Document:

GUARANTEED MINIMUM WITHDRAWAL RIDER

CONTRACT NUMBER:                             [SPECIMEN]
EFFECTIVE  DATE:                             [JANUARY 1, 2003]

SUMMARY OF BENEFITS

This Rider Effective Date is the date this rider is issued for attachment to
Your Contract/Certificate (hereinafter collectively referred to as Contract.)
This rider is effective during the accumulation phase of the Contract. Loans
will not be allowed under Your Contract once this rider is effective. This rider
cannot be terminated by either You or Us after the Rider Effective Date, except
when We begin paying a benefit under an Annuity/Income Option or if this
Contract is assigned, at which time all benefits under this rider will
terminate. Except where this rider provides otherwise, it is subject to all the
conditions and limitations of the Contract.

This rider provides a guaranteed minimum withdrawal benefit that gives You the
right to make periodic partial surrenders/withdrawals (hereinafter referred to
as withdrawals) as described below, even if Your Contract Value reduces to zero.
You have the right to "Reset" Your benefits under this rider at certain
intervals as described under the section entitled "Reset of the RBB and AWB"
section. We may modify the charge for this rider if you elect to Reset as
described under the "Rider Charge" section.

RIDER EFFECTIVE DATE ANNIVERSARY

Definition: A Rider Effective Date Anniversary is defined as the yearly
recurrence of the Rider Effective Date.

REMAINING BENEFIT BASE (RBB)

Definition: The Remaining Benefit Base at any time is the total guaranteed
amount available for future partial withdrawals under this rider. However, at
any time You may withdraw an amount up to Your Contract Value, subject to the
provisions of this rider and your Contract.

At any time, Your RBB is subject to a maximum RBB of $1,000,000 without home
office approval. Your RBB is determined/updated as described below:

INITIAL RBB

If this rider is effective on the Contract Date, then the initial RBB equals the
initial Purchase Payment. If Rider Effective Date is later than the Contract
Date, then the initial RBB equals 100% of the Contract Value on the Rider
Effective Date, less any purchase payment credits received within the 12 months
prior to the Rider Effective Date.

WHEN A SUBSEQUENT PURCHASE PAYMENT IS MADE

Upon each subsequent Purchase Payment, the RBB is recalculated to equal the sum
of the RBB immediately prior to receipt of the subsequent Purchase Payment, plus
100% of the subsequent Purchase Payment not including purchase payment credits,
if any. The Company reserves the right not to include subsequent Purchase
Payments in the calculation of the RBB.

L-22369                                                        Rev. Date:12-2002
<PAGE>

WHEN A PARTIAL WITHDRAWAL IS MADE

Whenever a partial withdrawal is made, the RBB will be equal to the amount
determined in either (a) or (b) as follows:

     (a)  If the total amount of all partial withdrawals taken since the most
          recent Rider Effective Date Anniversary, including the current partial
          withdrawal, is equal to or less than the AWB immediately prior to the
          partial withdrawal, the RBB will be recalculated to equal the RBB
          immediately prior to the partial withdrawal, less the amount of the
          partial withdrawal.

     (b)  If the total amount of all partial withdrawals taken since the most
          recent Rider Effective Date Anniversary, including the current partial
          withdrawal, exceeds the AWB immediately prior to the withdrawal, the
          RBB will be recalculated by reducing it by a Partial Withdrawal
          Reduction as described below:

          The Partial Withdrawal Reduction is equal to 1) the RBB in effect
          immediately prior to the reduction for the partial withdrawal,
          multiplied by 2) the amount of the partial withdrawal divided by 3)
          the Contract Value immediately prior to the partial withdrawal, less
          any purchase payment credits received within the 12 months prior to
          that withdrawal.

          If the total partial withdrawals since the most recent Rider Effective
          Date Anniversary are in excess of any free withdrawal allowance under
          the Contract, but less than or equal to the AWB, then any applicable
          deferred sales charge/amount deducted on surrender will be waived on
          these partial withdrawals.

For purposes of this rider, the term "partial withdrawal" includes any
applicable contingent deferred sales charges/amounts deducted on surrender and
taxes.

ANNUAL WITHDRAWAL BENEFIT (AWB)

Definition: the Annual Withdrawal Benefit is the maximum amount available for
withdrawal in each 12 month period beginning on the Rider Effective Date,
without incurring a Partial Withdrawal Reduction to the AWB. If You choose to
receive only a portion of, or none of, your AWB in any given 12 month period
since the Rider Effective Date, Your AWB will not be increased, as the AWB is
not cumulative from year to year.

Your AWB is established at the following times:

INITIAL AWB:

Your initial AWB will be determined at the time of the first partial withdrawal
taken under the Contract. Your initial AWB will equal 10% of the RBB immediately
prior to the first partial withdrawal, if the first partial withdrawal is taken
on or after the third Rider Effective Date Anniversary. The initial AWB will
equal 5% of Your RBB immediately prior to the first partial withdrawal, if the
first partial withdrawal is taken prior to the third Rider Effective Date
Anniversary.

L-22369                                                        Rev. Date:12-2002
<PAGE>

WHEN A SUBSEQUENT PURCHASE PAYMENT IS MADE:

Upon each subsequent Purchase Payment after the first partial withdrawal, the
AWB is recalculated to equal the sum of the AWB immediately prior to receipt of
the subsequent Purchase Payment, plus a percentage of the subsequent Purchase
Payment. The percentage of the subsequent purchase payment will equal the
percentage of the RBB (5% or 10%) used in determining the initial AWB. We will
not include the subsequent Purchase Payment in the calculation of the AWB, if
that payment is not included in the calculation of the RBB.

WHEN A PARTIAL WITHDRAWAL IS MADE:

Whenever a partial withdrawal is made, the AWB will be equal to the amount
determined in either (c) or (d) as follows:

     (c)  If the total amount of all partial withdrawals taken since the most
          recent Rider Effective Date Anniversary, including the current partial
          withdrawal, is equal to or less than the AWB immediately prior to the
          partial withdrawal, the AWB will not be recalculated.

     (d)  If the total amount of partial withdrawals taken since the most recent
          Rider Effective Date Anniversary, including the current partial
          withdrawal, exceeds the AWB immediately prior to the withdrawal, the
          AWB will be recalculated by reducing it by a Partial Withdrawal
          Reduction as described below:

          The Partial Withdrawal Reduction is equal to 1) the AWB in effect
          immediately prior to the reduction for the partial withdrawal,
          multiplied by 2) the amount of the partial withdrawal divided by 3)
          the Contract Value immediately prior to the partial withdrawal, less
          any purchase payment credits received within the 12 months prior to
          that withdrawal.

RESET OF THE RBB AND AWB

At the times determined below, You may elect in a written form acceptable to Us
to Reset the RBB and the AWB as follows:

RBB RESET

Beginning on the 5th Rider Effective Date Anniversary, You have the option to
reset (hereinafter referred to as the Reset) the RBB to an amount equal to 100%
of the then current Contract Value, less any purchase payment credits received
within the 12 months prior to the Reset Date. Once a Reset has been elected,
another Reset may not be elected until on or after the 5th anniversary of the
latest Reset Date. During the time that You are eligible to elect a Reset, We
may allow You to Reset Your RBB only on a Rider Effective Date Anniversary.

AWB RESET

Upon Reset, the AWB will be recalculated as a percentage of the Reset RBB value.
The percentage will equal the percentage of the RBB (5% or 10%) used in
determining the initial AWB.

WHEN A PARTIAL WITHDRAWAL IS MADE AFTER A RESET

Whenever a partial withdrawal is made after a Reset, the recalculation of the
RBB and AWB as described above will be modified by substituting the "most recent
Reset Date Anniversary" in place of the "most recent Rider Effective Date
Anniversary." The Reset Date Anniversary is defined as the yearly recurrence of
the Reset Date.

L-22369                                                        Rev. Date:12-2002
<PAGE>

CONTRACT VALUE REDUCES TO ZERO

If Your Contract Value reduces to zero, and the RBB is greater than zero, the
AWB will continue to be paid to You until the RBB is reduced to zero. The total
annual payment(s) will equal the AWB, but will not exceed the RBB.

All other rights under Your Contract cease, and We will no longer accept
subsequent Purchase Payments. All optional endorsements are terminated without
value. Upon Your death, Your Beneficiary(s) will receive the remaining scheduled
payments. No other death benefit or Enhanced Stepped-Up Provision (if any) will
be paid.

RIDER CHARGE

The charge for this rider is a daily charge equivalent to an annual charge of
0.40% (assuming a 365-day year) of the daily value of the underlying funds,
subject to a guaranteed maximum charge of 1.00%. The charge for this Rider may
change if You elect to Reset the RBB. However, the rider charge will never
exceed the guaranteed maximum charge. If the RBB is not Reset by the Contract
Owner, the charge established on the Rider Effective Date will not change. The
charge for this rider will be discontinued once We begin paying a benefit under
an Annuity/Income Option or if this Contract is assigned.

CONTRACT CONTINUATION BY SURVIVING SPOUSE OR BENEFICIARY

If the surviving spouse or Beneficiary continues the Contract under the
provisions of Spousal or Beneficiary Continuation provisions, if any, and this
rider is effective at the time of continuation, then the same terms/conditions
that applied to the Owner under this rider would continue to apply to the
surviving spouse/Beneficiary who continued the Contract.

EFFECT ON THE DEATH BENEFIT

Except as described above under the "Contract Continuation by Surviving Spouse
or Beneficiary provision," the provisions of this Rider will terminate upon the
death of the Owner and the death benefit amount will be determined under the
death benefit provisions of the Contract. However, if Your Contract provides for
a death benefit amount that is the greatest of multiple benefits including the
Adjusted Purchase Payment, the Adjusted Purchase Payment provision is deleted
and replaced with "total Purchase Payments made to the Contract, less any prior
withdrawals."

                         THE TRAVELERS INSUANCE COMPANY

                             /s/ George C. Kokulis

                                    President

L-22369                                                        Rev. Date:12-2002Exhibit 10.1
            February 23, 2002 Multiple Rights Distribution Agreement.

This International  Multiple Rights Distribution License Agreement is made as of
February 23, 2002 between NEW CANNON  DISTRIBUTION LTD ("Licensor")  (located at
Channel Islands) mail address New Cannon  Distribution Ltd c/o New Cannon, Inc -
304 N. Edinburgh Ave., Los Angeles,  CA, 90048,  USA and PYRAMID located at 1/12
Ganetskogo sq. building # 1, Moscow 125171,  RUSSIA, with respect to the Picture
and Territory briefly described for reference purposes only as follows:

                  Picture:                  TRAIN TO HELL

                  Territory:                RUSSIA

                  Region:                   Not Applicable

Subject  to timely  payment of all monies due  Licensor  and  Distributor's  due
performance of all other Terms of this Agreement,  Licensor licenses exclusively
to  Distributor,  and  Distributor  accepts  from  Licensor,  the Picture in the
Territory for the Term identified  below on all the Terms and Conditions of this
Agreement.

                  This  Agreement  consists of the following  parts:  this Cover
Page,  Deal Terms,  being the Basic  License Deal Terms,  Financial  Deal Terms,
Delivery Deal Terms and  Additional  Terms.  All parts of this Agreement will be
interpreted  together to form one Agreement.  Where not defined where they first
appear,  words used in this Agreement are otherwise defined in the Standard Term
and Conditions, Schedule of Definitions or in accordance with industry custom.

                  Where either  party is an agent  acting for a principal,  that
party represents and warrants to the other that it has full authority to execute
this  Agreement on behalf of its principal and that its principal  will be bound
by its terms.

                  IN WITNESS  WHEREOF,  Licensor and  Distributor  have executed
this  Agreement as of the date first  written to  constitute a binding  contract
between them.

                              Licensor Distributor
NEW CANNON DISTRIBUTION LTD                          PYRAMID

             By:                          By:
                 ------------                 ---------
                 Its Chairman                 Its title

                                       1
<PAGE>

DEAL TERMS
BASIC LICENSE DEAL TERMS

Picture: TRAIN TO HELL

Territory:        RUSSIA

Region:  Not Applicable

Term:  Starting on execution  and ending FIVE (5) years from delivery of initial
materials.

Authorized Language(s):                     RUSSIAN and ENGLISH

Authorized Video Use(s):                    PAL, SECAM, CASSETTE, DISC, DVD

Authorized Television Run(s):       Unlimited

                                       II.
LICENSED RIGHTS TERMS

         A Right is licensed to  Distributor  only if expressly so designated by
mark in the  "Yes"  box.  Any  Right  not  marked or marked in the "No" box is a
Reserved Right of Licensor.

A. Cinematic Rights:
                                    Licensed
         Theatrical:           [ ] Yes      [x] No
         Non-theatrical:       [ ] Yes      [x] No
         Public Video:         [x] Yes      [ ] No

B. Video Rights:
                                    Licensed
Home Video:                    [x] Yes      [ ] No
Commercial Video:              [x] Yes      [ ] No

C. Ancillary:
                                    Licensed
Airline:                   [ ] Yes    [x] No
Ship:                                 [ ] Yes        [x] No
Hotel:                                [ ] Yes        [x] No

D. Pay-Per View:
                                    Licensed
Residential:                   [x] Yes      [ ] No
Commercial:                    [x] Yes      [ ] No
Demand View:                   [x] Yes      [ ] No

E.       Television Rights:
                             Pay Television Licensed
Terrestrial:                   [x] Yes    [ ] No
Cable:                                    [x] Yes        [ ] No
Satellite:                     [x] Yes    [ ] No

                                       2
<PAGE>

Free Television
Terrestrial:      [v] Yes        [ ] No
Cable:            [v] Yes        [ ] No
Satellite:        [v] Yes        [ ] No

Initial/:____                                         Initial/:____

                                       3
<PAGE>

                                      III.
FINANCIAL TERMS

Guarantee:                 U.S. FOUR   THOUSAND.     FLAT PRICE

Amount:                    US $4,000 payable as follows:
<TABLE>
<CAPTION>

    --------------------------- ----------------------------------------------- --------------------------------------
                 Installment                                                              Payment   Method
       %           AAmount              Payment Event                                W/T          L/C        Other
    -------- ------------------ ----------------------------------------------- -------------- ----------- -----------
<S>          <C>                <C>                                                  <C>          <C>         <C>
    10%      US$  400           on Execution of this Agreement                        v           N/A         N/A

    -------- ------------------ ----------------------------------------------- -------------- ----------- -----------
    90%      US$ 3,600          on Notice of Initial Delivery                         v           N/A         N/A
    -------- ------------------ ----------------------------------------------- -------------- ----------- -----------
</TABLE>

The  Guarantee  is a minimum  net sum and no taxes or charges of any kind may be
deducted from it.

                                       IV.
DELIVERY TERMS

A.       Initial Materials of Feature & Trailer:

         [x]    Dialogue List             [x]    PAL Video Master (625)
         [ ]    Press Books               [ ]    B&W Stills
         [ ]    One Sheets                [ ]    Color Slides
         [ ]    Trailer (Post)            [ ]    Color Keyart Transparency

B.       Method of Delivery:

         By  Physical  Delivery,  Lab  Access,  or  otherwise  as  Licensor  may
designate for each item.

C.       Materials Payment:

         Prior to delivery,  Distributor  will remit payment to Licensor for the
         materials  ordered in accordance with the Proforma  Invoice provided by
         Licensor and in accordance with Licensor's instructions.

D.       Materials Shipment:

         Per Distributor's instructions

         Initial/:____                                   Initial/:____

                                       4
<PAGE>

                                       V.
                                ADDITIONAL TERMS
                                ----------------

A.       Governing Law:

         State of California, U.S.A

B.       Forum:

         Los Angeles

C.                Additional Deal Terms:

1.                Any dispute under this Agreement will be resolved by final and
                  binding   arbitration   under  the   Rules  of   International
                  Arbitration  of the American  Film  Marketing  Association  in
                  effect when the arbitration is filed.

2.                If so requested by Licensor,  Distributor  agrees to execute a
                  Notice and Acknowledgment of Assignment in favor of Licensor's
                  lender.

Initial/:____                                                Initial/:____

                                       5
<PAGE>

                    NOTICE AND ACKNOWLEDGEMENT OF ASSIGNMENT
                    ----------------------------------------

         This Notice and  Acknowledgment  of  Assignment  (the  "Agreement")  is
entered into as of February 23, 2002,  by and between  PYRAMID  ("Distributor"),
NEW CANNON DISTRIBUTION LTD ("Licensor") and BARKLAYS BANK PLC (the "Bank").

         This Agreement is entered into with reference to the following facts:

A.This  Agreement is entered into with  reference to that certain motion picture
  currently entitled TRAIN TO HELL (the "Picture").

B.Licensor  and  Distributor  have entered  into that  certain  Multiple  Rights
  License Agreement,  dated as of February 23, 2002 relating to the distribution
  and exploitation of the Picture (the "Distribution Agreement") with respect to
  the territories of the United States of America.

C.As a condition  precedent to the Bank's  entering into the Loan  Agreement and
  making any loans thereunder, the Bank requires that Distributor enter into his
  Agreement.

         NOW, THEREFORE,  for good and valuable  consideration,  and in order to
induce the Bank to enter into the Loan  Agreement and to make loans on the terms
and conditions set forth therein,  and as a material  consideration  to the Bank
for doing so, the parties hereto agree as follows:

         NOTICE OF ASSIGNMENT.
         ---------------------

                  1.1 Assignment to the Bank. Licensor has irrevocably  assigned
to the Bank all  amounts  payable to Licensor in  connection  with the  Picture,
including,  without  limitation,  the  distribution  guarantee  due to  Licensor
pursuant  to the  Distribution  Agreement  (in  the sum of  U.S.  FOUR  THOUSAND
[$10,000])(the  "Advance")  and all other amounts  payable to Licensor under the
Distribution Agreement (collectively "the Bank's Assigned Receipts").

                  1.2 Notice to Distributor. Licensor hereby:

                  1.21 notifies Distributor of the above-referenced assignment;

                  1.22  instructs   Distributor  to  furnish  to  the  Bank  and
Guarantor  duplicates of all notices and statements from Distributor to Licensor
under the Distribution Agreement; and

                  1.23 notifies Distributor that the authority, instructions and
directions contained in this paragraph 1 are coupled with an interest and are in
all respects irrevocable and without right of rescission or modification without
the Bank's and Guarantor's written consent.

  ACCEPTANCE AND ACKNOWLEDGEMENT. Distributor and Licensor each hereby agree:
  ------------------------------

                  2.1 to pay the Bank's  Assigned  Receipts  as and when due and
payable (as set forth in Exhibit "A" hereto),  by wire transfer,  to the Bank at
its offices at NEW CANNON  DISTRIBUTION LTD at Barklays Bank PLC, 75 Wall Street
, New York,  USA,  Swift  Code:  BARC GB22,  ABA  Number  257  (account - Global
Treasury  Services,  London),  (sub account:  Barclays Bank plc, Jersey) for the
credit of:: NEW CANNON DISTRIBUTION LTD, US dollar call account number 69569155,
Reference  TRAIN TO HELL (or such  other  address as the Bank may  designate  in
writing);

                                       6
<PAGE>

                  2.2 until repayment of the  Indebtedness and any sums owing to
Licensor,  to send to the Bank  duplicates of all legal  notices and  accounting
statements  pertaining to the Picture furnished by Distributor to Licensor under
the Distribution  Agreement,  and to permit the Bank or its  representatives  to
audit,  examine and take  excerpts from all of  Distributor's  books and records
pertaining to the Picture, at reasonable times and on reasonable notice, subject
to any limitations set forth in the Distribution Agreement; and

                  2.3 to notify  the Bank  promptly  of any  conflicting  notice
received  by  Distributor  or of any  claims by any third  party that such third
party is entitled to receive all or any portion of the Advance.

             ADDITIONAL  AGREEMENTS.  Notwithstanding  anything to the  contrary
contained in the Distribution Agreement, Distributor hereby agrees as follows:

                  3.1  The  grant  of  rights  to  Distributor  pursuant  to the
Distribution   Agreement   is   expressly   conditioned   upon  and  subject  to
Distributor's  payment  of the  Advance  in full as and when due and  payable in
accordance  with the terms and  provisions  of this  Agreement.  If the Licensor
fails to deliver the Picture in  accordance  herewith  and makes  payment to the
Bank in an amount equal to the Advance and if Distributor  has been refunded all
monies  theretofore paid to Licensor,  the Distribution  Agreement shall be null
and void and Distributor's  rights with respect to the Picture,  pursuant to the
Distribution Agreement, or otherwise, shall terminate automatically;

                  3.2  Distributor  acknowledges  that its obligation to pay the
Bank's  Assigned  Receipts  as set forth  herein  and  pursuant  to the terms of
Exhibit "A" hereto is absolute and conditioned only upon  Distributor's  receipt
of written  notification of the  availability of the materials listed in Exhibit
"A" hereto;

                  3.3 Distributor hereby agrees to make payment (in lawful money
of the United States) of the Bank's Assigned  Receipts to the Bank, on the dates
specified for such payments in Exhibit "A" hereto;

                  3.4 Distributor  acknowledges  and agrees that it has no right
to terminate the Distribution  Agreement.  If Distributor  notifies the Bank and
Licensor  in  writing  that it is  terminating  the  Distribution  Agreement  (a
"Distributor  Termination  Notice"),  such  termination  shall be ineffective as
against  the Bank and  Licensor  unless,  concurrently  with  such  termination,
Distributor pays to the Bank and Licensor, as applicable, an amount equal to the
lesser of either (i) the outstanding  balance of all sums theretofore  advanced,
loaned,  expended or  incurred by the Bank and  Licensor,  as  applicable,  with
respect to the Picture (including,  without limitation, all interest accrued and
fees,  costs and  expenses  incurred)  pursuant  to the Loan  Agreement  and the
Completion  Guaranty as of the date of the Distributor  Termination  Notice,  or
(ii)  the  full  amount  of  the  Advance  payable  by  Distributor   under  the
Distribution  Agreement as if the Picture were delivered to  Distributors as and
when due,  less any amounts  received by the Bank and Licensor,  as  applicable,
from Distributor prior to the date of the Distributor Termination Notice;

                  3.5  Unless   Distributor  has  terminated  the   Distribution
Agreement pursuant to paragraph 3.4, above, if Distributor assigns any or all of
its rights under the Distribution  Agreement prior to payment of the Advance, as
between  Distributor  and the Bank,  Distributor  and its assignee  shall be and
remain  jointly and severally  liable to the Bank  pursuant to the  Distribution
Agreement and this Agreement; and

                                       7
<PAGE>

                  3.6  Distributor  acknowledges  that  the  Bank  has  taken an
assignment only of the right to receive payment of the Bank's Assigned  Receipts
and that the Bank has not assumed any of Licensor's  obligations  or liabilities
under the Distribution Agreement. Distributor further acknowledges that it shall
look  solely  to  Licensor  for  the  performance  and  discharge  of  any  such
obligations and liabilities.

                  PAYMENTS  TO THE  BANK;  DISTRIBUTOR'S  WAIVER  OF  RIGHTS  OF
OFFSET,  ETC.  Subject only to Exhibit "A" attached hereto,  Distributor  hereby
agrees to make  payment  (in lawful  money of the  United  States) of the Bank's
Assigned  Receipts to the Bank, in accordance with the instructions in paragraph
2.1,  above.  Distributor  shall pay to the Bank an amount  equal to the Advance
without the assertion, as against the Bank, of any right of offset, reservation,
counterclaim,  cross-collateralization  or  defense  that  Distributor  may have
against  Licensor  or any  other  party.  In  that  regard,  solely  as  between
Distributor,  the Bank and  Licensor,  Distributor  hereby waives each and every
such right,  whether  provided for in the  Distribution  Agreement or otherwise,
which could or would adversely affect such payment to or any rights of the Bank.

                  IRREVOCABLE  PAYMENT OF ADVANCE.  Notwithstanding  anything to
the contrary  contained  in the  Distribution  Agreement  or in this  Agreement,
Distributor hereby  acknowledges and agrees that, solely as between  Distributor
and the Bank,  payment of the Advance to the Bank shall be  irrevocable  and not
subject  to return or  recession  of any kind or  nature  whatsoever;  provided,
however,  that  Distributor  shall retain all of its rights and remedies against
Licensor under the Distribution Agreement, at law or otherwise.

                  NO  MODIFICATION  OF THE  DISTRIBUTION  AGREEMENT.  Except  as
expressly provided herein,  Distributor shall not modify, amend or terminate the
Distribution Agreement, or enter into or do any of the foregoing with respect to
any other  agreement in any way  relating to the  Picture,  that would affect or
lessen any of the rights granted to the Bank under the Loan Agreement, any other
Loan  Document or otherwise,  without the Bank's prior  written  consent in each
instance.  Distributor  shall  send  the  Bank a  courtesy  copy  of  all  other
modifications  or  amendments  to the  Distribution  Agreement or any such other
agreement,  although  Distributor's  inadvertent  failure  to do so shall not be
deemed a breach hereof.

                  ADDITIONAL REPRESENTATIONS AND WARRANTIES.  Distributor hereby
represents and warrants as follows:

                  7.1 it has all  necessary  power  and  has  taken  all  action
necessary  to make this  Agreement,  upon its  execution,  a valid,  binding and
enforceable obligation of Distributor; and

                  7.2 no  consent,  waiver or  approval  of any  third  party is
necessary  for  Distributor  to enter into and  perform  this  Agreement  or the
consummation of the transactions contemplated hereby.

                  CALIFORNIA  LAW;  AMENDMENTS.  This  Agreement in all respects
shall be governed and  construed  in  accordance  with the internal  laws of the
State of California,  applicable to contracts made and to be performed  therein,
but  excluding  any  laws  regarding  conflicts  of law.  No  amendment  to this
Agreement shall be effective unless in writing and signed by each party hereto.

                  ARBITRATION.  Each  of the  parties  hereto  agrees  that  any
dispute under the Distribution Agreement or this Agreement,  including,  without
limitation, any disputes relating to Distributor's obligation to pay the Advance
to the Bank when due, shall be resolved by mandatory  binding  arbitration under
the  Rules  of   International   Arbitration  of  the  American  Film  Marketing
Association  ("AFMA") in effect as of the date the request  for  arbitration  is
filed (the  "Rules")(or,  in the event  that,  at such time,  AFMA is not in the

                                       8
<PAGE>

business of conducting such arbitrations, the arbitration rules of any successor
international  film  marketing  association  based in Los Angeles that  provides
arbitration  procedures,  or,  if none,  the rules of the  American  Arbitration
Association).  Each of the parties may initiate such an arbitration  pursuant to
the Rules.  The arbitration will be held in Los Angeles or at an alternate forum
chosen pursuant to the Rules (the "Forum").  Distributor,  the Bank and Licensor
agree that they each will abide by any  decision  rendered in such  arbitration,
and that any court having jurisdiction may enforce such a decision.  Each of the
parties hereto submits to the exclusive  jurisdiction of the courts of the state
and county of the Forum as an appropriate place for compelling an arbitration or
accept service of process for all arbitral  proceedings  in accordance  with the
Rules and to accept service of process for any judicial or other  proceedings by
registered mail.

                  FURTHER  DOCUMENTS.  The parties  hereto agree to execute such
further  documents  as may be  reasonably  necessary to carry out the intent and
purposes of this Agreement.

                  COUNTERPARTS.  This Agreement may be executed in any number of
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall  constitute one and the same  instrument and shall bind and inure
to the benefit of each of the parties hereto and their respective successors and
assigns.

                  ASSIGNABILITY. Distributor acknowledges that the Bank may sell
or  assign  any or all  of  its  rights  or  obligations  pursuant  to the  Loan
Agreement, the Note and all related agreements, including this Agreement, to any
party  acquiring  any or all of the  Bank's  rights  with  respect  to the  Loan
Agreement.

                  NOTICES.  Except as otherwise  expressly  provided herein, any
notice,  request,  demand or other communication provided for hereunder or under
any of the other Loan  Documents  to be given  shall be in writing  and shall be
personally  served or send by United  States  mail,  and shall be deemed to have
been given when  deposited in the United  States mail,  registered or certified,
with postage  prepaid.  The  addresses of the parties  hereto (until notice of a
change thereof is served as provided in this paragraph) shall be as follows:

         To the Bank:                       BARKLAYS BANK PLC
                                            75 Wall Street, New York, USA
                                            (Global Treasury Services, London
                                             Barclays Bank plc, Jersey)

         With a copy to:                    NEW CANNON INC.
                                            304 N. Edinburgh Avenue
                                            Los Angeles, CA 90048
                                            Attention:    Menahem Golan

         To Distributor:                    PYRAMID
                                            1/12 Ganetskogo sq. building # 1,
                                            Moscow 125171,  RUSSIA
                                            Attention:    Sergey Sendyk

         To Licensor:                       NEW CANNON DISTRIBUTION LTD
                                            C/o New Cannon, Inc
                                            304 N. Edinburgh Avenue
                                            Los Angeles, CA 90048   USA

         IN WITNESS WHEREOF,  the parties hereto have executed this agreement as
of the day and year first written above.

                                       9
<PAGE>

                              Licensor Distributor
NEW CANNON DISTRIBUTION LTD                          PYRAMID

             By:________________________ By:________________________
                   Its Chairman                 Its title

                                       10

ACCEPTED TO AND ACKNOWLEDGED:

                              Licensor Distributor
NEW CANNON DISTRIBUTION LTD                          PYRAMID

             By:________________________ By:________________________
                             Its Chairman Its title

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