Document:

Exhibit 10.19

                  AGREEMENT # TC-3/0100 DATED DECEMBER 31, 2000

                                  (NEW EDITION)

MOSCOW
                                                               DECEMBER 21, 2004

Closed Joint Stock Company "Network of Television Stations"(basic state
registration number [OGRN] 1027700151852) (hereinafter referred to as "CTC") in
the person of General Director A.E. Rodnyansky, acting on the basis of the
Charter, and Closed Joint Stock Company "TSV" (OGRN 1027739243399) (hereinafter
referred to as the "Agency") in the person of General Director V.L. Vshivkin,
acting on the basis of the Charter, together hereinafter referred to as the
"Parties", have concluded this Agreement on the following:

                                1. DEFINITIONS:

     For the purpose of interpreting the terms and conditions of this Agreement,
the definitions and expressions below have the following meanings:

     "NETWORK PROGRAM BLOCK" means a combined audiovisual work (the result of
intellectual activity) created by CTC for transmission by CTC Network members
through on-air broadcasting (Article 40 of the RF Law "On Copyright and
Neighboring Rights") and cable broadcasting (Article 41 of the RF Law "On
Copyright and Neighboring Rights") and having the same content for all CTC
Network members throughout the territory of the Russian Federation.

     "REGIONAL WINDOW" means a time interval scheduled within the Network
Program Block that allows for the substitution of audiovisual works in the
Network Program Block for any other programming at the discretion of the CTC
Network member.

     "CTC ADVERTISING SERVICE" means the placing of advertising, including
sponsorship advertising, within the Network Program Blocks pursuant to the
contracts entered into by the Agency in its own name, but for the account of
CTC, as well as by contracts entered into by CTC directly with clients for
advertising, including Sponsorship advertising, within Network Program Blocks.

     "SPONSORSHIP" means a contribution by either a legal entity or an
individual in the form of property, results of intellectual activity, services,
work, etc., to the production of a TV program or the broadcasting of an
entertainment event (concert, festival, etc.) with the aim to promote its own or
another person's brand or trade mark or its own activities, products or any
other direct or indirect commercial interests, etc. under the condition of
advertising the Sponsor (Sponsorship Advertising).

     "COMMERCIAL" means an audiovisual work containing advertising.

     "SOCIAL ADVERTISING" means advertising representing public and state
interests and serving charity purposes.

     Social Advertising shall promote neither business entities nor individual
entrepreneurs, nor their specific brands (models, articles) or the brands
(models, articles) of products resulting from the business activity of
non-profit organizations.

     "CLIENTS" means advertisers or any other third parties representing the
advertisers pursuant to respective contracts.

     "REPORTING PERIOD" means one calendar month.

     "CTC ACTUAL GROSS BROADCAST REVENUE FOR THE REPORTED PERIOD" means:

     -    Sales revenues on advertising transactions entered into by the Agency

     -    Sales revenues on advertising transactions entered into by CTC
          directly with the Clients

     -    Penalties, fines, compensation and other non-sale income due to CTC
          and actually collected by the Agency under contracts with Clients
          concluded by the Agency with the aims of executing the present
          Agreement.

                                   2. SUBJECT

     2.1. This Agreement shall be deemed a mixed-type agreement as defined by
Article 421 of the Civil Code of the Russian Federation. In this Agreement, the
Parties set forth arrangements regarding commission services (section 2.1.1 of
this Agreement), as well as contract and reimbursable services (section 2.1.2 of
this Agreement). The names used for reference to the Parties shall in no way be
used to interpret the nature of their relationship and are identified
exclusively for convenience.

     2.1.1. In accordance with this Agreement, CTC shall engage the Agency to
conclude in the Agency's name, but for the account of CTC, contracts with
Clients for advertising services under the procedure stipulated herein.

     2.1.2. In accordance with this Agreement, the Agency shall render to CTC on
a compensated basis certain services as defined in Appendix 1 to this Agreement.

     2.2. CTC shall pay commission fees to the Agency for the execution of
advertising service contracts (section 2.1.1. of this Agreement), as well as
compensate it for services rendered (section 2.1.2 of this Agreement) in such
amounts and in such manner as provided for herein.

     2.3. CTC shall place, throughout the entire territory covered by the CTC
Network, advertising provided by the Agency under contracts entered into with
Clients pursuant to this Agreement.

     2.4. The amount of advertising placed within Network Program Blocks in
accordance with this Agreement shall be agreed upon by the Parties separately.

     CTC will provide the Agency with the following amount of time during the
     Network Program Blocks between 7:00 am of each day and 1:00 am on the
     following day (excluding Regional Windows, which total 2 hours) for the
     placement of Commercials:

     -    for the first through the third quarter of each calendar year - up to
          15% (fifteen percent) of the duration of the Network Program Block
          excluding the Regional Window;

     -    During the fourth quarter of each calendar year - up to 15.84%
          (fifteen point eighty-four percent) of the duration of the Network
          Program Block excluding the Regional Window.

     In addition, in the period between 19:00 and 24:00 of each day, CTC shall
     provide the Agency with time in Network Program Blocks for the placement of
     Commercials that shall be no less than the following:

     -    for the first through the third quarter of each calendar year - 15%
          (fifteen percent) of the aforementioned time-slot in the Network
          Program Block;

     -    During fourth quarter - 15.84% (fifteen point eighty-four percent) of
          the aforementioned time-slot in the Network Program Block.

     The amount of time provided to the Agency for the placement of Commercials
     within the Network Program Blocks between 1:00 am and 7:00 am shall be at
     the discretion of CTC.

     2.5. The Agency's performance under sections 4.5-4.9, 6.2 and 9.2 thereof,
as well as of the terms and conditions set forth in Appendix 2 of this
Agreement, shall be guaranteed by a surety provided by ZAO "Gruppa Kompaniy
"Video International" (Group of Companies "Video International") which shall
provide for the joint and several liability of the surety. A surety agreement
shall be made with the above surety.

     2.6. The transactions between the Parties, Clients and any other third
parties relating to social or political advertising shall be outside the scope
of this Agreement.

                          3. OBLIGATIONS OF THE PARTIES

     3.1. CTC shall:

     3.1.1. Provide the Agency with the information necessary for entering into
transactions with third party clients.

     3.1.2. Refrain from granting third parties the right to conclude on behalf
of and at the expense of CTC transactions for which the Agency has retained
hereunder without the Agency's consent. CTC's right to enter into transactions
for rendering of advertising services on its own account shall be in no way
limited hereby.

     3.1.3. Position throughout the CTC broadcasting territory the advertising
provided by the Agency under contracts entered into with Clients in accordance
with the terms and conditions of this Agreement.

     3.1.4. Provide the Agency not later than 3 days from the date of this
Agreement a projected schedule of the Network Program Block programming
(hereafter the "Schedule") for the first quarter of 2005 and thereafter submit
to the Agency the projected Schedule as soon as the same has been developed.

     Submit to the Agency a tentative draft of the Schedule for each month at
least two months prior to its entering into effect.

     The approved Schedule for each calendar week shall be submitted by CTC to
the Agency at least 10 (ten) calendar days before the beginning of that calendar
week.

     3.1.5. Have the right to modify the Schedule with respect to the tentative
line-up of the Network Program Blocks for the current month upon two days prior
notice to the Agency;

notify the Agency of modifications to the Schedule for a particular
calendar week seven days be fore such modifications take effect.

     Such notice shall not be required only if the modifications are due to an
event of national significance or due to the cancellation or change in the
timing of sporting events scheduled to be broadcast live within the Network
Program Blocks, etc., where it is impossible to notify the Agency in advance
with regard to modifications for objective reasons; provided that the Agency
must be notified of such modifications on the day when such modifications are
made.

     3.1.6. Insert commercials into ad blocks and ensure the same are placed in
strict compliance with the procedures for logging and scheduling advertising
within the Network Program Blocks and in accordance with the Agency-provided
advertising schedules.

     3.1.7. Issue a confirmation of ad placement within the Network Program
Blocks to the Agency within five days after receiving its request.

     3.1.8. Review the Agency's requests (concerning placement of corresponding
Commercials, the granting by CTC of consent for specific actions by the Agency,
etc.) and respond to the same in writing (by personal delivery or by fax) within
three days of receiving the request from the Agency. The absence of a response
from CTC within the designated time period shall be deemed an affirmative
response.

     The procedure set forth in the first paragraph of section 3.1.8. shall be
applicable solely to those requests that may be answered with a simple YES or
NO.

     The Agency requests and CTC responses shall be executed in writing and
signed by the authorized representatives.

     3.2. The Agency shall:

     3.2.1. Enter into transactions with clients for the sale of CTC Advertising
Services (sub-section 2.1.1. hereof), acting primarily for the benefit of CTC
and in accordance with the terms and conditions of this Agreement.

     a) When entering into contracts with Clients, the Agency shall enter into
contracts on those terms that are the most favorable for CTC.

     b) The cost of advertising services when entering into contracts with
certain clients shall be determined based on the contract price calculation
method (Appendix 3).

     c) The Agency shall have all rights and bear all obligations under
contracts with Clients made on a commission basis even where CTC is specifically
named in any such contract and enters into a direct relationship with Clients.

     d) for the purposes of this Agreement, the Agency shall have the right to
enter into sub-commission contracts with other legal entities and/or individuals
as long as it remains fully liable to CTC for performance by such sub-commission
agent.

     e) ICTC any un foreseen circumstances arise that prevent performance under
any advertising services contract, the Agency shall immediately notify CTC of
the same.

     CTC) The following provision shall be included in contracts with Clients:

     "The Client shall be fully liable for the content and design of any
advertising delivered hereunder and for the breach of copyrights or neighboring
rights with respect to the artistic

work and objects of neighboring rights included in the advertising. All claims
for damages, including those asserted by authors and holders of neighboring
rights, with respect to advertising shall be settled by the Client using its
own resources and at its own expense."

     g) In the event any claims are brought by any third parties against CTC on
the basis that the commercials placed by CTC under a contract between the Agency
and Client violate applicable Russian law (including, but not limited to,
legislation on advertising, competition, consumer rights protection, copyright
and neighboring rights), the Agency shall use all necessary efforts to cause
Clients to defend such claim and indemnify CTC against all losses incurred in
connection with the resolution of such claims.

     h) The Agency shall not be liable to CTC for the failure of any client to
execute a transaction entered into by the Agency pursuant to the provisions of
section 2.1.1. hereof. ICTC the client fails to execute a transaction entered
into by the Agency, the latter shall immediately notify CTC of the same, collect
the necessary evidence and, upon the request of CTC, transfer to it all rights
in that transaction subject to compliance with all legal provisions applicable
to the assignment of a claim.

     i) Review all commercials offered for placement for compliance with
applicable Russian legislation, including legislation on advertising,
competition and consumer rights protection.

     3.2.2. Provide services set forth in section 2.1.2. of this Agreement
and/or duly retain third parties to provide the said services, while remaining
responsible to CTC for their performance.

     3.2.3. The Agency shall provide commercials recorded in the PAL system with
a synchronized audio track and time code on Betacam SP or Digital Betacam tapes
(hereunder "Tapes") at least four business days before the scheduled day of the
first broadcast of the said Commercial.

     3.2.4. Provide to CTC information on the works of Russian and foreign
authors used in the Commercials.

     3.2.5. Have the right to submit to CTC requests regarding the possibility
of placing Commercials and requesting CTC's consent to certain activities to be
conducted by the Agency pursuant to the form for such requests as provided in
sub-section 3.1.7. hereof.

     3.2.6. Deliver to CTC reports on the performance by the Agency of its tasks
in the manner as set forth herein.

     3.2.7. Ensure that Commercials are in compliance with Russian law and CTC
Technical requirements for similar video products.

               4. COMPENSATION TO THE AGENCY AND THE COST OF ITS
                        SERVICES. SETTELEMENT PROCEDURE

     Compensation and cost of the Agency services:
     ---------------------------------------------

     4.1. For the period From January 1, 2005 to December 31, 2005: Agency's
compensation with respect to executing transactions (section 2.1.1 of the
present Agreement) shall be equal to 0.7% (seven tenths of a percent) of the CTC
Actual Gross Broadcast Revenues (excluding VAT and transactions entered into
directly by CTC) for the Reporting Period.

     The Agency shall become entitled to its commission as soon as Advertising
Services have been actually rendered during the Reporting Period.

     If CTC acquires additional benefit set forth in accordance with Appendix 2
hereof, such additional benefit shall belong solely to CTC, herewith CTC shall
pay to the Agency the remuneration in the amount of 10 (ten) percent of the sum
of the additional benefit in addition to the payments stipulated by paragraph
4.1-4.2 hereof.

     The Agency shall be entitled to the additional one-time remuneration from
the date of signing the statement, in which the Parties shall approve the
results of the calculations conducted pursuant Appendix 2.

     4.1.2. The fees for all services/works of the Agency as described in
Appendix 1 hereto shall be:

     a) 14.3% (fourteen and three tenths of a percent) of the CTC Actual Gross
Broadcast Revenues from Advertising Services (excluding VAT and transactions
entered into directly by CTC) rendered during the Reporting Period;

     b) 15% (fifteen percent) of the CTC Actual Gross Broadcast Revenues from
Advertising Services (excluding VAT and CTC direct contracts) rendered during
the Reporting Period.

     4.2. For the period From January 1, 2006 to December 31, 2007:

     Agency's compensation with respect to executing transactions (section 2.1.1
of the present Agreement) shall be equal to 0.7% (seven tenths of a percent) of
the CTC Actual Gross Broadcast Revenues (excluding VAT and transactions entered
into directly by CTC) for the Reporting Period.

     The Agency shall become entitled to its commission as soon as Advertising
Services have been actually rendered during the Reporting Period.

     4.2.2. The fees for all services/works of the Agency as described in
Appendix 1 hereto shall be:

     a) 12.3% (twelve and three tenths of a percent) of the CTC Actual Gross
Broadcast Revenues from Advertising Services (excluding VAT and transactions
entered into directly by CTC) rendered during the Reporting Period;

     b) 13% (thirteen percent) of the CTC Actual Gross Broadcast Revenues from
Advertising Services (excluding VAT and CTC direct contracts) rendered during
the Reporting Period.

     4.3. Commission and service fees calculated in such manner (sections 4.1
and 4.2 hereof) shall be subject to VAT in accordance with applicable Russian
legislation.

     Commission and service fees for all services/works of the Agency shall be
determined in rubles in the Statement for the relevant Reported period (in case
of setting the cost of placement of advertising and/or calculation of non-sale
incomes (penalties, fines, compensation, etc.) in US dollars - calculation is
made at the rate of the Central Bank of the Russian Federation effective as per
the last date of the reported month).

     Payment of a commission and cost of services of Agency is made in the order
established, accordingly, in items 4.5. - 4.15. present(true) Contracts.

     4.4. The cost of services on placement of advertising in contracts of
Agency with Clients shall be established:

     under contracts with clients-residents - in an equivalent of US dollars
or in RF rubles. In case the sum of the contract is established in an
equivalent of US dollars, the latter is subject to payment by the Client
in rubles at the rate of the Central Bank of the Russian Federation
effective as per the date of presenting the payment order to the bank of
the Client.

     under contracts with clients-non-residents - in US dollars. CTC services on
placement of advertising under transactions with clients both residents, and
non-residents shall be subject to VAT.

     4.5. Payment under contracts of Agency with clients in RF rubles shall be
made to the current accounts of the Agency.

     The Agency shall, within three banking days, transfer to CTC current
account the monetary funds received under the contracts taking into account
sections 4.7, 4.10-4.13 hereof. The aforesaid three-day period shall commence
upon receipt of the payment on the Agency's current account.

     4.6. The agency shall be entitled (having directed the notice to CTC
address) on the basis of the financial assignment addressed to a corresponding
client to instruct the latter to make payment in RF rubles under the contract of
the Agency with the client, directly to CTC current accounts.

     4.7. The agency shall be entitled to transfer to the clients the monetary
funds in RF rubles subject to return to the latter pursuant to the to contracts
concluded with them, including by means of funds received from other clients to
the benefit of CTC to the accounts of the Agency, but not yet transferred to CTC
accounts. In case of return of the whole sum of the contract or payment,
monetary funds shall be returned to the client in rubles in the same amount that
was received. At the partial return the sum in rubles shall be determined in
proportion to the reduction of the sum of the contract or payment.

     4.8. Payment under contracts with clients-non-residents in US dollars shall
be made to the currency transit account of the Agency.

     The Agency shall, within three banking days, transfer to CTC currency
transit account the monetary funds in the whole sum in the foreign currency. The
aforesaid three-day period shall commence upon entering of the monetary funds to
the currency transit account of the Agency.

     4.9. Payment of services on placement of advertising under the transactions
made by the Agency in US dollars with customers-non-residents with the aim to
perform the provisions of the Agreement, can be carried out by the clients only
in US dollars,

     4.10. Payments under contracts with Clients entered into directly by CTC
shall be transferred to the respective CTC accounts. Amounts shall be paid
inclusive of VAT as provided by applicable Russian legislation. CTC shall
transfer to the Agency no later than the first banking day of the week following
the week when the transfer was effected, to the respective account of CTC:

     4.10.1. at the receipt of payment under contracts with clients-residents -
the sum: for the period from January 01, 2005 to December 31, 2005 - at the rate
of 15 % (fifteen percent), for the period from January 01, 2006 to on December
31, 2007 - at the rate of 13 % (thirteen percent) of the sum of the monetary
funds received to CTC current account as the payment for services stipulated by
section 2.1.2. hereof;

     4.10.2. at the receipt of payment under contracts with
clients-non-residents - : for the period from January 01, 2005 to December 31,
2005 - at the rate of 15 % (fifteen percent), for the period from January 01,
2006 to on December 31, 2007 - at the rate of 13 % (thirteen percent) of the sum
of the monetary funds received to CTC current account as the payment for
services stipulated by section 2.1.2. hereof at the rate of the Central Bank of
the Russian Federation for the date of receipt of monetary funds to NAN transit
currency account.

     When transferring monetary funds, CTC shall pass to the Agency a cpoy of
the payment order.

     In the event CTC fails to effect payments to the Agency pursuant to this
section within the time periods as agreed by the Parties, the Agency shall be
entitled to withhold the sums due thereto from future receipts of monetary funds
from the Clients to the Agency's account belonging to CTC.

     4.11. In the event that it becomes difficult to clearly identify the above
receipts as payments made pursuant to the performance by the Parties of
obligations hereunder, the terms stipulated by sections 4.5, 4.8 and 4.10
periods may be extended.

     4.12. In cases if the monetary funds received received earlier in a foreign
currency should be returned to the Client according to the contract with the
latter, than:

     - if the monetary funds are transferred by the Agency to CTC, the latter
should in ten-day term transfer to the transit currency account of the Agency
the sum subject to return to the Client -non-resident in the corresponding
foreign currency, and the Agency in its turn carries out the return of the
received monetary funds to the corresponding client. The ten-day term shall
commence on the moment of receipt by CTC of the letter from the Agency with the
requirement on returning confirmed by the corresponding documents with the
client-non-resident;

     - if the monetary funds are not transferred to CTC and are still on the
transit currency account of the Agency, the latter should transfer to to the
corresponding clinet the sum due to him in the corresponding foreign currency.

     4.13. From the sum of the money transferred in rubles to the current
accounts of the Agency for the benefit of CTC under contracts with clients, the
Agency shall be entitled to withhold the following sums:

     - : for the period from January 01, 2005 to December 31, 2005 - 15 %
(fifteen percent), for the period from January 01, 2006 to on December 31, 2007
- 13 % (thirteen percent) of the difference between the money received in RF
rubles to the current accounts of the Agency for the benefit of CTC and the
monetary funds that were returned by the Agency or CTC to the clients' accounts
pursuant to the contracts with the latter, and

     - for the period from January 01, 2005 to December 31, 2005 - 15 % (fifteen
percent), for the period from January 01, 2006 to on December 31, 2007 - 13 %
(thirteen percent) of the difference between the ruble equivalent of the foreign
currency that was received to the transit currency account of the Agency for the
benefit of CTC pursuant to the contracts with clients-non-residents, and the
ruble equivalent of the foreign currency that CTC and/or the Agency returned in
currency to the clients-non-residents. The ruble equivalent of a foreign
currency shall be determined at the rate of the Central Bank of the Russian
Federation effective as per the date of transfer of monetary funds to on the
transit currency account of the Agency from the client-non-resident.

     The above mentioned deductions shall be aimed at payment of the commission
and services/works fee of the Agency set forth in sections 4.1. and 4.2. hereof.

     4.14. Settelements between the Parties shall be carried out daily provided
presence of receipts from Clients. The agency shall be entitled to exercise
daily deduction of funds in payment of the commission and services/works fee of
the Agency.

     When transferring monetary funds, the Agency shall direct to the address of
CTC a copy of the payment order. The day of the payment carried out between the
Parties hereunder shall be considered the day of writing-off the monetary funds
from the account of the payer that is confirmed by a bank extract.

     4.15. In case if the sum withheld on the current account of the Agency,
shall exceed the sum of commission and services/works fee due to the Agency for
the reporting period, the exceeding sum shall be taken into account as advance
payment of commission or payment of services/works fees when exercising the
mutual settlement during the following periods.

                             5. REPORTING PROCEDURES

     5.1. Upon transferring funds, the Agency shall deliver to CTC a copy of the
payment order (section 4.13 hereof) and an accompanying letter with a detailed
breakdown of the payment.

     5.2. After the end of each month, not later than 10 (ten) days the Agency
shall deliver its report (sub-section 2.1.1. hereof) to CTC. If CTC has any
objections with regard to the submitted report, it shall deliver such objections
in writing to the Agency within ten (10) calendar days of receiving the same. In
the event, no objections are raised within the said period, the report shall be
deemed accepted and the assignment completed.

     The Agency's report shall contain:

     - The amount of payments received on the Agency's account under the
     contract concluded with a client, including Value Added Tax in accordance
     with applicable Russian legislation;

     - The amount retained by the Agency under section 4.13 hereof as the
     Agency's compensation, including Value Added Tax in accordance with
     applicable Russian legislation;

     5.3. No later than 15th day of the month after the end of the Reporting
Period, the Parties shall execute a bilateral reconciliation statement
detailing:

     1) CTC Actual Gross Broadcasting Revenue for the Reported Period:

     o    Advertising revenue generated by transactions entered into by the
          Agency

     o    Advertising revenue generated by transactions entered into by CTC
          directly with Clients

     o    The amount of fines and penalties paid in respect to advertising
          services in transactions entered into by the Agency only

     2) Receipts for the Reporting Period in respect to the contracts entered
into by the Agency, including as payment for advertising services, as well as of
liquidated damages, fines and penalties;

     3) Receipts on the CTC account under all contracts made by CTC directly as
payment for advertising services, as well as of fines and penalties;

     4) Commissions accrued by the Agency during the Reporting Period;

     5) Service fees received by the Agency in respect to the services provided
to and work completed for CTC during the Reporting Period (Point 4.2 hereof);

     6) Amount received by the Agency as commissions;

     7) Amount received by the Agency as service fees.

     The statement may also contain any other information the Parties may deem
     relevant.

     5.4. The Agency shall provide together with the statement its invoices for
payment of commissions and service fees.

     5.5. CTC will have ten business days to either approve the submitted
statement or respond with objections stating the reasons for the same. If CTC
raises reasonable objections, the Parties shall execute a statement detailing
remedial actions with respect to such objections.

     If CTC does not respond within the designated time period to the statement
delivered, the statement shall be deemed accepted.

               6. LIABILITY OF PARTIES AND CASES WHEN PARTIES ARE
                            RELIEVED FROM LIABILITY

     6.1. In the event of non-performance or the improper performance by a Party
of its obligations hereunder, such Party shall be liable for damages to the
other Party resulting from such non-performance or improper performance.

     6.2. If either Party delays any payments hereunder, it shall be liable for
a penalty of 0.05 % (five-hundredths of a percent) on the outstanding amount for
each day of delay, provided the other Party has delivered a claim for payment by
registered mail. No penalty shall be due as long as the other Party fails to
demand the payment of such a penalty.

     6.3. In the event of a breach by CTC of its obligations with regard to
broadcasting ads (by failing to place ads within the Network Program Blocks,
changing time spots and/or sequencing of Commercials within the Network Program
Blocks, broadcasting Commercials with deviations in terms of quality or
technical parameters - no audio track, interference, or with timing, content or
version irregularities, etc.), CTC shall unconditionally indemnify the Agency
against any third party claims under existing contracts. In the event that the
Agency incurs expenses relating to the Clients' claims due to CTC's failure to
perform its obligations, CTC shall reimburse the Agency for any such expenses.

     6.4. CTC shall not be liable for the failure to broadcast advertising
within the Network Program Blocks through the Agency's fault, and the Agency
shall be solely responsible for resolving any such claims by Clients.

     6.5. All payments in respect to the penalties or damages hereunder shall be
made in rubles at the exchange rate of the Central Bank of Russia published on
the date the payment was made as long as the creditor has demanded in writing
that such payments be made; such written demands shall be delivered by
registered mail with an acknowledgement of receipt.

     6.6. The Parties shall be relieved from liability for non-performance or
improper performance of their obligations hereunder if the proper performance
was not possible due to force-majeure events, i.e., events of extraordinary
nature and unavoidable under the circumstances, such as acts of God, fires,
hostilities, legislative changes, adoption of mandatory regulations, unscheduled
public addresses by government officials (President of the Russian Federation,
Prime Minister of the Russian Federation, Chairman of the Federation Council and
Chairman of the State Duma) and other events beyond the control of the Parties.

     6.7. The Party that is unable to perform its obligations hereunder shall be
required to immediately give notice to the other Party on the occurrence and
termination of the above

events, but in any event no later than within five business days. In such case,
the Parties shall consult with each other as soon as possible and agree on the
actions that should be taken by the Parties.

     The existence and duration of force majeure events shall be supported by
documents issued by the appropriate competent authority or agency.

     6.8. The failure to give such notice of the occurrence of such events or
the failure to give such notice in a timely manner shall prevent the said Party
from referring to any such events as grounds for relieving it from liability for
non-performance.

     6.9. In the event advertising was not broadcast due to the above events,
CTC, upon the Agency's consent, shall provide spots equivalent in terms of time
and programs for the unaired advertising, or, if such spots are not available,
shall return any pre-payments received From the Agency with respect to the
unaired advertising.

                              7. DISPUTE RESOLUTION

     7.1 All disputes and controversies arising out of or relating to this
Agreement shall be resolved through negotiations between the Parties.

     7.2 If the Parties fail to come to a settlement, the dispute shall be
submitted for resolution to the Moscow Arbitration Court.

                                8. MISCELLANEOUS

     8.1 All statements, amendments and supplements to this Agreement shall be
valid only provided that the same shall be in writing and signed by the
authorized representatives of the Parties.

     8.2 All the Supplements and Appendices to this Agreement shall constitute
an integral part hereof.

     8.3 The unilateral refusal to perform the obligations or unilateral
modification of the terms of this Agreement shall not be permitted, except as
set forth herein.

     8.4 The terms of this Agreement, in respect to which the Parties have
executed the Supplementary Confidentiality Agreement, shall be confidential.

     Each Party shall make every effort to prevent the access of any third party
to the confidential provisions of this Agreement other than upon the consent of
the other Party.

     Upon the demand of any authorized governmental agency (law-enforcement
agencies, tax authorities etc), one of the Parties may disclose to them the
provisions of this Agreement without the prior consent of the other Party.

     In case of a breach of the provisions of this Section by a Party, such
Party shall be liable for the damages incurred by the other Party.

     8.5 The headings of the Articles of this Agreement have been inserted for
convenience and shall in no way restrict or expand the meaning of any of the
provisions thereof.

     8.6 The Parties shall immediately give to each other a written notice in
case of any change in their corporate Forms, addresses, bank or other essential
details.

     8.7 The Parties shall deliver to each other all and any notices and
requests regarding the performance of provisions of this Agreement to the
addresses, fax numbers and telephone numbers agreed upon herein by courier
service with a follow-up fax transmission. Notices and requests shall be deemed
sufficiently given:

     -In the case of courier delivery - upon the date of delivery;

     -In the case of fax transmission -upon the date of dispatch if it is sent
during usual business hours.

                      9. TERM OF AGREEMENT AND TERMINATION

     9.1. This Agreement shall enter into effect beginning January 1, 2005 and
continue in force through December 31, 2007, including all New Year's Eve
programs (through 6 a.m. January 1, 2008).

     9.2. This Agreement may be terminated be fore the expiry of its term:

     9.2.1. Before and on December 31, 2005 - by either Party subject to a
90-day prior notice of termination. Such notice shall be delivered by registered
mail with acknowledgement of receipt.

     The Party initiating early termination shall make a termination payment to
the other Party equal to 13% of the CTC Actual Gross Broadcasting Revenue
generated by advertising in the Network Program Blocks for three full calendar
months preceding the termination date. The calculation of such termination
payment shall be made in rubles.

     9.2.2. Between January 1, 2006 and December 31, 2007 - by either Party
subject to a 180-day prior notice of termination. Such notice shall be delivered
by registered mail with acknowledgement of receipt.

     The Party initiating early termination shall make a termination payment to
the other Party equal to 13% of the CTC Actual Gross Broadcasting Revenue
generated by advertising in the Network Program Blocks for six full calendar
months preceding the termination date. The calculation of such termination
payment shall be made in rubles.

     The Parties agree that if termination takes place after December 31, 2005
and the termination date hereof is either January 1, 2006 or January 1, 2007,
the provisions of this section regarding the termination payment shall not
apply.

     9.2.3. At any time upon mutual agreement of the Parties.

     9.3. In the event that as of the termination date (section 9.2. hereof)
certain advertising under a contract entered into by the Agency hereunder has
not been broadcast and/or the provision of services has commenced but has not
been completed, the obligation of the parties shall be deemed terminated From
the date such advertising has been broadcast or service has been provided and
all settlements, including with respect to penalty payments hereunder, have been
completed.

     The present Agreement is executed in two equally binding counterparts with
one for each Party.

                     ADDRESSES AND BANK DETAILS OF PARTIES:

                          AGENCY:                                                            CTC:
                          ZAO TVS                                            ZAO "NETWORK OF TELEVISION STATIONS"

Legal and mailing Addresses: 121359,                               Legal and mailing Addresses: 123298,
Moscow, 25 Akademika Pavlova Street                                Moscow, 12 3rd Khoroshevskaya Street
ITN 7706145804, OGRN 1027739243399                                 ITN 7707115217, OGRN 102770015852
current  account  40702810338190103285  with  Kievskoe  OSB        current account 40702810100000006624 with OAO
5278 of AK SB RF correspondent account 30101810400000000225        ALFA-Bank, correspondent account(1)30101810200000000593
BIC 044525225                                                      BIC 044525593
Tel. 956-12-67 Fax 737-87-00                                       Tel. 797- 4100 Fax 797 - 4101
DETAILS FOR HARD CURRENCY PAYMENTS:                                DETAILS FOR HARD CURRENCY PAYMENTS:
Beneficiary: ZAO TSV                                               Beneficiary: ZAO Set Televisionnykh Stantsy
Beneficiary account: 40702840500003006466                          Beneficiary account: 40702840400003003080
Beneficiary bank:"ALFA-Bank", Moscow, Russia (107078,              Beneficiary bank:"ALFA-Bank", Moscow, Russia (107078,
Masha Poryvaeva St., 11).                                          Masha Poryvaeva St., 11).

                        [SIGNATURE]                                                [SIGNATURE]
               By: ________________________                              By: ___________________________
                      (V.L. Vshivkin)                                              (A.A. Rodnyansky)
                          [SEAL]                                                      [SEAL]

                                   APPENDIX 1

                TO AGREEMENT NO. TC-3/0100 DATED JANUARY 31, 2003

MOSCOW
                                                               DECEMBER 21, 2004

Closed Joint Stock Company "Network of Television Stations"(basic state
registration number [OGRN] 1027700151852) (hereinafter referred to as "CTC") in
the person of General Director A.E. Rodnyansky, acting on the basis of the
Charter, and Closed Joint Stock Company "TSV" (OGRN 1027739243399) (hereinafter
referred to as the "Agency") in the person of General Director V.L. Vshivkin,
acting on the basis of the Charter, together hereinafter referred to as the
"Parties", have concluded the present Appendix 1 to the Agreement dated January
31, 2000 #TC-3/0100 in the new edition dated December 21, 2004 (hereinafter
Agreement) as follows:

     1. In accordance with the provisions of sub-section 2.1.2. of the
Agreement, the Agency agreed to provide the following information and perform
other services/work for CTC in exchange for compensation:

     1.1. Provide to CTC and maintain certain software (computerized placement
system) in the appropriate condition.

     1.2. Adapt commercials accepted for broadcasting pursuant to the contracts
entered into by the Agency.

     1.3. Perform pre-airing editing of advertising blocks:

     a) Review ads within the same block for compatibility.

     b) Determine the advisability of allotting spots not occupied by commercial
advertising to social advertising.

     1.4. Structure advertising blocks placed directly by the Agency.

     1.5. Deliver videotapes with recorded advertising to CTC.

     1.6. Develop forecasts of program ratings, advertising blocks, broadcast
hours, etc. The ratings for the purposes of Appendix No 1 are understood as the
audience of a program (advertising blocks, broadcast hours, etc.) expressed as
percentage of the total potential audience. The ratings shall be calculated
using ZAO TNS GALLUP MEDIA software and the data collected by ZAO TNS GALLUP
MEDIA for a particular target audience.

     1.7. Calculate actual ratings.

     1.8. Perform media planning. 1.9. Advise on the planning of the CTC
line-up:

     a) Monitor deadlines for airing advertising orders.

     b) Coordinate advertising, including by product categories advertised.

     1.10. Provide services for the automatic scheduling of advertising orders
under all adverting transactions, including those entered into directly by CTC.

     1.11. Analyze the actual impact of advertising campaigns; compare forecast
ratings against actual ratings.

     1.12. Generate play lists for all advertising campaigns broadcast through
the CTC television network, including buying and monitoring data comparisons.

     1.13. Organize and conducts claim work on contracts with clients having
failed to perform the transaction (having failed to pay for CTC advertising
services) including rendering methodic assistance in such work should it be
conducted by CTC departments.

     1.14. Receive from clients, register, systematize and provide (on a monthly
basis) on electronic and paper sources in the Form adapted for CTC further use
the information on the authors of music, text and video-line used in the
commercials broadcasted on air of Network Program Blocks.

     2. Works/services stipulated in section 1 hereof shall be paid by CTC
pursuant to the terms of Chapter 4 of the Agreement.

     3. Appendix 1 is executed in two equally binding counterparts with one for
each Party.

                           4. SIGNATURES OF PARTIES:

                 AGENCY:                                                      CTC:
                 ZAO TVS                                      ZAO "NETWORK OF TELEVISION STATIONS"

               [SIGNATURE]                                                [SIGNATURE]
      By: ________________________                              By: ___________________________
             (V.L. Vshivkin)                                              (A.A. Rodnyansky)
                 [SEAL]                                                     [SEAL]

                                   APPENDIX 2

                TO AGREEMENT NO. TC-3/0100 DATED JANUARY 31, 2003

                   IN THE NEW EDITION DATED DECEMBER 21, 2004

MOSCOW
                                                               DECEMBER 21, 2004

Closed Joint Stock Company "Network of Television Stations"(basic state
registration number [OGRN] 1027700151852) (hereinafter referred to as "CTC") in
the person of General Director A.E. Rodnyansky, acting on the basis of the
Charter, and Closed Joint Stock Company "TSV" (OGRN 1027739243399) (hereinafter
referred to as the "Agency") in the person of General Director V.L. Vshivkin,
acting on the basis of the Charter, together hereinafter referred to as the
"Parties", have concluded the present Appendix 2 to the Agreement dated January
31, 2000 #TC-3/0100 in the new edition dated December 21, 2004 (hereinafter
Agreement) as follows:

1.   For the purpose of interpreting the terms and conditions of this Agreement,
     the definitions and expressions below have the following meanings:

     1.1. "AUDIENCE SHARE" - the share, expressed in percentage, of the CTC
          audience across Russia from 7:00 am of any given day to 1:00 am of the
          following day for the period of January through December of the
          respective year for all viewers 4 years old and older calculated up to
          one hundredth of a point using the "Russian Mapping" database for all
          Russian cities of 100,000+ by the research company ZAO "TNS Gallup
          Media" ("Gallup TV," 6 B. Koptevsky Pr., 125315, Moscow, OGRN
          102777394520, ITN 7714117913).

     1.2. "MARKET SHARE" - CTC share of the NATIONAL TV ADVERTISING MARKET
          calculated in percentage to an accuracy of one one-hundredth of a
          point.

     1.3. "NATIONAL TV ADVERTISING MARKET" - the value of the Russian
          advertising market in the National TV sector (NATIONAL TV CHANNELS)
          for the respective calendar year, expressed in US dollars, according
          to the expert evaluation published by the Russian Association of
          Advertising Agencies (RAAA, Executive direction address is Bld.1, 73
          Novoslobodskaya street, Moscow 127055; phone: 285 59 54, fax: 285
          2783) in US dollars.

     1.4. "POWER RATIO" - the ration of CTC's share of the NATIONAL ADVERTISING
          MARKET to the AUDIENCE SHARE of CTC.

     The Parties have agreed that the projected power ratio is equal to 1.2 (one
     point two tenth).

     1.5. "NATIONAL TV CHANNEL" - a broadcaster or a group of broadcasters
          sharing programming (TV network), the programs of which are received
          by over 20% of the Russian population. The following broadcasters and
          TV networks are defined as National TV Channels: "First Channel,"
          "Russian TV", NTV, CTC, TV-C, REN-TV, TNT and other or newly organized
          broadcasting organizations and TV networks the audience of which
          during the term of the Agreement will exceed 20% of the population of
          the RF.

     1.6. "PROJECTED SALES AMOUNT" - is the result of multiplying the Power
          ratio to the actual share of CTC audience and to the evaluation of
          National TV Advertising Market for the respective period, i.e.:

     (SIGMA)PROJECTED=1.2 X AUDIENCE SHARE X NATIONAL TV ADVERTISING MARKET

     1.8  "ACTUAL SALES AMOUNT" - actual CTC Gross Broadcast Revenues from
          advertising services approved by the Parties in monthly statements and
          including:

     o    Advertising revenue generated by transactions on advertising services
          rendering entered into by the Agency;

     o    Advertising revenue generated by transactions on advertising services
          rendering entered into by CTC directly with Clients; o The amount of
          fines and penalties and other CTC non-sale income due to CTC received
          by the Agency under the transactions in respect to advertising
          services entered into by the Agency with the aim to perform the
          Agreement.

2.   The Parties have agreed that CTC shall acquire additional benefit if the
     Actual Sales Amount is more than the Projected Sales Amount. The mentioned
     additional benefit shall belong solely to CTC, herewith CTC shall pay to
     the Agency the remuneration in the amount of 10 (ten) percent of the sum of
     the additional benefit in addition to the payments stipulated by paragraph
     4 of the Agreement.

3.   For the period of January 01, 2005 to December 2005, not later than March
     01, 2006 the Parties shall conduct the calculation of the additional
     benefit pursuant to section 1-2 hereof.

     The Agency shall be entitled to the additional one-time remuneration from
     the date of signing the statement, in which the Parties shall approve the
     results of the calculations conducted pursuant section 1 and 2 hereof.

     CTC shall execute the payment of the additional remuneration not later than
     March 31 of the year following the reported year on the basis of the Agency
     Invoice.

4.   Calculation of the amounts of the additional benefit and additional
     remuneration shall be conducted in the relative units - US dollars, and the
     payment shall be exercised in RF rubles at the rate of the Central Bank for
     the date of transferring the monetary funds.

5.   This Appendix is made and executed in two equally binding counterparts with
     one for each Party. The present Appendix shall be in effect from January
     01, 2005 to December 31, 2005.

                             SIGNATURES OF PARTIES:

                          AGENCY:                                                      CTC:
                          ZAO TVS                                      ZAO "NETWORK OF TELEVISION STATIONS"

                        [SIGNATURE]                                                [SIGNATURE]
               By: ________________________                              By: ___________________________
                      (V.L. Vshivkin)                                           (A.A. Rodnyansky)
                         [SEAL]                                                      [SEAL]

                                   APPENDIX 3
                TO AGREEMENT NO. TC-3/0100 DATED JANUARY 31, 2003
                   IN THE NEW EDITION DATED DECEMBER 21, 2004

MOSCOW
                                                               DECEMBER 21, 2004

Closed Joint Stock Company "Network of Television Stations"(basic state
registration number [OGRN] 1027700151852) (hereinafter referred to as "CTC") in
the person of General Director A.E. Rodnyansky, acting on the basis of the
Charter, and Closed Joint Stock Company "TSV" (OGRN 1027739243399) (hereinafter
referred to as the "Agency") in the person of General Director V.L. Vshivkin,
acting on the basis of the Charter, together hereinafter referred to as the
"Parties", have concluded the present Appendix 3 to the Agreement dated January
31, 2000 #TC-3/0100 in the new edition dated December 21, 2004 (hereinafter
Agreement) as follows:

     The Parties shall agree on the principal factors to be considered in
determining the price in connection with the placement of Advertising within the
Network Program Blocks under the contracts entered into by the Agency with
Clients.

     1. When exercising transactions on realizing the Advertising services, the
latter shall be governed by a combination of technical, sociological and
economic measures that define the conditions required in connection with the
provision of advertising services under a particular transaction. The input data
used for determining the price of services to be provided under a particular
Advertising Order shall be determined by the Agency in consultations with the
Client at the time of developing the media strategy and shall comprise the data
on timing and geographical region of a particular advertising campaign, Client's
total advertising budget, target audience of advertising or promotion materials,
information on the Client competitors' market and other details required for
structuring a particular advertising campaign.

     2. The Parties have agreed that composing of the contractual cost of
services rendered upon a definite transaction bears multi-factor,
multi-functional character and taking into account the lack of unit measures for
determining the quantitative volumes of services.

     3. When entering into a contract with a Client and determining the price of
services, the Agency shall take into consideration the following factors:

     3.1 Macroeconomic factors.

     o    Consumer purchasing power;

     o    Per capita income growth rate;

     o    Change in the cost of the consumer basket and consumer prices for a
          particular target group.

     a)   expert reports on the degree of market development in certain economic
          and manufacturing sectors (monopoly, polypoly sectors, etc.) and on
          the necessity to conduct any marketing or advertising sales support;

     b)   expert evaluations of advertisers' budgets for marketing services and
          advertising placement in different mass media, including TV, in the
          previous, current and future periods;

     c)   number of market (a sector thereof) participants and their
          media-activity.

     3.2. Offer on the advertising market through broadcasting of
TV-broadcasting companies.

     3.2.1. CTC program policy.

     3.2.2. Broadcast environment of CTC Network Program Blocks (taking into
account of programs broadcasted in other TV-channels at the same time).

     3.2.3. Changes in CTC technical capabilities:

     o    Increased reach through better quality of signal distribution.

     o    Increased reach through transmitters' increased output capacity.

     o    Potential addition of regional stations to the Channel network.

     o    Licenses obtained for new frequencies.

     3.2.4. Optimal advertising volumes considering the TV-watching traditions.

     3.2.5. Actual and projected ratings of time intervals, programs and ad
blocks of CTC Network Program Blocks as per the advertising placement. Rating -
correlation of the average amount of a certain target group people having
watched the Broadcast to the general amount of people in the given target group
with the technical opportunity to receive the said program (broadcast), given in
percent and set in accordance to the daily TV-watching measuring conducted by an
independent monitoring company.

     Target audience - potential viewers with similar sociographic and
psychographic attributes:

     o    Sex

     o    Region or inhabitation territory

     o    Income

     o    Education

     o    Occupation

     o    Household members amount

     o    Consumer habits and traditions.

     Projected ratings shall be determined on the basis of available data for
the previous periods extrapolated for the advertising placement period
considering the projected broadcast line-up of CTC Network Program Blocks with
the account of seasonal fluctuations and other factors.

     The data for the calculations are provided by the independent monitoring
company.

     The frequency of the data providing shall be stipulated by the independent
sociologic monitoring company.

     3.3. Specific terms of a certain contract.

     3.3.1. The number of rating points or the cumulative rating (Gross Rating
Points or GRP) - the sum of ratings planned to be collected when placing a
conditional commercial with a time-keeping of thirty seconds.

     3.3.2. The projected advertising campaign volume in time units.

     3.4. The campaign target group.

     The primary target groups are the typical target groups most commonly
targeted by Clients on which the projected effectiveness is assessed:

     o    6-54 All
     o    11-25 All
     o    11-34 All
     o    11-34 All Moscow
     o    14-24 All
     o    18-35 Females
     o    18-35 All
     o    18-54 Females
     o    18-54 Males
     o    18+ All

     o    18+ All Moscow
     o    18-44 Females
     o    18-44 All
     o    20-39 All
     o    25+ Females
     o    6+ All

     The numbers define age ranges.

     3.5. The projected scope of the advertising campaign.

     Reach - the number of people in the target group who saw a particular
broadcast at least for one minute (in thousands of people).

     3.6. The projected average impression frequency (Frequency)

     Frequency - the average amount of each viewer's contacts in the chosen
target group with the analyzed broadcasts shall be determined as a correlation
of the Gross Rating Points (GRP) calculated while placing the conditional
commercial with the time-keeping of sixty seconds to the Reach.

     3.7. Positioning - placement of certain advertising and promotional
materials in the opening, closing or other particular position within an
advertising block.

     3.8. Fixed placement - placement of advertising and promotional materials
in particular programs or advertising blocks or on dates designated by the
Client.

     3.9. Floating placement - placement of advertising and promotional
materials by selecting programs and dates independent of the Client based on the
given enlarged positions of the Advertising Order.

     3.10. Seasonality of advertising campaign - seasonal variations in the
demand for placement of advertising and promotional materials within the Network
Program Blocks from Clients.

     3.11. Competition requirements of an advertising campaign:

     o    Rendering of services on placement of advertising and promotional
          materials of the Client with the requirement of the latter to place
          certain advertising and promotional materials so that they are
          detached from the advertising of competing products or producers.

     o    The requirement of the Client to place certain advertising and
          promotional materials in particular programs or advertising blocks so
          that they are attached to the advertising of competing products or
          services.

     3.12. Advertising the products and/or services of several advertisers or
several advertised items in the same advertising and promotional material.

     3.13. The placement of advertising and promotional materials in commercial
breaks within and in between programs.

     3.14. Placement of advertising and promotional materials within particular
time intervals (including prime time).

     Prime time - continuous intervals of time attracting the largest audiences.

     3.15. Payment procedure for the advertising campaign.

     3.16. Amount of business days prior to the initial broadcast of the
advertising within the CTC Network Program Blocks.

     4. CTC directs the Agency to determine the price under each Advertising
Order for placement of Advertising within the CTC Network Program Blocks taking
into account the abovementioned factors that influence considerably upon the
Form of the rendered services and correspondingly on the determination of the
contractual price of a certain contract (transaction). The Agency should be
governed by the current CTC Pricing Policy including the recommended average
cost of services for placement on air of one 30-second relative commercial with
the projected effectiveness in 1 point of the rating fixed in Agreements to the
present Appendix signed on a quarter basis.

     5. This Appendix shall come into effect from the date of its execution and
shall be an integral part of this Agreement.

     6. This Appendix is made and signed in two equally binding counterparts
with one for each Party.

                             SIGNATURES OF PARTIES:

                          AGENCY:                                                      CTC:
                          ZAO TVS                                      ZAO "NETWORK OF TELEVISION STATIONS"

                        [SIGNATURE]                                                [SIGNATURE]
               By: ________________________                              By: ___________________________
                      (V.L. Vshivkin)                                              (A.A. Rodnyansky)
                         [SEAL]                                                         [SEAL]Exhibit 10.20
                             AGREEMENT # EM-22/0205

                                  NK-008/030/05

MOSCOW                                                         FEBRUARY 24, 2005

CJSC "NEW CHANNEL" (BASIC STATE REGISTRATION NUMBER [OGRN] 1047796750880)
(hereinafter referred to as "NEW CHANNEL") in the person of the 1st deputy
General Director V.S. Khanumyan, acting on the basis of the Power of attorney #
1 dated January 11, 2005, on the one hand, and CJSC "AD MEDIA" (OGRN
1027739121134) (hereinafter referred to as the "AGENCY") in the person of
General Director V.L. Vshivkin, acting on the basis of the Charter, on the other
hand, hereinafter jointly referred to as the "Parties", have concluded the
present Agreement on the following:

                                 1. DEFINITIONS

For the purpose of interpreting the terms and conditions of this Agreement, the
definitions and expressions below have the following meanings:

"NETWORK PROGRAM BLOCK" means a combined audiovisual work (the result of
intellectual activity) created by CJSC "New channel" for transmission by
"Domashny" Electronic mass media tele-network members - broadcasters through
on-air broadcasting (Article 40 of the RF Law "On Copyright and Neighboring
Rights") and cable broadcasting (Article 41 of the RF Law "On Copyright and
Neighboring Rights") and having the same content for all "Domashny" Electronic
mass media tele-network members throughout the territory of the Russian
Federation.

"REGIONAL WINDOW" means a time interval scheduled within the Network Program
Block that allows for the substitution of audiovisual works in the Network
Program Block for any other programming at the discretion of the "Domashny"
Electronic mass media network member.

"NEW CHANNEL ADVERTISING SERVICE" means the placing of advertising, including
sponsorship advertising, within the Network Program Blocks pursuant to the
contracts entered into by the Agency in its own name, but on the account of New
channel, as well as by contracts entered into by New channel directly with
clients for advertising, including Sponsorship advertising, within Network
Program Blocks.

"SPONSORSHIP" means a contribution by either a legal entity or an individual
(Sponsor) in the form of property, results of intellectual activity, services,
work, etc., to the production of a TV program or the broadcasting of an
entertainment event (concert, festival, etc.) with the aim to promote its own or
another person's brand or trade mark or its own activities, products or any
other direct or indirect commercial interests, etc. under the condition of
advertising the Sponsor (Sponsorship Advertising).

"COMMERCIAL" means an audiovisual work containing advertising.

"SOCIAL ADVERTISING" means advertising representing public and state interests
and serving charity purposes.

Social Advertising shall promote neither business entities nor individual
entrepreneurs, nor their specific brands (models, articles) or the brands
(models, articles) of products resulting from the business activity of
non-profit organizations.

"CLIENTS" means advertisers or any other third parties representing the
advertisers pursuant to respective contracts.

"REPORTING PERIOD" means one calendar month.

"NEW CHANNEL ACTUAL GROSS BROADCAST REVENUE FOR THE REPORTED PERIOD" means:

      -     Sales revenues on advertising transactions entered into by the
      Agency;

      -     Sales revenues on advertising transactions entered into by New
      channel directly with the Clients

      -     Penalties, fines, compensation and other non-sale income due to New
      channel and actually collected by the Agency under contracts with Clients
      concluded by the Agency with the aims of executing the present Agreement.

                           2. SUBJECT OF THE AGREEMENT

2.1.    The present Agreement shall be deemed a mixed-type agreement as defined
by Article 421 of the Civil Code of the Russian Federation. In the present
Agreement, the Parties set forth arrangements regarding commission services
(section 2.1.1 of the present Agreement), as well as contract and reimbursable
services (section 2.1.2 of the present Agreement). The names used for reference
to the Parties shall in no way be used to interpret the nature of their
relationship and are identified exclusively for convenience.

        2.1.1.  In accordance with this Agreement, New channel shall engage the
        Agency, and the Agency shall be obliged for a commission fee to conclude
        in the Agency's name, but for the account of New channel, contracts with
        Clients for advertising services under the procedure stipulated herein.

        2.1.2.  In accordance with this Agreement, the Agency shall render to
        New channel on a compensated basis certain services according to the
        list as defined in Appendix 1 to the present Agreement.

2.2.    New channel shall pay commission fees to the Agency for the execution of
advertising service contracts (section 2.1.1. of the present Agreement), as well
as compensate it for services rendered (section 2.1.2 of the present Agreement)
in such amounts and in such manner as provided for herein.

2.3.    New channel shall place, throughout the entire territory covered by the
"Domashny" Electronic mass media network, advertising provided by the Agency
under contracts entered into with Clients pursuant to the present Agreement.

2.4.    The amount of advertising placed within Network Program Blocks in
accordance with the present Agreement shall be agreed upon by the Parties
additionally.

New channel will provide the Agency with the following amount of time during the
Network Program Blocks between 7:00 am of each day and 1:00 am on the following
day (excluding Regional Windows, which total 2 hours) for the placement of
Commercials:

            -     for the first through the third quarter of each calendar year
                  - up to 15% (fifteen percent) of the duration of the Network
                  Program Block excluding the Regional Window;

            -     During the fourth quarter of each calendar year - up to 15.84%
                  (fifteen point eighty-four percent) of the duration of the
                  Network Program Block excluding the Regional Window.

In addition, in the period between 19:00 and 24:00 of each day, New channel
shall provide the Agency with time in Network Program Blocks for the placement
of Commercials that shall be no less than the following:

            -     for the first through the third quarter of each calendar year
                  - 15% (fifteen percent) of the aforementioned time-slot in the
                  Network Program Block;

            -     During fourth quarter - 15.84% (fifteen point eighty-four
                  percent) of the aforementioned time-slot in the Network
                  Program Block.

The amount of time provided to the Agency for the placement of Commercials
within the Network Program Blocks between 1:00 am and 7:00 am shall be at the
discretion of New channel.

2.5.    The Agency's performance under sections 4.5-4.8, 6.2 and 9.2 thereof, as
well as of the terms and conditions set forth in Appendix 2 of the present
Agreement, shall be guaranteed by a surety provided by ZAO "Gruppa Kompaniy
"Video International" (Group of Companies "Video International") which shall
provide for the joint and several liability of the surety. A surety agreement
shall be made with the above surety.

2.6.    The transactions between the Parties, Clients and any other third
parties relating to social or political advertising shall be outside the scope
of the present Agreement.

                          3. OBLIGATIONS OF THE PARTIES

3.1.    New channel shall:

        3.1.1.  Provide the Agency with the information necessary for entering
        into transactions with third party clients.

        3.1.2.  Refrain from granting third parties the right to conclude on
        behalf of and at the expense of New channel transactions for which the
        Agency has retained hereunder without the Agency's consent excluding
        transactions concluded by the New channel's agent ZAO "Set
        televisionnikh stanziy" (Network of television stations). New channel's
        right to enter into transactions for rendering of advertising services
        on its own account shall be in no way limited hereby.

        3.1.3.  Position throughout the "Domashny" Electronic mass media network
        members broadcasting territory the advertising provided by the Agency
        under contracts entered into with Clients in accordance with the terms
        and conditions of the present Agreement.

        3.1.4.  Provide the Agency not later than 3 days from the date of the
        present Agreement a projected schedule of the Network Program Block
        programming (hereafter the "Schedule") for March and the second quarter
        of 2005 and thereafter submit to the Agency the projected Schedule as
        soon as the same has been developed.

        Submit to the Agency a tentative draft of the Schedule for the
        corresponding month at least two months prior to its entering into
        effect.

        The approved Schedule for each calendar week shall be submitted by New
        channel to the Agency at least 10 (ten) calendar days before the
        beginning of the corresponding calendar week.

        3.1.5.  Have the right to modify the Schedule with respect to the
        tentative line-up of the Network Program Blocks for the current month
        upon two days prior notice to the Agency; notify the Agency of
        modifications to the Schedule for a particular calendar week seven days
        be fore such modifications take effect.

        Such notice shall not be required only if the modifications are due to
        an event of national significance or due to the cancellation or change
        in the timing of sporting events scheduled to be broadcast live within
        the Network Program Blocks, etc., where it is impossible to notify the
        Agency in advance with regard to modifications for objective reasons;
        provided that the Agency must be notified of such modifications on the
        day when such modifications are made.

        3.1.6.  Insert commercials into ad blocks and ensure the same are placed
        in strict compliance with the procedures for logging and scheduling
        advertising within the Network Program Blocks and in accordance with the
        Agency-provided advertising schedules.

        3.1.7.  Issue a confirmation of ad placement within the Network Program
        Blocks to the Agency within five days after receiving its request.

        3.1.8.  Review the Agency's requests (concerning placement of
        corresponding Commercials, the granting by New channel of consent for
        specific actions by the Agency, etc.) and respond to the same in writing
        (by personal delivery or by fax) within three days of receiving the
        request from the Agency. The absence of a response from New channel
        within the designated time period shall be deemed an affirmative
        response.

        The procedure set forth in the first paragraph of section 3.1.8. shall
        be applicable solely to those requests that may be answered with a
        simple YES or NO.

        The Agency requests and New channel responses shall be executed in
        writing and signed by the authorized representatives.

3.2.    The Agency shall:

        3.2.1.  Enter into transactions with clients for the sale of New channel
        Advertising Services (sub-section 2.1.1. hereof), acting primarily for
        the benefit of New channel and in accordance with the terms and
        conditions of the present Agreement.

                A) When entering into contracts with Clients, the Agency shall
                enter into contracts on those terms that are the most favorable
                for New channel.

                B) The cost of advertising services when entering into contracts
                with certain clients shall be determined based on the contract
                price calculation method (Appendix 2).

                C) The Agency shall have all rights and bear all obligations
                under contracts with Clients made on a commission basis even
                where New channel is specifically named in any such contract and
                enters into a direct relationship with Clients.

                D) for the purposes of the present Agreement, the Agency shall
                have the right to enter into sub-commission contracts with other
                legal entities and/or individuals as long as it remains fully
                liable to New channel for performance by such sub-commission
                agent.

                E) If any unforeseen circumstances arise that prevent
                performance under any advertising services contract, the Agency
                shall immediately notify New channel of the same.

                F) The following provision shall be included into contracts with
                Clients:

                "The Client shall be fully liable for the content and design of
                any advertising delivered hereunder and for the breach of
                copyrights or allied rights with respect to the artistic work
                and objects of allied rights included in the advertising. All
                pecuniary claims for damages, including those asserted by
                authors and holders of allied rights, with respect to
                advertising shall be settled by the Client using its own
                resources and at its own expense."

                G) In the event any claims are brought by any third parties
                against New channel on the basis that the commercials placed by
                New channel under a contract between the Agency and Client
                violate applicable Russian law (including, but not limited to,
                legislation on advertising, competition, consumer rights
                protection, copyright and allied rights), the Agency shall use
                all necessary efforts to cause Clients to defend such claim and
                indemnify New channel against all losses incurred in connection
                with the settlement of such claims.

                H) The Agency shall not be liable to New channel for the failure
                of any client to execute a transaction entered into by the
                Agency pursuant to the provisions of section 2.1.1. hereof. If
                the client fails to execute a transaction entered into by the
                Agency, the latter shall immediately notify New channel of the
                same, collect the necessary evidence and, upon the request of
                New channel, transfer to it all rights in that transaction
                subject to compliance with all legal provisions applicable to
                the assignment of a claim.

                I) Review all commercials offered for placement for compliance
                with applicable Russian legislation, including legislation on
                advertising, competition and consumer rights protection.

        3.2.2.  Provide services set forth in section 2.1.2. of the present
        Agreement and/or duly retain third parties to provide the said services,
        while remaining responsible to New channel for their performance.

        3.2.3.  The Agency shall provide commercials recorded in the PAL system
        with a synchronized audio track and time code on Betacam SP or Digital
        Betacam tapes (hereinafter referred to as "Tapes") at least four
        business days before the scheduled day of the first broadcast of the
        said Commercial.

        3.2.4.  Provide to New channel information on the works of Russian and
        foreign authors used in the Commercials.

        3.2.5.  Have the right to submit to New channel requests regarding the
        possibility of placing Commercials and requesting New channel's consent
        to certain activities to be conducted by the Agency pursuant to the form
        for such requests as provided in sub-section 3.1.8. hereof.

        3.2.6.  Deliver to New channel reports on the performance by the Agency
        of its tasks in the manner as set forth herein.

        3.2.7.  Ensure that Commercials are in compliance with Russian law and
        New channel Technical requirements for similar video products.

           4. COMPENSATION TO THE AGENCY AND THE COST OF ITS SERVICES.
                              SETTELEMENT PROCEDURE

4.1.    Agency's compensation with respect to executing transactions
(section 2.1.1 of the present Agreement) shall be equal to 0.7% (seven tenths of
a percent) of the New channel Actual Gross Broadcast Revenues (excluding VAT and
transactions entered into directly by New channel) for the Reporting Period.

The Agency shall become entitled to its commission as soon as Advertising
Services have been actually rendered during the Reporting Period.

4.2.    The fees for services/works of the Agency as described in Appendix 1
hereto shall be:

        a) 11.3% (eleven point three percent) of the New channel Actual Gross
        Broadcast Revenues from Advertising Services (excluding VAT and
        transactions entered into directly by New channel) rendered during the
        Reporting Period;

        b) 12% (twelve percent) of the New channel Actual Gross Broadcast
        Revenues from Advertising Services (excluding VAT and New channel direct
        contracts) rendered during the Reporting Period.

4.3.    Commission and service fees calculated in such manner (sections 4.1 and
4.2 hereof) shall be subject to VAT in accordance with applicable Russian
legislation.

Commission and service fees for all services/works of the Agency shall be
determined in rubles in the Statement for the relevant Reported period (in case
of setting the cost of placement of advertising and/or calculation of non-sale
incomes (penalties, fines, compensation, etc.) in US dollars - calculation is
made at the rate of the Central Bank of the Russian Federation effective as per
the last date of the reported month.

Payment of a commission and cost of services of Agency is made in the order
established, accordingly, in items 4.5. - 4.14. of the present Contract.

4.4.    The cost of services on placement of advertising in contracts of Agency
with Clients shall be established:

under contracts with clients-residents - in an equivalent of US dollars or in RF
rubles. In case the sum of the contract is established in an equivalent of US
dollars, the latter is subject to payment by the Client in rubles at the rate of
the Central Bank of the Russian Federation effective as per the date of
presenting the payment order to the bank of the Client.

under contracts with clients-non-residents - in US dollars, or in the equivalent
of the US Dollars, or in rubles of the RF. In case the sum of the contract is
established in an equivalent of US dollars, and the payment is made in rubles of
the RF, the latter is subject to payment by the Client in rubles at the rate of
the Central Bank of the Russian Federation effective as per the date of
presenting the payment order to the bank of the Client. New channel services on
placement of advertising under transactions with clients both residents, and
non-residents shall be subject to VAT.

4.5.    Payment under contracts of Agency with clients in RF rubles shall be
made to the current accounts of the Agency.

The Agency shall, within three banking days, transfer to New channel the
monetary funds received under the contracts taking into account sections 4.7,
4.10-4.12 hereof. The aforesaid three-days period shall commence upon receipt of
the payment on the Agency's current account.

4.6.    The Agency shall be entitled (having directed the notice to New channel
address) on the basis of the financial assignment addressed to a corresponding
client to instruct the latter to make payment in the RF rubles under the
contract of the Agency with the client, directly to New channel current
accounts.

4.7.    The Agency shall be entitled to transfer to the clients the monetary
funds in RF rubles subject to return to the latter pursuant to the to contracts
concluded with them, including by means of funds received from other clients to
the benefit of New channel to the accounts of the Agency, but not yet
transferred to New channel accounts. In case of return of the whole sum of the
contract or payment, monetary funds shall be returned to the client in rubles in
the same amount that was received. At the partial return the sum in rubles shall
be determined in proportion to the reduction of the sum of the contract or
payment.

4.8.    Payment under contracts with clients-non-residents in US dollars shall
be made to the currency transit account of the Agency.

The Agency shall, within three banking days, transfer to New channel currency
transit account the monetary funds in the whole sum in the foreign currency. The
aforesaid three-days period shall commence upon entering of the monetary funds
to the currency transit account of the Agency.

4.9.    Payments under contracts with Clients entered into directly by New
channel shall be transferred to the respective New channel accounts. Amounts
shall be paid inclusive of VAT as provided by applicable Russian legislation.
New channel shall transfer to the Agency not later than the first banking day of
the week following the week when the transfer was effected to the respective
account of New channel:

        4.9.1.  at the receipt of payment under contracts with clients-residents
        and/or client - non-residents - the sum at the rate of 12 % (twelve
        percent) of the sum of the monetary funds received to New channel
        current account as the payment for services stipulated by section 2.1.2.
        hereof;

        4.9.2.  at the receipt of payment under contracts with
        clients-non-residents - the sum at the rate of 12 % (twelve percent) of
        the amount of the monetary funds received to New channel currency
        transit account as the payment for services stipulated by section 2.1.2.
        hereof in rubles at the rate of the Central Bank of the Russian
        Federation for the date of receipt of monetary funds to New channel
        transit currency account.

        When transferring monetary funds, New channel shall pass to the Agency a
        cpoy of the payment order.

        Should New channel fail to effect payments to the Agency pursuant to the
        present Agreement within the agreed time period, the Agency shall be
        entitled to withhold the sums due thereto from future receipts of
        monetary funds from the Clients to the Agency's account belonging to New
        channel.

4.10.   In the event that it becomes difficult to clearly identify the above
receipts as payments made pursuant to the performance by the Parties of
obligations hereunder, the terms stipulated by sections 4.5, 4.8 and 4.9 may be
extended.

4.11.   In cases if the monetary funds received earlier in a foreign currency
should be returned to the Client according to the contract with the latter,
than:

        - if the monetary funds are transferred by the Agency to New channel,
        the latter should in ten-day term transfer to the transit currency
        account of the Agency the sum subject to return to the Client
        -non-resident in the corresponding foreign currency, and the Agency in
        its turn carries out the return of the received monetary funds to the
        corresponding Client. The ten-day term shall commence on the moment of
        receipt by New channel of the letter from the Agency with the
        requirement on returning confirmed by the corresponding documents with
        the client-non-resident;

        - if the monetary funds are not transferred to New channel and are still
        on the transit currency account of the Agency, the latter should
        transfer to to the corresponding client the sum due to him in the
        corresponding foreign currency.

4.12.   From the sum of the money transferred in rubles to the current accounts
of the Agency for the benefit of New channel under contracts with clients, the
Agency shall be entitled to withhold the following sums:

        - 12 % (twelve percent) of the difference between the money received in
        RF rubles to the current accounts of the Agency for the benefit of New
        channel and the monetary funds that were returned by the Agency and/or
        New channel to the Clients' accounts pursuant to the contracts with the
        latters, and

        - 12 % (twelve percent) of the difference between the ruble equivalent
        of the foreign currency that was received to the transit currency
        account of the Agency for the benefit of

        New channel pursuant to the contracts with clients-non-residents, and
        the ruble equivalent of the foreign currency that New channel and/or the
        Agency returned in currency to the clients-non-residents according to
        the contracts with the letters. The ruble equivalent of a foreign
        currency shall be determined at the rate of the Central Bank of the
        Russian Federation effective as per the date of transfer of monetary
        funds to the transit currency account of the Agency from the
        client-non-resident.

        The above mentioned deductions shall be aimed at payment of the
commission and services/works fee of the Agency set forth in sections 4.1. and
4.2. hereof.

4.13.   Settelements between the Parties shall be carried out daily provided
presence of receipts from Clients. The Agency shall be entitled to exercise
daily deduction of funds in payment of the commission and services/works fee of
the Agency.

        When transferring monetary funds, the Agency shall direct to the
address of New channel a copy of the payment order. The day of the payment
carried out between the Parties hereunder shall be considered the day of
writing-off the monetary funds from the account of the payer that is confirmed
by a bank extract.

4.14.   In case if the sum withheld on the current account of the Agency, shall
exceed the sum of commission and services/works fee due to the Agency for the
reporting period, the exceeding sum shall be taken into account as advance
payment of commission or payment of services/works fees when exercising the
mutual settlement during the following periods.

                             5. REPORTING PROCEDURES

5.1.    Upon transferring funds, the Agency shall deliver to New channel a copy
of the payment order (section 4.13 hereof) and an accompanying letter with a
detailed breakdown of the payment.

5.2.    After the end of each month, not later than 10 (ten) days the Agency
shall deliver its report (sub-section 2.1.1. hereof) to New channel. If New
channel has any objections with regard to the submitted report, it shall deliver
such objections in writing to the Agency within ten (10) calendar days of
receiving the same. In the event, no objections are raised within the said
period, the report shall be deemed accepted and the assignment completed.

The Agency's report shall contain:

        - The amount of payments received on the Agency's account under the
        contract concluded with a client, including Value Added Tax in
        accordance with the effective Russian legislation;

        - The amount retained by the Agency on its account under section 4.12
        hereof as the Agency's compensation, including Value Added Tax in
        accordance with the effective Russian legislation;

5.3.    Not later than 15th day of the month after the end of the Reporting
Period, the Parties shall execute a bilateral reconciliation statement
detailing:

        1) New channel Actual Gross Broadcasting Revenue for the Reported
Period:

                o     Advertising revenue generated by transactions entered into
                by the Agency;

                o     Advertising revenue generated by transactions entered into
                by New channel directly with Clients;

                o     The amount of fines and penalties paid in respect to
                advertising services in transactions entered into by the Agency
                only.

        2) Receipts for the Reporting Period in respect to the contracts entered
        into by the Agency, including payment both for advertising services, and
        liquidated damages, fines and penalties;

        3) Receipts on the New channel account under all contracts made by New
        channel directly as payment both for advertising services, and of fines
        and penalties;

        4) Commissions accrued by the Agency during the Reporting Period;

        5) Service fees received by the Agency in respect to the services
        provided to and work completed by New channel during the Reporting
        Period (section 4.2 hereof);

        6) Amounts received by the Agency as commissions;

        7) Amounts received by the Agency as service fees.

        The statement may also contain any other information the Parties may
deem relevant.

5.4.    The Agency shall provide together with the statement its invoices for
payment of commissions and service fees.

5.5.    New channel will have ten business days to either approve the submitted
statement or respond with objections stating the reasons for the same. If New
channel raises reasonable objections, the Parties shall execute a statement
detailing remedial actions with respect to such objections.

        If New channel does not respond within the designated time period to the
statement delivered, the statement shall be deemed accepted.

   6. LIABILITY OF PARTIES AND CASES WHEN PARTIES ARE RELIEVED FROM LIABILITY

6.1.    In the event of non-performance or the improper performance by a Party
of its obligations hereunder, such Party shall be liable for damages to the
other Party resulting from such non-performance or improper performance.

6.2.    If either Party delays any payments hereunder, it shall be liable for a
penalty of 0.05 % (five-hundredths of a percent) on the outstanding amount for
each day of delay, provided the other Party has delivered a claim for payment by
registered mail. No penalty shall be due as long as the other Party fails to
demand the payment of such a penalty.

6.3.    In the event of a breach by New channel of its obligations with regard
to broadcasting ads (by failing to place ads within the Network Program Blocks,
changing time spots and/or sequencing of Commercials within the Network Program
Blocks, broadcasting Commercials with deviations in terms of quality or
technical parameters - no audio track, interference, or with timing, content or
version irregularities, etc.), New channel shall unconditionally indemnify the
Agency against any third party claims under existing contracts. In the event
that the Agency incurs expenses relating to the clients' claims due to New
channel failure to perform its obligations, New channel shall reimburse the
Agency for any such expenses.

6.4.    New channel shall not be liable for the failure to broadcast advertising
within the Network Program Blocks through the Agency's fault, and the Agency
shall be solely responsible for resolving any such claims of Clients.

6.5.    All payments in respect to the penalties or damages hereunder shall be
made in rubles at the exchange rate of the Central Bank of Russia on the date
the payment was made as long as the creditor has demanded in writing that such
payments be made; such written demands shall be delivered by registered mail
with an acknowledgement of receipt.

6.6.    The Parties shall be relieved from liability for non-performance or
improper performance of their obligations hereunder if the proper performance
was not possible due to force-majeure events, i.e., events of extraordinary
nature and unavoidable under the circumstances, such as acts of God, fires,
hostilities, legislative changes, adoption of mandatory regulations, unscheduled
public addresses by government officials (President of the Russian Federation,
Prime Minister of the Russian Federation, Chairman of the Federation Council and
Chairman of the State Duma) and other events beyond the control of the Parties.

6.7.    The Party that is unable to perform its obligations hereunder shall be
required to immediately give notice to the other Party on the occurrence and
termination of the above events, but in any event not later than within five
business days. In such case, the Parties shall consult with each other as soon
as possible and agree on the actions that should be taken by the Parties.

        The existence and duration of force majeure events shall be supported
by documents issued by the appropriate competent authority or agency.

6.8.    The failure to give such notice of the occurrence of such events or the
failure to give such notice in a timely manner shall prevent the said Party from
referring to any such events as grounds for relieving it from liability for
non-performance.

6.9.    In the event advertising was not broadcast due to the above events, New
channel, upon the Agency's consent, shall provide spots equivalent in terms of
time and programs for the unaired advertising, or, if such spots are not
available, shall return to the Agency any pre-payments received with respect to
the unaired advertising.

                              7. DISPUTE RESOLUTION

7.1     All disputes and controversies arising out of or relating to the present
Agreement shall be resolved through negotiations between the Parties.

7.2     If the Parties fail to come to a settlement, the dispute shall be
submitted for resolution to the Moscow Arbitration Court.

                                8. MISCELLANEOUS

8.1     All statements, amendments and supplements to the present Agreement
shall be valid only provided that the same shall be in writing and signed by the
authorized representatives of the Parties.

8.2     All the Supplements and Appendices to this Agreement shall constitute an
integral part hereof.

8.3     The unilateral refusal to perform the obligations or unilateral
modification of the terms of this Agreement shall not be permitted, except as
set forth herein.

8.4     The terms of this Agreement, in respect to which the Parties have
executed the Supplementary Confidentiality Agreement, shall be confidential.

        Each Party shall make every effort to prevent the access of any third
party to the confidential provisions of the present Agreement other than upon
the consent of the other Party.

        Upon the demand of any authorized governmental agency (law-enforcement
agencies, tax authorities, etc), one of the Parties may disclose to them the
provisions of the present Agreement without the prior consent of the other
Party.

        In case of a breach of the provisions of this Section by a Party, such
Party shall be liable for the damages incurred by the other Party.

8.5     The headings of the Articles of the present Agreement have been inserted
for convenience and shall in no way restrict or expand the meaning of any of the
provisions thereof.

8.6     The Parties shall immediately give to each other a written notice in
case of any change in their corporate Forms, addresses, bank or other essential
details.

8.7     The Parties shall deliver to each other all and any notices and requests
regarding the performance of provisions of the present Agreement to the
addresses, fax numbers and telephone numbers agreed upon herein by courier
service with a follow-up fax transmission. Notices and requests shall be deemed
sufficiently given:

        - In the case of courier delivery - upon the date of delivery;

        - In the case of fax transmission -upon the date of dispatch if it is
        sent during usual business hours.

                      9. TERM OF AGREEMENT AND TERMINATION

9.1.    The present Agreement shall enter into effect from the moment of its
signing taking into account the follwoing conditions:

        9.1.1.  Advertising of the Clients is placed on air of "Domashny"
        Electronic mass media tele-network from the data of broadcast beginning,

        9.1.2.  The Agency renders to New channel services provided in section
        2.1.2. of the present Agreement starting from the date of broadcast on
        air of "Domashny" Electronic mass media tele-network, and is in effect
        till December 31, 2009, including all New Year's Eve programs (through 6
        a.m. January 1, 2010).

9.2.    The present Agreement may be terminated before the expiry of its term:

        9.2.1.  within the period from the date of signing of the present
        Agreement till December 31, 2009 - by either Party subject to a 180-day
        prior notice of the proposed termination. Such notice shall be delivered
        by registered mail with acknowledgement of receipt.

        The Party initiating early termination shall make a termination payment
        to the other Party equal to 12 % of the New channel Actual Gross
        Broadcasting Revenue generated by advertising in the Network Program
        Blocks for six full calendar months preceding the termination date. The
        calculation of such termination payment shall be made in rubles.

        9.2.2.  Upon mutual agreement of the Parties in any time.

        9.3.    In the event that as of the termination date (section 9.2.
        hereof) certain advertising under a contract entered into by the Agency
        hereunder has not been broadcast and/or the provision of services has
        commenced but has not been completed, the obligation of the parties
        shall be deemed terminated from the date such advertising has been
        broadcast or service has been provided and all settlements, including
        with respect to penalty payments hereunder, have been completed.

The present Agreement is executed in two equally binding counterparts with one
for each Party.

                                       ADDRESSES AND BANK DETAILS OF PARTIES:

                          AGENCY:                                                      CTC:
                      CJSC "AD MEDIA"                                            ZAO "NEW CHANNEL"

Legal and mailing Addresses: 121359,                         Legal and mailing Addresses: 123298,
Moscow, 25 Akademika Pavlova Street                          Moscow, 12 3rd Khoroshevskaya Street
ITN 7731200664, KPP 773101001                                ITN 7734517148, KPP 773401001
OGRN 1027739243399 current account                           OGRN 1047796750880 current account
40702810800020105593 with "Sberbank of                       4070281031600000353 with OAO ALFA-Bank,
Russia" (C/o) correspondent account                          correspondent account No 30101810200000000593
30101810400000000225 BIC 044525225                           in OPERU of Moscow GTU Bank of Russia
                                                             BIC 044525593
Current account 40702810201600000385
With OAO "Alfa-Bank" Addtional office "leningradsky          DETAILS FOR HARD CURRENCY PAYMENTS:
prospect", correspondent account 30101810200000000593        Beneficiary: Closed Joint Stock Company "New Channel"
BIC 044525593                                                Beneficiary account: 40702840101603000083
                                                             Beneficiary bank: "ALFA-Bank", Moscow, Russia (107078,
DETAILS FOR HARD CURRENCY PAYMENTS:                          Kalanchevskaya street, 27).
Current (USD) 40702840001600000089
Transit 40702840601603000088
JP Morgan Chase Bank, New York
4, New York Plaza, New York, N.Y. 10004, USA
Acc. 400927098
ALFA-BANK
MOSCOW, RUSSIA
Kalanchevskaya street, 27
SWIFT CHAS US 33
Account 40702840601603000088
Corr account 30101810200000000593

                 [SIGNATURE]                                                  [SIGNATURE]

         By: ________________________                               By: ___________________________

               (V.L. Vshivkin)                                             (V.S. Khanumyan)

                    [SEAL]                                                      [SEAL]

                                   APPENDIX 1

            TO AGREEMENT NO. ___________ DATED _______________, 20---

MOSCOW                                                        ___________, 200__

CJSC "NEW CHANNEL" (BASIC STATE REGISTRATION NUMBER [OGRN] 1047796750880)
(hereinafter referred to as "NEW CHANNEL") in the person of the 1st deputy
General Director V.S. Khanumyan, acting on the basis of the Power of attorney #
1 dated January 11, 2005, on the one hand, and CJSC "AD MEDIA" (OGRN
1027739121134) (hereinafter referred to as the "AGENCY") in the person of
General Director V.L. Vshivkin, acting on the basis of the Charter, on the other
hand, hereinafter jointly referred to as the "Parties", have concluded the
present Appendix 1 to the Agreement dated _________, 200__ # ____________
(hereinafter Agreement) as follows:

1.      In accordance with the provisions of sub-section 2.1.2. of the
Agreement, the Agency shall perform the following information and other
services/work for New Channel in exchange for compensation:

1.1.    Provide to New Channel and maintain certain software (computerized
placement system) in the appropriate condition.

1.2.    Adapt commercials accepted for broadcasting pursuant to the contracts
entered into by the Agency.

1.3.    Perform pre-airing editing of advertising blocks:

a) Review ads within the same block for compatibility.

b) Determine the advisability of allotting spots not occupied by commercial
advertising to social advertising.

1.4.    Structure advertising blocks placed directly by the Agency.

1.5.    Deliver videotapes with recorded advertising to the address of New
Channel.

1.6.    Develop forecasts of program ratings, advertising blocks, broadcast
hours, etc. The ratings for the purposes of Appendix No 1 are understood as the
audience of a program (advertising blocks, broadcast hours, etc.) expressed as
percentage of the total potential audience. The ratings shall be calculated
using ZAO TNS GALLUP MEDIA software and the data collected by ZAO TNS GALLUP
MEDIA for a particular target audience.

1.7.    Calculate actual ratings.

1.8.    Perform media planning.

1.9.    Advise on the planning of the New Channel line-up:

a) Monitor deadlines for airing advertising orders.

b) Coordinate advertising volumes, including by product categories advertised.

1.10.   Provide services for the automatic scheduling of floating advertising
orders under all adverting transactions, including those entered into directly
by New Channel.

1.11.   Analyze the actual impact of advertising campaigns; compare forecast
ratings against actual ratings.

1.12.   Generate play lists for all advertising campaigns broadcast through
"Domashny" Electronic mass media tele-network, including comparing of placing
data with monitoring.

1.13.   Organize and conduct pretension and claim work on contracts with clients
having failed to perform the transaction (having failed to pay for New Channel
advertising services) including rendering methodic assistance in such work
should it be conducted by New Channel departments.

1.14.   Receive from clients, register, systematize and provide (on a monthly
basis) on electronic and paper sources in the Form adapted for new Channel
further use the information on the authors of music, text and video-line used in
the commercials broadcasted on air of Network Program Blocks.

2.      Works/services stipulated in section 1 hereof shall be paid by New
Channel pursuant to the terms of Chapter 4 of the Agreement.

3.      The present Appendix 1 is executed in two equally binding counterparts
with one copy for each Party.

                            4. SIGNATURES OF PARTIES:

                AGENCY:                              NEW CHANNEL:

            CJSC "AD MEDIA"                       CJSC "NEW CHANNEL"

              [SIGNATURE]                             [SIGNATURE]

      By: ________________________          By: ___________________________

            (V.L. Vshivkin)                        (V.S. Khanumyan)

                 [SEAL]                                 [SEAL]

                                   APPENDIX 2

            TO AGREEMENT NO. ___________ DATED _______________, 20---

MOSCOW                                                        ___________, 200__

CJSC "NEW CHANNEL" (BASIC STATE REGISTRATION NUMBER [OGRN] 1047796750880)
(hereinafter referred to as "NEW CHANNEL") in the person of the 1st deputy
General Director V.S. Khanumyan, acting on the basis of the Power of attorney #
1 dated January 11, 2005, on the one hand, and CLOSED JOINT STOCK COMPANY "AD
MEDIA" (OGRN 1027739121134) (hereinafter referred to as the "AGENCY") in the
person of General Director V.L. Vshivkin, acting on the basis of the Charter, on
the other hand, hereinafter jointly referred to as the "Parties", have concluded
the present Appendix on principles of determining the price on placing
Advertising in Network Program Blocks upon the Agency's conclusion of contracts
with any third persons (hereinafter referred to as "Clients") as follows:

1.      The Parties shall agree on the principal factors to be considered in
determining the price in connection with the placement of Advertising within the
Network Program Blocks under the contracts entered into by the Agency with
Clients.

2.      The basis for Advertising order for realizing the Advertising services
shall be the combination of technical, sociological and economic factors that
define the conditions required in connection with the provision of advertising
services under a particular transaction.

The input data used for determining the price of services to be provided under a
particular Advertising Order shall be determined by the Agency in consultations
with the Client at the time of developing the media strategy and shall comprise
the data on:

timing and geographical region of a particular advertising campaign,

Client's total advertising budget,

target audience of advertising or promotion materials,

information on the Client competitors' market;

any other details required for structuring a particular advertising campaign.

        The composing of the contractual cost of services rendered upon a
definite transaction bears multi-factor, multi-functional character, taking into
account the lack of unit measures for determining the quantitative volumes of
services.

3.      When entering into a contract with a Client and determining the price of
services, the Agency shall take into consideration the following factors:

3.1     Projected effectiveness of the advertising campaign.

The projected effectiveness of the advertising campaign represents a minimum
planned increase in rating points to be achieved by the Client's advertising and
promotion materials during the advertising campaign, as agreed between the
Agency and the Client.

Ratings are the target audience that viewed the given advertising or promotion
as a percentage of the total target audience.

The gross rating of advertising/promotion materials (placed under a particular
Advertising Order within the Network Program Blocks), determined on the same
basis (geographical area, demographics, income range, etc.) for a particular
selected audience is designated by the abbreviation GRP.

The data for GRP calculations shall be provided by the independent media
monitoring service ZAO "TNS GALLUP MEDIA."

Upon acceptance of the Advertising Order for products with apparent consumer
properties, the projected effectiveness may be determined for key target
audiences.

Target audience - potential viewers with similar sociographic and psychographic
attributes:

o     Age (obligatory factor for the target group)

o     Sex

o     Region or inhabitation territory

o     Income level

o     Education

o     Occupation

o     Children's amount, etc.

The primary target groups are the typical target groups most commonly targeted
by Clients on which the projected effectiveness is assessed:

            o     11-25 All

            o     11-34 All

            o     11-34 All Moscow

            o     14-24 All

            o     18-35 Females

            o     18-35 All

            o     18-54 Females

            o     18-54 Males

            o     18+ All

            o     18+ All Moscow

            o     18-44 Females

            o     18-44 All

            o     20-39 All

            o     25+ Females

            o     6+ All

The numbers define age ranges.

When determining the effectiveness of the Advertising Order, the average
perception frequency - Frequency, conditionally determined as the ratio of GRP
to Reach.

Reach - coverage - the number of people in the target group who saw a particular
broadcast at least for one minute (in thousands of people).

Projected (forecast) effectiveness is to be assessed on the basis of the data
available from the independent monitoring company ZAO "TNS GALLUP MEDIA" for the
entire territory of Russia for past periods. This data is to be extrapolated for
the period during which certain advertising and promotion materials are to be
broadcast according to the New Channel schedule and adjusted for seasonal
variations and other factors.

3.2.    New Channel current pricing policy - the average price for a thirty
second spot charged by New Channel for airing an advertising or promotional
material with a projected effectiveness of 1 (One) GRP, as established in the
quarterly Pricing Policy Agreements.

3.3.    The projected scope of the advertising campaign.

3.4.    New Channel programming (repertoire) policy.

3.5.    Number of business days to the first airing of ads in the Network
Program Blocks.

3.6.    New Channel airing environment - taking into account of programs
broadcast by other TV broadcasters and TV networks at the same time.

3.7.    Changes in New CHannel technical capabilities:

o     Increased reach through better quality of signal distribution.

o     Increased reach through transmitters' increased output capacity.

o     Potential addition of regional stations to the Channel network.

o     Licenses obtained for new frequencies.

3.8.    Positioning - placement of certain advertising and promotional materials
in the opening, closing or other particular position within an advertising
block.

3.9.    Fixed placement - placement of advertising and promotional materials in
particular programs or advertising blocks or on dates designated by the Client.

3.10.   Floating placement - placement of advertising and promotional materials
by selecting programs and dates independent of the Client based on the general
requirements related to the Advertising Order (projected effectiveness,
distribution of ads within the Channel schedule by time of the day, etc.).

3.11.   Seasonality of advertising campaign - seasonal variations in the demand
for placement of advertising and promotional materials within the Network
Program Blocks from Clients.

3.12.   Competition requirements of an advertising campaign:

o     The requirement of the Client to place certain advertising and promotional
materials so that they are detached from the advertising of competing products
or producers.

o     The requirement of the Client to place certain advertising and promotional
materials in particular programs or advertising blocks so that they are attached
to the advertising of competing products or services.

3.13.   Advertising the products and/or services of several advertisers or
several advertised items in the same advertising and promotional material.

3.14.   The placement of advertising and promotional materials in commercial
breaks within and in between programs.

3.15.   Placement of advertising and promotional materials within particular
time intervals (including prime time).

Prime time - continuous intervals of time attracting the largest audiences.

3.16.   Macroeconomic factors.

o     Consumer purchasing power;

o     Per capita income growth rate;

o     Change in the cost of the consumer basket and consumer prices for a
particular target group.

4.      New Channel directs the Agency to determine the price under each
Advertising Order for placement of advertising and promotional materials within
the Network Program Blocks pursuant to the Pricing Policy Agreement made between
the Parties and based on the abovementioned factors.

5.      The present appendix Appendix shall come into effect from the date of
its execution and shall be an integral part of the Agreement.

6.      The present Appendix is made and signed in two equally binding
counterparts with one copy for each Party.

                             SIGNATURES OF PARTIES:

                AGENCY:                                 NEW CHANNEL:

            CJSC "AD MEDIA"                          CJSC "NEW CHANNEL"

              [SIGNATURE]                                [SIGNATURE]

      By: ________________________             By: ___________________________

            (V.L. Vshivkin)                           (V.S. Khanumyan)

                 [SEAL]                                    [SEAL]

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