Contract #03-04/00-P

February 29, 2000

         ZAO[Izdatelstvo [Exmo - Press], hereinafter named as the Vendor, in the
person of Deputy  Commercial  Director  Alimov A. B., acting on the basis of the
Power of  Attorney  # EP-2-2  of  05.01.2000,  on one  part,  and ZAO  [Oxiris],
hereinafter named as the Purchaser,  in the person of General Director Dolgov V.
A., acting on the basis of the Charter,  on the other part,  have  concluded the
present Contract concerning the following:

1. SUBJECT OF THE CONTRACT.
         1.1. In accordance with the present contract,  the Vendor undertakes to
deliver goods  (production)  to the Purchaser,  and the Purchaser  undertakes to
accept it and pay for it.

         1.2. In accordance  with the present  contract,  the Vendor delivers to
the Purchaser  book  production of non - advertising  and non - erotic type, not
imposed by VAT in accordance  with the Federal Law [On the state support of mass
- media and book publishing in the Russian Federation] # 191-FZ, with prices and
in an  amount,  determined  by way - bills  and  invoices,  which  are  inherent
supplements of the present contract.

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         1.3.  The  Purchaser  acquires the  proprietary  right on the goods and
bears all the risks  relevant  thereto  from the moment of dispatch of the goods
from the Vendor's warehouse.

         1.4. The date of goods delivery to the Purchaser is the date of the way
- bill.

         1.5. According to parties'  agreement,  the goods may be delivered:  by
means and at the expense of the Purchaser.

2. SETTLEMENTS OF PARTIES

       2.1.   The parties  have agreed upon the  following  amount and method of
payment:

       2.1.1 The Purchaser pays to the Vendor:  the goods value is determined in
accordance  with the made out invoice or waybill.  The goods price  indicated in
way - bills is firm and is not subject to changing.  2.1.2.  The Purchaser  pays
for the goods in accordance  with invoice  either on his own from his settlement
account, or through cash payment to a the Vendor  representative on the basis of
a power of attorney and within the limits  established  by the government of the
Russian Federation.

       2.1.3 The  Purchaser  pays for the goods  within the period of not later,
than 30  (thirty)  calendar  days  since  dispatch  of the  goods  according  to
waybills.

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       2.1.4 The Purchaser can refuse to pay in part in the following  cases: a)
if he received  defective goods of low quality,  and also  polygraphic  rejects.
Financial  relationships  of this type are confirmed by product  liability claim
reports approved by the commission,  which consists of parties' representatives,
signed by  authoritative  representatives  from both sides, and presented to the
Vendor within 3 days since reception of the goods.

       2.1.5.  Instead of refusal to pay in part, the Purchaser has the right on
the basis of an agreement  with the Vendor to exchange  defective or undelivered
goods for the same or analogous goods.

       2.1.6. Ruble of the Russian  Federation  is considered as the currency of
payment.

3. RIGTHS AND COMMITMENTS OF PARTIES
         3.1.     The Vendor shall:
         a) put in order the documentation required;
         b) transfer the documentation to the Purchaser;
         3.2. The Vendor has the right:
         a) to receive indemnity for expenses incurred (shipment,  customs ones)
and goods value, in accordance with the present contract;
         b) to  indemnify  for  losses  caused by the  Purchaser's  illegitimate
actions;
         3.3. The Purchaser shall:
         a)  accept  the  goods and pay for it in  accordance  with the  present
contract; see item
         b) cover to the Vendor expenses determined in item 1.5;
         c)  indemnify  to the Vendor  losses in case of refusal to execute  own
commitments.
         3.4. The Purchaser has the right:
         a) to receive  goods in  accordance  with the present  contract,  while
presenting  power of  attorney,  which is  given to a person  authorized  by the
Purchaser.

4. TRANSFER - ACCEPTANCE OF PRODUCTION
         4.1. Transfer/acceptance of goods is implemented with the participation
of representatives of the Vendor and the Purchaser.
         4.2.  The goods are  considered  as  delivered  since the moment of its
direct dispatch by The Vendor and the date of waybill.

5. RESPONSIBILITY OF PARTIES
         5.1. In case of non-execution or improper execution of its commitments,
the guilty party shall  indemnify to the other party for losses  (including  the
missed profit).

         5.2. In case of delay while  executing their  commitments,  the parties
pay forfeit in amounts as follows:
         a) transfer of money  resources - 0.5 % of the sum not  remitted in due
time for each day of delay;
         5.3.  Forfeit  payment  and  indemnity  for losses does not release the
guilty  party from  execution  of  commitments  in  accordance  with the present
contract.

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         5.4.  Each of the  parties  can  demand to cancel the  contract  and to
indemnify for losses,  if the other party does not execute its commitments  more
than once.

         5.5.  The  contract  party,  for which  impossibility  to  execute  the
commitments  in  accordance  with  the  contract  arose  due  to  occurrence  of
unforeseen  circumstances,   natural  calamities,   military  operations,  shall
immediately  notify in written  form the other party on approach  and  character
(including, cessation) of such circumstances.

6. ADDITIONAL PROVISIONS

         6.1. The parties recognize documents received through fax as confirming
the responsibilities on execution of the present contract.

         6.2. The present  contract is valid since the moment of signing it till
December 31, 2000.

         6.3. On expiration of the period  indicated in item 6.2.,  the contract
is  automatically  extended  for an  indefinite  period  in case of  absence  of
objection of one of the parties in written form.

         6.4.  The  parties  have  made an  agreement  on the  method  of  gross
accounting  of mutual  claims  within a  calendar  period as  determined  by the
parties,  the parties  signing not less than twice a year [Statement of checking
mutual settlements], where gross value of the goods transferred for the calendar
period and gross  payment  for the  calendar  period are  reflected  with result
deduction for the mutual settlements at the end of the given period.

         The  given  statement  of  checking  mutual  settlements  is the  final
document  confirming the dates of transferring  the proprietary  right and gross
value of goods  transferred  by the Vendor to the Purchaser and payment made for
the given goods,  that is,  reflecting  actual execution by the parties of their
commitments in accordance with items of the given contract.

         The above - mentioned  settlement method strengthens the Vendor's right
in an unilateral  manner to reckon the sum of a payment or its fraction made for
the next lot of goods  towards  payment for the previous lot of goods in case of
the Purchaser's debt.

         And also  the  Purchaser's  right in an  unilateral  manner  to  demand
transferring  into property the next lot of goods, if there is the Vendor's debt
for the previous lot of goods.

         In this context as a lot of goods,  the parties  should  consider  book
production  transferred by the Vendor into the  Purchaser's  property within one
calendar  day in  amount,  assortment  and sum as  confirmed  by way - bill  and
invoice.

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7. OTHER PROVISIONS
         7.1. All disputes in connection with the present contract are solved in
the  course  of  negotiations,  and in case  of  failure  to  reach  the  mutual
agreement,  in the Court of Arbitration of the Russian Federation of the city of
Moscow.

         7.2. In order to change (annul) the present contract,  the parties have
provided for the following  order.  Interested  party hands over its proposal in
written form to the other party. The other party shall answer it within a period
of 5 days,  also in written form. In case of failure to reach an agreement,  the
argument is solved in accordance with procedure as envisaged in item 7.1.

         7.3. Parties'  relationships  not adjusted by the present  contract are
         settled by the valid legislation on buying and selling.

         7.4. As  inherent  parts  of the  present  contract  the  following  is
         enclosed thereto: a) waybills, b) invoices.

         7.5. Parties addresses and bank details:

The Vendor: ZAO [Izdatelstvo [Exmo - Press], 659700, Gorno - Altaysk,  Ulagashev
street, building 13, INN 0411030957,  settlement account 40702810900000001047 in
KB   [SDM   -   Bank]   of   the   city   of   Moscow,   correspondent   account
30101810600000000685, BIK 044583685.

Deputy Commercial Director Alimov A. B.
(Signature)
(Seal)

The Purchaser:  ZAO [Oxiris],  117802,  Moscow,  Nauchny  passage,  building 12,
settlement account  40702810700030000049  in KB  [Evrozapsibbank] of the city of
Moscow,   correspondent  account   30101810000000000726,   BIK  044585726,   INN
7706200205.

General Director
(Signature)
(Seal)