Document:

EX-10.1

 Memorandum of 

Understanding

This memorandum of understanding (“MoU”) dated December 15, 2006, is concluded by and between:

• Golden Telecom, Inc., a corporation under the laws of the State of Delaware,
U.S.A., together with its affiliates (“GTI”), represented by Jean-Pierre Vandromme, GTI’s Chief
Executive Officer

• Dawn Key Limited, a company incorporated under the laws of British Virgin Islands
(“Seller 1”).

GTI and Seller 1 are collectively referred to as “Parties” and individually as “Party”.

Whereas, ZAO Cortec, registered and existing under the laws of the Russian Federation and
other applicable jurisdictions, is 99% owned by Inure Enterprises Ltd, Cyprus (“Holding Company”)
and 1% is held by a related company, A&NN Capital Management Fund Ltd,

Whereas, ZAO Cortec operates together with its wholly-owned subsidiaries ZAO
Investelektrosvyaz, ZAO Kabelstroy and other subsidiaries (jointly doing business as Corbina
Telecom Group) (“Corbina”),

Whereas, Seller 1 owns 71.11% of issued and outstanding shares of Holding Company in
common shares,

Whereas, Ansley Financial Holdings ltd, BVI (“Seller 2”) owns 28.89% of issued and
outstanding shares of Holding Company in common shares,

Whereas, A&NN Capital Management Fund Ltd is in the process of selling 1% stake in Corbina to
Rambert Management Limited, 100% subsidiary of Holding Company,

The Parties have agreed as follows:

1. GTI Acquisition.

	 	a.	 	GTI shall acquire a 51% share of Corbina (“GTI Acquisition”) in common shares free
and clear of any liens and third party rights
	 
	 	 	 	in
exchange for:

	 	•	 	8% of GTI post-closing common stock, and

	 	•	 	$10 million payable in cash.

GTI Acquisition shall be consummated subject to and on the terms and conditions set forth in
an Ownership Interest Purchase Agreement (“OIPA”) and other Transaction Documents (as defined
in Section 1(c)) to be negotiated and executed by and between GTI and Holding Company.

	 	b.	 	Seller 1 will ensure that:

	 	•	 	Holding Company sells the 50% stake in Corbina listed in Section 1(a) above subject
to having received all necessary corporate approvals.

	 	•	 	Rambert Management Limited sells 1% stake in Corbina to GTI as part of GTI
Acquisition.

	 	c.	 	The GTI Acquisition will be documented by the OIPA and such other transaction documents
as the Parties may agree from time to time (the “Transaction Documents”). The Transaction
Documents will contain covenants, warranties and indemnities customary for a transaction of
the kind contemplated by the GTI Acquisition and will be governed by the laws of the State
of New York.

2. Shareholdings After GTI Acquisition.

	 	a.	 	As a result of the GTI Acquisition:

(i) GTI shall own a 51% share of Corbina in common shares;

(ii) Holding Company shall own 49% of shares of Corbina in common shares;   

	 	b.	 	The Parties shall conclude a shareholders’ agreement which shall provide for:

(i) The Holding Company will have the right to appoint 3 of the 7 directors of the
Board of Directors, and GTI shall have the right to appoint 4 of the 7 directors. The
participation of at least one Holding Company director shall be required for any
meeting of the Board of Directors to be quorate (to the extent that such Director has
been duly notified of the meeting but failed to participate for any reason the next
reconvened meeting shall be deemed quorate). The decisions of the Board of Directors
will be taken by majority vote except for the decisions on the Reserved Issues which
require vote of at least five directors.

(ii) Should there be no restrictions to consolidation of Corbina into GTI reporting
under GAAP and SEC rules, the Parties recommend that Alexander Mamut be Chairman of
the Board of Directors and Alexander Malis be the CEO of Corbina.

(iii) All material decisions (including approval of new share issues, dividends,
major financing transactions) will require 70% shareholder approval (or approval vote
of five directors) (Reserved Issues) except for the decisions that may prevent GTI
from consolidating Corbina under GAAP and SEC rules.

(iv) Indicative three (3) year business plan and debt refinancing plan shall be
agreed before the Effective Date and attached to the SHA as an integral part;

(v) pre-emption right for all new share issues at fair market value

(vi) right of first refusal on all share transfers at fair market value;

	 	(vii)	 	tag along rights in favour of the Holding Company if GTI wishes
to dispose of 51% in Corbina;

(viii) GTI shall list Corbina on or before 31.12.08 in Moscow, London or New York
which obligation of GTI may only be postponed or rescinded due to the following
reasons:

 — mutual agreement of both Parties that the IPO is not timely or feasible due to
unfavorable market conditions; or

 — non-compliance with FCPA, SEC or other mandatory rules or regulations reasonably
preventing IPO;

in which case the Parties shall mutually agree upon new date for IPO which date shall
be as soon as practicable.

On any listing, the Holding Company shall have a preemptive piggyback IPO rights over
GTI to list its shares comprising up to 25% of Corbina share capital. A decision as
to the best timing, place and feasibility of an IPO shall be made based on a
recommendation from a reputable equity market advisor to be selected as follows:

(1) GTI shall select a panel of three advisors from the list below:

	 	i.	 	Morgan Stanley

	 	 	 
	ii.

iii.

iv.

	 	UBS

JP Morgan

HSBC

	 	v.	 	Deutsche Bank

(2) Holding Company shall define an advisor by choosing it from a panel of three.

	 	c.	 	In case following the consummation of GTI Acquisition Seller 1 and Seller 2 decide to
replicate their respective shareholdings in the Holding Company at the level of Corbina the
Parties undertake to each other to negotiate and execute new Corbina Shareholders agreement
on substantially the same terms.

3. Conditions to GTI Acquisition.

	 	a.	 	Conditions Precedent.

(i) $ 45 million of the approximately $90 million debt of the Holding
Company to JSC Vneshtorgbank (“VTB”) will be assumed by Corbina by way of Corbina
borrowing a $ 45 million loan from GTI and repayment to Holding Company of $ 45
million (general mechanism of transferring the funds from Corbina to Holding Company
to be mutually agreed by both Parties). For the avoidance of doubt GTI obligations
under the above mechanism will be limited to $45 million.

(ii) All loans made by the Holding Company to Corbina shall be converted
into share capital or 51% of such loans not so converted will be assigned to GTI to
the effect the outstanding indebtedness of Corbina as of the Effective Date not to
exceed $45 million (plus normal commercial indebtedness not exceed $9 million).

(iii) No less than 2,600 of Corbina’s telecommunications objects (buildings in
Moscow) shall be commissioned by RosSvyazNadzor and no less than 100 agreements with
DEZs/Upravas are signed out of which no less than 50 projects are approved.

Corbina shall strive to meet the indicative forecast below:

Month

(End of month) Number of buildings in Moscow commissioned by RosSvyazNadzor

Number of agreements signed: Number of projects approved:

by DEZs/district councils/prefectures

	 	 	 	 	 	 	 
	for every Moscow city district of the total of 124
	 	 	 	 
	 
	 	 	 	 	 	 
	December 2006

January 2007

February 2007

March 2007

April 2007

May 2007

	 	No less than 2 600

3,200

5,500

8,000

10,000

12,000
	 	100

100

105

107

109

110
	 	50

55

65

75

85

90

(iv) The customary investment activities, including construction of Homenet by
Corbina in the period between the date of the present MoU and closing of GTI
Acquisition shall be financed by the Holding Company and Corbina’s operational
cashflows.

(v) There shall be other customary conditions precedent for the transaction of the
kind contemplated by the GTI Acquisition, including acquisition of all necessary
corporate and governmental approvals, no litigation, no material adverse change,
satisfactory due diligence, net debt/cash positions, and similar standard conditions
precedent.

	 	b.	 	OIPA Conditions.

(i) Corbina and GTI shall identify target markets for each operator including
regions of presence and target market (retail and corporate customers).

(ii) Services bought by Corbina and GTI from each other shall be provided at agreed
transfer rates. The projected volume of such services to be provided by both
companies and itemized by service type shall be stipulated in the agreement.

(iii) GTI Acquisition shall be consummated subject to:

(1) GTI getting the approval from GTI Board of Directors; and Holding Company
receiving its corporate approvals;

(2) Procurement of consent to GTI Acquisition by Federal Antimonopoly Service
of Russia;

(3) Outcome of due diligence satisfactory to GTI.

(iv) the following Representations and Warranties made by the Holding Company            to GTI:

	 	1.	 	Title warranties (capacity, authority, shares and subsidiaries) which shall be capped
by 100% of the GTI Acquisition consideration price and extend for 3 years from the date of
GTI Acquisition

	 	2.	 	Tax warranties which shall cover claims arising from the period of 3 years prior to GTI
Acquisition, shall be capped by $20 million and extend for 3 years from the date of GTI
Acquisition

	 	3.	 	All other representations and warranties (including permits, intellectual property,
assets and liabilities, accounts, employees, litigation) which shall be capped by $5
million and extend for 1 year.

	 	 	 	70% of any claim which may arise out of breach of representations and warranties shall be
secured by personal guarantee given by the ultimate beneficial owner of the Seller 1 which
claim can only be made if the amount of such claim exceeds $ 1 million.

4. Interdependence. The Parties understand that the actions envisaged by the
present MoU depend on each other and may not be performed on a stand-alone basis.

5. Confidentiality. No Insider Trading.

	 	a.	 	The terms and conditions of the transactions contemplated herein, including the mere fact
of negotiation of them, are confidential and may not be disclosed by either Party without
the prior written consent of the other Parties hereto, except as may be required by law or
rules of a stock exchange applicable to a Party or pursuant to rules or regulation of any
regulatory agency having oversight over a Party or where necessary to a party to exercise
its rights hereunder.

	 	b.	 	None of the Parties to this MoU will make any public announcement of the proposed GTI
Acquisition, including inter alia the mere fact of negotiations and terms and conditions,
without the approval of the other Party, save where such Party is required to make such
announcement or disclosure by operation of law or rules of any stock exchange applicable to
such Party or pursuant to the rules or regulatory agency having oversight over such Party.

	 	c.	 	If Seller 1 or any of its affiliates obtain material, non-public information about GTI or
any of its businesses, subsidiaries, affiliates or ventures in the course of reviewing the
GTI Acquisition, Seller 1 and its affiliates agree that their directors, officers and
employees who are directly participating in the GTI Acquisition will not trade in Golden
Telecom, Inc.’s securities during such times as such information is material and non-public.

6. Corbina. The Parties agree that the constitutional documents of Corbina
will be amended at completion of the GTI Acquisition to reflect the agreed terms of the definitive
Transaction Documents.

7. MoU Conditions.

	 	a.	 	This MoU and the transactions contemplated hereby, including the GTI Acquisition, are
subject to (1) the execution of legally binding Transaction Documents which the Parties
intend to negotiate and execute; (2) satisfaction of the conditions precedent set forth in
the Transaction Documents; and (3) satisfaction of the conditions set forth in Section
3(b)(iii) of the MoU.

	 	b.	 	This MoU shall be governed by the laws of the State of New York. The Parties hereto
hereby submit any and all disputes arising out of or in connection with this MoU to the
non-exclusive jurisdiction of the courts of the State of New York or the courts of the
United States of America located in the Southern District of New York.

	 	c.	 	Each Party shall bear its own expenses related to preparation and negotiations of this
MoU, the Transaction Documents and the GTI Acquisition.

	 	d.	 	This MoU shall be binding upon the Parties and shall replace in its entirety the
Memorandum of Understanding entered into by and between the same Parties on October 6, 2006.

8. Due Diligence. Seller 1 agrees that GTI will conduct its customary due
diligence of Corbina, including corporate, financial, technical and tax issues, and Seller 1 shall
ensure that the relevant documents or materials are made available to GTI in a timely manner.

9. Counterparts. This MoU is executed in 2 originals in the English language one
original for each Party.

Agreed and accepted:

	 	 	 
	On behalf of GTI	 	On behalf of Dawn Key Limited
	/s/ Jean-Pierre Vandromme

     

Jean-Pierre Vandromme

CEO

	 	/s/ Alexander Mamut

     

Alexander Mamut

	 
	 	 
	
 
	 	/s/ Marina Abramova

	 	 	     

Marina Abramova

By Power of AttorneyEX-10.2

SHARE PURCHASE AGREEMENT

by and between

SFMT-CIS, INC.

and

BELMARK ENTERPRISES, INC.

Dated December 15, 2006

1

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT (this “Agreement”), dated as of December 15, 2006 (the “Execution
Date”), is made by and between:

	(1)	 	SFMT-CIS, Inc., a corporation organized and existing under the laws of the State of Delaware,
U.S.A. (the “Buyer”), and

	(2)	 	BELMARK ENTERPRISES INC., a Business Company incorporated in the territory and under the laws
of the British Virgin Islands (the “Seller”).

(Buyer and Seller are collectively referred to as the “Parties” and each individually as a
“Party”).

W I T N E S S E T H :

WHEREAS:

	(A)	 	Kolangon-optim LLC (“Kolangon”), a limited liability company registered and existing under
the laws of the Russian Federation, is 100% owned by FORTLAND LIMITED, an International
Business Company formerly incorporated in the territory and under the laws of the British
Virgin Islands and re-registered as a BVI business company as of October 27, 2006
(“Fortland”);

	(B)	 	Buyer is a wholly-owned subsidiary of Golden Telecom, Inc., a Delaware corporation (“GTI”);

	(C)	 	The share capital of Fortland consists of 1,000,000 issued and outstanding shares with a par
value of USD0.01 each share;

	(D)	 	Seller is the legal, record and beneficial owner of 850,000 shares issued by Fortland
representing eighty-five percent (85%) of all the issued and outstanding shares of Fortland,
and NAVIC CONSULTING LTD., an International Business Company incorporated in the territory and
under the laws of the British Virgin Islands, registration number 686374, is the legal, record
and beneficial owner of 150,000 shares issued by Fortland representing fifteen percent (15%)
of all the issued and outstanding shares in Fortland;

	(E)	 	At the Closing Seller will be the legal, record and beneficial owner of 200,000 preferred
 shares (resulting from the conversion of the Seller Shares into the Preferred Shares (all as
defined below)), representing 100% of the total issued and outstanding preferred shares of
Fortland and 20% of the aggregate issued and outstanding share capital of Fortland;

	(F)	 	Kolangon and Kolangon Subsidiaries intend to provide DVB-T broadcast services over decimeter
TV channels with 8 MHz bandwidth designed for DVB-T broadcasting in certain areas of the
Russian Federation, and are the owners of certain telecommunications licenses and permits, as
further described herein; and

	(G)	 	Buyer desires to purchase from Seller, and Seller desires to sell to Buyer 650,000 shares of
Fortland which shall represent at Closing sixty-five percent (65%) of the issued and
outstanding share capital of Fortland, upon the terms and subject to the conditions set forth
herein.

NOW, THEREFORE, in consideration of the premises and of the mutual representations, warranties,
covenants and agreements hereinafter contained, the Parties agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions. For purposes of this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the singular and the
plural forms of the terms defined):

"Action” means any action, claim, suit, litigation, arbitration or other proceeding by or before
any Governmental Entity.

"Acquisition Shares” means 650,000 shares of Fortland, representing as of the Execution Date
sixty-five percent (65%) of all voting shares of Fortland issued and outstanding, and of which the
Seller is the legal, record and beneficial owner.

"Adjustment Amount” has the meaning set forth in Section 2.3(a).

"Adjustment Date” means the date of expiration of a thirty (30) month period following the Closing
Date.

"Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with such Person. For purposes of the immediately preceding
sentence, the term “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through ownership of voting securities, by contract or
otherwise. With respect to an individual, “Affiliate” shall also mean such individual’s spouse and
other immediate relatives.

"Agreement” means this Share Purchase Agreement, as the same may be duly amended, modified or
supplemented from time to time.

"Authorization” means any consent, permission, waiver, allowance, novation, authorization,
declaration, filing, registration, notification, application, license, permit, certificate,
variance, exemption, franchise or other approval issued, granted, given, required or otherwise made
available by any Governmental Entity.

"Business Day” means a day other than a Saturday or Sunday, on which banks are generally open for
business in Moscow, Russian Federation and New York, New York (USA).

"Buyer” has the meaning set forth in the Preamble to this Agreement.

"Closing Date” has the meaning set forth in Section 3.1.

"Companies” means Fortland, Kolangon and each Kolangon Subsidiary collectively, and “Company” means
any of them.

"Conditions Subsequent” has the meaning set forth in Section 3.5.

"Conditions Subsequent Date” means October 20, 2007.

"Contracts” has the meaning set forth in Section 5.15.

"Conversion” means the conversion or swap of the Seller’s Shares to the preferred shares to be
authorized and issued to the Seller by Fortland at 1:1 ratio, where

	 	(i)	 	so authorized preferred shares shall (1) be equal in number to the Seller’s
Shares; (2) have no voting rights; (3) have the same dividend rights are common shares
of Fortland; and

	 	(ii)	 	after the conversion the Seller’s Shares shall be cancelled by Fortland.

"Cut-Off Date” means the last day of a three (3) month period after the Effective Date.

"DVB-T” means the digital terrestrial television standard of broadcasting commonly referred to as
Digital Video Broadcasting-Terrestrial (DVB-T).

"DVB-T Services” means DVB-T broadcast services over decimeter television channels with
eight-megahertz (8 MHz) bandwidth designed for DVB-T broadcasting.

"Execution Date” has the meaning set forth in the Preamble hereto.

"FAS” means the Federal Antimonopoly Service of the Russian Federation and its regional
representative agencies.

"FAS Approval” means the approval by FAS for the indirect acquisition by the Buyer of the Kolangon
and the Kolangon Subsidiaries.

"Fair Value” means, for the purpose of Section 2.3(b), the value determined in accordance with
Section 4 of the Option Agreement (as if the Seller’s Shares were the Option Shares for the purpose
of the Option Agreement).

"Final Installment” means a second installment of the Purchase Price in the amount of $11,100,000
(eleven million one hundred thousand), payable in accordance with Section 2.2(b) of this Agreement.

"Final Installment Date” has the meaning set forth in Section 2.2(b).

"First Installment” means the first installment of the Purchase Price in the amount of
USD 38,620,648.71 (thirty eight million six hundred twenty thousand six hundred forty eight and
71/100 USD)

"Financial Statements” has the meaning set forth in Section 5.8(a).

"Fortland” means FORTLAND LIMITED, a BVI business company (IBC number 669724, BVI company number
1059968), organized and existing under the laws of the British Virgin Islands, as more fully
described in Part A of Exhibit 1.

"Governmental Entity” means, in any applicable jurisdiction or international forum, any (a)
federal, state, territorial, oblast, okrug, rayon, municipal, local or foreign parliament or
government, (b) court, arbitral or other tribunal, (c) governmental authority of any nature, and
including but not limited to international organizations having jurisdiction over matters
concerning intellectual property or (d) agency, commission, authority or body exercising, or
entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or
taxing authority or power of any nature.

“GTI” means Golden Telecom, Inc., a Delaware corporation.

"Installment” means either of the First Installment or the Final Installment, and “Installments”
means both of them.

"Intellectual Property” has the meaning set forth in Section 5.16.

"Interest” means a one hundred percent (100%) participatory interest in the charter capital of
Kolangon, or where the context requires, a one hundred percent (100%) participatory interest in the
charter capital of each Kolangon Subsidiary.

"Kolangon” means OOO Kolangon-optim, a limited liability company organized and existing under the
laws of the Russian Federation, as more fully described in Part B of Exhibit 1.

"Kolangon Subsidiaries” means wholly owned subsidiaries of Kolangon as described in Part C through
Part H (both inclusive) of Exhibit 1, collectively, and “Kolangon Subsidiary” means any of them.

"Laws” means all laws, statutes, constitutions, treaties, normative acts, rules, regulations,
policies, standards, directives, ordinances, codes, judgments, rulings, orders, writs, decrees,
stipulations, instructions, information letters, injunctions and determinations of any Governmental
Entity.

"Lender” means GTS Finance, Inc. which is an Affiliate of the Buyer designed by the Buyer to be a
party to the Loan Agreement.

"Lien” means any charge or claim, community property interest, condition, lien (statutory or
otherwise), encumbrance, option, proxy, pledge, security interest, mortgage, right of first
refusal, right of first offer, retention of title agreement, defect of title or restriction of any
kind or nature, including any restriction on use, voting, transfer, receipt of income or exercise
of any other attribute of ownership, including Permitted Lien.

"Loan Agreement” means a loan agreement to be entered into prior to the Closing Date under which
the Lender has agreed to make a loan to Navic on the terms and subject to the conditions set forth
therein.

"Material Adverse Effect” means any event, change or effect that individually or when taken
together with all other such events, changes or effects is, or is reasonably likely to be,
materially adverse to the business, assets, liabilities, financial condition or results of
operation of the Companies, taken as a whole (including, an event or change that may reasonably be
expected to result in revocation, suspension or material modification of the Required Permits).

"Navic” means NAVIC CONSULTING LTD, a private company (IBC number 686374) organized and existing
under the laws of the British Virgin Islands, as more fully described in the Option Agreement.

"Navic Shares” means 150,000 shares of Fortland, representing as of the Execution Date fifteen
percent (15%) of all voting shares of Fortland issued and outstanding, and of which the Navic is
the legal, record and beneficial owner.

"Organizational Documents” means the charter, certificate of incorporation, memorandum of
association, articles, foundation agreement, partnership agreement or other charter documents or
by-laws of a Person.

"Party” and “Parties” have the meaning set forth in the Preamble to this Agreement.

“Permitted Debt” means the debt of Kolangon arising from loan agreements under which Kolangon
borrowed money as described in Exhibit 5 hereto (in the amount of aggregate principal).

"Permitted Lien” means

(i) a statutory Lien for current Taxes or assessments or other governmental charges not
yet due and payable, if such Taxes are being contested in good faith and any accrual for
Taxes that have been reflected on the Financial Statements and the adequate reserves are
made against such Taxes;

(ii) such other Liens, imperfections in title, charges, easements, restrictions,
encumbrances and other matters of a similar nature which have been specifically agreed to in
writing by Buyer prior to the Execution Date;

(iii) a Lien or charge securing indebtedness (if any) to be assumed hereunder by Buyer
or contemplated hereunder to become the obligation of Buyer;

(iv) mechanics’, carriers’, workmen’s, repairmen’s or other like Liens arising or
incurred in the ordinary course of business securing amounts not exceeding in the aggregate
USD 100,000 and not affecting the assets which are material for the business of the
Companies as presently conducted; and

(v) a Lien expressly provided for by the terms and conditions of any lease or license.

"Person” means any individual, firm, partnership, joint venture, trust, corporation, limited
liability entity, unincorporated organization, estate or other entity (including a Governmental
Entity).

"Pledge Agreement” means a pledge agreement entered into among the Lender, Navic (as a pledgor)
and Fortland to secure the obligations of Navic under the Loan Agreement substantially in the form
attached to the Loan Agreement.

"Preferred Shares” means the preferred shares (without voting rights but with the dividends rights
similar to dividend rights of the voting shares of Fortland) resulting from the Conversion of the
Seller’s Shares.

"Purchase Price” means the amount of USD fifty-one million two hundred eighty-one thousand
($51,281,000) (subject to the satisfaction of the Conditions Subsequent), as may be adjusted in
accordance with Section 2.3 and with the other the terms hereof.

"RAP” means accounting standards and principles generally accepted in the Russian
Federation.

“Real Property” has the meaning set forth in Section 5.18.

“Register” means the share register of Fortland maintained according to the International Business
Companies Act (Cap.291), British Virgin Islands or the register of members of Fortland maintained
according to the BVI Business Companies Act, 2004, as applicable.

"Required Permits” means permits and licenses listed in Exhibit 4.

"Required Transmitter” has the meaning set forth in Section 3.5(a)(i).

"Seller” has the meaning set forth in the Preamble to this Agreement.

"Seller’s Shares” means all Shares held by the Seller other than the Acquisition Shares.

"Share Option Agreement” means a share option agreement to be entered into prior to the Closing
Date by and among the Seller, the Buyer and Navic, which is in the agreed from.

"Shares” means shares of capital stock of Fortland (common or preferred, including the Preferred
Shares).

"Taxation Authority” means any Governmental Entity or other authority whatsoever competent to
impose any Taxes in the Russian Federation, the United States of America (federal and state) or the
British Virgin Islands.

"Taxes” means any federal, state, territorial, oblast, okrug, regional, municipal, local or foreign
and other tax, assessment, duty or similar charge of any kind whatsoever, including any corporate
franchise, income, profit, sales, use, ad valorem, receipts, value added, license, withholding,
payroll, employment, excise, property, customs, net worth, capital gains, transfer, stamp,
documentary, social security, social fund, pension fund, environmental or other tax or levy, and
including any interest, penalties and additions imposed with respect to such amounts.

"Transaction Documents” means this Agreement, the Loan Agreement, the Pledge Agreement and the
Option Agreement.

"Transfer Instrument” means an act of transfer of the Interest from Seller to Buyer to be
acknowledged by Fortland, substantially in the form of Exhibit 2.

"USD” or “$” shall mean the lawful currency of the United States of America.

Section 1.2 Interpretation. In this Agreement, unless the context otherwise requires:

(a) a reference to a section or paragraph of or a schedule is a reference to a section or
paragraph of or a schedule of this Agreement;

(b) a reference to “Purchase Price,” “Acquisition Shares”, “Seller’s Shares”, or “Shares”
shall include a reference to any part thereof;

(c) reference to a document in the “agreed terms” or “agreed form” is a reference to that
document in the form approved and for the purposes of identification signed by or on behalf of each
party to such document;

(d) the terms “include” and “including” shall be deemed to be followed by the words “without
limitation” where not so followed;

(e) a reference to “an agreement” includes any contract, concession, deed, undertaking,
instrument or other contractual arrangement;

(f) a reference to an agreement shall be construed as a reference to such agreement as it may
be amended, varied, supplemented, novated or assigned from time to time;

(g) all annexes, exhibits, supplements, recitals and amendments to this Agreement (including
any amendment agreement) shall form an integral part of this Agreement;

(h) words denoting the singular include the plural and vice versa; and

(i) a reference to Moscow shall include a reference to Moscow region (oblast), a reference to
St.-Petersburg shall include reference to Leningrad region (oblast).

ARTICLE II

PURCHASE AND SALE OF THE INTEREST

Section 2.1 Purchase and Sale of the Acquisition Shares.

(a) Subject to all of the terms and conditions of this Agreement and in reliance on the
covenants, representations and warranties contained herein, on the Closing Date Seller shall sell,
transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, all of Seller’s
ownership rights, title and interest in and to the Acquisition Shares, free and clear of any Liens.

(b) All dividends and other distributions (if any) received by Seller after the Closing Date
in respect of the Acquisition Shares shall forthwith be transferred by Seller to Buyer.

Section 2.2 Purchase Price.

The Purchase Price shall be paid by the Buyer to the Seller in two (2) Installments:

(a) The First Installment shall be paid by the Buyer on the Closing Date in accordance with
Section 3.2(a)(ii); and

(b) The Final Installment shall be paid by the Buyer on the next Business Day following the
date on which all Conditions Subsequent have been fulfilled subject to Section 3.5 (the “Final
Installment Date”).

Section 2.3 Adjustment to the Purchase Price

(a) If any Installment shall have been paid by the Buyer, and Kolangon shall have failed to
obtain all Required Permits on the Adjustment Date:

(i) in respect of any one or more of the cities listed in Exhibit 3 (other than the
cities of Krasnoyarsk, Kazan, Nizhni Novgorod, Ufa and Novosibirsk), then the Purchase Price
shall be decreased by the amount of USD four hundred six thousand six hundred sixty-seven
($406,667) for each such city; and

(ii) in respect of any one or more of the cities of Krasnoyarsk, Kazan, Nizhni
Novgorod, Ufa and Novosibirsk, then the Purchase Price shall be decreased by the amount of
USD one million ($1,000,000) for each such city

(the aggregate amount so determined on the Adjustment Date is the “Adjustment Amount”), then
the Purchase Price shall be decreased by the Adjustment Amount.

(b) Within ten (10) Business Days following the Adjustment Date, Seller shall confirm to Buyer
that Kolangon or the relevant Kolangon Subsidiaries, as applicable has obtained the Required
Permits for the cities listed on Exhibit 3 hereto or, if the Seller has failed to obtain any
Required Permits, then the Seller shall:

(i) pay to the Buyer the Adjustment Amount within thirty (30) days following the
Adjustment Date pursuant to Section 2.3(a) above; or

(ii) deliver to the Buyer a written notice of commencement of the actions necessary to
determine the Fair Value of the Seller’s Shares pursuant to the Share Option Agreement.
After determination of the Fair Value of the Seller’s Shares, Seller shall be entitled (in
its sole discretion) to either :

	 	(1)	 	pay to the Buyer the Adjustment Amount
within 10 days following the determination of the Fair Value of the
Seller’s Shares, or

	 	(2)	 	discharge its obligations to pay the
Adjustment Amount by transferring to the Buyer full title to the
relevant number of the Seller’s Shares (free and clear of any Liens
other than Permitted Liens referred to in paragraph (ii) of the
definition of the Permitted Lien). with the aggregate Fair Value
equal to the amount of the Adjustment Amount, provided that where
such Fair Value shall be below the Adjustment Amount due, the Seller
shall forthwith (but in any event on demand) pay the balance to the
Buyer.

ARTICLE III

CLOSING

Section 3.1 Closing Date. 

The closing of the transactions contemplated hereby shall occur on the next Business Day
following receipt by Seller of a confirmation by Buyer to Seller in the form of Exhibit 6 (the
“Buyer’s Confirmation Notice”) of the satisfaction (or waiver) of the conditions precedent set
forth in Article IV of which Seller shall have notified Buyer in writing in the form of Exhibit 7
(the “Sellers’ Notice on Conditions Precedent”). Within 2 (two) Business Days following receipt by
Buyer of the Sellers’ Notice on Conditions Precedent, Buyer shall furnish to Seller Buyer’s
Confirmation Notice or a letter of disagreement stating the reasons for failure by Buyer to furnish
Buyer’s Confirmation Notice. The date and time at which the Closing actually occurs is referred to
herein as the “Closing Date”.

The Closing shall take place at 17:00 p.m. of the Closing Date in the offices of Moscow
representative office of Golden TeleServices, Inc., located at 1 Kozhevnicheskiy Proezd, Moscow
115114, Russia.

Section 3.2 Actions on the Closing Date.

(a) On or immediately before the Closing Date:

(i) Seller shall deliver to the Buyer:

	 	(1)	 	a duly executed Transfer Instrument;

	 	(2)	 	a resolution of the directors of Fortland
approving the transfer of the Acquisition Shares to the Buyer,
cancelling the stock certificate of the Seller and authorizing the
issuance of the stock certificate to the Buyer in respect of the
Acquisition Shares and to the Seller in respect of the Preferred
Shares;

	 	(3)	 	a duly certified copy of the Register
showing the Buyer as the sole owner of the Acquisition Shares free
and clear of any Liens (other than Permitted Liens);

	 	(4)	 	a stock certificate in respect of the
Acquisition Shares signed by the directors of Fortland;

	 	(5)	 	an extract from Unified State Register of
Legal Entities of the Russian Federation in respect of registration
and ownership of Kolangon and each Kolangon Subsidiary, dated no
later than five (5) Business Days prior to the Closing Date;

	 	(6)	 	a resignation letter from each of the
general manager and chief accountant resigning from their respective
positions with Fortland, Kolangon and each Kolangon Subsidiary
without any claims;

	 	(7)	 	written evidence of termination of all
powers of attorney issued by Fortland, Kolangon and Kolangon
Subsidiaries;

	 	(8)	 	a certified copy of the decision of the
respective corporate body of the Seller authorizing the sale of the
Acquisition Shares to the Buyer and the execution and performance by
the Seller of the Transaction Documents to which it is a party;

	 	(9)	 	Sellers’ Notice on Conditions Precedent.

(ii) After all conditions specified in Section 3.2(a)(i) and Section 4.1 have been
fulfilled by Seller, Buyer shall pay the First Installment to the Seller to the bank account
of Seller specified in Section 10.10 and countersign the Transfer Instrument, which shall be
executed by Seller and acknowledged by Fortland.

(b) The Seller shall procure that the following shall occur on or before the Closing Date:

(i) the general meeting of the shareholders of Fortland shall be held where (1) the
board of directors shall be elected (including election of the Buyer’s nominees);

(ii) the meeting of the participants of Kolangon shall be held where Fortland being the
sole participant of Kolangon approves the appointment of the Buyer’s nominees to the
positions of general director and chief accountant;

(iii) the meeting of the participants of each Kolangon Subsidiary shall be held where
Kolangon being the sole participant of each Kolangon Subsidiary approves the appointment of
the Buyer’s nominees to the positions of general director and chief accountant of each
Kolangon Subsidiary;

(iv) the nominees of the Buyer shall be appointed as signatories to the bank accounts
of Kolangon and Kolangon Subsidiaries;

Section 3.3 Transfer Taxes.

(a) All applicable sales, withholding, and transfer Taxes (including any stock transfer Taxes
due as a result of the purchase and sale of the Acquisition Shares and Taxes, if any, imposed upon
the transfer of real and personal property) and filing, recording, registration, stamp, documentary
and other Taxes and fees payable in connection with any of the transactions contemplated hereby
will be the responsibility of, and be paid by, the Seller in accordance with applicable Law. All
payments to be made by the Buyer in connection with this Agreement are inclusive of any value added
or similar Taxes. The Buyer shall have no gross-up or similar obligations to the Seller in
connection with the payments by the Buyer hereunder.

(b) All charges and fees, if any, related to the registration of the Acquisition Shares shall
be paid by Buyer.

Section 3.4 Failure to Close

If the Seller fails to complete the closing as set forth in Section 3.2(a) above (all of which
are for the benefit of the Buyer), then the Buyer shall be entitled to terminate this Agreement
(without any liabilities on its part), waive any such conditions or defer the Closing Date (as it
deems fit in its sole discretion).

Section 3.5 Conditions Subsequent.

(a) The obligation of the Buyer to pay to the Seller the amount of Final Installment as
specified in Section 2.2 of this Agreement is subject to fulfillment of the following conditions
subsequent on or before the Condition Subsequent Date (the “Conditions Subsequent”):

(i) at least one (1) two-kilowatt (2kW) DVB-T transmitter has been properly permanently
installed by Kolangon or any Kolangon Subsidiary on the Ostankino television tower in Moscow
(located at Akademika Koroleva St, Moscow) or on another television tower in Moscow
acceptable to the Buyer in compliance with all applicable Laws, regulations and permits
(such one transmitter — the “Required Transmitter”);

(ii) all Authorizations related to the installation and operations of the Required
Transmitter;

(iii) the representations and warranties by the Seller are true, complete and accurate
and not misleading;

(iv) a signal from the installed transmitter(s) (including the Required Transmitter) to
provide DVB-T Services has been in the air for thirty (30) consecutive days and continues to
be in the air as confirmed by the relevant certificate signed by the Seller, the Buyer
and/or third party expert (including Governmental Entity capable of acting as such third
party expert).

(b) In the event that the Conditions Subsequent are not satisfied on the Conditions Subsequent
Date, then the Buyer may, in its sole direction:

(i) waive the Conditions Subsequent in writing, provided that in this case, the Buyer
shall not be required to pay the Final Installment or any part thereof; and/or

(ii) defer the Condition Subsequent Date by written notice to the Seller.

(c) The Seller covenants with the Buyer to procure that the Conditions Subsequent are
satisfied on or before the Condition Subsequent Date. The Buyer agrees to (i) cooperate with the
Seller (through exercise its voting rights in Fortland) to achieve the satisfaction of the
Conditions Subsequent, and (ii) save where a Material Adverse Effect may reasonably be expected to
occur, concur (to the extent of its voting rights in Fortland) with the actions proposed by the
Seller to achieve the satisfaction of the Condition Subsequent.

(d) The Buyer shall take all reasonable efforts to procure that the Conditions Subsequent are
satisfied on or before the Condition Subsequent Date. However, should the General Director of
Kolangon have been appointed by Buyer without Seller’s consent and the Conditions Subsequent fail
to be satisfied by the Condition Subsequent Date, then the Buyer shall be obligated to pay the
Final Installment on the next Business day following Condition Subsequent Date.

ARTICLE IV

CONDITIONS PRECEDENT

Section 4.1 Conditions Precedent.

The obligations of Buyer to purchase the Acquisition Shares and effect Payment of the Purchase
Price hereunder are subject to satisfaction of the following conditions on and as of each of the
Closing Date:

(a) the representations and warranties by the Seller are true, complete and accurate and not
misleading.

(b) Seller shall have fully performed and complied with its obligations under Article VII.

(c) there shall have been no Material Adverse Change and no events, facts or circumstances
(including any ongoing, pending or threatened litigation) shall have occurred which could
reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change.

(d) The Transaction Documents shall have been executed by the parties thereto (other than
Buyer) and are in full force and effect.

(e) Seller shall have caused Fortland to effect Conversion of the Seller’s Shares into
Preferred Shares at no cost to Fortland.

(f) all consents, approvals and actions of, filings with and notices to any Governmental
Entity which are required to have been obtained, made or given (as applicable) by Seller or Buyer
pursuant to applicable Laws (including FAS Approval) and are necessary for the performance of the
obligations of the Seller or the Buyer under this Agreement (i) shall have been duly obtained, made
or given, (ii) shall not be subject to the satisfaction of any condition that has not been
satisfied or waived (unless any such condition relates to reporting or other requirements which by
the terms of such consents, approvals, actions, filings or notices can only be effected on or after
the Closing) and (iii) shall be in full force and effect, and all terminations or expirations of
waiting periods imposed by any Governmental Entity shall have occurred.

(g) the results of the due diligence exercise concluded by Buyer and its advisers in respect
of, inter alia, the Companies’ legal status, obligations or financial position, technical issues
and tax status.

(h) Seller shall have delivered to Buyer the Financial Statements, certified by Buyer and each
respective Company as true and correct.

(i) a certified copy of the Organizational Documents of the Companies shall have been
delivered to the Buyer; and

(j) Kolangon and Kolangon Subsidiaries (jointly taken as a group) shall have obtained Required
Permits to provide DVB-T Services at least as follows:

(i) minimum seven (7) channels in Moscow;

(ii) minimum five (5) channels in St. Petersburg,

(iii) minimum one (1) license to provide communications services for air broadcasting,

and such Required Permits shall be in full force and effect; Kolangon and the relevant Kolangon
Subsidiary shall be in full compliance therewith, and there shall be no official action taken by
the appropriate Governmental Entity to revoke, modify (to the extent such modification can
reasonably be expected to have material adverse effect on the financial position, business or
prospect of the Company), terminate or suspend the same.

Section 4.2 Failure to Satisfy the Conditions. 

If the conditions to closing set forth in Section 4.1 above (all of which are for the benefit
of Buyer) are not met to the Buyer’s satisfaction on the Cut-Off Date, then the Buyer shall be
entitled to terminate this Agreement (without any liabilities on its part), waive any such
condition (without prejudice to its remedies hereunder), or defer the Closing Date (as it deems fit
in its sole discretion) and then the terms of Section 4.1. and 4.2 shall apply to the so deferred
Closing Date.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF SELLER

Seller hereby represents and warrants to Buyer as of the Execution Date and up to the Closing
Date (unless otherwise indicated), as follows:

Section 5.1 Organization and Authority.

Seller is a corporation duly organized, validly existing and in good standing under the Laws
of the British Virgin Islands, with full corporate power and authority to execute and deliver this
Agreement, to perform its obligations hereunder and to consummate the transactions contemplated
hereby.

Section 5.2 Due Authorization; Binding Obligation.  

The execution, delivery and performance by Seller of this Agreement and the consummation of
the transactions contemplated hereby have been duly authorized by all necessary corporate action on
the part of Seller. This Agreement has been duly and validly executed and delivered by Seller.
This Agreement constitutes the valid and binding obligation of Seller, enforceable in accordance
with its terms, subject to the qualification, however, that the enforcement of the rights and
remedies created hereby is subject to bankruptcy and other similar Laws of general application
relating to or affecting the rights and remedies of creditors and that the availability of the
remedy of specific enforcement or of injunctive relief is subject to the discretion of the court
before which any proceeding therefore may be brought.

Section 5.3 Non-Contravention.

The execution, delivery and performance of this Agreement by Seller and the consummation of
the transactions contemplated hereby do not and will not, with or without the giving of notice or
the lapse of time, or both, violate, conflict with, result in the breach of or constitute a default
under, or give rise to any right of termination, cancellation or acceleration of Authorization or
obligation of Seller to any Person, or result in the creation of any Lien (other than Permitted
Liens) upon the property or assets of Seller under, any of the terms, conditions or provisions of
(1) the charter documents, certificate of incorporation or by-laws or other constitutive documents
of Seller, or (2) any covenant or agreement to which Seller is a party or by which the property or
the assets of Seller are bound, or (3) any Law in respect of which Seller is subject, other than,
in the case of clauses (2) and (3) above, any such items that, individually or in the aggregate,
would not have a Material Adverse Effect or adversely affect the ability of Seller to consummate
the transactions contemplated hereby.

Section 5.4 Regulatory and Other Approvals.

Seller is not required to obtain any Authorization or any consent, permission, waiver,
allowance, authorization, notification, application, permit, certificate or other approval granted,
given, required or otherwise made available by any Person (other than a FAS Approval), in
connection with the execution, delivery and performance of this Agreement by Seller, or the
consummation of the transactions contemplated hereby.

Section 5.5 Ownership of the Acquisition Shares and the Seller’s Shares 

The Seller is and shall continue to be the legal, beneficial and record owner of the
Acquisition Shares and the Seller’s Shares and such ownership is and shall at all times be free and
clear of any Liens (save in respect of the Seller’s Shares only, the Permitted Liens referred to in
paragraph (ii) of the definition of this term). On the Closing Date, Seller will convey to Buyer
the ownership of the Acquisition Shares, free and clear of any Liens other than Permitted Liens and
those Liens or rights created or caused by Buyer, and as of the Closing Date, the Acquisition
Shares shall constitute 65 (sixty-five) per cent of the issued and outstanding shares of capital
stock or other ownership or equity interest of the Company (on a fully diluted basis). On the
Closing Date, the Seller’s Shares shall have been converted into the Preferred Shares.

Section 5.6 Capitalization of Fortland 

(a) Fortland has no other shares of capital stock (whether common or preferred shares) that
are issued and outstanding or have been authorized for issuance other than 1,000,000 shares of
common stock, with a nominal value of USD 0.01 per share, all of which have been validly issued and
are outstanding, and such capitalization is duly reflected in the Organizational Documents of
Fortland. All of the Shares have been issued, acquired and fully paid for in accordance with
applicable Laws. All required Authorizations and corporate approvals were duly and timely obtained
or made in connection with the issuance of the Shares. On the Closing Date, other than the
Preferred Shares, the Acquisition Shares and the Navic Shares there shall be no other Shares
(issued, outstanding, authorized or otherwise).

(b) All material Authorizations required under applicable Law in connection with the
acquisition of any shares of capital stock in Fortland by any purchaser were duly and timely
obtained or made. All consents or waivers from third parties (if any) in connection with any
acquisition of the Acquisition Shares were duly and timely obtained. There are no treasury shares,
and there are no outstanding options, warrants or other rights to purchase, obtain or acquire, or
any outstanding securities or obligations convertible into or exchangeable for, or any voting
agreements with respect to, any shares of capital stock of the Acquisition Shares or any other
securities of or ownership or equity interest in the Acquisition Shares. The Seller is not
obligated, now or in the future, contingently or otherwise, to issue, purchase or redeem capital
stock of, or ownership or equity interest in, the Acquisition Shares or any other securities of the
Acquisition Shares to or from any Person.

(c) Seller is not liable (contingently or otherwise) whether pursuant to an agreement,
Organizational Documents of the Companies or otherwise, to provide additional funding to the
Companies, whether exchangeable or not exchangeable for shares of capital stock, options, warrants
or other rights to purchase any Fortland securities.

Section 5.7 Organization of the Seller and the Companies

(a) Seller is a business company duly organized and registered and validly existing under the
Laws of the British Virgin Islands, with full power and authority to carry on its business as
presently conducted by it and to own, lease and operate its assets and properties (including any
Intellectual Property) in the places where it maintains offices and where its assets and properties
are owned, leased or operated.

(b) Fortland is a business company duly organized and registered and validly existing under
the Laws of the British Virgin Islands, with full power and authority to carry on its business as
presently conducted by it and to own, lease and operate its assets and properties (including any
Intellectual Property) in the places where it maintains offices and where its assets and properties
are owned, leased or operated. Copies of the Organizational Documents (as amended through the
Execution Date ), other organizational documents, pledge books, shareholders registers and
corporate minutes of Fortland have heretofore been made available to Buyer and are true, correct
and complete. Other than Kolangon, Fortland has no subsidiaries or branches.

(c) Each of Kolangon and the Kolangon Subsidiary is a limited liability company duly organized
and registered and validly existing under the Laws of the Russian Federation, with full power and
authority to carry on its business as presently conducted by it and to own, lease and operate its
assets and properties (including any Intellectual Property) in the places where it maintains
offices and where its assets and properties are owned, leased or operated. Copies of the
Organizational Documents (as amended through the Execution Date), other organizational documents,
the pledge book and corporate minutes of each Company (other than Fortland) have heretofore been
made available to Buyer and are true, correct and complete.

(d) All meetings of the shareholders, as well as of the boards of directors, as applicable, of
the Companies were duly convened according to the procedures provided for in the organizational
documents of each such company and in accordance with applicable Laws; and all “interested party
transactions” and “major transactions”, as such terms are defined under the Laws of the Russian
Federation, involving the Company (other than Fortland), have been duly approved by the
shareholders, or the board of directors, of, the Company (other than Fortland), as required under
the applicable Laws of the Russian Federation.

Section 5.8 Financial Statements.

(a) Seller has heretofore furnished to Buyer unaudited financial statements (the “Financial
Statements”) of Kolangon consisting of Balance Sheets as of December 31, 2003, December 31, 2004
and December 31, 2005 and Income Statements for the periods then ended and unaudited interim
Financial Statements of Kolangon and the Kolangon Subsidiaries for the nine months ended September
30, 2006.

(b) The Financial Statements of Kolangon and financial statements of each Kolangon Subsidiary
have been prepared and are maintained in accordance with RAP and applicable Laws. All documents
based on which such financial statements have been prepared are in good order and in possession of
Kolangon or the relevant Kolangon Subsidiary.

(c) All accounting records and books are maintained by Kolangon and each Kolangon Subsidiary
in accordance with RAP and applicable Laws.

(d) Fortland has no financial statements.

Section 5.9 Absence of Certain Changes or Events.

Since the date of the most recent Financial Statements, there has not been, with respect to
the Companies, or their respective businesses, properties or assets:

(a) any Material Adverse Effect in the financial condition, business, prospects, assets or
results of operations of the Seller or the Companies each taken individually or taken as a whole;

(b) any destruction, damage by fire, accident or other casualty or act of God of or to any of
properties or assets of the Companies, whether or not covered by insurance;

(c) any material indebtedness or other obligations or liabilities incurred, except to the
extent such material indebtedness or other obligations or liabilities, as the case may be, are the
subject of an agreement, contract or other instrument set forth on Schedule 1, or otherwise involve
an amount equal to or below USD 100,000 (One hundred thousand); and

(d) except with respect to any action expressly permitted under the terms of this Agreement,
any action that, if taken after the date of this Agreement, would constitute a breach of any of the
covenants set forth in Article VII.

Section 5.10 Foreign Corrupt Practices Act.

Neither the Seller, the Companies nor any director, officer, agent, employee or other Person
acting on behalf of the Seller or any Company has, in the course of his, her or its actions for, or
on behalf of, the Seller or any Company, offered or made, directly or indirectly through any other
Person, any payments of anything of value (in the form of a contribution, gift, entertainment or
other expense), to (a) any Person employed by, or acting in an official capacity on behalf of, any
governmental agency, department or instrumentality, or (b) any foreign or domestic government
official, political party or official of such party, or any candidate for political office or
employee thereof. Neither the Seller, any Company, nor any director, officer, agent, employee or
other Person acting on behalf of the Seller or any Company has violated or is in violation of any
provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate,
payoff, influence payment, kickback or unlawful payment to any foreign or domestic government or
political party official, employee, appointee or candidate.

Section 5.11 Organization and Charter Capital of Kolangon and Kolangon Subsidiaries

(a) As of the Execution Date and immediately prior to each of the Closing Date and the date of
payment of the Final Installment Date:

(i) Kolangon is a limited liability company duly organized, validly existing and in
good standing under the Laws of the Russian Federation. The charter capital of Kolangon is
8,400 (eight thousand four hundred) Rubles, and the Interest represents 100% of the charter
capital of Kolangon and is owned by Fortland;

(ii) Aston (as described in Part C of Exhibit 1) is a limited liability company duly
organized, validly existing and in good standing under the Laws of the Russian Federation.
The charter capital of Aston is 10,000 (ten thousand) Rubles, and the Interest represents
100% of the charter capital of Aston and is owned by Kolangon;

(iii) Dial-Impex (as described in Part D of Exhibit 1)is a limited liability company
duly organized, validly existing and in good standing under the Laws of the Russian
Federation. The charter capital of Dial-Impex is 10,000 (ten thousand) Rubles, and the
Interest represents 100% of the charter capital of Dial-Impex and is owned by Kolangon;

(iv) Interwest (as described in Part E of Exhibit 1) is a limited liability company
duly organized, validly existing and in good standing under the Laws of the Russian
Federation. The charter capital of Interwest is 10,000 (ten thousand) Rubles, and the
Interest represents 100% of the charter capital of Interwest and is owned by Kolangon;

(v) MediaInform (as described in Part F of Exhibit 1) is a limited liability company
duly organized, validly existing and in good standing under the Laws of the Russian
Federation. The charter capital of MediaInform is 10,000 (ten thousand) Rubles, and the
Interest represents 100% of the charter capital of MediaInform and is owned by Kolangon;

(vi) PrimeTime (as described in Part G of Exhibit 1) is a limited liability company
duly organized, validly existing and in good standing under the Laws of the Russian
Federation. The charter capital of PrimeTime is 10,000 (ten thousand) Rubles, and the
Interest represents 100% of the charter capital of PrimeTime and is owned by Kolangon;

(vii) ElcomLine (as described in Part H of Exhibit 1)is a limited liability company
duly organized, validly existing and in good standing under the Laws of the Russian
Federation. The charter capital of ElcomLine is 10,000 (ten thousand) Rubles, and the
Interest represents 100% of the charter capital of ElcomLine and is owned by Kolangon;

(b) There are no Liens in respect of the Interest. The Interest has been validly issued and
fully paid for in accordance with applicable Law. There are no options, warrants or instruments
convertible into any interest in the charter capital of the Company nor are there any voting
restrictions or agreements or undertakings in respect to the foregoing.

(c) Other than the Kolangon Subsidiaries, Kolangon has no subsidiaries or branches nor does
any Kolangon Subsidiary have any subsidiaries or branches.

Section 5.12 Licenses. 

(a) At Closing Date the Required Permits to provide DVB-T Services in the cities of Moscow and
St. Petersburg via: (a) minimum of seven (7) channels in Moscow and (b) minimum of five (5)
channels in St. Petersburg (including License AB No. 222995) and other Authorizations and contracts
required for the Companies (or which in good business practice are reasonable to obtain) to conduct
their respective business have been validly obtained and are held by the Companies and such
Authorizations are in full force and effect. To the best of the Seller’s knowledge the Companies
have complied and will comply with terms and conditions of any of the above licenses, consents,
permits and Authorizations;

(b) To the best of the Seller’s knowledge no action is pending or threatened in respect of
liquidation or insolvency of the Companies or seeking to cancel or revoke any of the Companies’
licenses, permits or other Authorizations; and

(c) To the best of the Seller’s knowledge there is no other available information about the
Companies or their assets (including its licenses and other Authorizations) which, if disclosed may
reasonably be expected to affect the judgment of a prospective investor purchasing the Interest.

Section 5.13 Taxes. 

(a) To the best of the Seller’s knowledge each Company has at all times submitted to all
relevant Taxation Authorities by the requisite dates every computation, return and all information
for the purpose of Tax however required and properly maintained all records in respect of Tax, and
in each such computation, return and information is save for matters being customary market
practice, in compliance with applicable Laws and leaves no material matter unresolved regarding the
tax affairs of each Company.

(b) To the best of the Seller’s knowledge there is no dispute pending with any Taxation
Authority, official notice of which has been given to the Seller or either Company regarding
material liability or potential liability to any Tax recoverable from either Company or regarding
the availability of any relief from Tax.

(c) To the best of the Seller’s knowledge each Company has properly made all Tax payments
within the times and in the amounts required by applicable Laws, and made all deductions or
withholdings on account of Tax which are required by applicable Laws and has properly accounted to
the relevant Tax Authority for all amounts of Tax so paid, deducted or withheld.

(d) Neither Kolangon nor any Kolangon Subsidiary has entered into any arrangement for the
purpose of artificially reducing its social fund or other Tax obligations within the Russian
Federation or otherwise entered into a transaction or series of transactions without a valid
business purpose.

Section 5.14 Commitments. 

Except as set forth in Schedule 1 attached hereto, the Companies are not a party to nor bound
by any:

(a) employment, termination, secondment or severance agreement, contract, arrangement or
understanding that has an aggregate future liability in excess of USD 100,000 (One hundred
thousand) (or the equivalent thereof in any other currency);

(b) covenant not to compete or other covenant restricting the development, manufacture, sale,
marketing or distribution of the products and services of the Companies;

(c) agreement, contract or other arrangement with (A) Seller or any Affiliate of Seller (other
than either of the Companies) or (B) any current or former officer, director, employee or
independent contractor of the Seller or either of the Companies, or any Affiliate of the Companies
including without limitation any consulting or service agreement or similar arrangement (other than
employment agreements covered by Section 5.14 (a) above);

(d) agreement, contract or other arrangement relating to the ownership, lease, sublease, use,
occupancy, management or operation of any Real Property, including leases and subleases relating to
leased Real Property which has an aggregate annual future liability or receivable, as the case may
be, in excess of USD 100,000 (One hundred thousand) (or the equivalent thereof in any other
currency) and is not terminable by either of the Companies by notice of not more than thirty (30)
days without any cost or penalty;

(e) agreement, contract or other arrangement with any Person (other than the Companies) under
which either of the Companies is either the lessee of, or holds or uses, or is the lessor of, or
makes available for use, any machinery, equipment, vehicle or other tangible personal property
which has an aggregate annual future liability or receivable, as the case may be, in excess of USD
100,000 (One hundred thousand) (or the equivalent thereof in any other currency) and is not
terminable by either of the Companies by notice of not more than thirty (30) days without any cost
or penalty;

(f) (A) continuing agreement or contract for the future purchase of materials, supplies,
equipment or other products or (B) service, consulting, management or other similar type of
agreement or contract, in either such case which has an aggregate future liability in excess of USD
100,000 (One hundred thousand) (or the equivalent thereof in any other currency) and, is not
terminable by either of the Companies by notice of not more than thirty (30) days without cost or
penalty;

(g) continuing agreement or contract for services offered by or products of either of the
Companies on behalf of parties other than the Companies, except if such agreement or contract is
terminable by either of the Companies by notice of not more than thirty 30 days without cost or
penalty;

(h) notwithstanding the generality of the other items herein agreement, contract or
arrangement for rent of circuits and channels from other operators;

(i) agreement, contract or arrangement for the placement of advertising or other promotional
activities which has an aggregate future liability in excess of USD 100,000 (One hundred thousand)
(or the equivalent thereof in any other currency) and is not terminable by either of the Companies
by notice of not more than thirty (30) days without cost or penalty;

(j) any material license, option or other agreement relating in whole or in part to the
Intellectual Property (including any license or other agreement under which either of the Companies
is licensee or licensor of any such Intellectual Property) or to confidential information or
proprietary rights and processes of either of the Companies, or any other Person;

(k) agreement, contract or other instrument under which either of the Companies has borrowed
any money from, or issued any note, bond, debenture or other evidence of Indebtedness to, any
Person or any other note, bond, debenture or other evidence of Indebtedness issued to any Person in
any such case which, individually, is in excess of USD 100,000 (One hundred thousand) (or the
equivalent thereof in any other currency);

(l) agreement, contract or other instrument under which (A) any Person has, directly or
indirectly, guaranteed any Indebtedness or other liabilities or obligations of either of the
Companies or (B) either of the Companies has directly or indirectly guaranteed any Indebtedness or
other liabilities or obligations of any Person (in each case other than endorsements for the
purpose of collection in the ordinary course of business);

(m) agreement, contract or other instrument under which either of the Companies has, directly
or indirectly, made any advance, loan, extension of credit or capital contribution to, or other
investment in, any Person, other than trade advances or prepayments made in the ordinary course of
business;

(n) mortgage, pledge, security agreement, deed of trust or other instrument granting a Lien
upon personal property (movable property) of either of the Companies, which Lien or other
encumbrance is not a Permitted Lien;

(o) agreement, contract or instrument providing for indemnification of any Person with respect
to liabilities relating to any current or former business of the Companies;

(p) agreement, contract or arrangement whereby either of the Companies is entitled to direct
the management or operations of, or for the avoidance of doubt, to give “binding instructions” to
(as such phrase is interpreted under the Laws of the Russian Federation), any other Person; or

(q) other agreement, contract, lease, license, commitment or instrument to which either of the
Companies is a party or by or to which it or any of its assets, properties or business is bound or
subject which has an aggregate future liability to any Person in excess of USD 100,000 (One hundred
thousand) (or the equivalent thereof in any other currency).

Section 5.15 Contracts.

(a) To the best of the Seller’s knowledge all agreements, contracts, leases, licenses,
commitments or instruments of the Companies (collectively, the “Contracts”) are valid, binding and
in full force and effect and are enforceable by either of the Companies in accordance with their
respective terms, subject to the qualification, however, that the enforcement of the rights and
remedies created thereby is subject to bankruptcy and other similar laws of general application
relating to or affecting the rights and remedies of creditors and by general equitable principles
(whether applied by a court of law or equity), and that the availability of the remedy of specific
enforcement or of injunctive relief is subject to the discretion of the court before which any
proceeding therefore may be brought.

(b) To the best of the Seller’s knowledge the Companies have performed all material
obligations required to be performed by them to date under the Contracts, and they are not (with or
without the lapse of time or the giving of notice, or both) in breach or default in any material
respect thereunder and to the knowledge of Seller, no other party to any of the Contracts is (with
or without the lapse of time or the giving of notice, or both) in breach or default in any material
respect thereunder.

(c) Seller has provided or made available to Buyer a true, complete and correct copy of each
of the Contracts and true and complete descriptions of any oral Contracts.

Section 5.16 Intellectual Property Rights.

(a) Neither Company owns or otherwise has any interest in or license to any: (a) patents,
trademarks, trade names, service marks and copyrights, together with all applications and
registrations applicable to any of the foregoing in the Russian Federation (the “Intellectual
Property”), or (b) Internet domain names and applications therefor.

(b) Each Company has a valid right of use of Intellectual Property necessary to conduct its
business as presently conducted.

Section 5.17 Assets Other than Real Property.

(a) In addition to the items listed on Schedule 2, Kolangon has sole and exclusive ownership
of, and good and valid title to, all other assets (movable property) reflected on the Balance
Sheets or thereafter acquired, except those sold or otherwise disposed of for fair value since the
date of the Balance Sheets in the ordinary course of business consistent with past practice and not
in violation of this Agreement, in each case free and clear of all Liens (other than Permitted
Liens); and these assets (movable property) are the assets (movable property) that are materially
necessary in the operation of the businesses conducted by Kolangon.

(b) All of the property of the Companies (other than Fortland) (i) is located within Moscow,
Russian Federation; (ii) has been maintained in accordance with applicable Laws, the past practice
of Kolangon and generally accepted industry practice, (iii) is in good operating condition and
repair, ordinary wear and tear excepted; and each Company holds necessary Authorizations for the
importation, installation and operation of its movable property, if applicable.

(c) There are no developments affecting any movable property or assets of Kolangon pending or
threatened which may detract from the value, interfere with any present or intended use, or
adversely affect the marketability of any such movable property or assets.

(d) Fortland does not own or otherwise have any interest in movable property, and neither
Company has entered into any legally binding agreement for the purchase or lease of any such
movable property assets.

(e) This Section 5.17 does not relate to real property or interests in real property
(immovable property) and assets characterized as Intellectual Property, such items being the
subject of Section 5.16 and Section 5.18., respectively.

Section 5.18 Real Property Leased or Owned.

Neither Company owns or has any interest in any land or buildings or real property (immovable
property), and neither Company has entered into any legally binding agreement for the purchase or
lease of any such interest in any land or buildings or real property (immovable property), except
that Kolangon (acting as a lessee) has entered into rent agreement 1 07-20/01A, dated September 26,
2006.

Section 5.19 Insurance.

Neither Company maintains casualty, directors and officers liability, general liability or any
other type of insurance policy.

Section 5.20 Legal Proceedings.

(a) There are no Actions pending or, to the best knowledge of Seller, threatened against,
relating to either of the Companies or any of their assets and properties which (i) may result in
the issuance of an order restraining, enjoining or otherwise prohibiting or making illegal the
consummation of any of the transactions contemplated by this Agreement or otherwise result in a
material diminution of the benefits contemplated by this Agreement to Buyer, or (ii) if determined
adversely to the Companies, may result in (x) any injunction or other equitable relief against
either of the Companies that would interfere with its business or operations or (y) losses by
either of the Companies, individually or in the aggregate with losses in respect of other such
Actions, exceeding USD 100,000 (one hundred thousand) (or the equivalent thereof in any other
currency); and

(b) To the knowledge of Seller, no facts or circumstances exist that may give rise to any
Action that would be required to be disclosed pursuant to paragraph (a) above.

Section 5.21 Compliance with Laws; Permits and Licenses.

(a) Except for any violation or alleged violation of any Law by either of the Companies that
has been fully and finally resolved before a court of competent jurisdiction or otherwise settled
in a manner not likely to result in any further loss or liability to either of the Companies:

(i) the Companies are, and have at all times been, in compliance with all Laws of the
Russian Federation and any other jurisdiction applicable to the Company, except for such
non-compliance which could not be expected to have a material adverse effect on the
Companies each taken individually or the Companies taken as a whole,

(ii) neither of the Companies has received notice from any Governmental Entity of any
pending action to take all or any part of the properties or assets of either of the
Companies (whether leased or owned, including without limitation any of the Real Property)
by condemnation, nationalization or right of eminent domain and, to the knowledge of Seller,
no such actions are threatened.

(b) Schedule 3 sets forth all material Authorizations necessary for the lawful operation of
the businesses of the Companies as presently conducted, including without limitation all licenses
and other Authorizations obtained by the Companies as required in connection with the provision of
DVB-T Services within Moscow and St. Petersburg and for the operation or occupancy of the
properties or assets owned, leased or used by either of the Companies in their respective
businesses. All scheduled Authorizations are validly held by the Companies and are, and shall
continue to be, in full force and effect for their respective terms. Any applications for the
renewal of any such Authorization which are due prior to the Closing Date will be timely made or
filed by the Companies, as applicable. No Action is pending or, to the knowledge of Seller,
threatened that may result in the modification, suspension, revocation, withdrawal or termination
of, or any limitation on, any such Authorization, and to the knowledge of Seller, there is no valid
basis for any such Action.

Section 5.22 Benefit Plans; Termination and Severance Agreements.

(a) Neither of the Companies has any employee benefit plan, program, arrangement, agreement or
fund, including without limitation any savings, profit sharing, annuity, retirement, deferred
compensation, bonus, incentive (including stock options or other securities related incentives),
employee health related, life insurance, short and long term disability, vacation pay, severance
pay, other welfare and fringe benefit and similar plans, programs, understandings, arrangements or
agreements for any past or present employees of the Companies.

(b) The consummation of the Acquisition will not result in any obligation of either of the
Companies to pay any director, officer or employee of the Companies severance pay or termination
benefits so long as such employee remains employed by either of the Companies (save in respect of
the officers resigning at Closing, who shall not be entitled to any severance pay or termination
benefits).

Section 5.23 Employee and Labor Matters.

Neither of the Companies is a party to any collective bargaining agreement or other contract
with or commitment to any labor union or association representing any employee of either of the
Companies, nor does any labor union or collective bargaining agent represent any employees of
either of the Companies. The Companies are in compliance with all applicable employment, labor and
similar Laws, except for any failure to comply which could not be expected to have a material
adverse effect on either of the Companies, each taken individually or taken as a whole. Each of
the Companies are up to date in respect of their respective salary and other payment obligations to
the employees (including any compensation of unused vacations or any other payments). There are no
pending or, to the knowledge of the Seller, threatened Actions against either of the Companies or
any current or former employee, officer or director of either of the Companies before any
Governmental Entity responsible for the prevention of unlawful employment practices.

Section 5.24 Powers of Attorney; Bank Accounts.

Schedule 4 attached hereto contains a complete and accurate list of all (i) outstanding powers
of attorney or similar authorizations given by each Company, other than powers of attorney granted
to employees for routine non-substantial business tasks, and (ii) all banks, securities brokers and
other financial institutions at which either Company has an account or maintains a banking,
custodial, trading or other similar relationship, together with a full description of each such
account or relationship and all Persons who are signatories thereunder or who have access thereto.

Section 5.25 Customer Accounts Receivable and Advances Issued.

All customer accounts receivable and advances issued of the Companies, whether reflected on
the Balance Sheets or subsequently created, have arisen from bona fide transactions in the ordinary
course of business and are good and collectible at the aggregate recorded amounts thereof, net of
any applicable reserves for doubtful accounts which are reflected on the Balance Sheets or accrued
after the date of the Balance Sheets in the ordinary course of business consistent with past
practice. Each of the Companies has good and marketable title to their respective accounts
receivable, free and clear of all Liens other than Permitted Liens. During the three (3) year
period prior to the Execution Date , neither of the Companies has sold, pledged or otherwise
disposed of any of its accounts receivable in connection with any receivables-type financing or
factoring-type financing or similar transaction.

Section 5.26 Customers and Suppliers.

None of the ten (10) largest customers and the ten (10) largest suppliers of the Companies
have ceased or reduced its use of the services of, sales to or provision of services to, the
Companies nor to the Knowledge of the Seller no such customer or supplier has threatened to cease
or reduce such use, sales or provision of services after the Execution Date. To the knowledge of
Seller, no such customer or supplier is threatened with bankruptcy or insolvency.

Section 5.27 No Undisclosed Liabilities.

To the best of the Seller’s knowledge there are no liabilities of the Companies of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and there
is no existing condition, situation or set of circumstances which could reasonably be expected to
result in such liability, other than:

(a) liabilities provided for in the Balance Sheets;

(b) liabilities disclosed in Exhibit 5 attached hereto or that are the subject of an
agreement, contract or other instrument disclosed in Schedule 1; and

(c) other undisclosed liabilities incurred in the ordinary course of business since the date
of the Financial Statements which, individually or in the aggregate, are not material to the
business, assets, properties, prospects or condition (financial or otherwise) of either of the
Companies, each taken individually, or the Companies taken as a whole.

Section 5.28 Permitted Debt. 

Except for set forth in Exhibit 5, neither of the Companies owes, or is in any way obligated
to pay, any amount to Seller or any of its affiliates or subsidiaries or any of their respective
officers, directors, or employees (other than the Companies).

Section 5.29 No Liens.

There are no Liens on the ownership, membership or other equity interests in, and any assets
or property of either of the Companies, other than Permitted Liens. that secure the payment or
performance of obligations of any Person (other than the Companies as disclosed in the Schedules).

Section 5.30 No Third Party Authorizations.

There are no Authorizations held in the name of Seller or any of its Affiliates, or any of
their respective employees, officers, directors, stockholders or agents, on behalf of either of the
Companies.

Section 5.31 No Material Misstatement or Omission.

No representation or warranty of Seller in this Agreement, the Schedules delivered herewith or
any certificate furnished by Seller in connection herewith contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements contained herein
or therein, in light of the circumstances under which such statements are made, not misleading.
Seller has not knowingly withheld from Buyer any material facts relating to the Companies.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer hereby represents and warrants to Seller as of the Execution Date and up to the Date of
Interest Transfer hereunder, as follows:

Section 6.1 Organization and Authority. 

Buyer is a corporation duly organized, validly existing and in good standing under the Laws of
the State of Delaware, with full corporate power and authority to execute and deliver this
Agreement, to perform its obligations hereunder and to consummate the transactions contemplated
hereby.

Section 6.2 Due Authorization; Binding Obligation. 

The execution, delivery and performance by Buyer of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary corporate action on the
part of Buyer. This Agreement has been duly and validly executed and delivered by Buyer. This
Agreement constitutes the valid and binding obligations of Buyer, enforceable in accordance with
its terms, subject to the qualification, however, that the enforcement of the rights and remedies
created hereby is subject to bankruptcy and other similar Laws of general application relating to
or affecting the rights and remedies of creditors and that the availability of the remedy of
specific enforcement or of injunctive relief is subject to the discretion of the court before which
any proceeding therefore may be brought.

Section 6.3 Non-Contravention. 

The execution, delivery and performance of this Agreement by Buyer and the consummation of the
transactions contemplated hereby do not and will not, with or without the giving of notice or the
lapse of time, or both, violate, conflict with, result in the breach of or constitute a default
under, or give rise to any right of termination, cancellation or acceleration of Authorization or
obligation of Buyer to any Person, or result in the creation of any Lien (other than Permitted
Liens) upon the property or assets of Buyer under, any of the terms, conditions or provisions of
(1) the charter documents, certificate of incorporation or by-laws or other constitutive documents
of Buyer, or (2) any covenant or agreement to which Buyer is a party or by which the property or
the assets of Buyer are bound, or (3) any Law in respect of which Buyer is subject, other than, in
the case of clauses (2) and (3) above, any such items that, individually or in the aggregate, would
not have a material adverse effect on the Buyer or adversely affect the ability of Buyer to
consummate the transactions contemplated hereby.

Section 6.4 Regulatory Approvals. 

The Buyer represents that it is not required to file, seek or obtain any Authorization, nor
any consent, permission, waiver, allowance, authorization, notification, application, permit,
certificate or other approval granted, given, required or otherwise made available by any Person
other than a Governmental Entity in connection with the execution, delivery and performance of this
Agreement, or the consummation of the transactions contemplated hereby, except for the prior FAS
Approval that has been duly obtained by the Buyer.

ARTICLE VII

PRE-CLOSING COVENANTS

(a) The Seller shall ensure that from the date of this Agreement until Closing Date the
business of each Company is carried on in the ordinary and usual course and in compliance with the
Law and that neither Company shall enter into any contract or commitment or do anything which, in
any such case, is out of the ordinary and usual course of its business without the prior consent in
writing of the Buyer. In particular, but without limiting the foregoing, the Seller shall procure
that from the date of this Agreement until Closing, save with the prior consent in writing of the
Buyer, none of the Companies shall:

(i) change or alter their corporate structure or amend its Organizational Documents or
other governing documents (save as and if necessary to covert the Seller Shares into the
Preferred Shares), or initiate or undertake their liquidation or dissolution, change its
charter capital (save as and if necessary to covert the Seller Shares into the Preferred
Shares) or grant Liens, any options or rights in respect of equity interest in any member of
any Company;

(ii) enter into any agreement or arrangement or permit any action whereby any Company
assumes liability (actual or contingent) for the amount in excess of USD 10,000;

(iii) dispose of or enter into any agreement to dispose of (whether by one transaction or
by a series of transactions) the whole or any substantial or material part of its business,
undertaking or assets;

(iv) mortgage, pledge or subject to any Lien (other than Permitted Liens, notified to the
Buyer), any of its assets, properties or business;

(v) commence, compromise or discontinue any legal or arbitration proceedings (other than
routine debt collection);

(vi) enter into any transaction or undertake an action which may result in breach of the
Seller’s warranties under Article V;

(vii) agree, in writing or otherwise, to do any of the foregoing.

(b) The Seller shall forthwith disclose in writing to the Buyer any matter or thing which may
arise or become known to either of the Seller after the Execution Date and before Closing Date
which is inconsistent with any of the warranties or which might make any of them inaccurate or
misleading if they were given at any and all times from the Execution Date hereof down to Closing
Date.

(c) The Seller and the Buyer agree that the FAS Approval shall be obtained, and all requests
and enquiries from the FAS shall be dealt with at the Buyer’s expense, by the Seller and the Buyer
in consultation with each other and the Seller and the Buyer shall co-operate with each other and
provide all reasonably necessary information and assistance required by the other as soon as
reasonably practical upon being requested to do so. The Seller shall provide the Buyer with all
necessary information and documents required for the obtaining of the FAS Approval.

ARTICLE VIII

TERMINATION

Section 8.1 Termination of Agreement.

(a) The Parties may terminate this Agreement as provided below:

(i) The Parties may terminate this Agreement by mutual written agreement at any time
prior to the occurrence of the Closing Date.

(ii) Buyer shall be entitled to terminate this Agreement by giving written notice to
the Seller in the event that the Seller has breached any material warranty or covenant
contained in this Agreement in any material respect, provided that Buyer has notified Seller
of such breach prior to the third anniversary of the Closing Date, and, if capable of cure,
such breach has continued without cure for a period of thirty (30) days after the notice of
breach.

(b) Following a notice of termination as provided for in Section 8.1(a)(ii) above,

(i) the amount of the Purchase Price (if paid to Seller) shall become due and payable
by Seller to Buyer and

(ii) Buyer shall

	 	(1)	 	transfer and deliver to Seller all
Acquisition Shares (if transferred to the Buyer) and all of Buyer’s
ownership rights, title and interest in and to the Acquisition
Shares, free and clear of any Liens; and

	 	(2)	 	all dividends and other distributions (if
any) received by Buyer from the Seller after the Closing Date in
respect of the Acquisition Shares in accordance with Section 2.1(b)
of this Agreement.

(c) The provisions of Articles VIII, IX and Sections 10.8, 10.11 and 10.12 shall survive
termination of this Agreement under this Article VIII or otherwise.

ARTICLE IX

INDEMNIFICATION

Each of the Parties will indemnify, defend, save and hold the other Party from and against any
and all damage, liability, loss, penalty, expense, assessment, judgment or deficiency of any nature
whatsoever (including, without limitation, reasonable attorneys’ fees and expenses, consultants’
and investigators’ fees and expenses and other costs and expenses incident to any suit, action or
proceeding) that may be suffered by any of them arising directly out of, or in connection with, (a)
any breach of any representation and warranty given or made by the Party herein, or (b) the
noncompliance with or nonperformance of any agreement, obligation or covenant of the Party under
this Agreement in accordance with the effective decision of competent court as set forth by Section
10.12 (Dispute Resolution) of this Agreement.

ARTICLE X

MISCELLANEOUS

Section 10.1 Effectiveness of the Agreement.

(a) Subject to paragraph (c) below, notwithstanding anything to the contrary herein, this
Agreement is not shall not be deemed to be effective and no rights or obligations of any party
hereto are created hereby unless and until the Board of Directors of GTI approves the Transaction
Documents and notice of such approval is sent to the Seller (the “Effective Date”). For the
avoidance of doubt, this Agreement shall become fully effective on the Effective Date.

(b) The Seller acknowledges and agrees that the Board of Directors of GTI has no obligation to
approve the Transaction Documents.

(c) The Seller agrees to comply with the Transaction Documents after the Execution Date
through the Effective Date, as if it were binding upon it, provided that the Seller shall cease to
comply with the Transaction Documents if the Board of Directors of GTI shall have not approved the
Transaction Documents within 10 days following the Execution Date.

Section 10.2 Severability.

It is expressly understood and agreed that any condition or provision of this Agreement
(including without limitation any condition precedent) that is invalid or unenforceable shall not
affect the enforceability of the remaining terms and provisions hereof nor shall it affect the
validity or enforceability of the offending term or provision in any other situation or in any
other jurisdiction.

Section 10.3 Integration.

This Agreement, the Schedules and Exhibits hereto, and the Transaction Documents referred to
herein constitute the entire agreement and understanding of the Parties relating to the subject
matter hereof.

Section 10.4 Assignment.

This Agreement shall be binding upon, and inure to the benefit of, the Parties hereto and
their respective successors and permitted assigns. Neither Party shall assign rights or delegate
responsibilities hereunder without the prior written consent of the other Party, such consent not
to be unreasonably withheld.

Section 10.5 Survival.

The liability for breach of the representations and warranties contained herein shall survive
until the expiration of the statutes of limitations applicable to each particular represented or
warranted matter and provided for by the Laws applicable thereto.

Section 10.6 Counterparts.

	 	 	 
	This Agreement is executed in English with (one) 1 original for each Party hereto.

	 
	 	 
	Section 10.7

	 	Requirement of Writing.
	
 
	 	 

This Agreement may be amended, supplemented or modified only by a written instrument duly
executed by or on behalf of each Party hereto.

Section 10.8 Expenses; Interest.

(a) Each of the Parties hereto shall pay, without right of reimbursement from the another
Party or from the Companies, its own costs, Taxes as well as all the costs incurred by it incident
to the preparation, execution and delivery of this Agreement and the performance of its obligations
hereunder, whether or not the transactions contemplated by this Agreement shall be consummated.

(b) Any amount overdue hereunder shall bear an interest at the rate of 3 (three) percent per
annum.

Section 10.9 Notices.

Any notice, request, consent, waiver or other communication required or permitted hereunder
shall be effective only if it is in writing and personally delivered or sent by fax (original
followed by mail), or by recognized overnight courier service, charges prepaid, and shall be deemed
given when so delivered by hand or facsimile, or when received if sent by courier, as follows:

	 	 	 
	If to Buyer:

	 	

	SFMT-CIS, Inc.

	 	

	 
	 	 
	2831 29th Street, NW Washington, D.C. 20008, USA

	 
	 	 
	Attn:

	 	Julia Marx

Fax: +1 (202) 332-4877

Telephone: +1 (202) 332-5997

with a copy to:

	 	 	 
	Moscow Representative Office of Golden TeleServices, Inc.

	 
	 	 
	1, Kozhevnichesky Proezd, 2nd floor

Moscow, 115114, Russia

Attn:

	 	

General Counsel

Fax: +7 (495) 797-9306

Telephone: +7 (495) 967-1323

If to Seller:

Sea Meadow House, Blackburne Highway (P.O.Box 116),

Road Town, Tortola, British Virgin Islands

Attn: E.Roytman

Fax: +7 (495) 969-2388

or such other person or address as the addressee may have specified in a notice duly given to the
sender as provided herein.

Section 10.10 Seller’s Bank Account.

All payments by Buyer under this Agreement shall be made to the following bank account of Seller:

	 	 	 
	Bank:

SWIFT:

Acct No.:

	 	Bank of Cyprus PLC, IBU NICOSIA

28 Michalakopoulou street, CY-1075 Ayii Omolyitae, Nicosia, Cyprus

BCYPCY2N

0155 – 40 – 572639 – 06

	 	 	 
	in accordance with the applicable currency control rules and regulations.

	 
	 	 
	Section 10.11

	 	Governing Law.
	
 
	 	 

This Agreement will be construed and interpreted in accordance with and governed by the Laws
of the State of New York, United States of America, without regard to its conflict of law rules.

Section 10.12 Dispute Resolution.

(a) Appointment of Agents of Service of Process; Consent to Jurisdiction. Each Party
irrevocably appoints CT Corporation System, located on the date hereof at 111 Eighth Avenue,
13th Floor, New York, New York 10011, USA, as its true and lawful agent and attorney to
accept and acknowledge service of any and all process against it in any judicial action, suit or
proceeding under this Agreement, with the same effect as if such Party were a resident of the State
of New York and had been lawfully served with such process in such jurisdiction, and waives all
claims of error by reason of such service, provided that the Party effecting such service shall
also deliver a copy thereof on the date of such service to the other Parties by facsimile as
specified in Section 10.9. Each Party will enter into such agreements with such agent as may be
necessary to constitute and continue the appointment of such agent hereunder. In the event that
any such agent and attorney resigns or otherwise becomes incapable of acting, the affected Party
will appoint a successor agent and attorney in New York reasonably satisfactory to each other
party, with like powers. Each Party hereby irrevocably submits to the non-exclusive jurisdiction
of the United States District Court for the Southern District of New York and of any New York state
court sitting in New York City, in connection with any such action, suit or proceeding, and agrees
that any such action, suit or proceeding may be brought in such court, provided, however, that such
consent to jurisdiction is solely for the purpose referred to in this Section 10.12 and shall not
be deemed to be a general submission to the jurisdiction of said courts of or in the State of New
York other than for such purpose. Each Party hereby irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any
such action, suit or proceeding brought in such a court and any claim that any such action, suit or
proceeding brought in such a court has been brought in an inconvenient forum. Nothing herein shall
affect the right of any Party to serve process in any other manner permitted by law or to commence
legal proceedings or otherwise proceed against any other Party in any other jurisdiction in a
manner not inconsistent with Section 10.12.

(b) WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR COUNTERCLAIM ARISING IN CONNECTION WITH THIS
AGREEMENT, THE BREACH THEREOF AND/OR THE SCOPE OF THE PROVISIONS OF THIS SECTION 10.12, WHETHER
SOUNDING IN CONTRACT OR TORT, AND INCLUDING ANY CLAIM FOR FRAUDULENT INDUCEMENT THEREOF.

Section 10.13 Confidentiality.

Each of Seller and Buyer will hold and will cause its Affiliates and the respective directors,
employees, advisors, to hold in strict confidence, unless compelled to disclose by judicial or
administrative process, or, in the opinion of its counsel, by other requirements of Law, all
documents and information concerning Seller and the Company furnished to Buyer and all documents
and information concerning Buyer furnished to Seller in connection with the transactions
contemplated by this Agreement (except to the extent that such information can be shown to have
been (a) previously known by Buyer prior to its disclosure by Seller to Buyer, (b) previously known
by Seller prior to its disclosure to Seller by Buyer, (c) in the public domain through no fault of
either Seller or Buyer or (d) later lawfully acquired by either Seller or Buyer from other sources
that are not under an obligation of confidentiality) and will not release or disclose such
documents or information to any other Person, except in connection with this Agreement to its
lenders, auditors, counsel, financial advisors and other consultants and advisors.

Section 10.14 No Insider Trading.

If either Party obtains material, nonpublic information about the other Party or any of its
Affiliates, businesses, subsidiaries or ventures in the course of the transaction contemplated by
this Agreement, such Party agrees that neither it nor its representatives will trade, and that it
will undertake reasonable precautions to disallow its representatives from trading, in the
securities of the other Party or any of its Affiliates (to the extent such securities are publicly
traded) during such time as such information is material and nonpublic.

Section 10.15 Public Announcements.

None of the Parties shall make any press release or public announcement with respect to the
transactions contemplated hereby without (a) in the case of Buyer, obtaining the prior written
approval of Seller and (b) in the case of Seller, obtaining the prior written approval of Buyer,
except in each case as may be required by Law or regulations of securities exchanges. Approvals
under this Section shall not be unreasonably withheld or delayed.

Section 10.16 No Third-Party Beneficiaries.

Nothing in this Agreement will be construed as giving any person, firm, corporation or other
entity, other than the Parties hereto, their successors and permitted assigns, any right, remedy or
claim under or in respect of this Agreement or any provision hereof.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, this Agreement has been validly executed and delivered by the duly authorized
representatives of the Parties hereto as of the Execution Date.

	 	 	 
	BUYER:

	 	SELLER:
	SFMT-CIS, Inc.

	 	BELMARK ENTERPRISES, INC.
	 
	 	 
	By:      

Alexander Vinogradov, President

	 	By:      

Evgeny Roytman

Under Power of Attorney of April 19, 2006 Under Power of Attorney of July 18, 2006

2

EXHIBIT 1

Part A

FORTLAND LIMITED

	 	 	 	 	 
	Name:	 	FORTLAND LIMITED
	IBC Number:	 	669724
	BVI Company Number:	 	1059968
	 	 	Sea Meadow House, Blackburne Highway
	 	 	(P.O. Box 116), Road Town, Tortola,
	Registered Office:	 	British Virgin Islands
	 	 	Sea Meadow House, Blackburne Highway
	 	 	(P.O.Box 116), Road Town, Tortola,
	Mailing Address:	 	British Virgin Islands
	 	 	1,000,000 registered shares with a par
	Authorized Share Capital	 	value of USD 0.01 each
	 
	 	1,000,000 registered shares with a par
	Issued Share Capital:
	 	value of USD 0.01 each

	 
	 	 	 	 
	 
	 	Sarah Petre-Mears

	Directors:
	 	Edward Petre-Mears

	 
	 	 	 	 
	Accounting Reference Date:
	 	31 December
	 
	 	 	 	 
	Auditors:
	 	None

	 
	 	 	 	 

3

EXHIBIT 1

Part B

KOLANGON

	 	 	 
	Name:

	 	Limited Liability Company

“KOLANGON-OPTIM”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1027739789406 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1 B. Palashevskiy per., Moscow 123104

Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	8,400 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Fortland Limited (registered office at

Sea Meadow House, Blackburne Highway

(P.O. Box 116), Road Town, Tortola,

British Virgin Islands)
	 

	 	 
	 
	 	 
	General Director

	 	E.V. Roytman
	 

	 	 
	 
	 	 
	Chief Accountant

	 	E.M. Gubareva
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on September 22, 2006,

registered on September 30, 2005
	 

	 	 
	 
	 	 

4

EXHIBIT 1

Part C

Aston

	 	 	 
	Name:

	 	Limited Liability Company “Aston”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1057748991618 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	5-1, Marksistskaya Street, Moscow,

109147, Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1 B. Palashevskiy per., Moscow,

123104, Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	10,000 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Kolangon-Optim LLC (registered office at

5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation)
	 

	 	 
	 
	 	 
	General Director

	 	A.N. Glukhov
	 

	 	 
	 
	 	 
	Chief Accountant

	 	A.N. Glukhov
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on November 9, 2006,

registered on November 21, 2006
	 

	 	 
	 
	 	 

5

EXHIBIT 1

Part D

Dial-Impex

	 	 	 
	Name:

	 	Limited Liability Company “Dial-Impex”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1057748866163 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	5-1, Marksistskaya Street, Moscow,

109147, Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1 B. Palashevskiy per., Moscow,

123104, Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	10,000 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Kolangon-Optim LLC (registered office at

5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation)
	 

	 	 
	 
	 	 
	General Director

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Chief Accountant

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on November 9, 2006,

registered on November 20, 2006
	 

	 	 
	 
	 	 

6

EXHIBIT 1

Part E

INTERWEST

	 	 	 
	Name:

	 	Limited Liability Company “INTERWEST”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1057747341112 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	70/41, Pyatnitskaya Street, Moscow,

115095, Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1 B. Palashevskiy per., Moscow,

123104, Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	10,000 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Kolangon-Optim LLC (registered office at

5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation)
	 

	 	 
	 
	 	 
	General Director

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Chief Accountant

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on November 9, 2006,

registered on November 20, 2006
	 

	 	 
	 
	 	 

7

EXHIBIT 1

Part F

MediaInform

	 	 	 
	Name:

	 	Limited Liability Company “MediaInform”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1057748158214 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	101, Yuzhnobutovskaya Street, Moscow,

117042, Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1 B. Palashevskiy per., Moscow 123104

Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	10,000 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Kolangon-Optim LLC (registered office at

5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation)
	 

	 	 
	 
	 	 
	General Director

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Chief Accountant

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on November 9, 2006,

registered on November 20, 2006
	 

	 	 
	 
	 	 

8

EXHIBIT 1

Part G

PrimeTime

	 	 	 
	Name:

	 	Limited Liability Company “PrimeTime”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1057748866340 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	5-1, Marksistskaya Street, Moscow,

109147, Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1 B. Palashevskiy per., Moscow 123104

Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	10,000 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Kolangon-Optim LLC (registered office at

5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation)
	 

	 	 
	 
	 	 
	General Director

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Chief Accountant

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on November 9, 2006,

registered on November 20, 2006
	 

	 	 
	 
	 	 

9

EXHIBIT 1

Part H

ElcomLine

	 	 	 
	Name:

	 	Limited Liability Company “ElcomLine”
	 

	 	 
	 
	 	 
	Registered Number:

	 	1057748920019 in the Unified State

Register of Legal Entities
	 

	 	 
	 
	 	 
	Registered Office:

	 	5-1, Radischevskaya Nizhnyaya Street,

Moscow, 109240, Russian Federation
	 

	 	 
	 
	 	 
	Mailing Address:

	 	5/1, B. Palashevskiy per., Moscow 123104

Russian Federation
	 

	 	 
	 
	 	 
	Registered Charter Capital:

	 	10,000 Rubles
	 

	 	 
	 
	 	 
	Registered Participants:

	 	Kolangon-Optim LLC (registered office at

5-1 Solomennoy Storozhki Proezd, Moscow

127206 Russian Federation)
	 

	 	 
	 
	 	 
	General Director

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Chief Accountant

	 	I.M. Panin
	 

	 	 
	 
	 	 
	Accounting Reference Date:

	 	31 December
	 

	 	 
	 
	 	 
	Auditors:

	 	none
	 

	 	 
	 
	 	 
	Charter:

	 	Approved by the decision of the sole

participant on November 9, 2006,

registered on November 20, 2006
	 

	 	 
	 
	 	 

10

EXHIBIT 2

FORM OF TRANSFER INSTRUMENT

FORTLAND LIMITED

Incorporated under the

International Business Companies Act (Cap 291)

of the British Virgin Islands (IBC Number 669724),

Re-registered as a BVI Business Company as of October 27, 2006

(BVI Company Number 1059968)

(the Company)

SHARE TRANSFER

We BELMARK ENTERPRISES, INC. of Sea Meadow House, Blackburne Highway (P.O. Box 116), Road
Town, Tortola, British Virgin Islands IN CONSIDERATION of the sum of approximately USD[   ] DO
HEREBY TRANSFER TO SFMT-CIS, INC., of 2831 29th Street, NW, Washington, D.C. 20008, USA,
650,000 (six hundred fifty thousand) common shares standing in our name in the share register of
the above Company to hold subject to the conditions on which we held the said shares on execution
of this transfer.

AS WITNESS the day of [   ] 2006

—

Duly authorised signatory

For and on behalf of

BELMARK ENTERPRISES, INC.

11

EXHIBIT 3

The list of Russian cities where DVB-T services shall be provided:

1. Moscow and Moscow Region

2. St. Petersburg and Leningrad Region

3. Krasnoyarsk

4. Kazan

5. Nizhni Novgorod

6. Ufa

7. Novosibirsk

8. Vladivostok

9. Volgograd

10. Voronezh

11. Ekaterinburg

12. Irkutsk

13. Krasnodar

14. Omsk

15. Perm

16. Rostov-On-Don

17. Samara

18. Saratov

19. Togliatti

20. Khabarovsk

21. Chelyabinsk

22. Yaroslavl

	 	 	 
	BUYER:

	 	SELLER:
	SFMT-CIS, Inc.

	 	BELMARK ENTERPRISES, INC.
	 
	 	 
	By:      

Alexander Vinogradov, President

	 	By:      

Evgeny Roytman

Under Power of Attorney of April 19, 2006 Under Power of Attorney of July 18, 2006

12

EXHIBIT 4

REQUIRED PERMITS

	 	1.	 	License to provide communications services for the purposes of air broadcasting
(issued by Rossvyaznadzor).

	 	2.	 	Permit to operate radiofrequencies or radiofrequency channels (issued by
Federal Agency for Communications) including i.a. the following specifications:

	 	a.	 	Bandwidth: 8 megahertz;

	 	b.	 	Transmitter power: minimum 2 (two) kilowatts.

	 	3.	 	Permit to operate DVB-T radio transmitters (issued by Rossvyaznadzor).

	 	4.	 	Other permits required to provide DVB-T Services.

	 	 	 
	BUYER:

	 	SELLER:
	SFMT-CIS, Inc.

	 	BELMARK ENTERPRISES, INC.
	 
	 	 
	By:      

Alexander Vinogradov, President

	 	By:      

Evgeny Roytman

Under Power of Attorney of April 19, 2006 Under Power of Attorney of July 18, 2006

13

EXHIBIT 5

PERMITTED DEBT

	 	 	 
	BUYER:

	 	SELLER:
	SFMT-CIS, Inc.

	 	BELMARK ENTERPRISES, INC.
	 
	 	 
	By:      

Alexander Vinogradov, President

	 	By:      

Evgeny Roytman

Under Power of Attorney of April 19, 2006 Under Power of Attorney of July 18, 2006

14

EXHIBIT 6

[Form of Buyer’s Confirmation Notice]

To: BELMARK ENTERPRISES, INC.

Sea Meadow House, Blackburne Highway (P.O.Box 116),

Road Town, Tortola, British Virgin Islands

Date:      

CONFIRMATION NOTICE

Reference is made to:

	 	1.	 	the Share Purchase Agreement, dated December 15, 2006, (the “Purchase
Agreement”), by and among SFMT-CIS, Inc., a corporation organized and existing
under the laws of the State of Delaware, U.S.A. (the “Buyer”), and BELMARK
ENTERPRISES INC., an International Business Company incorporated in the territory
and under the laws of the British Virgin Islands (the “Seller”), and

	 	2.	 	Seller’s Notice on conditions precedent to the Buyer dated      .

Capitalized terms used herein but not defined shall have the meanings ascribed to such terms
in the Purchase Agreement.

The Buyer hereby confirms that all of the conditions precedent to the Closing for which the
Seller is responsible have been satisfied and that the original documents required for the Closing
have been provided to the Buyer.

SFMT-CIS, Inc.

By:      

Jean-Pierre Vandromme

CEO

15

EXHIBIT 7

[Form of Seller’s Notice on Conditions Precedent]

To: SFMT-CIS, Inc.

2831 29th Street, NW

Washington, D.C. 20008, USA

Date:      

NOTICE ON CONDITIONS PRECEDENT

Reference is made to the Share Purchase Agreement, dated December 15, 2006, (the “Purchase
Agreement”), by and among SFMT-CIS, Inc., a corporation organized and existing under the laws of
the State of Delaware, U.S.A. (the “Buyer”), and BELMARK ENTERPRISES INC., an International
Business Company incorporated in the territory and under the laws of the British Virgin Islands
(the “Seller”).

Capitalized terms used herein but not defined shall have the meanings ascribed to such terms
in the Purchase Agreement.

The Seller hereby certifies that all of the conditions precedent to the Closing for which the
Seller is responsible have been satisfied and that the original documents required for the Closing
have been provided to the Buyer.

BELMARK ENTERPRISES, INC.

By:      

Evgeny Roytman

Under Power of Attorney of July 18, 2006

16

Schedule 1 (Commitments)

	 	 	 	 	 	 	 
	Real Property
	1	 	Committing Company	 	Type of Commitment	 	Agreement
	1.

	 	OOO Kolangon-Optim
	 	Rent of premises at

6, 2nd

Spasonalivkovsky

Lane, Moscow
	 	Lease Agreement 1

07-20/01À, dated

September 26, 2006

        , with ZAO

“Promsvyaz-nedvizhim

ost” “D.U.”
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	Services

	 
	 	 	 	 	 	 
	 

	 
	 	 	 	 	 	 
	1

	 	Committing Company
	 	Type of Commitment
	 	Agreement
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	1.

	 	OOO Kolangon-Optim
	 	Services to gain

necessary permits

from the Ministry

of Defense for the

use of the radio

frequencies
	 	

Service Agreement 1

ÑÃ/5-2005, dated

January 25, 2006,

with GNPP “ATS”
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 

17

Schedule 2 (Real Property Leased or Owned)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Value of the
	1	 	 	Address	 	Lessor	 	Square Meters	 	Agreement 1	 	Terms of the Lease	 	Agreement
	 	 	 	6, 2nd	 	ZAO	 	1752 sq.m (office)	 	 	 	 	 	September 26, 2006	 	 
	 	 	 	Spasonalivkovsky	 	“Promsvyaz-nedvizhim	 	+ 497 sq.m	 	 	 	 	 	– September 26,	 	 
	1.	 	 	Lane, Moscow	 	ost” “D.U.”	 	(basement)	 	07-20/01À	 	2011	 	USD 6,091,608

18

Schedule 3 (Authorizations)

[TO BE COMPLETED PRIOR TO CLOSING]

19

Schedule 4 (Powers of Attorney; Bank Accounts)

[TO BE COMPLETED PRIOR TO CLOSING]

20

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