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**UNOFFICIAL      AND UNCERTIFIED TRANSLATION**

**FOR      THE PURPOSES OF CME ONLY**

**CREDIT      LINE AGREEMENT No. 2644/05/LCD**

| 1. | **Česká                spořitelna, a.s.,**with                its registered seat at Prague 4, Olbrachtova 1929/62, Postal Code:                140 00,                Company ID: 45244782, registered in the Commercial Register maintained                by                the Municipal Court in Prague, Section B, File                1171 |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Bank**

| 2. | **CET                21 spol.s r.o.**,                with its seat at Prague 5, Hlubočepy, Kříženeckého nám. 322/5, Postal                Code: 152 00 (seat registered in the Commercial Register: Prague                1, V jámě                12), Company ID: 45800456, registered                in the Commercial Register maintained by the Municipal Court in Prague,                Section C, File 10581 |
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**Client**

**“Commercial      Code”**
**“Loan      Agreement”**

**DEFINITIONS      OF TERMS**

| 1. | The                Bank and the Client have agreed that, for purposes of this Loan Agreement,                the terms stated below shall have the following                meaning: |
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**“Alternative      Currencies”**

**“Current      Account” **

**“Center      of Main Interests” **

**“CZK”**

**”Central      European Media Enterprises Ltd.” **

**”Central      European Media Enterprises N.V.”**

**“CME      Media Enterprises B.V.”**

**“CME      Media Investments” **

**“CME      Media Services” **

**“Advance”**

**“**
**ČP      2000”**

**“Final      Repayment Date” **

**“Calculation      Day”**

**“Repayment      Day” **

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**“Confidential      Information”**

**“EUR”**

**“EURIBOR”**

**“Factoring      ČS” **

**“Indenture”**

**“LIBOR”**

**“MAG      MEDIA 99” **

**“Margin”      **

**“New      Repayment Day”**

**“Interest      Rate Period”**

**“Business      Day”**

**“PRIBOR”**

**“Variable      Rate”**

**“Event      of Default”**

**“Frame      Agreement on Factoring” **

**“Reference      Rate”**

| (a) | PRIBOR                for the Loan made available                in CZK, |
|-----|-------------------------------------------------------------------------------|

| (b) | EURIBOR                for the Loan made available                in EUR, |
|-----|--------------------------------------------------------------------------------|

| (c) | LIBOR                for the Loan made available                in USD. |
|-----|------------------------------------------------------------------------------|

**“Tariff      of Fees and Charges”**

**“CME      Affiliates” **

| (i) | Central                European Media Enterprises Ltd.; |
|-----|---------------------------------------------------------|

| (ii) | Central                European Media Enterprises N.V.; |
|------|---------------------------------------------------------|

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| (iii) | CME                Media Enterprises B.V.; and |
|-------|------------------------------------------------|

| (iv) | Their                legal successors. |
|------|----------------------------------------|

**“Client’s      Affiliates”**

| (i) | the                Client; |
|-----|----------------------------|

| (ii) | ČP                2000; |
|------|------------------------------|

| (iii) | MAG                MEDIA 99; |
|-------|------------------------------|

| (iv) | CME                Media Services; |
|------|------------------------------------|

| (v) | CME                Media Investments; |
|-----|---------------------------------------|

| (vi) | VILJA;                and |
|------|---------------------------|

| (vii) | Their                legal successors. |
|-------|----------------------------------------|

**“TV      Nova Affiliates” **

| (i) | Client’s                Affiliates; |
|-----|-------------------------------------------|

| (ii) | persons                controlled (directly or indirectly pursuant to the applicable provisions                of the Commercial Code) by any Client’s                Affiliate; |
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| (iii) | persons                having the business in the Czech Republic, controlled (directly or                indirectly pursuant to the applicable provisions of the Commercial                Code)                by any of the CME Affiliates; and |
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| (iv) | Their                legal successors. |
|------|----------------------------------------|

**“Interest      Period”**

**“USD”**

**“Loan”**

**“Loan      Facility”**

**“VILJA”      **

**“Base      Rate for Commercial Clients”**

**“Collateral”**

**“Request      for Advance” **

| 2. | Unless                indicated otherwise by the context, in respect of the terms defined                in                this Loan Agreement, singular shall also mean plural and vice                versa. |
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**I.      THE LOAN**

| 1. | **Loan                Facility and Loan currency****.**The                Bank agrees to provide to the Client funds up to the amount of CZK                1,200,000,000 (in words: one billion and two hundred million Czech                Crowns)                or the equivalent of this amount in the Alternative Currencies (at                the                request of the Client), in the form of separate                Advances. |
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| 2. | **Purpose                of the Loan****.**The                Client agrees to use the Loan solely for the following                purpose: |
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|   | (i) | to                finance the repayment of the Client’s obligations owing to PPF MEDIA B.V.,                arising from the agreement on mediation dated 19th                December 2003; and thereafter |
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|   | (ii) | for                general corporate purposes. |
|--------|------|------------------------------------------------|

**II.      THE INTEREST**

| 1. | **Interest                rate****.**                The interest rate for the Loan shall be the Variable Rate and shall                be                equal to the Reference Rate plus a                Margin. |
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| 2. | **Interest                Period****.**The                term of each Interest Period shall be one (1) month. The initial                Interest                Period shall commence on the date of drawing the Advance and shall                continue until (and including) the last day of the calendar month,                in                which the drawing of the Advance shall occur. The Bank shall charge                the                Client for the interest on the Loan (i.e. the Client shall pay the                interest on the Loan to the Bank) on the last day of the Interest                Period                for a period from (and including) the later of the last day of the                preceding Interest Period or the date of making the Loan available                until                (and including) the earlier of the day immediately preceding the                last day                of the current Interest Period or the day immediately preceding the                date                of repayment of the Loan. If the last day of the Interest Period                is not a                Business Day, the last day of the current Interest Period shall be                deemed                to fall upon the next following Business Day. |
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| 3. | **Interest                Rate Period****.**The                term of the Interest Rate Period shall be three (3) months, six (6)                months                or twelve (12) months. The term of each Interest Rate Period shall                be set                forth by the Client in respect of each Advance in the respective                Request                for Advance so, that the term of any Interest Rate Period shall not                exceed                the Final Repayment Date. The Interest Rate Period shall commence                on the                date of drawing the Advance. |
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| 4. | **Default                interest****.**If                the Client is in default on its financial obligations incurred under                the                Loan Agreement, the Client shall be obligated to pay to the Bank                default                interest in the amount of the Base Rate for Commercial Clients plus                5 %                per annum. The owing amount shall be subject to default interest                accruing                daily from (and including) the first day of default until (and including)                the day immediately preceding the day of repayment of the owing amount.                Any and all default interest shall be chargeable on a daily basis.                Any                default interest shall not be set off against the Client’s obligation, as                the case may be, to compensate the Bank for any                damages. |
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| 5. | **Determination                of number of days for purposes of accrual of                interest****.**                The Bank shall calculate the interest on the basis of the actual                number of                days and a calendar year of 360                days. |
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**III.      DRAW-DOWN OF THE LOAN**

| 1. | **Draw-down                Period****.**                The Client shall be entitled to draw down the Loan Facility exclusively                during the period of time from the execution of this Loan Agreement                until                the day which falls six (6) months before the Final Repayment Date                (hereinafter the **“Draw-down                Period”**). |
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| 2. | **Procedure                of drawing of Advance and postponement of repayment of                Advance****.**                On                the basis of a Request for Advance, signed by the persons authorized                to                act on behalf of the Client, the Bank shall transfer the funds made                available to the Client to the Current Account / postpone the repayment                of                already provided Advance. The Request for Advance must be delivered                to the                Bank at least two (2) Business Days prior to the required date of                the                drawing of the Advance or prior to the Repayment Day, if the Client                asks                the Bank for postponement of repayment of already provided Advance,                either                by the mail or by the fax specified in the Art. XI, Paragraph 6 of                this                Loan Agreement. Confirmed Request for Advance shall be sent by the                Bank to                the Client without delay via fax specified in Article XI, Paragraph                6                hereof. The request for postponement of repayment of Advance may                be                submitted repeatedly. The Bank shall provide the Client with the                Advance                or postpone the repayment of already provided Advance subject to                following                conditions: |
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|   | (a) | the                Client has opened the Current Account with the                Bank; |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (b) | no                Event of Default shall have occurred or be continuing as of the date                of                drawing the Advance / postponement of repayment of Advance or would                arise                as a result of the provision of the                Loan; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all                Collateral shall have been validly and effectively                created; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (d) | the                requested Advance amounts to at least CZK 50,000,000 (in words: fifty                million Czech Crowns) or integral multiple of this                amount. |
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**IV.      REPAYMENT OF THE LOAN**

| 1. | **Loan                repayment****.**The                Client agrees to repay the Loan provided on the basis of each drawing                of                Advance on the Repayment Day or the New Repayment Day, but on the                Final                Repayment Date at the latest. |
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| 2. | **Due                date set-off; sufficient balance in the Current                Account****.**                The Client shall repay the Loan and any other obligations it may                have to                the Bank as a result of and in connection with the Loan Agreement                as                follows: the Bank shall, as of the date of maturity of such obligations,                offset its due and payable receivables from the Client against the                Client’s monies in the Current Account. The Client agrees to ensure, on                or                before the due date of any of the Bank’s receivables, that sufficient                monies shall be deposited in the Current Account to satisfy such                receivable. If the due date of any of the Bank’s receivables falls on a                day which is not a Business Day, the Bank shall make the set-off                of its                due and payable receivables against the monies in the Current Account                on                the next following Business Day. If the Current Account is denominated                in                a currency other than the currency in which the Bank’s receivable is to be                repaid, the Client shall ensure that sufficient monies shall be deposited                in the Current Account at least two (2) Business Days prior to the                due                date of the Bank’s receivable. |
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| 3. | **Payment                from other accounts****.**                If                the monies available in the Current Account are insufficient to duly                discharge all of the Bank’s due and payable receivables from the Client                existing by virtue of and in connection with the Loan Agreement,                the Bank                shall have the right to offset such due and payable receivables against                monies deposited in any other account of the Client maintained with                the                Bank, or not to execute any of the Client’s instructions with respect to                such monies or otherwise not to allow the Client to dispose of monies                in                any of the Client’s accounts. |
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| 4. | **Insufficient                funds in the account****.**                If                there are insufficient funds in the Current Account or in any other                account of the Client maintained by the Bank pursuant to Article                IV,                paragraph 3 of this Loan Agreement, to satisfy all of the Client’s due and                payable obligations owing to the Bank, the monies available in the                Current                Account or in such other account of the Client maintained by the                Bank                shall be offset against the Bank’s due and payable receivables in the                following order: towards payment of default interest; towards compensation                of damage and reimbursement of costs incurred by the Bank to which                the                Client agreed under this Loan Agreement; towards payment of fees                and                charges agreed upon under this Loan Agreement; towards payment of                interest                accrued on the Loan; and towards repayment of the                Loan. |
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| 5. | **Prepayment                of the Loan****.**                The Client shall have the right to repay the Loan or any portion                thereof                prior to the ultimate date of maturity of the Loan. The amount of                any                prepayment shall not be lower than CZK 100,000,000 (in words: one                hundred                million Czech Crowns) or an integral multiple of this amount. The                Client                shall be obligated to deliver to the Bank, at least ten (10) Business                Days                in advance, a written notice of prepayment, in which the Client shall                specify: |
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|   | (i) | the                amount of such prepayment of the                Loan; |
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|   | (ii) | the                date of prepayment; and |
|--------|------|--------------------------------------------|

|   | (iii) | identification                of the Advances, which shall be                prepaid. |
|--------|-------|---------------------------------------------------------------------------------------|

|   | (a) | amount                of the interest, that would be paid by the Client to the Bank from                the                early prepaid amount of the Advance for the time period commencing                on the                date of prepayment and ending on the last day of the Interest Rate                Period                for such Advance; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | amount                of the interest, that would be paid to the Bank by another bank well                known                on the international interbank market, providing that the prepaid                amount                of Advance would have been deposited by the Bank with such other                bank for                the time period commencing on the date of prepayment and ending on                the                last day of the Interest Rate Period for such Advance. |
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**V.      REPRESENTATIONS OF THE CLIENT**

| 1. | As                of the date of execution of the Loan Agreement, the Client makes                the                following representations to the                Bank: |
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|   | (a) | The                Client is a legal entity duly formed and existing in accordance with                the                laws of the relevant jurisdiction, and has an unrestricted legal                capacity; |
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|   | (b) | The                Loan Agreement and any other contractual obligations related to the                Loan                have been duly signed by the Client or its representatives acting                within                the scope of their respective authorizations. Any and all obligations                of                the Client under the Loan Agreement and any other contractual obligations                related to the Loan Agreement are valid and enforceable obligations                of the                Client; |
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|   | (c) | The                Client has obtained any and all approvals and consents that are necessary                for whatever reason for the valid execution of the Loan Agreement                and                other contractual obligations related hereto, for the drawing of                Advances                and for the due discharge by the Client of its obligations in connection                with the Loan Agreement and any other contractual obligations related                hereto; all such approvals and consents are valid and in                effect; |
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|   | (d) | None                of the execution of the Loan Agreement, nor the drawing of Advances,                nor                the discharge by the Client of its obligations to the Bank ensuing                from                this Loan Agreement and any other contractual obligations related                hereto                shall result in any Event of                Default; |
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|   | (e) | To                the Client’s best knowledge, no petition has been filed in respect of the                Client for issuance of a decision or initiation of any court, arbitral                or                administrative proceeding (e.g., petition in bankruptcy, proposal                for                composition, petition seeking an injunction, or petition seeking                the                execution of a court ruling), which could materially adversely affect                the                Client’s legal, financial or economic standing or ability to perform any                of its obligations under the Loan Agreement and any other contractual                obligations related hereto, and no such petition or proceeding                threatens; |
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|   | (f) | The                Client is not insolvent within the meaning of the applicable                laws; |
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|   | (g) | Any                and all information disclosed to the Bank in connection with the                execution                of the Loan Agreement or any other contractual obligation related                hereto                or in connection with the drawing of an Advance is, as of the date                of                disclosure, true, complete and correct, and is not misleading in                any                material respect. From the date of disclosure of such information                to the                Bank, there have not occurred any material adverse changes in the                matters                to which such information relates (provided, however, that this                representation, when deemed repeated in accordance with Paragraph                2 of                this Article V, shall not be deemed to include reference to any financial                projections or forecasts contained within any such disclosed                information); |
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|   | (h) | The                Client’s tax records do not show any tax arrears, the Client does not have                any outstanding delinquent payments and/or penalties in respect of                public                health insurance and payments and/or penalties in respect of social                security and contributions to the state employment policy or in respect                of                customs fees; |
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|   | (i) | The                Client acknowledges that for purposes of determination of the Client’s                rights and obligations in relation to the Bank, the Client shall                be deemed                to be a commercial client; |
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|   | (j) | The                Client’s Center of Main Interests shall be in the Czech                Republic. |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

| 2. | **Repeated                representations****.**                Any and all representations of the Client contained in Paragraph                1 of this                Article V shall be deemed repeated as of each date of delivery of                a                Request for Advance, and as of each date of the drawing of Advance                /                postponement of repayment of Advance and payment of interest accruing                on                the Loan. |
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**VI.      DUTIES AND OBLIGATIONS OF THE CLIENT**

| 1. | The                Client shall be obligated, within the periods of time specified below                and                in a form satisfactory to the Bank, to deliver to the Bank the information                or documents specified below: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | quarterly                financial statements of the Client (in the extent of a balance sheet                and                profit and loss statement) within thirty five (35) days after the                end of                each calendar quarter; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | annual                financial statements of the TV NOVA Affiliates verified by an auditor,                with auditor’s report and all reports or documents executed by an auditor,                immediately after execution of such documents but not later than                within                one hundred and twenty (120) days after the end of the relevant financial                year; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | information                to the effect that any of the Client’s representations made in the Loan                Agreement or in any other document delivered to the Bank in connection                with the Loan Agreement is untrue, incorrect, incomplete or misleading                in                any material respect, within ten (10) Business Days of the date on                which                the Client shall have received or obtained knowledge of such                fact; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | information                regarding all effected changes to organizational structure or legal                standing of the Client or any of the Client’s Affiliates (e.g., winding up                with or without liquidation, change of legal form, acquisition, sale                or                lease of enterprise or any part thereof, reduction of the Client’s                registered capital, changes in the composition of the statutory and                supervisory bodies), and information regarding changes in the Trade                Register or Commercial Register and any other changes that could                impede                the Bank’s position as lender, within ten (10) Business Days of the date                on which the Client shall have received or obtained knowledge of                such                fact; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | report                on any Event of Default specifying the proposed solution of the specific                Event of Default, within ten (10) Business Days of the date on which                such                event shall have occurred; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | information                regarding any and all facts or circumstances that have or may have                material adverse impact on the Client’s ability to perform its obligations                under the Loan Agreement and any other contractual obligations related                to                the Loan Agreement, all promptly after having received or obtained                knowledge of such facts; |
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|   | (g) | any                and all documents reasonably required by the Bank, in form and with                contents as specified by the Bank, relating to the Client’s financial and                economic standing. In justified cases, the Bank shall have the right                to                demand from the Client documents relating to the financial and economic                standing of any member of the Client’s                Affiliates; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | information                regarding the intent of any of the Client’s Affiliates to assume material                indebtedness, suretyship or any other similar obligation towards                a third                party, or the intention to create any lien or pledge or any other                security                for the obligations of any person in respect of its assets or revenues.                Any such information shall be provided to the Bank promptly upon                adoption                of such intent; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | information                regarding payment of any (x) financial obligations arising from loans                or                advances provided to the Client by CME Affiliates or TV Nova Affiliates                or                provided by the Client to CME Affiliates or TV Nova Affiliates and/or                (y)                fees due to the CME Affiliates or TV Nova Affiliates by the Client                in                connection with its management and administration (other than any                payments                arising under the Facility Agreement dated July 21, 2005 between                the                Client and CME Media Enterprises B.V.); this information shall be                provided                to the Bank prior to any such                payment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **Additional                duties and obligations of the Client****.**The                Client agrees to comply with the following                obligations: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | subject                to Paragraph 6(b) of this Article VI, neither accept any new loan                or                advance, nor provide any new loan or advance in the amount exceeding                in                aggregate an amount of CZK 15,000,000 (in words: fifteen million                Czech                Crowns), excluding the planned transactions announced to the Bank                before                the execution of this Loan Agreement and/or the transactions approved                by                the Bank in advance (which consent shall not be unreasonably withheld)                and/or any advances from business partners in the ordinary course                of                business; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | not                to disburse any dividends to the Client’s shareholders without prior                notice to the Bank; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to                ensure validity of all material licenses, approvals and means of                intellectual property protection, that are necessary for business                activities of the Client in the extent of the activities as of the                date of                execution of this Loan Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | without                the Bank’s prior consent, which consent shall not be unreasonably                withheld, not to change the place of the Center of Main Interests; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | without                the Bank’s prior consent, which consent shall not be unreasonably                withheld, not to change the subject of its business                activities; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | to                secure that the Client ́s obligations arising from this Loan Agreement are                of the same priority (*pari                passu*)                as its other unsatisfied obligations which are unconditional, unsecured                and not subordinated except the obligations with the priority under                legal                regulations; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | if                any of the Client’s Affiliates merges with another company, to deliver to                the Bank the initial balance sheet and profit and loss statement                of the                succession company, before filing a proposal for the registration                of the                merger in the Commercial Register;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | to                take such action as may be required in order to comply with any                obligations it may have under the Indenture by virtue of being a                Restricted Subsidiary (as such term is defined in the Indenture),                including fulfillment its obligations under this Loan Agreement in                such a                manner so as not to cause an Event of Default (as such term is defined                in                the Indenture) under the Indenture and an Event of Default under                this Loan                Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **Increased                costs****.**                Should the Bank incur any increased and documented costs or expenses                in                connection with its administration of the Loan as a result of an                amendment                to a legal regulation relating to the Bank, the Client shall be required,                without undue delay but not later than within thirty (30) calendar                days of                its receipt of a notice from the Bank announcing any such costs,                to enter                with the Bank into an amendment to this Loan Agreement, under which                the                Client shall agree to pay any and all such increased costs. The Client                shall be required to pay such increased costs within ten (10) Business                Days of the execution of such amendment, but not sooner than ten                (10)                Business Days of the date on which the Bank shall have actually incurred                such costs. The Bank’s notice shall be in writing and shall contain an                appropriate statement of reasons. |
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| 4. | **Right                to evaluate**.                Until the repayment in full of all receivables of the Bank existing                by                virtue of and in connection with the Loan Agreement, the Bank shall                have                the right to evaluate the Client’s ability to perform its obligations to                the Bank, and the Client shall be obligated to enable the Bank at                the                Bank’s request to perform such evaluation, and in particular shall enable                the Bank’s authorized employee to inspect the Client’s accounting books                and other financial records in the Client’s premises, with the exception                of documents which shall be the subject of confidentiality restrictions                pursuant to applicable laws, and shall also allow the Bank to verify                credibility of the facts stated therein, including, without limitation,                through third parties authorized by the Bank, subject to compliance                of                such third parties with the confidentiality duty. If any document                or                information requested by the Bank is subject to confidentiality                restrictions pursuant to the contractual agreement entered by the                Client                and disclosed to the Bank, the Bank shall be obliged to treat such                document or information within the terms of such contractual                confidentiality agreement as if it were a party                thereto. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5. | **Financial                Covenants****.**The                Client agrees to conduct its business so as to meet the following                financial covenants: |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Interest                Cover Ratio shall be higher than 10, whereas this ratio shall be                determined as follows: Underlying EBITDA (defined as operational                income +                depreciation of tangible and intangible fixed assets + change of                reserves                and correcting provisions in operational area and complex deferred                expenses - revenues from sale of tangible and intangible fixed assets                +                book value of tangible and intangible fixed assets) / interest                expenses; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Equity                Ratio shall be higher than 15 %, whereas this ratio shall be determined                as                follows: [net worth / total assets (balance sum)] *                100; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Ratio                of Underlying EBITDA to sales shall be higher than 16 %, whereas                this                ratio shall be determined as follows: [(operational income + depreciation                of tangible and intangible fixed assets + change of reserves and                correcting provisions in operational area and complex deferred expenses                -                revenues from sale of tangible and intangible fixed assets + book                value of                tangible and intangible fixed assets) / (revenues from sale of goods                +                revenues from sale of own products and services)] *                100. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | **Asset                Disposal****.**                The Client and the Bank agree that: |
|----|-------------------------------------------------------------------------------------------|

|   | (a) | without                the Bank’s prior written consent, not to transfer, lease or otherwise                dispose of, in a single transaction or a series of transactions,                any part                of its assets or revenues whose value exceeds fifteen (15) percent                of the                value of the Client’s assets, or not to permit the creation of any third                party’s rights in respect of such assets (including the assumption of a                suretyship obligation, accession to or assumption of an obligation                of a                third party), except (i) disposal of assets in the ordinary course                of                business or (ii) disposal of assets for consideration of at least                the same                value or (iii) disposal of assets in a merger within the Client’s                Affiliates. For the purposes of this Article, the value of assets                of the                Client shall be determined based on the latest information or documents                known to the Bank, which shall be given or submitted by the Client                to the                Bank pursuant to the Loan                Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | restrictions                set out in Art. VI, Paragraph 2, letter (a) and Art. VI., Paragraph                6,                letter (a) of this Loan Agreement shall not apply to the provision                of new                loans or advances by any Client’s Affiliate to another Client’s Affiliate                or CME Affiliate. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**VII.      LOAN COLLATERAL**

| 1. | **Collateral****.**                The Client agrees to secure due and timely payment of the Bank’s                receivables towards the Client in connection with this Loan Agreement                by                means of: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                suretyship obligation                by                ČP 2000; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (ii) | a                suretyship obligation by MAG MEDIA 99 secured by a pledge of receivables                of MAG MEDIA 99 arising from the Frame Agreement on                Factoring; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a                letter of comfort issued by Central European Media Enterprises                Ltd.; |
|--------|-------|------------------------------------------------------------------------------------------------------|

|   | (iv) | a                blank promissory note issued by the Client to order of the Bank with                the                clause “without protest” (in Czech: “bez                protestu”). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**VIII.      FEES AND CHARGES**

| 1. | **Arrangement                Fee****.**The                Client agrees to pay to the Bank a fee for arranging the Bank’s obligation                to grant the Loan (Arrangement Fee) in the amount of CZK 1,200,000                (in                words: one million and two hundred thousand Czech Crowns) on the                earlier                of: upon the first drawing of Advance or on a day which falls five                (5)                Business Days following the execution of this Loan                Agreement. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **Commitment                Fee****.**                The Client agrees to pay to the Bank a Commitment Fee in the amount                of                0.25 % per annum, calculated on a daily basis in the course of the                Draw-down Period from the difference between the Loan Facility and                the                Loan. The Commitment Fee shall be payable on the last day of each                calendar                quarter in the course of the Draw-down Period and as of the last                day of                the Draw-down Period. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **Other                charges****.**The                Client shall pay to the Bank other fees and charges as specified                in the                Tariff of Fees and Charges. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IX.      EVENTS OF DEFAULT**

| 1. | **Events                of Default****.**                Each of the following events shall be considered as a serious breach                under                this Loan Agreement: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                Client uses the Loan or any portion thereof for any purpose other                than the                purpose expressly specified in the Loan                Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any                of the Client’s Affiliates is in default with the performance of any                monetary and/or non-monetary obligation towards the                Bank; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                Client is in default with the performance of its obligations towards                any                other bank or financial                institution; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any                of the representations made by the Client under this Loan Agreement                proves                to be untrue, incomplete or misleading; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any                competent governmental authority, including, without limitation,                any                administrative authority or a court and/or arbitral tribunal or an                arbitrator determines that the Client has breached any legal obligation,                and the Bank reasonably and fairly considers such fact as having                a                material adverse effect on the Client’s ability to perform its obligations                under the Loan Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the                Client or its competent body resolves on the winding up of the Client                with                or without liquidation, change of legal form, acquisition, sale or                lease                of enterprise or any part thereof, reduction of the Client’s registered                capital, changes in the composition of the statutory body or the                supervisory board, or on any other matter that would have an effect                similar to that of the above described corporate changes, or effects                the                aforesaid changes regardless of the Bank having expressed in writing                its                disagreement therewith; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the                Client’s business authorization or any other material authorization                required, in the Bank’s reasonable opinion, for the Client’s conduct of                its business or performance of any obligations arising from or in                connection with the Loan Agreement is withdrawn, suspended, or otherwise                limited, or any event occurs which may serve as a ground for the                dissolution of the Client as a legal entity or which, pursuant to                applicable law, may have such                consequence; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | an                event occurs which, in the opinion of the Bank (acting reasonably),                might                have a material adverse effect on the business operations or financial                situation of the Client and/or which the Bank considers to have a                material                adverse effect on the Client’s ability to perform its obligations under                the Loan Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | an                event occurs which, in the opinion of the Bank (acting reasonably),                might                have a material adverse effect on the business operations or financial                situation of ČP 2000 or MAG MEDIA 99 or their                successor(s); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | any                person or persons “controlling” the Client as of the date of execution of                the Loan Agreement within the meaning of the Commercial Code cease                to be                such controlling persons, or any person or persons not “controlling” the                Client as of the date of execution of the Loan Agreement within the                meaning of the Commercial Code gain such                control; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | the                Frame Agreement on Factoring has been                terminated. |
|--------|-----|-------------------------------------------------------------------------------------|

| 2. | If                any Event of Default occurs, the Bank shall grant to the Client an                additional period of ten (10) Business Days for the remedy. Such                remedy                period shall start: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if                the occurrence of the Event of Default has been announced to the                Bank by                the Client and the Bank agrees with the qualification of the Event                of                Default and with the solution proposed by the Client, upon the delivery                of                such announcement of the Event of Default by the Client to the Bank;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | otherwise                upon delivery by the Bank to the Client of a written announcement                of the                Event of Default. Such announcement shall contain the qualification                of the                Event of Default by the Bank and requested manner of                remedy. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**X.      SANCTIONS**

| 1. | **The                Right of the Bank to cancel the provision of the Loan Facility, rescind                the Loan Agreement and/or declare the Loan immediately due and                payable.** If any Event of Default occurs (and such Event of                Default is not remedied by the Client within the remedy period set                forth                in Paragraph 2 of Article IX hereof), the Bank shall have the right                to                cancel in writing the provision of the Loan Facility or to rescind                the                Loan Agreement effective as of the date of delivery of the cancellation                or                rescission notice to the Client, or to declare the Loan and any and                all                other obligations of the Client not yet due and payable to be due                and                payable, whereas the Loan and any such other obligations of the Client                not                yet due and payable shall become payable on the tenth (10th)                Business Day after delivery of such declaration to the                Client. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**XI.      FINAL PROVISIONS**

| 1. | **Confidential                Information****.**                Except as provided herein, the Bank is not permitted to share Confidential                Information with third parties. The Bank is entitled to use any                Confidential Information solely for the purposes of administration                of the                contractual relationship between the Client and the Bank pursuant                to the                Loan Agreement and for evaluation of the Client’s creditworthiness, and to                process Confidential Information for such purposes only. Furthermore,                the                Bank is entitled to provide the Confidential Information to the person                controlling the Bank only. The Bank is entitled to use and/or provide                the                Confidential Information relating to the Client’s business policy and/or                pricing strategy only with previous written consent of the Client.                Without                the previous consent of the Client, the Bank is entitled to provide                the                Confidential Information to any other third parties (e.g. person                executing                bank supervision, auditors of the Bank and person carrying the Register                of                Debtors) only if required by the applicable                law. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **Tax                gross-up****.**                All payments to be made by the Client in favor of the Bank hereunder                or                under any agreement or other arrangement between the Bank and the                Client                in connection with this Loan Agreement shall be made free and clear                of and                without deduction or withholding for or on account of tax or other                obligations unless the Client is required by relevant law to make                such                deduction or withholding. In the event of such required deduction                or                withholding, the sum payable by the Client shall be increased to                the                extent necessary to ensure that, after the making of the required                deduction or withholding, the Bank receives and is entitled to retain,                free from any liability to make any such deduction or withholding,                a net                sum equal to the sum which it would have received and so retained                had no                such deduction or withholding been made or                required. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **Exchange                rate****.**                Unless in specific cases otherwise agreed between the Bank and the                Client,                the Bank shall (i) in connection with any credit transfer or other                operation (*e.g.*,                mutual claims set-off) apply the rate of exchange applicable to sale                or                purchase of foreign exchange (*in                Czech: devizy-prodej or devizy-nákup*)                determined by the Bank two (2) Business Days prior to the day scheduled                for effecting such payment or other operation, and, (ii) in connection                with any cash payment or any other cash transaction, apply the rate                of                exchange applicable to sale or purchase of foreign currencies                (*in                Czech: valuta-prodej or valuta-nákup*)                determined by the Bank for the date of effecting such payment or                other                operation. To the extent the rate of exchange determined as of the                above                specified date may not be applied for any reason, the applicable                rate of                exchange shall be the rate determined by the Bank as of the Business                Day                immediately preceding such above specified date. The Bank will not                effect                any payment or other operation requiring the application of rate                of                exchange on a day other than on a day which is a Business Day in                respect                of all currencies involved. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | **Governing                law****.**                The contractual relationship between the Bank and the Client shall                be                governed by the laws of the Czech Republic, and in particular by                the                applicable provisions of the Commercial Code. The application of                the                provisions of Section 361 of the Commercial Code shall be excluded                in                respect of all contractual arrangements between the Client and the                Bank. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | **Counterparts****.**                This Loan Agreement is executed in two (2) counterparts of which                the                Client and the Bank shall each receive one (1)                counterpart. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | **Mailing                Address of the Client and the Bank****.**The                parties agree that any correspondence and other written materials                to be                delivered under this Loan Agreement shall be delivered as follows:                If to                the Client, at: Ing.                Pavel Horák, Kříženeckého nám. 322/5, 152 00 Prague 5, tel. 233 100 400,                fax 233 100 452 and, if to the Bank, at: Česká spořitelna, a.s., Prague 4,                Budějovická 1912, attn. Ing. Gabriela Roubíčková, tel. 261 072 482, fax                261 072 325, or such other address(es)                as may be indicated by the respective party to the other party in                writing.                In the event that a correspondence is returned as undelivered, due                to a                rejection of the other party to take over such correspondence or                due to a                change of the address not duly announced, such correspondence shall                be                deemed duly delivered on the next following day after so                returned. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | **Severability****.**                If                any provision of this Loan Agreement is, becomes or is determined                to be                invalid or unenforceable, such invalidity or unenforceability shall                not                (to the maximum extent permitted by applicable law) invalidate or                render                unenforceable the remaining provisions of this Loan Agreement. In                such                event, the Bank and the Client hereby agree to replace the invalid                or                unenforceable provision with a valid and enforceable provision which                will                achieve, to the maximum extent permitted by law, the same result                and                effect as contemplated by the provision to be                replaced. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | **Force                and effect of this Loan Agreement****.**This                Loan Agreement shall enter into force and effect upon execution by                both                parties hereto. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Česká                spořitelna, a.s.** |                                                          |   |      |                                                                        |
|----------------------------------------------------------|---------------------------------------------------------------|--------|-----------|-----------------------------------------------------------------------------|
|                                                     |                                                          |   |      |                                                                        |   |
| By:                                                 | /s/                Kateřina                Byarsová |   | By:  | /s/                Gabriela Roubíčková                       |   |
| Name:                                                    | Kateřina                Byarsová                    |   | Name:     | Ing.                Gabriela Roubíčková                      |   |
| Title:                                                   | Director                of International Clients Department   |   | Title:    | Senior                Relationship Manager International Clients Department |   |
| Date:                                                    | October                27, 2005                               |   | Date:     | October                27, 2005                                             |   |
|                                                     |                                                          |   |      |                                                                        |   |
|                                                     |                                                          |   |      |                                                                        |   |
| **CET                21 spol.s r.o.**                    |                                                          |   |      |                                                                        |
|                                                     |                                                          |   |      |                                                                        |   |
| By:                                                 | /s/                Petr Dvořák                      |   | By:  | /s/                Milan Cimirot                                            |   |
| Name:                                                    | Ing.                Petr Dvořák                     |   | Name:     | Milan                Cimirot                                                |   |
| Title:                                                   | Executive                Director                             |   | Title:    | Executive                Director                                           |   |
| Date:                                                    | October                27, 2005                               |   | Date:     | October                27, 2005                                             |   |

----

**Annex      No. 1 to Credit Line Agreement No. 2644/05/LCD of October 27,      2005**

**Model      Form Request for Advance**

**[Client’s      letterhead]**

**Česká      spořitelna, a.s.**

**REQUEST      FOR THE ADVANCE/POSTPONEMENT OF THE REPAYMENT OF THE      ADVANCE**

**Credit      Line Agreement No. 2644/05/LCD**
**“Agreement”**

| ***Alternative                A - new Advance:***                                             |                                              |   |
|-----------------------------------------------------------------------------------------------|---------------------------------------------------|--------|
|                                                                                          |                                              |   |
| **Amount                and Currency of Advance:**                                            | **[CZK                / EUR / USD]**              |   |
|                                                                                          |                                              |   |
| **Date                of Advance:**                                                           |                                              |   |
|                                                                                          |                                              |   |
| **Term                of the Interest Rate Period:**                                          | **[*****3                / 6 / 12*****month(s)]** |   |
|                                                                                          |                                              |   |
| **Repayment                Day:**                                                             |                                              |   |
|                                                                                          |                                              |   |
| Kindly                transfer the Advance to the Current Account.                            |                                              |
|                                                                                          |                                              |   |
| ***Alternative                B - postponement of the repayment of                Advance:*** |                                              |
|                                                                                          |                                              |   |
| **Amount                and Currency of Advance:**                                            | **[CZK                / EUR / USD]**              |   |
|                                                                                          |                                              |   |
| **Original                Repayment Day:**                                                    |                                              |   |
|                                                                                          |                                              |   |
| **Term                of the Interest Rate Period:**                                          | **[*****3                / 6 / 12*****month(s)]** |   |
|                                                                                          |                                              |   |
| **New                Repayment Day:**                                                         |                                              |   |

| **CET                21 spol.s r.o.**                          |   |                                     |   |   |
|----------------------------------------------------------------|--------|------------------------------------------|--------|--------|
|                                                           |   |                                     |   |   |   |
|                                                           |   |                                     |   |   |   |
| By:                                                            |   |                                     | By:    |   |   |
| Name:                Ing.                Petr Dvořák |   | Name:                Milan Cimirot       |   |
| Title:                Executive Director                       |   | Title:                Executive Director |   |

| **Česká                spořitelna, a.s.** |   |   |   |   |
|----------------------------------------------------------|--------|--------|--------|--------|
|                                                     |   |   |   |   |   |
|                                                     |   |   |   |   |   |
| By:                                                      |   |   | By:    |   |   |
| Name:                                                    |   |   | Name:  |   |   |
| Title:                                                   |   |   | Title: |   |   |
| Date:                                                    |   |   | Date:  |   |   |

----

| ***The                following facts to be inserted by the Bank:*** |   |
|----------------------------------------------------------------------|--------|
|                                                                 |   |
| Client:                                                              |   |
| Total                loan amount:                                    |   |
| Loan                No. in SYMBOLS:                                  |   |
| Approved                by:                                          |   |
| Date:                                                                |   |
| Verified                by:                                          |   |
| Date:                                                                |   |

----