Exhibit 10.60


Supplementary Agreement No 1


to Agency Agreement No С-25-400/07 dated July 11, 2007,


hereinafter referred to as the “Agency
Agreement”


Moscow                                                                
                                                                July
11, 2007


Closed Joint Stock Company
“Network of Television Stations” (OGRN 1027700151852), hereinafter referred to
as the “Principal”, represented by its General Director А.Е.
Rodnyansky, acting pursuant to the Charter on one side, and Closed Joint Stock
Company “Kompaniya TSV” (OGRN 5077746859757 ), hereinafter referred to as the “Agent”,
represented by the General Director V.L. Vshivkin, acting pursuant to the
Charter, on other side, hereinafter referred to as the “Parties”, executed this
Supplementary Agreement to the Agency Agreement as follows.  Capitalized terms used herein and not
otherwise defined herein shall have the meaning ascribed to such terms in the
Agency Agreement.


1. The Agent guarantees the payment to the Principal
at its expense of the amounts overdue for the advertising services under Client
Agreements directly by the Agent during the term of the Agency Agreement
subject to existence of each of the following conditions:


1.2. The Client has not paid in full or in part for
the advertising services. In such case the Agent guarantees solely the payment
of the principal amount of debt (i.e. the amounts due for the advertising
services and not the penalties, termination fee, etc.);


1.3. The amounts have remained outstanding for 180
(One Hundred Eighty) calendar days or longer, counting from the first day,
following the date the services acceptance statement was executed under the
respective agreement;


1.4. The total amount of indebtedness of all Clients
outstanding for longer than 180 (One Hundred Eighty) calendar days exceeds the
doubtful debt threshold set forth in section 2 of this Supplementary Agreement.


1.5. The Client has not objected against the claims
for payment of the outstanding amounts on the basis of improper performance or
non-performance of the agreement for advertising services of the Principal
and/or existence of the counterclaims against the Principal.


1.6. The systemic risk as defined in section 5
hereof has not materialized.


2. The doubtful debt threshold shall be defined
by the Parties as the amount equal to 0.05% of the Principal’s Gross Target
Sales Revenues (including VAT) for the respective calendar year of the term of
the Agency Agreement. The Principal’s Gross Target Sales Revenues are further
defined by the Parties as the Principal’s projected gross advertising revenues
based on the Principal’s forecasts for the respective calendar year.


The Parties shall determine annually not later than
March 31 of each calendar year the doubtful debt threshold expressed as an
exact amount, by executing a protocol to this Supplementary Agreement. The
above doubtful debt threshold shall be updated no later than January 20 of each
calendar year that follows and shall be equal to 0.05% of the Principal’s Actual
Gross Sales Revenues for the respective calendar year.


3. The terms and conditions for the performance
by the Agent of its obligations set forth in section 1 of this Supplementary
Agreement:


3.1. The amount of the Agent’s guarantee (hereunder “guarantee
obligation amount”) shall be determined using the formula below:


Р i  = ∑ n=i bD i  -  L


where











Р i –
guarantee obligation amount as determined for i-quarter of the respective
calendar year


bD i – amounts overdue from the Clients as at the
end of i-quarter of the respective calendar year, based on the provisions of
section 1 of this Supplementary Agreement, net of any debt settled by the
Clients and/or paid by the Agent.


L -  doubtful
debt threshold set for the respective calendar year according to the provisions
of section 2 of this Supplementary Agreement.


i –  sequential
number for the quarter of the respective calendar year (1 to 4).


The base for the calculation shall be one calendar
year and there shall be no carry over to the following year.


3.2. The Agent’s guarantee obligation amount to be
paid to the Principal shall be determined by the Parties no later than within
10 (Ten) business days after the end of the respective quarter and set forth in
the respective Statement. The Agent shall perform its obligation to pay the
guarantee obligation amount within 10 (Ten) banking days from receipt of the
respective claims from the Principal issued pursuant to the respective
Statement.


4. As soon as the Agent has paid its guarantee
obligation amount to the Principal with respect to the amounts overdue from the
Clients the Agent’s obligation to transfer the funds under the Agency Agreement
in respect of the agreement with the non-paying Client shall terminate to the
extent of the Client’s indebtness has been paid by the Agent, and the Agent
shall become the creditor of such non-paying Client in its own right rather
than to the benefit of the Principal with respect to the amount of the Client’s
indebtedness paid by the Agent to the Principal as shown by the respective
calculation.  If the Client, which
overdue payment obligation has been settled to the Principal by the Agency
(paid at its own expense) pursuant to the procedure described above, pays to
the Agent or the Principal the debt earlier paid by the Agent, the Principal
agrees that the indebtedness amount so paid by the Client shall be retained by
the Agent.


5. The Parties
define the systemic risk as the occurrence of the events that result in the
significantly decreased ability of the Clients generally to pay their accounts
payable and/or the inability of Principal to perform its obligations, such as:


·  sovereign default -  the refusal
of the Russian government to repay government debt and debt issued under  government guarantees or agreement on  significant deferral due to inability of the
Russian government to meet its repayment obligations in respect of the above
debt;


·  sovereign credit rating of the Russian Federation downgraded to D by
Standard & Poor’s (S&P);


·  foreign exchange trading in the US dollar or the Euro ceases for longer
than 90 consecutive calendar days.


6. The Parties agree that the
obligations assumed by the Agent (as set forth in sections 1 to 5 hereof) shall
constitute material conditions of the Agency Agreement and this Supplementary
Agreement and, notwithstanding any provision of this Supplementary Agreement or
the Agency Agreement to the contrary, that their unilateral modification by











the Agent
(including through court proceedings) shall entitle the Principal to terminate
the Agency Agreement without payment of any termination fee (provided by section 9.2. of the Agency Agreement).


7. The Parties agree that the Agency Fee payable to the
Agent by the Principal in accordance with the terms and conditions of the
Agency Agreement in the amount equal to 13% of the Principal’s Actual Gross
Revenues shall include the compensation for the actions/activities set forth
in  section 1 of this Supplementary
Agreement.


8. This Supplementary Agreement is made
and executed in two equally binding counterparts with one for each Party.


9. This Supplementary Agreement shall
come into effect simultaneously with the Agency Agreement and shall be an
integral part of the Agency Agreement.


Signatures of the Parties:


	
   

  	
  Agent:

  	
   

  	
   

  	
  Principal:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (V.L. Vshivkin) seal
  here

  	
   

  	
   

  	
  (А.Е. Rodnyansky) seal here