----

| DATED | December      27, 2007 |
|-------|------------------------|

|   | CONTRACT      OF EMPLOYMENT |   |
|--------|-----------------------------|--------|

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| Name      and Address of Employer:    | CME      Development Corporation c/o Aldwych House, 81 Aldwych, London, WC2B 4HN      (the “Company”) |
|---------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|                                  |                                                                                                              |
| Name      and Address of Employee:    | Adrian      Sarbu, residing at 230 Calea Dorobontilar, Sector 1, Bucharest,      Romania                          |
|                                  |                                                                                                              |
| Date      this Contract takes effect: | October      17, 2007                                                                                             |

| 1 | COMMENCEMENT      OF EMPLOYMENT |
|---|---------------------------------|

| 1.1 | Your      employment with the Company shall commence on October 17, 2007 and      shall expire on December 31, 2009, subject to the provisions of clause 7      of this Contract providing for earlier termination of this engagement in      certain circumstances.   |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | You represent and warrant that you are not bound      by or subject to any contract, court order, agreement, arrangement or      undertaking which in any way restricts or prohibits you from entering into      this Contract or performing your duties under  it. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | JOB TITLE      ANDDUTIES |
|---|--------------------------|

| 2.1 | Your job title is Chief Operating Officer      reporting to the Chief Executive Officer of the      Company. |
|-----|--------------------------------------------------------------------------------------------------------------|

| 2.2 | Your      main duties are: |
|-----|----------------------------|

|   | 2.2.1 | working      with the Chief Executive Officer of the Company to establish an annual      business plan for Central European Media Enterprises Ltd. (“CME Ltd.”) and/or any      Associated Company (as defined below) (together, the “CME    Group”); |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.2 | management      of all broadcasting and non-broadcasting operations of the CME      Group; |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | 2.2.3 | being      responsible for all operating executives of the CME Group, all of whom      shall report to you; and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------|

|   | 2.2.4 | undertaking      such additional tasks in respect of the business of the Company as the      Chief Executive Officer of the Company directs from time to      time. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | In      addition to your main duties you will be required to carry out such other      duties consistent with your position as the Company may from time to time      reasonably require.   |
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| 2.4 | You      shall use your best endeavours to promote and protect the interests of the      CME Group and shall not do anything that is harmful to those interests. |
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| 3 | PLACE      OF WORK |
|---|--------------------|

| 3.1 | You      will be based in the offices of the CME Group in Prague or      Bucharest or at such other place as the Company may from time to time      reasonably require.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | The duties of this appointment      shall relate primarily to the countries in which the CME Group has operations or holds interests in television      stations.  You may also be required to travel to other      destinations from time to time as reasonably required by the Company for      the proper performance of yourduties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | REMUNERATION |
|---|--------------|

| 4.1 | For      the period from October 17, 2007 to December 31, 2007, you shall be      entitled to Euro 10,976, payable on or about the 20th      day of January 2008 by credit transfer into your bank account after      all necessary deductions for relevant taxes and national      insurance. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | From      January 1, 2008, your basic salary is Euro 423,000 per year, payable in      equal monthly instalments in arrears or on or about the 20th      day of each month by credit transfer into your bank account after all      necessary deductions for relevant taxes and national      insurance. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | From      January 1, 2008, you shall be entitled to earn an annual incentive bonus      equal to Euro 846,000 (the “Bonus”) and additional      bonus equal to Euro 423,000 (the “Additional Bonus”), as      provided below.  The Bonus shall be payable in the event that      Actual EBITDA in respect of any financial year of CME Ltd. is equal to      Target EBITDA. The Additional Bonus shall be payable in the event that      Actual EBITDA is at least 105% of Target EBITDA in respect of such      financial year.  For purposes hereof, “Target EBITDA” and      “Actual EBITDA”      shall be calculated as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.4 | In      connection with your retention as President of the Board of Directors      pursuant to a Contract for Performance of Office between PRO TV S.A.      (“Pro TV”) and you      dated December 27, 2007 (the “Pro TV Agreement”), it      has been agreed that one-half of any Bonus or Additional Bonus earned by      you shall be paid by Pro TV and one-half shall be paid by the      Company. |
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| 4.5 | You shall devote sufficient time to      proper performance of your duties hereunder. Save as set forth herein, no      additional pay or time off shall be permitted to you in connection with      your performance of the dutieshereunder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | OTHER      BENEFITS |
|---|---------------------|

| 5.1 | You      acknowledge that you will participate in certain insurance schemes      pursuant to the Pro TV Agreement and that you shall not be entitled to the      benefit of any insurance or other employee benefit scheme offered      generally by the Company to its employees, notwithstanding the provisions      of the Company’s Employee Handbook, as amended from time to time (the      “Company’s Employee      Handbook”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | EXPENSES |
|---|----------|

| 6.1 | The Company shall reimburse you      for all reasonable expenses incurred by you in the proper performance of      your duties under this Contract on production of appropriate receipts in      accordance with the Company’s Employee  Handbook. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Notwithstanding      clause 6.1, you shall be entitled to incur expenses of up to US$ 100,000      in any financial year on any executive jet service for business travel to      the CME Ltd. television stations (or a pro-rated amount in respect of the      2007 financial year). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | TERMINATION |
|---|-------------|

| 7.1 | You      may terminate this Contract at any time on giving the Company twelve      months’ notice in writing. The Company is required to give you the same      period of notice. In the event you give notice of termination pursuant to      this clause, the Company may opt to provide you with payment in lieu of      notice. This payment will be  comprised solely of your basic      salary (at the rate payable when this option is exercised) in respect of      the portion of the notice period remaining at the time the Company      exercises this option and any earned but unpaid Bonus or Additional Bonus      awarded in accordance with clause 4.3 hereof. All payments shall be      subject to deductions for income tax and national insurance contributions      as appropriate. You will not, under any circumstances, have any right to      payment in lieu unless the Company has exercised its option to pay in lieu      of notice. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The      Company may at any time and in its absolute discretion (whether or not any      notice of termination has been given under clause 7.1      above) terminate this Contract with immediate effect and make a payment in      lieu of notice.  This payment will be  comprised      solely of your basic salary (at the rate payable when this option is      exercised) in respect of the portion of the notice period remaining at the      time the Company exercises this option and any earned but unpaid bonus      awarded in accordance with clause 4.3 hereof. All payments shall be      subject to deductions for income tax and national insurance contributions      as appropriate.  You will not, under any circumstances, have any      right to payment in lieu unless the Company has exercised its option to      pay in lieu of notice. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 7.3 | At      the election of the Company, the payment in lieu of notice will be made at      the times the Company would have made payments to you had notice not been      given or on expiry of the remainder of the period of    notice. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | Your      employment may be terminated by the Company without notice or payment in      lieu of notice by reason of your gross misconduct. Examples of gross      misconduct are set out in the Company’s Employee  Handbook. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5 | Upon      the termination by whatever means of this Contract you shall immediately      return to the Company all documents, computer media and hardware, credit cards, mobile phones and communication devices,      keys and all other property belonging to or relating to the business of      the Company which is in your possession or under your power or control and      you must not retain copies of any of theabove. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | SUSPENSION |
|---|------------|

| 8.1 | The      Company may suspend you from your duties on full pay to allow the Company      to investigate any bona-fide complaint made against you in relation to      your employment with the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Provided      you continue to enjoy your full contractual benefits and receive your pay      in accordance with this Contract, the Company may in its absolute      discretion do all or any of the following during the notice period or any      part of the notice period, after you or the Company have given notice of      termination to the other, without breaching this Contract or incurring any      liability or giving rise to any claim against  it: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.1 | exclude      you from the premises of theCompany; |
|--------|-------|---------------------------------------------------|

|   | 8.2.2 | require      you to carry out only specified duties (consistent with your status, role      and experience) or to carry out noduties; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.3 | announce      to any of its employees, suppliers, customers and business partners that      you have been given notice of termination or have resigned (as the case      may be); |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.4 | prohibit      you from communicating in any way with any or all of the suppliers,      customers, business partners, employees, agents or representatives of the      Company until your employment has terminated except to the extent that you      are authorised by the General Counsel of Central European Media      Enterprises Ltd. in writing; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.5 | require      you to comply with any other reasonable conditions imposed by the      Company. |
|--------|-------|----------------------------------------------------------------------------------------------|

| 8.3 | You      will continue to be bound by all obligations owed to the Company under      this Contract until termination of this Contract in accordance with clause      7 or such later date as providedherein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9 | CONFIDENTIAL      INFORMATION |
|---|-------------------------------|

| 9.1 | You      agree during and after the termination of your employment not to use or      disclose to any person (and shall use your best endeavours to prevent the      use, publication or disclosure of ) any confidential      information: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.1 | concerning      the business of the Company and which comes to your knowledge during the      course of or in connection with your employment or your holding office      with the Company; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.2 | concerning      the business of any client or person having dealings with the Company and      which is obtained directly or indirectly in circumstances where the      Company is subject to a duty ofconfidentiality. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | For      the purposes of clause 9.1.1 above, information of a confidential      or secret nature includes but is not limited to information disclosed to      you or known, learned, created or observed by you as a consequence of or      through your employment with the Company, not generally known in the      relevant trade or industry about the Company’s business activities,      services and processes, including but not limited to information      concerning advertising, sales promotion, publicity, sales data, research,      programming and plans for programming, finances, accounting, methods,      processes, business plans (including prospective or pending licence      applications or investments in licence holders or applicants), client or      supplier lists and records, potential client or supplier lists, and client      or supplier billing. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | This      clause shall not apply to informationwhich: |
|-----|-------------------------------------------------------|

|   | 9.3.1 | is      used or disclosed in the proper performance of your duties or with the      consent of the Company; |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

|   | 9.3.2 | is      ordered to be disclosed by a court of competent jurisdiction or otherwise      required to be disclosed by law or pursuant to the rules of any applicable      stock exchange; or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3.3 | is      in or comes into the public domain (otherwise than due to a default by      you). |
|--------|-------|-------------------------------------------------------------------------------------------|

|  | 10 | INTELLECTUAL      PROPERTY |
|--|----|----------------------------|

| 10.1 | You      shall assign with full title your entire interest in any Intellectual      Property Right (as defined below) to the Company to hold as absolute      owner. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | You      shall communicate to the Company full particulars of any Intellectual      Property Right in any work or thing created by you and you shall not use,      license, assign, purport to license or assign or disclose to any person or      exploit any Intellectual Property Right without the prior written consent      of the Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | In      addition to and without derogation of the covenants imposed by the Law of      Property (Miscellaneous Provisions) Act 1994, you shall prepare and      execute such instruments and do such other acts and things as may be      necessary or desirable (at the request and expense of the Company) to      enable the Company (or its nominee) to obtain protection of any      Intellectual Property Right vested in the Company in such parts of the      world as may be specified by the Company (or its nominee) and to enable      the Company to exploit any Intellectual Property Right vested in it to its      best advantage. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 10.4 | You      hereby irrevocably appoint the Company to be your attorney in your name      and on your behalf to sign, execute or do any instrument or thing and      generally to use your name for the purpose of giving to the Company (or      its nominee) the full benefit of the provisions of this clause and a      certificate in writing signed by any director or the secretary of the      Company that any instrument or act relating to such Intellectual Property      Right falls within the authority conferred by this clause shall be      conclusive evidence that such is the case in favour of any third      party. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | You      hereby waive all of your moral rights (as defined in the Copyright,      Designs and Patents Act 1988) in respect of any act by the Company and any      act of a third party done with the Company’s authority in relation to any      Intellectual Property Right which is or becomes the property of the      Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | “Intellectual Property      Right” means a copyright, know-how, trade secret and any other      intellectual property right of any nature whatsoever throughout the world      (whether registered or unregistered and including all applications and      rights to apply for the same)which: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.6.1 | relates      to the business or any product or service of the Company;    and |
|--|--------|-------------------------------------------------------------------------------|

|  | 10.6.2 | is      invented, developed, created or acquired by you (whether alone or jointly      with any other person) during the period of your employment with the      Company; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11 | COLLECTIVE      AGREEMENTS/WORKFORCE AGREEMENTS |
|--|----|-------------------------------------------------|

|  | 12 | DATA      PROTECTION |
|--|----|----------------------|

| 12.1 | You      acknowledge that the Company will hold personal data relating to      you.  Such data will include your employment application,      address, references, bank details, performance appraisals, work, holiday      and sickness records, next of kin, salary reviews, remuneration details      and other records (which may, where necessary, include sensitive data      relating to your health and data held for equal opportunities      purposes).  The Company will hold such personal data for      personnel administration and management purposes and to comply with its      obligations regarding the retention of your records.  Your right      of access to such data is as prescribed bylaw. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | By      signing this Contract, you agree that the Company may process personal      data relating to you for personnel administration and management purposes      and may, when necessary for those purposes, make such data available to      its advisors, to third parties providing products and/or services to the      Company and as required by law. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 13 | CONTRACTS      (RIGHTS OF THIRD PARTIES) ACT 1999 |
|--|----|---------------------------------------------------|

|  | 14 | MONITORING      OF COMPUTER SYSTEMS |
|--|----|-------------------------------------|

| 14.1 | The      Company will monitor messages sent and received via the email and      voicemail system to ensure that employees are complying with the Company’s      Information Technology policy (as detailed in the Company’s Employee      Handbook). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | The      Company reserves the right to retrieve the contents of messages for the      purpose of monitoring whether the use of the email system is in accordance      with the Company’s best practice, whether use of the computer system is      legitimate, to find lost messages or to retrieve messages lost due to      computer failure, to assist in the investigations of wrongful acts or to      comply with any legal obligation. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | You      should be aware that no email or voicemail sent or received through the      Company’s system is private.  The Company reserves and intends      to exercise its right to review, audit, intercept, access and disclose on      a random basis all messages created from it or sent over its computer      system for any purpose.  The contents of email or voicemail so      obtained by the Company in the proper exercise of these powers may be      disclosed without your permission.  You should be aware that the      emails or voicemails or any document created on the Company’s computer      system, however confidential or damaging, may have to be disclosed in      court or other proceedings.  An email which has been trashed or      deleted can still be retrieved. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | The      Company further reserves and intends to exercise its right to monitor all      use of the internet through its information technology systems, to the      extent authorised by law.  By your signature to this Contract,      you consent to any such monitoring. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 15 | INDEMNITY |
|--|----|-----------|

| 15.1 | The      Company will indemnify you and pay on your behalf all Expenses (as defined      below) incurred by you in any Proceeding (as defined below), whether the      Proceeding which gave rise to the right of indemnification pursuant to      this Contract occurred prior to or after the date of this Contract      provided that you shall promptly notify the Company of such Proceeding and      the Company shall be entitled to participate in such Proceeding and, to      the extent that it wishes, jointly with you, assume the defence thereof      with counsel of its choice.  This indemnification shall not      apply if it is determined by a court of competent jurisdiction in a      Proceeding that any losses, claims, damages or liabilities arose primarily      out of your gross negligence, wilful misconduct or bad    faith. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | The      term “Proceeding” shall include any      threatened, pending or completed action, suit or proceeding, or any      inquiry or investigation, whether brought in the name of the Company or      otherwise and whether of a civil, criminal, administrative or      investigative nature, including, but not limited to, actions, suits or      proceedings brought under or predicated upon any securities laws, in which      you may be or may have been involved as a party or otherwise, and any      threatened, pending or completed action, suit or proceeding or any inquiry      or investigation that you in good faith believe might lead to the      institution of any such action, suit or proceeding or any such inquiry or      investigation, by reason of the fact that you are or were serving at the      request of the Company as a director, officer or manager of any other      Associated Company, whether or not you are serving in such capacity at the      time any liability or expense is incurred for which indemnification or      reimbursement can be provided under this  Contract. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 15.3 | The      term "Expenses”      shall include, without limitation thereto, expenses (including, without      limitation, attorneys fees and expenses) of investigations, judicial or      administrative proceedings or appeals, damages, judgments, fines,      penalties or amounts paid in settlement by or on behalf of you and any      expenses of establishing a right to indemnification under this      Contract. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | The      Expenses incurred by you in any Proceeding shall be paid by the Company as      incurred and in advance of the final disposition of the Proceeding at your      written request.  You hereby agree and undertake to repay such      amounts if it shall ultimately be decided in a Proceeding that you are not      entitled to be indemnified by the Company pursuant to this Contract or      otherwise. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | The      indemnification and advancement of Expenses provided by this Contract      shall not be deemed exclusive of any other rights to which you may be      entitled under the Company’s Certificate of Incorporation or the      constituent documents of any other Associated Company for which you are      serving as a director, officer or manager at the request of the Company,      the laws under which the Company was formed, or otherwise, and may be      exercised in any order you elect and prior to, concurrently with or      following the exercise of any other such rights to which you may be      entitled, including pursuant to directors and officers insurance      maintained by the Company, both as to action in official capacity and as      to action in another capacity while holding such office, and the exercise      of such rights shall not be deemed a waiver of any of the provisions of      this Contract.  To the extent that a change in law (whether by      statute or judicial decision) permits greater indemnification by agreement      than would be afforded under this Contract, it is the intent of the      parties hereto that you shall enjoy by this Contract the greater benefit      so afforded by such change.  The provisions of this clause shall      survive the expiration or termination, for any reason, of this Contract      and shall be separatelyenforceable. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16 | POST-EMPLOYMENT      RESTRICTIONS AND CORPORATEOPPORTUNITIES |
|--|----|-------------------------------------------------------------------|

| 16.1 | For      the duration of your employment with the Company and for a period of      twelve (12) months after the termination thereof for any cause, you shall      not: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.1.1 | either      on your own account or on behalf of any other person, firm or company,      directly or indirectly, carry on or be engaged, concerned or interested in      any business which is competitive with the business of securing television      licenses, operating television stations, programming services and      broadcasting in which the CME Group is engaged and with which you were      actively involved at any time in the twelve months preceding the      termination of your employment within the territories of operation of the      CME Group in which you were actively involved at any time in the twelve      months preceding the termination of your  employment; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.1.2 | seek      to do business and/or do business, in competition with any company of the      CME Group with any person, firm or company who at any time during the      twelve months preceding the termination of your employment was a customer      or supplier of any company of the CME Group and with whom during that      period you or another person on your behalf had material dealings in the      ordinary course of business; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 16.1.3 | interfere or seek to interfere or      take such steps as may interfere with the continuance of supplies (whether      services or goods) to any company of the CME Group, or the terms on which      they are so supplied, from any suppliers supplying any company of the CME      Group at any time during the period of twelve months prior to such      termination; and/or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.1.4 | solicit or employ or cause to be      employed, whether directly or indirectly, any employee of any company of      the CME Group who has substantial knowledge of confidential aspects of the      business of the CME Group, and with whom, at any time during the period of      twelve months prior to such termination, you had material      dealings. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | For      the duration of your employment with the Company, you shall not accept or      invest in, whether directly or indirectly, any opportunity (a “Corporate Opportunity”)      (i) which is in the line of business of any company of the CME Group, (ii)      which arises or becomes known to you as a result of your employment by the      Company, or (iii) in which the CME Group has an interest or expectancy      unless (a) you have presented the Corporate Opportunity to the Board of      Directors of CME Ltd. in reasonable detail and (b) the Board of Directors      has decide not to pursue such Corporate Opportunity after such      presentation by you. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | Each      of the restrictions in this clause shall be enforceable independently of      each other and its validity shall not be affected if any of the others is      invalid.  If any of the restrictions is void but would be valid      if some part of the restriction were deleted, the restriction in question      shall apply with such modification as may be necessary to make it      valid. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | The      restrictions set forth in this clause 16 shall not apply if the Company is      in breach of this Contract. |
|------|----------------------------------------------------------------------------------------------------------------------|

| 16.5 | For      the purposes of this Contract, “Associated Company”      shall mean a subsidiary (as defined by the Companies Act 1985 as amended)      and any other company which is for the time being a holding company (as      defined by the Companies Act 1985 as amended) of the Company or another      subsidiary of such holding company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 17 | GENERAL |
|--|----|---------|

| 17.1 | You      hereby authorise the Company to deduct from any salary payable to you any      sums owing by you to the Company. |
|------|---------------------------------------------------------------------------------------------------------------------------|

| 17.2 | As      from the effective date of this Contract, all other agreements or      arrangements between you and the Company shall cease to have      effect. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3 | This      Contract shall be governed by and construed in accordance with English      law. |
|------|--------------------------------------------------------------------------------------------|

| 17.4 | The terms set out in this Contract should be      read in conjunction with the various rules and      procedures set out in the Company’s Employee Handbook.  The      Company’s Employee Handbook does not form part of      this Contract. For the avoidance of doubt, in the event      that there is any conflict between the terms of this Contract and the      Company’s Employee Handbook, this Contract shall      prevail. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Signed as a Deed by CME      Development Corporation acting      by: |                                 |
|---------------------------------------------------------------------------|--------------------------------------|
|                                                                      |                                 |
|                                                                      |                                 |
| Mark Wyllie, Director                                                     | /s/ Mark Wyllie                      |
|                                                                      |                                 |
| Wallace Macmillan, Director                                               | /s/ Wallace Macmillan                |
|                                                                      |                                 |
| Signed as a Deed by Adrian      Sarbu                                | /s/ Adrian Sarbu                     |
|                                                                      |                                 |
|                                                                      |                                 |
| in the presence of:                                                       |                                 |
|                                                                      |                                 |
| Witness signature:                                                        | /s/ Joanne Cochrane             |
|                                                                      |                                 |
| Name:                                                                     | Joanne      Cochrane                 |
|                                                                      |                                 |
| Address:                                                                  | c/o      CME Development Corporation |
|                                                                      |                                 |
|                                                                      | Aldwych      House, 81 Aldwych       |
|                                                                      |                                 |
|                                                                      | London      WC2B 4HN                 |
|                                                                      |                                 |
| Occupation:                                                               | Legal      Advisor                   |

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