----

----

|   |                                                 | Page |
|--------|------------------------------------------------------|------|
| 1.     | Definitions      and Interpretation                  | 2    |
| 2.     | Transaction      and Determination of Purchase Price | 13   |
| 3.     | Conditions      to Obligations at Closings           | 14   |
| 4.     | Closing                                              | 18   |
| 5.     | Obligations      Prior to Closing                    | 23   |
| 6.     | Representations      and Warranties                  | 26   |
| 7.     | Retention      amounts                               | 46   |
| 8.     | Undertakings      and post closing covenant          | 46   |
| 9.     | Termination                                          | 47   |
| 10.    | Indemnity                                            | 47   |
| 11.    | Limitations      on Liability                        | 50   |
| 12.    | Default      Interest                                | 50   |
| 13.    | Notices                                              | 50   |
| 14.    | Entire      Agreement                                | 51   |
| 15.    | Third      Party Rights                              | 52   |
| 16.    | Amendments                                           | 52   |
| 17.    | Costs      and Expenses                              | 52   |
| 18.    | Assignment                                           | 52   |
| 19.    | Confidentiality                                      | 53   |
| 20.    | Severability                                         | 53   |
| 21.    | Further      Assurance                               | 53   |
| 22.    | Counterparts                                         | 54   |
| 23.    | Governing      Law and Jurisdiction                  | 54   |
| 24.    | Dispute      Resolution                              | 54   |

| SCHEDULE      1  | BASIC      INFORMATION ABOUT TOP TONE MEDIA AND ZOPAL                                                                              | 58 |
|------------------|------------------------------------------------------------------------------------------------------------------------------------|----|
| SCHEDULE      2  | SHAREHOLDERS      AGREEMENT                                                                                                        | 61 |
| SCHEDULE      3  | AGREEMENT      OR DETERMINATION OF ADJUSTMENT STATEMENTS                                                                           | 62 |
| SCHEDULE      4  | BASIS      OF PREPARATION OF ADJUSTMENT STATEMENTS                                                                                 | 64 |
| SCHEDULE      5  | ADJUSTMENT      TO CLOSING PAYMENTS                                                                                                | 66 |
| SCHEDULE      6  | FORM      OF CLOSING CERTIFICATES                                                                                                  | 68 |
| SCHEDULE      7  | LIST      OF DIRECTORS AND STATUTORY EXECUTIVES                                                                                    | 71 |
| SCHEDULE      8  | LIST      OF ASSETS AND CONTRACTS TRANSFERRED                                                                                      | 72 |
| SCHEDULE      9  | TV2      GROUP LICENSES                                                                                                            | 75 |
| SCHEDULE      10 | LIST      OF RELATED PARTY AGREEMENTS                                                                                              | 77 |
| SCHEDULE      11 | LIST      OF TERMINATED AGREEMENTS                                                                                                 | 79 |
| SCHEDULE      12 | FORMAT      OF THE CALCULATION OF THE ESTIMATED TV2/LGC WORKING CAPITAL AMOUNT AND THE      TV2/LGC CLOSING WORKING CAPITAL AMOUNT | 80 |

----

| (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");  and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 (the "Seller"). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The      Seller owns 2790 shares of Top Tone Media S.A. (which represents 90% of      its issued share capital), a public limited liability company (société      anonyme) organized and existing under the laws of the Grand-Duchy of      Luxembourg registered with the Luxembourg Register of Commerce and      Companies under number B 124257 and having its registered address at      L-1118, rue Aldringen 19, Luxembourg ("Top Tone Media"); Top      Tone Media owns the entire issued share capital of TV2 EOOD, a limited      liability company organized and existing under the laws of the Republic of      Bulgaria with registration number 121853910 and having its registered      address at 2 Tsanko Tserkovski Str., Lozenets Region, 1407 Sofia, Republic      of Bulgaria ("TV2"); and TV2 owns the      entire issued share capital of Top Tone Media Bulgaria EOOD, a limited      liability company organized and existing under the laws of the Republic of      Bulgaria with registration number 175413380 and having its registered      address at 17 Voyvodina Mogila Str., Ovcha Kupel Region, Sofia, Republic      of Bulgaria ("Top Tone      BG"). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Seller owns 99 shares of Zopal S.A. (which represents 99% of its issued      share capital), a public limited liability company (société anonyme)      organized and existing under the laws of the Grand-Duchy of Luxembourg      registered with the Luxembourg Register of Commerce and Companies under      number B 139431 and having its registered address at L-1118, rue Aldringen      19, Luxembourg ("Zopal"); Zopal owns the      entire issued share capital of 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"); and LGC owns      88.7% of the share capital of 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    TV"). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | All      of the assets, contracts, licences (including the TV2 Group Licences (as      defined below)) and other arrangements necessary for the carrying on of      the TV2 Group Business (as defined below) that are held or conducted by      Technosteel (as defined below), Torn M (as defined below), Inter-mashineks      (as defined below) and Max Channel (as defined below) listed in Schedule 8      have been transferred to Top Tone BG (in respect of TV2 Business (as      defined below)) or LGC (in respect of LGC Business (as defined below))      from the relevant entities on or prior to the Execution Date (as defined      below). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (D) | The      Seller wishes to sell and CME ME wishes to acquire the TV2 Group Business      in consideration of the Purchase Price (as defined below), subject to the      terms and conditions containedherein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|  | "Accounts      Date" | means      March 31, 2008; |
|--|----------------------|----------------------------|

|  | "AdjustmentStatement" | means      the First Adjustment Statement or the Second Adjustment Statement, as the      case may be; |
|--|-----------------------|--------------------------------------------------------------------------------------------------------|

|  | "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; |
|--|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Agreed    Form" | means,      in relation to a document, the form of that document which has been      initialled for the purposes of identification only by CME ME and the      Seller with such alterations as may be agreed from time to time between      the Parties for any reason, including to take account of any changes      between the Execution Date and the First Closing Date or the Second      Closing Date as the case may be; |
|--|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Amended LGCFoundation      Act" | means      the amended foundation act of LGC in the Agreed  Form; |
|--|----------------------------------|-------------------------------------------------------------------|

|  | "AmendedRingTV By-Laws    " | means      the amended by-laws of Ring TV in the Agreed  Form; |
|--|-----------------------------|----------------------------------------------------------------|

|  | "Amended TopTone Media      Articles" | means      the amended memorandum and articles of association of Top Tone Media in      the Agreed Form; |
|--|---------------------------------------|----------------------------------------------------------------------------------------------------------|

----

|  | "Amended Top      ToneG Foundation      Act" | means      the amended foundation act of Top Tone BG in the Agreed    Form; |
|--|----------------------------------------------|-----------------------------------------------------------------------------|

|  | "Amended      ZopalArticles" | means      the amended memorandum and articles of association of Zopal in the Agreed      Form; |
|--|------------------------------|-------------------------------------------------------------------------------------------------|

|  | "Amended TV2Foundation      Act" | means      the amended foundation act of TV2 in the Agreed  Form; |
|--|----------------------------------|-------------------------------------------------------------------|

|   | "BGN " | means      the official currency for the time being of the Republic of      Bulgaria; |
|--------|--------|---------------------------------------------------------------------------------------|

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

|   | "CEM" | means      the Council on Electronic Media of the Republic of    Bulgaria; |
|--------|-------|----------------------------------------------------------------------------|

|  | "Central      SpecialPledges      Registry" | means      the Central Special Pledges Registry with the Ministry of Justice of the      Republic of Bulgaria established pursuant to the Law on Registered Pledges      published in the State Gazette issue No. 100 of November 22, 1996 as      subsequently amended andsupplemented; |
|--|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Claim" | means      any claims, rights, actions or proceedings of any nature, contingent or      actual, known or unknown, including any appeals in such proceedings,      whether asserted or not, which a person has, could have had, or in the      future could have against any person or any of its subsidiaries and      Affiliates or current or former shareholders, relating in any way to the      assets, ownership structure or other affairs of such person or any of its      subsidiaries or current or former shareholders and    Affiliates; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Closing" | means      the completion of the sale and purchase of the TV2 Group Business as      described in Clause 4; |
|--------|-----------|-------------------------------------------------------------------------------------------------------------|

|  | "ClosingIndebtedness" | means      the TV2 Closing Indebtedness or the LGC Closing Indebtedness as the case      may be; |
|--|-----------------------|--------------------------------------------------------------------------------------------------|

|  | "Closing      Payment" | means      the First Closing Payment or the Second Closing Payment as the case may      be; |
|--|------------------------|---------------------------------------------------------------------------------------------|

|  | "Closing      Statement" | means      the First Closing Statement or the Second Closing Statement as the case      may be; |
|--|--------------------------|-------------------------------------------------------------------------------------------------|

----

|  | "Closing      WorkingCapital      Amount" | means      the TV2 Closing Working Capital Amount or the LGC Closing Working Capital      Amount as the case may be; |
|--|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------|

|  | "Commercial      Registry" | means      the Commercial Registry with the Registration Agency of the Republic of      Bulgaria, established pursuant to the Law on the Commercial Registry      published in the State Gazette issue No. 34 of April 25, 2006 as      subsequently amended andsupplemented; |
|--|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Consultancy      Deed" | means      the consultancy deed in the AgreedForm; |
|--|-------------------------|----------------------------------------------------|

|   | "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. |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "CRC" | means      the Communications Regulation Commission of the Republic of      Bulgaria; |
|--------|-------|---------------------------------------------------------------------------------------|

|  | "Data      ProtectionLegislation" | means      all laws applicable in Luxembourg concerning the protection and/or      processing of personal data; |
|--|-----------------------------------|-----------------------------------------------------------------------------------------------------------------|

|  | "Draft      AdjustmentStatements" | means      the Draft First Adjustment Statement or the Draft Second Adjustment      Statement as the case may be; |
|--|-----------------------------------|-------------------------------------------------------------------------------------------------------------------|

|  | "Draft First      AdjustmentStatement" | has      the meaning set forth in Clause 1 of Schedule3; |
|--|----------------------------------------|----------------------------------------------------------|

|  | "DraftSecondAdjustment      Statement" | has      the meaning set forth in Clause 2 of Schedule3; |
|--|----------------------------------------|----------------------------------------------------------|

|  | "Encumbrances" | means      any claim, charge, mortgage, security, lien, option, equity, power of      sale, hypothecation or other third party right, retention of title, right      of pre-emption, right of first refusal or security interest of any      kind; |
|--|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Equip" | means      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, which owns 309 shares in Top Tone Media      (representing approximately 10% of its issued share    capital); |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | "Estimated      LGCIndebtedness" | means      the amount estimated in good faith and certified by the Seller in the      Second Closing Statement as being the amount of Indebtedness of LGC and      its subsidiaries as at the Second ClosingDate; |
|--|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Estimated      LGCWorking      CapitalAmount" | means      the amount estimated in good faith in the format set forth in Schedule 12      hereto and certified by the Seller in the Second Closing Statement as      being the amount of working capital of the LGC Business as at the Second      Closing Date; |
|--|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Estimated      LGCWorking      CapitalDeficit      Amount" | means      the Target LGC Working Capital Amount minus the Estimated LGC Working      Capital Amount; |
|--|-------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|

|  | "Estimated      TV2Indebtedness" | means      the amount estimated in good faith and certified by the Seller in the      First Closing Statement as being the amount of Indebtedness of TV2 and its      subsidiaries as at the First ClosingDate; |
|--|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Estimated      TV2Working      CapitalAmount" | means      the amount estimated in good faith in the format set forth in Schedule 12      hereto and certified by the Seller in the First Closing Statement as being      the amount of working capital of the TV2 Business as at the First Closing      Date; |
|--|------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Estimated      TV2Working Capital      DeficitAmount"  | means      the Target TV2 Working Capital Amount minus the Estimated TV2 Working      Capital Amount; |
|--|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|

|   | "EUR" | means      the legal currency for the time being of the European    Union; |
|--------|-------|----------------------------------------------------------------------------|

|  | "Execution      Date" | means      the date hereof; |
|--|-----------------------|-----------------------------|

|  | "Existing      Dispute" | has      the meaning set forth in Clause24.3; |
|--|-------------------------|-----------------------------------------------|

|  | "First      AdjustmentStatement" | means      the statement setting out the TV2 Closing Working Capital Amount and TV2      Closing Indebtedness as agreed or determined in accordance with Schedule      3; |
|--|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "First      Closing" | means      the completion of the sale and purchase of the Top Tone Media Shares in      accordance with Clauses 3 and 4; |
|--|----------------------|--------------------------------------------------------------------------------------------------------------------------|

----

|  | "First Closing      Date" | has      the meaning set forth in Clause4.2.1; |
|--|---------------------------|------------------------------------------------|

|  | "First      ClosingPayment" | has      the meaning set forth in Clause2.3.1; |
|--|-----------------------------|------------------------------------------------|

|  | "First      ClosingStatement" | means      the statement prepared by the Seller setting out the Estimated TV2 Working      Capital Amount, the Estimated TV2 Working Capital Deficit Amount and the      Estimated TV2 Indebtedness; |
|--|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "IFRS" | means      the International Financial ReportingStandards; |
|--------|--------|------------------------------------------------------------|

|  | "Indebtedness" | means      (i) any obligation (whether incurred as principal or surety) for the      payment or the repayment of money, whether present or future, actual or      contingent, (including any bank overdraft balances, notes, loan stock,      debentures, bonds, capital leases, guarantees, credit lines, letters of      credit, bankers' acceptances, outstanding amounts raised by acceptances      under an acceptance credit or bills facility opened by a bank or      acceptance house, commercial paper or other debt instruments, any      overdraft, interest or accrued discount on the foregoing items and also      any interim dividend or distribution which has been declared but not paid      by the relevant person and other instruments evidencing indebtedness) of      the relevant member of the TV2 Group Business, (ii) any amount payable by      the relevant member of the TV2 Group Business in respect of the transfer      of any asset set forth in Schedule 8, and (iii) any financing lease (and      shall, for the avoidance of doubt, include any item identified as      "Indebtedness" in Schedule 12), but excluding other ordinary trade credit      and acceptances of trade bills in respect of purchases in the ordinary      course of trading; |
|--|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Indemnity      Claim" | means      any Claim by any Protected Party pursuant to the indemnities in Clause      10; |
|--|------------------------|--------------------------------------------------------------------------------------------|

|  | "Inter-mashineks" | means      Inter-mashineks OOD, a limited liability company organized under the laws      of the Republic of Bulgaria with registration number 121072032 and its      registered address at 40 Alexander Stamboliiski Blv., Vazrazhdane Region,      Sofia, Republic of Bulgaria; |
|--|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|  | "LGC      Accounts" | means      the unaudited financial statements of LGC and its subsidiaries for the      financial period ended December 31, 2007 and the Accounts      Date; |
|--|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | "LGC      Business" | means      the broadcasting operations of Ring TV, Max TV, Radio Mila (as such      operations may be rebranded from time to time) and such other broadcasters      and related businesses owned or operated by LGC from time to      time; |
|--|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "LGC ClosingIndebtedness" | means      the amount of the Indebtedness  of LGC and its subsidiaries as      at the Second Closing Date, as agreed or determined in accordance      with  Schedule 3 and set out in the Second Adjustment      Statement; |
|--|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "LGC Closing WorkingCapital Amount" | means      the amount of working capital of the LGC Business as at the Second Closing      Date, as agreed or determined in accordance with  Schedule 3 and      set out in the Second AdjustmentStatement; |
|--|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "LGC Closing      WorkingCapital Deficit      Amount"  | means      the Target LGC Working Capital Amount minus the LGC Closing Working      Capital Amount; |
|--|-------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|

|  | "LGC      Licences" | means      all licenses, permits and authorisations required for lawfully carrying      out the LGC Business, including Mila Program Licenses, Max Channel      Broadcasting Licenses and Mila Broadcasting  Licenses; |
|--|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Longstop      Date" | means      31 August 2008, or such later date as the Parties may agree in      writing; |
|--|----------------------|-----------------------------------------------------------------------------------------|

|   | "Losses" | has      the meaning provided in Clause10.1; |
|--------|----------|----------------------------------------------|

|  | "Material      AdverseEffect" | means      an effect that is or is reasonably likely to be materially adverse to the      assets, business, results of operations, financial condition or prospects      of the TV2 Group Business; |
|--|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Max    Channel" | means      Max Channel AD, a joint stock company organized under the laws of the      Republic of Bulgaria with registration number 9375/1995 and having its      registered address at 26 The 170th      Str., Izgrev Region, Sofia, Republic of  Bulgaria; |
|--|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Max ChannelBroadcasting      Licenses" | means      items 5 and 6 listed in Schedule 9; |
|--|-----------------------------------------|------------------------------------------------|

|  | "Mila      BroadcastingLicenses" | means      items 3 and 4 listed in Schedule 9; |
|--|----------------------------------|------------------------------------------------|

|  | "MilaProgramLicenses" | means      item 2 listed in Schedule 9 to thisAgreement; |
|--|-----------------------|----------------------------------------------------------|

----

|  | "Party" or "Parties" | means      a party and collectively the parties to this  Agreement; |
|--|----------------------|---------------------------------------------------------------------|

|  | "Protected      Party" | means      any Purchaser Protected Party or Seller Protected  Party; |
|--|------------------------|----------------------------------------------------------------------|

|  | "Purchase      Price" | has      the meaning set forth in Clause2.2; |
|--|-----------------------|----------------------------------------------|

|  | "Purchaser      ProtectedParties" | has      the meaning set forth in Clause10.1; |
|--|-----------------------------------|-----------------------------------------------|

|  | "RecalculationStatement" | has      the meaning set forth in Clause 3 of Schedule3; |
|--|--------------------------|----------------------------------------------------------|

|  | "Related      Dispute" | has      the meaning set forth in Clause24.3; |
|--|------------------------|-----------------------------------------------|

|  | "Related      PartyAgreements" | means      the agreements with Affiliates listed in Schedule  10; |
|--|--------------------------------|-------------------------------------------------------------------|

|  | "Retention      Amount" | means      an amount in cash equal to US$ 4.5million; |
|--|-------------------------|-------------------------------------------------------|

|   | "Ring TV" | has      the meaning set forth in theRecitals; |
|--------|-----------|------------------------------------------------|

|  | "Ring TV      FinanceLease" | has      the meaning given to it in Clause3.2.6; |
|--|-----------------------------|--------------------------------------------------|

|  | "Ring TV Share      Pledge" | has      the meaning given to it in Clause3.2.5; |
|--|-----------------------------|--------------------------------------------------|

|  | "Ring TV      SpecialPledge1" | has      the meaning given to it in Clause3.2.6; |
|--|-------------------------------|--------------------------------------------------|

|  | "Ring TV      SpecialPledge2" | has      the meaning given to it in Clause3.2.6; |
|--|-------------------------------|--------------------------------------------------|

|  | "Sale    Shares" | means      the Top Tone Media Shares and the ZopalShares; |
|--|------------------|-----------------------------------------------------------|

|  | "Second      AdjustmentStatement" | means      the statement setting out the LGC Closing Working Capital Amount and the      LGC Closing Indebtedness as agreed or determined in accordance with      Schedule 3; |
|--|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Second      Closing" | means      the completion of the sale and purchase of the Zopal Shares in accordance      with Clauses 3 and 4; |
|--|-----------------------|-----------------------------------------------------------------------------------------------------------------|

|  | "Second Closing      Date" | has      the meaning set forth in Clause4.2.2; |
|--|----------------------------|------------------------------------------------|

----

|  | "Second      ClosingStatement" | means      the statement prepared by the Seller setting out the Estimated LGC Working      Capital Amount, the Estimated LGC Working Capital Deficit Amount and the      Estimated LGC Indebtedness; |
|--|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Second      ClosingPayment" | has      the meaning set forth in Clause2.3.2; |
|--|------------------------------|------------------------------------------------|

|  | "Seller      ProtectedParties" | has      the meaning set forth in Clause10.3; |
|--|--------------------------------|-----------------------------------------------|

|  | "ShareholdersAgreement" | means      the TV2 Shareholders Agreement among CME ME, Equip and the Seller      substantially in the form set out in Schedule2; |
|--|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | "Target LGCWorking      CapitalAmount" | means      EUR 250,000; |
|--|----------------------------------------|-------------------------|

|  | "Target TV2Working      CapitalAmount" | means      EUR 250,000; |
|--|----------------------------------------|-------------------------|

|  | "Tax" or "Taxes" | means      any or all taxes, however denominated, including any interest, penalties      or other additions to tax that may become payable in respect thereof,      imposed by any governmental authority or agency in any jurisdiction, which      taxes shall include, without limiting the generality of the foregoing, all      income or profits taxes, payroll and employee withholding taxes, social      and health insurance contributions, sales and use taxes, ad valorem taxes,      excise taxes, franchise taxes, business license taxes, occupation taxes,      real and personal property taxes, stamp taxes, environmental taxes,      withholding taxes, securing taxes, transfer taxes and other governmental      charges or obligations of the same or of a similar nature to any of the      foregoing which are required to be paid, withheld or collected, and shall      specifically include any mandatory payments to the Council on Electronic      Media and the Communications Regulatory  Commission; |
|--|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Technosteel" | means      Technosteel EOOD, a limited liability company organized under the laws of      the Republic of Bulgaria with Unified Identification Code 131300840 and      its registered address at Tsar Boris III blvd., Block 137, Entrance A,      Kranso Selo Region, Sofia, Republic ofBulgaria; |
|--|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Television      Business" | means      any business that is similar to the TV2 Group Business or the principal      aspects thereof, including the purchase or sale of television advertising,      the purchase or sale of programming and related rights, the production or      distribution of television programming, broadcasting of television      programs by any platform (including terrestrial broadcast, digital      terrestrial television, cablecast, DSL or other telephony network-based      delivery systems, satellite and pay-per-view), and the promotion or      management of talent and relatedrights; |
|--|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | "TerminatedAgreements" | means      the agreements listed in Schedule 11 to be terminated, on terms reasonably      satisfactory to CME ME, on or prior to the First  Closing; |
|--|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Third Party      Claim" | means      any Claim against any Protected Party by any person other than a Party to      this Agreement; |
|--|--------------------------|-----------------------------------------------------------------------------------------------------------|

|  | "Top Tone      Media" | has      the meaning given thereto in theRecitals; |
|--|-----------------------|----------------------------------------------------|

|  | "Top Tone      MediaShares" | means      2480 issued shares (of 3100 shares representing the total issued share      capital) with a par value of EUR 10 each in the share capital of Top Tone      Media representing 80% of the issued and to be issued share capital of Top      Tone Media as at the First ClosingDate; |
|--|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "Torn M" | means      Torn M EOOD, a Bulgarian sole owner limited liability company organized      under the laws of the Republic of Bulgaria registered with the Commercial      registry under Uniform Identification Code 175002557, having its      registered seat and address at 18 Pencho Slaveikov Blvd., entr. D, Sofia      1606, Krasno, Selo region, Sofia,Bulgaria; |
|--------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "Transaction" | means      the transaction set out in Clause2; |
|--|---------------|------------------------------------------------|

|  | "TransactionDocuments" | means      this Agreement, the Shareholders Agreement, the Advertising Agreement and      the Consultancy Deed; |
|--|------------------------|-----------------------------------------------------------------------------------------------------------------|

|  | "Top Tone    BG" | has      the meaning given thereto in theRecitals; |
|--|------------------|----------------------------------------------------|

|   | "TV2" | has      the meaning given thereto in theRecitals; |
|--------|-------|----------------------------------------------------|

|  | "TV2      Accounts" | means      the unaudited financial statements of TV2 and its subsidiaries for the      financial period ended December 31, 2007 and the Accounts      Date; |
|--|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "TV2      BroadcastingLicenses" | means      the items 8 to 34 listed in Schedule9; |
|--|---------------------------------|---------------------------------------------------|

|  | "TV2      Business" | means      the broadcasting operations of TV2 (as such operations may be rebranded      from time to time) and such other broadcasters and related businesses      owned or operated by TV2 and/or its subsidiaries  or other      entities over which it exercises management control from time to      time; |
|--|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | "TV2 ClosingIndebtedness" | means      the amount of the Indebtedness of TV2 and its subsidiaries as at the First      Closing Date, as agreed or determined in accordance      with  Schedule 3 and set out in the First Adjustment      Statement; |
|--|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "TV2 Closing      WorkingCapital      Amount" | means      the amount of working capital of the TV2 Business as at the First Closing      Date, as agreed or determined in accordance with  Schedule 3 and      set out in the First AdjustmentStatement; |
|--|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "TV2 Closing      WorkingCapital Deficit Amount" | means      the Target TV2 Working Capital Amount minus the TV2 Closing Working      Capital Amount; |
|--|--------------------------------------------------|-----------------------------------------------------------------------------------------------------|

|  | "TV2 Group      Business" | means      the TV2 Business and the LGCBusiness; |
|--|---------------------------|--------------------------------------------------|

|  | "TV2 Group      Licences" | means      the TV2 Licences and the LGCLicences; |
|--|---------------------------|--------------------------------------------------|

|  | "TV2      Licences" | means      all licenses, permits and authorisations required for lawfully carrying on      the TV2 Business, including TV2 Broadcasting Licenses and the TV2 Program      License; |
|--|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "TV2 Program      License" | means      item 1 listed in Schedule 9 to thisAgreement; |
|--|----------------------------|----------------------------------------------------------|

|  | "TV2 Special      Pledge" | has      the meaning given to it in Clause3.1.5; |
|--|---------------------------|--------------------------------------------------|

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

|  | "Warranties" | means      the representations and warranties contained in Clause 6 and each      statement identified as a representation and warranty in any other      Transaction Document; |
|--|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | "Zopal" | has      the meaning given thereto in the Recitals;and |
|--------|---------|--------------------------------------------------------|

|  | "Zopal      Shares" | means      80 issued shares (of 100 shares representing the total issued share      capital) with a par value of EUR 310 each in the share capital of Zopal      representing 80% of the issued and to be issued share capital of Zopal as      at the Second Closing Date. |
|--|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | 1.2.1 | references      to Clauses and Schedules are to Clauses of, and schedules to, this      Agreement; |
|--------|-------|----------------------------------------------------------------------------------------------------|

|   | 1.2.2 | 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); |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.3 | 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; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.4 | 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); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.5 | references      to time are to Greenwich Mean Time; |
|--------|-------|-----------------------------------------------------|

|   | 1.2.6 | 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; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.7 | headings,      recitals and titles are for convenience only and do not affect the      interpretation of this Agreement; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.8 | 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; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.9 | the      words "include",      "includes", "including" and "in particular" shall be      deemed in each case to be followed by the words "without limitation";      and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.2.10 | references      to a "Party" or      the "Parties"      shall be construed as to include each of its permitted successors and      permitted assignees. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | The      Schedules form an integral part of this Agreement and any reference to      this Agreement shall include theSchedules. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | The      Parties: |
|-----|-------------------|

----

|   | 1.4.1 | have      agreed on certain commercial and legal matters that are to be included in      the other Transaction Documents.  To the extent agreed, those      matters are specified on the relevant Schedule attached to this Agreement      as of the Execution Date; and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4.2 | intend      to negotiate in good faith and agree on the final forms of the other      Transaction Documents as soon as reasonably  possible. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Transaction      and Determination of PurchasePrice |
|----|-----------------------------------------------------|

| 2.1 | Subject      to the terms and conditions herein, including the satisfaction of the      conditions set out in Clause 3, the Seller agrees to sell and CME ME      (relying on, amongst other things, the Warranties and undertakings in this      Agreement) agrees to purchase the Top Tone Media Shares and Zopal Shares      free from all Encumbrances and together with all rights and entitlements      now or hereafter attaching to the SaleShares. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The      aggregate consideration payable for the purchase of the Sale Shares shall      be an amount equal to US$ 172,000,000 as adjusted in accordance with      Clauses 2.3 and 2.4 (as so adjusted, the "Purchase      Price")  and shall be payable by CME ME to the Seller in      the proportions and on the dates set forth in Clause  2.3. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | On: |
|-----|-----|

|   | 2.3.1 | the      First Closing CME ME shall pay to the Seller an amount in cash equal to      US$ 148,000,000 minus the Estimated TV2 Working Capital Deficit Amount      (which shall be expressed as a positive number in the event that the      Estimated TV2 Working Capital Amount is less than the Target TV2 Working      Capital Amount) minus the Estimated TV2 Indebtedness minus the Retention      Amount (the "First      Closing Payment"); and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3.2 | the      Second Closing CME ME shall pay to the Seller an amount in cash equal to      US$ 24,000,000 minus the Estimated LGC Working Capital Deficit Amount      (which shall be expressed as a positive number in the event that the      Estimated LGC Working Capital Amount is less than the Target LGC Working      Capital Amount) minus the Estimated LGC Indebtedness (the "Second Closing      Payment"). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | Following: |
|-----|------------|

|   | 2.4.1 | the      First Closing Date, the First Closing Payment shall be adjusted in      accordance with Schedule 5; and |
|--------|-------|------------------------------------------------------------------------------------------------------------------|

|   | 2.4.2 | the      Second Closing Date, the Second Closing Payment shall be adjusted in      accordance with Schedule 5. |
|--------|-------|----------------------------------------------------------------------------------------------------------------|

| 2.5 | The      Closing Payments shall be made in immediately available funds to the      accounts of the Seller notified to CME ME not less than five Business Days      prior to the First Closing Date or the Second Closing Date, as the case      may be. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | Conditions      to Obligations at Closings |
|----|--------------------------------------------|

| 3.1 | The      First Closing is conditional on the satisfaction or waiver of all of the      following on or prior to the LongstopDate: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.1 | TV2,      Ring TV and "Piero97 MA" AD shall have entered into the Advertising      Agreement; |
|--------|-------|-----------------------------------------------------------------------------------------------|

|   | 3.1.2 | Technosteel      and Torn M shall have transferred title to all assets related to the TV2      Business identified in the invoices and acceptances and delivery protocols      and novation contracts listed in Schedule 8 to Top Tone BG, or to TV2, and      shall have released Top Tone BG and TV2, as the case may be, from any      liabilities in connection therewith (other than payment in respect      thereof), shall have assigned or novated, as the case may be, all      contracts related to the TV2 Business listed in Schedule 8 to Top Tone BG      and shall have evidenced the same in a form reasonably satisfactory to CME      ME; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.3 | the      Terminated Agreements listed in Section A of Schedule 11 shall have been      duly terminated by the parties thereto on terms reasonably satisfactory to      CME ME; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.4 | the      CEM and the CRC shall have granted permission for the transfer of the TV2      Broadcasting Licenses from Technosteel to Top Tone  BG; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.5 | TV2      shall have requested Unicredit BulBank (formerly known as Biochim AD) to      (i) release the special pledge over bank account receivables executed by      TV2 registered with the Central Special Pledges Registry with registration      number 2003062000490 ("TV2 Special Pledge") and      (ii) de-register the TV2 Special Pledge from the Central Special Pledges      Registry and the Seller shall have provided CME ME with a copy of such      release and an up-to-date certificate issued by the Central Special      Pledges Registry showing that no special pledge is registered against TV2      or, in the event that such release and certificate are not available, a      copy of the request and all correspondence from Unicredit BulBank      (formerly known as Biochim AD) in respect of such  request; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.6 | the      parties thereto shall have entered into the Shareholders      Agreement; |
|--------|-------|-----------------------------------------------------------------------------------|

|   | 3.1.7 | the      parties thereto shall have entered into the Consultancy    Deed; |
|--------|-------|---------------------------------------------------------------------------|

|   | 3.1.8 | the      1 share in Top Tone Media held by Francis Nicholas Hoogewerf shall have      been duly transferred to the Seller orEquip; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.9 | the      Seller shall have delivered or procured the delivery of all issued share      certificates of Top Tone Media to Top Tone Media for      cancellation; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.10 | the      accounts of Top Tone Media for the financial year ended 31 December 2007      shall have been approved in a general meeting of Top Tone Media and shall      have been filed with the Luxembourg Register of Commerce and Companies in      accordance with Luxembourg Law; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 3.1.11 | the      Seller and its Affiliates shall have performed and complied in all      material respects with all covenants and agreements required by this      Agreement or any of the other Transaction Documents to be performed or      complied with by the Seller or its Affiliates on or prior to the First      Closing Date or the Second Closing Date as the case may  be; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.12 | the      Warranties given by the Seller shall be true and accurate in all material      respects as of the relevant Closing Date, or, if not true, shall have been      remedied to the reasonable satisfaction of  CME    ME; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.13 | there      shall not be any injunction, decision, order or decree of any nature of      any court or governmental entity, or any proceeding pending or threatened      that could result in such an injunction, decision, order or decree,      restraining, prohibiting or preventing any aspect of the      Transaction; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.14 | there      shall not have been any action, or any statute, law or regulation enacted,      by any governmental authority which would cause any Party to be unable to      consummate the transactions contemplated herein or make the transactions      contemplated herein illegal or prohibit, restrict or delay the      consummation of any aspect of the Transaction;  and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.15 | no      event or circumstance, individually or in the aggregate, shall have      occurred since the Execution Date that has or is reasonably likely to have      a Material Adverse Effect. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | The      Second Closing is conditional on the satisfaction or waiver of all of the      following conditions on or prior the Longstop Date and the occurrence of      the First Closing as contemplatedhereby: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.1 | Inter-mashineks      and Max Channel shall have transferred title to all assets related to the      LGC Business identified in the sale and purchase agreements, invoices and      acceptances and delivery protocols listed in Schedule 8 to LGC, shall have      released LGC from any liabilities in connection therewith (other than      payment in respect thereof), shall have assigned or novated, as the case      may be, all contracts related to the LGC Business listed in Schedule 8 to      LGC and shall have certified the same in a form reasonably satisfactory to      CME ME; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.2 | the      CEM and the CRC shall have granted permission for the transfer of the Max      Channel Broadcasting Licenses from Max Channel to  LGC; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.3 | the      CEM and the CRC shall have granted permission for the transfer of the Mila      Broadcasting Licenses from Inter-mashineks to  LGC; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.4 | the      Terminated Agreements listed in Section B of Schedule 11 shall have been      duly terminated by the parties thereto on terms reasonably satisfactory to      CME ME; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.2.5 | Ring      TV shall have requested Raiffeisen Bank Bulgaria to release the pledge      over the shares of Ring TV ("Ring TV Share Pledge")      and the Seller shall have provided CME MEwith: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      copy of a statement issued by Raiffeisen Bank Bulgaria confirming such      releases; |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (ii) | a      protocol evidencing the return by Raiffeisen Bank Bulgaria of the pledged      interim share certificates and/or a protocol issued by the board of      directors of Ring TV evidencing that the pledged interim share      certificates have been cancelled and replaced with newly issued interim      share certificates; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | an      up-to-date book of shareholders of Ring TV showing that the Ring TV Share      Pledge has been duly de-registered; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.6 | Ring      TV shall have requested Raiffeisen Bank Bulgaria to (i) release the      following special pledges, pledge and financial lease agreement and (ii)      de-register them from the Central Special Pledges  Registry: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      special pledge over motor vehicles, office and telecom equipment      registered with the Central Special Pledges Registry initially under No      2003122301701 and subsequently under No 2004013000530 ("Ring TV Special Pledge      1"); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a      special pledge over present and future receivables and bank account      receivables registered with the Central Special Pledges Registry initially      under No 2004032301056 and subsequently under No      2004082701065  ("Ring TV Special Pledge      2"); and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      financial lease agreement in respect of computer and video equipment      registered with the Central Special Pledges Registry under No      2004082400287 ("Ring TV      Finance Lease"); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.7 | the      1 share in Zopal held by Francis Nicholas Hoogewerf shall have been duly      transferred to the Seller; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------|

|   | 3.2.8 | the      Seller shall have delivered or procured the delivery of all issued share      certificates of Zopal to Zopal forcancellation; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.2.9 | the      share capital of Zopal shall have been fully paid  up; |
|--------|-------|-----------------------------------------------------------------|

|  | 3.2.10 | the      Seller and its Affiliates shall have performed and complied in all      material respects with all covenants and agreements required by this      Agreement or any of the Transaction Documents to be performed or complied      with by the Seller or its Affiliates on or prior to the First Closing Date      or the Second Closing Date as the case maybe; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.2.11 | the      Warranties given by the Seller shall be true and accurate in all material      respects as of the relevant Closing Date, or, if not true, shall have been      remedied to the reasonable satisfaction of CME  ME; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.2.12 | there      shall not be any injunction, decision, order or decree of any nature of      any court or governmental entity, or any proceeding pending or threatened      that could result in such an injunction, decision, order or decree,      restraining, prohibiting or preventing any aspect of the      Transaction; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.2.13 | there      shall not have been any action, or any statute, law or regulation enacted,      by any governmental authority which would cause any Party to be unable to      consummate the transactions contemplated herein or make the transactions      contemplated herein illegal or prohibit, restrict or delay the      consummation of any aspect of the Transaction;  and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.2.14 | no      event or circumstance, individually or in the aggregate, shall have      occurred since the Execution Date that has or is reasonably likely to have      a Material Adverse Effect. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | CME      ME may at any time waive, in whole or in part, conditionally or      unconditionally, any condition set out in Clause 3.1 and Clause 3.2 above      by notice in writing to the Seller. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | The      Seller shall keep CME ME fully informed and up to date with respect to its      progress toward the satisfaction of the conditions to the relevant      Closing. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | On      the satisfaction or, if appropriate, waiver of all of the conditions set      out in Clause 3, the Parties shall agree on a time and place for the First      Closing and the Second Closing as the case may  be. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | The      Seller shall use all reasonable endeavours to satisfy the conditions set      out in Clause 3.1 but in the event that the Seller becomes aware that it      will not be able to satisfy the conditions set out in Clause 3.1 on or      before the Longstop Date, the Seller shall promptly, and in any event not      less than 3 Business Days before the Longstop Date, give written notice to      CME ME of its inability to satisfy such  conditions. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | If      any condition specified in Clause 3.1 is not satisfied (or has not been      waived by CME ME) on or before the Longstop Date, this Agreement shall,      unless otherwise agreed by the Parties in writing, terminate and the      provisions of Clause 9 shall apply. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | Closing |
|----|---------|

| 4.1 | Each      of the First Closing and the Second Closing shall take place in Sofia,      Bulgaria at the offices of Djingov, Gouginski, Kyucthukov & Velichkov,      or at such other location as agreed by the Parties following the      satisfaction or waiver of the conditions set out in Clause    3. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The      Parties shall cause: |
|-----|-------------------------------|

|   | 4.2.1 | the      First Closing to occur promptly after the date on which the conditions in      Clause 3.1 have been satisfied or waived (the "First Closing Date");      and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.2 | the      Second Closing to occur on or after the First Closing Date promptly after      the date on which the conditions set out in Clause 3.2 have been satisfied      or waived (the "Second      Closing Date"). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | CME      ME shall have no obligation: |
|-----|---------------------------------------|

|   | 4.3.1 | to      pay the First Closing Payment until all conditions to the First Closing      have been satisfied or waived; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.2 | to      pay the Second Closing Payment until all the conditions to the Second      Closing have been satisfied orwaived. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

| 4.4 | The      Seller shall deliver the First Closing Statement and the Second Closing      Statement to CME ME at least 3 Business Days prior to the First Closing      and the Second Closingrespectively. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | On      or before the First Closing Date, the Seller  shall: |
|-----|--------------------------------------------------------------|

|   | 4.5.1 | deliver      or shall procure the delivery to CME ME of (i) transfers in respect of the      Top Tone Media Shares duly executed and completed in favour of CME ME (ii)      any and all duly executed powers of attorney or other authorities under      which any of the transfers have been executed, and (iii) certified copies      of the minutes recording the resolution of the board of directors of the      Seller authorising the sale of the Top Tone Media Shares and the execution      of the transfers in respect ofthem; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.2 | deliver      or shall procure the delivery to CME ME of a certified copy of the updated      shareholders register of Top Tone Media showing that CME ME has been duly      registered as the holder of the Top Tone Media Shares and either the      Seller or Equip has been duly registered as the holder of the share      formerly held by Francis NicholasHoogewerf; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.3 | deliver      or shall procure the delivery to CME ME of a letter sent to the Top Tone      Media notifying the Luxembourg Register of Commerce and Companies of the      transfer of the Top Tone Media Shares from the Seller to CME      ME; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.5.4 | deliver      or shall procure the delivery to CME ME of a closing certificate in the      form attached hereto in Schedule 6 and, if reasonably requested by CME ME,      other confirmations of the satisfaction of the conditions set out in      Clause 3.1; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.5 | deliver      or shall procure the delivery to CME ME of the Advertising Agreement duly      executed by "Piero97 MA" AD, TV2 and RingTV; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.6 | deliver      or shall procure the delivery to CME ME of the sale-purchase, assignment      or novation agreements and the delivery and acceptance protocols in      respect of the transfer of all assets listed in Schedule 8 duly signed by      Technosteel or Torn M as transferor and Top Tone BG or TV2 as      transferee; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.7 | deliver      or shall procure the delivery to CME ME of evidence showing that the      contracts listed in Schedule 8 have duly assigned or novated from      Technosteel or Torn M to Top Tone BG on terms reasonably satisfactory to      CME ME; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.8 | deliver      or shall procure the delivery to CME ME of evidence showing that the      Terminated Agreements listed in Section A of Schedule 11 have been duly      terminated by the parties thereto on terms reasonably satisfactory to CME      ME; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5.9 | deliver      or shall procure the delivery to CME ME of the Shareholders Agreement duly      executed by the Seller and Equip; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.10 | deliver      or shall procure the delivery to CME ME of the TV2 Broadcasting Licenses      reissued by CEM and CRC to Top Tone BG as  licensee; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.11 | deliver      or shall procure the delivery to CME ME of an excerpt from the Commercial      Registry (or other evidence reasonably satisfactory to CME ME) of      ownership of the shares held by Top Tone Media in TV2 and the shares held      by TV2 in Top Tone BG; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.12 | deliver      or shall procure the delivery to CME ME of written resignations of each of      the statutory executives listed in Section A of Schedule 7 and marked with      an asterisk from their respective offices and as employees to take effect      on the First Closing Date, in a form satisfactory to CME    ME; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.13 | deliver      or shall procure the delivery to CME ME of the Consultancy Deed duly      executed by the Consultant (as defined in the Consultancy      Deed); |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.14 | deliver      or shall procure the delivery to CME ME of evidence reasonably      satisfactory to CME ME that the accounts of Top Tone Media for the      financial year ended 31 December 2007 have been approved in a general      meeting of Top Tone Media and has been filed with the Luxembourg Register      of Commerce and Companies in accordance with Luxembourg    Law; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 4.5.15 | deliver      or shall procure the delivery to CME ME evidence satisfactory to CME ME      that the share capital of Zopal has been fully paid  up; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.16 | procure      that a general meeting of Top Tone Media is called on the First Closing      Date at which it is resolved that Top Tone Media  shall: |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.16.1 | adopt      the Amended Top Tone MediaArticles; |
|--|----------|------------------------------------------------|

|  | 4.5.16.2 | approve      the resignation of all directors agreed by the Parties and the appointment      of directors nominated by CME ME;and |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.16.3 | any      other necessary corporate matters as may be reasonably required by CME ME      to be included in the agenda of such meeting;  and |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.17 | procure      that Top Tone Media, in its capacity as the sole owner of TV2,      shall: |
|--|--------|-----------------------------------------------------------------------------------------|

|  | 4.5.17.1 | adopt      the Amended TV2 FoundationAct; |
|--|----------|-------------------------------------------|

|  | 4.5.17.2 | approve      the release from office of the existing statutory executives designated by      CME ME and the appointment of new statutory executives nominated by CME      ME; |
|--|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.17.3 | approve      the appointment of the members of the supervisory board (supervisory      committee); and |
|--|----------|--------------------------------------------------------------------------------------------------------|

|  | 4.5.17.4 | any      other necessary corporate matters as may be reasonably required by CME ME      to be resolved by the soleowner. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.18 | procure      that TV2, in its capacity as the sole owner of Top Tone BG,      shall: |
|--|--------|--------------------------------------------------------------------------------------|

|  | 4.5.18.1 | adopt      the Amended Top Tone BG FoundationAct; |
|--|----------|---------------------------------------------------|

|  | 4.5.18.2 | approve      the release from office of the existing statutory executives designated by      CME ME and the appointment of new statutory executives nominated by CME      ME; and |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5.18.3 | any      other necessary corporate matters as may be reasonably required by CME ME      to be resolved by the soleowner. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------|

| 4.6 | On      or before the Second Closing Date, the Seller  shall: |
|-----|---------------------------------------------------------------|

|   | 4.6.1 | deliver      or shall procure the delivery to CME ME of (i) transfers in respect of the      Zopal Shares duly executed and completed in favour of CME ME (ii) any and      all duly executed powers of attorney or other authorities under which any      of the transfers have been executed, and (iii) certified copies of the      minutes recording the resolution of the board of directors  of      the Seller authorising the sale of the Zopal Shares and the execution of      the transfers in respect of them; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.6.2 | deliver      or shall procure the delivery to CME ME of a certified copy of the updated      shareholders register of Zopal showing that CME ME has been duly      registered as the holder of the Zopal Shares and the Seller has been duly      registered as the holder of the share formerly held by Francis Nicholas      Hoogewerf; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.3 | deliver      or shall procure the delivery to CME ME of a closing certificate in the      form attached hereto in Schedule 6 and, if reasonably requested by CME ME,      other confirmations of the satisfaction of the conditions set out in      Clause 3.2; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.4 | deliver      or shall procure the delivery to CME ME of the sale-purchase, assignment      or novation agreements and the delivery and acceptance protocols in      respect of the transfer of all assets listed in Schedule 8 duly signed by      Inter-mashineks or Max Channel as transferor and LGC as      transferee; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.5 | deliver      or shall procure the delivery to CME ME of evidence showing that the      contracts set out in Schedule 8 have been duly assigned or novated from      Inter-mashineks and Max Channel to LGC on terms reasonably satisfactory to      CME ME; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.6 | deliver      or shall procure the delivery to CME ME of evidence showing that the      Terminated Agreements listed in Section B of Schedule 11 have been duly      terminated by the parties thereto on terms reasonably satisfactory to CME      ME; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.7 | deliver      or shall procure the delivery to CME ME of the Max Channel Broadcasting      Licenses reissued by CEM and CRC to LGC as  licensee; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.8 | deliver      or shall procure the delivery to CME ME of the Mila Broadcasting Licenses      reissued by CEM and CRC to LGC aslicensee; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6.9 | deliver      or shall procure the delivery to CME ME of an excerpt from the Commercial      Registry (or other evidence reasonably satisfactory to CME ME) of      ownership of the shares held by Zopal inLGC; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.10 | deliver      or shall procure the delivery to CME ME of all original share certificates      free and clear of any Encumbrances representing the shares held by LGC in      Ring TV and the original book of shareholders of Ring TV evidencing the      ownership of the shares held by LGC in RingTV; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.11 | deliver      or shall procure the delivery to CME ME of written resignations of each of      the directors and statutory executives listed in Section B of Schedule 7      and marked with an asterisk from their respective offices and as employees      to take effect on the Second Closing Date, in a form satisfactory to CME      ME; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.6.12 | procure      that a general meeting of Zopal is called on the Second Closing Date at      which it is resolved that Zopalshall: |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.12.1 | adopt      the Amended Zopal Articles; |
|--|----------|----------------------------------------|

|  | 4.6.12.2 | approve      the resignation of all directors agreed by the Parties and the appointment      of directors nominated by CMEME; |
|--|----------|-------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.12.3 | any      other necessary corporate matters as may be reasonably required by CME ME      to be included in the agenda of suchmeeting. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------|

| 4.6.13 | procure      that Zopal, in its capacity of the sole owner of LGC,    shall: |
|--------|------------------------------------------------------------------------------|

|  | 4.6.13.1 | adopt      the Amended LGC FoundationAct; |
|--|----------|-------------------------------------------|

|  | 4.6.13.2 | approve      the release from office of the existing statutory executives designated by      CME ME and the appointment of new statutory executives nominated by CME      ME; and |
|--|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.13.3 | approve      the appointment of the members of the supervisory board (supervisory      committee); and |
|--|----------|--------------------------------------------------------------------------------------------------------|

|  | 4.6.13.4 | any      other necessary corporate matters as may be reasonably required by CME ME      to be resolved by the soleowner. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------|

| 4.6.14 | procure      that a general meeting of the shareholders of Ring TV is duly called and      held at which it is resolved that Ring TVshall: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.14.1 | adopt      the Amended Ring TV By-Laws; |
|--|----------|-----------------------------------------|

|  | 4.6.14.2 | approve      the release from office of the existing members of the board of directors      agreed by the Parties and the appointment of members of the supervisory      board agreed by the Parties;and |
|--|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6.14.3 | any      other necessary corporate matters as may be reasonably required by CME ME      to be included in the agenda of suchmeeting. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------|

| 4.6.15 | procure      that a meeting of the newly elected supervisory board of Ring TV is held      at which the members of the management board of Ring TV designated by CME      ME are appointed; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6.16 | procure      that a meeting of the newly elected management board of Ring TV is held at      which the statutory executive designated by CME ME are appointed;      and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6.17 | procure      that a meeting of the newly elected supervisory board of Ring TV is held      at which the appointment of the statutory executive designated by CME ME      is approved. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.7 | On      the First Closing Date, CME MEshall: |
|-----|----------------------------------------------|

|   | (a) | pay      the First Closing Payment; |
|--------|-----|-------------------------------------|

|   | (b) | deliver      or shall procure the delivery to the Seller of the Consultancy Deed duly      executed by CME ME; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (c) | deliver      or shall procure the delivery to the Seller of the Shareholders Agreement      duly executed by CME ME; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (d) | deliver      or shall procure the delivery to the Seller of a closing certificate in      the form attached hereto in Schedule 6;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | On      the Second Closing Date, CME MEshall: |
|-----|-----------------------------------------------|

|   | (a) | pay      the Second Closing Payment; |
|--------|-----|--------------------------------------|

|   | (b) | deliver      or shall procure the delivery to the Seller of a closing certificate in      the form attached hereto in Schedule 6;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Obligations      Prior to Closing |
|----|-----------------------------------|

| 5.1 | From      and including the Execution Date and up to and including the earlier of      the Second Closing Date and the Longstop Date, the Seller shall (on its      own behalf and on behalf of anyAffiliate): |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.1 | procure      that the TV2 Group Business shall be conducted in substantially the same      manner as it is currently being conducted, as disclosed to CME      ME; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.2 | procure      that all assets necessary for the operation of the TV2 Group Business,      including those assets held by or in the name of Technosteel, Torn M,      Inter-mashineks or Max Channel are transferred to the TV2 Business or the      LGC Business, as applicable; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.3 | take      all reasonable steps to preserve and protect the assets necessary for the      operation of the TV2 Group Business, including those assets held by or in      the name of Technosteel, Torn M, Inter-mashineks or Max Channel and in      particular maintain in force all insurance policies in respect      thereof; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.4 | procure      that each of the companies operating the TV2 Group Business comply with      all TV2 Group Licenses, will not undertake any action that may constitute      a breach of any terms or conditions of any of the TV2 Group Licenses or      that may lead to a surrender of any of the TV2 Group Licenses or any other      approvals or permits necessary for the operation of the TV2 Group      Business; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.1.5 | take      all reasonable steps to preserve the validity of all intellectual property      rights owned or used by TV2 or LGC (or any of their respective      subsidiaries) in the operation of the TV2 Group  Business; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.1.6 | take      all reasonable steps to actively participate in any public discussions in      respect of the drafting of any legislation regarding the implementation of      digital terrestrial broadcasting in the Republic of Bulgaria and to pursue      any opportunity for the TV2 Group Business to obtain the authorisation to      carry out telecommunications activities via digital terrestrial      broadcasting; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.7 | not      dispose of, grant any options over, enter into any agreement with respect      to, or otherwise grant any Encumbrance on or over any of the share capital      of Top Tone Media, Zopal, TV2, LGC, Top Tone BG or Ring  TV; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.8 | provide      CME ME with full access to such information and personnel as CME ME shall      reasonably request in connection with the acquisition of the TV2 Group      Business and the transactions contemplated  hereby; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.9 | procure      that the companies operating the TV2 Group Business shall not do any of      the items described in Clause 5.2 below without the prior written consent      of CME ME, such consent not be unreasonably withheld or      delayed; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.1.10 | not      cause or do any act or thing, the commission of which would constitute a      breach of any Warranty contained herein or which would make any such      Warranty inaccurate at the First Closing Date or the Second Closing Date,      as applicable; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.1.11 | on      becoming aware prior to the First Closing Date or the Second Closing Date      of the occurrence of any matter, event or circumstance which would      constitute a breach of any of the Warranties hereunder or which would make      any of such Warranties inaccurate if they were repeated on the relevant      Closing Date, promptly give written notice of such matter, event or      circumstance to CME ME before such Closing Date with sufficient details to      enable CME ME to assess accurately the impact of such matter, event or      circumstance and the Seller shall use its reasonable endeavours to      promptly remedy the same; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.1.12 | to      take such other actions as are required in order to consummate the      transactions contemplated hereby and to give full effect to this      Agreement. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | The      Seller shall procure that (a) none of Top Tone Media, TV2 or Top Tone BG      during the period from and including the Execution Date up to the First      Closing Date; and (b) none of Zopal, LGC or Ring TV during the period from      and including the Execution Date up to the Second Closing Date shall,      without the prior written consent of CME ME (which consent shall not be      unreasonably withheld or delayed), and except as contemplated by this      Agreement: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.1 | take      any action that is likely to have a Material Adverse    Effect; |
|--------|-------|---------------------------------------------------------------------------|

----

|   | 5.2.2 | incur      any expenditure exceeding US$50,000, or its equivalent in any other      currency, per item or US$50,000, or its equivalent in any other currency,      in aggregate per calendar month; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.3 | enter      into any contract or commitment with a value exceeding US$50,000, or its      equivalent in any other currency, or any contract or commitment outside      the ordinary course of the TV2 GroupBusiness; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4 | enter      into any contract or commitment with any Affiliate or any other connected      or related person outside the ordinary course of business and/or otherwise      than on arm's length terms; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.5 | dispose      of or grant any option or right of pre-emption in respect of any part of      their assets except in the ordinary course of  business; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.6 | borrow      any additional money except on existing bank facilities or make any      payments out of or drawings on their bank account(s) (except routine or      committed payments); |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.7 | grant      any lease or third party right in respect of any of the assets owned by or      on behalf of the TV2 GroupBusiness; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.8 | enter      into any leasing, hire purchase or other agreement or arrangement for      payment on deferred terms except in the ordinary course of      business; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.9 | grant,      issue or redeem any mortgage, share, debenture or other security or give      any guarantee or indemnity except in the ordinary course of business in an      amount or value not exceeding US$50,000, or its equivalent in any other      currency, individually or US$50,000, or its equivalent in any other      currency, in the aggregate; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.10 | make      any material change in the terms and conditions of employment or pension      or other benefits of its employees (other then those which would be      consistent with past practices required by law, collective bargaining      agreements and those made pursuant to any annual salary review, such      review being consistent with past practices) or terminate the employment      of any of the employees (except for cause or pursuant to any Transaction      Document); |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.11 | declare,      make or pay any dividend or otherdistribution; |
|--|--------|--------------------------------------------------------------|

|  | 5.2.12 | create,      issue, purchase or redeem any class of share or loan    capital; |
|--|--------|-------------------------------------------------------------------------------|

|  | 5.2.13 | enter      into any guarantee, indemnity or other agreement to secure any obligation      of a third party or create any Encumbrance over any of its assets or      undertakings; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.14 | make      any material strategic decision with regard to changing pricing levels,      marketing position or marketing strategy;or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 5.2.15 | save      only as may be necessary to give effect to this Agreement or to the extent      CME ME has consented or agreed, cause or do any act or thing the      commission of which would constitute a breach of any of the Warranties      herein or which would make any of such Warranties inaccurate if they were      repeated on the relevant ClosingDate. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Representations      and Warranties |
|----|-------------------------------------|

| 6.1 | CME      ME represents and warrants to the Seller and the Seller represents and      warrants to CME ME as of the Execution Date and as of the First Closing      Date and as of the Second Closing Date that each of the statements set      forth below is true, accurate and not misleading as at that      date: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.1 | it      is duly organized, validly existing and in good standing (if applicable)      under the laws of the jurisdiction of its incorporation. It has the full      power and authority to enter into and perform its obligations under this      Agreement and the other Transaction Documents and to consummate or cause      to be consummated the transactions contemplated hereby and      thereby; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | the      execution, delivery and performance of this Agreement or the other      Transaction Documents to which it or one of its Affiliates is or may be a      party and the consummation of the transactions contemplated hereby or      thereby will not violate any provision of and will not result in the      breach of the terms of: |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any      applicable law, rule or regulation of any court or governmental authority      applicable to it or any such Affiliate or any provision of its or their      constitutive documents; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      contract, indenture, agreement or commitment to which it or any such      Affiliate is a party or is bound or by which any of its or their material      assets is affected; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.3 | the      execution, delivery and performance of this Agreement and the other      Transaction Documents to which it or one of its Affiliates is or may be a      party and the consummation of the transactions contemplated hereby or      thereby will not require any consent of any governmental or regulatory      authority under any provision oflaw. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Seller hereby represents and warrants to CME ME as of the Execution Date      and as of the First Closing Date (with respect to matters relating to Top      Tone Media or its subsidiaries or its or their businesses) and the Second      Closing Date (with respect to matters relating to Zopal or its      subsidiaries or its or their businesses)that: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.1 | the      Seller has the exclusive and unrestricted right to sell the TV2 Group      Business to CME ME on the terms set out in this  Agreement; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.2 | the      Seller is entitled to sell and transfer to CME ME the full legal and      beneficial ownership of the Sale Shares on the terms of this      Agreement; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.2.3 | the      Sale Shares and the other elements of the TV2 Group Business are free from      all Encumbrances; |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | 6.2.4 | the      shareholders registers of Top Tone Media and Zopal are correct and have at      all times been properly kept up to date and the Seller is not aware of any      notice of any request to correct or rectify any such    register; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.5 | no      person is entitled to receive from Top Tone Media, Zopal or any of their      respective subsidiaries any finders fee brokerage or commission in      connection with the sale of Sale Shares under this    Agreement; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.6 | Top      Tone Media and Zopal have complied with the provisions of the Luxembourg      law on commercial companies and such returns particulars resolutions and      other documents required under Luxembourg law to be delivered on behalf of      Top Tone Media and Zopal to the Luxembourg Register of Commerce and      Companies or to other authorities have been properly made and delivered in      due time; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.7 | the      Seller, Equip, Top Tone Media, Zopal and their respective subsidiaries,      have complied with Data Protection Legislation and all regulatory      requirements in each jurisdiction in which they conduct their business,      including without limitation any anti-money laundering regulations, and no      cash or property that any of the Seller, Equip or their respective      subsidiaries, officers or directors has paid, will pay or will contribute      to the TV2 Group Business has been or shall be derived from any activity      that is deemed criminal under any applicable law and no such payment or      contribution, to the extent such payment is within the control of the      Seller, Equip or their respective subsidiaries, shall cause CME ME or its      Affiliates to be in violation of any anti-money laundering      regulations; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.8 | the      Top Tone Media Shares and the Zopal Shares comprise 80% of the allotted      and issued share capital of Top Tone Media and Zopal respectively and each      such share has been properly and validly allotted and issued and is fully      paid; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.9 | there      are no outstanding agreements, arrangements or other understandings      (whether by contract or otherwise) with any third parties granting them      the right to acquire any of the Sale Shares, or options, warrants,      commitments, rights of first refusal, conversion rights or other rights of      any kind held by or granted to anyone to acquire any participation      interests or any other interests in or assets of the TV2 Group      Business; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.10 | except      the interests disclosed in writing to CME ME on the Execution Date,      neither the Seller nor its Affiliates have any other direct or indirect      ownership interest or participation rights in or any arrangements for the      provision of services in respect of any Television Business in the      Republic of Bulgaria; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.2.11 | neither      the Seller nor any of its Affiliates have any direct or indirect interest      (other than the Sale Shares) in any tangible or intangible asset or      property used in the TV2 Group Business other  than: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Office      of “TV2” EOOD at 10 Oborishte street leased from “Golf club”      EOOD. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | Office      and TV Studios of “Ring SV” AD at 47 “Cherni vrah” boulevard leased from      “Geo advisers” EOOD. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | List      of assets: |
|--------|-----|----------------------|

| Cars                                  | (Registration number) |
|---------------------------------------|-----------------------|
| AUDI      A6                          | C      5375 XX        |
| Volkswagen      Touareg               | CA      5796 MM       |
| Skoda      Fabia                      | CA      1360 MM       |
| Skoda      Fabia                      | CA      1362 MM       |
| Dacia      Logan                      | CA      3121 MM       |
| Dacia      Logan                      | CA      3120 MM       |
| Furniture                             |                  |
| Director's      chair – leather |                  |

|  | 6.2.12 | since      the Accounts Date: |
|--|--------|-------------------------------|

|   | (a) | Top      Tone Media's business, Zopal's businesses, the TV2 Business and the LGC      Business have been carried on in the ordinary course and maintained as a      going concern and no event or circumstance has occurred or is likely to      occur that would constitute a Material Adverse  Effect; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | none      of Top Tone Media, Zopal, TV2, Top Tone BG, LGC or Ring TV has acquired or      disposed of or agreed to acquire or dispose of any business or any      material asset other than assets acquired pursuant to those transfers and      novations in Schedule 8; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | none      of Top Tone Media, Zopal, TV2, Top Tone BG, LGC or Ring TV has terminated      or introduced material changes to the terms of any material contract other      than the Terminated Agreements; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | none      of Top Tone Media, Zopal, TV2, Top Tone BG, LGC or Ring TV has incurred or      agreed to incur a commitment or commitments involving material capital      expenditure; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | none      of Top Tone Media, Zopal, TV2, Top Tone BG, LGC or Ring TV has received      any claim, suit or proceedings from any governmental regulatory or      administrative authority; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.2.13 | this      Agreement and any schedule, annex, statement, document, certificate or      other information furnished to CME ME by or on behalf of the Seller or any      of the companies operating the TV2 Group Business in connection with this      Agreement or any of the transactions contemplated hereby are true and      complete and do not contain any untrue statement of a material fact or      omit to state any material fact necessary to make the statements contained      herein or therein, in light of the circumstances in which they are made,      not misleading and all subjective assessments have been made in good faith      after careful consideration of the information upon which such assessments      have been made; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.14 | the      assets of the TV2 Group Business constitute and on the relevant Closing      Dates will constitute all of the assets and services that are necessary to      permit the business of the TV2 Group Business to be conducted by CME ME in      substantially the manner as it has heretofore been    conducted; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.15 | all      TV2 Group Licenses have been validly issued and there is no circumstance      or fact which may lead to the suspension, cancellation or revocation of      any of the TV2 Group Licenses; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.16 | no      person is entitled to receive from Top Tone Media, Zopal or any of their      respective subsidiaries any fee, brokerage or commission in connection      with this Agreement, any other Transaction Document or the      Transaction; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.17 | no      person who has any material business dealings with the TV2 Group Business      has notified the Seller or any of its Affiliates of the termination of      such dealings and no such dealings would terminate, incur any change in      payment or other terms or any actual or contingent liability as a direct      or indirect result of the Transaction;and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.18 | all      information given by the Seller or any of its directors, officers or      professional or financial advisers to any of the directors, officers or      professional advisers of CME ME in the course of the negotiations leading      to this Agreement is true and accurate in all material respects and is not      misleading because of any omission or ambiguity or for any other reason;      and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.2.19 | all      information relating to the Seller, Top Tone Media, Zopal and their      respective subsidiaries, and the TV2 Group Business which is known or      which would on reasonable enquiry be known to the Seller and which would      materially affect a buyer for value of shares of the Company has been      disclosed to CME ME in writing. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | The      Seller hereby represents and warrants to CME ME as of the Execution Date      and as of the First Closing Datethat: |
|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.1 | Top      Tone Media has full legal and beneficial ownership of the entire issued      share capital of TV2 in the amount of BGN 5,000, divided into 500 shares      of BGN 10 each and TV2 has full legal and beneficial ownership of the      entire issued share capital of Top Tone BG in the amount of BGN 5,000,      divided into 50 shares of BGN 100 each, in each case free from all      Encumbrances; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.3.2 | Top      Tone Media is a public limited liability company (société anonyme) duly      organized and existing under the laws of the Grand-Duchy of Luxembourg      registered with the Luxembourg Register of Commerce and Companies under      number B 124257 and having its registered address at L-1118, rue Aldringen      19, Luxembourg. TV2 is a limited liability company organized and existing      under the laws of the Republic of Bulgaria with registration number      121853910 and having its registered address at 2 Tsanko Tserkovski Str.,      Lozenets Region, 1407 Sofia, Republic of Bulgaria. Top Tone BG is a      limited liability company organized and existing under the laws of the      Republic of Bulgaria with registration number 175413380 and having its      registered address at 17 Voyvodina Mogila Str., Ovcha Kupel Region, Sofia,      Republic of Bulgaria; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.3 | the      information on Top Tone Media set out in Schedule 1 is true, complete and      not misleading in any materialrespect; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4 | each      of Top Tone Media, TV2 and Top Tone BG has performed its activities in      compliance with applicable law and its respective foundation act and has      duly made all necessary registrations with the Commercial      Registry; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.5 | none      of Top Tone Media, TV2 or Top Tone BG is insolvent or over-indebted and no      filing, application or request has been made or threatened against Top      Tone Media, TV2 or Top Tone BG in respect of (i) the commencement of any      bankruptcy, reorganization, restructuring, transformation, bankruptcy      administration, liquidation management or similar proceedings, (ii) any      merger or voluntary dissolution, or (iii) any spin off or de-merger of any      part of Top Tone Media, TV2 or Top ToneBG; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.6 | Top      Tone Media, TV2 and Top Tone BG have all licenses, permits, registrations      and other approvals necessary to enable them to conduct the TV2 Business      as currently conducted, including all requisite regulatory approvals and      authorisations to carry on the business as a broadcaster and each such      license, permit, registration or other approval was when issued and      remains valid and the      information and documents submitted before the competent regulatory      authority for the purposes of granting of any such license, permit,      registration or other approval, was true and accurate in all respects, and      each such license, permit, registration or other approval is not      subject to any unusual or onerous conditions, and neither the Seller nor      any of its respective Affiliates is aware of any reason why any such      license, permit or other approval may be repealed, withdrawn, not renewed      in due course, or materiallymodified; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.3.7 | Top      Tone Media, TV2 and Top Tone BG have duly filed all reports, returns and      information required by law or as a condition to their respective      licenses, permits or authorisations with the relevant authorities, and      Technosteel has duly filed all reports, returns and information required      by law or as a condition to its licenses, permits or authorisations with      the relevant authorities other than such reports, returns or information      in relation to which any failure to file would not have a Material Adverse      Effect; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.8 | Top      Tone Media, TV2, Top Tone BG and Technosteel have duly paid all fees in      respect of all of their licenses, permits, registrations and      authorisations required by law or as a condition of any license, permit,      registration or authorisation; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.9 | each      of Top Tone Media, TV2, Top Tone BG and Technosteel has been and is in      compliance with all laws and regulations (including with respect to their      respective corporate status), and the terms of each license, permit,      registration or other approval held by it and has not received any notice      which, after receipt or lapse of time or both, would constitute      non-compliance with any agreement, applicable law, regulatory rule,      license, permit or approval; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.10 | none      of Top Tone Media, TV2 or Top Tone BG has at any time engaged in any      business or owned any business or entity other than business related      directly to the TV2 Business; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.11 | the      only subsidiary of Top Tone Media is TV2 and the only subsidiary of TV2 is      Top Tone BG and neither Top Tone Media nor TV2 owns any shares,      participating interests or similar interests in any entity whatsoever      other than TV2 and Top Tone BG,respectively; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.12 | the      telecommunications networks of Top Tone BG as a whole, as well as each of      such networks' components, are in good operating condition and repair,      free from any physical defects, including hidden defects, and their      technical conditions resulting from their normal wear conform to the      effective requirements of applicable law, and they are appropriate and      suitable for the purposes for which they are presently used in the TV2      Business; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.13 | all      of the assets, contracts, licences and other arrangements necessary for      carrying on the TV2 Group Business that are held by Technosteel or Torn M      have been transferred or assigned to Top Tone BG or TV2 on or prior to the      Execution Date and TV2 and Top Tone BG have full title to, leases for, or      other valid rights to use all assets required and used for the operation      of the TV2 Business; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.14 | TV2      and Top Tone BG own and operate the TV2  Business; |
|--|--------|-------------------------------------------------------------|

|  | 6.3.15 | all      contracts, agreements or similar arrangements (including all advertisement      and sponsorship agreements) material to the operation of the TV2 Business      to which Top Tone Media, TV2, Top Tone BG or their respective Affiliates      are a party or otherwise interested have been disclosed to CME ME, and all      such contracts, agreements and arrangements are in full force and effect      without any material breach, threatened termination or other similar      circumstance; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.3.16 | no      agreement or other arrangement to which Top Tone Media, TV2, Top Tone BG      or their respective Affiliates is a party is invalid and no other party to      any such agreement or arrangement has given notice of its intention to      rescind, avoid or terminate, or has sought to repudiate or disclaim that      agreement or arrangement; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.17 | each      of Top Tone Media, TV2 and Top Tone BG has broadcasted and currently      broadcasts, by means of online systems or internet, only programmes for      which it is duly licensed to carry out such type of      transmission; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.18 | each      of Top Tone Media, TV2 and Top Tone BG has, in accordance with prevailing      tax legislation and in accordance with practice and guidelines of the      relevant tax authority, (i) timely filed Tax returns that are true,      correct and complete and timely paid all Taxes that are due and payable      with respect to its operations and assets, except for Taxes that are      contested in good faith by appropriate proceedings and for which adequate      reserves have been established, and all such Tax returns have been audited      by the relevant tax authority or are closed by the applicable statute of      limitations for all taxable years, (ii) established reserves that are      adequate to cover all Tax for which Top Tone Media, TV2 and Top Tone BG      were, on the Accounts Date, or may after that date become or have become      liable on, or in respect of or by reference to any profit gains, or income      (whether deemed or actual) for any period ended on or before the Accounts      Date or in respect of any distribution or transaction made or entered into      or deemed made or entered into on or before the Accounts Date, (iii)      carried out all transactions with related persons at fair market price and      on an arm's length basis and (iv) properly recorded and kept in its      accounting records, financial statements and Tax or other official      returns, the creation and release of reserves and provisions, all      transactions with securities and derivatives and properly calculated all      material non-deductible expenses and tax-exempt income and more generally      documentation that they are legally required to  hold; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.19 | none      of Top Tone Media, TV2 or Top Tone BG (i) has any outstanding Tax or      similar fiscal liabilities, (ii) is involved in any audit, examination or      other similar proceeding with any tax authority, (iii) has received notice      that any audits, examinations or other similar proceedings have been      commenced or are pending or threatened and (iv) has had any deficiencies      for Tax proposed, asserted or assessed against them, other than any      examination made in connection with a VAT refund request made in the      ordinary course; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.3.20 | each      of Top Tone Media, TV2 and Top Tone BG has withheld or collected from each      payment made to each of its employees and consultants, the amount of all      taxes and social and health security contributions and other charges and      liabilities relating to employment required to be withheld or collected      therefrom and have paid the same to the proper tax      authorities; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.21 | the      TV2 Accounts (i) have been disclosed to CME ME, (ii) have been prepared in      accordance with applicable law and IFRS as applicable in the Republic of      Bulgaria, (iii) are complete, true and accurate and (iv) give a true and      fair view of the financial condition and results of operations of TV2 as      of the relevant date; and the financial statements of Top Tone BG as of      the Accounts Date (aa) have been disclosed to CME ME, (bb) have been      prepared in accordance with applicable law and IFRS as applicable in the      Republic of Bulgaria, (cc) are complete, true and accurate and (dd) give a      true and fair view of the financial condition and results of operations of      Top Tone BG as of that date; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.22 | the      TV2 Accounts make full and proper provision for (or, if appropriate,      disclose by way of notes) all liabilities (whether actual, contingent,      quantified or disputed) of TV2 as at or on the date of such accounts, and      there are no other liabilities of TV2; and Top Tone BG's accounts make      full and proper provision for (or, if appropriate, disclose by way of      notes) all liabilities (whether actual, contingent, quantified or      disputed) of Top Tone BG as at or on the date of such accounts, and there      are no other liabilities of Top ToneBG; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.23 | none      of Top Tone Media, TV2 or Top Tone BG has breached any undertakings,      covenants or other provisions under any of the finance agreements and      arrangements (whether finance leases, operational leases, credit facility      agreements, loans or similar agreements or arrangements) to which it is a      party or by which it is bound or defaulted or cross-defaulted under any      such agreements or arrangements; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.24 | all      liabilities of Top Tone Media, TV2 or Top Tone BG payable to any      governmental authority or agency in respect of any state budget funds due      from Top Tone Media, TV2 or Top Tone BG prior to the Execution Date and/or      the First Closing Date as the case may be have been fully and timely      paid; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.25 | none      of Top Tone Media, TV2 or Top Tone BG is a guarantor and none of them have      provided any security for any indebtedness to any third    party; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.26 | there      are no material liabilities, obligations, contracts or claims in      connection with or relating to Top Tone Media, TV2, Top Tone BG or the TV2      Business that have not been disclosed to CMEME; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.27 | there      are no material claims pending or threatened, before any court,      arbitration panel, public administrative authority, institution or any      other person against or adversely affecting Top Tone Media, TV2, Top Tone      BG or the TV2 Group Business; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.3.28 | all      trade marks, service marks, copyright, know-how, rights to use software      and all other intellectual property rights which are or are capable of      being used in or in relation in any way to the TV2 Business (i) are      legally and beneficially owned by Top Tone Media, TV2 or Top Tone BG or      used pursuant to a valid licence, (ii) are valid and enforceable, (iii)      are duly registered where such registration is required, (iv) are free      from all Encumbrances and (v) do not infringe the rights of any third      party and no communication has been received by Top Tone Media, TV2 or Top      Tone BG from a third party alleging that Top Tone Media, TV2 or Top Tone      BG or any of their Affiliates have violated the rights of such third      party; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.29 | TV2      has not broadcasted any foreign programs that are subject to Art. 125b of      the Bulgarian Law on Radio andTelevision; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.30 | none      of Top Tone Media, TV2 or Top Tone BG owns any real    property; |
|--|--------|----------------------------------------------------------------------------|

|  | 6.3.31 | each      of Top Tone Media, TV2 and Top Tone BG has a valid right to use the      premises from which it operates pursuant to a valid and binding lease      agreement, free from all Encumbrances and each of Top Tone Media, TV2 or      Top Tone BG is in compliance with the terms of such lease agreements in      all respects and no written claim of any default thereunder has been      received by Top Tone Media, TV2 or Top Tone BG (as the case may be) which      has not been cured and consummation of the Transaction will not give rise      to any right of termination or loss or any rights of use currently enjoyed      under such lease agreements; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.32 | all      rent and other sums and charges payable under such lease agreements have      been fully and timely paid; |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | 6.3.33 | there      is no reason why the existing lease for the office space at 19, rue      Aldringen, L-1118 Luxembourg should not be renewed, or a new lease should      not be granted, on expiry on terms materially less favourable to Top Tone      Media; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.34 | the      execution, delivery and performance of this Agreement or the other      Transaction Documents will not result in the breach of the terms,      covenants or restrictions contained in the lease agreement relating to the      premises located at 19, rue Aldringen, L-1118  Luxembourg; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.35 | none      of Top Tone Media, TV2 or Top Tone BG possesses any environmental      authorisations, licences or permits nor are any such authorisations,      licences or permits required to carry on the TV2 Business in the ordinary      course and no proceedings has been initiated, nor are any such proceedings      pending or threatened, against Top Tone Media, TV2 or Top Tone BG in      connection with a breach of any environmental law or      regulation; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.3.36 | other      than the Related Party Agreements, there are no unpaid or unsatisfied      liabilities or other obligations of Top Tone Media, TV2 or Top Tone BG to,      or causes of action of any nature (vested or contingent) from or against,      the Seller or its Affiliates, and there are no unpaid or unsatisfied      liabilities or other obligations of the Seller or its Affiliates to Top      Tone Media, TV2 or Top Tone BG, and neither the Seller nor its Affiliates      have assigned or transferred or purported to assign or transfer to any      person any liabilities or other obligations of Top Tone Media, TV2 or Top      Tone BG or causes of action of any nature (vested or contingent) in      respect of the TV2 Business; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.37 | there      are no past or currently pending or threatened actions proceedings or      investigations, whether civil or criminal, against Top Tone Media, TV2,      Top Tone BG or the presently incumbent directors or managers of Top Tone      Media, TV2 or Top Tone BG or the present employees of Top Tone Media, TV2      or Top Tone BG (in connection with their employment or engagement with      such company); |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.38 | the      TV2 Business has been conducted in the ordinary course and none of the      Seller, Top Tone Media, TV2, Top Tone BG or any of their respective      directors, officers, agents, employees, representatives or Affiliates has      recommended or facilitated the making of, or caused or permitted the      making of or offered, promised or authorised, in each case directly or      indirectly, any unlawful payment or payments or other inducements to any      governmental official, including any officer, director or other official      representative of an entity owned or controlled by a governmental      authority, with the intent or purpose of (i) influencing any act or      decision of such person in his official capacity; (ii) inducing such      person to do or omit to do any act in violation of the lawful duty of such      person; or (iii) inducing such person to use his influence with a      governmental authority or instrumentality thereof to affect or      influence  any act or decision of such governmental authority or      instrumentality, in each case in order to assist Top Tone Media, TV2 or      Top Tone BG or any of their respective directors, officers, agents,      employees, representatives or Affiliates in obtaining or retaining      business for or with, or directing business to, Top Tone Media, TV2 or Top      Tone BG or any of their respective directors, officers, agents, employees,      representatives or Affiliates; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.39 | none      of Top Tone Media, TV2 or Top Tone BG (i) is a party to or bound by any      collective bargaining agreement, (ii) has provided any social security or      health security benefits to its respective employees other than those      required by applicable law and (iii) has established or plans to establish      any stock option, pension, retirement, death, labour accident, illness or      other benefit plans for its current or former employees, officers or their      respective dependents; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.40 | none      of the employees of Top Tone Media, TV2 or Top Tone BG have established an      employee representative body and there are no plans to establish such a      representative body and no trade or labour union is represented at Top      Tone Media, TV2 or Top Tone BG; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.3.41 | each      of TV2 and Top Tone BG has timely registered all individual labour      agreements to which it is a party (including any amendments or termination      thereof) with the Bulgarian National Revenues Agency in accordance with      applicable law; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.42 | the      assets transferred by Torn M and/or Technosteel to Top Tone BG and/or TV2      were not operated by employees of Torn M and/or of Technosteel, and the      transfers of those assets to Top Tone BG shall not trigger any automatic      transfer of labour agreements to Top Tone BG and/or TV2 pursuant to Art.      123 of the Bulgarian Labour Code; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.43 | each      of TV2 and Top Tone BG fully complies with the requirements of health and      safety regulations under the applicable Bulgarian law and neither TV2 nor      Top Tone BG is the subject of any proceeding in respect of or in      connection with its compliance with the foregoing, and no such proceeding      is pending or threatened against TV2 or Top Tone  BG; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.44 | neither      this Agreement nor the Transaction requires notification to or      consultation with any of the employees of Top Tone Media, TV2 or Top Tone      BG; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.45 | no      general member of Top Tone Media, TV2 or Top Tone BG or their respective      employees or consultants are entitled to receive any specific share sale      bonuses or other payments as a result of or in connection with the      consummation of this Agreement or the  Transaction; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.46 | no      employees or managers of TV2 or Top Tone BG are entitled to a notice      period longer than the notice period provided in the Bulgarian Labour Code      and no employees or managers of TV2 or Top Tone BG are entitled to any      severance on termination except as provided in the Bulgarian Labour      Code; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.47 | each      of Top Tone Media, TV2 and Top Tone BG, as applicable, has valid rights in      all intellectual property (including discovery, invention, development,      technology, software, tool, process, technique, know-how, data, plan,      specification, design, layout, program, code, document and all versions,      modifications, enhancements and derivative works thereof) relating in any      way to the operation of the TV2 Business created by any present or former      employees, officers or consultants, whether by means of direct vesting or      by assignment, that has been commissioned by any of Top Tone Media, TV2 or      Top Tone BG or otherwise developed by them in the course of their      employment or engagement and has undertaken any and all necessary acts,      filings or registrations so that any and all transferable and/or      assignable rights, title and interest in such intellectual property      (including any application therefor) are transferred and/or assigned to      each of Top Tone Media, TV2 and Top Tone BG to the fullest extent      possible; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.3.48 | no      claims and/or disputes are pending or threatened against Top Tone Media,      TV2 or Top Tone BG in respect of any additional compensation or      remuneration alleged to be payable to current and/or former employees of      Top Tone Media, TV2 or Top Tone BG for the creation of any intellectual      property rights by such employees during the course of their employment      with Top Tone Media, TV2 or Top Tone BG, as the case may    be; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.49 | the      books and records of the TV2 Business (including (i) books and records      relating to the purchase of materials and supplies, dealings with      customers, invoices, supplier lists, personnel records and Taxes of TV2      and Top Tone BG; (ii) the corporate records and books of TV2 and Top Tone      BG; and (iii) data stored on computers) accurately record in all material      respects all transactions of TV2, Top Tone BG and the TV2 Business and      have been maintained consistent with good business    practice; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.50 | no      papers, books, manuals, lists, correspondence and documents containing      information concerning or relating to the TV2 Business, together with all      copies thereof, have been removed or disposed of, except that the Seller      may keep copies of such materials as shall be necessary to permit it to      prepare its tax returns or to comply with any other legal      requirements; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.51 | no      powers of attorney executed by or on behalf of Top Tone Media, TV2 or Top      Tone BG are currently in force other than those powers of attorney that      are necessary for the day-to-day operation of the TV2 Business which do      not authorise the attorney to do any act which may have a Material Adverse      Effect; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.52 | all      transmission telecommunications equipment used in TV2 Business have been      transferred and installed to sites operated by the Bulgarian      Telecommunications Company AD or other persons who hold valid construction      or installation permits in respect of the installation and operation of      such equipment at such sites as are required by the Bulgarian Law on the      Structure of the Territory and Top Tone BG is not required to obtain any      construction or installation permits in respect of the installation and      operation of such equipment pursuant to the Bulgarian Law on Structure of      the Territory. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | The      Seller hereby represents and warrants to CME ME as of the Execution Date      and as of the Second Closing Datethat: |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.1 | Zopal      has full legal and beneficial ownership of the entire issued share capital      of LGC in the amount of BGN 5,000, divided into 100 shares of BGN 50 each      and LGC has full legal and beneficial ownership of 3,620 common voting      registered shares of BGN 50 each in Ring TV (representing 88.7% of the      entire issued share capital of Ring TV), in each case validly and properly      issued and fully paid and free from all  Encumbrances; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.4.2 | Zopal      is a public limited liability company (société anonyme) organized and      existing under the laws of the Grand-Duchy of Luxembourg, registered with      the Luxembourg Register of Commerce and Companies under V 139431, and      having its registered address at L-1118, rue Aldringen 19, Luxembourg. LGC      is a limited liability company duly organized and validly existing in      accordance with the laws of the Republic of Bulgaria registered in the      Commercial Registry with identification 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. Ring TV is 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; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.3 | the      information on Zopal set out in Schedule 1 is true, complete and not      misleading in any material respect except that as of the Second Closing      Date, Francis Nicholas Hoogewerf will cease to hold any share in Zopal and      immediately prior to the Second Closing, the Seller will hold 100 shares      in Zopal; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.4 | each      of Zopal, LGC and Ring TV has performed its activities in compliance with      applicable law and its respective foundation act and has duly made all      necessary registrations with the Commercial  Registry; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.5 | none      of Zopal, LGC or Ring TV is insolvent or over-indebted and no filing,      application or request has been made or threatened against Zopal, LGC or      Ring TV in respect of (i) the commencement of any bankruptcy,      reorganization, restructuring, transformation, bankruptcy administration,      liquidation management or similar proceedings, (ii) any merger or      voluntary dissolution, or (iii) any spin off or de-merger of any part of      Zopal, LGC or Ring TV; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.6 | Zopal,      LGC and Ring TV have all licenses, permits and other approvals necessary      to enable them to conduct the LGC Business as currently conducted,      including all requisite regulatory approvals and authorizations to carry      on the business as a broadcaster and each such license, permit or other      approval was when issued and remains valid and is not subject to any      unusual or onerous conditions, and neither Seller nor any of its      respective Affiliates is aware of any reason why any such license, permit      or other approval may be withdrawn, not renewed in due course, or      materially modified; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.7 | Zopal,      LGC, Ring TV, Max Channel and Inter-mashineks have duly filed all reports,      returns and information required by law or as a condition to their      respective licenses, permits or authorisations with the relevant      authorities; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.4.8 | Zopal,      LGC, Ring TV, Max Channel and Inter-mashineks have duly paid all fees in      respect of all of their licenses, permits and authorisations required by      law or as a condition of any license, permit or    authorisation; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4.9 | each      of Zopal, LGC, Ring TV, Max Channel and Inter-mashineks has been and is in      compliance with all laws and regulations (including with respect to their      respective corporate status), and the terms of each license, permit or      other approval held by it and has not received any notice which, after      receipt or lapse of time or both, would constitute non-compliance with any      agreement, applicable law, regulatory rule, license, permit or      approval; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.10 | none      of Zopal, LGC or Ring TV has at any time engaged in any business or owned      any business or entity other than business related directly to the LGC      Business; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.11 | the      only subsidiary of Zopal is LGC and the only subsidiary of LGC is Ring TV      and neither Zopal nor LGC owns any shares, participating interests or      similar interests in any entity whatsoever other than LGC and Ring TV,      respectively; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.12 | the      telecommunications networks of LGC as a whole, as well as each of such      networks' components, are in good operating condition and repair, free      from any physical defects, including hidden defects, and their technical      conditions resulting from their normal wear conforms to the effective      requirements of applicable law, and they are appropriate and suitable for      the purposes for which they are presently used in the LGC      Business; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.13 | all      of the assets, contracts, licences and other arrangement necessary for      carrying on the LGC Business that are held by Max Channel or      Inter-mashineks have been transferred or assigned to LGC on or prior to      the Execution Date and LGC and Ring TV have full title to, leases for, or      other valid rights to use all assets required and used for the operation      of the LGC Business; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.14 | LGC      and Ring TV own and operate the LGCBusiness; |
|--|--------|-------------------------------------------------------|

|  | 6.4.15 | all      contracts, agreements or similar agreements (including all advertisement      and sponsorship agreements) material to the operation of the LGC Business      to which Zopal, LGC, Ring TV or their respective Affiliates are a party or      otherwise interested have been disclosed to CME ME, and all such      contracts, agreements and arrangements are in full force and effect      without any material breach, threatened termination or other similar      circumstance; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.16 | no      agreement or other arrangement to which Zopal, LGC, Ring TV or their      respective Affiliates is a party is invalid and no other party to any such      agreement or arrangement has given notice of its intention to rescind,      avoid or terminate, or has sought to repudiate or disclaim that agreement      or arrangement; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.4.17 | each      of Zopal, LGC and Ring TV has broadcasted and currently broadcasts, by      means of online systems or internet, only programmes for which it is duly      licensed to carry out such type oftransmission; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.18 | each      of Zopal, LGC and Ring TV has, in accordance with prevailing tax      legislation and in accordance with practice and guidelines of the relevant      tax authority, (i) timely filed Tax returns that are true, correct and      complete and timely paid all Taxes that are due and payable with respect      to its operations and assets, except for Taxes that are contested in good      faith by appropriate proceedings and for which adequate reserves have been      established, and all such Tax returns have been audited by the relevant      tax authority or are closed by the applicable statute of limitations for      all taxable years, (ii) established reserves that are adequate to cover      all Tax for which Zopal, LGC and Ring TV were, on the Accounts Date, or      may after that date become or have become liable on, or in respect of or      by reference to any profit gains, or income (whether deemed or actual) for      any period ended on or before the Accounts Date or in respect of any      distribution or transaction made or entered into or deemed made or entered      into on or before the Accounts Date, (iii) carried out all transactions      with related persons at fair market price and on an arm's length basis and      (iv) properly recorded and kept in its accounting records, financial      statements and Tax or other official returns, the creation and release of      reserves and provisions, all transactions with securities and derivatives      and properly calculated all material non-deductible expenses and      tax-exempt income and more generally documentation that they are legally      required to hold; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.19 | none      of Zopal, LGC or Ring TV (i) has any outstanding Tax or similar fiscal      liabilities, (ii) is involved in any audit, examination or other similar      proceeding with any tax authority, (iii) has received notice that any      audits, examinations or other similar proceedings have been commenced or      are pending or threatened and (iv) has had any deficiencies for Tax      proposed, asserted or assessed againstthem; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.20 | each      of Zopal, LGC and Ring TV has withheld or collected  from each      payment made to each of its employees and consultants, the amount of all      taxes and social and health security contributions and other charges and      liabilities relating to employment required to be withheld or collected      therefrom and have paid the same to the proper tax      authorities; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.21 | the      LGC Accounts (i) have been disclosed to CME ME, (ii) have been prepared in      accordance with applicable law and IFRS as applicable in the Republic of      Bulgaria, (iii) are complete, true and accurate and (iv) give a true and      fair view of the financial condition and results of operations of LGC as      of the relevant date; and the financial statements and balance sheet of      Ring TV dated as of December 31, 2007 and the Accounts Date (aa) have been      disclosed to CME ME, (bb) have been prepared in accordance with applicable      law and IFRS as applicable in the Republic of Bulgaria, (cc) are complete,      true and accurate and (dd) give a true and fair view of the financial      condition and results of operations of Ring TV as of that      date; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.4.22 | the      LGC Accounts make full and proper provision for (or, if appropriate,      disclose by way of notes) all liabilities (whether actual, contingent,      quantified or disputed) of LGC as at or on the date of such accounts, and      there are no other liabilities of LGC; and Ring TV's accounts make full      and proper provision for (or, if appropriate, disclose by way of notes)      all liabilities (whether actual, contingent, quantified or disputed) of      Ring TV as at or on the date of such accounts, and there are no other      liabilities of Ring TV; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.23 | none      of Zopal, LGC or Ring TV has breached any undertakings, covenants or other      provisions under any of the finance agreements and arrangements (whether      finance leases, operational leases, credit facility agreements, loans or      similar agreements or arrangements) to which it is a party or by which it      is bound or defaulted or cross-defaulted under any such agreements or      arrangements; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.24 | all      liabilities of Zopal, LGC or Ring TV payable to any governmental authority      or agency in respect of any state budget funds due from Zopal, LGC or Ring      TV prior to the Execution Date and/or the Second Closing Date as the case      may be have been fully and timelypaid; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.25 | none      of Zopal, LGC or Ring TV is a guarantor nor have any of them provided any      security for any indebtedness of any third party except a lease agreement      with Pireaus Leasing Bulgaria EAD, registered under no. 2008062600600 with      the Central Special Pledges Registry against Ring  TV; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.26 | there      are no material liabilities, obligations, contracts of or claims in      connection with or relating to Zopal, LGC, Ring TV or the LGC Business      that have not been disclosed to CMEME; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.27 | there      are no material claims pending or threatened, before any court,      arbitration panel, public administrative authority, institution or any      other person against or adversely affecting Zopal, LGC, Ring TV or the LGC      Business; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.28 | all      trade marks, service marks, copyright, know-how, rights to use software      and all other intellectual property rights which are or are capable of      being used in or in relation in any way to the LGC Business (i) are      legally and beneficially owned by Zopal, LGC or Ring TV or used pursuant      to a valid licence, (ii) are valid and enforceable, (iii) are duly      registered where such registration is required, (iv) are free from all      Encumbrances and (v) do not infringe the rights of any third party and no      communication has been received by Zopal, LGC or Ring TV from a third      party alleging that Zopal, LGC or Ring TV or any of their Affiliates have      violated the rights of such thirdparty; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.4.29 | LGC      has not broadcasted any foreign programs that are subject to Art. 125b of      the Bulgarian Law on Radio andTelevision; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.30 | none      of Zopal, LGC or Ring TV owns any realproperty; |
|--|--------|-----------------------------------------------------------|

|  | 6.4.31 | each      of Zopal, LGC and Ring TV has a valid right to use the premises from which      it operates pursuant to a valid and binding lease agreement, free from all      Encumbrances and each of Zopal, LGC and Ring TV is in compliance with the      terms of such lease agreements in all respects and no written claim of any      default thereunder has been received by Zopal, LGC or Ring TV (as the case      may be) which has not been cured and consummation of the Transaction will      not give rise to any right of termination or loss or any rights of use      currently enjoyed under such leaseagreements; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.32 | all      rent and other sums and charges payable under such lease agreements have      been fully and timely paid; |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | 6.4.33 | there      is no reason why the existing lease for the office space at L-1118, rue      Aldringen 19, Luxembourg should not be renewed, or a new lease should not      be granted, on expiry on terms materially less favourable to      Zopal; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.34 | the      execution, delivery and performance of this Agreement and the other      Transaction Documents will not result in the breach of the terms,      covenants or restrictions contained in the lease agreement relating to the      premises located at L-1118, rue Aldringen 19,  Luxembourg; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.35 | none      of Zopal, LGC or Ring TV possesses any environmental authorisations,      licences or permits nor are any such authorisations, licences or permits      required to carry on the LGC Business in the ordinary course and no      proceedings has been initiated, nor are any such proceedings pending or      threatened, against Zopal, LGC or Ring TV in connection with a breach of      any environmental law orregulation; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.36 | other      than the Related Party Agreements, there are no unpaid or unsatisfied      liabilities or other obligations of Zopal, LGC or Ring TV to, or causes of      action of any nature (vested or contingent) from or against, the Seller or      its Affiliates, and there are no unpaid or unsatisfied liabilities or      other obligations of any of the Seller or its Affiliates to Zopal, LGC or      Ring TV, and neither the Seller nor its Affiliates have assigned or      transferred or purported to assign or transfer to any person any      liabilities or other obligations of Zopal, LGC or Ring TV or causes of      action of any nature (vested or contingent) in respect of the LGC      Business; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.37 | there      are no past or currently pending or threatened actions proceedings or      investigations, whether civil or criminal, against Zopal, LGC, Ring TV or      the presently incumbent directors or managers of Zopal, LGC or Ring TV or      the present employees of Zopal, LGC or Ring TV (in connection with their      employment or engagement with suchcompany); |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.4.38 | the      LGC Business has been conducted in the ordinary course and none of the      Seller, LGC, Ring TV or any of their respective directors, officers,      agents, employees, representatives or Affiliates has recommended or      facilitated the making of, or caused or permitted the making of or      offered, promised or authorised, in each case directly or indirectly, any      unlawful payment or payments or other inducements to any governmental      official, including any officer, director or other official representative      of an entity owned or controlled by a governmental authority, with the      intent or purpose of (i) influencing any act or decision of such person in      his official capacity; (ii) inducing such person to do or omit to do any      act in violation of the lawful duty of such person; or (iii) inducing such      person to use his influence with a governmental authority or      instrumentality thereof to affect or influence  any act or      decision of such governmental authority or instrumentality, in each case      in order to assist LGC or Ring TV or any of their respective directors,      officers, agents, employees, representatives or Affiliates in obtaining or      retaining business for or with, or directing business to, LGC or Ring TV      or any of their respective directors, officers, agents, employees,      representatives or Affiliates; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.39 | none      of Zopal, LGC nor Ring TV (i) is a party to or bound by any collective      bargaining agreement, (ii) has provided any social security or health      security benefits to its respective employees other than those required by      applicable law and (iii) has established or plans to establish any stock      option, pension, retirement, death, labour accident, illness or other      benefit plans for its current or former employees, officers or their      respective dependents; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.40 | none      of the employees of Zopal, LGC or Ring TV have established an employee      representative body and there are no plans to establish such a      representative body and no trade or labour union is represented at either      LGC or Ring TV; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.41 | each      of LGC and Ring TV has timely registered all individual labour agreements      to which it is a party (including any amendments or termination thereof)      with the Bulgarian National Revenues Agency in accordance with applicable      law; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.42 | the      assets transferred by Inter-mashineks and/or Max Channel to LGC were not      operated by employees of Inter-mashineks and/or Max Channel, and the      transfers of those assets to LGC shall not trigger any automatic transfer      of labour agreements to LGC pursuant to Art. 123 of the Bulgarian Labour      Code; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.4.43 | each      of LGC and Ring TV fully complies with the requirements of health and      safety regulations under the applicable Bulgarian law and neither LGC nor      Ring TV is the subject of any proceeding in respect of or in connection      with its compliance with the foregoing, and no such proceeding is pending      or threatened against LGC and RingTV; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.44 | neither      this Agreement nor the Transaction requires notification to or      consultation with any of the employees or Zopal, LGC or Ring      TV; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.45 | no      general member of Zopal, LGC or Ring TV or their respective employees or      consultants is entitled to receive any specific share sale bonuses or      other payments as a result of or in connection with the consummation of      this Agreement or the Transaction; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.46 | no      employees or managers of LGC or Ring TV are entitled to a notice period      longer than the notice period provided in the Bulgarian Labour Code and no      employees or managers of LGC or Ring TV are entitled to any severance on      termination except as provided in the Bulgarian Labour    Code; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.47 | each      of Zopal, LGC and Ring TV, as applicable, has valid rights in all      intellectual property (including discovery, invention, development,      technology, software, tool, process, technique, know-how, data, plan,      specification, design, layout, program, code, document and all versions,      modifications, enhancements and derivative works thereof) relating in any      way to the operation of the LGC Business created by any present or former      employees, officers or consultants, whether by means of direct vesting or      by assignment, that has been commissioned by any of Zopal, LGC or Ring TV      or otherwise developed by them in the course of their employment or      engagement and has undertaken any and all necessary acts, filings or      registrations so that any and all transferable and/or assignable rights,      title and interest in such intellectual property (including any      application therefor) are transferred and/or assigned to each of Zopal,      LGC and Ring TV to the fullest extentpossible; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.48 | no      claims and/or disputes are pending or threatened against Zopal, LGC or      Ring TV in respect of any additional compensation or remuneration alleged      to be payable to current and/or former employees of Zopal, LGC or Ring TV      for the creation of any intellectual property rights by such employees      during the course of their employment with either LGC or Ring TV, as the      case may be; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.49 | the      books and records of the LGC Business (including (i) books and records      relating to the purchase of materials and supplies, dealings with      customers, invoices, supplier lists, personnel records and Taxes of LGC      and Ring TV; (ii) the corporate records and books of LGC and Ring TV; and      (iii) data stored on computers) accurately record in all material respects      all transactions of LGC and Ring TV and the LGC Business and have been      maintained consistent with good business  practice; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.4.50 | no      papers, books, manuals, lists, correspondence and documents containing      information concerning or relating to the LGC Business, together with all      copies thereof, have been removed or disposed of, except that the Seller      may keep copies of such materials as shall be necessary to permit it to      prepare its tax returns or to comply with any other legal      requirements; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.51 | no      powers of attorney executed by or on behalf of Zopal, LGC or Ring TV are      currently in force other than those powers of attorney that are necessary      for the day-to-day operation of the LGC Business which do not authorise      the attorney to do any act which may have a Material Adverse      Effect; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.52 | LGC      has duly paid the purchase price of Euro 600,000 due under the preliminary      agreement dated 11 April 2007 for the sale and purchase of the Mila      Broadcasting Licenses and the Mila Program Licenses from Inter-mashineks,      as amended by the supplementary agreement No 1 of 12 April 2007 and the      supplementary agreement of 17 April 2007, and the promissory note issued      by LGC in favour of Inter-mashineks for the amount of Euro 400,000 has      been duly cancelled and delivered to LGC by Inter-mashineks;      and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.4.53 | all      transmission telecommunications equipment used in LGC Business have been      transferred and installed to sites operated by the Bulgarian      Telecommunications Company AD or other persons who hold valid construction      or installation permits in respect of the installation and operation of      such equipment at such sites as are required by the Bulgarian Law on the      Structure of the Territory and LGC is not required to obtain any      construction or installation permits in respect of the installation and      operation of such equipment pursuant to the Bulgarian Law on the Structure      of Territory. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | The      Seller shall: |
|-----|------------------------|

|   | 6.5.1 | be      required to repeat the Warranties in Clause 6.1, 6.2 and 6.3 made to CME      ME on the First Closing Date; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------|

|   | 6.5.2 | be      required to repeat the Warranties in Clause 6.1, 6.2 and 6.4 made to CME      ME on the Second Closing Date; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

|   | 6.5.3 | also      be required to make (or cause its Affiliates entering into any Transaction      Document to make) such additional representations and warranties to CME ME      as may be set forth in the other Transaction  Documents. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | CME      ME shall be required to repeat the Warranties in Clause 6.1 made to the      Seller on the First Closing Date and the Second Closing    Date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7 | Without      prejudice to any of the rights and remedies available to the Parties under      this Agreement or the other Transaction Documents, in the event of the      breach of a Warranty given by the Parties, the Party which is in breach of      such Warranty shall take all steps necessary to establish the state of      affairs which would have existed if no such breach had occurred and such      Warranty was true and correct. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.8 | The      Seller acknowledges that CME ME has entered into this Agreement in      reliance upon, amongst other things, the Warranties and the undertakings      contained in Clause 8.  Save as expressly provided otherwise,      the Warranties shall be separate and independent and shall not be limited      by reference to anything in thisAgreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9 | CME      ME shall be entitled to make a claim involving or relating to a breach of      any of the Warranties whether or not CME ME and/or any of its agents      and/or any of its advisers had knowledge (whether actual, constructive or      implied) of the matter giving rise to the claim; and CME ME's right or      ability to make any such claim shall not be affected or limited, and the      amount recoverable shall not be reduced, on the grounds that CME ME and/or      its agents and/or its advisers may have had actual, constructive or      implied knowledge of the matter giving rise to the  claim. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Retention      amounts |
|----|------------------------|

| 7.1 | On      the date that is twelve (12) months after the Second Closing Date, CME ME      shall pay to the Seller an amount equal to the Retention Amount minus any      Adjustment Amount retained by CME pursuant to Clause 3(b) of Schedule 5      (if any) and minus the amount of any Claims by CME ME in respect of the      Warranties notified to the Seller prior to such date, whether or not such      Claims have been satisfied by suchdate. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Undertakings      and      post closing covenant |
|----|--------------------------------------------------|

| 8.1 | The      Seller acknowledges on its own behalf and on behalf of any Affiliate that      CME ME is an indirect subsidiary of a U.S. reporting company and as such      is required to comply with certain U.S. securities, anti-money laundering,      anti-corruption and other laws applicable to it or its ultimate      parent.  The Seller hereby agrees not to violate any such      requirements with respect to the TV2 Group Business and agrees not to take      any action, or to refrain from taking any action, that would result in a      violation of such requirements by any member of the TV2 Group Business or      any company that has conducted the TV2 Group Business at any      time. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Except      in the case of fraud, the Seller undertakes to CME ME not to make or      pursue any claim against Top Tone Media, Zopal or their respective      subsidiaries or their respective directors, officers, employees or agents      in connection with assisting the Seller in giving the Warranties and/or      entering into this Agreement or any documents entered into pursuant to      this Agreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | The      Seller undertakes to use all commercially reasonable efforts to procure      the transfer of 34% of the issued share capital of Mila FM OOD to LGC as      soon as possible after the Second ClosingDate. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | Termination |
|----|-------------|

| 9.1 | This      Agreement may be terminated at any time by mutual written consent of the      Parties. |
|-----|--------------------------------------------------------------------------------------------------|

| 9.2 | Without      prejudice to Clause 9.1 above, this Agreement may be      terminated: |
|-----|------------------------------------------------------------------------------------|

|   | 9.2.1 | at      any time prior to the First Closing Date by the Seller if there has been a      material breach of any covenant, representation or warranty or other      obligation of CME ME hereunder or under any other Transaction Document and      such breach shall not have been cured with ten (10) Business Days of CME      ME becoming aware of such breach or after receipt of notice from the      Seller specifying the breach and requesting that such breach be remedied;      and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2.2 | at      any time prior to the First Closing Date by CME ME, if there has been a      material breach of any covenant, representation or warranty or other      obligation of the Seller hereunder or under any other Transaction Document      and such breach shall not have been cured with ten (10) business days of      the Seller becoming of such breach or after receipt of notice from CME ME      specifying the breach and requesting that such breach be      remedied. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | This      Agreement shall terminate automatically on the Longstop Date if any      condition specified in Clause 3 shall not have been satisfied or waived in      writing on or prior to such date as a resultof: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3.1 | any      action or failure to act on the part of CME ME (other than any such action      or failure to act that is due to the gross negligence or wilful misconduct      of the Seller); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3.2 | any      action or failure to act on the part of the Seller (other than any such      action or failure to act that is due to the gross negligence or wilful      misconduct of CME ME). |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | Clauses      6, 9, 10, 11, 23 and 24 shall survive termination of this      Agreement. |
|-----|----------------------------------------------------------------------------------------|

| 10. | Indemnity |
|-----|-----------|

| 10.1 | Subject      to the limitations set out in Clause 11, the Seller shall indemnify and      keep indemnified CME ME and its Affiliates and subsidiaries, and their      respective representatives, officers, directors, shareholders and      controlling persons (the "Purchaser Protected      Parties") from and against all costs, claims, demands, damages,      expenses, penalties, fines, liabilities, losses and diminution in value      (including the fees and expenses of investigation and counsel), whether or      not involving a Third Party Claim, (collectively, "Losses") whatsoever      arising out of or in connectionwith: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.1.1 | any      false, incorrect or misleading Warranty made by the Seller or any of its      Affiliates; |
|--|--------|----------------------------------------------------------------------------------------------------|

----

|  | 10.1.2 | any      breach or non-fulfilment of any covenant or undertaking in any Transaction      Documents by the Seller or any of its  Affiliates; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.1.3 | any      and all liability whatsoever, however imposed, whether paid by CME ME or      the TV2 Group Business, in respect of any fraudulent or criminal act or      omission by the Seller or any of its Affiliates or any officer, director,      representative, employee or agent thereof in respect of the ownership and      operation of the TV2 GroupBusiness; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.1.4 | any      and all actions, suits, proceedings, claims, demands, assessments,      judgments incidental to the foregoing or the enforcement of such      indemnification; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.1.5 | any      items subject to indemnifications as identified in Clauses      10.2. |
|--|--------|--------------------------------------------------------------------------------|

| 10.2 | Subject      to the limitations provided in Clause 11, in addition to the foregoing      provisions of Clause 10.1, without limiting the generality of such      provisions, the Seller agrees to indemnify and hold harmless the Purchaser      Protected Parties against any Losses in respect  of: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.1 | any      and all liability whatsoever, however imposed (including any claim      asserted or deficiency assessed against or collected from or paid by CME      ME or the TV2 Group Business), in respect of any Taxes (including any      penalties, interest and fines thereon, whether accrued before, on or after      the First Closing Date in respect of the TV2 Business or on or before the      Second Closing Date in respect of the LGC Business) of the TV2 Group      Business for any and all periods up to and including the period ending on      the First Closing Date in respect of the TV2 Business or on or before the      Second Closing Date in respect of the LGC Business (including in      connection with any Tax return filed after the First Closing Date in      respect of the TV2 Business for any period prior to the First Closing Date      or on or before the Second Closing Date in respect of the LGC Business for      any period prior to the Second ClosingDate); |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.2 | any      Claims by or on behalf of any owner or former owner of shares in the      capital of Ring TV in respect of the ownership of the shares of Ring TV      acquired hereunder; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.3 | any      court action or proceeding, arbitration, litigation, investigation or suit      (whether civil, criminal or administrative) commenced, pending or      threatened by any third party including any governmental authority on or      before the First Closing Date in respect of the TV2 Business or on or      before the Second Closing Date in respect of the LGC Business;      and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.4 | any      revocation, cancellation, restriction or impairment to the TV2 Group      Licenses. |
|--|--------|----------------------------------------------------------------------------------------------|

| 10.3 | CME      ME shall indemnify and keep indemnified the Seller and its Affiliates and      subsidiaries and their respective representatives, officers, directors,      shareholders and controlling persons (the "Seller Protected      Parties") from and against all Losses whatsoever arising out of or      in connection with (i) any false, incorrect or misleading representation      or warranty by CME ME provided herein, (ii) the non-fulfilment of any      agreement, covenant or obligation by CME ME provided herein and (iii) any      and all actions, suits, proceedings, claims, demands, assessments,      judgments incidental to the foregoing or the enforcement of such      indemnification. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.4 | Any      Claim under Clause 10.1, 10.2 or 10.3 shall be asserted by written notice      from the Protected Party asserting such Claim (the "Indemnified Party") to      the Party from whom indemnification is sought (the "Indemnifying      Party"). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | The      notice referred to in Clause 10.4 shall include information regarding the      nature and basis for the Indemnity Claim and an estimate of the amount of      Losses demanded (detailing, to the extent practicable, the Indemnified      Party's calculation of the Losses thereby alleged to have been suffered by      it). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | If: |
|------|-----|

|  | 10.6.1 | the      Indemnity Claim relates to any Third Party Claim, the Indemnified Party      shall state in the notice to the Indemnifying Party the nature and basis      of the Third Party Claim and the amount thereof, to the extent known, and      the Indemnifying Party shall be entitled at its expense to assume the      defence of the Third Party Claim in place of the Indemnified Party using      legal advisers approved by the Indemnified Party (such approval not to be      unreasonably withheld or delayed); provided      however that if the amount of the Indemnity Claim exceeds the amount of      the indemnity available pursuant to Clause 11, the Indemnified Party can      elect to retain the defence of the Third Party Claim.  Upon      assumption of the defence by the Indemnifying Party, the Indemnified Party      shall provide the Indemnifying Party and its advisers with such      information and assistance as the Indemnifying Party shall reasonably      request at the cost of the IndemnifyingParty. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.6.2 | the      Indemnifying Party elects not to assume the defence of the Third Party      Claim, the Indemnified Party shall (subject to being indemnified to its      reasonable satisfaction by the Indemnifying Party of the costs and      expenses of doing so) take such action as the Indemnifying Party shall      reasonably request in defending such Third Party  Claim. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | The      obligations of an Indemnifying Party under this Clause 10 shall not extend      to any liability arising from the settlement or compromise of any action      or claims brought against the Indemnified Party, or the admission by the      Indemnified Party of any claim or the taking by the Indemnified Party of      any action (unless required by law or applicable process), which might      reasonably be expected to prejudice the successful defence of the action      or claim without, in any such case, the prior written consent of the      Indemnifying Party. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | Any      payments made by the Seller as the Indemnifying Party in respect of any      Claims under Clause 10.1, 10.2 or 10.3 shall be satisfied by the reduction      of a sum equal to the value of such Claim from the Retention Amount first,      provided, that the amount of any Claim (or part thereof) not satisfied by      such reduction shall remain the liability of Seller to CME    ME. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Limitations      on Liability |
|-----|-------------------------------|

| 11.1 | The      aggregate liability of the Seller to CME ME for any Losses arising from or      related to any false, incorrect or misleading Warranty or any breach of a      term of this Agreement and for indemnification relating to such matters      shall be an amount in U.S. Dollars equal to the Purchase      Price. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | The      aggregate liability of CME ME to the Seller for any Losses caused by a      breach of a term of this Agreement by CME ME shall be limited to an      aggregate amount equal to US$ 25,000,000 provided however that nothing in      this Clause shall affect the obligation of CME ME to pay the Purchase      Price if such amount is otherwise due pursuant to this      Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Default      Interest |
|-----|-----------------------|

| 12.1 | If      a Party fails to pay any amount payable by it under this Agreement on its      due date, interest shall accrue on the overdue amount from the due date up      to the date of actual payment at a rate of 5% per annum during the period      of non-payment. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Notices |
|-----|---------|

| 13.1 | 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: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.1.1 | on      receipt, when delivered personally; |
|--|--------|---------------------------------------------|

|  | 13.1.2 | on      the next following Business Day following being transmitted by facsimile      with suitable proof of transmission;or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | 13.1.3 | three      Business Days following being sent by an international courier      service. |
|--|--------|-----------------------------------------------------------------------------------------|

| 13.2 | For      the purposes of this Clause, the authorized address and facsimile details      of the Parties shall be as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------------|

----

| 13.3 | 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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | Entire      Agreement |
|-----|-----------------------|

| 14.1 | 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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.2 | 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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Nothing      in this Clause 14 operates to limit or exclude any liability for      fraud. |
|------|-------------------------------------------------------------------------------------------|

| 15. | Third      Party Rights |
|-----|-------------------------|

| 15.1 | Subject      to Clause 10, no person who is not a party to this Agreement shall have      any rights under the Contracts (Rights of Third Parties) Act 1999 to      enforce a term of this Agreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | The      Purchaser Protected Parties and the Seller Protected Parties shall have      the right under the Contracts (Rights of Third Parties) Act 1999 to      enforce Clause 10 and any other relevant Clause necessary for the      enforcement of the indemnities therein.  Notwithstanding this      Clause 15.2, this Agreement may be amended or modified without the consent      of any person who is not a Party to this Agreement, including the      Purchaser Protected Parties and the Seller Protected    Parties. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | Amendments |
|-----|------------|

| 16.1 | This      Agreement may be amended or modified only if in writing (including a      written document evidenced by a facsimile transmission) and signed by each      of the Parties. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | 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. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | None      of the terms of this Agreement may be waived except by an instrument in      writing duly executed by the waivingParty. |
|------|-----------------------------------------------------------------------------------------------------------------------------------|

| 17. | Costs      and Expenses |
|-----|-------------------------|

| 18. | Assignment |
|-----|------------|

----

| 19. | Confidentiality |
|-----|-----------------|

| 19.1 | Neither      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 the other Party, and shall use its reasonable      endeavours to prevent its employees from so  acting. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | Notwithstanding      the provisions of Clause 19.1, 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. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | The      restrictions contained in this Clause 19 shall continue to apply for a      period of three years following the expiration or termination of this      Agreement. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | Severability |
|-----|--------------|

| 21. | Further      Assurance |
|-----|------------------------|

----

| 22. | Counterparts |
|-----|--------------|

| 23. | Governing      Law and Jurisdiction |
|-----|-------------------------------------|

| 24. | Dispute      Resolution |
|-----|-------------------------|

| 24.1 | 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 24, except to the extent modified by this Clause      24.1.  The tribunal shall consist of three arbitrators. Each of      the Parties shall nominate one arbitrator and the third arbitrator shall      be appointed by the two arbitrators nominated by the      Parties.  Either of the Parties shall have the right to initiate      the proceedings. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.2 | 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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.3 | 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. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.4 | Each      of the Parties agree that money damages would not be a sufficient remedy      for any breach of this Agreement by them and that in addition to all other      remedies, CME ME 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 the Seller 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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| SIGNED                                                      |   |   |              |
|-------------------------------------------------------------|--------|--------|-------------------|
| for      and on behalf of                                   |   |   |              |
| CME      MEDIA ENTERPRISES B.V.                             |   |   |              |
| 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 |
|---------------------------------------|---------------------------|-----------------------------------------|--------------------|
| Name      of Witness: Nancy van Veen  | Signature      of Witness |
| Occupation      of Witness: Secretary |                      |                                    |               |
| Address      of Witness:              |                      | Laan der      Zeven Linden 42 |               |
|                                  |                      | 2645      GS Delfgauw                   |               |
|                                  |                      | The      Netherlands                    |               |

| Signed      by                                           |   |   |                          |
|----------------------------------------------------------|--------|--------|-------------------------------|
| VLADIMIR      KRASTEV BROUSSARSKI                        |   |   | /s/      Vladimir Broussarski |
| acting      as attorney for                              |   |   |                          |
| TOP TONE MEDIA HOLDINGS      LIMITED                     |   |   |                          |
| under      a power of attorney dated 10th      July 2008 |   |   |                          |
| in      the presence of:                                 |   |   |                          |

|                                                 |                      |                           | /s/ Milena Ivanova |
|------------------------------------------------------|---------------------------|--------------------------------|--------------------|
| Name      of Witness: Milena Tsvetanova Ivanova | Signature      of Witness |
| Occupation      of Witness: Attorney at Law          |                      |
| Address of      Witness:                             |                      | 5th      floor, Office 510     |               |
|                                                 |                      | 20      Frederic Joliot Qurrie |               |
|                                                 |                      | 1113      Sofia, Izgrev        |               |
|                                                 |                      | Bulgaria                       |               |

----

| ROSSITSA      PENCHEVA FILIPOVA                          |   |   | /s/ Rossitsa Filipova |
|----------------------------------------------------------|--------|--------|-----------------------|
| acting      as attorney for                              |   |   |                  |
| TOP TONE MEDIA HOLDINGS      LIMITED                     |   |   |                  |
| under      a power of attorney dated 10th      July 2008 |   |   |                  |
| in      the presence of:                                 |   |   |                  |

|                                                 |                      |                           | /s/ Milena Ivanova |
|------------------------------------------------------|---------------------------|--------------------------------|--------------------|
| Name      of Witness: Milena Tsvetanova Ivanova | Signature      of Witness |
| Occupation      of Witness: Attorney at Law          |                      |
| Address of      Witness:                             |                      | 5th      floor, Office 510     |               |
|                                                 |                      | 20      Frederic Joliot Qurrie |               |
|                                                 |                      | 1113      Sofia, Izgrev        |               |
|                                                 |                      | Bulgaria                       |               |

----

| 1.     |   | Registered      number            | :      |   | B      124257                            |
|--------|--------|-----------------------------------|--------|--------|------------------------------------------|
|   |   |                              |   |   |                                     |
| 2.     |   | Date      of incorporation        | :      |   | 15      February 2007                    |
|   |   |                              |   |   |                                     |
| 3.     |   | Place      of incorporation       | :      |   | Luxembourg                               |
|   |   |                              |   |   |                                     |
| 4.     |   | Address      of registered office | :      |   | 19      Rue Aldringen, Luxembourg L-1118 |
|   |   |                              |   |   |                                     |
| 5.     |   | Class      of company             | :      |   | Public      Limited Liability Company    |
|   |   |                              |   |   |                                     |
|   |   |                              |   |   | (société      anonyme)         |
|   |   |                              |   |   |                                     |
| 6.     |   | Share      capital                | :      |   | EUR      31,000                          |
|   |   |                              |   |   |                                     |
| 7.     |   | Members:                          |   |   |                                     |

| Full name                            | Registered address                                                                                                 | Number of shares held |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------|-----------------------|
|                                 |                                                                                                               |                  |
| Top      Tone Media Holdings Limited | 3rd      Floor, Omar Hodge Building, Wickhams Cay I, P.O. Box 362, Road Town,      Tortola, British Virgin Islands | 2791                  |
|                                 |                                                                                                               |                  |
| Equip      Limited                   | Trident      Chambers, P.O. Box 146, Road Town, British Virgin Islands                                             | 309                   |

| 8. |   | Directors      and Auditor: |
|----|--------|-----------------------------|

| Full name                       | Position | Usual residentialaddress                        |
|---------------------------------|----------|-------------------------------------------------|
|                            |     |                                            |
| Richard      Turner             | Director | 28,      Rue du Couvert, L-1363 Howald          |
|                            |     |                                            |
| Francis      Nicholas Hoogewerf | Director | 19,      Rue Aldringen, Luxembourg L-1118       |
|                            |     |                                            |
| Michael      Chamier            | Director | 1      Rue de Limpach, L-4980 Reckange-sur-Mess |
|                            |     |                                            |
| Henri      van Herberghen       | Auditor  | 78,      Rue A. Asselbergs, B-1180Bruxelles     |

----

| 9.     |   | Accounting      reference date             | :      |   | 31      December |
|--------|--------|--------------------------------------------|--------|--------|------------------|
|   |   |                                       |   |   |             |
| 10.    |   | Powers      of Attorney Currently in Force | :      |   | N/A              |

| 1.     |   | Registered      number            | :      |   | B      139431                             |
|--------|--------|-----------------------------------|--------|--------|-------------------------------------------|
|   |   |                              |   |   |                                      |
| 2.     |   | Date      of incorporation        | :      |   | 26      May 2008                          |
|   |   |                              |   |   |                                      |
| 3.     |   | Place      of incorporation       | :      |   | Luxembourg                                |
|   |   |                              |   |   |                                      |
| 4.     |   | Address      of registered office | :      |   | L-1118,      rue Aldringen 19, Luxembourg |
|   |   |                              |   |   |                                      |
| 5.     |   | Class      of company             | :      |   | Public      Limited Liability Company     |
|   |   |                              |   |   |                                      |
|   |   |                              |   |   | (société      anonyme)          |
|   |   |                              |   |   |                                      |
| 6.     |   | Share      capital                | :      |   | EUR      31,000                           |
|   |   |                              |   |   |                                      |
| 7.     |   | Members:                          |   |   |                                      |

| Full name                            | Registered address                                                                                                 | Number of shares held |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------|-----------------------|
|                                 |                                                                                                               |                  |
| Francis      Nicholas Hoogewerf      | 19      Rue Aldringen, Luxembourg L-1118                                                                           | 1                     |
|                                 |                                                                                                               |                  |
| Top      Tone Media Holdings Limited | 3rd      Floor, Omar Hodge Building, Wickhams Cay I, P.O. Box 362, Road Town,      Tortola, British Virgin Islands | 99                    |

| 8. |   | Directors      and Auditor: |
|----|--------|-----------------------------|

| Full name                       | Position | Usual residentialaddress                        |
|---------------------------------|----------|-------------------------------------------------|
|                            |     |                                            |
| Richard      Turner             | Director | 28,      Rue du Couvert, L-1363 Howald          |
|                            |     |                                            |
| Francis      Nicholas Hoogewerf | Director | 19,      Rue Aldringen, Luxembourg L-1118       |
|                            |     |                                            |
| Michael      Chamier            | Director | 1      Rue de Limpach, L-4980 Reckange-sur-Mess |
|                            |     |                                            |
| Henri      van Herberghen       | Auditor  | 78,      Rue A. Asselbergs, B-1180Bruxelles     |

----

| 9.     |   | Accounting      reference date              | :      |   | 31      December                                                                                                                                                           |
|--------|--------|---------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                        |   |   |                                                                                                                                                                       |
| 10.    |   | Powers      of Attorney Currently in Force: |   |   | a      power of attorney dated July 14th,      2008  issued to Milena Ivanova in relation to the acquisition of      LGC to be filed with the CommercialRegistry |

----

----

| 1  | Draft      First Adjustment Statement |
|---------|---------------------------------------|

| 2  | Draft      Second Adjustment Statement |
|---------|----------------------------------------|

| 3  | Review |
|---------|--------|

| 4  | No      notification of recalculations |
|---------|----------------------------------------|

| 5  | Negotiation      of recalculations |
|---------|------------------------------------|

| 6  | Fee      and expenses |
|---------|-----------------------|

----

| 1  | Basis      of Computation |
|---------|---------------------------|

|   | (a) | only      take account of information available to the Parties at the relevant      Closing Date and not take account of any event happening after the      relevant Closing Date (except in relation to information known to the      Parties about that event at the relevant Closing Date);  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | be      prepared as if TV2 and its subsidiaries or LGC and its subsidiaries had,      in either such case, remained under the ownership of the      Seller. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2  | Accounting      Policies |
|---------|--------------------------|

|   | 2.1 | Indebtedness      shall mean (i) any obligation (whether incurred as principal or surety)      for the payment or the repayment of money, whether present or future,      actual or contingent, (including any bank overdraft balances, notes, loan      stock, debentures, bonds, capital leases, guarantees, credit lines,      letters of credit, bankers' acceptances, outstanding amounts raised by      acceptances under an acceptance credit or bills facility opened by a bank      or acceptance house, commercial paper or other debt instruments, any      overdraft, interest or accrued discount on the foregoing items and also      any interim dividend or distribution which has been declared but not paid      by the relevant person and other instruments evidencing indebtedness) of      the relevant member of the TV2 Group Business, (ii) any amount payable by      the relevant member of the TV2 Group Business in respect of the transfer      of any asset set forth in Schedule 8, and (iii) any financing lease (and      shall, for the avoidance of doubt, include any item identified as      "Indebtedness" in Schedule 12), but excluding other ordinary trade credit      and acceptances of trade bills in respect of purchases in the ordinary      course of trading; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2 | the      relevant Working Capital Amount shall be determined in accordance with the      categories identified in respect thereof in Schedule  12. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1  | Adjustment      to the closing payment |
|---------|----------------------------------------|

| 2  | The      Adjustment Amount |
|---------|----------------------------|

|  | "A" | is      equal to US$ 148,000,000 minus the TV2 Closing Working Capital Deficit      Amount (which shall be expressed as a positive number in the event that      the TV2 Closing Working Capital Amount is less than the Target TV2 Working      Capital Amount) minus the TV2 Closing Indebtedness minus the Retention      Amount; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "B" | is      equal to US$ 148,000,000 minus the Estimated TV2 Working Capital Deficit      Amount (which shall be expressed as a positive number in the event that      the Estimated TV2 Working Capital Amount is less than the Target TV2      Working Capital Amount) minus the Estimated TV2 Indebtedness minus the      Retention Amount; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | and,      in the case of the Second ClosingPayment: |
|--------|-----------------------------------------------------|

|  | "A" | is      equal to US$ 24,000,000 minus the LGC Closing Working Capital Deficit      Amount (which shall be expressed as a positive number in the event      that  the LGC Closing Working Capital Amount is less than the      Target LGC Working Capital Amount) minus the LGC Closing      Indebtedness. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | "B" | is      equal to US$ 24,000,000 minus the Estimated LGC Working Capital Deficit      Amount (which shall be expressed as a positive number in the event that      the Estimated LGC Working Capital Amount is less than the Target LGC      Working Capital Amount) minus the Estimated LGC Indebtedness;      and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3  | Settlement |
|---------|------------|

|   | On      the relevant Adjustment PaymentDate: |
|--------|----------------------------------------------|

|   | (a) | if      the relevant Adjustment Amount is a positive amount, an amount equal to      the absolute value of the relevant Adjustment Amount shall be paid by CME      ME to the Seller; but |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      the relevant Adjustment Amount is a negative amount, an amount equal to      the absolute value of the relevant Adjustment Amount shall be paid by the      Seller to CME ME provided, that if such amount is less than US$ 100,000,      such amount shall be deducted from the Retention Amount payable by CME ME      pursuant to Clause 7.1. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| To: | CME      Media Enterprises B.V. |
|-----|---------------------------------|

| Cc: | Central      Europe Media Enterprises |
|-----|---------------------------------------|

| Date:  | [To be dated the First Closing      Date/the Second Closing Date, as  applicable] |
|-------------|-----------------------------------------------------------------------------------|

|   | (i) | each      of the conditions set out in Clause 3.1/3.2 of the MSPA to be satisfied by      us or our Affiliates have been duly satisfied in accordance with the terms      of the MSPA; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | we      and our Affiliates have performed and complied in all respects with all      covenants and provisions required by the MSPA and the other Transaction      Documents to be performed or complied with by us or our Affiliates on or      prior to the date hereof; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Warranties given by us in Clauses 6.1, 6.2 and 6.3/6.4 of the MSPA are      true, accurate and not misleading in all respects as of the Execution Date      and the date hereof. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | _____________________   |   |
|--------|-------------------------|--------|
|   | Name:                   |   |
|   | Position:      Director |   |

| To: | Top      Tone Media Holdings Limited |
|-----|--------------------------------------|

| Cc: | Mrs.      Rossitsa Filipova |
|-----|-----------------------------|

| Date: | [To be dated the First Closing      Date/the Second Closing Date, as  applicable] |
|-------|-----------------------------------------------------------------------------------|

----

|   | (i) | each      of the conditions set out in Clause 3.1/3.2 of the MSPA to be satisfied by      us or our Affiliates have been duly satisfied in accordance with the terms      of the MSPA; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | we      and our Affiliates have performed and complied in all respects with all      covenants and provisions required by the MSPA and the other Transaction      Documents to be performed or complied with by us or our Affiliates on or      prior to the date hereof; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Warranties given by us in Clause 6.1 of the MSPA are true, accurate and      not misleading in all respects as of the Execution Date and the date      hereof. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | _____________________   |   |
|--------|-------------------------|--------|
|   | Name:                   |   |
|   | Position:      Director |   |

----

----

| 1. | Assets transferred by      Technosteel to Top Tone BG |
|----|-------------------------------------------------------|

|   | (1) | Items      listed in the invoice (No. 0000000009/04.07.2008) and the acceptance –      delivery protocol dated 04.07.2008 |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

| 2. | Contracts assigned by      Technosteel to Top Tone BG |
|----|-------------------------------------------------------|

|   | (1) | Trilateral      agreement between Technosteel, Top Tone BG  and BTC, under which      Top Tone BG  substitutes in the rights and obligations      of  Technosteel, in agreement No 16297 dated 02.03.2006 for      installation and exploration oftransmitters |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Trilateral      agreement between Technosteel, Top Tone BM and BTC, under which Top Tone      BG substitutes in the rights and obligations of  Technosteel, in      agreement No 16296 dated 02.03.2006; for broadcasting of TV      program |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Annex      for termination of agreement between Technosteel and Krakra AD dated      01.04. 2006, Pernik; New agreement between Top Tone BG and Krakra AD,      related to usage of gantry carrier and installation of technical equipment      and room in total area of 1 sq.m. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Trilateral      agreement between Technosteel, Top Tone BG and Balabanovi I sie - Ramba -      Kustendil, under which Top Tone BG substitutes in the rights and      obligations of  Technosteel in agreement dated      15.03.2006 |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Annex      for termination of agreement between Technosteel and Mont 7 Holding OOD      dated 23.03. 2006, Montana; New Rent agreement between Top Tone BG and      Mont 7 Holding OOD, Montana |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Trilateral      agreement between Technosteel, Top Tone BG and Alpha Radio, under which      Top Tone BG substitutes in the rights and obligations      of  Technosteel, under agreement dated    15.03.2006; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Rent      agreement between Top Tone BG and Vital – I EOOD, Blagoegradd, dated 1      June 2008 |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (8) | Annex      for termination of agreement between Technosteel and sole trader      Chervenkondev - dated 25.02.2008, Sliven; New Rent agreement between Top      Tone BG and sole trader Chervenkondev,Sliven |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (9) | Agreement      for termination of agreement between Technosteel  and B-K      Svetkavica – Turgoviste |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

----

|   | (10) | Agreement      for termination of agreement for rent between Technosteel  and      TO of NTC  - Sliven |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (11) | Agreement      for termination of agreement for rent between Technosteel and      N.Simov |
|--------|------|-------------------------------------------------------------------------------------------|

|   | (12) | Trilateral      agreement with Shoumen univercity, under which Top Tone BG substitutes in      the rights and obligations of  Technosteel” , by rent agreement      dated 15.03.2006 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (13) | Agreement      between Top Tone BG and TV2 of 29 May 2008, with attachments: (1)      Attachment 1 – Numbers of decision of Commission of regulations of      commutations; (2) Individual license for television activity with national      range of TV 2, No 321-00002/17.02.2000 and Amendment No      321-00002-01/15.06.2000;3. Anex for termination of agreement between      Technosteel and TV2  dated29.05.2008 |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (14) | Agreement      for termination of agreement for rent between Technosteel and Pazardjik      municipality dated 2 August 2006 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (15) | Trilateral      agreement with Vidin municipality under which Top Tone BG substitutes in      the rights and obligations of Technosteel, under rent agreement dated 28      March 2006 |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (16) | Trilateral      agreement with Kustendil drama theatre under which Top Tone BG substitutes      in the rights and obligations of Technosteel, under rent agreement dated      15 March 2006 |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Assets transferred by Torn M to      TV2 |
|----|------------------------------------------|

|   | (1) | Items      listed in the invoice (No. 0000000014/01.07.2008) issued by Torn M to TV2      and the acceptance - delivery protocol of assets from 01.07.2008, from      Torn M to TV2 |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Contracts assigned by Torn M to      TV2 |
|----|------------------------------------------|

|   | (1) | Novation      Contract No.  200712332 / 09.07.208 between BM Leasing AD, TV2      and Torn M whereby TV2 replaces Torn M as a lessee under the Leasing of      Assets Agreement entered into by BM Leasing and Torn M on 27 December      2007 |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Assets transferred by Max      Channel to LGC |
|----|-----------------------------------------------|

|   | (1) | Items      listed in the invoice (No. 1000000001 /01.07.2008), issued by Max Channel      to LG Consult and the acceptance - delivery protocol of assets from      01.07.2008, from Max Channel to LGConsult |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Contracts assigned by Max      Channel to LGC |
|----|-----------------------------------------------|

|   | (1) | Contract      for transferring the permissions from Max Channel to LG Consult /      15.05.2008 |
|--------|-----|-------------------------------------------------------------------------------------------------|

----

|   | (2) | Substitute      agreement No.2 to Contract No.19947 / 01.04.2007 between Max Channel and      BTC. LG Consult replaces Max Channel in the contract for broadcasting      since 03.07.2008 – Contract for program  transmission |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Annex      of 3 July 2008 for termination of Agreement of 14 August 2007 between Max      Channel and Balkan Balgarska TeleviziaAD |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Agreement      of 3 July 2008 between LGC and Balkan Balgarska Televizia    AD |
|--------|-----|--------------------------------------------------------------------------------|

|   | (5) | Annex      of 1 June 2008 for termination of Lease Agreement of 1 December 2007      between Max Channel and Vital-IEOOD |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Lease      Agreement of 1 June 2008 between LGC and Vital-I  EOOD |
|--------|-----|-------------------------------------------------------------------|

| 7. | Assets transferred by      Inter-mashineks to LGC |
|----|---------------------------------------------------|

|   | (1) | Items      listed in an enclosure to Annex from 17.04.2007 to the Preliminary      Contract for sell – purchase of broadcasting and program licenses from      11.04.2007, between Inter-Mashineks and LGC Ltd, and related invoice (No.      21/12.04.2007), issued by Inter-Mashineks to LG Consult and related      invoice (No. 27/14.05.2007), issued by Inter-Mashineks to    LGC |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Contracts assigned by      Inter-mashineks to LGC |
|----|---------------------------------------------------|

|   | (1) | Rent      Contract from 02.01.08 between UKV Praktika Ltd. and LGC for positioning      the radio transmitter for Sofia |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Rent      Contract from 15.05.2008 between  LGC and owners of the      building, situated in Bojour street, building 4, entrance B  -      Pernik for positioning the radio transmitter for  Pernik |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Programme license No      321-00002 / 17.02.2000 for television activity - valid until:      17.02.2010 |
|----|--------------------------------------------------------------------------------------------------------------|

| 2. | Programme      License No 441-00272/ 11 January 2001 for radio  activity |
|----|--------------------------------------------------------------------------|

| 3. | Permission      No 00247-01/12.06.2008 - Sofia |
|----|-----------------------------------------------------|

| 4. | Permission      No 00246-01/12.06.2008 - Pernik |
|----|------------------------------------------------------|

| 5. | Permission No      00282-01/03.07.2008 - Sofia |
|----|-----------------------------------------------------|

| 6. | Permission      No 00283-01/03.07.2008 - Blagoevgrad |
|----|-----------------------------------------------------------|

| 7. | Permission      No 00713-01 / 17.07.2008 |
|----|-----------------------------------------------|

| 8. | Permission      No 00284-01/ 29.05.2008 - Burgas |
|----|-------------------------------------------------------|

| 9. | Permission      No 00285-01/29.05.2008 - Varna |
|----|-----------------------------------------------------|

| 10. | Permission No      00286-01/29.05.2008 - VelikoTarnovo |
|-----|-------------------------------------------------------------|

| 11. | Permission      No 00287-01 / 29.05.2008 -Gabrovo |
|-----|--------------------------------------------------------|

| 12. | Permission      No 00288-01 / 29.05.2008 - Dobrich |
|-----|---------------------------------------------------------|

| 13. | Permission      No 00289-01 / 29.05.2008 - Lovech |
|-----|--------------------------------------------------------|

| 14. | Permission      No 00290-01/ 29.05.2008 - Pleven |
|-----|-------------------------------------------------------|

| 15. | Permission      No 00291-01/ 29.05.2008 -      Plovdiv |
|-----|-------------------------------------------------------------|

| 16. | Permission      No 00292-01/ 29.05.2008 - Razgrad |
|-----|--------------------------------------------------------|

| 17. | Permission      No 00293-01 / 29.05.2008 - Ruse |
|-----|------------------------------------------------------|

| 18. | Permission      No 00294-01 / 29.05.2008- Silistra |
|-----|---------------------------------------------------------|

| 19. | Permission      No 00295-01 / 29.05.2008 - Sliven |
|-----|--------------------------------------------------------|

| 20. | Permission      No 00296-01/29.05.2008 - StaraZagora |
|-----|-----------------------------------------------------------|

| 21. | Permission      No 00297-02 / 29.05.2008 -Targovishte |
|-----|------------------------------------------------------------|

| 22. | Permission      No 00298-01 / 29/05.2008 - Haskovo |
|-----|---------------------------------------------------------|

| 23. | Permission      No 00299-01 / 29.05.2008 - Shumen |
|-----|--------------------------------------------------------|

| 24. | Permission      No 00300-01 / 29.05.2008 -Blagoevgrad |
|-----|------------------------------------------------------------|

| 25. | Permission      No 00301-01/ 29.05.2008 - Kardjali |
|-----|---------------------------------------------------------|

| 26. | Permission No      00302-01 / 29.05.2008 - Montana |
|-----|---------------------------------------------------------|

----

| 27. | Permission      No 00303-01 / 29.05.2008 - Sofia |
|-----|-------------------------------------------------------|

| 28. | Permission      No 00304-01 / 29.05.2008 - Vidin |
|-----|-------------------------------------------------------|

| 29. | Permission      No 00305-01 / 29.05.2008 - Vratza |
|-----|--------------------------------------------------------|

| 30. | Permission      No 00306-01 / 29.05.2008 -Kiustendil |
|-----|-----------------------------------------------------------|

| 31. | Permission No      00307-01 / 29.05.2008 -Pazardjik |
|-----|----------------------------------------------------------|

| 32. | Permission      No 00308-01 / 29.05.2008 - Pernik |
|-----|--------------------------------------------------------|

| 33. | Permission      No 00309- 01 / 29.05.2008 - Smolian |
|-----|----------------------------------------------------------|

| 34. | Permission      No 00310-01 / 29.05.2008 – Tervel |
|-----|--------------------------------------------------------------|

| 35. | Permission      No 00519-01 / 17.06.2008 |
|-----|-----------------------------------------------|

| 36. | Registration      as an operator entitled to carry out television activity through cable and      satellite (previously individual license No 324-00325 /      01.02.2001) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| A.  | Related      Party Agreements to which TV2 is aparty |
|----------|------------------------------------------------------|

| Parties                                     |   | Dated                  |   | Agreement Subject                                                                                                   |
|---------------------------------------------|--------|------------------------|--------|---------------------------------------------------------------------------------------------------------------------|
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Golf Club EOOD            |   | May      1, 2008       |   | Rental      agreement (providing for rental of office premises)                                                     |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Fresh Production          |   | March      4, 2008     |   | Production      agreement (production of “In the Saloon” from      March 7, 2008 to September 1, 2008)  |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Mobil Rent                |   | March      1, 2008     |   | Lease      agreement (for operating lease for cars)                                                                 |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Mobil Rent                |   | December      1, 2007  |   | Lease      agreement and 2 annexes (for operating leases for cars)                                                  |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Max Channel AD            |   | November      25, 2007 |   | License      agreement (granting program rights for “The Holywood Reporter”      for one year)          |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and MSKey Group OOD           |   | November      11, 2007 |   | MSKey      develops the web site of TV 2; BGN 36,000 (VATincluded)                                                  |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Attica Media Bulgaria OOD |   | December      21, 2007 |   | Advertising      in TV 2 programs for BGN 50,000; duration 21.12.07 –    31.12.08                             |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and BMG                       |   | December      3, 1007  |   | Barter      Advertising agreement for advertising for BGN 104,008 (VAT excluded) from      03.12.2007 to 31.12.2008 |
|                                        |   |                   |   |                                                                                                                |
| TV2      EOOD and Radio Company CJ          |   | January      9, 2008   |   | Barter      Advertising agreement for advertising for BGN 50,000 (VAT excluded) from      09.01.2008 to31.12.2008   |

----

| B.  | Related      Party Agreements to which LGC is aparty |
|----------|------------------------------------------------------|

| Parties                                |   | Dated                 |   | Agreement Subject                                                                                     |
|----------------------------------------|--------|-----------------------|--------|-------------------------------------------------------------------------------------------------------|
|                                   |   |                  |   |                                                                                                  |
| LGC      Consult EOOD and Radio C.J.   |   | June      13, 2008    |   | Broadcasting      agreement (broadcasting of radio program)                                           |
|                                   |   |                  |   |                                                                                                  |
| LGC      Consult EOOD and Radio C.J.   |   | January      20, 2008 |   | Consulting      agreement (provision of consulting services)                                          |
|                                   |   |                  |   |                                                                                                  |
| LGC      Consult EOOD and K Consulting |   | March      30, 2007   |   | Loan      agreement and annex (grant of loan of BGN 1,000,000, later increased to      BGN 2,000,000) |
|                                   |   |                  |   |                                                                                                  |
| LGC      Consult EOOD and Lend Company |   | January      10, 2007 |   | Loan      agreement (grant of loan of EUR1,420,000)                                                   |

| C.  | Related      Party Agreements to which Ring TV is aparty |
|----------|----------------------------------------------------------|

| Parties                          |   | Dated             |   | Agreement Subject                       |
|----------------------------------|--------|-------------------|--------|-----------------------------------------|
|                             |   |              |   |                                    |
| Ring-SV      AD and Geo Advisors |   | 2      April 2008 |   | Lease      agreement (lease ofpremises) |

----

| A.  | Agreements      to be terminated in relation to TV2Business |
|----------|-------------------------------------------------------------|

| Parties                                                      |   | Dated                  |   | Agreement subject                                                                              |
|--------------------------------------------------------------|--------|------------------------|--------|------------------------------------------------------------------------------------------------|
|                                                         |   |                   |   |                                                                                           |
| TV2      EOOD and Advertising Factory                        |   | February      1, 2008  |   | (project      “Love is in the      Air”)                                           |
|                                                         |   |                   |   |                                                                                           |
| TV2      EOOD, Future Profile and Interactive Media Services |   | December      12, 2007 |   | Production      agreement  from December 14, 2007 to January 1,    2009              |
|                                                         |   |                   |   |                                                                                           |
| TV2      EOOD and MSKey Group                                |   | December      1, 2007  |   | Barter      contract for advertisement for BGN 50,000; duration 01.12.07 –      31.12.08 |
|                                                         |   |                   |   |                                                                                           |
| TV2      EOOD and Finlab EOOD                                |   | November      29, 2007 |   | Service      agreement (provision of accountingservices)                                       |

| B.  | Agreements      to be terminated in relation to LGCBusiness |
|----------|-------------------------------------------------------------|

| Parties                   |   | Dated            |   | Agreement subject         |
|---------------------------|--------|------------------|--------|---------------------------|
|                      |   |             |   |                      |
| LGC      and K Konsulting |   | May      1, 2007 |   | Consultancy      services |

----

|                                                               |   | TV2    |   |   | Top      Tone BG |   |
|--------------------------------------------------------------------|--------|--------|--------|--------|------------------|--------|
| WORKING      CAPITAL                                               |   | (BGN)  |   |   | (BGN)            |   |
| Current      assets                                                |   |   |   |   |             |   |   |
|                                                               |   |   |   |   |             |   |   |   |
| Cash                                                               |   |   |   |   |             |   |   |   |
| Trade      receivables                                             |   |   |   |   |             |   |   |   |
| Related      party operating receivables                           |   |   |   |   |             |   |   |   |
| VAT      recoverable before August 30, 2008                        |   |   |   |   |             |   |   |   |
| Other      operating receivables                                   |   |   |   |   |             |   |   |   |
| Total      current assets                                          |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
| Current      liabilities                                           |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
| Trade      payables and accruals                                   |   |   |   |   |             |   |   |   |
| Related      party operating payables and accruals                 |   |   |   |   |             |   |   |   |
| Payroll      payables                                              |   |   |   |   |             |   |   |   |
| Payables      to shareholders and management                       |   |   |   |   |             |   |   |   |
| Other      operating payables                                      |   |   |   |   |             |   |   |   |
| Total      current liabilities                                     |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
| Net working capital                                                |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
| Net working capital of the TV2      Business                       |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
|                                                               |   |   |   |   |             |   |   |   |
| Indebtedness                                                       |   |   |   |   |             |   |   |   |
| Loan      from related party BM Leasing (incl. interest accrued)   |   |   |   |   |             |   |   |   |
| Loan      from related party Land Company (incl. interest accrued) |   |   |   |   |             |   |   |   |
| Loan      from related party K Consulting (incl. interest accrued) |   |   |   |   |             |   |   |   |
| Other      loans                                                   |   |   |   |   |             |   |   |   |
| Lease      payables - vehicles                                     |   |   |   |   |             |   |   |   |
| Lease      payables - other                                        |   |   |   |   |             |   |   |   |
| Payables      to related parties for asset transfer – Torn M |   |   |   |   |             |   |   |   |
| Payables      to related parties for asset transfer - Technosteel  |   |   |   |   |             |   |   |   |
| Payables      for asset transfer – Inter-mashineks           |   |   |   |   |             |   |   |   |
| Lease      BM Leasing (for Torn M assets)                          |   |   |   |   |             |   |   |   |
| Total      indebtedness                                            |   |   |   |   |             |   |   |   |

----

| Fixed      assets                                         |   |   |   |   |   |   |
|-----------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Fixed      assets - tangible - land and building          |   |   |   |   |   |   |
| Fixed      assets transferred from Torn M to TV2          |   |   |   |   |   |   |
| Fixed      assets - tangible - playout and processing     |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - broadcast and distribution |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - IT hw / sw                 |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - vehicles                   |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - other                      |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - broad                      |   |   |   |   |   |   |   |   |
| Fixed      assets -intangible                             |   |   |   |   |   |   |   |   |
| Fixed      assets -investments at cost                    |   |   |   |   |   |   |   |   |
| Total      fixed assets                                   |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |
| Non-liquid      assets                                    |   |   |   |   |   |   |   |   |
| Program      rights                                       |   |   |   |   |   |   |   |   |
| Other      stock items                                    |   |   |   |   |   |   |   |   |
| Deferred      expense                                     |   |   |   |   |   |   |   |   |
| Deferred      interest expense                            |   |   |   |   |   |   |   |   |
| Deferred      revenue                                     |   |   |   |   |   |   |   |   |
| VAT      recoverable after August 30, 2008                |   |   |   |   |   |   |   |   |
| Advances      to suppliers/from customers (net)           |   |   |   |   |   |   |   |   |
| Net      barter position                                  |   |   |   |   |   |   |   |   |
| Total      non-liquid assets                              |   |   |   |   |   |   |   |   |

|                                               |   | LGC    |   |   | Ring      TV |   |
|----------------------------------------------------|--------|--------|--------|--------|--------------|--------|
| WORKING      CAPITAL                               |   | (BGN)  |   |   | (BGN)        |   |
| Current      assets                                |   |   |   |   |         |   |
|                                               |   |   |   |   |         |   |
| Cash                                               |   |   |   |   |         |   |   |   |
| Trade      receivables                             |   |   |   |   |         |   |   |   |
| Related      party operating receivables           |   |   |   |   |         |   |   |   |
| VAT      recoverable before August 30, 2008        |   |   |   |   |         |   |   |   |
| Other      operating receivables                   |   |   |   |   |         |   |   |   |
| Total      current assets                          |   |   |   |   |         |   |   |   |
|                                               |   |   |   |   |         |   |   |   |
| Current      liabilities                           |   |   |   |   |         |   |   |   |
|                                               |   |   |   |   |         |   |   |   |
| Trade      payables and accruals                   |   |   |   |   |         |   |   |   |
| Related      party operating payables and accruals |   |   |   |   |         |   |   |   |
| Payroll      payables                              |   |   |   |   |         |   |   |   |
| Payables      to shareholders and management       |   |   |   |   |         |   |   |   |
| Other      operating payables                      |   |   |   |   |         |   |   |   |
| Total      current liabilities                     |   |   |   |   |         |   |   |   |
|                                               |   |   |   |   |         |   |   |   |
|                                               |   |   |   |   |         |   |   |   |
| Net working capital                                |   |   |   |   |         |   |   |   |

----

| Net working capital of the LGC      Business                       |   |   |   |   |   |   |
|--------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                               |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |
| Indebtedness                                                       |   |   |   |   |   |   |
| Loan      from related party BM Leasing (incl. interest accrued)   |   |   |   |   |   |   |
| Loan      from related party Land Company (incl. interest accrued) |   |   |   |   |   |   |
| Loan      from related party K Consulting (incl. interest accrued) |   |   |   |   |   |   |
| Other      loans                                                   |   |   |   |   |   |   |   |   |
| Lease      payables - vehicles                                     |   |   |   |   |   |   |   |   |
| Lease      payables - other                                        |   |   |   |   |   |   |   |   |
| Payables      to related parties for asset transfer – Torn M |   |   |   |   |   |   |   |   |
| Payables      to related parties for asset transfer - Technosteel  |   |   |   |   |   |   |   |   |
| Payables      for asset transfer – Inter-mashineks           |   |   |   |   |   |   |   |   |
| Lease      BM Leasing (for Torn M assets)                          |   |   |   |   |   |   |   |   |
| Total      indebtedness                                            |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |
| Fixed      assets                                                  |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - land and building                   |   |   |   |   |   |   |   |   |
| Fixed      assets transferred from Torn M to TV2                   |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - playout and processing              |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - broadcast and distribution          |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - IT hw / sw                          |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - vehicles                            |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - other                               |   |   |   |   |   |   |   |   |
| Fixed      assets - tangible - broad                               |   |   |   |   |   |   |   |   |
| Fixed      assets -intangible                                      |   |   |   |   |   |   |   |   |
| Fixed      assets -investments at cost                             |   |   |   |   |   |   |   |   |
| Total      fixed assets                                            |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |
|                                                               |   |   |   |   |   |   |   |   |
| Non-liquid      assets                                             |   |   |   |   |   |   |   |   |
| Program      rights                                                |   |   |   |   |   |   |   |   |
| Other      stock items                                             |   |   |   |   |   |   |   |   |
| Deferred      expense                                              |   |   |   |   |   |   |   |   |
| Deferred      interest expense                                     |   |   |   |   |   |   |   |   |
| Deferred      revenue                                              |   |   |   |   |   |   |   |   |
| VAT      recoverable after August 30, 2008                         |   |   |   |   |   |   |   |   |
| Advances      to suppliers/from customers (net)                    |   |   |   |   |   |   |   |   |
| Net      barter position                                           |   |   |   |   |   |   |   |   |
| Total      non-liquid assets                                       |   |   |   |   |   |   |   |   |

----