Document:

Exhibit 4.5

                                 FUTUREMEDIA PLC
                        SECURITIES SUBSCRIPTION AGREEMENT

                                IMPORTANT NOTICE

The contents of this document have not been approved by an authorized person
(for the purposes of Section 21 of Financial Services and Markets Act 2000 (the
"Act")). Such approval is required by Section 21 of the Act unless an exemption
applies. Consequently this document is being made available in the United
Kingdom only to persons who are deemed sufficiently experienced and
knowledgeable to understand the risks involved in making an investment in the
Company and as such fall within any of Articles 19 (investment professionals),
43 (Members and creditors of certain bodies corporate), 48 (certified high net
worth individuals), 49 (high net worth companies, unincorporated associations
etc.), 50 (sophisticated investors) or 51 (associations of high net worth or
sophisticated investors) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 (SI 2001/1335) (the "Order") or such other
relevant exemption under which this Document may lawfully be communicated as a
financial promotion.

This document does not constitute a prospectus or an offer or invitation to the
public to acquire or subscribe for any shares or other securities in the Company
within the meaning of Regulation 6 of the Public Offers of Securities
Regulations 1995 (SI 1995/1537) and should not be reproduced or circulated.
Accordingly, the securities may not be offered or sold or re-offered or resold
to persons in the United Kingdom except to person of the kind described in
paragraphs 3 to 24 of Schedule 11 to the Act.

This document should not be considered as a recommendation by the shareholders,
the Company, or any of their respective subsidiaries, affiliates,
representatives, partners, directors, officers, employees, advisers or agents to
invest in the Company, and interested recipients are recommended to seek their
own independent financial, legal and other advice.

RECIPIENTS OF THIS DOCUMENT IN JURISDICTIONS OUTSIDE THE UK SHOULD INFORM
THEMSELVES ABOUT AND OBSERVE ALL APPLICABLE LEGAL REQUIREMENTS IN THEIR
JURISDICTIONS. IN PARTICULAR, THE DISTRIBUTION OF THIS DOCUMENT IN CERTAIN
JURISDICTIONS MAY BE RESTRICTED BY LAW AND, ACCORDINGLY, RECIPIENTS REPRESENT
THAT THEY ARE ABLE TO RECEIVE THIS DOCUMENT WITHOUT CONTRAVENTION OF ANY
UNFULFILLED REGISTRATION REQUIREMENTS OR OTHER LEGAL RESTRICTIONS IN THE
JURISDICTION IN WHICH THEY RESIDE OR CONDUCT BUSINESS.

THE SECURITIES OFFERED PURSUANT TO THIS DOCUMENT HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (OR IN A TRANSACTION NOT SUBJECT
TO SUCH REQUIREMENTS) AND IN COMPLIANCE WITH ALL OTHER APPLICABLE LAWS.

                                      -1-
<PAGE>

                                 CONFIDENTIALITY

By accepting a copy of this document, the recipient acknowledges and agrees that
it is receiving confidential information that has not been made available to the
public. It agrees that it will not disclose, reproduce, circulate, or otherwise
make known to any other person the information contained herein, without the
prior written consent of the Company.

                                      -2-
<PAGE>

Futuremedia Public Limited Company
Media House, Arundel Road
Walberton, Arundel
West Sussex, BN18 0QP

Gentlemen:

The undersigned understands that the Company is hereby making an offer (the
"Offer") of up to an aggregate of 20,000,000 Ordinary Shares, 1-1/9 pence per
share, of the Company (the "Shares") at a purchase price of not less than $0.10
per Ordinary share.

         The Offer will expire on April 22, 2003 unless extended by the Company,
in its sole discretion (the "Expiration Date").

      1. Subscription. Subject to the terms and conditions of this Agreement,
the undersigned hereby tenders this subscription for the purchase of the number
of Shares set forth on the signature page of this Agreement. Payment of the
aggregate purchase price is required at the time of delivery of this Agreement
to the Company. The undersigned acknowledges that, in order to subscribe, the
undersigned must deliver, to the attention of Peter Machin at the Company, prior
to the Expiration Date, one executed copy of this Agreement.

      2. Risk Factors. The undersigned acknowledges and is aware that an
investment in the Company involves a substantial degree of risk and should be
regarded as highly speculative. As a result, the subscription for Shares should
be considered only if the undersigned can reasonably afford a loss of its entire
investment. The undersigned should carefully consider, among other things, the
risk factors set out in the Company's Annual Report on Form 20-F (the "20-F")
filed with the U.S. Securities and Exchange Commission on November 15, 2002, a
copy of which is attached hereto as Exhibit A. In addition the undersigned
should consider the following factors relating to the Company:

                  Financial Condition and Liquidity. As of December 31, 2002, on
an unaudited basis, the Company had a working capital deficit of GBP628,000
($1,010,000), including GBP104,000 ($167,000) of cash. Net current liabilities
include an overdue balance of approximately GBP450,000 ($723,000) outstanding on
the Loan Stock Agreement 2002 between the Company and Waverton Holdings Limited.

                  The Company exchanged contracts in January 2003 for the sale
of its freehold property, with completion in two stages, the first at the end of
January 2003, and the second as and when the Company relocates to new premises.
The anticipated sale proceeds of this building, net of the loan from Waverton
Holdings Limited, which is secured against the premises, and any relocation
expenses incurred, will provide additional funds. The Company is evaluating an
offer of a mortgage from HSBC to provide bridging funds pending final
completion. The total sale price is expected to be GBP750,000 ($1,206,000),
approximately GBP130,000 ($209,000) below the carrying value of the property,
reflecting local market conditions.

                                      -3-
<PAGE>

                  Based on the foregoing, there is a recognized and immediate
need to secure additional funding. There can be no assurances that the Company
will be successful securing additional funds. There is, therefore, substantial
doubt that the Company will be able to continue as a going concern.

                  Listing Maintenance Criteria for Nasdaq System. As disclosed
in the 20-F, the National Association of Securities Dealers, Inc., (the "NASD")
which administers Nasdaq, requires that, in order for a company's securities to
continue to be listed on the Nasdaq SmallCap Market, the company must maintain
either a minimum stockholder's equity $2,500,000, $35,000,000 in market
capitalization or net income of $500,000 in the most recently completed fiscal
year or in two of the last three most recently completed fiscal years. As of
December 31, 2002, the Company had stockholder's equity of $680,000 and a market
capitalization of $7.15 million. The Company had net loss for the financial year
ended April 30, 2002 of $2,944,000 and a net loss for the two prior fiscal
years.

                  The Company received a notice from Nasdaq dated December 3,
2002 indicating that the Company's continued listing on the Nasdaq SmallCap
Market was under review. Discussions with Nasdaq are ongoing regarding this
matter and copies of the above-referenced letter and subsequent correspondence
with Nasdaq are attached as Exhibit B hereto. There can be no assurances that
the Company will maintain its Nasdaq SmallCap Market listing. A failure to
maintain such listing could have a material adverse effect on the Company's
business and financial condition and on the liquidity and market value of the
Shares.

      3. Acceptance of Subscription. It is understood and agreed that this
Agreement is subject to the following terms and conditions:

            (a) Investments are not binding on the Company until accepted by the
Company.

            (b) The undersigned hereby intends that his signature hereon shall
constitute an irrevocable subscription to the Company for the number of Shares
described herein.

      4. American Depositary Receipts. The Company's American Depositary Shares
("ADSs") trade on the Nasdaq SmallCap Market under the symbol FMDAY. Each ADS
represents the right to receive one Ordinary Share of the Company. ADSs are
evidenced by American Depositary Receipts ("ADRs"). ADSs evidenced by ADRs are
issued by the Bank of New York as Depositary (the "Depositary") of the Company's
ADR facility in accordance with the terms of a deposit agreement between the
Company and the Depositary. To the extent necessary, the Company shall amend the
deposit agreement with the Depositary to include the Shares as ADSs and/or to
take all reasonably necessary action to deliver to the purchaser ADRs evidencing
such ADSs. The Company shall bear all costs and expenses in connection with the
issuance of ADRs to the undersigned.

      5. Representations and Warranties of the Undersigned. The undersigned
hereby represents and warrants to the Company as follows:

            (a) The undersigned (i) has adequate means of providing for its
current needs and possible contingencies, and it has no need for liquidity of
its investment in the Company; (ii) has such knowledge and experience in
financial matters that the undersigned is capable of evaluating the relative
risks and merits of this investment; and (iii) understands that an investment in
the Shares is highly speculative and is able financially to bear the risk of
losing its entire investment.

                                      -4-
<PAGE>

            (b) The address set forth on the signature page of this Agreement is
its true and correct business address, and it has no present intention of
changing its business location to any other jurisdiction.

            (c) The undersigned has received and read and represents that it is
familiar with this Agreement.

            (d) The undersigned, and its representatives, if any, have received
copies of the following documents: (i) the Company's Annual Report on Form 20-F
for the fiscal year ended April 30 2002, attached hereto as Exhibit A; (ii)
(iii) the correspondence between the Company and Nasdaq regarding the Company's
continued listing on the Nasdaq SmallCap Market, attached hereto as composite
Exhibit B and (iii) the Company's Press Releases distributed since April 30,
2002, attached hereto as composite Exhibit C. The undersigned acknowledges that
it has reviewed the information contained therein. It further acknowledges that
it has had the opportunity to ask representatives of the Company questions about
the Company's business and financial condition and that it has obtained such
information as it has requested to the extent it has deemed necessary to permit
it to fully evaluate the merits and risks of its investment in the Company.
Further, the undersigned has consulted with such other of its investment and/or
accounting and/or legal and/or tax advisors as it has deemed necessary and
appropriate in making its decision to acquire the Shares.

            (e) If the undersigned is a corporation, partnership, trust, or
other entity, (i) it is authorised and qualified to become a shareholder of, and
authorised to make its investment in, the Company; (ii) it has not been formed
for the purpose of making an investment in the Company; and (iii) the person
signing this Agreement on behalf of such entity has been duly authorised by such
entity to do so.

            (f) The undersigned is not relying on the Company or any
representation contained herein or in the documents referred to herein with
respect to the tax and economic effect of its investment in the Company.

            (g) The undersigned understands (i) that it is the Company's intent
that all communications and other activities relating to this Agreement and the
transactions contemplated hereby are being carried out in compliance with the
Financial Services and Markets Act 2000 ("FSMA") and related secondary
legislation, including without limitation the Financial Services and Markets Act
2000 (Financial Promotion) Order 2001, SI 2001 No. 1335 ("Statutory Instrument
2001 No. 1335") and (ii) that the Company is relying certain exemptions in
Statutory Instrument 2001 No. 1335. Unless another exemption is available, the
undersigned hereby represents and warrants that it is either a Certified High
Net Worth Individual or a Certified Sophisticated Investor, or a current member
of the Company, as such terms are defined in Statutory Instrument 2001 No. 1335.

                                      -5-
<PAGE>

            (h) The undersigned understands that the Shares have not been and
are not expected to be registered under the United States Securities Act of
1933, as amended (the "Act") or under the securities law of any other
jurisdiction. The Securities are being offered and sold in an "offshore
transaction" outside the United States in accordance with Rule 903 of Regulation
S ("Regulation S"), promulgated under the Act. The transferability of the
Securities is restricted as provided herein.

            (i) At the time the offer to buy the Shares was made, the
undersigned and all beneficial owners of the Shares purchased hereunder by the
undersigned on behalf of such persons were outside of the United States of
America, Canada, Japan, the Republic of Ireland and Australia. The undersigned
further represents that the undersigned and all such beneficial owners did not
receive any offering documents, with respect to the purchase of the Shares, in
the United States of America, Canada, Japan, the Republic of Ireland or
Australia.

            (j) The Shares for which the undersigned hereby subscribes are being
acquired solely for its own account or for the account of beneficial owners that
the undersigned represents, and are not being purchased with a view to or for
distribution. It has no present plans to enter into any such contract,
undertaking, agreement or arrangement. In order to induce the Company to sell
and issue the Shares subscribed for hereby to the undersigned, it is agreed that
the Company will have no obligation to recognise the ownership, beneficial or
otherwise, of such Shares by anyone but the undersigned and the beneficial
owners that the undersigned represents.

            (k) The undersigned understands that the Shares may not be
transferred, sold, assigned, hypothecated or otherwise disposed of, except:
(a)(i) pursuant to a registration statement, filed with and declared effective
by the Commission, (ii) in an offshore transaction in compliance with Regulation
S or (iii) pursuant to another available exemption from the registration
requirements under the Act upon the delivery of an opinion of counsel,
certification and/or other information satisfactory to the Company and (b) in
compliance with all other applicable laws.

            (l) The undersigned agrees that, in order to ensure compliance with
applicable securities laws, the certificates or ADRs evidencing the Shares will
be held in escrow by Thomas, Eggar Verrall, Bowles, Solicitors of Chichester,
England (the "Escrow Agent"), for a minimum period of 40 days following the date
of receipt by the Company of payment in full for all Shares purchased hereunder
(the "Restricted Period"). The undersigned agrees not to sell, grant options
over, transfer, charge, pledge, hypothecate or otherwise dispose of the Shares
during the Restricted Period.

            The foregoing representations and warranties are true and accurate
as of the date of delivery of this Agreement to the Company and shall survive
such delivery. If in any respect such representations and warranties shall not
be true and accurate prior to acceptance of this subscription by the Company,
the undersigned shall give written notice of such fact to the Company,
specifying which representations and warranties are not true and accurate and
the reasons therefore.

      6. Delivery of Certificates; Transfer Agent Instructions.

                                      -6-
<PAGE>

            (a) The Company will cause to be placed in escrow, as described
herein, either certificates or ADRs evidencing the Shares being purchased
hereunder without any restrictive legends affixed thereon (except to the extent
that any such restrictive legends may be required by The Bank of New York or any
successor depositary of the Company's ADR facility). The certificates or ADRs
will be issued in the name of the undersigned and will be held in escrow by the
Escrow Agent during the Restricted Period. Upon the expiration of the Restricted
Period, the Escrow Agent will deliver the certificates representing the Shares
or the ADRs to the undersigned.

      (b) Notwithstanding anything contained herein to the contrary, the Company
and the undersigned hereby agree and acknowledge that the Escrow Agent is
holding the certificates or ADRs evidencing the Shares solely for administrative
convenience purposes only, and that no duty or obligation, direct or indirect,
whether affirmative or not, is hereby imposed, created or otherwise assumed or
undertaken by the Escrow Agent with respect thereto.

      7. Costs and expenses Incident to the Purchase. The Company shall bear all
costs and expenses incident to the issuance, sale and delivery of the Shares,
including, but not limited to, all legal fees; the preparation, printing and
delivery of shares certificates; and any cost and expense in connection with the
conversion of any of the Shares into ADRs. The Company shall not be obligated to
pay any commissions or issue any warrants or options to any third parties or the
undersigned in connection with the issuance of the Shares pursuant to this
Agreement except as otherwise expressly agreed in writing by the Company.

      8. Indemnification. The undersigned acknowledges that it understands the
meaning and legal consequences of the representations and warranties contained
herein, and hereby agrees to indemnify and hold harmless the Company, the
Company's officers and directors, and their respective agents, employees and
affiliates, from and against any and all losses, claims, damages or liabilities,
including reasonable solicitors' or attorneys' fees, due to or arising out of a
breach of any representation (s) or warranty(s) of the undersigned contained in
this Agreement.

      9. Further Assurances. The undersigned hereby agrees to execute or sign
any and all other documents and/or take any and all such further actions as the
Company may reasonably request or require in connection with the transactions
contemplated by this Agreement.

      10. No Waiver. Notwithstanding any of the representations, warranties,
acknowledgments or agreements made herein by the undersigned, the undersigned
does. not thereby or in any other manner waive any rights granted to it under
U.S. federal or state securities laws, the laws of England and Wales or any
other jurisdiction.

      11. Revocation. The undersigned acknowledges and agrees that its
subscription for the Shares made by the execution and delivery of this Agreement
by the undersigned is irrevocable.

      12. Miscellaneous.

            (a) All notices or other communications given or made hereunder
shall be in writing and shall be delivered or mailed by registered or certified
mail, return receipt requested, postage prepaid, to the undersigned at its
address set forth below and to Futuremedia Public Limited Company at Media
House, Arundel Road, Walberton, Arundel, West Sussex, BN18 0QP, Attention: Peter
Machin.

                                      -7-
<PAGE>

            (b) Notwithstanding the place where this Agreement may be executed
by any of the parties hereto, the parties expressly agree that all the terms and
provisions hereshall be construed in accordance with and shall be governed by
the laws of England and Wales.

            (c) This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and may be amended only
by a writing executed by all parties.

            (d) This Agreement shall be binding upon the legal representatives,
successors and assigns of all parties hereto.

            (e) All terms used herein shall be deemed to include the masculine
and the Feminine and the singular and the plural as the context requires.

                           [Signature Page to Follow]

                                      -8-
<PAGE>

                                 SIGNATURE PAGE

EXECUTED this 23 day of April, 2003.

Number of Shares subscribed for:  8,500,000 shares at U.S. $0.10 per Share.

Payable:  One installment of $ 850,000 on signature.

<TABLE>
<CAPTION>
<S>                                    <C>
  /s/ Sven Holmgren
------------------------------------    -----------------------------------------------------
(Signature of Subscriber)               (Signature of Spouse, or other joint tenant, if any)

Sven Holmgren
VD/Managing Director
Volito AB
-------------------------------------   ------------------------------------------------------
(Print Name of Subscriber)              (Printed Name of Spouse, or other joint tenant, if any)

Volito AB
Sodra Forstadsgateny
211 43 Malmo - Sweden                   (Address)
-------------------------------------- --------------------------------
(Address)
</TABLE>

Check Appropriate Space:
__________/Individual Ownership
__________/Joint Tenants with Right of Survivorship
__________/Tenants in Common
__________/Other:  _______

                                   ACCEPTANCE

      APPROVED AND ACCEPTED in accordance with the terms of this Agreement on
this Agreement on this 23 day of April, 2003.

                                  FUTUREMEDIA PUBLIC LIMITED COMPANY

                                  By: /s/ Mats Johansson
                                      ------------------------------------------
                                      Mats Johansson, Chief Executive Officer

                                      -9-
<PAGE>

                                    Exhibit A

                 FORM 20-F FOR FISCAL YEAR ENDED APRIL 30, 2002

                                      -10-
<PAGE>

                                    Exhibit B

            CORRESPONDENCE WITH NASDAQ REGARDING REVIEW OF COMPANY'S
                         NASDAQ SMALLCAP MARKET LISTING

                                      -11-
<PAGE>

                                    Exhibit C

                       PRESS RELEASES SINCE APRIL 30, 2002

<TABLE>
<CAPTION>
<S>                           <C>                                               <C>
May 16, 2002                  Preliminary results Fiscal 2002                   Filed under Form 6-k
May 31, 2002                  C2W Acquisition                                   Filed under Form 6-k
June 25, 2002                 BT Conferencing goes live                         Filed under Form 6-k
December 10, 2002             Quarter 1 results, fiscal 2003                    Filed under Form 6-k
December 12, 2002             Award of Syngenta contract                        Filed under Form 6-k
January 16, 2003              Half year results, fiscal 2003                    Filed under Form 6-k
January 22, 2003              Peter Copeland                                    Filed under Form 6-k
January 28, 2003              Private Placement                                 Filed under Form 6-k
March 11, 2003                Announcement re RDF                               To be Filed under Form 6-k
March 20, 2003                Award of BUPA contract                            To be Filed under Form 6-k
</TABLE>

                                      -12-Exhibit 4.6

                             SUBSCRIPTION AGREEMENT

                                     between

                            Futuremedia Public Limited Company
                            Media House, Arundel Road
                            Walberton, Arundel
                            West Sussex, BN18 0QP
                            United Kingdom
                            Tel no: 00-44-1243-555000
                            Fax no: Fax no: 00-44-1243-555020
                            Contact person: Peter Machin, Company Secretary
                            e-mail: peter.machin@futuremedia.co.uk

                                                      and

                            LUVIT AB (Publ)
                            Box 117
                            221 00 Lund
                            Sweden
                            Tel no: 00 46 (0)46 10 12 00
                            Fax no: 00 46 (0)46 10 12 99
                            Contact person: Ola Svantesson, President LUVIT AB
                            e-mail: ola.svantesson@luvit.com

<PAGE>

                  THIS SUBSCRIPTION AGREEMENT is made on April 22, 2003, by and
among

(1)      Futuremedia Plc, Reg. No: 01616681, hereinafter "Futuremedia, a limited
         liability company duly established and registered under the laws of
         United Kingdom,

(2)      LUVIT AB (Publ), Reg. No: 556561-8641, hereinafter "LUVIT" or "the
         Company", a limited liability company duly established and registered
         under the laws of Sweden,

Recitals:

         Futuremedia Plc will subscribe for the shares to be issued in the
         Company (the "New Shares") in accordance with this Subscription
         Agreement.

                  NOW THEREFORE, intending to be legally bound, the Parties have
agreed as follows.

1.    DEFINITIONS

                  When used in this Subscription Agreement the following terms
                  shall have the meanings set forth below (such meanings to be
                  equally applicable to the singular and plural forms of such
                  terms unless otherwise specifically defined):

"Accounts"                         means the balance sheet and the income
                                   statement of the Company as of the Accounts
                                   Date attached hereto as Exhibit 1.

"Accounts                          Date" means the audited fiscal year ended
                                   December 31, 2001, and; the non-audited
                                   fiscal year ended December 31, 2002.

"Business Day"                     shall mean a day on which banks are open for
                                   business in Malmo.

"Company"                          means the Swedish limited liability company
                                   LUVIT AB (publ) org. no.556561-8641.

"Exchange rate U.S $"              means that the exchange  rate U.S $ to
                                   Swedish  kronor for this  contract  will be
                                   8,58 kronor as established by the Parties
                                   April 22, 2003.

"New Shares"                       means the issue of 7.800.000 new shares,
                                   credited as fully paid

"Parties"                          means the undersigned parties to this
                                   Subscription Agreement.

"Party"                            mean any of the undersigned parties to this
                                   Subscription Agreement.

"Subscription Agreement"           means this Subscription Agreement
                                   by and among the Parties, as it may be
                                   amended from time to time, and all the
                                   exhibits attached hereto, each of which
                                   constitutes an integral part of this
                                   Subscription Agreement.

                                                                               2
<PAGE>

"Subscription Date"                means April 30,2003, or such other date as
                                   may be agreed by all Parties.

"Subscription Price"               means SEK1,10 per share.

"Volito AB"                        means the main shareholder of LUVIT AB.

2.    SUBSCRIPTION AND ISSUE OF NEW SHARES

2.1.              The issue to and for the purpose of this subscription by
                  Futuremedia for the New Shares, together with all other
                  actions of the Parties necessary for the completion of the
                  transactions contemplated by this Subscription Agreement shall
                  be subject to that:

      (i)   LUVIT shall hold an extraordinary general meeting, to be held within
            a period of 40 days from post signing a special agreement regulating
            issues of cross ownership between Futuremedia and Volito AB, to pass
            a resolution to affect the issue of the New Shares. The New Shares
            are to be issued exclusively towards Futuremedia and Futuremedia
            shall subscribe the New Shares.

      (ii)  the Company shall complete the issue of the New Shares, pursuant to
            which decision the share capital of the Company shall be increased
            as per the following calculation: A nominal value of SEK 0,10 each,
            at a subscription price of SEK 1,10 per Share, the "Subscription
            Price, comprising a total capital contribution of U.S $ 1.000.000.
            The amounts paid in excess of the nominal value of the New Share
            shall be attributed to the Company's share premium reserve.

            It is understood and agreed that the issue of the New Shares is
            subject to the approval of the following events:

            a)    a signed agreement (LOI) between Futuremedia Plc and Volito AB
                  and;

            b)    the LUVIT extraordinary general meeting regarding the issue of
                  the New Shares.

2.2.     The Parties shall take all measures (insofar as each Party is able)
         necessary to carry out the terms and conditions under this Subscription
         Agreement without any delay.

3.    CLOSING

3.1.     Futuremedia Plc shall by signing this Agreement or nor later than on
         the Subscription Date pay, to the advised Company's bank account or/and
         according to the payments logistics mutually agreed between the
         Parties, the total Subscription Price to the for all the New Shares of
         U.S $ 1.000.000 (SEK 8.580.000).

3.2.     Futuremedia Plc hereby undertakes that its signature hereon shall
         constitute an irrevocable subscription to LUVIT for the number of New
         Shares described herein.

                                                                               3
<PAGE>

4.    RISK FACTORS

Futuremedia acknowledges and is aware that an investment in the Company involves
a substantial degree of risk and should be regarded as highly speculative. As a
result, the subscription for the New Shares should be considered only if the
undersigned can reasonably afford a loss of its entire investment. The
undersigned should carefully consider, among other things, the risk factors set
out in the list of documents that is to be followed and attached hereto as
Exhibit 2.

5.    REPRESENTATION AND WARRANTIES

The undersigned hereby represents and warrants to the Company as follows:

(a) The undersigned (i) has adequate means of providing for its current needs
and possible contingencies, and it has no need for liquidity of its investment
in the Company; (ii) has such knowledge and experience in financial matters that
the undersigned is capable of evaluating the relative risks and merits of this
investment; and (iii) understands that an investment in the Shares is highly
speculative and is able financially to bear the risk of losing its entire
investment.

(b) The address set forth on the signature page of this Agreement is its true
and correct business address, and it has no present intention of changing its
business location to any other jurisdiction.

(c) The undersigned has received and read and represents that it is familiar
with this Agreement.

(d) The undersigned, and its representatives, if any, have received copies of
the following documents: (i) the Company's Annual Report for the fiscal year
ended December 31 2001, and the non audited Annual Report for the fiscal year
ended December 31, 2002 attached hereto in Exhibit 1; the Company's Press
Releases distributed since December 31, 2002, attached hereto as composite in
Exhibit 2. The undersigned acknowledges that it has reviewed the information
contained therein. It further acknowledges that it has had the opportunity to
ask representatives of the Company questions about the Company's business and
financial condition and that it has obtained such information as it has
requested to the extent it has deemed necessary to permit it to fully evaluate
the merits and risks of its investment in the Company. Further, the undersigned
has consulted with such other of its investment and/or accounting and/or legal
and/or tax advisors as it has deemed necessary and appropriate in making its
decision to acquire the Shares.

(e) If the undersigned is a corporation, partnership, trust, or other entity,
(i) it is authorised and qualified to become a shareholder of, and authorised to
make its investment in, the Company; (ii) it has not been formed for the purpose
of making an investment in the Company; and (iii) the person signing this
Agreement on behalf of such entity has been duly authorised by such entity to do
so.

(f) The undersigned is not relying on the Company or any representation
contained herein or in the documents referred to herein with respect to the tax
and economic effect of its investment in the Company.

                                                                               4
<PAGE>

(g) At the time the offer to buy the Shares was made, the undersigned and all
beneficial owners of the Shares purchased hereunder by the undersigned on behalf
of such persons were outside of the United States of America, Canada, Japan, the
Republic of Ireland and Australia. The undersigned further represents that the
undersigned and all such beneficial owners did not receive any offering
documents, with respect to the purchase of the Shares, in the United States of
America, Canada, Japan, the Republic of Ireland or Australia.

(h) The Shares for which the undersigned hereby subscribes are being acquired
solely for its own account or for the account of beneficial owners that the
undersigned represents, and are not being purchased with a view to or for
distribution. It has no present plans to enter into any such contract,
undertaking, agreement or arrangement. In order to induce the Company to sell
and issue the Shares subscribed for hereby to the undersigned, it is agreed that
the Company will have no obligation to recognise the ownership, beneficial or
otherwise, of such Shares by anyone but the undersigned and the beneficial
owners that the undersigned represents.

The foregoing representations and warranties are true and accurate as of the
date of delivery of this Agreement to the Company and shall survive such
delivery. If in any respect such representations and warranties shall not be
true and accurate prior to acceptance of this subscription by the Company, the
undersigned shall give written notice of such fact to the Company, specifying
which representations and warranties are not true and accurate and the reasons
therefore.

6.    INDEMNIFICATION

Futuremedia acknowledges that it understands the meaning and legal consequences
of the representations and warranties contained herein, and hereby agrees to
indemnify and hold harmless the Company, the Company's officers and directors,
and their respective agents, employees and affiliates, from and against any and
all losses, claims, damages or liabilities, including reasonable solicitors' or
attorneys' fees, due to or arising out of a breach of any representation (s) or
warranty(s) of the undersigned contained in this Agreement.

7.    WAIVERS

If any Party should at any time waive its rights due to breach or default by the
other Party, or Parties, as the case may be, of any of the provisions of this
Subscription Agreement, such waiver shall not be construed as a continuing
waiver regarding other breaches or defaults of the same or other provisions of
this Subscription Agreement.

8.    ENTIRE AGREEMENT

This Subscription Agreement supersedes all prior agreements between the Parties
with respect to its subject matter and constitutes, together with the documents
referred to in this Subscription Agreement, a complete and exclusive statement
of the terms of the agreement between the Parties with respect to its subject
matter.

                                                                               5
<PAGE>

9.    VARIATION

Any amendment, alteration or variation to this Subscription Agreement shall not
be valid or enforceable unless it is recorded in writing and signed by a duly
authorised representative of each Party.

10.   SEVERABILITY

If any term or provision in this Subscription Agreement shall be held to be
illegal or unenforceable, in whole or in part, under any enactment or rule of
law, such term or provision or part shall to that extent be deemed not to form a
part of this Subscription Agreement but the enforceability of the remainder of
this Subscription Agreement shall not be affected.

11.   NOTICES

Notices pursuant to this Subscription Agreement shall be made in writing by post
or by facsimile to the other Parties under the addresses and to the facsimile
numbers, respectively, set forth in this Agreement, or to such other addresses
or facsimile numbers which, in accordance with the terms of this Section 11, has
been notified to the other Parties. Where the notice is sent by mail, it shall
be deemed to have been received by the addressees four Business Days after its
posting. Notices sent by facsimile shall be deemed to have been received by the
addressees at the time of transmission, provided that the sender's facsimile
machine returns a receipt indicating that all the transmitted pages have been
properly received by the addressees' respective facsimile machines.

12.   GOVERNING LAW AND JURISDICTION

12.1.    This Subscription Agreement shall be governed by and construed in
         accordance with the laws of Sweden.

12.2.    Any dispute, controversy or claim arising out of or in connection with
         this Subscription Agreement, or the breach, termination or invalidity
         thereof, shall be settled by arbitration in accordance with the Rules
         of the Arbitration Institute of the Stockholm Chamber of Commerce. The
         arbitration tribunal shall be composed of one arbitrator to be
         appointed by the Stockholm Chamber of Commerce. The place of
         arbitration shall be Malmo and the language to be used in the arbitral
         proceedings shall be English.

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

                                                                               6
<PAGE>

SIGNATURES

EXECUTED this 23 day of April, 2003

Number of Shares subscribed for:  7.800.000 Shares at SEK 1,10 per Share.

Payable: One installment of U.S S 1.000.000.

/s/ Mats Johansson on behalf of Futuremedia Plc
-----------------------------------------------      ---------------------------
(Signature of Subscriber)                            (Signature of Spouse, or or
                                                     other joint tenant, if any)

Mats Johansson - CEO
---------------------------------------------        ---------------------------
(Printed Name of Subscriber)                         (Printed Name of Spouse, or
                                                     other joint tenant, if any)

                                   ACCEPTANCE

APPROVED AND ACCEPTED in accordance with the terms of this Agreement on this 23
day of April, 2003.

                                   LUVIT AB (publ)

                                   By:  /s/ Ola Svantesson
                                        ----------------------------------------
                                        Ola Svantesson, President LUVIT AD

                                                                               7
<PAGE>

List of Exhibits:

Exhibit 1 - LUVIT Accounts (in the Swedish language)

Exhibit 2 - Press releases and other documents relevant to Section 4. (partly in
the Swedish language

                                                                               8

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