Document:

EXHIBIT 10.31

                        SHARES PLEDGE CONTRACT # 96144/Z

Moscow                                                             July 29, 2005

     OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Pledgee", in the person of Director on crediting corporate clients Mr.
Silvestrov A.K., acting the basis of the Power of attorney # 01/1489D dated
23.08.2004, on the one hand, and CTC MEDIA, INC., hereinafter referred to as the
"Pledgor", in the person of the Chief Financial Officer Mr. Nilesh Lakhani,
acting on the basis of the power of attorney # N/A dated March 23, 2005, on the
other hand, hereinafter jointly referred to as the "Parties", have concluded the
present Contract as follows:

                           1. SUBJECT OF THE CONTRACT

     1.1. In accordance with the Agreement on # 96144 on crediting in the
foreign currency dated July 29, 2005 concluded between CLOSED JOINT-STOCK
COMPANY "NETWORK OF TELEVISION STATIONS", hereinafter referred to as the
"Obligator", and the Pledgee for the term till July 29, 2007 inclusive
(hereinafter referred to as the "Agreement"), the Pledgee shall grant credits,
the amount of lump-sum arrears on which on any day of valid term of the
Agreement cannot exceed 30,000,000.00 (THIRTY MILLION 00/100) US Dollars
(further - the "arrears limit") on the basis of Additional agreements concluded
between the Pledgee and the Obligator.

     1.1.1. The Obligator shall pay to the Pledgee for using Credits the
interest under the rate established in the corresponding Additional agreement
hereto.

     1.1.2. The interest for the sum of principal debt upon the Credit (further
the "Interest") shall be accrued for the period from the date of granting each
Credit and up to the date of debt repayment on each Credit in full, but not
later than each Credit repayment date specified in the corresponding Additional
agreement to the Agreement.

     1.1.3. The Interest shall be paid by the Obligator on a monthly basis, on
the 25th of each month for actual amount of days of using the Credits, hereunder
a year shall be recognized to be equal to 365 or 366 days in conformity with the
real number of calendar days in a year.

     Last payment of the interest shall be executed on the arrears repayment
date of each Credit in full, but not later than each Credit repayment specified
in the corresponding Additional agreement to the Agreement. Interest payment
date shall be understood as the date of transfer of the interest sum to the
Pledgee's account.

     1.1.4. The Obligator shall be entitled to pre-term repayment of the Credits
granted within the limits of the present Agreement.

     1.1.5. In case of untimely repayment of the principal debt and/or payment
of the Interest, the Obligator shall pay to the Pledgee the penalty at the rate
of 0.1 % (one tenth) of the sum of untimely repaid principal debt duty and/or
the Interest per every day of the delay in repayment of the debts.

     1.1.6. The Pledgee shall be entitled to terminate the Agreement
unilaterally in pre-term and/or collect the debt under the Credits in the
following cases:

     a. Delay in payment of the calculated interest (in full or in part) more
        than for 2 (two) months;

     b. Infringement by the Obligator of the Credits repayment date (dates)
        stipulated by the Additional Contracts to the present Contract;

     c. Initiation (or renewal) of court proceedings against the Obligator where
        the price of the claim makes not less than 10 (ten) percent of the
        balance cost of the assets/property;

     d. Imposing of arrest on property of the Obligator of the cost of not less
        than 10 (ten) percent of the balance cost of the assets/property;

     e. Revelation of inaccuracy or incompleteness of the information presented
        by the Obligator to the Creditor pursuant to paragraph 2.4. of the
        Agreement;

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract #96144/z                                                2

     f. Initiation of the trial on insolvency (bankruptcy) of the Obligator;

     g. Reorganization of the Obligator without the preliminary notice of the
        Pledgee in writing;

     h. Termination or change without the notice of the Pledgee in writing of
        the type of commercial activity of the Obligator carried out by them for
        the date of signing of the Agreement;

     i. Non-performance by the Obligator of the condition of the Agreement on
        target use of the Credits;

     j. Infringement by the Obligator of the conditions of the Agreement;

     k. Availability or occurrence of any circumstances that under the Pledgee's
        motivated opinion can complicate or make impossible the duly execution
        by the Obligator of the obligations under the Agreement;

     l. Transfer by the Obligator of the property without the Pledgee's written
        approval in mortgage, lease, fiduciary management as well as any other
        encumbrance of the Obligator's property, should the cost of such
        property make not less than 20 (twenty) percent of the balance cost of
        assets/property of the Obligator;

     m. Recognizing the transaction (transactions) establishing security of the
        Obligator's performance of the obligations under the Agreement void (for
        any reason);

     n. Occurrence of the circumstances listed in subparagraphs "c", "d", "f",
        "g" of the present paragraph concerning the Pledgor under the Contract
        on guarantee establishing security for the Agreement provided that
        another Guarantor satisfying the Pledgee is not presented by the
        Obligator.

     1.1.7. The Pledgor shall be aware of all other conditions of the Agreement.

     1.2. In case of infringement by the Obligator of the obligation secured by
the pledge, the Pledgee shall be entitled to receive consideration at the cost
of the securities, being a subject of the pledge after satisfaction of the
demands on pledge contract # 93227/z concluded between the Pledgor and the
Pledgee on September 03, 2004.

     1.3. Subject of the pledge shall be the following securities belonging to
the Pledgor on the right of ownership and being the pledge subject under pledge
contract # 93227/z concluded between the Pledgor and the Pledgee on September
03, 2004:

Ordinary registered stock of Closed joint-stock company
"Network of television stations" with the par value of 10 (Ten) roubles each:

     - State registration number of issue 1-0200827-I in the amount of 622,896
(Six hundred twenty two thousand eight hundred and ninety six) pieces. according
to the extract from the register of shareholders of the Closed joint-stock
company "Network of television stations" (is attached).

     1.3.1. The subject of the pledge shall remain with the Pledgor, be in their
possession and use and be subject to accounting on the personal account 0001of
the Pledgor in the Register of Closed joint-stock company "Network of television
stations" (the register holder is Closed joint-stock company "Network of
television stations").

     The Pledgor shall undertake to carry out all actions connected to
registration of the securities pledge in accordance with the current legislation
and to present the Pledgee the extract from the Register of shareholders of
Closed joint-stock company "Network of television stations" on the registration
of the pledge subject.

     1.3.2. The Parties have agreed to estimate securities transferred into the
pledge at the rate of 76,000,000.00 (seventy six million) US dollars.

     1.3.3. The Pledgor shall be entitled to use the pledge subject, carry out
the rights of shareholders, including, but not limited to, carrying out the
right to participate in a general meeting of shareholders of Closed joint-stock
company "Network of Television stations".

     1.4. The Pledgor shall guarantee that the securities transferred into
pledge are free from any rights and claims of any third parties, in particular,
are not an object of the common ownership right, not mortgaged or assigned in
any way to any third party except for Pledge contract # 93227/z concluded
between the Pledgor and the Pledgee on September 03, 2004, as well as shall not
be legally or actually encumbered at the moment of entry of the present Contract
into legal force.

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract #96144/z                                                3

     1.4.1. In case of revelation of any rights and claims on the pledged
property but for those specified in paragraphs 1.2-1.4 of the present Contract,
as well as occurrence of any disputes or conflicts thereon, the Pledgor shall
undertake to settle them at their own expense bearing all necessary costs caused
by these disputes.

     1.5. Prior to the termination of the relationship arisen from the present
contract, the Pledgor shall not be entitled to dispose of the property specified
in paragraph 1.3. of the present Contract including granting it into the
subsequent mortgage.

                   II. PLEDGED SECURITIES COLLECTING PROCEDURE

     2.1. The Basis for collecting the pledged securities shall be simultaneous
presence of the following circumstances:

     o  Non-performance by the Obligator of the obligation secured by the pledge
        (delay for more than 5 (Five) business days in return by the Obligator
        of the money sum received under the Agreement and interest for using the
        credit);

     o  Delay in execution by the Pledgor being simultaneously the Guarantor to
        the Agreement (Contract on guarantee 96144/i dated July 29, 2005), of
        obligations of the Guarantor for more than 20 business days.

     Partial execution by the Obligator of the obligation secured by the pledge
shall not give the Pledgor the right to reducing the volume of the pledge in
proportion to the executed part of the obligation secured by the pledge. The
pledge shall be maintained in the initial volume up to the full execution of the
obligation secured hereby.

     2.2. The demands subject to satisfying at the cost of the pledged
securities shall include all claims of the Pledgee, the size of which shall be
determined for the moment of actual execution by the Obligator in full of their
obligations under the Agreement, including the Interest as well as penalty
stipulated by the Agreement.

     2.3. At the approach of the circumstances stipulated in paragraph 2.1. of
the present Contract, collecting of the pledged securities (satisfaction of the
Pledgee's requirements) shall be made upon the decision of the Pledgee, without
turning by the Parties for a court judgment.

     2.4. Realization of the pledged securities shall be carried out according
to the effective legislation of the Russian Federation. The Pledgor shall
confide the Pledgee carrying out of all actions on realization of the pledge.

     2.4.1. Within 10 banking days from the moment of receipt of the funds for
realization of the pledge to their account, the Pledgee shall undertake to
transfer to the Pledgor the difference between the sale price of the pledge and
the amount of the obligation secured by the pledge.

         III. DISPUTES SETTLEMENT PROCEDURE AND LIABILITY OF THE PARTIES

     3.1. The Parties shall take all effort to settlement of disputes and
disagreements that can arise regarding the questions concerning the subject of
the present contract, or in connection with it, through negotiations. If the
Parties do not reach an agreement, all disputes and disagreements shall be
resolved in the Arbitration court of Moscow under the procedure established by
the legislation of the Russian Federation.

     3.2. The guilty Party shall bear property responsibility for
non-performance of the obligations taken under the present contract according to
the effective civil-law legislation of the Russian Federation.

                          IV. TERMS. SPECIAL CONDITIONS

     4.1. The present Contract shall enter in force from the moment of transfer
to the Pledgee of the extract from the Register of shareholders of Closed
joint-stock company "Network of television stations" confirming registration of
the pledge hereunder.

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract #96144/z                                                4

     4.2. The pledge shall cease upon the termination of the obligation secured
by the pledge as well as under other bases stipulated by the civil-law
legislation of the Russian Federation.

     4.3. The Pledgee shall undertake to unblock (terminate the pledge for) the
securities (shares) transferred into the pledge within 10 (Ten) business days
upon termination of the Contract effectiveness, and in the case if the credit,
Interest and penal sanctions thereon are completely extinguished without
collecting the pledged securities. In case of partial collecting of the pledged
securities, the present obligation shall concern the securities remaining under
the pledge after full performance by the Obligator of all obligations under the
Agreement.

     4.4. The Pledgee shall not be entitled to transfer the rights under the
present Contract without the preliminary consent of the Pledgor.

     4.5. All amendments and supplements to the present Contract shall be valid
only if they are accomplished in writing and signed by the authorized
representatives of the Parties.

     4.6. Mutual relationship between the Parties not stipulated by the present
Contract shall be governed by the effective legislation of the Russian
Federation.

     4.7. All letters, notices, statements and other messages shall be directed
by the Parties to each other in writing in Russian and in English according to
the requisites specified in Section VI of the present Contract or in additions
hereto.

                               V. FINAL PROVISIONS

     5.1. The present Contract shall be accomplished in 3 original copies
identical in their content and having equal legal force.

                   VI. ADDRESSES AND REQUISITES OF THE PARTIES

     PLEDGEE: OJSC "ALPHA-BANK"
     Location: 27, Kalanchevskaya Str., 107078, Moscow
     Payment requisites: BIC 044525593 cor/acc 30101810200000000593 in the OPERU
                         Moscow GTU of the Bank of Russia, INN 7728168971
                         Acc. 400927098 in JPMorgan Chase Bank, New York
     Consolidated account for calculations on credit operations:
                         47422.840.800000000422
     Phone:              974-25-15

     PLEDGOR: CTC MEDIA, INC.
     Location: 2711 Centerville Road, Suite 400,
     Wilmington, Delaware 19808 Address for correspondence: 15a, Pravda str.,
     Moscow, 125124, Russia Copy to: 2711 Centerville Road, Suite 400,
     Wilmington, Delaware 19808 Payment requisites: Federal registration number
     for taxation purposes EIN 58-1869211, Main Bank: Raiffeisen Zentralbank
     Oesterreich AG, Am Stadtpark, 9, 1030 Vienna, Austria Acc 070-54002217,
     SWIFT: RZBA AT WW; BLZ 31000 Correspondent bank: Citibank N.A., New York;
     SWIFT CITIUS33 Acc. 1092-0871

            PLEDGEE                                       PLEDGOR
     Director on crediting                     Chief Financial Officer of
     Corporate clients                         CTC Media, Inc.
     OJSC "Alpha-bank"
     _______________(A.K.Silvestrov)           ________________ (Nilesh Lakhani)

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract #96144/z                                                5

[Stamp]                                                      [Stamp]

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Departments    Head of the Department   Date
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               Name      Signature
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract #96144/z                                                6

                             ADDITIONAL AGREEMENT #1
            to the Shares pledge contract # 96144/z dd. July 29, 2005

Moscow                                                             July 29, 2005

OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the "Pledgee",
in the person of Director on crediting corporate clients Mr. Silvestrov A.K.,
acting the basis of the Power of attorney # 01/1489D dated 23.08.2004, on the
one hand, and CTC MEDIA, INC., hereinafter referred to as the "Pledgor", in the
person of the Chief Financial Officer Mr. Nilesh Lakhani, acting on the basis of
the power of attorney # N/A dated March 23, 2005, on the other hand, hereinafter
jointly referred to as the "Parties", have concluded the present Additional
agreement as follows:

     1. To add to paragraph 1.1. the following paragraphs:

     "In accordance with Additional agreement # 1 dated July 29, 2005 to the
     Agreement the Pledgee has granted the Obligator the Credit in the amount of
     14,000,000.00 (fourteen million) US Dollars with the date of granting of
     the Credit: August 02, 2005, and the date of repayment of the Credit:
     August 02, 2006, and paying the interest for using the Credit at the annual
     rate estimated in 11.50 % (eleven 50/100 percent).

     The Obligator shall have the right to cancel in pre-time the Credit granted
     according to Additional agreement # 1 dated July 25, 2005 to the Agreement
     without payment of any additional commission fee, interest, penalties, etc.
     in favour of the Pledgee. The Obligator shall direct to the Pledgee the
     notice in writing on the pre-schedule repayment 3 (three) business days
     prior to date of the prospective pre-schedule repayment.

     2. In all the rest the conditions of the Contract shall remain without
        changes."

     3. The present Additional agreement shall inure from the date of its
        signing by the authorized representatives of the Parties and constitute
        an integral part of the Contract.

                                                       SIGNATURES OF THE PARTIES

                PLEDGEE                        PLEDGOR
        Director on crediting                  Chief Financial Officer of
        Corporate clients                      CTC Media, Inc.
        OJSC "Alpha-bank"
        ___________(A.K.Silvestrov)            ________________ (Nilesh Lakhani)

[Stamp]                                                      [Stamp]

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Departments    Head of the Department   Date
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               Name      Signature
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract #96144/z                                                7

CTC Media, Inc

                             CONTRACT APPROVAL FORM

CONTRACT # 96144/Z DD. JULY 29, 2005                           COMPANY: IJSC "ALFA BANK"

Position                Name                      Signature                     Date

PM                      Pavel Korzh               [SIGNED]                      July 29, 2005

Legal                   Irina Kostromina          [SIGNED]                      July 29, 2005

CFO/DRC                 Nilesh Lakhani            ----------------              ------------------Agreement # 93227 on opening the credit line in the foreign currency           1

                                                                   EXHIBIT 10.32

       CONTRACT # 93227 ON OPENING THE CREDIT LINE IN THE FOREIGN CURRENCY

Moscow                                                        September 03, 2004

     OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Creditor", in the person of Director on crediting corporate clients Mr.
Silvestrov A.K., acting the basis of the Power of attorney # 01/1489 D dated
August 23, 2004, on the one hand, and CLOSED JOINT-STOCK COMPANY ((NETWORK OF
TELEVISION STATIONS)), hereinafter referred to as the "Borrower", in the person
of General director Rodnyansky A.E., acting on the basis of the Charter, on the
other hand, hereinafter jointly referred to as the "Parties" have concluded the
present Contract as follows:

                         1. THE SUBJECT OF THE CONTRACT

     1.1. The Creditor shall grant to the Borrower the credit line, hereinafter
referred to as the "Credit line" within which the Borrower shall be entitled to
obtain credits pursuant to the definition in para 1.4. of the present Contract
under the procedure and on the conditions stipulated by the present Contract for
the amount of not more 40,000,000.00 (forty million 00/100) US Dollars (further
- the "Withdrawal limit") with the following scheme of decreasing the limit sum.

          o    40,000,000.00 (forty million 00/100) US Dollars from the first up
               to twelfth month of the Credit line valid term;

          o    20,000,000.00 (twenty million 00/100) US Dollars from the
               thirteenth up to termination of the Credit line valid term.

     Date of the Credit line opening: September 03, 2004.

     Date of the Credit line closing: March 03, 2006.

     The purpose of granting Credit line: replenishing of current assets.

     1.2. Crediting of the Borrower shall be exercised through granting to them
Credits on the basis of Additional agreements concluded between the Creditor and
the Borrower under the procedure established by the present Contract and the
mentioned Additional agreements.

     1.3. To take into account the accrued expenditure on the Credit line the
Creditor shall open for the Borrower loan accounts, one account for each Credit.

     1.4. Within the limits of the present Contract the Credits shall be
understood as the sum of money resources received by the Borrower within the
frames of the Credit line under the procedure and on the conditions stipulated
by the present Contract and Additional agreements hereto.

     1.5. The date of write-off of the resources from the corresponding loan
account of the Borrower shall be the date of granting the Credit to the
Borrower.

     1.6. The date of repayment of arrears by the Borrower under each Credit
granted within the frames of the Credit line will be the date of actual transfer
of the sum of accrued expenditure upon each Credit, including the sum of the
principal debt, the sum of the interest calculated for the Credit, penal
sanctions and other payments stipulated by the present Contract to the
Creditor's account. Herewith the "principal debt" shall be understood as the sum
of the received, but not returned Credit.

     1.7. The Borrower shall pay to the Creditor interest for using Credits
(further the "Interest") under the rate established by the corresponding
Additional agreements for the period from the date of granting each Credit and
up to the date of debt repayment on each Credit in full, but not later than each
Credit repayment date specified in para 1 of the corresponding Additional
Contract.

     1.8. Calculation of the interest shall be executed starting from the date
following the date of granting each Credit.

     1.9. The interest shall be paid by the Borrower on a monthly basis, on the
twenty fifth of each month

________________________________________________________________________________
Creditor                                           Borrower
_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           2

for the actual amount of days of using the Credits, herewith a year shall be
assumed to be equal to 365 or 366 days in conformity with the real number of
calendar days in a year. The last interest payment shall be exercised at the day
of the Credit line closing.

     Interest payment date shall be understood as the date of transfer of the
     interest sum to the Creditor's account.

     1.10. The commission for maintenance of the Credit line shall not be taken.

     1.11. The Borrower's security of performance of the obligations under the
present Contract shall be the following:

     o    Mortgage of the block of ordinary registered stocks of Joint-Stock
          Company ((Network of television stations)) executed in the Contract on
          mortgage of shares dated September 03, 2004 # 93227/3 concluded with
          StoryFirst Communications, Inc.;

     o    StoryFirst Communications, Inc. guarantee executed in the Contract on
          guarantee dated September 03, 2004 # 93227/X.

                    2. RIGHTS AND OBLIGATIONS OF THE PARTIES

     2.1. The Borrower shall undertake to settle arrears under the Credits not
later than the Credits repayment terms specified in the corresponding Additional
agreements, as well as in due time, in accordance with para 1.7. and 1.9. of the
present Contract to make payments on interest.

     2.2. The Borrower shall undertake to use Credits exclusively for the
purposes stipulated by the present Contract observing conditions of a
recoverability, term structure, interest payment for the Credits.

     2.3. The Borrower shall undertake to present to the Creditor all documents
necessary for the control by the latter or a person authorized by the Creditor
over the target use of the Credits and financial status of the Borrower upon
demand of the Creditor.

     2.3.1. The Borrower shall undertake to present the current quarter and
annual accounting reporting (forms #1, #2, #4) within 10 (Ten) business days
from the date of the tax inspection mark on receipt of such reporting, as well
as certificates on the current debt certified by the Borrower, and certificates
on turnover as per the accounts certified by the banks where the specified
accounts are opened, - on a quarterly basis.

     Should the accounting reporting contain the data constituting the official
secret, the Borrower shall undertake to present to the Creditor an extract from
the list of the data constituting the official secret on the basis of which
these data are subject to securing.

     The Creditor shall have the license for work using the data constituting
the official secret and shall undertake to provide protection of the data,
concerning which the above-mentioned extract is presented to the Creditor.

     2.3.2. The Borrower shall undertake to notify the Creditor in writing
within the valid term of the present Contract not later than 10 (ten) business
days from the date of coming into force of the respective alterations, on all
changes in the management bodies (attaching the certified copies of documents on
election (appointment) of the Borrower's management bodies (according to the
legislation and constituent documents of the Borrower)), as well as on
amendments to the Borrower's constituent documents.

     2.4. While signing the present Contract the Borrower shall undertake to
present to the Creditor simultaneously the following information:

     o    the documents necessary for opening to the Borrower of loan accounts
          in accordance with the legislation requirements;

     o    the list of all settlement, current, depositary and other accounts
          opened to the Borrower;

     o    the list of all legal actions in common courts, arbitration courts,
          arbitral tribunals where the Borrower is a party, price of the claim
          for which makes not less than 1 % (one percent) of the balance cost of
          the assets/property of the Borrower notifying on the name of court,
          the dispute essence, the sum of the claim and any other data);

     o    the data on issue of court enforcement orders on collecting money
          resources from the Borrower, as well as on institution of enforcement
          proceedings concerning the Borrower, if the sum of money resources
          subject to collecting or that can be collected within the enforcement
          proceeding, makes not less than 1 % (one

________________________________________________________________________________
Creditor                                           Borrower
_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           3

percent) of the balance cost of the assets/property of the Borrower;

     o    the data on attachment, mortgage, lease and other encumbrances of the
          Borrower's property, the cost of which makes not less than 1 (one)
          percent of the balance cost of the assets/property of the Borrower.

     2.4.1. Should the information presented according to para 2.4. of the
present Contract be modified, the Borrower shall undertake to notify the
Creditor in writing on the specified changes within 10 (Ten) days from the date
of introducing the alterations.

     2.4.2. The Creditor shall have the right to not grant Credits in case of
non-presenting or untimely presenting by the Borrower of the documents specified
in para 2.4. of the present Contract and other documents according to the
current legislation, as well as in case of presenting the incorrect or
incomplete information specified in para 2.4. of the present Contract.

     2.5. The Borrower shall undertake not to consider the matter on the
reorganization (in any form) or liquidation, as well as on the change of the
main type of the commercial activity carried out by them for the date of signing
of the present Contract without preliminary written notice to the Creditor (for
not fewer than 10 (ten) business days) within the valid term of the present
Contract, and not to take any other actions which can complicate execution of
the conditions of the present Contract.

                                   3. PAYMENTS

     3.1. All payments in favour of the Creditor under the present Contract and
Additional agreements hereto shall be executed by the Borrower in US Dollars to
the account of the Creditor specified in Section 7 of the present Contract.

     3.1.1. All payments in favour of the Creditor under the present Contract
should be carried out by the Borrower completely so that the Creditor shall
receive the sum due to them in full under the present Contract and Additional
agreements hereto.

     3.2. The fact of transfer of the resources in favour of any Party under the
present Contract should be confirmed by the Party-transferor by presenting to
other Party of the copy of payment document certifying the fact of such transfer
(payment order, payment telex, etc.).

     3.3. Should any payment under the present Contract fall on the day that is
not a business day in Moscow or New York, such payment shall be executed
directly on the following business day. Such time displacement of payment shall
be taken into account when calculating interest, i.e. the interest shall be
calculated under the rate stipulated by the present Contract prior to the date
of the actual remittance of the funds to the account of the Creditor.

     3.4. Repayment of debt to the Creditor under the present Contract and the
Additional Contracts hereto shall be executed under the following procedure:

     o    first turn - penalty for delay of payment of the calculated interest;

     o    second turn - penalty for delay of repayment of the principal debt;

     o    third turn - calculated interest;

     o    fourth turn - principal debt;

     The specified sequence can be changed by the Creditor unilaterally.

     3.5. The Borrower shall have the right to cancel pre-time the Credits
granted according to the Additional Contracts to the present Contract without
payment of any additional commission fee, interest, penalties, etc. in favour of
the Creditor. The Borrower shall direct to the Creditor the notice in writing on
the pre-schedule repayment 10 (ten) business days prior to date of the
prospective pre-schedule repayment.

     3.6. The Borrower shall grant the Creditor the right to debit without
further authorization on the basis of payment requests of the Creditor from the
current currency account of the Borrower # 40702840800000003159 in OJSC
"ALPHA-BANK" the sum of any debt and any payment of the Borrower under the
present Contract and Additional agreements hereto on the date when such debt
should be cancelled or on the date when such payment should be executed.

     3.7. The Borrower shall also grant the Creditor the right to debit without
further authorization on the basis of payment requests of the Creditor from the
account specified in para 3.6. of the present Contract:

     o    sum of arrears of the Borrower under the Credit and/or calculated
          interest, and in case of delay by the Borrower of arrears repayment of
          the Credit and/or delay of payment by the Borrower of the calculated

________________________________________________________________________________
Creditor                                           Borrower
_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           4

interest, as well as in case of pre-schedule debt collecting of the Credit and
the calculated interest in case of pre-schedule debt collecting on the bases
specified in para 5.2. of the present Contract, on the date when such debt
should be cancelled by the Borrower;

     o    sum of penal provisions (penalty) stipulated by the present Contract
          in case of non-execution or inadequate performance by the Borrower of
          the obligations under the present Contract.

     3.8. In case of absence (insufficiency) of money resources on the current
currency account of the Borrower specified in para 3.6. of the present Contract
for debiting without further authorization the sums of debt, payments, penal
sanctions stipulated by para 3.6. and 3.7. of the present Contract, the Borrower
shall grant the Creditor the right to debit without further authorization the
sums of debt, payments, penal sanctions stipulated by para 3.6. and 3.7. of the
present Contract, on the basis of the Creditor's payment requests from the
settlement account of the Borrower # 40702810100000006624 opened with the
Creditor.

     Sums subject to writing off shall be re-calculated into an equivalent of US
Dollars at the rate of the Creditor for date of realization of the write-off.

                           4. LIABILITY OF THE PARTIES

     4.1. In case of untimely repayment of the principal debt (including as
stipulated by para 5.4 of the present Contract) the Borrower shall pay to the
Creditor the penalty at the rate of 0.1 % (one tenth) percent of the sum of
untimely paid principal debt per each day of the delay in the debt repayment.
The penalty shall be charged prior to the date of remittance of the whole
principal debt sum to the account of the Creditor.

     4.2. In case of untimely payment of interest (including as stipulated by
para 5.4 of the present Contract), the Borrower shall pay to the Creditor the
penalty at the rate of 0.1 % (one tenth) percent of the sum of the unpaid
interest for each day of the delay in the debt repayment.

     The penalty shall be charged prior to the date of remittance of the sum of
the Borrower's debt on interest to the account of the Creditor.

                         5. VALID TERM OF THE CONTRACT.
            REASONS FOR THE PRE-SCHEDULE CANCELLATION OF THE CONTRACT

     5.1. The Present Contract shall inure from the date of its signing by the
authorized representatives of the Parties and operate till full execution by the
Parties of all the taken obligations.

     5.2. The Creditor shall be entitled to the pre-time unilateral cancellation
of the present Contract and/or debt collection on the Credits in following
cases:

     a.   Delay in payment of the calculated interest (in full or in part) more
          than for 2 (two) months;

     b.   Infringement by the Borrower of the Credits repayment date (dates)
          stipulated by the Additional Contracts to the present Contract;

     c.   Initiation (or renewal) of court proceedings against the Borrower
          where the price of the claim makes not less than 10 (ten) percent of
          the balance cost of the assets/property;

     d.   Imposing of arrest on property of the Borrower of the cost of not less
          than 10 (ten) percent of the balance cost of the assets/property;

     e.   Revelation of inaccuracy or incompleteness of the information
          presented by the Borrower to the Creditor pursuant to para 2.4. of the
          present Contract;

     f.   Initiation of the trial on insolvency of the Borrower;

     g.   Reorganization of the Borrower without the preliminary notice of the
          Creditor in writing;

     h.   Termination or change without the notice of the Creditor in writing of
          the type of commercial activity of the Borrower carried out by them
          for the date of signing of the present Contract;

     i.   Non-performance by the Borrower of the condition of the Contract on
          target use of Credits;

________________________________________________________________________________
Creditor                                           Borrower
_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           5

     j.   Infringement by the Borrower of the conditions of the present Contract
          and Additional agreements hereto;

     k.   Availability or occurrence of any circumstances that under the
          Creditor's motivated opinion can complicate or make impossible the
          duly execution by the Borrower of the obligations under the present
          Contract and Additional agreements hereto;

     l.   Transfer by the Borrower of the property without the Creditor's
          written approval in mortgage, lease, fiduciary management as well as
          any other encumbrance of the Borrower's property, should the cost of
          such property make not less than 20 (twenty) percent of the balance
          cost of assets/property;

     m.   Recognizing the transaction (transactions) establishing security of
          the Borrower's performance of the obligations under the present
          Contract void (for any reason);

     n.   Occurrence of the circumstances listed in subpara "c", ((d)), ((f)),
          ((g)) of the present para concerning the Guarantor under the Contract
          on guarantee establishing security for the present Contract provided
          that another Guarantor satisfying the Creditor is not presented by the
          Borrower.

     5.3. In case of pre-schedule debt collecting on the Credits and/or
pre-schedule cancellation of the present Contract for the reasons specified in
para 5.2. of the present Contract as well as in cases stipulated by the
legislation of the Russian Federation, the Creditor shall direct to the Borrower
the notice on pre-schedule cancellation of the present Contract with the
requirement of pre-schedule repayment of the principal debt for the Credits,
calculated interest advising on the reasons for the pre-schedule debt collecting
and cancellation of the present Contract.

     5.4. The Borrower shall be obliged to transfer the specified in the notice
sum of the credit line debt, including the principal debt, calculated interest
and penal sanctions within the term of not later than 20 (twenty) business days
from the date of receipt of the notice on the pre-schedule debt collecting
(specified in para 5.3. of the present Contract).

                                6. MISCELLANEOUS

     6.1. All disputes, disagreements or the requirements arising from the
present Contract or in connection hereto shall be subject to settlement by the
Parties through negotiations. At absence of the Contract the dispute between the
Parties shall be subject to consideration in Arbitration court of the City of
Moscow.

     6.2. Assignment by the Borrower of the rights and obligations under the
present Contract cannot be executed without preliminary written consent of the
Creditor. The Creditor shall have no right to assign the rights and duties under
the present Contract in full or in part without the preliminary written
coordination with the Borrower.

     6.3. All preliminary Contracts, arrangements, negotiations and
correspondence between the Parties concerning the matters stated in the present
Contract that took place before its signing, shall lose their force from the
date of signing the present Contract.

     6.4. All letters, notices, statements and other messages shall be directed
by the Parties to each other in writing according to the requisites specified in
Section 7 of the present Contracts or in additions hereto.

     Messages can be sent by the Parties via the following ways of
communication: fax, e-mail, telegraph (the telegram with the notice on receipt),
mail service (registered mail with the notice on receipt), express delivery.

     Should any of the Parties send a message through telegraph, post or express
delivery, such message shall be deemed received by other Party from the moment
designated in the notice on receipt, and in case of using fax and e-mail - from
the moment of acknowledgement of its receipt in a similar way.

________________________________________________________________________________
Creditor                                           Borrower
_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           6

     6.5. All amendments and supplements to the present Contract shall be valid
only if they are accomplished in writing and signed by the authorized
representatives of the Parties.

     6.6. Should any Party change postal or contact requisites, payment
requisites or be subject to reorganization or liquidation, they shall be obliged
to notify the other Party in writing thereon within 10 (ten) days from the date
of coming of these changes into force.

     6.7. The present Contract shall be accomplished in duplicate, one copy for
each Party. Each copy shall be of equal legal force.

                   7. ADDRESSES AND REQUISITES OF THE PARTIES

     CREDITOR: OJSC "ALPHA-BANK"
     Location: 27, Kalanchevskaya Str., 107078, Moscow
     Payment requisites: BIC 044525593 cor/acc 30101810200000000593 in the
                         OPERU
                         Moscow GTU of the Bank of Russia, INN 7728168971
                         Acc. 400927098 in JPMorgan Chase Bank, New York

     Consolidated account for calculations on credit operations:
     47422.840.800000000422
     Phone: 974-25-15

     BORROWER: CJSC ((NETWORK OF TELEVISION STATIONS))
     Location: 12, 3-rd Khoroshevskaya street Moscow 123228
     Payment requisites: INN 7707115217, Acc 40702810100000006624, current
     currency account 40702.840.8.00000003159 in OJSC "Alpha-bank" in
     Moscow, corr/acc 30101810200000000593 in OPERU Moscow GTU of the Bank
     of Russia BIC 044525593
     Phone: 797-41-37, 797-41-00, 797-41-01

                          8. SIGNATURES OF THE PARTIES

                THE CREDITOR                           THE BORROWER
     Director on crediting corporate     First Deputy General director
     clients OJSC "Alpha-bank"           CJSC ((Network of television stations))
     ___________( Mr. Silvestrov A.K.)   ________________ (Rodnyansky A.E.)
     Assistant to Chief accountant       Chief accountant
     OJSC "Alpha-bank"                   CJSC ((Network of television stations))
     _________________________           ________________ Chaikovskaya M.I.)

     Stamp                               Stamp

Departments   Head of the Department   Date
              ----------------------
                 Name   Signature

-------------------------------------------

-------------------------------------------

-------------------------------------------

-------------------------------------------

________________________________________________________________________________
Creditor                                           Borrower

_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           7

                             ADDITIONAL AGREEMENT #1
   to the Contract on opening the credit line in the foreign currency # 93227
                             dd. September 03, 2004

Moscow                                                        September 03, 2004

OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Creditor", in the person of Director on crediting corporate clients Mr.
Silvestrov A.K. acting the basis of the Power of attorney # 01/1489 D dated
August 23, 2004, on the one hand, and CLOSED JOINT-STOCK COMPANY ((NETWORK OF
TELEVISION STATIONS)), hereinafter referred to as the "Borrower", in the person
of General director Rodnyansky A.E., acting on the basis of the Charter, in
addition to the Contract on opening the credit line in the foreign currency #
93227 dd. September 03, 2004 concluded between the Creditor and the Borrower,
hereinafter referred to as the "Contract", have entered into the present
Additional agreement on the following:

1. Within the frames of the Contract the Creditor shall grant the Borrower the
Credit in the amount of 12,000,000.00 (twelve million 00/100) US Dollars.

Date of granting of the Credit: September 03, 2004.

Date of repayment of the Credit: March 03, 2006.

2. The Borrower shall pay to the Creditor for using the Credit the interest at
the annual rate estimated in 14 % (fourteen 00/100 percent).

3. The Borrower shall have the right to cancel pre-time the Credit granted
according to the present Additional Contract without payment of any additional
commission fee, interest, penalties, etc. in favour of the Creditor. The
Borrower shall direct to the Creditor the notice in writing on the pre-schedule
repayment 10 (ten) business days prior to date of the prospective pre-schedule
repayment.

4. Crediting of the Borrower shall be exercised through transfer of money
resources from the loan accounts to the account of the Borrower #
40702840800000003159 in OJSC "Alfa-Bank".

5. In all the rest the Parties shall be governed by the conditions of the
Contract.

6. The present Additional Contract shall inure from the date of its signing by
the authorized representatives of the Parties and constitutes an integral part
of the Contract.

                          8. SIGNATURES OF THE PARTIES

                THE CREDITOR                           THE BORROWER
     Director on crediting corporate     First Deputy General director
     clients OJSC "Alpha-bank"           CJSC ((Network of television stations))
     ___________( Mr. Silvestrov A.K.)   ________________ (Rodnyansky A.E.)
     Assistant to Chief accountant       Chief accountant
     OJSC "Alpha-bank"                   CJSC ((Network of television stations))
     _________________________           ________________ Chaikovskaya M.I.)

     Stamp                               Stamp

Departments   Head of the Department   Date
              ----------------------
                 Name   Signature

-------------------------------------------

-------------------------------------------

-------------------------------------------

-------------------------------------------

________________________________________________________________________________
Creditor                                           Borrower

_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           8

                             ADDITIONAL AGREEMENT #2
   to the Contract on opening the credit line in the foreign currency # 93227
                             dd. September 03, 2004

Moscow                                                        September 09, 2004

OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Creditor", in the person of Director on crediting corporate clients Mr.
Silvestrov A.K. acting the basis of the Power of attorney # 01/1489 D dated
August 23, 2004, on the one hand, and CLOSED JOINT-STOCK COMPANY ((NETWORK OF
TELEVISION STATIONS)), hereinafter referred to as the "Borrower", in the person
of General director Rodnyansky A.E., acting on the basis of the Charter, in
addition to the Contract on opening the credit line in the foreign currency #
93227 dd. September 03, 2004 concluded between the Creditor and the Borrower,
hereinafter referred to as the "Contract", have entered into the present
Additional agreement on the following:

1. Within the frames of the Contract the Creditor shall grant the Borrower the
Credit in the amount of 8,000,000.00 (eight million 00/100) US Dollars.

Date of granting of the Credit: September 09, 2004.

Date of repayment of the Credit: March 03, 2006.

2. The Borrower shall pay to the Creditor for using the Credit the interest at
the annual rate estimated in 14 % (fourteen 00/100 percent).

3. The Borrower shall have the right to cancel pre-time the Credit granted
according to the present Additional Contract without payment of any additional
commission fee, interest, penalties, etc. in favour of the Creditor. The
Borrower shall direct to the Creditor the notice in writing on the pre-schedule
repayment 10 (ten) business days prior to date of the prospective pre-schedule
repayment.

4. Crediting of the Borrower shall be exercised through transfer of money
resources from the loan accounts to the account of the Borrower #
40702840800000003159 in OJSC "Alfa-Bank".

5. In all the rest the Parties shall be governed by the conditions of the
Contract.

6. The present Additional Contract shall inure from the date of its signing by
the authorized representatives of the Parties and constitutes an integral part
of the Contract.

                          8. SIGNATURES OF THE PARTIES

                THE CREDITOR                           THE BORROWER
     Director on crediting corporate     First Deputy General director
     clients OJSC "Alpha-bank"           CJSC ((Network of television stations))
     ___________( Mr. Silvestrov A.K.)   ________________ (Rodnyansky A.E.)
     Assistant to Chief accountant       Chief accountant
     OJSC "Alpha-bank"                   CJSC ((Network of television stations))
     _________________________           ________________ Chaikovskaya M.I.)

     Stamp                               Stamp

Departments   Head of the Department   Date
              ----------------------
                 Name   Signature

-------------------------------------------

-------------------------------------------

-------------------------------------------

-------------------------------------------

________________________________________________________________________________
Creditor                                           Borrower

_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           9

                             ADDITIONAL AGREEMENT #3
   to the Contract on opening the credit line in the foreign currency # 93227
                             dd. September 03, 2004

Moscow                                                        September 09, 2004

OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Creditor", in the person of Director on crediting corporate clients Mr.
Silvestrov A.K. acting the basis of the Power of attorney # 01/1489 D dated
August 23, 2004, on the one hand, and CLOSED JOINT-STOCK COMPANY ((NETWORK OF
TELEVISION STATIONS)), hereinafter referred to as the "Borrower", in the person
of General director Rodnyansky A.E., acting on the basis of the Charter, in
addition to the Contract on opening the credit line in the foreign currency #
93227 dd. September 03, 2004 concluded between the Creditor and the Borrower,
hereinafter referred to as the "Contract", have entered into the present
Additional agreement on the following:

1. Within the frames of the Contract the Creditor shall grant the Borrower the
Credit in the amount of 12,000,000.00 (twelve million 00/100) US Dollars.

Date of granting of the Credit: September 09, 2004.

Date of repayment of the Credit: September 09, 2005.

2. The Borrower shall pay to the Creditor for using the Credit the interest at
the annual rate estimated in 13.75 % (thirteen 75/100 percent).

3. The Borrower shall have the right to cancel pre-time the Credit granted
according to the present Additional Contract without payment of any additional
commission fee, interest, penalties, etc. in favour of the Creditor. The
Borrower shall direct to the Creditor the notice in writing on the pre-schedule
repayment 10 (ten) business days prior to date of the prospective pre-schedule
repayment.

4. Crediting of the Borrower shall be exercised through transfer of money
resources from the loan accounts to the account of the Borrower #
40702840800000003159 in OJSC "Alfa-Bank".

5. In all the rest the Parties shall be governed by the conditions of the
Contract.

6. The present Additional Contract shall inure from the date of its signing by
the authorized representatives of the Parties and constitutes an integral part
of the Contract.

                          8. SIGNATURES OF THE PARTIES

                THE CREDITOR                           THE BORROWER
     Director on crediting corporate     First Deputy General director
     clients OJSC "Alpha-bank"           CJSC ((Network of television stations))
     ___________( Mr. Silvestrov A.K.)   ________________ (Rodnyansky A.E.)
     Assistant to Chief accountant       Chief accountant
     OJSC "Alpha-bank"                   CJSC ((Network of television stations))
     _________________________           ________________ Chaikovskaya M.I.)

     Stamp                               Stamp

Departments   Head of the Department   Date
              ----------------------
                 Name   Signature

-------------------------------------------

-------------------------------------------

-------------------------------------------

-------------------------------------------

________________________________________________________________________________
Creditor                                           Borrower

_____________________                              ____________________

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