Document:

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 hereExhibit 10.1

Corporate Letter of Offer

Letter of Variation

Channell Bushman Group

24 July 2007

National Australia Bank Limited ABN 12 004 044 937

Sydney
Major Client Group

Level 23, 255 George
Street

Sydney NSW 2000

Ph: (02) 9237 1917

Fax: (02) 9237 9752

24th July 2007

The Directors

Channell Bushman Group

3 Healey Circuit

Huntingwood NSW
2148

Dear Sir/Madam

Re: Channell Bushman Group (“the
Customer”) 

Further to our recent
discussions, we are pleased to advise the following amendments to your
Corporate Letter of Offer dated 16th May 2007.

Extension

We are pleased to advise that we will extend the following
facilities for a further period of 30 days:

	
  Borrower

  	
   

  	
  Facility Type

  	
   

  	
  Amount

  	
   

  	
  New Expiry Date

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Bill
  Acceptance/Discount Facility

  	
   

  	
  $

  	
  3,200,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Bank
  Guarantee Facility

  	
   

  	
  $

  	
  50,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Bank
  Guarantee Facility

  	
   

  	
  $

  	
  375,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Transaction
  Negotiation Authorities Facility

  	
   

  	
  $

  	
  200,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Transaction
  Negotiation Authorities Facility

  	
   

  	
  $

  	
  275,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Master
  Asset Finance Facility

  	
   

  	
  $

  	
  1,000,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Master
  Asset Finance Facility

  	
   

  	
  $

  	
  250,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Business
  Credit Card Facility

  	
   

  	
  $

  	
  300,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Business
  Credit Card Facility

  	
   

  	
  $

  	
  100,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group Pty Limited

  	
   

  	
  Documentary Letter of
  Credit

  	
   

  	
  $

  	
  50,000

  	
   

  	
  30th August 2007

  	
   

  

 

 1
 

Lending
Covenants

The
following lending covenant will be removed from facilities provided to you
under the Corporate Letter of Offer referrred to above.

The bank
being provided with evidence of unconditional refinance approval and/or
evidence of equity raising by 31st July 2007,
the Bank will agree to a further 30 day extension to 30th August 2007 to enable settlement to be
concluded.

Fees and Charges now payable

The
following non refundable fees and charges are now payable by you as a result of
the above change, if not already paid:

	
  Facility Extension from 31st July 2007 to 30th August 2007

  	
   

  	
  $

  	
  24,596

  	
   

  

 

If any of these
facilities are subject to financial reporting or other covenants or
undertakings, we may review your compliance with those covenants or
undertakings separately. This letter is not a waiver of any righs we may have
if those covenants or undertakings are not met.

The above change(s) take
affect once we have received the duplicate of this letter, duly signed by you.
All other terms of the facilities remain in full force and effect.

	
  Signed on behalf of

  	
   

  	
   

  
	
  National
  Australia Bank Limited by

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Graeme
  Johnson

  	
   

  	
  24/7/07

  	
   

  
	
  Graeme Johnson

  	
   

  	
   

  
	
  Associate
  Director

  	
   

  	
   

  

 

Your acceptance by resolution

Please communicate your
receipt of this notice and confirmation that this notice accurately reflects
the agreed changes set out above by delivering a certified copy of an extract
of board minutes evidencing the board resolution authorising acceptance of this
notice.

Your acceptance by signing

Please sign below to
acknowledge your receipt of this notice and your consent to, and approval of,
the above matters as set out in it.

By signing below you also acknowledge that each
security given by you, except as set out above, remains in full force and
effect, and that nothing in this letter mitigates, compromises or in any other
way affects the enforceability of that security.

Please return the signed
notice to Level 23, 255 George Street, Sydney NSW 2000.

The duplicate copy of
this notice may be retained for your records.

 2
 

Companies
Executing without using a Common Seal

	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Channell
  Bushman Pty Limited ABN 99 109 821 614

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Bushmans
  Group Pty Limited ABN 90 090 744 022

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Channell
  Pty Limited ABN 29 002 735 622

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
						

 

 3
 

Bushmans
Engineering Pty Limited ABN 49 074 185 461

	
  By being signed by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Polyrib
  Tanks Pty Limited ABN 49 062 942 661

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Australian
  Bushman Tanks Pty Limited ABN 21 058 504 108

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
							

 

 4

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