Document:

EXHIBIT 10.19.1

     SUPPLEMENTAL AGREEMENT TO AGREEMENT NO. TC-3/0100 DATED 31 JANUARY 2000
                      (NEW VERSION DATED 21 DECEMBER 2004)

Moscow                                                             26 April 2006

     ZAO CTC (OGRN 1027700151852) (hereinafter "CTC"), represented by its
General Director A.E. Rodnyansky, acting pursuant to CTC's charter, and ZAO
"TCV" (OGRN 1027739243399) (hereinafter "Agent"), represented by its Assistant
General Director S. A. Vasiliev, acting pursuant to Power of Attorney No. B/N
dated 01.02.2006 (together, the "Parties"), entered into this agreement (the
"Agreement") for the following:

     1. Add point "j" to section 3.2.1:

     "j) in the event that prices for the placement of advertising on CTC is set
in Rubles, the Agent must, not later than 30 June 2006, agree with Customers and
amend its existing agreements with Advertisers entered into on or before 26
April 2006 to include the following language, and enter into new agreements with
Customers that contain the following language (provided that such amendments do
not violate applicable law):

     "1. If in any calendar year during the term of this agreement the official
USD exchange rate changes more than +/- 15% (further referred to as "acceptable
exchange rate corridor or corridor") compared to the rate as of January 1st of
the relevant year (further in text - base rate), i.e. if at any date during the
term of the Agreement (further in text - "date of rate change") the USD exchange
rate will differ from base rate by more than 15%,

     and

     (ii) if during 30 (thirty) calendar days following the date of rate change,
the weighted average USD rate will stay outside the said corridor,

     then the Parties agree to treat such a fluctuation as a force-majeure
event.

     2. In the event of a forece majeure event of the type set forth in point 1
above, the Parties agree as follows:

     2.1 From the moment of the force majeure event, either party has the right
to initiate negotiations on amending the agreement.

     2.2 If the parties do not agree to amendments, either party may terminate
the agreement."

     2. Add point "k" to section 3.2.1

     "k) in connecting with the entering into force on 1 July 2006 of Federal
Law No. 38-FZ "On Advertising", which contemplates substantial reductions in the
permitted levels of advertising time, the Agent shall agree with Customers
amendments to existing agreements so as to ensure an increase in the cost of
services for the placement of advertising on CTC of not less than 15% compared
to the price levels that were anticipated prior to the entering into force of
the Law On Advertising, and the Agent will also enter into new agreements with
Customers containing such terms."

     3. Add point 6.10 to Section 6 of the Agreement:

     "6.10. In the event that the Agent enters into new agreements with
Customers that do not contain:

     6.10.1 the provisions set forth in point 1 of this Supplemental Agreement,
and/or does not amend existing agreements to include such provisions, and the
events set forth in point 1 occur, the Agent shall reimburse CTC for any profits
it does not receive as a result of the failure of Customers to fulfill point
"j";

     6.10.2 the provisions set forth in point 2 of this Supplemental Agreement,
and/or does not amend existing agreements to include such provisions, and the
events set forth in point 2 occur, the Agent shall reimburse CTC for any profits
it does not receive as a result of the failure of Customers to fulfill point
"k".

     The reimbursement amount, which shall be calculated in US Dollars, shall be
agreed by the parties not later than 30 days following the occurrence of an
event set forth in points 1 and 2 of this Supplemental Agreement. The Agent
shall make payment within 30 days after the parties have agreed the amount.

     4. This Supplemental Agreement takes effect from the day it is signed by
        both parties and is an integral part of the Agreement.

     Signatures:

     ZAO TSV                                      CTCEXHIBIT 10.20.1

    SUPPLEMENTAL AGREEMENT TO AGREEMENT NO. EM-22/0205 DATED 24 FEBRUARY 2005

Moscow                                                             26 April 2006

     ZAO New Channel (OGRN 1047796750880) (hereinafter "New Channel"),
represented by its Assistant General Director Yu.B. Shklyar, acting pursuant to
Power of Attorney No. 3 dated 11.01.2005, and ZAO "Ad Media" (OGRN
1027739121134) (hereinafter "Agent"), represented by its Assistant General
Director S. A. Vasiliev, acting pursuant to Power of Attorney No. B/N dated
11.07.2003 (together, the "Parties"), entered into this agreement (the
"Agreement") for the following:

     1. Add point "j" to section 3.2.1:

     "j) in the event that prices for the placement of advertising on Domashny
is set in Rubles, the Agent must, not later than 30 June 2006, agree with
Customers and amend its existing agreements with Advertisers entered into on or
before 26 April 2006 to include the following language, and enter into new
agreements with Customers that contain the following language (provided that
such amendments do not violate applicable law):

     "1. If in any calendar year during the term of this agreement the official
USD exchange rate changes more than +/- 15% (further referred to as "acceptable
exchange rate corridor or corridor") compared to the rate as of January 1st of
the relevant year (further in text - base rate), i.e. if at any date during the
term of the Agreement (further in text - "date of rate change") the USD exchange
rate will differ from base rate by more than 15%,

     and

     (ii) if during 30 (thirty) calendar days following the date of rate change,
the weighted average USD rate will stay outside the said corridor,

     then the Parties agree to treat such a fluctuation as a force-majeure
event.

     2. In the event of a forece majeure event of the type set forth in point 1
above, the Parties agree as follows:

     2.1 From the moment of the force majeure event, either party has the right
to initiate negotiations on amending the agreement.

     2.2 If the parties do not agree to amendments, either party may terminate
the agreement."

     2. Add point "k" to section 3.2.1

     "k) in connecting with the entering into force on 1 July 2006 of Federal
Law No. 38-FZ "On Advertising", which contemplates substantial reductions in the
permitted levels of advertising time, the Agent shall agree with Customers
amendments to existing agreements so as to ensure an increase in the cost of
services for the placement of advertising on Domashny of not less than 15%
compared to the price levels that were anticipated prior to the entering into
force of the Law On Advertising, and the Agent will also enter into new
agreements with Customers containing such terms."

     3. Add point 6.10 to Section 6 of the Agreement:

     "6.10. In the event that the Agent enters into new agreements with
Customers that do not contain:

     6.10.1 the provisions set forth in point 1 of this Supplemental Agreement,
and/or does not amend existing agreements to include such provisions, and the
events set forth in point 1 occur, the Agent shall reimburse Domashny for any
profits it does not receive as a result of the failure of Customers to fulfill
point "j";

     6.10.2 the provisions set forth in point 2 of this Supplemental Agreement,
and/or does not amend existing agreements to include such provisions, and the
events set forth in point 2 occur, the Agent shall reimburse Domashny for any
profits it does not receive as a result of the failure of Customers to fulfill
point "k".

     The reimbursement amount, which shall be calculated in US Dollars, shall be
agreed by the parties not later than 30 days following the occurrence of an
event set forth in points 1 and 2 of this Supplemental Agreement. The Agent
shall make payment within 30 days after the parties have agreed the amount.

     4. This Supplemental Agreement takes effect from the day it is signed by
        both parties and is an integral part of the Agreement.

     Signatures:

     ZAO Ad Media                                          ZAO New ChannelEXHIBIT 10.39

                                 CTC MEDIA, INC.

                             STOCKHOLDERS' AGREEMENT

         This Stockholders' Agreement (the "AGREEMENT"), dated as of May 12,
2006, is entered into by and among CTC Media, Inc., a Delaware corporation (the
"COMPANY"); MTG Broadcasting AB, a Swedish limited liability company ("MTG");
Alfa Capital Holdings (Cyprus) Limited, a Cypriot limited liability company
("ALFA CYPRUS"); Jaystone Limited, a Cypriot limited liability company
("JAYSTONE" and, together with Alfa Cyprus, "ALFA"); Cavendish Nominees Limited,
a Guernsey limited liability company ("CAVENDISH"); and Sector Investment
Holding Company Limited, a Guernsey limited liability company ("SECTOR" and,
together with Cavendish, "BARING"). Subject to the provisions hereof, this
Agreement supersedes and replaces in its entirety the Stockholders' Agreement of
the Company dated as of August 19, 2003 (as amended through the time of
effectiveness of this Agreement, the "PRIOR AGREEMENT"). MTG, Alfa and Baring
are referred to herein as the "STOCKHOLDERS".

                                  INTRODUCTION

         WHEREAS, the Company, the Stockholders and certain other stockholders
of the Company are parties to the Prior Agreement; and

         WHEREAS, the Prior Agreement may be terminated with the written consent
of the Company and Stockholders (as defined in the Prior Agreement) holding, in
the aggregate, at least 83% of the Shares (as defined in the Prior Agreement)
then outstanding; and

         WHEREAS, the Stockholders hold, in the aggregate, at least 83% of the
Shares (as defined in the Prior Agreement) outstanding on the date hereof; and

         WHEREAS, in connection with and conditional upon the closing of the
Company's initial underwritten public offering of its Common Stock pursuant to
an effective registration statement on Form S-1 and the listing of its Common
Stock on Nasdaq (the "IPO"), the Company and the Stockholders wish to terminate
the Prior Agreement and to provide for certain new arrangements among them with
respect to voting, elections to the Board of Directors of the Company (the
"BOARD"), approval of material transactions, restrictions on purchases of
capital stock of the Company, rights of first offer, non-competition
restrictions, and other matters, in the manner set forth below; and

         WHEREAS, capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in Section 8.1 (Definitions)
below;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and for other valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows:

                                   AGREEMENTS

         1. BOARD OF DIRECTORS

            1.1    Board Composition.

         (a) In any and all elections of members of the Board, each Stockholder
shall vote or cause to be voted all Shares owned by it, or over which it has
voting control, and otherwise use its respective best efforts, so as to fix the
number of members of the Board at nine (9) and, subject to the provisions of
paragraph (b) below, to elect:

             (i) three (3) members of the Board designated by MTG, one of whom
shall serve as a Co-Chairman of the Board for so long as MTG has the right under
paragraph (b) below to designate at least one (1) member of the Board;

             (ii) three (3) members of the Board designated by Alfa, one of whom
shall serve as a Co-Chairman of the Board for so long as Alfa has the right
under paragraph (b) below to designate at least one (1) member of the Board; and

             (iii) three (3) additional members of the Board (the "INDEPENDENT
DIRECTORS") designated by a simple majority of the entire Board as then
constituted, each of whom shall be `independent' for audit committee purposes
under the applicable rules and regulations of the Securities and Exchange
Commission and the Marketplace Rules, and at least one of whom shall be a
`Financial Expert' within the meaning of the applicable rules and regulations of
the Securities and Exchange Commission and the Marketplace Rules.

         (b) In addition to the rights of MTG and Alfa to designate members of
the Board pursuant to Section 1.1(a) hereof, any Stockholder shall have the
right to designate one or more members of the Board; provided that the right of
any Stockholder to designate one or more members of the Board (including such
rights of MTG and Alfa provided pursuant to Section 1.1(a) hereof) shall be
subject to adjustment if the percentage of Shares held by such Stockholder
reaches, exceeds or falls below the following thresholds:

             (i) for so long as it holds at least twenty percent (20%) of the
Shares then outstanding, such Stockholder shall have the right to designate
three (3) members of the Board;

             (ii) for so long as it holds less than twenty percent (20%) but at
least fifteen percent (15%) of the Shares then outstanding, such Stockholder
shall have the right to designate two (2) members of the Board;

             (iii) for so long as it holds less than fifteen percent (15%) but
more than ten percent (10%) of the Shares then outstanding, such Stockholder
shall have the right to designate one (1) member of the Board; and

             (iv) for so long as it holds ten percent (10%) or less of the
Shares then
outstanding, such Stockholder shall not have a right hereunder to designate any
member of the Board.

         (c) Notwithstanding the foregoing, in no event shall the aggregate
number of members of the Board to be designated by the Stockholders pursuant to
the provisions hereof exceed six (6). In the event that, pursuant to the
provisions of paragraph (b), the Stockholders would have or acquire rights to
designate, in the aggregate, more than six (6) members of the Board, then such
rights of designation shall only be exercisable in respect of a total of six (6)
members of the Board, with such rights apportioned among the Stockholders in
order of priority reflecting the date on which each such Stockholder initially
attained the ownership of Shares in an amount sufficient to afford such
Stockholder the right to designate one or more members of the Board under this
Agreement.

                                       2

         (d) In the event that the ownership of Shares held by a Stockholder
shall fall below a threshold set out in paragraph (b) above, such Stockholder
shall cause one or more members of the Board designated by such Stockholder to
resign such that, following such resignations, such Stockholder shall have the
appropriate level of representation on the Board given its then current
ownership of Shares. The vacancy or vacancies created by such resignations shall
be filled by a designee of the next Stockholder or Stockholders entitled to
designate one or more members of the Board in accordance with paragraph (b)
above, if any. If there is no other such Stockholder and the Stockholders
collectively shall have the right to designate fewer than four (4) members of
the Board in accordance with paragraph (b) above, the vacancy or vacancies (in
the event of a resignation) or other nominees for election (in the event of an
election at an annual meeting) shall be filled by one or more additional members
of the Board designated by a simple majority of the entire Board as then
constituted such that the Board would, following the election of such additional
members, comprise not more than seven (7) individuals; provided that such
designee(s) shall not be an officer, director or employee of any Stockholder or
any Affiliate of a Stockholder or beneficially own, directly or indirectly, five
percent (5%) or more of the outstanding capital stock of any such Person.

         (e) The Stockholders shall not vote to remove any member of the Board
unless the Stockholders are instructed by the Stockholder that designated such
Director to remove such Director.

         (f) Except as provided in paragraph (e) above, the designating
Stockholder shall have the exclusive right to appoint its designee(s) and to
remove its designee(s), as well as the exclusive right to fill vacancies created
by reason of the death, removal or resignation thereof between annual meetings
of stockholders (other than any resignation required by paragraph (d) above).

         (g) If members of the Board are to be elected at a meeting of
stockholders, the Company shall provide the Stockholders with at least fifteen
(15) Business Days' prior written notice of any intended mailing of a notice to
stockholders for a meeting at which members of the Board are to be elected. Each
Stockholder that has a right to designate a member or members of the Board
hereunder for election at such meeting of stockholders shall give written notice
to the Company and the other Stockholders, no later than ten (10) Business Days
after such Company notice, of the person(s) designated by it pursuant to
paragraphs (a) and (b) above as nominee(s) for election as member(s) of the
Board. The Company agrees that it will, to the extent permitted by applicable
laws and the Marketplace Rules as in effect from time to time, nominate and
recommend for election as members of the Board, and each of the Stockholders
agrees to cause its designees on the Board to cause the nomination of, only the
individuals designated, or to be designated, pursuant to paragraphs (a) and (b)
above and this paragraph (g). If any Stockholder that has a right to designate a
member or members of the Board shall fail to give notice to the Company as
provided above, the designees of such Stockholder(s) then serving as member(s)
of the Board shall be deemed to be the designee(s) for re-election.

         (h) For purposes of this Section 1.1, in determining the number of
Shares held by a Stockholder, only Shares outstanding shall be included and any
Share Equivalent that has not then been exercised, converted or exchanged shall
be excluded regardless of the application of the beneficial ownership rules of
Rule 13d-3 of the Securities Exchange Act of 1934, as amended.

                                       3

             1.2 Co-Chairmen. For so long as each of MTG and Alfa holds more
than ten percent (10%) of the Shares then outstanding and therefore has a right
to designate a Co-Chairman pursuant to Section 1.1 (Board Composition), such
Co-Chairmen shall serve by rotation as the Chairman of individual meetings of
the Board on a meeting-by-meeting basis. In the event that MTG or Alfa does not
hold more than ten percent (10%) of the Shares then outstanding, the other party
shall have the right to designate the sole Chairman; provided that such other
party continues to hold at least twenty percent (20%) of the Shares then
outstanding. If such other party does not hold at least twenty percent (20%) of
the Shares then outstanding but holds more than ten percent (10%) of the Shares
then outstanding, such other party shall have the right to designate a
Co-Chairman, and the Board, acting by a simple majority of the entire Board as
then constituted, shall designate a member of the Board to serve as second
Co-Chairman. If neither MTG nor Alfa holds more than ten percent (10%) of the
Shares then outstanding, the Board, acting by a simple majority of the entire
Board as then constituted, shall designate a member of the Board to serve as
sole Chairman. Notwithstanding the foregoing, in the event that MTG or Alfa
shall, in accordance with this Agreement, hold more than fifty percent (50%) of
the Shares then outstanding at any time, then one of the members of the Board
designated by such party shall serve as sole Chairman.

             1.3 No Revocation. The voting agreements contained herein are
coupled with an interest and may not be revoked, except by an amendment or
modification effected in accordance with Section 8.16 (Amendments and Waivers)
or a termination effected in accordance with Section 8.3 (Termination).

             1.4 Compliance with Rules. The Stockholders and the Company agree
that they will amend this Agreement from time to time, as necessary, in order
for the Company to remain in compliance with the Marketplace Rules and any other
applicable law, rule or regulation; provided that the foregoing provisions of
this Section 1.4 shall not require any Stockholder to agree to any such
amendment if such amendment would adversely affect the rights of any Stockholder
vis-a-vis the Company or the other Stockholders.

             1.5 Restrictive Legend. All certificates and instruments
representing Shares or Share Equivalents owned or hereafter acquired by the
Stockholders or any transferee or pledgee of the Stockholders bound by this
Agreement shall have affixed thereto a legend substantially in the following
form:

                  "The securities represented by this [certificate/instrument]
                  are subject to certain voting agreements, transfer
                  restrictions and right of first offer provisions as set forth
                  in a Stockholders' Agreement, as amended from time to time, by
                  and among the registered owner of this certificate, the
                  Company and certain other stockholders of the Company, a copy
                  of which is available for inspection at the offices of the
                  Company."

         2.  DISCLOSURES OF INTERESTS; APPROVAL OF MATERIAL TRANSACTIONS

             2.1 Disclosure. The Stockholders agree to cause their respective
Director designee(s) to disclose to the Board the material facts of any
relationship giving rise to a direct or indirect financial interest (as defined
below) in a matter to be considered by the Board (any such Director, for such
purpose, an "INTERESTED DIRECTOR") and, if requested by a simple majority of the
disinterested Directors, shall cause such Interested Director not to participate
in Board discussions on such matter or to vote on such matter, including,
without limitation, discussions relating to and/or votes on proposed Material
Transactions (as defined below). Any such matter shall be approved by a simple
majority of the disinterested

                                       4

Directors, even if such disinterested Directors are less than a quorum. A
"DIRECT OR INDIRECT FINANCIAL INTEREST" means, with respect to any Director, a
financial benefit to (a) such Director, (b) any Affiliate of such Director, (c)
such Director's employer or any of its Controlling Persons or Affiliates or (d)
the Stockholder that has designated such Director or any of its Controlling
Persons or Affiliates, in each case, that does not derive solely from such
Person's interest as a stockholder of the Company.

           2.2    Approval of Material Transactions.

                 (a) Subject to the provisions of applicable law and any
applicable securities exchange listing requirements, any two Directors other
than an Interested Director (the "INITIATING DIRECTORS") shall have the right to
subject any proposed resolution of the Board (a "PROPOSED RESOLUTION") that, if
adopted by the Board, would authorize, direct or instruct management of the
Company to negotiate, enter into or consummate a Material Transaction (as
defined below), to the reconciliation procedure set forth in this Section 2.2
(the "RECONCILIATION PROCEDURE").

                 (b) If the agenda for any meeting of the Board (each a
"RELEVANT BOARD MEETING") contains any item for review by the Board the subject
matter of which may lead the Board to adopt a Proposed Resolution, then the
Company shall identify such agenda item as a Material Transaction in the
materials accompanying the agenda. To initiate the Reconciliation Procedure, the
Initiating Directors must notify the Company and each of the other Directors
present at the Relevant Board Meeting no later than the commencement of the
Relevant Board Meeting (the "INITIATION NOTIFICATION").

                 (c) If at any meeting of the Board, an item is raised for
review by the Board that is not on the agenda and the subject matter of which
may lead the Board to adopt a Proposed Resolution, then the members of the Board
shall discuss such item only if at least two Directors designated by each of MTG
and Alfa (but only for so long as each, as the case may be, is entitled to
designate at least two members of the Board), and at least two Independent
Directors, are present (in person or by teleconference) at such meeting. In the
event any such item is raised and discussed, the Initiating Directors can
initiate the Reconciliation Procedure by notifying the Company and each of the
other Directors present at the meeting upon commencement of such discussion.

                 (d) Upon receipt by the Company and each of the  Directors or,
in the case of a Reconciliation  Procedure  initiated under the foregoing clause
(c), the Directors present at such meeting (other than the Initiating Directors)
of the  Initiation  Notification,  the Board shall  refrain  from  adopting  any
Proposed Resolution which is the subject of the Reconciliation Procedure until a
date that is at least  forty-five  (45)  calendar days after the delivery of the
Initiation  Notification (the  "RECONCILIATION  TERMINATION  DATE"),  unless the
Initiating  Directors  have  agreed in  writing  that the  Board may adopt  such
Proposed Resolution within a period of less than forty-five (45) calendar days.

                 (e) At any time after the delivery of the Initiation
Notification and at least twenty (20) calendar days prior to the expiration of
the Reconciliation Termination Date, the Initiating Directors may demand that
the Company convene a special meeting of the Board (a "SPECIAL MEETING") for
further consideration of the Material Transaction by delivering written
notification to the Company requesting that the Company convene such Special
Meeting (the "SPECIAL MEETING NOTIFICATION"). The Initiating Directors may, in
the Special Meeting Notification, request that the Company retain a Special
Consultant (as defined below) to review a Material Transaction of the type
described in clause (i) or (ii) of paragraph (k) below in accordance with
Section 2.2(i).

                                        5

..
                 (f) Upon receipt of a Special Meeting Notification, the Company
shall undertake to (i) convene a Special Meeting as soon as practically possible
and in any event prior to the Reconciliation Termination Date, and (ii) if
requested by the Initiating Directors, retain a Special Consultant to review the
Material Transaction and present its views on the Material Transaction at such
Special Meeting.

                 (g) At any time after the Reconciliation Termination Date, any
Director may move for the adoption of the Proposed Resolution that is the
subject matter of the Reconciliation Procedure. Such Proposed Resolution must be
approved and adopted by at least a simple majority of the Directors present at
such meeting or, if the simple majority of the disinterested Directors have
requested that the Interested Directors not participate in the vote on such
Proposed Resolution, by at least a simply majority of the disinterested
Directors.

                 (h) With respect to any single Material Transaction, only one
Reconciliation Procedure may be initiated.

                 (i) Upon demand from the Initiating Directors, a special
consultant (a "SPECIAL CONSULTANT") shall be selected and engaged by the Company
to review any Material Transaction. Any such Special Consultant shall be
independent from and in no way affiliated with any Stockholder. The Company
shall determine the scope of work to be performed by the Special Consultant and
the compensation to be paid for the services of the Special Consultant. The
Stockholders hereby agree that (A) if such Material Transaction was not
previously reviewed by an independent professional consultant approved by the
Board or the Initiating Directors demanding the engagement of the Special
Consultant are all Independent Directors, the Company shall be responsible for
any fees charged by the Special Consultant, and (B) in all other instances fifty
percent (50%) of the costs related to the review of the Material Transaction by
the Special Consultant shall be borne by the Company and fifty percent (50%)
shall be reimbursed by the Stockholder(s) that designated the Initiating
Directors initiating the Reconciliation Procedure and demanding the review of
the proposed Material Transaction by such Special Consultant, such reimbursement
to be split equally between or among such Stockholders if there is more than one
such Stockholder.

                 (j) Notwithstanding the foregoing, the procedures set forth in
this Section 2.2 shall be applicable only to extent that the Board shall have
concluded in good faith, after receiving advice from its outside counsel, that
such action is consistent with the discharge of its fiduciary duties to the
stockholders of the Company.

                 (k) For the purposes of this Section 2.2, "MATERIAL
TRANSACTION" shall mean any of the following:

                    (i) a transaction or series of related transactions
involving a value reasonably likely to exceed 10% of the Company's consolidated
total assets (as indicated in the most recent audited or unaudited financial
statements filed with the Securities and Exchange Commission);

                    (ii) other than in connection with a compensatory
equity/option plan approved by the Board, the issuance in one or a series of
related issuances of a number of Shares and/or Share Equivalents with voting
power, or which upon full conversion, exercise or exchange would have voting
power, exceeding 10% of the aggregate voting power of the Shares outstanding
immediately prior to such proposed issuance; or

                    (iii) the appointment of a new Chief Executive Officer of
the Company.

                                       6

        3.   PURCHASE RESTRICTIONS

             3.1 Standstill. Without the prior written consent of each of the
other Stockholders, each of MTG and Alfa agrees, and agrees to cause its
respective Affiliates, not to directly or indirectly acquire beneficial
ownership of any additional Shares or Share Equivalents, in open market
purchases or otherwise (including, without limitation, through the acquisition
of ownership or control of another Stockholder or a Controlling Person of
another Stockholder), to the extent that the acquisition of such additional
Shares or Share Equivalents would result in such party (together with its
Related Parties) beneficially owning Shares representing, with respect to MTG,
more than forty percent (40%) or, with respect to Alfa, thirty percent (30%) of
the then outstanding Shares; provided, however, that no such consent shall be
required for any acquisition of additional Shares or Share Equivalents by MTG or
Alfa pursuant to the Right of First Offer set forth in Section 4 (Right of First
Offer) below.

             3.2 Tender Offer Requirement. Without limiting the provisions of
Section 3.1 (Standstill) above, no Stockholder shall, nor shall it permit any of
its Affiliates, individually or together with any of such Stockholder's Related
Parties, to, in any manner, directly or indirectly acquire beneficial ownership
of any Shares (including, without limitation, through the acquisition of
ownership or control of another Stockholder or a Controlling Person of another
Stockholder) if, after giving effect thereto, such Stockholder (together with
its Related Parties) would beneficially own, in the aggregate, fifty percent
(50%) or more of the then outstanding Shares, unless such Shares are acquired by
such Stockholder and/or one of its Related Parties pursuant to a Tender Offer;
provided that, if at any time (i) a Third Party Investor makes a bona fide
tender offer to purchase such percentage of the Shares that, when aggregated
with any Shares then owned by such Third Party Investor and its Related Parties,
would equal more than fifty percent (50%) of the then outstanding Shares, and a
Stockholder or any of its Related Parties thereafter makes a Tender Offer during
the period in which the tender offer made by such Third Party Investor is still
in effect, or (ii) a Third Party Investor makes a bona fide tender offer during
the period in which a Tender Offer made by a Stockholder or any of its Related
Parties is still in effect, then the requirement in the definition of "Tender
Offer" that the Tender Offer made by such Stockholder be accepted by
stockholders of the Company holding a simple majority of the then outstanding
Shares (excluding any Shares held by such Stockholder and its Related Parties)
shall not apply; provided, further, however, that the restriction on acquisition
of Shares provided in this Section 3.2 shall not apply to any acquisition of
additional Shares by MTG or Alfa pursuant to the Right of First Offer set forth
in Section 4 (Right of First Offer) below.

        4.   RIGHT OF FIRST OFFER

             4.1 Procedures. Each Stockholder that, together with its
Affiliates, beneficially owns fifteen percent (15%) or more of the Shares then
outstanding (each, a "MAJOR STOCKHOLDER") shall have a right of first offer in
respect of any Shares and/or Share Equivalents offered for sale by any other
Major Stockholder on the terms set forth below:

                 (a) If a Major Stockholder desires to sell any or all of its
Shares and/or Share Equivalents (a "SELLING STOCKHOLDER"), it shall give each
other Major Stockholder (each, a "FIRST OFFEREE") and the Company written notice
of the proposed sale, including the number of Shares and/or Share Equivalents to
be sold and the cash price per Share at, and any other conditions, on which such
Selling Stockholder is willing to sell such Shares or Share Equivalents.

                                       7

                 (b) The First Offerees may, within twenty-five (25) calendar
days of receipt of such notice, give written notice to the Selling Stockholder
and the Company of their intent, collectively, to purchase, or to designate
Affiliates to purchase, such Shares at the proposed price and on the proposed
conditions (an "ACCEPTANCE"); provided that, unless agreed otherwise by the
Selling Stockholder, any Acceptance must provide for the purchase of all Shares
and Share Equivalents initially offered by the Selling Stockholder.

                 (c) If the First Offerees deliver an Acceptance, the First
Offerees and the Selling Stockholder shall complete such purchase within twenty
(20) Business Days of receipt of the Acceptance (or, if regulatory approval of
the purchase is required, within five (5) Business Days of receipt of such
approval, if later).

                 (d) If the First Offerees do not deliver an Acceptance, the
Selling Stockholder shall be free during the ninety (90)-calendar-day period
following the date of its initial notice of its proposed sale to sell the number
of Shares and Share Equivalents (but, in each case, not less) it initially
proposed to sell to a party that is not a Related Party of the Selling
Stockholder for an amount of aggregate consideration equal to or in excess of
the aggregate cash price initially proposed by the Selling Stockholder. Any
non-cash consideration to be received by the Selling Stockholder shall be valued
at its fair market value as determined by an internationally recognized
investment bank chosen by agreement of the Selling Stockholder and the First
Offerees. The Selling Stockholder shall pay the cost and expense of such
investment bank.

                 (e) If there is more than one First Offeree, the First Offerees
shall coordinate their response and any Acceptance delivered shall represent the
collective decision of the First Offerees and the First Offerees shall have the
right, unless otherwise agreed between the First Offerees, to share in any
purchase under this Section 4.1 pro rata based on the number of Shares
beneficially owned by each such First Offeree compared with the aggregate number
of Shares then beneficially owned by all First Offerees (unless one of the First
Offerees determines not to participate in such purchase or otherwise does not
coordinate its response), in which case the remaining First Offeree(s) shall
have the right to purchase all such Shares and/or Share Equivalents, on a pro
rata basis, if applicable).

         4.2     Transfers Not Subject to Right of First Offer.

                 (a) Any Major Stockholder may Transfer Shares to an Affiliate
or Permitted Transferee of such Major Stockholder without compliance with
Section 4.1 (Procedures) hereof, provided that such Major Stockholder and
transferee comply with Section 8.6(b) hereof (Significant Transfers; Affiliate
Acquisitions; Pledges).

                 (b) The provisions of Section 4.1 (Procedures) hereof shall not
apply to any Transfer by a Major Stockholder of a number of Shares and Share
Equivalents that, together with all prior Transfers of Shares and Share
Equivalents (assuming, in each case, full conversion, exchange and/or exercise
of all such Share Equivalents) by such Major Stockholder and its Affiliates
following the closing of the IPO (including any closing of the underwriters'
over-allotment option, if applicable) other than Transfers to Affiliates or
Permitted Transferees, does not exceed two percent (2%) of the then outstanding
Shares.

                 (c) Any Major Stockholder may pledge Shares and/or Share
Equivalents to any Person that is not a Related Party of, or otherwise an
Affiliate of, such Major Stockholder to secure a bona fide obligation to such
Person and such pledge and any foreclosure upon such pledge need not comply with
the provisions of Section 4.1 (Procedures) hereof; provided that such Person
agrees (i) to be bound by the terms and

                                       8

conditions of this Agreement if it executes on the pledge and to execute and
deliver to the Stockholders and the Company an Adoption Agreement substantially
in the form of Exhibit B hereto and (ii) to cause any transferee of the pledged
Shares and/or Share Equivalents to be bound by terms and conditions of this
Agreement and to execute and deliver to the Stockholders and the Company an
Adoption Agreement substantially in the form of Exhibit B hereto. Such Major
Stockholder shall cause such Person to comply with this Section 4.2(c).

        5.   ANTI-TAKEOVER PROVISIONS

             The Stockholders agree to vote all of their Shares then held such
that at all times prior to the termination of this Agreement, the following
provisions aimed at reducing the risk of a hostile takeover shall be in place:

             5.1 The Company's Certificate of Incorporation shall provide for a
`staggered' Board with three classes of directors (within the meaning of Section
141(d) of the DGCL), each serving three-year terms (one MTG and one Alfa
designee to the Board shall be placed in each class for so long as MTG and/or
Alfa each has the right to designate three (3) members of the Board).

             5.2 The Company's Certificate of Incorporation shall provide that
the stockholders of the Company shall not be permitted to act by written
consent.

             5.3 The Company's Certificate of Incorporation shall not provide
for `opting out' of Section 203 of the DGCL.

        6.   MTG NON-COMPETITION

             6.1 Non-Competition. For so long as MTG (together with its
Affiliates, the "MTG GROUP") beneficially owns Shares representing 20% or more
of the then outstanding Shares:

                 (a) Other than ZAO TV Darial ("DTV"), entities in which DTV
directly or indirectly owns a fifty percent (50%) or greater interest that have
the right to broadcast the DTV network signal, and their respective Affiliates
(collectively, the "DTV GROUP") (but subject to the other provisions of this
Section 6.1(a)), MTG shall not and shall ensure that no member of the MTG Group
shall engage in the business of Free-to-Air TV in Russia as an owner, partner,
stockholder, joint venturer, investor or in any other capacity whatsoever. For
the purposes of this Agreement, "FREE-TO-AIR TV" shall mean television signals
(i) broadcast over terrestrial UHF and/or VHF frequencies where the viewer needs
no technical equipment to receive the signal other than an antenna and makes no
payment other than any mandatory license fee applied by the government or a
related authority and/or (ii) distributed via cable where the broadcaster
receives no fee for such broadcast from the cable operator or cable subscribers.
The DTV Group shall be permitted to continue to engage in the Free-to-Air TV in
Russia subject to the following limitations:

                     (i) the DTV Group shall not be permitted to establish or
acquire directly or indirectly any Free-to-Air television station in Russia or
sign an affiliate agreement with any Free-to-Air television station in Russia,
in each case, other than stations that will broadcast the DTV network signal
(each, a "RUSSIAN AFFILIATE ACQUISITION"), and then only if MTG has first
complied with the Right of First Negotiation Procedures (as defined below);

                                       9

                     (ii) the DTV Group shall not be permitted to tender for any
television broadcasting frequency in Russia other than a frequency that will be
used to broadcast the DTV network signal (each, a "RUSSIAN FREQUENCY TENDER"
and, together with Russian Affiliate Acquisitions, "RUSSIAN PERMITTED
TRANSACTIONS"), and then only if MTG has first complied with the Right of First
Negotiation Procedures; and

                     (iii) the DTV Group shall not be permitted to enter into
any output programming acquisition agreement with any studio or
successor-in-interest to a studio listed on Exhibit C hereto (each a "MAJOR
STUDIO") granting the DTV Group the right to broadcast on Free-to Air TV in
Russia (a "RUSSIAN OUTPUT DEAL") where any such agreement or series of related
agreements involves aggregate payments over the term of the agreement(s) of: $15
million or more for any such agreement(s) executed in 2006; $20 million or more
for any such agreement(s) executed in 2007; $25 million or more for any such
agreement(s) executed in 2008; $30 million or more for any such agreement(s)
executed in 2009 and each year thereafter, in each case, without MTG having
first complied with the Right of First Negotiation Procedures.

                 (b) MTG shall not and shall ensure that no member of the MTG
Group shall:

                     (i) establish or acquire directly or indirectly any
Free-to-Air TV network or station in the any of the countries of the former
Soviet Union other than Russia, Estonia, Latvia and Lithuania (the "TERRITORY")
or sign an affiliate agreement with any such television station in the Territory
(each, a "TERRITORY ACQUISITION");

                     (ii) tender for any television broadcasting frequency in
the Territory (each, a "TERRITORY FREQUENCY TENDER" and, together with Territory
Acquisitions, "TERRITORY TRANSACTIONS"); or

                     (iii) enter into any output programming acquisition
agreement with a Major Studio granting a member of the MTG Group the right to
broadcast on Free-to-Air TV in all or any portion of the Territory (a "TERRITORY
OUTPUT DEAL") where any such agreement or series of related agreements involves
aggregate payments over the term of the agreement(s) of $1 million or more with
respect to any such agreement(s) covering Ukraine or $500,000 or more with
respect to any such agreement(s) covering any other country in the Territory;

in each case, without MTG having first complied with the Right of First
Negotiation Procedures.

             6.2 Right of First Negotiation. For the purposes of this Agreement,
"RIGHT OF FIRST NEGOTIATION PROCEDURES" shall mean the following:

                 (a) If the DTV Group desires to complete a Russian Permitted
Transaction or to enter in to a Russian Output Deal or the MTG Group desires to
complete a Territory Transaction or enter into a Territory Output Deal (each, a
"RELEVANT TRANSACTION"), MTG shall first provide the Board with prior written
notice of the DTV Group's or the MTG Group's desire to do so (the "MTG NOTICE").
The MTG Notice shall set forth the material commercial terms of the proposed
Relevant Transaction.

                 (b) The Board, acting by a simple majority of the Directors
other than Directors who are Interested Directors for the purpose of such
Relevant Transaction,

                                       10

shall within 15 Business Days provide MTG with notice of whether the Company
intends in good faith to pursue such Relevant Transaction.

                 (c) If the Board decides not to pursue such Relevant
Transaction or fails to provide notice to MTG within the specified time period,
the DTV Group or the MTG Group (as the case may be) shall be free to complete
such Relevant Transaction on commercial terms that are not materially better to
the DTV Group or the MTG Group (as the case may be) than those set forth in the
MTG Notice.

                 (d) If the DTV Group or the MTG Group (as the case may be)
fails to complete such Relevant Transaction within 180 calendar days from the
date of the MTG Notice or wishes to complete such Relevant Transaction on
commercial terms that are materially better to the DTV Group or the MTG Group
(as the case may be) than those set forth in the MTG Notice, the DTV Group or
the MTG Group (as the case may be) shall not complete such Relevant Transaction
without once again complying with these Right of First Negotiation Procedures.

                 (e) If the Board notifies MTG that it intends in good faith to
pursue a Relevant Transaction, but the Company fails to complete such Relevant
Transaction within 180 calendar days from the date of the MTG Notice (the "ROFN
PERIOD"), the DTV Group or the MTG Group (as the case may be) shall be free to
complete such Relevant Transaction on any terms without once again complying
with these Right of First Negotiation Procedures so long as such Relevant
Transaction is completed prior to the first anniversary of the MTG Notice.

                 (f) If the Board notifies MTG that it wishes to pursue a
Relevant Transaction, all members of the MTG Group (including the DTV Group)
shall immediately cease all discussions and negotiations in connection with such
Relevant Transaction, withdraw any bids related to a Russian Frequency Tender or
Territory Frequency Tender and not re-commence such discussions and/or
negotiations until the expiry of the ROFN Period.

             6.3 MTG Rights Upon Company Completion of Russian Permitted
Transaction. If, pursuant to the Right of First Negotiation Procedures, a
Russian Permitted Transaction is presented by MTG to the Board, and the Company
completes a Russian Affiliate Acquisition or commences commercial broadcasting
on the frequency that was the subject of a successful Russian Frequency Tender,
in each case, in a Russian city where immediately prior to such completion or
commencement of commercial broadcasting:

                 (a) the Company directly or indirectly owned a fifty percent
(50%) or greater interest in stations in that city that broadcast for each of
the networks it then operates, THEN promptly thereafter the Company must offer
to sell its interest in a station of its choice in that city to the DTV Group
(subject to any obligations of the Company to comply with right of first offer
provisions contained within the constitutional documents of the stations it owns
as of the date hereof or may own in the future (provided that no change in the
right of first offer provisions contained in such constitutional documents that
would adversely affect MTG's rights under this subsection has been made in
contemplation of, in connection with, or following its acquisition by the
Company) or other contractual commitments existing on the date hereof relating
to stations that the Company owns on the date hereof). The consideration for
such interest shall be agreed in good faith negotiations between MTG and the
Company but shall not in any event, in the case of a Russian Affiliate
Acquisition, exceed the consideration paid by the Company in completing such
Russian Affiliate Acquisition, after taking into account the ownership interest
being acquired in such

                                       11

Russian Affiliate Acquisition and the Company's ownership interest in the
station to be sold to the DTV Group; or

                 (b) the Company did not directly or indirectly own a fifty
percent (50%) or greater interest in stations in that city that broadcast for
each of the networks it then operates but had either a station or independent
affiliate for each of such networks, THEN promptly thereafter the Company must
terminate its affiliate agreement with an independent affiliate in that city of
its choice and use its reasonable best efforts to cause such independent
affiliate to become an independent affiliate of DTV (which best efforts shall
not include the payment of any consideration on behalf of the Company);

provided, however, that this Section 6.3 shall not apply to (i) any Russian
Affiliate Acquisition where the Company has, within the sixty (60) calendar days
immediately prior to the relevant MTG Notice, had material discussions and/or
negotiations with the seller(s) and/or the advisors to the sellers regarding
engaging in a transaction materially similar to such Russian Affiliate
Acquisition, where such discussions and/or negotiations included discussions
and/or negotiations on the proposed key commercial terms of such transaction or
(ii) any Russian Frequency Tender where the Company had intended in good faith
to bid in connection with such frequency tender prior to MTG presenting the
Russian Frequency Tender to the Board pursuant to the Right of First Negotiation
Procedures; provided that to the extent that a meeting of the Board has occurred
more than ten (10) calendar days after the relevant Russian government authority
has announced the tender for such frequency, the materials provided to the Board
at any meeting of the Board indicate that the Company intends to bid in
connection with such frequency tender.

             6.4 Non-Competition Dispute Resolution.

                 (a) In the event that a dispute arises at any time in
connection with this Section 6 (a "RELEVANT DISPUTE"), MTG or the Company, as
the case may be, shall provide written notice (each, a "DISPUTE NOTICE") to the
other that a Relevant Dispute is occurring and shall provide reasonable details
of the basis of such Relevant Dispute. The Company shall not provide notice of a
Relevant Dispute to MTG until such time as a majority of the Directors that are
members of the audit committee of the Board have determined that there is a
reasonable basis to believe that a Relevant Dispute is occurring. Following
service of a Dispute Notice by the Company on MTG, each member of the MTG Group
shall immediately cease all discussions and negotiations related to the
transaction or withdraw its tender, as the case may be, that is the subject
matter of the Dispute Notice until the earlier of (i) mutual agreement of the
Chief Executive Officer of each of the Company and Modern Times Group MTG AB
(the "MTG PARENT") that the Relevant Dispute has been resolved and (ii) sixty
(60) calendar days following the date of such Dispute Notice. If MTG serves a
Dispute Notice on the Company relating to an alleged violation of Section 6.3
(MTG Rights Upon Company Competition of Russian Permitted Transaction) by the
Company and a majority of the Directors that are members of the audit committee
of the Board have determined that there is a reasonable basis to believe that a
Relevant Dispute relating to an alleged violation of such Section by the Company
is occurring, the Company shall immediately cease all discussions and
negotiations relating to the termination of an affiliate agreement and/or the
sale of an interest in a station that is the subject of such alleged violation
until the earlier of (i) mutual agreement of the Chief Executive Officer of each
of the Company and the MTG Parent that the Relevant Dispute has been resolved
and (ii) sixty (60) calendar days following the date of such Dispute Notice.

                                       12

                 (b) All Relevant Disputes shall be submitted to the Chief
Executive Officer of each of the Company and the MTG Parent, who shall meet in
person in a neutral setting at least two (2) times to attempt in good faith to
resolve such Relevant Dispute. The first such meeting shall take place within
thirty (30) calendar days of the Dispute Notice. If needed, the second such
meeting shall take place within ten (10) calendar days after the first meeting.
If the Chief Executive Officers of the Company and the MTG Parent have been
unable to resolve such Relevant Dispute within twenty (20) calendar days
following their second meeting, such Relevant Dispute shall be submitted to
arbitration in accordance with the provisions of Section 8.14 (Dispute
Resolution).

        7.   REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS

             Each Stockholder party hereto on the date hereof hereby represents
and warrants to the Company and the other Stockholders as of the date hereof and
as of the closing of the IPO (and each Person who becomes a party to this
Agreement after the closing of the IPO by executing an Adoption Agreement in the
form of Exhibit B hereto shall be deemed to have represented and warranted to
the Company and the other Stockholders as of the date on which such Person
executes such Adoption Agreement) that:

                 (a) Such Stockholder, if an entity, is duly organized and
validly existing as a legal entity under the laws of its jurisdiction of
organization and is not required to be qualified as a foreign corporation or
other entity authorized to do business in any other jurisdiction in which its
failure to be so qualified would have a material adverse effect on its ability
to execute and deliver or perform its obligations under this Agreement. Such
Stockholder has full power and authority to execute, deliver and perform its
obligations under this Agreement and to consummate the transactions contemplated
hereby.

                 (b) This Agreement has been duly and validly authorized,
executed and delivered by such Stockholder and constitutes the legal, valid and
binding obligations of such Stockholder, enforceable against such Stockholder in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization moratorium or similar laws affecting
creditors rights and remedies generally and by general equitable principles
(whether applied by a court of law or equity).

                 (c) The execution, delivery and performance by such Stockholder
of this Agreement, compliance by such Stockholder with all of the provisions
hereof and the consummation by such Stockholder of the transactions contemplated
hereby will not:

                     (i) conflict with or constitute a breach of any of the
terms or provisions of, or a default under, such Stockholder's constitutive
documents if such Stockholder is an entity;

                     (ii) conflict with or constitute a breach of any covenant,
agreement, consent, order or decree to which such Stockholder is a party or
bound or by which such Stockholder or any of its assets and properties is bound;
or

                     (iii) violate or conflict with any law applicable to such
Stockholder or any of its assets and properties.

                 (d) Except for filings that may be required under the U.S.
Securities Exchange Act of 1934, as amended, the execution, delivery and
performance by such Stockholder of this Agreement, the compliance by such
Stockholder with all of the provisions hereof and the consummation by such
Stockholder of the transactions

                                       13

contemplated hereby will not require any consent, approval, authorization, other
order or action of, filing with or notice to any applicable governmental or
regulatory authority.

                 (e) (i) There is no action pending to which such Stockholder is
a party or to which any of the Shares or Share Equivalents it owns or controls,
beneficially or otherwise, is subject, which will result in, or could reasonably
be expected to result in, the issuance of an order which (A) questions the
validity of this Agreement or any action taken or to be taken pursuant hereto,
(B) restrains, enjoins or otherwise prohibits or makes illegal consummation of
any of the transactions contemplated hereby, or (C) would, or would reasonably
be expected to, result in the issuance of an order which materially adversely
affects the ability of such Stockholder to perform its obligations hereunder,
(ii) to the knowledge of such Stockholder, no such action is threatened, and
(iii) there are no facts or circumstances known to such Stockholder that would
be expected to give rise to any such action.

                 (f) Such Stockholder is, as of the date hereof, the record
holder and beneficial owner of the Shares described opposite such Stockholder's
name on Exhibit A hereto (or in the Adoption Agreement executed by such
Stockholder) and, as of the closing of the IPO, will be the record and
beneficial owner of such Shares less only any Shares sold in the IPO.

                 (g) Such Shares constitute the only shares of capital stock of
the Company owned of record or beneficially by such Stockholder.

                 (h) Except as provided in the Prior Agreement and in this
Agreement, such Stockholder has sole power of disposition and sole voting power
with respect to all such Shares, with no restrictions on such rights, other than
such restrictions on Transfers as arise under applicable United States federal
securities laws.

                 (i) Except as provided in the Prior Agreement and in this
Agreement, such Shares are held free and clear of all liens, proxies, voting
trusts or agreements, understandings or arrangements whatsoever.

                 (j) Except for the Prior Agreement and this Agreement, neither
such Stockholder nor any of its Affiliates has entered into any agreement,
arrangement or understanding with (i) any one or more of the Stockholders or any
of their respective Affiliates with respect to matters relating to the Company,
its management or any Shares or (ii) the Company, any of its Affiliates or
management.

        8.    GENERAL PROVISIONS.

              8.1 Definitions.

                 (a) "AFFILIATE" means, with respect to any Person, any person
or entity which, directly or indirectly, controls, is controlled by or is under
common control with such Person, including, without limitation, any general
partner, officer or director of such Person.

                 (b) "BENEFICIAL OWNERSHIP," "BENEFICIALLY OWN" and such other
derivatives shall have the meaning set forth in Rule 13d-3 of the Securities
Exchange Act of 1934, as amended.

                                       14

                 (c) "BUSINESS DAY" means any day other than a Saturday or
Sunday on which banks are open for general business in New York and Moscow,
Russia.

                 (d) "COMMON STOCK" means the common stock, par value $0.01
each, of the Company.

                 (e) "CONTROLLING PERSON" means, with respect to any Person, any
other Person which owns or controls, directly or indirectly, more than fifty
percent (50%) of the securities having ordinary voting power for the election of
directors or other governing body of such first Person or more than fifty
percent (50%) of the partnership or other ownership interests therein (other
than as a limited partner of such first Person).

                 (f) "DGCL" means the General Corporation Law of the State of
Delaware as in effect from time to time.

                 (g) "DIRECTOR" means any member of the Board.

                 (h) "MARKETPLACE RULES" means the National Association of
Securities Dealers Marketplace Rules, as in effect from time to time.

                 (i) "NASDAQ" means The NASDAQ National Market (or any successor
thereto).

                 (j) "PERMITTED TRANSFEREE" means (a) with respect to any
Stockholder that is a venture capital fund, any of the limited partners of such
funds, but solely in connection with a pro rata distribution of Shares and/or
Share Equivalents then held by such limited partnerships, (b) with respect to
Cavendish Nominees Limited, The Baring Vostok Private Equity Fund LP 1, The
Baring Vostok Private Equity Fund LP 2, The Baring Vostok Private Equity Fund LP
3, and The Baring Vostok Fund Co-Investment LP and any of the limited partners
of such limited partnerships, but solely in connection with a pro rata
distribution of Shares and/or Share Equivalents then held by such limited
partnerships, and (c) with respect to Sector Investment Holding Company Limited,
each of EPIC Investments International Limited, Sovcap, Inc. (Delaware), the
European Bank for Reconstruction and Development, the International Finance
Corporation, New Europe Investment Fund, SICAV (Luxembourg), SIBAG Investments
Inc. and Ceskoslovenska Obchodni Banka, A.S. (Czech Republic).

                 (k) "PERSON" means any natural person, corporation,
partnership, limited liability company, proprietorship, other business
organization, trust, union, association or governmental or regulatory authority,
whether incorporated or unincorporated.

                 (l) "PUBLIC SALE" means a non-directed sale of shares effected
through a secondary offering or other transaction on Nasdaq or another stock
exchange of recognized international standing, including, without limitation,
any sale pursuant to Rule 144 under the Securities Act of 1933, as amended.

                 (m) "RELATED PARTIES" means, with respect to any Stockholder or
any Third Party Investor, its Affiliates and any party or parties with which
such Stockholder or Third Party Investor, as the case may be, and/or their
respective Affiliates are acting as part of a group (as such term is used in
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended); provided,
however, that mere compliance by the Stockholders with the terms of this
Agreement shall not, for the purposes of this Agreement, on its own, make any
Stockholder a party to any group with any other Stockholder that is not its
Affiliate.

                                       15

                 (n) "SHARES" means any and all shares of Common Stock and/or
shares of capital stock of the Company, by whatever name called, that are
entitled to vote generally in the election of Directors (including voting rights
which arise by reason of default) and shall include any such shares now owned or
subsequently acquired, however acquired, including, without limitation, through
stock splits and as stock dividends. All Share calculations shall be determined
assuming conversion of all Shares to Common Stock, excluding all Share
Equivalents that have not been converted, exchanged or exercised, as the case
may be.

                 (o) "SHARE EQUIVALENTS" means any option, right, subscription,
warrant, phantom stock right or other contract right to receive Shares or any
bonds, notes, debentures or other securities of any kind whatsoever, that are,
or may become, convertible into or exchangeable or exercisable for, Shares, in
each case, that do not carry the right generally to vote in the election of
directors until such time as they are converted, exchanged or exercised, as the
case may be. All Share Equivalent calculations shall be determined on an
as-converted, exchanged or exercised into Shares basis.

                 (p) "TENDER OFFER" means an offer made by a Stockholder or any
of its Related Parties in accordance with Section 14 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder,
to purchase all of the outstanding Shares, which, subject to Section 3.2(i) and
(ii), is accepted by stockholders holding at least thirty percent (30%) of the
then outstanding Shares (excluding any Shares held by such Stockholder and its
Related Parties).

                 (q) "THIRD PARTY INVESTOR" means any Person who has made a
filing with the Securities and Exchange Commission on Schedule 13D or Schedule
TO (or any successor form) with respect to the acquisition of Shares (whether
actual or proposed), other than (i) a Stockholder or any of its Related Parties
or (ii) any Person acting for, or on behalf of, or together with any Stockholder
or any of its Related Parties.

                 (r) "TRANSFER" means, with respect to any Share or Share
Equivalent, any direct or indirect sale, exchange, transfer (including, without
limitation, any transfer by gift or operation of law, or any transfer of an
economic interest in any derivative security of any Share or Share Equivalent),
pledge, encumbrance, assignment, distribution or other disposition of such Share
or Share Equivalent, or issuance or creation of any option or any voting proxy,
voting trust or other voting agreement in respect of such Share or Share
Equivalent, whether in a single transaction or a series of related transactions.

             8.2 Effectiveness; Termination of Prior Agreements; Complete
Agreement. This Agreement shall only become effective upon the closing of the
IPO; provided, however, that if the closing of the IPO does not occur on or
prior to August 15, 2006, this Agreement shall be null and void and of no force
or effect. Concurrent with and conditional upon such effectiveness, the Company
and the Stockholders (who together hold not less than 83% of the outstanding
Shares (as defined in the Prior Agreement)) agree that the Prior Agreement shall
terminate and shall thereafter be of no further force or effect. This Agreement
constitutes the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and
understandings relating to such subject matter.

             8.3 Termination. This Agreement shall terminate on the earlier to
occur of (i) the date on which all Stockholders agree in writing to terminate
this Agreement and (ii) the fifth anniversary of the closing of the IPO;
provided, however, that Section 8.13 (Governing Law) and Section 8.14 (Dispute
Resolution) shall survive termination hereof.

                                       16

             8.4 Ceasing to be a Stockholder. Any Stockholder that, together
with its Affiliates, ceases to beneficially own Shares representing at least
five percent (5%) of the then outstanding Shares shall automatically cease to be
subject to the provisions of this Agreement as a "Stockholder" hereunder;
provided, however that, if such Stockholder (together with its Affiliates) shall
thereafter beneficially acquire Shares that result in it, together with its
Affiliates, again beneficially owning Shares representing at least five percent
(5%) of the then outstanding Shares, it shall again automatically and without
any further action on the part of such Stockholder be subject to the provisions
of this Agreement as a "Stockholder" hereunder.

             8.5 Calculation of Share Ownership. In determining the number or
percentage of Shares owned by a Stockholder for purposes of ascertaining or
exercising rights under this Agreement, all Shares held by Affiliates of such
Stockholder shall be aggregated together (provided that no Shares shall be
attributed to more than one Person within any such group of Affiliates or
otherwise counted more than once).

             8.6 Significant Transfers; Affiliate Acquisitions; Pledges.

                 (a) If any Person shall, individually or together with any of
its Affiliates, directly or indirectly, acquire beneficial ownership of any
Shares from a Stockholder or any Affiliate of such Stockholder (other than in
either case through a Public Sale) and, after giving effect thereto, such Person
and its Affiliates beneficially own in the aggregate twenty percent (20%) or
more of the then outstanding Shares, then, upon the request of any Major
Stockholder, such Person shall be required to execute and deliver to the
Stockholders and the Company an Adoption Agreement substantially in the form of
Exhibit B hereto. Each transferring Stockholder hereby undertakes to cause any
such Person to which Shares are so Transferred to execute and deliver to the
Company and each of the other Stockholders such an Adoption Agreement.

                 (b) In addition, any Affiliate of any Stockholder that shall,
directly or indirectly, acquire beneficial ownership of any Shares shall be
required to execute and deliver to the Stockholders and the Company an Adoption
Agreement substantially in the form of Exhibit B hereto. Each Stockholder hereby
undertakes to cause its Affiliates to comply with this Section 8.6(b).

                 (c) Any Stockholder may pledge Shares and/or Share Equivalents
to any Person that is not a Related Party of, or otherwise an Affiliate of, such
Stockholder  (a "PLEDGEE") to secure a bona fide  obligation to the Pledgee (and
the Pledgee may  foreclose  upon such Shares  and/or Share  Equivalents)  if the
Pledgee  agrees (A) to be bound by the terms and conditions of this Agreement if
it executes on such  pledge and to execute and deliver to the  Stockholders  and
the Company an Adoption Agreement  substantially in the form of Exhibit B hereto
and (B) to cause any transferee of the pledged  Shares and/or Share  Equivalents
to be bound by terms and conditions of this Agreement and to execute and deliver
to the Stockholders and the Company an Adoption  Agreement  substantially in the
form of Exhibit B hereto.

             8.7 Void Transfers. Any Transfer of any Shares or Share Equivalents
that is not permitted by or is otherwise contrary to or in breach of the terms
of this Agreement shall be void and transfer no right, title, or interest in or
to any of such Shares or Share Equivalents to the purported transferee thereof.

             8.8 Compliance with Securities Laws. Each Stockholder undertakes
and agrees to timely make all such filings with the Securities and Exchange
Commission in

                                       17

respect of such Stockholder's purchase, ownership and/or Transfer of any Shares
or Share Equivalents and otherwise comply with applicable laws and regulations
with respect thereto.

             8.9 Other Arrangements.

                 (a) Except for and pursuant to this Agreement or as otherwise
permitted by this Agreement, no Stockholder shall, nor shall it permit any of
its Affiliates to, (i) grant any proxy or enter into or agree to be bound by any
understanding or any voting trust, voting proxy or other agreement with respect
to any matters relating to the Company, its management, or any Shares or Share
Equivalents, (ii) enter into any stockholders agreement or other arrangement of
any kind (whether written or oral) with any Person with respect to any matters
relating to the Company, its management or any Shares, including, without
limitation, any agreement, understanding or arrangement with respect to the
acquisition, ownership, registration, Transfer or other disposition or voting of
Shares or Share Equivalents, or (iii) act, for any reason, as a member of a
group or in concert with any other Person in connection with the acquisition,
Transfer or other disposition or voting of Shares or Share Equivalents, in each
case, in any manner that is inconsistent with any obligation of such Stockholder
under this Agreement.

                 (b) The Company shall not enter into any agreement or
arrangement of any kind with any Person that is inconsistent with any of the
rights granted to the Stockholders in this Agreement or otherwise conflicts with
any of the provisions hereof.

             8.10 Assignment. The rights of any Stockholder under this Agreement
may be assigned by such Stockholder to any Person to which Shares representing
at least fifteen percent (15%) of the then outstanding Shares are transferred by
such Stockholder in compliance with this Agreement; provided that such
transferee agrees to execute and deliver to the Company and the Stockholders an
Adoption Agreement substantially in the form of Exhibit B hereto.

             8.11 Severability. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement.

             8.12 Specific Performance. In addition to any and all other
remedies that may be available at law in the event of any breach of this
Agreement, each party hereto shall be entitled to specific performance of the
agreements and obligations of the Company and the Stockholders hereunder and to
such other injunctive or other equitable relief as may be granted by a court of
competent jurisdiction.

             8.13 Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Delaware (without
reference to the conflicts of law provisions thereof).

             8.14 Dispute Resolution. Subject to compliance with Section 6.4
(Non-Competition Dispute Resolution), any and all disputes arising out of or in
connection with this Agreement shall be finally settled under the Rules of
Arbitration of the International Chamber of Commerce by a panel of three
arbitrators, using the English language, sitting in London, England and
appointed in accordance with said Rules.

             8.15 Notices. All notices, requests, consents, and other
communications under this Agreement shall be in writing and shall be deemed
delivered (i) five (5) Business Days after being sent by registered or certified
mail, return receipt requested, postage prepaid

                                       18

or (ii) two (2) Business Days after being sent via a reputable international
overnight courier service, in each case, to the intended recipient as set forth
below:

             If to the Company, Pravda Street 15A, 125124, Moscow, Russia,
Attention: Chief Financial Officer, Facsimile: +7 495 797-4110 or at such other
address as may have been furnished in writing by the Company to the
Stockholders, with a copy (which copy shall not be deemed notice hereunder) to
WilmerHale, 10 Noble Street, London EC2V 7QJ, England, Facsimile:
+44-20-7645-2424. Attention: Trisha Johnson, Esq.; or

             If to a Stockholder, at its address set forth on Exhibit A hereto
or at such other address as may have been furnished in writing by such
Stockholder to the Company and the other Stockholders.

             Any party may give any notice, request, consent or other
communication under this Agreement using any other means (including, without
limitation, personal delivery, messenger service, telecopy, first class mail or
electronic mail), but no such notice, request, consent or other communication
shall be deemed to have been duly given unless and until it is actually received
by the party for whom it is intended. Any party may change the address to which
notices, requests, consents or other communications hereunder are to be
delivered by giving the other parties notice in the manner set forth in this
Section 8.15.

             8.16 Amendments and Waivers. This Agreement may be amended and the
observance of any term of this Agreement may be waived with respect to all
parties to this Agreement (either generally or in a particular instance and
either retroactively or prospectively), with the written consent of the Company
and Stockholders beneficially owning, in the aggregate, at least 95% of the
Shares then beneficially owned by all the Stockholders. Without limiting the
foregoing, any amendment or waiver of this Agreement that would have the effect
of (i) amending or waiving the right of any Stockholder to designate a Director
and/or a Co-Chairman pursuant to Section 1.1 (Board Composition) shall require
the written consent of the Stockholder so affected, (ii) amending or waiving
Section 3.1 (Standstill) shall require the written consent of each of MTG and
Alfa, in each case, for so long as it is a Stockholder, and (iii) amending the
non-competition provisions of Section 6 (MTG Non-Competition) shall require the
written consent of MTG. The Company shall give prompt written notice of any
amendment hereof or waiver hereunder to any Stockholder that did not consent in
writing to such amendment or waiver. Any amendment or waiver effected in
accordance with this paragraph shall be binding on all parties hereto, even if
they do not execute such consent. No waivers of or exceptions to any term,
condition or provision of this Agreement, in any one or more instances, shall be
deemed to be, or be construed as, a further or continuing waiver of any such
term, condition or provision.

             8.17 Pronouns. Whenever the context may require, any pronouns used
in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns and pronouns shall include the plural, and
vice versa.

             8.18 Counterparts; Facsimile Signatures. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original, and all of which together shall constitute one and the same document.
This Agreement may be executed by facsimile signatures.

             8.19 Section Headings and References. The section headings are for
convenience only and in no way alter, modify, amend, limit or restrict the
contractual obligations of the parties. Any reference in this agreement to a
particular section or subsection shall refer to a section or subsection of this
Agreement, unless specified otherwise.

                                      *****

                                       19

         IN WITNESS WHEREOF, this Agreement has been executed by the parties
hereto as of the date first written above.

                                            CTC MEDIA, INC.

                                            By:
                                                --------------------------------
                                                    Nilesh Lakhani
                                                    Chief Financial Officer

                                            MTG BROADCASTING AB

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            ALFA CAPITAL HOLDINGS (CYPRUS)
                                            LIMITED

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            JAYSTONE LIMITED

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                       20

                                            CAVENDISH NOMINEES LIMITED

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                            SECTOR INVESTMENT HOLDING COMPANY
                                            LIMITED

                                            By:
                                                --------------------------------
                                                    Name:
                                                    Title:

                                       21

                                    EXHIBIT A

                                  STOCKHOLDERS
                                  ------------

NAME                                 ADDRESS                                                SHARES HELD
----                                 -------                                                -----------
                                                                                    (ASSUMING CONVERSION OF ALL
                                                                                         PREFERRED STOCK)

MTG Broadcasting AB                  Skeppsbron 18                                          60,008,800
                                     Box 2094
                                     SE-103 13 Stockholm
                                     Sweden
                                     Tel:  +46 8 562 000 50
                                     Fax:  +46 8 20 50 74
                                     Attention:  Chief Financial Officer

Alfa Capital Holdings (Cyprus)       Presidium Building                                     39,548,896
Limited                              3rd Floor
                                     6 Demostenis Severis Avenue
                                     Nicosia, Cyprus
                                     Tel:  +357 22 681 988
                                     Fax:  +357 22 681 505
                                     Attn:  Mr. Andriy Glavatsky

Jaystone Limited                     Elenion Building                                        4,311,104
                                     5 Themistocles Dervis Street
                                     2nd floor
                                     Nicosia, Cyprus  CY-1066
                                     Tel:  + (357) 22 55 58 00
                                     Fax:  + (357) 22 55 58 00
                                     Attn:  Maria Pitta

Cavendish Nominees Limited           c/o International Private Equity Services              17,776,800
                                     Ltd.
                                     Alexander House
                                     13-15 Victoria Road
                                     St. Peter Port, Guernsey
                                     Channel Islands GY1 3ZD
                                     Tel:  +44 1481 713843
                                     Fax:  +44 1481 715219
                                     Attention:  Connie Helyar

Sector Investment Holding Company    c/o International Private Equity Services               3,764,800
Limited                              Ltd.
                                     Alexander House
                                     13-15 Victoria Road
                                     St. Peter Port, Guernsey
                                     Channel Islands GY1 3ZD
                                     Tel:  +44 1481 713843
                                     Fax:  +44 1481 715219
                                     Attention:  Connie Helyar

                                       22

                                    EXHIBIT B

                           FORM OF ADOPTION AGREEMENT
                           --------------------------

                                     [date]

         The undersigned, a [transferee/pledgee] of Shares of CTC Media, Inc.
(the "COMPANY"), hereby agrees to the terms and conditions of the Stockholders'
Agreement dated as of May __, 2006 (the "STOCKHOLDERS' AGREEMENT") between and
among the Company and certain of its Stockholders (as defined therein) and
agrees to be fully bound by the terms and conditions of thereof as if the
undersigned were an original signatory thereto [in the event of a Pledgee
executing add: in the event that the undersigned executes on the pledge granted
under [insert name of pledge agreement].

                                            [Name of Transferee/Pledgee]

                                            By____________________________

                                            Name:

                                            Title:

Type and Number of Shares:

________ shares of ____________ stock

                                       23

                                    EXHIBIT C

                              LIST OF MAJOR STUDIOS
                              ---------------------

20th Century Fox
Paramount
MGM
Warner Brothers
Universal Pictures
Disney/Buena Vista International
Sony/Columbia

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]