreement or another Transaction      Document (an "Existing      Dispute"), the tribunal appointed or to be appointed in respect of      any such Existing Dispute shall also be appointed as the tribunal in      respect of any such Related Dispute.  Where, pursuant to the      foregoing provisions, the same tribunal has been appointed in relation to      two or more disputes, the tribunal may, with the agreement of all the      parties concerned or upon the application of one of the parties, being a      party to each of the disputes, order that the whole or part of the matters      at issue shall be heard together upon such terms or conditions as the      tribunal thinks fit.  The tribunal shall have power to make such      directions and any interim or partial award as it considers just and      desirable. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 34.4 | The      Parties agree that money damages would not be a sufficient remedy for any      breach of this Agreement by Top Tone Holdings and/or Equip and that in      addition to all other remedies, CME shall be entitled to specific      performance and to injunctive or other equitable relief as remedies for      any such breach or threatened breach of this Agreement by Top Tone      Holdings and/or Equip without proof of actual damages.  The      Parties agree not to oppose the granting of such relief, and to waive, and      to use their best efforts to cause any Affiliate to waive, any requirement      for the securing or posting of any bond in connection with such      remedy. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| acting      by Pan-Invest B.V, represented by Peter Booster |   | /s/      Peter Booster    |
|-------------------------------------------------------------|--------|---------------------------|
| in      the presence of:                                    |   |                      |
|                                                        |   |                      |
|                                                        |   | /s/      Emilie de Waard  |
|                                                        |   | Signature      of Witness |

| Address      of Witness: |   | Charles Mingussingel      26 |
|--------------------------|--------|-----------------------------------|
|                     |   | 3069      XB Rotterdam            |
|                     |   | The      Netherlands              |

| and      A.N.G. van Spaendonck |   | /s/      Alphons van Spaendonck |
|--------------------------------|--------|---------------------------------|
| in      the presence of:       |   |                            |
|                           |   | /s/ Nancy van      Veen         |
|                           |   | Signature      ofWitness        |

| Address      of Witness: |   | Laan der      Zeven Linden 42 |
|--------------------------|--------|-----------------------------------------|
|                     |   | 2645      GS Delfgauw                   |
|                     |   | The      Netherlands                    |

| VLADIMIR      KRASTEV BROUSSARSKI |   | /s/      VladimirBroussarski |
|-----------------------------------|--------|------------------------------|

|   |   | /s/ Milena      Ivanova  |
|--------|--------|--------------------------|
|   |   | Signature      ofWitness |

----

| Address of      Witness: |   | 5th      floor, Office 510     |
|--------------------------|--------|--------------------------------|
|                     |   | 20      Frederic Joliot Qurrie |
|                     |   | 1113      Sofia, Izgrev        |
|                     |   | Bulgaria                       |

| ROSSITSA      PENCHEVA FILIPOVA |   | /s/ Rossitsa      Filipova |
|---------------------------------|--------|----------------------------|

|   |   | /s/ Milena Ivanova        |
|--------|--------|---------------------------|
|   |   | Signature      of Witness |

| Address of      Witness: |   | 5th      floor, Office 510     |
|--------------------------|--------|--------------------------------|
|                     |   | 20      Frederic Joliot Qurrie |
|                     |   | 1113      Sofia, Izgrev        |
|                     |   | Bulgaria                       |

| ROSITA      PENCHEVA FILIPOVA |   | /s/ Rossitsa      Filipova |
|-------------------------------|--------|----------------------------|

|   |   | /s/      Milena      Ivanova |
|--------|--------|------------------------------|
|   |   | Signature      of Witness    |

| Address of      Witness: |   | 5th      floor, Office 510     |
|--------------------------|--------|--------------------------------|
|                     |   | 20      Frederic Joliot Qurrie |
|                     |   | 1113      Sofia, Izgrev        |
|                     |   | Bulgaria                       |

----