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| BERMUDA                                                                 | 98-0438382                             |
|-------------------------------------------------------------------------|----------------------------------------|
| (State      or other jurisdiction of incorporation or organization)     | (IRS      Employer Identification No.) |
| Mintflower      Place, 4th floorPar-La-Ville      Rd, Hamilton, Bermuda | HM      08 Bermuda                     |
| (Address      of principal executive offices)                           | (Zip      Code)                        |

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| Large      accelerated filer  x | Accelerated      filer  o | Non-accelerated      filer  o | Smaller      reporting company  o |
|-------------------------------------------|-------------------------------------|-----------------------------------------|---------------------------------------------|

| Document                                                                                         | Location      in Form 10-K in Which Document is Incorporated |
|--------------------------------------------------------------------------------------------------|--------------------------------------------------------------|
| Registrant’s      Proxy Statement for the 2010 Annual General Meeting of      Shareholders | Part      III                                                |

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TABLE OF CONTENTS

|          |    |   |                                                                                                              | Page   |
|---------------|---------|--------|-------------------------------------------------------------------------------------------------------------------|--------|
| PART      I   |    |
|          | Item 1  |   | Business                                                                                                          | 2      |
|          | Item 1A |   | Risk Factors                                                                                                      | 27     |
|          | Item 1B |   | Unresolved Staff Comments                                                                                         | 36     |
|          | Item 2  |   | Properties                                                                                                        | 37     |
|          | Item 3  |   | Legal Proceedings                                                                                                 | 38     |
|          | Item 4  |   | Submission of Matters to a Vote of Security      Holders                                                          | 38     |
|          |    |   |                                                                                                              |   |
| PART      II  |    |
|          | Item 5  |   | Market for Registrant's Common Equity, Related Stockholder      Matters and Issuer Purchases of Equity Securities | 39     |
|          | Item 6  |   | Selected Financial Data                                                                                           | 41     |
|          | Item 7  |   | Management's Discussion and Analysis of Financial Condition      and Results of Operations                        | 43     |
|          | Item 7A |   | Quantitative and Qualitative Disclosures About Market      Risk                                                   | 111    |
|          | Item 8  |   | Financial Statements and Supplementary    Data                                                                    | 113    |
|          | Item 9  |   | Changes in and Disagreements with Accountants on Accounting      and Financial Disclosure                         | 190    |
|          | Item 9A |   | Controls and Procedures                                                                                           | 190    |
|          | Item 9B |   | Other Information                                                                                                 | 194    |
|          |    |   |                                                                                                              |   |
| PART      III |    |
|          | Item 10 |   | Directors, Executive Officers and Corporate      Governance                                                       | 194    |
|          | Item 11 |   | Executive Compensation                                                                                            | 194    |
|          | Item 12 |   | Security Ownership of Certain Beneficial Owners and      Management and Related Stockholder Matters               | 194    |
|          | Item 13 |   | Certain Relationships and Related Transactions, and      Director Independence                                    | 194    |
|          | Item 14 |   | Principal Accountant Fees and Services                                                                            | 194    |
|          |    |   |                                                                                                              |   |
| PART      IV  |    |
|          | Item 15 |   | Exhibits and Financial Statement    Schedule                                                                      | 195    |
|          |    |   |                                                                                                              |   |
| SIGNATURES    | 205     |

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| ITEM 1. | BUSINESS |
|---------|----------|

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Table of Contents

| Company      Name                                           | Effective      Voting Interest |   | Type      of Affiliate       |   | TV      Channels                                                                    |
|-------------------------------------------------------------|--------------------------------|--------|------------------------------|--------|-------------------------------------------------------------------------------------|
|                                                        |                           |   |                         |   |                                                                                |
| Bulgaria                                                    |                           |   |                         |   |                                                                                |
| Operating Companies:                                        |                           |   |                         |   |                                                                                |
| LG      Consult EOOD                                        | 80.0%                          |   | Consolidated      Subsidiary |   | N/A                                                                                 |
| Ring      TV EAD (“Ring TV”)                    | 80.0%                          |   | Consolidated      Subsidiary |   | RING      TV                                                                        |
| License Company:                                            |                           |   |                         |   |                                                                                |
| PRO      BG MEDIA EOOD (“Pro.bg”)               | 80.0%                          |   | Consolidated      Subsidiary |   | PRO.BG                                                                              |
| Croatia                                                     |                           |   |                         |   |                                                                                |
| License Company:                                            |                           |   |                         |   |                                                                                |
| Nova      TV d.d. (“Nova TV (Croatia)”)         | 100.0%                         |   | Consolidated      Subsidiary |   | NOVA      TV (Croatia)                                                              |
|                                                        |                           |   |                         |   |                                                                                |
| Czech      Republic                                         |                           |   |                         |   |                                                                                |
| License Company:                                            |                           |   |                         |   |                                                                                |
| CET      21 spol. sr.o. (“CET 21”)              | 100.0%                         |   | Consolidated      Subsidiary |   | TV      NOVA(Czech      Republic),NOVA      CINEMA andNOVA      SPORTMTV      CZECH |
| Romania                                                     |                           |   |                         |   |                                                                                |
| Operating Companies:                                        |                           |   |                         |   |                                                                                |
| Media      Pro International S.A. (“MPI”)       | 95.0%                          |   | Consolidated      Subsidiary |   | N/A                                                                                 |
| Media      Vision S.R.L. (“Media Vision”)       | 95.0%                          |   | Consolidated      Subsidiary |   | N/A                                                                                 |
| License Company:                                            |                           |   |                         |   |                                                                                |
| Pro      TV S.A. (“Pro TV”)                     | 95.0%                          |   | Consolidated      Subsidiary |   | PRO      TV, ACASA, PRO CINEMA, PRO TV INTERNATIONAL, MTV ROMANIA and      SPORT.RO |
| Slovak      Republic                                        |                           |   |                         |   |                                                                                |
| License Company:                                            |                           |   |                         |   |                                                                                |
| MARKIZA-SLOVAKIA,      spol. s r.o. (“Markiza”) | 100.0%                         |   | Consolidated      Subsidiary |   | TV      MARKIZA, DOMA                                                               |
| Slovenia                                                    |                           |   |                         |   |                                                                                |
| Operating Company:                                          |                           |   |                         |   |                                                                                |
| Produkcija      Plus d.o.o. (“Pro Plus”)        | 100.0%                         |   | Consolidated      Subsidiary |   | N/A                                                                                 |
| License Companies:                                          |                           |   |                         |   |                                                                                |
| POP      TV d.o.o. (“Pop TV”)                   | 100.0%                         |   | Consolidated      Subsidiary |   | POP      TV                                                                         |
| TELEVIDEO      d.o.o. (“Televideo”)             | 100.0%                         |   | Consolidated      Subsidiary |   | TV      PIKA                                                                        |
| Kanal      A d.o.o. (“Kanal A”)                 | 100.0%                         |   | Consolidated      Subsidiary |   | KANAL      A                                                                        |
| Ukraine                                                     |                           |   |                         |   |                                                                                |
| Operating Companies:                                        |                           |   |                         |   |                                                                                |
| Innova      Film GmbH (“Innova”)                | 100.0%                         |   | Consolidated      Subsidiary |   | N/A                                                                                 |
| International      Media Services Ltd. (“IMS”)  | 100.0%                         |   | Consolidated      Subsidiary |   | N/A                                                                                 |

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| Company Name                                                 | Effective Voting Interest | Type of Affiliate            | TV Channels                                  |
|--------------------------------------------------------------|---------------------------|------------------------------|----------------------------------------------|
| 1+1      Production                                          | 100.0%                    | Consolidated      Subsidiary | N/A                                          |
| TV      Media Planet Limited (“TV Media Planet”) | 100.0%                    | Consolidated      Subsidiary | N/A                                          |
| License Company:                                             |                      |                         |                                         |
| Studio      1+1 LLC (“Studio 1+1”)               | 100.0%                    | Consolidated      Subsidiary | STUDIO      1+1STUDIO      1+1 INTERNATIONAL |
| Gravis      – Kino LLC (“Gravis-Kino”)     | 100.0%                    | Consolidated      Subsidiary | KINO                                         |
| Tor      LLC (“Tor”)                             | 100.0%                    | Consolidated      Subsidiary | KINO                                         |
| Zhysa      LLC (“Zhysa”)                         | 100.0%                    | Consolidated      Subsidiary | KINO                                         |

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|  Country        | TV      Channels                  | Launch      Date        |   | Technical      Reach (1) |   |   | 2009 All      Day AudienceShare (2) |   |   | Market      Rank (2) |   |
|----------------------|-----------------------------------|-------------------------|--------|-------------------------------|--------|--------|-----------------------------------------------|--------|--------|---------------------------|--------|
| Bulgaria             | PRO.BG                            | November      2007 (3)  |   |                          | 81.6%  |   |                                          |   | 2.6%   |                      |   |   | 6 |   |
|                 | RING.BG                           | September      1998 (3) |   |                          | 62.5%  |   |                                          |   | 0.7%   |                      |   |   | 13 |   |
| Croatia              | NOVA      TV(Croatia)             | August      2000 (4)    |   |                          | 89.0%  |   |                                          |   | 22.8%  |                      |   |   | 3 |   |
| Czech      Republic  | TV      NOVA(Czech      Republic) | February      1994 (5)  |   |                          | 99.5%  |   |                                          |   | 41.6%  |                      |   |   | 1 |   |
|                 | NOVA      SPORT                   | April      2002 (6)     |   |                          | 27.3%  |   |                                          |   | n/a    |                      |   |   | n/a |   |
|                 | NOVA      CINEMA                  | December      2007      |   |                          | 59.0%  |   |                                          |   | 2.1%   |                      |   |   | 5 |   |
|                 | MTV      CZECH                    | November      2009      |   |                          | n/a    |   |                                          |   | n/a    |                      |   |   | n/a |   |
| Romania              | PRO      TV                       | December      1995      |   |                          | 98.6%  |   |                                          |   | 17.2%  |                      |   |   | 1 |   |
|                 | ACASA                             | February      1998      |   |                          | 90.0%  |   |                                          |   | 5.9%   |                      |   |   | 3 |   |
|                 | PRO      CINEMA                   | April      2004         |   |                          | 76.9%  |   |                                          |   | 1.9%   |                      |   |   | 11 |   |
|                 | SPORT.RO                          | July      2003 (7)      |   |                          | 65.9%  |   |                                          |   | 1.8%   |                      |   |   | 12 |   |
|                 | MTV      ROMANIA                  | June      2002 (8)      |   |                          | 57.8%  |   |                                          |   | 0.6%   |                      |   |   | 30 |   |
| Slovak      Republic | TV      MARKIZA                   | August      1996        |   |                          | 99.2%  |   |                                          |   | 31.2%  |                      |   |   | 1 |   |
|                 | DOMA                              | August      2009        |   |                          | 54.1%  |   |                                          |   | 0.7%   |                      |   |   | 4 |   |
| Slovenia             | POP      TV                       | December      1995      |   |                          | 95.2%  |   |                                          |   | 25.6%  |                      |   |   | 1 |   |
|                 | KANAL      A                      | October      1991 (9)   |   |                          | 94.0%  |   |                                          |   | 13.0%  |                      |   |   | 3 |   |
|                 | TV      PIKA                      | April      1998 (10)    |   |                          | 66.0%  |   |                                          |   | 1.0%   |                      |   |   | 6 |   |
| Ukraine              | STUDIO      1+1                   | January      1997       |   |                          | 98.8%  |   |                                          |   | 9.2%   |                      |   |   | 4 |   |
|                 | KINO                              | August      1993 (11)   |   |                          | 65.7%  |   |                                          |   | 0.7%   |                      |   |   | 15 |   |

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| Country              |   | Population(in millions)(1) |   |   | Technical      reach (in millions)(2) |   |   | Television      Households Reached(in millions)(3) |   |   | Television      Households Reached (%)(3) |   |   | CablePenetration(3) |   |
|----------------------|--------|---------------------------------|--------|--------|--------------------------------------------|--------|--------|---------------------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|---------------------|--------|
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |
| Bulgaria             |   |                            | 7.5    |   |                                       |   | 7.2    |                                                    |   |   | 2.7                                                 |   |   |                | 99%    |   |   |   | 57% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Croatia              |   |                            | 4.4    |   |                                       |   | 4.1    |                                                    |   |   | 1.3                                                 |   |   |                | 97%    |   |   |   | 16% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Czech      Republic  |   |                            | 10.5   |   |                                       |   | 9.9    |                                                    |   |   | 4.1                                                 |   |   |                | 98%    |   |   |   | 22% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Romania              |   |                            | 20.6   |   |                                       |   | 20.4   |                                                    |   |   | 6.9                                                 |   |   |                | 97%    |   |   |   | 67% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Slovak      Republic |   |                            | 5.4    |   |                                       |   | 5.1    |                                                    |   |   | 1.6                                                 |   |   |                | 99%    |   |   |   | 46% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Slovenia             |   |                            | 2.0    |   |                                       |   | 1.9    |                                                    |   |   | 0.7                                                 |   |   |                | 99%    |   |   |   | 70% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Ukraine              |   |                            | 46.1   |   |                                       |   | 43.4   |                                                    |   |   | 18.6                                                |   |   |                | 99%    |   |   |   | 57% |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |
| Total                |   |                            | 96.5   |   |                                       |   | 92.0   |                                                    |   |   | 35.9                                                |   |   |                |   |   |   |   |   |   |
|                 |   |                            |   |   |                                       |   |   |                                                    |   |   |                                                |   |   |                |   |   |   |   |   |   |

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|              |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| PRO.BG            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day      |   |   | -      |   |   |   | -      |   |   |   | 0.1%   |   |   |   | 2.7%   |   |   |   | 2.6% |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prime      time   |   |   | -      |   |   |   | -      |   |   |   | 0.1%   |   |   |   | 2.4%   |   |   |   | 2.6% |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RING.BG           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day      |   |   | 0.6%   |   |   |   | 0.5%   |   |   |   | 0.2%   |   |   |   | 0.3%   |   |   |   | 0.7% |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prime      time   |   |   | 0.5%   |   |   |   | 0.5%   |   |   |   | 0.2%   |   |   |   | 0.2%   |   |   |   | 0.7% |   |
| Source:      TNS. |   |

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| Main      TelevisionChannels | Ownership              | Year      of first transmission | Signaldistribution                   |   | All      day audienceshare      (2009) |   |   | Technicalreach |   |
|------------------------------|------------------------|---------------------------------|--------------------------------------|--------|----------------------------------------|--------|--------|----------------|--------|
|                         |                   |                            |                                 |   |                                   |   |   |           |   |
| bTV                          | News      Corp         | 2000                            | Cable      / Terrestrial / Satellite |   |                                   | 33.0%  |   |           |   | 99.9% |   |
|                         |                   |                            |                                 |   |                                   |   |   |           |   |   |   |
| NOVA      TV                 | MTG                    | 1994                            | Cable      / Terrestrial / Satellite |   |                                   | 23.0%  |   |           |   | 97.6% |   |
|                         |                   |                            |                                 |   |                                   |   |   |           |   |   |   |
| BNT                          | Public      television | 1959                            | Cable      / Terrestrial / Satellite |   |                                   | 8.9%   |   |           |   | 99.0% |   |
|                         |                   |                            |                                 |   |                                   |   |   |           |   |   |   |
| DIEMA      +                 | MTG                    | 1999                            | Cable      / Terrestrial / Satellite |   |                                   | 2.8%   |   |           |   | 70.8% |   |
|                         |                   |                            |                                 |   |                                   |   |   |           |   |   |   |
| PRO.BG                       | CME                    | 2007                            | Cable      / Terrestrial / Satellite |   |                                   | 2.6%   |   |           |   | 81.6% |   |
|                         |                   |                            |                                 |   |                                   |   |   |           |   |   |   |
| RING.BG                      | CME                    | 1998                            | Cable      / Satellite               |   |                                   | 0.7%   |   |           |   | 62.5% |   |
|                         |                   |                            |                                 |   |                                   |   |   |           |   |   |   |
| Others                       |                   |                            |                                 |   |                                   | 29.0%  |   |           |   |   |   |
|                         |                   |                            |                                 |   |                                   | 100%   |   |           |   |   |   |
| Source:      TNS.            |                   |

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|                                     |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                             |   |   | 14.0%  |   |   |   | 15.7%  |   |   |   | 18.7%  |   |   |   | 22.5%  |   |   |   | 22.8% |   |
| Prime      time                          |   |   | 14.5%  |   |   |   | 17.3%  |   |   |   | 19.7%  |   |   |   | 25.3%  |   |   |   | 27.4% |   |
| Source:      AGB Nielsen Media Research. |   |

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| Main      TelevisionChannels             | Ownership              | Year      of firsttransmission | Signaldistribution                                    |   | All      day audienceshare      (2009) |   |   | Technicalreach |   |
|------------------------------------------|------------------------|--------------------------------|-------------------------------------------------------|--------|----------------------------------------|--------|--------|----------------|--------|
| RTL                                      | Bertelsmann            | 2004                           | Terrestrial      / satellite / cable                  |   |                                   | 26.2%  |   |           |   | 97% |   |
|                                     |                   |                           |                                                  |   |                                   |   |   |           |   |   |   |
| HTV      1                               | Public      Television | 1956                           | Terrestrial      / satellite / cable                  |   |                                   | 23.6%  |   |           |   | 96% |   |
|                                     |                   |                           |                                                  |   |                                   |   |   |           |   |   |   |
| NOVA      TV (Croatia)                   | CME                    | 2000                           | Terrestrial      /   satellite / cable |   |                                   | 22.8%  |   |           |   | 89% |   |
|                                     |                   |                           |                                                  |   |                                   |   |   |           |   |   |   |
| HTV      2                               | Public      Television | 1972                           | Terrestrial      / satellite / cable                  |   |                                   | 12.8%  |   |           |   | 96% |   |
|                                     |                   |                           |                                                  |   |                                   |   |   |           |   |   |   |
| Others                                   |                   |                           |                                                  |   |                                   | 14.6%  |   |           |   |   |   |
|                                     |                   |                           |                                                  |   |                                   | 100.0% |   |           |   |   |   |
| Source:      AGB Nielsen Media Research. |                   |

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|                                    |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                            |   |   | 42.4%  |   |   |   | 43.6%  |   |   |   | 43.0%  |   |   |   | 41.5%  |   |   |   | 41.6% |   |
| Prime      time                         |   |   | 43.6%  |   |   |   | 47.3%  |   |   |   | 46.8%  |   |   |   | 45.8%  |   |   |   | 46.8% |   |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source:      ATO – Mediaresearch. |   |

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| Main      Television Channels                           | Ownership                            | Year      of first transmission | Signal      distribution     |   | All      day audience share (2009) |   |   | Technical      reach |   |
|---------------------------------------------------------|--------------------------------------|---------------------------------|------------------------------|--------|------------------------------------|--------|--------|----------------------|--------|
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |
| TV      NOVA (Czech Republic)                           | CME                                  | 1994                            | Terrestrial      / satellite |   |                               | 41.6%  |   |                 |   | 99.5% |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| TV      Prima                                           | Modern      Times Group/Local owners | 1993                            | Terrestrial      / satellite |   |                               | 16.4%  |   |                 |   | 99.6% |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| CT      1                                               | Public      Television               | 1953                            | Terrestrial      / satellite |   |                               | 15.7%  |   |                 |   | 97.5% |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| CT      2                                               | Public      Television               | 1970                            | Terrestrial      / satellite |   |                               | 5.1%   |   |                 |   | 96.9% |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| NOVA      CINEMA (1)                                    | CME                                  | 2007                            | Terrestrial      / satellite |   |                               | 2.1%   |   |                 |   | 59.0% |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| NOVA      SPORT                                         | CME                                  | 2002                            | Cable      / satellite       |   |                               | -%     |   |                 |   | 27.3% |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| Others                                                  |                                 |                            |                         |   |                               | 19.1%  |   |                 |   |   |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
|                                                    |                                 |                            |                         |   |                               | 100.0% |   |                 |   |   |   |
|                                                    |                                 |                            |                         |   |                               |   |   |                 |   |   |   |
| Source      : ATO – Mediaresearch.                |                                 |
| (1)      Technical Reach for NOVA CINEMA includes DVB-T |                                 |

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|                                                                                                                                                                  |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PRO      TV                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                                                                                                                                                          |   |   | 20.9%  |   |   |   | 20.7%  |   |   |   | 18.3%  |   |   |   | 16.5%  |   |   |   | 17.2% |   |
| Prime      time                                                                                                                                                       |   |   | 22.8%  |   |   |   | 22.9%  |   |   |   | 21.5%  |   |   |   | 19.7%  |   |   |   | 20.3% |   |
| ACASA                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                                                                                                                                                          |   |   | 9.6%   |   |   |   | 8.5%   |   |   |   | 7.5%   |   |   |   | 8.1%   |   |   |   | 5.9% |   |
| Prime      time                                                                                                                                                       |   |   | 11.2%  |   |   |   | 9.0%   |   |   |   | 7.1%   |   |   |   | 9.4%   |   |   |   | 8.1% |   |
| SPORT.RO      (1)                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                                                                                                                                                          |   |   | 1.5%   |   |   |   | 1.5%   |   |   |   | 1.7%   |   |   |   | 1.6%   |   |   |   | 1.8% |   |
| Prime      time                                                                                                                                                       |   |   | 1.4%   |   |   |   | 1.3%   |   |   |   | 1.3%   |   |   |   | 1.2%   |   |   |   | 1.6% |   |
| PRO      CINEMA                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                                                                                                                                                          |   |   | 1.5%   |   |   |   | 1.8%   |   |   |   | 2.2%   |   |   |   | 2.0%   |   |   |   | 1.9% |   |
| Prime      time                                                                                                                                                       |   |   | 1.3%   |   |   |   | 1.5%   |   |   |   | 1.9%   |   |   |   | 1.8%   |   |   |   | 1.8% |   |
| MTV      ROMANIA (2)                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                                                                                                                                                          |   |   | 0.8%   |   |   |   | 0.8%   |   |   |   | 0.9%   |   |   |   | 0.6%   |   |   |   | 0.6% |   |
| Prime      time                                                                                                                                                       |   |   | 0.5%   |   |   |   | 0.5%   |   |   |   | 0.6%   |   |   |   | 0.5%   |   |   |   | 0.4% |   |
|                                                                                                                                                                  |   |
| Source:      GFK, TNS/AGB International.(1)      We acquired SPORT.RO in December 2006.(2)      We acquired the license to operate MTV ROMANIA in December      2007. |   |

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| Main      Television Channels            | Ownership              | Year      of first transmission | Signal      distribution             |   | All      day audience share (2009) |   |   | Technical      reach |   |
|------------------------------------------|------------------------|---------------------------------|--------------------------------------|--------|------------------------------------|--------|--------|----------------------|--------|
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |
| PRO      TV                              | CME                    | 1995                            | Terrestrial      / satellite / cable |   |                               | 17.2%  |   |                 |   | 98.6% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| Antena      1                            | Local      owner       | 1993                            | Terrestrial      / satellite / cable |   |                               | 11.5%  |   |                 |   | 93.8% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| ACASA                                    | CME                    | 1998                            | Satellite      / cable               |   |                               | 5.9%   |   |                 |   | 90.0% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| Prima      TV                            | SBS                    | 1994                            | Terrestrial      / satellite / cable |   |                               | 5.5%   |   |                 |   | 91.7% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| TVR      1                               | Public      Television | 1956                            | Terrestrial      / satellite / cable |   |                               | 3.4%   |   |                 |   | 99.5% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| PRO      CINEMA                          | CME                    | 2004                            | Satellite      / cable               |   |                               | 1.9%   |   |                 |   | 76.9% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| TVR      2                               | Public      Television | 1968                            | Terrestrial      / satellite / cable |   |                               | 1.5%   |   |                 |   | 96.1% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| SPORT.RO                                 | CME                    | 2003                            | Satellite      / cable               |   |                               | 1.8%   |   |                 |   | 65.9% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| MTV      ROMANIA                         | CME                    | 2002                            | Satellite      / cable               |   |                               | 0.6%   |   |                 |   | 57.8% |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| Others                                   |                   |                            |                                 |   |                               | 50.7%  |   |                 |   |   |   |
|                                     |                   |                            |                                 |   |                               | 100.0% |   |                 |   |   |   |
|                                     |                   |                            |                                 |   |                               |   |   |                 |   |   |   |
| Source:      GFK, TNS/AGB International. |                   |

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|            |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008  |   |   | 2009   |   |
|-----------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-------|--------|--------|--------|--------|
| All      day    |   |   | 31.2%  |   |   |   | 33.7%  |   |   |   | 35.5% |   |   |   | 35.1%  |   |   |   | 31.2% |   |
| Prime      time |   |   | 32.9%  |   |   |   | 35.9%  |   |   |   | 38.5% |   |   |   | 36.8%  |   |   |   | 33.5% |   |

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| MainTelevisionChannels | Ownership              | Year      of firsttransmission | Signaldistribution                   |   | All      day audienceshare      (2009) |   |   | Technicalreach |   |
|------------------------|------------------------|--------------------------------|--------------------------------------|--------|----------------------------------------|--------|--------|----------------|--------|
| TV      MARKIZA        | CME                    | 1996                           | Terrestrial      / satellite / cable |   |                                   | 31.2%  |   |           |   | 99.2% |   |
|                   |                   |                           |                                 |   |                                   |   |   |           |   |   |   |
| TV      JOJ            | Local      owner       | 2002                           | Terrestrial      / satellite / cable |   |                                   | 20.0%  |   |           |   | 90.7% |   |
|                   |                   |                           |                                 |   |                                   |   |   |           |   |   |   |
| STV      1             | Public      Television | 1956                           | Terrestrial      / satellite / cable |   |                                   | 15.0%  |   |           |   | 99.9% |   |
|                   |                   |                           |                                 |   |                                   |   |   |           |   |   |   |
| STV      2             | Public      Television | 1969                           | Terrestrial      / satellite / cable |   |                                   | 4.0%   |   |           |   | 99.5% |   |
|                   |                   |                           |                                 |   |                                   |   |   |           |   |   |   |
| DOMA                   | CME                    | 2009                           | Cable/satellite                      |   |                                   | 0.7%   |   |           |   | 54.1% |   |
|                   |                   |                           |                                 |   |                                   |   |   |           |   |   |   |
| Others                 |                   |                           |                                 |   |                                   | 29.1%  |   |           |   |   |   |
|                   |                   |                           |                                 |   |                                   | 100.0% |   |           |   |   |   |
|                   |                   |                           |                                 |   |                                   |   |   |           |   |   |   |
| Source:      CME.      |                   |

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|                                     |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| POP      TV                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                             |   |   | 27.2%  |   |   |   | 29.1%  |   |   |   | 26.0%  |   |   |   | 25.2%  |   |   |   | 25.6% |   |
| Prime      time                          |   |   | 33.9%  |   |   |   | 36.0%  |   |   |   | 32.4%  |   |   |   | 31.9%  |   |   |   | 34.3% |   |
| KANAL      A                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day                             |   |   | 11.4%  |   |   |   | 12.0%  |   |   |   | 14.2%  |   |   |   | 14.8%  |   |   |   | 13.0% |   |
| Prime      time                          |   |   | 13.5%  |   |   |   | 13.8%  |   |   |   | 15.4%  |   |   |   | 15.5%  |   |   |   | 13.6% |   |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Source:      AGB Nielsen Media Research. |   |

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| Main      Television Channels            | Ownership               | Year      of first transmission | Signal      distribution             |   | All      day audience share (2009) |   |   | Technical      reach |   |
|------------------------------------------|-------------------------|---------------------------------|--------------------------------------|--------|------------------------------------|--------|--------|----------------------|--------|
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |
| POP      TV                              | CME                     | 1995                            | Terrestrial      / cable             |   |                               | 25.6%  |   |                 |   | 95% |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| SLO      1                               | Public      Television  | 1958                            | Terrestrial      / satellite / cable |   |                               | 13.5%  |   |                 |   | 100% |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| KANAL      A                             | CME                     | 1991                            | Terrestrial      / cable             |   |                               | 13.0%  |   |                 |   | 94% |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| SLO      2                               | Public      Television  | 1967                            | Terrestrial      / satellite / cable |   |                               | 7.8%   |   |                 |   | 99% |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| TV3                                      | Modern      Times Group | 1995                            | Terrestrial      / cable             |   |                               | 7.6%   |   |                 |   | 78% |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| TV      PIKA                             | CME                     | 2009                            | Terrestrial      / cable             |   |                               | 1.0%   |   |                 |   | 66% |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| Others                                   |                    |                            |                                 |   |                               | 31.5%  |   |                 |   |   |   |
|                                     |                    |                            |                                 |   |                               | 100.0% |   |                 |   |   |   |
|                                     |                    |                            |                                 |   |                               |   |   |                 |   |   |   |
| Source:      AGB Nielsen Media Research. |                    |

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|            |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|-----------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| STUDIO      1+1 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day    |   |   | 20.8%  |   |   |   | 18.3%  |   |   |   | 14.9%  |   |   |   | 10.9%  |   |   |   | 9.2% |   |
| Prime      time |   |   | 23.4%  |   |   |   | 23.2%  |   |   |   | 17.6%  |   |   |   | 12.4%  |   |   |   | 11.6% |   |
| KINO            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All      day    |   |   | 0.0%   |   |   |   | 0.3%   |   |   |   | 0.9%   |   |   |   | 0.8%   |   |   |   | 0.7% |   |
| Prime      time |   |   | 0.0%   |   |   |   | 0.2%   |   |   |   | 0.6%   |   |   |   | 0.6%   |   |   |   | 0.6% |   |

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| MainTelevisionChannels | Ownership                                      | Year      of firsttransmission | Signaldistribution                   |   | Audienceshare      (2009) |   |   | Technicalreach |   |
|------------------------|------------------------------------------------|--------------------------------|--------------------------------------|--------|---------------------------|--------|--------|----------------|--------|
| Inter                  | Local      owners                              | 1996                           | Terrestrial      / satellite / cable |   |                      | 13.4%  |   |           |   | 99.1% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| Novy      Kanal        | Local      owner (same as ICTV and STB)        | 1998                           | Terrestrial      / satellite / cable |   |                      | 10.4%  |   |           |   | 95.5% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| STB                    | Local      owner (same as Novy Kanal and ICTV) | 1997                           | Terrestrial      / satellite / cable |   |                      | 9.5%   |   |           |   | 93.4% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| STUDIO      1+1        | CME                                            | 1997                           | Terrestrial      / satellite / cable |   |                      | 9.2%   |   |           |   | 98.8% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| ICTV                   | Local      owner (same as Novy Kanal and STB)  | 1992                           | Terrestrial      / satellite / cable |   |                      | 9.0%   |   |           |   | 95.1% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| TRK      Ukraine       | Local      owner                               | 2004                           | Terrestrial      / satellite / cable |   |                      | 7.3%   |   |           |   | 97.0% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| UT-1                   | Public      Television                         | 1965                           | Terrestrial      / cable             |   |                      | 0.9%   |   |           |   | 97.6% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| KINO                   | CME                                            | 1993                           | Terrestrial      / satellite / cable |   |                      | 0.7%   |   |           |   | 65.7% |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
| Others                 |                                           |                           |                                 |   |                      | 39.6%  |   |           |   |   |   |
|                   |                                           |                           |                                 |   |                      |   |   |           |   |   |   |
|                   |                                           |                           |                                 |   |                      | 100.0% |   |           |   |   |   |

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| Item      1A. | Risk      Factors |
|---------------|-------------------|

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| ITEM      1 B. | UNRESOLVED      STAFF COMMENTS |
|----------------|--------------------------------|

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| ITEM      2. | PROPERTIES |
|--------------|------------|

| Location                                           | Property                        | Use                                                                                         |
|----------------------------------------------------|---------------------------------|---------------------------------------------------------------------------------------------|
|                                               |                            |                                                                                        |
| Hamilton,      Bermuda                             | Leased      office              | Registered      Office, corporate                                                           |
| Amsterdam,      Netherlands                        | Leased      office              | Corporate      Office, corporate                                                            |
| London,      United Kingdom                        | Leased      office              | Administrative      Center, corporate                                                       |
| Sofia,      Bulgaria                               | Leased      buildings           | Office      and studio space, PRO.BG and RING.BG                                            |
| Zagreb,      Croatia                               | Owned      and leased buildings | Office      and studio space, NOVA TV (Croatia)                                             |
| Prague,      Czech Republic                        | Owned      and leased buildings | Administrative      Centre, corporateOffice      and studio space, TV NOVA (Czech Republic) |
| Bucharest      and other key cities within Romania | Owned      and leased buildings | Office      and studio space, PRO TV and Media Pro Entertainment                            |
| Bratislava,      Slovak Republic                   | Owned      buildings            | Office      and studio space, TV MARKIZA                                                    |
| Ljubljana,      Slovenia                           | Owned      and leased buildings | Office      and studio space, POP TV, KANAL A and TV PIKA                                   |
| Kiev      and other key cities within Ukraine      | Leased      buildings           | Office      and studio space, STUDIO 1+1 andKINO                                            |

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| ITEM 3. | LEGAL      PROCEEDINGS |
|---------|------------------------|

| ITEM 4. | SUBMISSION      OF MATTERS TO A VOTE OF SECURITYHOLDERS |
|---------|---------------------------------------------------------|

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| ITEM      5. | MARKET      FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND      ISSUER PURCHASES OF EQUITYSECURITIES |
|--------------|---------------------------------------------------------------------------------------------------------------------------------|

| Price      Period   |   | High      (US$ / Share) |   |   | Low      (US$ / Share) |   |
|---------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                |   |                    |   |   |                   |   |
| 2009                |   |                    |   |   |                   |   |
| Fourth      Quarter |   |                    | 33.73  |   |                   |   | 23.61 |   |
| Third      Quarter  |   |                    | 38.08  |   |                   |   | 17.44 |   |
| Second      Quarter |   |                    | 22.00  |   |                   |   | 11.97 |   |
| First      Quarter  |   |                    | 22.73  |   |                   |   | 4.86 |   |
|                |   |                    |   |   |                   |   |   |   |
| 2008                |   |                    |   |   |                   |   |   |   |
| Fourth      Quarter |   |                    | 66.47  |   |                   |   | 9.07 |   |
| Third      Quarter  |   |                    | 89.42  |   |                   |   | 61.99 |   |
| Second      Quarter |   |                    | 106.99 |   |                   |   | 86.34 |   |
| First      Quarter  |   |                    | 114.17 |   |                   |   | 78.50 |   |
|                |   |                    |   |   |                   |   |   |   |

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| Central      European Media Enterprises Ltd. |   | $ | 40.78  |   |
|----------------------------------------------|--------|---|--------|--------|
| NASDAQ      Composite Index                  |   | $ | 96.53  |   |
| Dow      Jones World Broadcasting Index (1)  |   | $ | 102.89 |   |

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| ITEM 6. | SELECTED      FINANCIAL DATA |
|---------|------------------------------|

|                                                                                       |   | For      the Years Ended December 31,         |     |
|--------------------------------------------------------------------------------------------|--------|-----------------------------------------------|----------|
|                                                                                       |   | 2009                                          |     |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                                                                       |   | (US$      000’s, except per share data) |     |
| CONSOLIDATED      STATEMENT OF OPERATIONS DATA:                                            |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      revenues                                                                          |   | $                                             | 713,978  |   |   | $ | 1,019,934 |   |   | $ | 838,856 |   |   | $ | 602,646 |   |   | $ | 400,978 |   |
| Operating      (loss) / income                                                             |   |                                          | (83,180  | ) |   |   | (127,797 | ) |   |   | 210,456 |   |   |   | 142,971 |   |   |   | 52,196 |   |
| Net      (loss) / income from continuing operations                                        |   |                                          | (107,545 | ) |   |   | (263,694 | ) |   |   | 110,205 |   |   |   | 35,794 |   |   |   | 42,835 |   |
| Net      (loss) / income on discontinued operations                                        |   |                                          | (262     | ) |   |   | (3,785 | ) |   |   | (4,480 | ) |   |   | (7,217 | ) |   |   | (513 | ) |
| Net      (loss) / income attributable to CME Ltd.                                          |   | $                                             | (97,157  | ) |   | $ | (269,546 | ) |   | $ | 88,618 |   |   | $ | 21,626 |   |   | $ | 42,322 |   |
|                                                                                       |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PER      SHARE DATA:                                                                       |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss) / income per common share from:                                            |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      operations – basic                                                   |   | $                                             | (1.78    | ) |   | $ | (6.28 | ) |   | $ | 2.25 |   |   | $ | 0.72 |   |   | $ | 1.24 |   |
| Continuing      operations – diluted                                                 |   |                                          | (1.78    | ) |   |   | (6.28 | ) |   |   | 2.23 |   |   |   | 0.71 |   |   |   | 1.21 |   |
| Discontinued      operations – basic                                                 |   |                                          | (0.01    | ) |   |   | (0.09 | ) |   |   | (0.11 | ) |   |   | (0.18 | ) |   |   | (0.01 | ) |
| Discontinued      operations – diluted                                               |   |                                          | (0.01    | ) |   |   | (0.09 | ) |   |   | (0.11 | ) |   |   | (0.18 | ) |   |   | (0.01 | ) |
| Net      (loss) / income attributable to CME Ltd.      common shareholders - basic         |   |                                          | (1.79    | ) |   |   | (6.37 | ) |   |   | 2.14 |   |   |   | 0.54 |   |   |   | 1.22 |   |
| Net      (loss) / income attributable to CME Ltd. common      shareholders - diluted       |   | $                                             | (1.79    | ) |   | $ | (6.37 | ) |   | $ | 2.12 |   |   | $ | 0.53 |   |   | $ | 1.19 |   |
| Weighted      average common shares used in computing per share amounts      (000’s) |   |                                          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                      |   |                                          | 54,344   |   |   |   | 42,328 |   |   |   | 41,384 |   |   |   | 40,027 |   |   |   | 34,664 |   |
| Diluted                                                                                    |   |                                          | 54,344   |   |   |   | 42,328 |   |   |   | 41,833 |   |   |   | 40,600 |   |   |   | 35,430 |   |

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| CONSOLIDATED      BALANCE SHEET DATA:        |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |
|----------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|
| Cash                                         |   | $      | 458,529   |   |   | $      | 107,433   |   |   | $      | 142,812   |   |   | $      | 145,902   |   |   | $ | 71,658 |   |
| Other      current assets                    |   |   | 371,276   |   |   |   | 387,323   |   |   |   | 392,280   |   |   |   | 271,763   |   |   |   | 215,268 |   |
| Non-current      assets                      |   |   | 2,042,982 |   |   |   | 1,911,860 |   |   |   | 1,803,343 |   |   |   | 1,401,335 |   |   |   | 1,101,924 |   |
| Total      assets                            |   | $      | 2,872,787 |   |   | $      | 2,406,616 |   |   | $      | 2,338,435 |   |   | $      | 1,819,000 |   |   | $ | 1,388,850 |   |
| Current      liabilities                     |   |   | 349,723   |   |   |   | 228,673   |   |   |   | 234,470   |   |   |   | 184,461   |   |   |   | 206,961 |   |
| Non-current      liabilities                 |   |   | 1,351,224 |   |   |   | 1,079,498 |   |   |   | 681,003   |   |   |   | 572,584   |   |   |   | 488,099 |   |
| CME      Ltd. Shareholders’ equity     |   |   | 1,177,589 |   |   |   | 1,095,258 |   |   |   | 1,399,807 |   |   |   | 1,035,766 |   |   |   | 680,553 |   |
| Noncontrolling      interests                |   |   | (5,749    | )      |   |   | 3,187     |   |   |   | 23,155    |   |   |   | 26,189    |   |   |   | 13,237 |   |
| Total      liabilities and  equity |   | $      | 2,872,787 |   |   | $      | 2,406,616 |   |   | $      | 2,338,435 |   |   | $      | 1,819,000 |   |   | $ | 1,388,850 |   |

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| ITEM      7. | MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS. |
|--------------|--------------------------------------------------------------------------------------------------------|

| I. | Executive      Summary |
|----|------------------------|

| ll. | General      Market Information |
|-----|---------------------------------|

| Ill. | Analysis      of the Results of ConsolidatedOperations |
|------|--------------------------------------------------------|

| IV. | Analysis      of Segment Results |
|-----|----------------------------------|

| V. | Condensed      Consolidated Balance Sheet |
|----|-------------------------------------------|

| VI. | Liquidity      and Capital Resources |
|-----|--------------------------------------|

| VIl. | Critical      Accounting Policies and Estimates |
|------|-------------------------------------------------|

| Vll. | Related      Party Matters |
|------|----------------------------|

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|                                                                          |   | For      the Years Ended December 31, (US$ 000's) |     |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------|----------|
|                                                                          |   | 2009                                              |     |   | 2008 |   |   | Movement |   |
|                                                                          |   |                                              |     |   |   |   |   |   |   |
| Net      revenues                                                             |   | $                                                 | 713,978  |   |   | $ | 1,019,934 |   |   | $ | (305,956 | ) |
| Operating      loss                                                           |   |                                              | (83,180  | ) |   |   | (127,797 | ) |   |   | 44,617 |   |
| Net      loss                                                                 |   | $                                                 | (107,807 | ) |   | $ | (267,479 | ) |   | $ | 159,672 |   |
| Net      cash (used in) / generated from continuing operating      activities |   | $                                                 | (31,806  | ) |   | $ | 135,555 |   |   | $ | (167,361 | ) |

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|   | · | On      May 18, 2009, we issued 14.5 million shares of Class A common stock and      4.5 million shares of Class B common stock to Time Warner Media Holdings      B.V., an affiliate of Time Warner for an aggregate offering price, net of      fees, of US$ 234.4 million. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During      the second quarter, we designated our Bulgaria and Ukraine subsidiaries,      as well as CME Development Financing B.V., the entity that funds those      operations (the “Development Finance Holding Company”), as Unrestricted      Subsidiaries (as defined in Item 8, Note 23, “Restricted and Unrestricted      Subsidiaries”). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | During      the third quarter, we issued EUR 440.0 million (approximately US$ 633.9      million) 11.625% senior notes due 2016 in two tranches (the “2009 Fixed      Rate Notes”) and used the majority of the proceeds to repay existing      debt. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On      December 21, 2009, our wholly owned subsidiary CET 21 entered into a      Facility Agreement  for up to CZK 3.0 billion (approximately US$      163.3 million) with Erste Group Bank A.G. as arranger, of which CZK 2.8      billion (approximately US$ 152.4 million) has been committed and drawn as      at February 24, 2010. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On      December 9, 2009, we acquired Media Pro Entertainment from Adrian Sarbu,      our President and Chief Executive Officer and member of our Board of      Directors, for consideration of US$ 10.0 million in cash, 2.2 million      shares of Class A common stock and warrants to purchase an additional      850,000 shares of Class A commonstock. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | On      January 20, 2010, we entered into an agreement with Igor Kolomoisky to      sell our interests in our Ukraine operations for aggregate cash      consideration of US$ 300.0 million plus the reimbursement of cash      operating costs between the signing and closing, estimated to be US$ 19.0      million. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On      February 18, 2010, we entered into an agreement with News Corporation to      purchase the bTV group for cash consideration of US$ 400.0      million. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On July 27, 2009, Adrian Sarbu      was appointed as our President and Chief Executive Officer. Mr Sarbu was      previously our President and Chief Operating Officer from December 2008      and Chief Operating Officer from October  2007. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On July 1, 2009, Wallace      Macmillan resigned as our Chief Financial Officer and has been replaced on      an interim basis by Charles Frank, Jr., formerly a member of our Board of      Directors.   |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | creating a new operating model      with three operating divisions - broadcast operations, new media and      content (which will be known as Media Pro Entertainment) – to achieve more      efficient use of our resources in order to grow    faster; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | capitalizing on our core      strengths and diversifying our revenue from advertising to five main      sources: advertising, subscription, content distribution, internet and      management services; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | developing and producing      content on a larger scale and distributing in our region and beyond in all      windows and platforms; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | assessing opportunities      arising from current economic conditions to acquire or operate additional      channels and internet operations in our regions in order to expand our      offerings, target niche audiences and increase our advertising inventory      when financially prudent. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  Country        | 2009      Rating | Details      of 2009 Rating                                                                                                                                                                                                                                                                                                                        | 2008      Rating | 2007      Rating | 2006      Rating |
|----------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|------------------|------------------|
| Bulgaria             | B                | Political      and economic uncertainties and an occasionally difficult business      environment can affect corporate payment behaviour. Corporate default      probability is appreciable.                                                                                                                                                       | A4               | -                | -                |
| Croatia              | A4               | A      somewhat shaky political and economic outlook and a relatively volatile      business environment can affect corporate payment      behavior.  Corporate default probability is still acceptable on      average.                                                                                                                 | A4               | A4               | A4               |
| Czech      Republic  | A2               | The      political and economic situation is good.  A basically stable      and efficient business environment nonetheless leaves room for      improvement.  Corporate default is low on    average.                                                                                                                          | A2               | A2               | A2               |
| Romania              | B                | Political      and economic uncertainties and an occasionally difficult business      environment can affect corporate payment behaviour. Corporate default      probability is appreciable.                                                                                                                                                       | A4               | A4               | A4               |
| Slovak      Republic | A3               | Changes      in generally good but somewhat volatile political and economic environment      can affect corporate payment behavior.  A basically secure      business environment can nonetheless give rise to occasional difficulties      for companies.  Corporate default probability is quite      acceptable on average. | A3               | A3               | A3               |
| Slovenia             | A2               | The      political and economic situation is good.  A basically stable      and efficient business environment nonetheless leaves room for      improvement.  Corporate default is low on    average.                                                                                                                          | A1               | A1               | A1               |
| Ukraine              | D                | A      high-risk political and economic situation and an often very difficult      business environment can have a very significant impact on corporate      payment behaviour. Corporate default probability is very    high.                                                                                                                     | C                | C                | C                |

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| Country              |   | Population(in      millions)(1) |   |   | Per      Capita GDP 2009(1) |   |   | Total      Advertising Spending per Capita 2009 (US$)(2) |   |   | Total      Advertising Spending as a % of GDP 2009(2) |   |   | TV      Advertising Spending per Capita (US$)2009(2) |   |   | TV      Advertising Spending as a % of Total Advertising Spending2009(2) |   |
|----------------------|--------|---------------------------------|--------|--------|-----------------------------|--------|--------|----------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|
| Bulgaria             |   |                            | 7.5    |   |                        | $      | 6,228  |                                                     |   | $      | 35.6                                                  |   |   |                                                 | 0.57   | %      |                                                                     | $      | 18.2 |   |   |   | 55 | % |
|                 |   |                            |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Croatia              |   |                            | 4.4    |   |                        | $      | 14,488 |                                                     |   | $      | 54.4                                                  |   |   |                                                 | 0.38   | %      |                                                                     | $      | 29.3 |   |   |   | 54 | % |
|                 |   |                            |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Czech      Republic  |   |                            | 10.5   |   |                        | $      | 18,294 |                                                     |   | $      | 80.6                                                  |   |   |                                                 | 0.44   | %      |                                                                     | $      | 34.6 |   |   |   | 43 | % |
|                 |   |                            |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Romania              |   |                            | 20.6   |   |                        | $      | 8,155  |                                                     |   | $      | 20.8                                                  |   |   |                                                 | 0.26   | %      |                                                                     | $      | 13.2 |   |   |   | 63 | % |
|                 |   |                            |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Slovak      Republic |   |                            | 5.4    |   |                        | $      | 16,355 |                                                     |   | $      | 61.3                                                  |   |   |                                                 | 0.37   | %      |                                                                     | $      | 30.0 |   |   |   | 49 | % |
|                 |   |                            |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Slovenia             |   |                            | 2.0    |   |                        | $      | 25,271 |                                                     |   | $      | 63.1                                                  |   |   |                                                 | 0.25   | %      |                                                                     | $      | 39.5 |   |   |   | 63 | % |
|                 |   |                            |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Ukraine              |   |                            | 46.1   |   |                        | $      | 2,416  |                                                     |   | $      | 10.0                                                  |   |   |                                                 | 0.40   | %      |                                                                     | $      | 5.0 |   |   |   | 47 | % |

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| Country |   | Population(in      millions) (1) |   |   | Per      Capita GDP 2009(1) |   |   | Total      Advertising Spending per Capita 2009 (US$)(2) |   |   | Total      Advertising Spending as a % of GDP 2009(2) |   |   | TV      Advertising Spending per Capita (US$)2009(2) |   |   | TV      Advertising Spending as a % of Total Advertising Spending2009(2) |   |
|---------|--------|----------------------------------|--------|--------|-----------------------------|--------|--------|----------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|
| Greece  |   |                             | 11.2   |   |                        | $      | 29,753 |                                                     |   | $      | 301.8                                                 |   |   |                                                 | 1.01   | %      |                                                                     | $      | 87.1 |   |   |   | 29 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Hungary |   |                             | 10.0   |   |                        | $      | 13,666 |                                                     |   | $      | 74.8                                                  |   |   |                                                 | 0.55   | %      |                                                                     | $      | 29.8 |   |   |   | 40 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Italy   |   |                             | 59.9   |   |                        | $      | 35,873 |                                                     |   | $      | 206.8                                                 |   |   |                                                 | 0.58   | %      |                                                                     | $      | 109.2 |   |   |   | 53 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Poland  |   |                             | 38.1   |   |                        | $      | 12,240 |                                                     |   | $      | 69.3                                                  |   |   |                                                 | 0.57   | %      |                                                                     | $      | 34.1 |   |   |   | 49 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Russia  |   |                             | 140.9  |   |                        | $      | 9,149  |                                                     |   | $      | 52.8                                                  |   |   |                                                 | 0.58   | %      |                                                                     | $      | 29.0 |   |   |   | 55 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| Turkey  |   |                             | 74.8   |   |                        | $      | 8,331  |                                                     |   | $      | 24.9                                                  |   |   |                                                 | 0.30   | %      |                                                                     | $      | 13.0 |   |   |   | 52 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| UK      |   |                             | 61.8   |   |                        | $      | 36,079 |                                                     |   | $      | 300.9                                                 |   |   |                                                 | 0.83   | %      |                                                                     | $      | 77.8 |   |   |   | 26 | % |
|    |   |                             |   |   |                        |   |   |                                                     |   |   |                                                  |   |   |                                                 |   |   |                                                                     |   |   |   |   |   |   |   |
| USA     |   |                             | 307.8  |   |                        | $      | 46,300 |                                                     |   | $      | 470.9                                                 |   |   |                                                 | 1.02   | %      |                                                                     | $      | 209.6 |   |   |   | 45 | % |

|  Country           |   | 2005   |                     |   | 2006   |   |                   | 2007   |   |   | 2008                   |   |   | 2009   |             |
|-------------------------|--------|--------|--------------------------|--------|--------|--------|------------------------|--------|--------|--------|------------------------|--------|--------|--------|------------------|
| Bulgaria      (1)       |   |   | –                  |   |   |   | -                      |   |   |   | -                      |   |   | $      | 175      - $ 185 |   |   | $ | 135      – 145 |   |
|                    |   |   |                     |   |   |   |                   |   |   |   |                   |   |   |   |             |   |   |   |   |   |
| Croatia                 |   | $      | $      115 – $ 125 |   |   | $      | 120      – $ 130 |   |   | $      | 140      – $ 150 |   |   | $      | 155      - $ 165 |   |   | $ | 125      – 135 |   |
|                    |   |   |                     |   |   |   |                   |   |   |   |                   |   |   |   |             |   |   |   |   |   |
| Czech      Republic (1) |   | $      | 285      – $ 295   |   |   | $      | 310      – $ 320 |   |   | $      | 390      – $ 400 |   |   | $      | 490      - $ 500 |   |   | $ | 370      – 380 |   |
|                    |   |   |                     |   |   |   |                   |   |   |   |                   |   |   |   |             |   |   |   |   |   |
| Romania                 |   | $      | 165      – $ 175   |   |   | $      | 235      – $ 245 |   |   | $      | 375      – $ 385 |   |   | $      | 465      - $ 475 |   |   | $ | 270      – 280 |   |
|                    |   |   |                     |   |   |   |                   |   |   |   |                   |   |   |   |             |   |   |   |   |   |
| Slovak      Republic    |   | $      | 90      – $ 100    |   |   | $      | 105      – $ 115 |   |   | $      | 165      – $ 170 |   |   | $      | 210      - $ 215 |   |   | $ | 160      – 170 |   |
|                    |   |   |                     |   |   |   |                   |   |   |   |                   |   |   |   |             |   |   |   |   |   |
| Slovenia                |   | $      | 60      - $ 70           |   |   | $      | 70      - $ 80         |   |   | $      | 85      – $ 90   |   |   | $      | 100      - $ 105 |   |   | $ | 78      – 82 |   |
|                    |   |   |                     |   |   |   |                   |   |   |   |                   |   |   |   |             |   |   |   |   |   |
| Ukraine      (2)        |   | $      | 220      - $ 230         |   |   | $      | 310      - $ 320       |   |   | $      | 470      - $ 480       |   |   | $      | 450      - $ 460 |   |   | $ | 205      - 215 |   |

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| Country                 |   | 2005   |              |   | 2006   |   |               | 2007   |   |   | 2008              |   |   | 2009   |               |
|-------------------------|--------|--------|-------------------|--------|--------|--------|--------------------|--------|--------|--------|-------------------|--------|--------|--------|--------------------|
| Bulgaria      (1)       |   |   | -                 |   |   |   | -                  |   |   |   | -                 |   |   |   | 6      – 8   | % |   |   | (24-26 | )% |
|                    |   |   |              |   |   |   |               |   |   |   |              |   |   |   |               |   |   |   |   |   |
| Croatia                 |   |   | (1      – 3 | )%     |   |   | 2      - 5         | %      |   |   | 4      – 7  | %      |   |   | 0                  | % |   |   | (14-16 | )% |
|                    |   |   |              |   |   |   |               |   |   |   |              |   |   |   |               |   |   |   |   |   |
| Czech      Republic (1) |   |   | 3      – 5  | %      |   |   | 0      - 1         | %      |   |   | 8      – 12 | %      |   |   | 7      – 9   | % |   |   | (22-24 | )% |
|                    |   |   |              |   |   |   |               |   |   |   |              |   |   |   |               |   |   |   |   |   |
| Romania                 |   |   | 25      - 35      | %      |   |   | 30      – 40 | %      |   |   | 50      - 60      | %      |   |   | 27      – 29 | % |   |   | (29-31 | )% |
|                    |   |   |              |   |   |   |               |   |   |   |              |   |   |   |               |   |   |   |   |   |
| Slovak      Republic    |   |   | 8      - 10       | %      |   |   | 5      - 7         | %      |   |   | 25      - 30      | %      |   |   | 6      – 8   | % |   |   | (22-24 | )% |
|                    |   |   |              |   |   |   |               |   |   |   |              |   |   |   |               |   |   |   |   |   |
| Slovenia                |   |   | 9      - 11       | %      |   |   | 9      - 11        | %      |   |   | 8      - 10       | %      |   |   | 7      – 9   | % |   |   | (18-20 | )% |
|                    |   |   |              |   |   |   |               |   |   |   |              |   |   |   |               |   |   |   |   |   |
| Ukraine      (2)        |   |   | 45      - 55      | %      |   |   | 25      - 35       | %      |   |   | 25      - 35      | %      |   |   | (3      - 5        | )% |   |   | (28-30 | )% |

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|                                      |   | NET      REVENUES                                       |    |
|-------------------------------------------|--------|---------------------------------------------------------|---------|
|                                      |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                                      |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                      |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Croatia                                   |   | $                                                       | 49,139  |   |   | $ | 54,651 |   |   |   | (10.1 | )% |   |   | (4.4 | )% |   | $ | 54,651 |   |   | $ | 37,193 |   |   |   | 46.9 | % |   |   | 36.1 | % |
| Czech      Republic                       |   |                                                    | 275,883 |   |   |   | 376,546 |   |   |   | (26.7 | )% |   |   | (18.8 | )% |   |   | 376,546 |   |   |   | 279,237 |   |   |   | 34.8 | % |   |   | 15.4 | % |
| Romania      (Broadcast & Internet)   |   |                                                    | 176,501 |   |   |   | 274,627 |   |   |   | (35.7 | )% |   |   | (22.9 | )% |   |   | 274,627 |   |   |   | 215,402 |   |   |   | 27.5 | % |   |   | 27.5 | % |
| Slovak      Republic                      |   |                                                    | 107,356 |   |   |   | 132,692 |   |   |   | (19.1 | )% |   |   | (16.7 | )% |   |   | 132,692 |   |   |   | 110,539 |   |   |   | 20.0 | % |   |   | 5.3 | % |
| Slovenia                                  |   |                                                    | 66,710  |   |   |   | 80,697 |   |   |   | (17.3 | )% |   |   | (13.3 | )% |   |   | 80,697 |   |   |   | 69,647 |   |   |   | 15.9 | % |   |   | 9.7 | % |
| Total      Core Operations                |   | $                                                       | 675,589 |   |   | $ | 919,213 |   |   |   | (26.5 | )% |   |   | (18.2 | )% |   | $ | 919,213 |   |   | $ | 712,018 |   |   |   | 29.1 | % |   |   | 17.6 | % |
| Bulgaria(3)                               |   |                                                    | 3,520   |   |   |   | 1,263 |   |   |   | 178.7 | % |   |   | 160.0 | % |   |   | 1,263 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Ukraine                                   |   |                                                    | 32,033  |   |   |   | 99,458 |   |   |   | (67.8 | )% |   |   | (67.8 | )% |   |   | 99,458 |   |   |   | 126,838 |   |   |   | (21.6 | )% |   |   | (21.6 | )% |
| Total      Developing Operations          |   | $                                                       | 35,553  |   |   | $ | 100,721 |   |   |   | (64.7 | )% |   |   | (64.7 | )% |   | $ | 100,721 |   |   | $ | 126,838 |   |   |   | (20.6 | )% |   |   | (20.6 | )% |
| Romania      (Media Pro Entertainment)(4) |   |                                                    | 5,396   |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                               |   |                                                    | (2,560  | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Net Revenues                   |   | $                                                       | 713,978 |   |   | $ | 1,019,934 |   |   |   | (30.0 | )% |   |   | (23.0 | )% |   | $ | 1,019,934 |   |   | $ | 838,856 |   |   |   | 21.6 | % |   |   | 12.3 | % |

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|                                                          |   | COST      OF REVENUES                                   |    |
|---------------------------------------------------------------|--------|---------------------------------------------------------|---------|
|                                                          |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                                                          |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                                          |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Operating      Costs                                          |   | $                                                       | 134,095 |   |   | $ | 145,210 |   |   |   | (7.7 | )% |   |   | 0.4 | % |   | $ | 145,210 |   |   | $ | 116,859 |   |   |   | 24.3 | % |   |   | 13.3 | % |
| Cost      of programming                                      |   |                                                    | 389,900 |   |   |   | 438,203 |   |   |   | (11.0 | )% |   |   | (3.5 | )% |   |   | 438,203 |   |   |   | 327,230 |   |   |   | 33.9 | % |   |   | 25.7 | % |
| Depreciation      of station property, plant and equipment    |   |                                                    | 53,651  |   |   |   | 51,668 |   |   |   | 3.8 | % |   |   | 14.9 | % |   |   | 51,668 |   |   |   | 32,653 |   |   |   | 58.2 | % |   |   | 41.7 | % |
| Amortization      of broadcast licenses and other intangibles |   |                                                    | 21,597  |   |   |   | 35,381 |   |   |   | (39.0 | )% |   |   | (33.3 | )% |   |   | 35,381 |   |   |   | 24,970 |   |   |   | 41.7 | % |   |   | 22.9 | % |
| Total      Cost of Revenues                                   |   | $                                                       | 599,243 |   |   | $ | 670,462 |   |   |   | (10.6 | )% |   |   | (2.8 | )% |   | $ | 670,462 |   |   | $ | 501,712 |   |   |   | 33.6 | % |   |   | 23.7 | % |

|   | (1) | Actual      (“%Act”) reflects the percentage change between two    periods. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (2) | Like      for Like (“%Lfl”) or constant currency reflects the impact of applying the      current period average exchange rates to the prior period revenues and      costs. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Number not      meaningful. |
|--------|-----|-----------------------------|

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Table of Contents

| OPERATING      COSTS                      |   |
|-------------------------------------------|--------|
|                                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                                      |   |   |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                      |   | 2009 |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Croatia                                   |   | $ | 13,140 |   |   | $ | 12,723 |   |   |   | 3.3 | % |   |   | 10.5 | % |   | $ | 12,723 |   |   | $ | 9,999 |   |   |   | 27.2 | % |   |   | 17.7 | % |
| Czech      Republic                       |   |   | 40,439 |   |   |   | 41,037 |   |   |   | (1.5 | )% |   |   | 9.4 | % |   |   | 41,037 |   |   |   | 30,325 |   |   |   | 35.3 | % |   |   | 11.8 | % |
| Romania      (Broadcast & Internet)   |   |   | 24,582 |   |   |   | 32,251 |   |   |   | (23.8 | )% |   |   | (8.5 | )% |   |   | 32,251 |   |   |   | 23,487 |   |   |   | 37.3 | % |   |   | 37.3 | % |
| Slovak      Republic                      |   |   | 19,496 |   |   |   | 19,379 |   |   |   | 0.6 | % |   |   | 4.9 | % |   |   | 19,379 |   |   |   | 21,017 |   |   |   | (7.8 | )% |   |   | (20.3 | )% |
| Slovenia                                  |   |   | 12,085 |   |   |   | 14,329 |   |   |   | (15.7 | )% |   |   | (11.4 | )% |   |   | 14,329 |   |   |   | 12,185 |   |   |   | 17.6 | % |   |   | 10.2 | % |
| Total      Core Operations                |   | $ | 109,742 |   |   | $ | 119,719 |   |   |   | (8.3 | )% |   |   | 1.7 | % |   | $ | 119,719 |   |   | $ | 97,013 |   |   |   | 23.4 | % |   |   | 10.5 | % |
| Bulgaria(3)                               |   |   | 6,244 |   |   |   | 2,289 |   |   |   | 172.8 | % |   |   | 159.0 | % |   |   | 2,289 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Ukraine                                   |   |   | 17,520 |   |   |   | 23,202 |   |   |   | (24.5 | )% |   |   | (24.5 | )% |   |   | 23,202 |   |   |   | 19,846 |   |   |   | 16.9 | % |   |   | 16.9 | % |
| Total      Developing Operations          |   | $ | 23,764 |   |   | $ | 25,491 |   |   |   | (6.8 | )% |   |   | (7.2 | )% |   | $ | 25,491 |   |   | $ | 19,846 |   |   |   | 28.4 | % |   |   | 28.4 | % |
| Romania      (Media Pro Entertainment)(4) |   |   | 589 |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                               |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Operating Costs                |   | $ | 134,095 |   |   | $ | 145,210 |   |   |   | (7.7 | )% |   |   | 0.4 | % |   | $ | 145,210 |   |   | $ | 116,859 |   |   |   | 24.3 | % |   |   | 13.3 | % |

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| COST      OF PROGRAMMING                  |   |
|-------------------------------------------|--------|
|                                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                                      |   |   |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                      |   | 2009 |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Croatia                                   |   | $ | 29,809 |   |   | $ | 39,585 |   |   |   | (24.7 | )% |   |   | (19.6 | )% |   | $ | 39,585 |   |   | $ | 32,232 |   |   |   | 22.8 | % |   |   | 13.8 | % |
| Czech      Republic                       |   |   | 85,667 |   |   |   | 101,356 |   |   |   | (15.5 | )% |   |   | (6.3 | )% |   |   | 101,356 |   |   |   | 70,005 |   |   |   | 44.8 | % |   |   | 23.9 | % |
| Romania      (Broadcast & Internet)   |   |   | 96,839 |   |   |   | 114,716 |   |   |   | (15.6 | )% |   |   | 0.7 | % |   |   | 114,716 |   |   |   | 85,288 |   |   |   | 34.5 | % |   |   | 34.5 | % |
| Slovak      Republic                      |   |   | 61,325 |   |   |   | 52,162 |   |   |   | 17.6 | % |   |   | 22.6 | % |   |   | 52,162 |   |   |   | 37,258 |   |   |   | 40.0 | % |   |   | 21.9 | % |
| Slovenia                                  |   |   | 30,117 |   |   |   | 32,823 |   |   |   | (8.2 | )% |   |   | (3.1 | )% |   |   | 32,823 |   |   |   | 27,988 |   |   |   | 17.3 | % |   |   | 11.0 | % |
| Total      Core Operations                |   | $ | 303,757 |   |   | $ | 340,642 |   |   |   | (10.8 | )% |   |   | (0.7 | )% |   | $ | 340,642 |   |   | $ | 252,771 |   |   |   | 34.8 | % |   |   | 24.2 | % |
| Bulgaria      (4)                         |   |   | 34,979 |   |   |   | 6,506 |   |   | Nm(3) |   |   | Nm(3) |   |   |   | 6,506 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Ukraine                                   |   |   | 48,699 |   |   |   | 91,055 |   |   |   | (46.5 | )% |   |   | (46.5 | )% |   |   | 91,055 |   |   |   | 74,459 |   |   |   | 22.3 | % |   |   | 22.3 | % |
| Total      Developing Operations          |   | $ | 83,678 |   |   | $ | 97,561 |   |   |   | (14.2 | )% |   |   | (14.7 | )% |   | $ | 97,561 |   |   | $ | 74,459 |   |   |   | 31.0 | % |   |   | 31.0 | % |
| Romania      (Media Pro Entertainment)(5) |   |   | 4,692 |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                               |   |   | (2,227 | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Cost of Programming            |   | $ | 389,900 |   |   | $ | 438,203 |   |   |   | (11.0 | )% |   |   | (3.5 | )% |   | $ | 438,203 |   |   | $ | 327,230 |   |   |   | 33.9 | % |   |   | 25.7 | % |
| Represented      by:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Production      Expenses                  |   |   | 180,091 |   |   |   | 194,759 |   |   |   | (7.5 | )% |   |   | 1.8 | % |   |   | 194,759 |   |   |   | 138,696 |   |   |   | 40.4 | % |   |   | 29.3 | % |
| Program      Amortization                 |   |   | 209,809 |   |   |   | 243,444 |   |   |   | (13.8 | )% |   |   | (7.6 | )% |   |   | 243,444 |   |   |   | 188,534 |   |   |   | 29.1 | % |   |   | 22.9 | % |
| Cost      of Programming                  |   | $ | 389,900 |   |   | $ | 438,203 |   |   |   | (11.0 | )% |   |   | (3.5 | )% |   | $ | 438,203 |   |   | $ | 327,230 |   |   |   | 33.9 | % |   |   | 25.7 | % |

----

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----

Table of Contents

|                                            |   | PROGRAM      AMORTIZATION AND CASH PAID FOR ACQUIRED PROGRAMMING |    |
|-------------------------------------------------|--------|------------------------------------------------------------------|---------|
|                                            |   | For      the Years Ended December 31, (US$ 000’s)          |    |
|                                            |   |                                                             |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                            |   | 2009                                                             |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Program      amortization                       |   |
| Croatia                                         |   | $                                                                | 13,101  |   |   | $ | 21,229 |   |   |   | (38.3 | )% |   |   | (34.3 | )% |   | $ | 21,229 |   |   | $ | 20,784 |   |   |   | 2.1 | % |   |   | (5.5 | )% |
| Czech      Republic                             |   |                                                             | 42,725  |   |   |   | 57,580 |   |   |   | (25.8 | )% |   |   | (18.4 | )% |   |   | 57,580 |   |   |   | 34,992 |   |   |   | 64.6 | % |   |   | 44.2 | % |
| Romania      (Broadcast & Internet)         |   |                                                             | 54,498  |   |   |   | 55,253 |   |   |   | (1.4 | )% |   |   | 16.8 | % |   |   | 55,253 |   |   |   | 44,673 |   |   |   | 23.7 | % |   |   | 23.7 | % |
| Slovak      Republic                            |   |                                                             | 31,427  |   |   |   | 20,855 |   |   |   | 50.7 | % |   |   | 58.9 | % |   |   | 20,855 |   |   |   | 16,326 |   |   |   | 27.7 | % |   |   | 12.1 | % |
| Slovenia                                        |   |                                                             | 13,944  |   |   |   | 13,076 |   |   |   | 6.6 | % |   |   | 10.4 | % |   |   | 13,076 |   |   |   | 10,289 |   |   |   | 27.1 | % |   |   | 20.3 | % |
| Total      Core Operations                      |   | $                                                                | 155,695 |   |   | $ | 167,993 |   |   |   | (7.3 | )% |   |   | 2.9 | % |   | $ | 167,993 |   |   | $ | 127,064 |   |   |   | 32.2 | % |   |   | 23.0 | % |
| Bulgaria(4)                                     |   |                                                             | 19,862  |   |   |   | 2,865 |   |   | Nm(3) |   |   | Nm(3) |   |   |   | 2,865 |   |   | $ | - |   |   |   | - | % |   |   | - | % |
| Ukraine                                         |   |                                                             | 34,535  |   |   |   | 72,586 |   |   |   | (52.4 | )% |   |   | (52.4 | )% |   |   | 72,586 |   |   |   | 61,470 |   |   |   | 18.1 | % |   |   | 18.1 | % |
| Total      Developing Operations                |   | $                                                                | 54,397  |   |   | $ | 75,451 |   |   |   | (27.9 | )% |   |   | (28.1 | )% |   | $ | 75,451 |   |   | $ | 61,470 |   |   |   | 22.7 | % |   |   | 22.7 | % |
| Romania      (Media Pro Entertainment)      (5) |   |                                                             | 165     |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                                     |   |                                                             | (448    | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Program Amortization                 |   | $                                                                | 209,809 |   |   | $ | 243,444 |   |   |   | (13.8 | )% |   |   | (7.6 | )% |   | $ | 243,444 |   |   | $ | 188,534 |   |   |   | 29.1 | % |   |   | 22.9 | % |
| Cash      paid for acquired programming:        |   |
| Croatia                                         |   | $                                                                | 11,950  |   |   | $ | 24,922 |   |   |   | (52.1 | )% |   |   | (45.9 | )% |   | $ | 24,922 |   |   | $ | 22,894 |   |   |   | 8.9 | % |   |   | 42.6 | % |
| Czech      Republic                             |   |                                                             | 40,214  |   |   |   | 35,638 |   |   |   | 12.8 | % |   |   | 28.5 | % |   |   | 35,638 |   |   |   | 27,343 |   |   |   | 30.3 | % |   |   | 43.8 | % |
| Romania      (Broadcast & Internet)         |   |                                                             | 78,228  |   |   |   | 73,223 |   |   |   | 6.8 | % |   |   | 30.1 | % |   |   | 73,223 |   |   |   | 61,271 |   |   |   | 19.5 | % |   |   | 19.5 | % |
| Slovak      Republic                            |   |                                                             | 25,132  |   |   |   | 23,905 |   |   |   | 5.1 | % |   |   | 8.6 | % |   |   | 23,905 |   |   |   | 18,273 |   |   |   | 30.8 | % |   |   | 13.9 | % |
| Slovenia                                        |   |                                                             | 11,846  |   |   |   | 11,300 |   |   |   | 4.8 | % |   |   | 10.5 | % |   |   | 11,300 |   |   |   | 9,751 |   |   |   | 15.9 | % |   |   | 16.7 | % |
| Total      Core Operations                      |   | $                                                                | 167,370 |   |   | $ | 168,988 |   |   |   | (1.0 | )% |   |   | 13.6 | % |   | $ | 168,988 |   |   | $ | 139,532 |   |   |   | 21.1 | % |   |   | 25.9 | % |
| Bulgaria(4)                                     |   |                                                             | 17,438  |   |   |   | 10,117 |   |   |   | 72.4 | % |   |   | 57.5 | % |   |   | 10,117 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Ukraine                                         |   |                                                             | 40,506  |   |   |   | 48,658 |   |   |   | (16.8 | )% |   |   | (16.8 | )% |   |   | 48,658 |   |   |   | 70,487 |   |   |   | (31.0 | )% |   |   | (31.0 | )% |
| Total      Developing Operations                |   | $                                                                | 57,944  |   |   | $ | 58,775 |   |   |   | (1.4 | )% |   |   | (3.0 | )% |   | $ | 58,775 |   |   | $ | 70,487 |   |   |   | (16.6 | )% |   |   | (16.6 | )% |
| Romania      (Media Pro Entertainment)(5)       |   |                                                             | 310     |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                                     |   |                                                             | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Cash Paid for Acquired Programming   |   | $                                                                | 225,624 |   |   | $ | 227,763 |   |   |   | (0.9 | )% |   |   | 8.9 | % |   | $ | 227,763 |   |   | $ | 210,019 |   |   |   | 8.4 | % |   |   | 11.3 | % |

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|                                                    |   | Selling,      General and Administrative Expenses       |    |
|---------------------------------------------------------|--------|---------------------------------------------------------|---------|
|                                                    |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                                                    |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                                    |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Croatia                                                 |   | $                                                       | 5,967   |   |   | $ | 7,758 |   |   |   | (23.1 | )% |   |   | (18.0 | )% |   | $ | 7,758 |   |   | $ | 8,844 |   |   |   | (12.3 | )% |   |   | (19.2 | )% |
| Czech      Republic                                     |   |                                                    | 21,314  |   |   |   | 25,498 |   |   |   | (16.4 | )% |   |   | (7.4 | )% |   |   | 25,498 |   |   |   | 22,411 |   |   |   | 13.8 | % |   |   | (3.9 | )% |
| Romania      (Broadcast & Internet)                 |   |                                                    | 16,570  |   |   |   | 15,877 |   |   |   | 4.4 | % |   |   | 24.4 | % |   |   | 15,877 |   |   |   | 13,552 |   |   |   | 17.2 | % |   |   | 17.2 | % |
| Slovak      Republic                                    |   |                                                    | 12,655  |   |   |   | 10,923 |   |   |   | 15.9 | % |   |   | 20.5 | % |   |   | 10,923 |   |   |   | 10,732 |   |   |   | 1.8 | % |   |   | (10.6 | )% |
| Slovenia                                                |   |                                                    | 6,686   |   |   |   | 8,132 |   |   |   | (17.8 | )% |   |   | (13.7 | )% |   |   | 8,132 |   |   |   | 6,707 |   |   |   | 21.2 | % |   |   | 12.0 | % |
| Corporate                                               |   |                                                    | 39,143  |   |   |   | 49,676 |   |   |   | (21.2 | )% |   |   | (19.1 | )% |   |   | 49,676 |   |   |   | 55,373 |   |   |   | (10.3 | )% |   |   | (10.3 | )% |
| Total      Core Operations                              |   | $                                                       | 102,335 |   |   | $ | 117,864 |   |   |   | (13.2 | )% |   |   | (7.2 | )% |   | $ | 117,864 |   |   | $ | 117,619 |   |   |   | 0.2 | % |   |   | (5.4 | )% |
| Bulgaria                                                |   |                                                    | 7,071   |   |   |   | 2,653 |   |   |   | 166.5 | % |   |   | 147.3 | % |   |   | 2,653 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Ukraine                                                 |   |                                                    | 6,285   |   |   |   | 20,000 |   |   |   | (68.6 | )% |   |   | (68.6 | )% |   |   | 20,000 |   |   |   | 9,069 |   |   |   | 120.5 | % |   |   | 120.5 | % |
| Total      Developing Operations                        |   | $                                                       | 13,356  |   |   | $ | 22,653 |   |   |   | (41.0 | )% |   |   | (41.6 | )% |   | $ | 22,653 |   |   | $ | 9,069 |   |   |   | 149.8 | % |   |   | 149.8 | % |
| Romania      (Media Pro Entertainment) (3)         |   |                                                    | 381     |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                                             |   |                                                    | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Selling, General and Administrative Expenses |   | $                                                       | 116,072 |   |   | $ | 140,517 |   |   |   | (17.4 | )% |   |   | (12.8 | )% |   | $ | 140,517 |   |   | $ | 126,688 |   |   |   | 10.9 | % |   |   | 5.2 | % |

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|   | · | an      increase in travel costs primarily related to the use of a chartered      aircraft, and salary and travel costs following the establishment of a      centralized planning and development function to manage our initiatives to      improve operational efficiencies; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      further increase in staff-related costs as a result of redundancy payments      following headcount reductions in the fourth quarter;  and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      increase in business development expenses incurred in evaluating potential      investments. |
|--------|--------|------------------------------------------------------------------------------------------------------|

|     |   | For      the Years Ended December 31, (US$ 000’s) |   |
|----------|--------|---------------------------------------------------------|--------|
|     |   | 2009                                                    |   |   | 2008 |   |   | 2007 |   |
| Bulgaria |   | $                                                       | 81,843 |   |   | $ | 64,891 |   |   | $ | - |   |
| Ukraine  |   |                                                    | -      |   |   |   | 271,861 |   |   |   | - |   |
| Total    |   | $                                                       | 81,843 |   |   | $ | 336,752 |   |   | $ | - |   |

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|                           |   |                                                    |    |
|--------------------------------|--------|---------------------------------------------------------|---------|
|                           |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                           |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                           |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
| Operating      (loss) / income |   | $                                                       | (83,180 | ) |   | $ | (127,797 | ) |   |   | (34.9 | )% |   |   | (49.9 | )% |   | $ | (127,797 | ) |   | $ | 210,456 |   |   |   | (160.7 | )% |   |   | (179.8 | )% |

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|                                                                                         |   | For      the Years Ended December 31, (US$ 000’s) |     |
|----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|----------|
|                                                                                         |   | 2009                                                    |     |   | 2008 |   |   | %      Act(1) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |
| Interest      income                                                                         |   | $                                                       | 2,916    |   |   | $ | 10,006 |   |   |   | (70.9 | )% |   | $ | 10,006 |   |   | $ | 5,728 |   |   |   | 74.7 | % |
| Interest      expense                                                                        |   |                                                    | (115,771 | ) |   |   | (82,481 | ) |   |   | (40.4 | )% |   |   | (82,481 | ) |   |   | (54,936 | ) |   |   | (50.1 | )% |
| Foreign      currency exchange loss, net                                                     |   |                                                    | 82,461   |   |   |   | (37,877 | ) |   | Nm(2) |   |   |   | (37,877 | ) |   |   | (34,409 | ) |   |   | 10.1 | % |
| Change      in fair value of derivatives                                                     |   |                                                    | 1,315    |   |   |   | 6,360 |   |   |   | (79.3 | )% |   |   | 6,360 |   |   |   | (3,703 | ) |   |   | 271.8 | % |
| Other      income                                                                            |   |                                                    | 1,521    |   |   |   | 2,620 |   |   |   | (41.9 | )% |   |   | 2,620 |   |   |   | 7,891 |   |   |   | (66.8 | )% |
| Benefit      / (Provision) for income taxes                                                  |   |                                                    | 3,193    |   |   |   | (34,525 | ) |   |   | 109.2 | % |   |   | (34,525 | ) |   |   | (20,822 | ) |   |   | (65.8 | )% |
| Discontinued      operations, net of tax                                                     |   |                                                    | (262     | ) |   |   | (3,785 | ) |   |   | 93.1 | % |   |   | (3,785 | ) |   |   | (4,480 | ) |   |   | 15.5 | % |
| Noncontrolling      interest in loss / (income)  of consolidated      subsidiaries |   |                                                    | 10,650   |   |   |   | (2,067 | ) |   | Nm(2) |   |   |   | (2,067 | ) |   |   | (17,107 | ) |   |   | 87.9 | % |
| Currency      translation adjustment, net                                                    |   |                                                    | (106,604 | ) |   |   | (88,609 | ) |   |   | (20.3 | )% |   |   | (88,609 | ) |   |   | 158,825 |   |   |   | (155.8 | )% |
| Obligation      to purchase shares                                                           |   | $                                                       | -        |   |   | $ | 488 |   |   | Nm(2) |   |   | $ | 488 |   |   | $ | (488 | ) |   | Nm(2) |   |

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|                    |   | For      the years ended December 31, |   |
|-------------------------|--------|---------------------------------------|--------|
|                    |   | 2009                                  |   |   | 2008 |   |   | 2007 |   |
|                    |   |                                  |   |   |   |   |   |   |   |
| Bulgarian      Lev (1)  |   |                                  | (3     | )% |   |   | - | % |   |   | - | % |
| Croatian      Kuna      |   |                                  | (2     | )% |   |   | 5 | % |   |   | (11 | )% |
| Czech      Koruna       |   |                                  | (5     | )% |   |   | 7 | % |   |   | (13 | )% |
| Euro                    |   |                                  | (3     | )% |   |   | 6 | % |   |   | (11 | )% |
| New      Romanian Lei   |   |                                  | 4      | % |   |   | 15 | % |   |   | (4 | )% |
| Ukraine      Hryvna (2) |   |                                  | 5      | % |   |   | - | % |   |   | - | % |

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|   | · | foreign      currency exchange gains and losses; |
|--------|--------|--------------------------------------------------|

|   | · | change      in the fair value of derivatives;and |
|--------|--------|--------------------------------------------------|

|   | · | certain      unusual or infrequent items (e.g., impairments of assets or      investments) |
|--------|--------|--------------------------------------------------------------------------------------------|

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|                                                                        |   | SEGMENT      FINANCIAL INFORMATION                      |    |
|-----------------------------------------------------------------------------|--------|---------------------------------------------------------|---------|
|                                                                        |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                                                                        |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                                                        |   | 2009                                                    |    |   | 2008 |   |   | %      Act(7) |   |   | %      Lfl(8) |   |   | 2008 |   |   | 2007 |   |   | %      Act(7) |   |   | %      Lfl(8) |   |
| Net      Revenues                                                           |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Croatia      (NOVA TV)                                                      |   | $                                                       | 49,139  |   |   | $ | 54,651 |   |   |   | (10.1 | )% |   |   | (4.4 | )% |   | $ | 54,651 |   |   | $ | 37,193 |   |   |   | 46.9 | % |   |   | 36.1 | % |
| Czech      Republic (TV NOVA, NOVA CINEMA, NOVA SPORT and MTV CZECH)    (1) |   |                                                    | 275,883 |   |   |   | 376,546 |   |   |   | (26.7 | )% |   |   | (18.8 | )% |   |   | 376,546 |   |   |   | 279,237 |   |   |   | 34.8 | % |   |   | 15.4 | % |
| Romania      (2)                                                            |   |                                                    | 176,501 |   |   |   | 274,627 |   |   |   | (35.7 | )% |   |   | (22.9 | )% |   |   | 274,627 |   |   |   | 215,402 |   |   |   | 27.5 | % |   |   | 27.5 | % |
| Slovak      Republic (TV MARKIZA and DOMA) (3)                              |   |                                                    | 107,356 |   |   |   | 132,692 |   |   |   | (19.1 | )% |   |   | (16.7 | )% |   |   | 132,692 |   |   |   | 110,539 |   |   |   | 20.0 | % |   |   | 5.3 | % |
| Slovenia      (POP TV, KANAL A and TV PIKA)                                 |   |                                                    | 66,710  |   |   |   | 80,697 |   |   |   | (17.3 | )% |   |   | (13.3 | )% |   |   | 80,697 |   |   |   | 69,647 |   |   |   | 15.9 | % |   |   | 9.7 | % |
| Total      Core Operations                                                  |   | $                                                       | 675,589 |   |   | $ | 919,213 |   |   |   | (26.5 | )% |   |   | (18.2 | )% |   | $ | 919,213 |   |   | $ | 712,018 |   |   |   | 29.1 | % |   |   | 17.6 | % |
| Bulgaria      (PRO.BG and RING.BG) (4)                                      |   |                                                    | 3,520   |   |   |   | 1,263 |   |   |   | 178.7 | % |   |   | 160.0 | % |   |   | 1,263 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Ukraine      (STUDIO 1+1, KINO) (5)                                         |   |                                                    | 32,033  |   |   |   | 99,458 |   |   |   | (67.8 | )% |   |   | (67.8 | )% |   |   | 99,458 |   |   |   | 126,838 |   |   |   | (21.6 | )% |   |   | (21.6 | )% |
| Total      Developing Operations                                            |   | $                                                       | 35,553  |   |   | $ | 100,721 |   |   |   | (64.7 | )% |   |   | (64.7 | )% |   | $ | 100,721 |   |   |   | 126,838 |   |   |   | (20.6 | )% |   |   | (20.6 | )% |
| Romania      (Media Pro Entertainment) (6)                                  |   |                                                    | 5,396   |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                                                                 |   |                                                    | (2,560  | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Net Revenues                                                     |   | $                                                       | 713,978 |   |   | $ | 1,019,934 |   |   |   | (30.0 | )% |   |   | (23.0 | )% |   | $ | 1,019,934 |   |   | $ | 838,856 |   |   |   | 21.6 | % |   |   | 12.3 | % |
| Represented      by:                                                        |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations                                                   |   | $                                                       | 701,024 |   |   | $ | 1,010,403 |   |   |   | (30.6 | )% |   |   | (23.6 | )% |   | $ | 1,010,403 |   |   | $ | 835,232 |   |   |   | 21.0 | % |   |   | 11.7 | % |
| Internet      operations                                                    |   |                                                    | 10,118  |   |   |   | 9,531 |   |   |   | 6.2 | % |   |   | 14.8 | % |   |   | 9,531 |   |   |   | 3,624 |   |   |   | 163.0 | % |   |   | 146.4 | % |
| Content      operations                                                     |   |                                                    | 5,396   |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                                                                 |   |                                                    | (2,560  | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Total      Net Revenues                                                     |   | $                                                       | 713,978 |   |   | $ | 1,019,934 |   |   |   | (30.0 | )% |   |   | (23.0 | )% |   | $ | 1,019,934 |   |   | $ | 838,856 |   |   |   | 21.6 | % |   |   | 12.3 | % |

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|                                                                       |   | SEGMENT      FINANCIAL INFORMATION                      |    |
|----------------------------------------------------------------------------|--------|---------------------------------------------------------|---------|
|                                                                       |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                                                                       |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                                                                       |   | 2009                                                    |    |   | 2008 |   |   | %      Act(8) |   |   | %      Lfl(9) |   |   | 2008 |   |   | 2007 |   |   | %      Act(8) |   |   | %      Lfl(9) |   |
| EBITDA                                                                     |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Croatia      (NOVA TV)                                                     |   | $                                                       | 223     |   |   | $ | (5,415 | ) |   |   | 104.1 | % |   |   | 104.6 | % |   | $ | (5,415 | ) |   | $ | (13,882 | ) |   |   | 61.0 | % |   |   | 64.1 | % |
| Czech      Republic (TV NOVA, NOVA CINEMA NOVA SPORT and MTV CZECH)    (1) |   |                                                    | 128,463 |   |   |   | 208,655 |   |   |   | (38.4 | )% |   |   | (31.9 | )% |   |   | 208,655 |   |   |   | 156,496 |   |   |   | 33.3 | % |   |   | 15.0 | % |
| Romania      (2)                                                           |   |                                                    | 38,510  |   |   |   | 111,783 |   |   |   | (65.5 | )% |   |   | (58.4 | )% |   |   | 111,783 |   |   |   | 93,075 |   |   |   | 20.1 | % |   |   | 20.1 | % |
| Slovak      Republic (TV MARKIZA and DOMA) (3)                             |   |                                                    | 13,880  |   |   |   | 50,228 |   |   |   | (72.4 | )% |   |   | (72.1 | )% |   |   | 50,228 |   |   |   | 41,532 |   |   |   | 20.9 | % |   |   | 7.6 | % |
| Slovenia      (POP TV, KANAL A and TV PIKA)                                |   |                                                    | 17,822  |   |   |   | 25,413 |   |   |   | (29.9 | )% |   |   | (27.2 | )% |   |   | 25,413 |   |   |   | 22,767 |   |   |   | 11.6 | % |   |   | 7.1 | % |
| Corporate                                                                  |   |                                                    | (38,151 | ) |   |   | (48,787 | ) |   |   | 21.8 | % |   |   | 19.7 | % |   |   | (48,787 | ) |   |   | (54,531 | ) |   |   | 10.5 | % |   |   | 10.5 | % |
| Total      Core Operations                                                 |   | $                                                       | 160,747 |   |   | $ | 341,877 |   |   |   | (53.0 | )% |   |   | (46.9 | )% |   | $ | 341,877 |   |   | $ | 245,457 |   |   |   | 39.3 | % |   |   | 24.2 | % |
| Bulgaria      (PRO.BG and RING.BG) (4)                                     |   |                                                    | (44,774 | ) |   | $ | (10,185 | ) |   | Nm(5) |   |   | Nm(5) |   |   | $ | (10,185 | ) |   | $ | - |   |   |   | - | % |   |   | - | % |
| Ukraine      (STUDIO 1+1, KINO) (5)                                        |   |                                                    | (40,471 | ) |   |   | (34,799 | ) |   |   | (16.3 | )% |   |   | (16.3 | )% |   |   | (34,799 | ) |   |   | 23,464 |   |   |   | (248.3 | )% |   |   | (248.3 | )% |
| Total      Developing Operations                                           |   | $                                                       | (85,245 | ) |   | $ | (44,984 | ) |   |   | (89.5 | )% |   |   | (86.4 | )% |   | $ | (44,984 | ) |   | $ | 23,464 |   |   |   | (291.7 | )% |   |   | (291.7 | )% |
| Romania      (Media Pro Entertainment) (6)                                 |   |                                                    | (266    | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Elimination                                                                |   |                                                    | (333    | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Consolidated      EBITDA                                                   |   | $                                                       | 74,903  |   |   | $ | 296,893 |   |   |   | (74.8 | )% |   |   | (70.9 | )% |   | $ | 296,893 |   |   | $ | 268,921 |   |   |   | 10.4 | % |   |   | (0.6 | )% |
| Represented      by:                                                       |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations                                                  |   | $                                                       | 123,424 |   |   | $ | 354,388 |   |   |   | (65.2 | )% |   |   | (60.5 | )% |   | $ | 354,388 |   |   | $ | 327,330 |   |   |   | 8.3 | % |   |   | (0.9 | )% |
| Internet      operations                                                   |   |                                                    | (9,771  | ) |   |   | (8,708 | ) |   |   | (12.2 | )% |   |   | (21.3 | )% |   |   | (8,708 | ) |   |   | (3,878 | ) |   |   | (124.5 | )% |   |   | (110.8 | )% |
| Content      operations                                                    |   |                                                    | (266    | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Corporate                                                                  |   |                                                    | (38,151 | ) |   |   | (48,787 | ) |   |   | 21.8 | % |   |   | 19.7 | % |   |   | (48,787 | ) |   |   | (54,531 | ) |   |   | 10.5 | % |   |   | 10.5 | % |
| Elimination                                                                |   |                                                    | (333    | ) |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Consolidated      EBITDA                                                   |   | $                                                       | 74,903  |   |   | $ | 296,893 |   |   |   | (74.8 | )% |   |   | (70.9 | )% |   | $ | 296,893 |   |   | $ | 268,921 |   |   |   | 10.4 | % |   |   | (0.6 | )% |
| EBITDA      Margin (7)                                                     |   |                                                    | 10      | % |   |   | 29 | % |   |   | (19 | )% |   |   | (18 | )% |   |   | 29 | % |   |   | 32 | % |   |   | (3 | )% |   |   | (4 | )% |

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|                           |   | For      the year ended December 31, 2009 |   |   | For      the five months from      acquisition to December 31, 2008 |   |
|--------------------------------|--------|-----------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
| All      day audience share    |   |                                                | 3.3    | %      |                                                                               |   | 2.0 | % |
| All      day ratings           |   |                                                | 0.4    | %      |                                                                               |   | 0.2 | % |
| Prime      time audience share |   |                                                | 3.3    | %      |                                                                               |   | 1.7 | % |
| Prime      time ratings        |   |                                                | 0.9    | %      |                                                                               |   | 0.5 | % |

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|                      |   |                                                |   |
|---------------------------|--------|-----------------------------------------------------|--------|
|                      |   | BULGARIA      FINANCIAL INFORMATION                 |   |
|                      |   | (US$      000's)                                    |   |
|                      |   |                                                |   |   |   |   |   | Movement |   |
|                      |   | For      the year ended December 31, 2009 |   |   | For      the period of acquisition      from      August      1, 2008 to December 31, 2008(1) |   |   |           % Act(2) |   |   |           % Lfl(3) |   |
|                      |   |                                                |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                   | 1,872  |   |   | $ | 666 |   |   |   | 181.1 | % |   |   | 158.9 | % |
| Non-spot      revenues    |   |                                                | 1,648  |   |   |   | 597 |   |   |   | 176.0 | % |   |   | 161.2 | % |
| Net      Revenues         |   | $                                                   | 3,520  |   |   | $ | 1,263 |   |   |   | 178.7 | % |   |   | 160.0 | % |
|                      |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                   | 3,517  |   |   | $ | 1,261 |   |   |   | 178.9 | % |   |   | 160.1 | % |
| Internet      operations  |   |                                                | 3      |   |   |   | 2 |   |   |   | 50.0 | % |   |   | 50.0 | % |
| Content      operations   |   |                                                | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Net      Revenues         |   | $                                                   | 3,520  |   |   | $ | 1,263 |   |   |   | 178.7 | % |   |   | 160.0 | % |

|                      |   |                                                |    |
|---------------------------|--------|-----------------------------------------------------|---------|
|                      |   | BULGARIA      FINANCIAL INFORMATION                 |    |
|                      |   | (US$      000's)                                    |    |
|                      |   |                                                |    |   |   |   |   | Movement |   |
|                      |   | For      the year ended December 31, 2009 |    |   | For      the period from August      1, 2008 to December 31, 2008(1) |   |   |           % Act(2) |   |   |           % Lfl3) |   |
|                      |   |                                                |    |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                   | (44,774 | ) |   | $ | (10,185 | ) |   | Nm(4) |   |   | Nm(4) |   |
|                      |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                   | (44,303 | ) |   | $ | (10,182 | ) |   | Nm(4) |   |   | Nm(4) |   |
| Internet      operations  |   |                                                | (471    | ) |   |   | (3 | ) |   | Nm(4) |   |   | Nm(4) |   |
| Content      operations   |   |                                                | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                   | (44,774 | ) |   | $ | (10,185 | ) |   | Nm(4) |   |   | Nm(4) |   |
|                      |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   | Nm(4)                                               |    |   | Nm(4) |   |   | Nm(4) |   |   | Nm(4) |   |

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|                           |   | For      the Years Ended December 31, |   |
|--------------------------------|--------|---------------------------------------|--------|
|                           |   | 2009                                  |   |   | 2008 |   |   | Movement |   |   | 2008 |   |   | 2007 |   |   | Movement |   |
| All      day audience share    |   |                                  | 22.8   | % |   |   | 22.5 | % |   |   | 0.3 | % |   |   | 22.5 | % |   |   | 18.7 | % |   |   | 3.7 | % |
| All      day ratings           |   |                                  | 3.7    | % |   |   | 3.4 | % |   |   | 0.3 | % |   |   | 3.4 | % |   |   | 3.0 | % |   |   | 0.4 | % |
| Prime      time audience share |   |                                  | 27.4   | % |   |   | 25.3 | % |   |   | 2.1 | % |   |   | 25.3 | % |   |   | 19.7 | % |   |   | 5.6 | % |
| Prime      time ratings        |   |                                  | 9.9    | % |   |   | 8.8 | % |   |   | 1.1 | % |   |   | 8.8 | % |   |   | 7.2 | % |   |   | 1.6 | % |

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|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                       | 41,980 |   |   | $ | 45,946 |   |   |   | (8.6 | )% |   |   | (3.0 | )% |   | $ | 45,946 |   |   | $ | 29,675 |   |   |   | 54.8 | % |   |   | 44.3 | % |
| Non-spot      revenues    |   |                                                    | 7,159  |   |   |   | 8,705 |   |   |   | (17.8 | )% |   |   | (11.9 | )% |   |   | 8,705 |   |   |   | 7,518 |   |   |   | 15.8 | % |   |   | 4.9 | % |
| Net      Revenues         |   | $                                                       | 49,139 |   |   | $ | 54,651 |   |   |   | (10.1 | )% |   |   | (4.4 | )% |   | $ | 54,651 |   |   | $ | 37,193 |   |   |   | 46.9 | % |   |   | 36.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 48,543 |   |   | $ | 54,083 |   |   |   | (10.2 | )% |   |   | (4.6 | )% |   | $ | 54,083 |   |   | $ | 36,901 |   |   |   | 46.6 | % |   |   | 35.7 | % |
| Internet      operations  |   |                                                    | 596    |   |   |   | 568 |   |   |   | 4.9 | % |   |   | 12.5 | % |   |   | 568 |   |   |   | 292 |   |   |   | 94.5 | % |   |   | 94.5 | % |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Net      Revenues         |   | $                                                       | 49,139 |   |   | $ | 54,651 |   |   |   | (10.1 | )% |   |   | (4.4 | )% |   | $ | 54,651 |   |   | $ | 37,193 |   |   |   | 46.9 | % |   |   | 36.1 | % |

----

Table of Contents

|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                       | 223    |   |   | $ | (5,415 | ) |   |   | 104.1 | % |   |   | 104.6 | % |   | $ | (5,415 | ) |   | $ | (13,882 | ) |   |   | 61.0 | % |   |   | 64.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 1,588  |   |   | $ | (3,503 | ) |   |   | 145.3 | % |   |   | 152.7 | % |   | $ | (3,503 | ) |   | $ | (13,814 | ) |   |   | 74.6 | % |   |   | 76.6 | % |
| Internet      operations  |   |                                                    | (1,365 | ) |   |   | (1,912 | ) |   |   | 28.6 | % |   |   | 25.0 | % |   |   | (1,912 | ) |   |   | (68 | ) |   | Nm(3) |   |   | Nm(3) |   |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                       | 223    |   |   | $ | (5,415 | ) |   |   | 104.1 | % |   |   | 104.6 | % |   | $ | (5,415 | ) |   | $ | (13,882 | ) |   |   | 61.0 | % |   |   | 64.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   |                                                    | 0      | % |   |   | (10 | )% |   |   | (10 | )% |   |   | (9 | )% |   |   | (10 | )% |   |   | (37 | )% |   |   | 27 | % |   |   | 28 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | · | a      20% decrease in the cost of programming compared to 2008, following a cost      optimization program reflecting savings in both foreign and local program      syndication,  partially offset by costs relating to the      production of ‘In Magazin’, a locally produced daily magazine      show; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      11% increase in other operating costs compared to 2008 due to higher      staff-related costs due to higher headcount;and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      18% decrease in selling, general and administrative expenses compared to      2008, primarily due to lower marketingexpenses. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                           |   | For      the Years Ended December 31, |   |
|--------------------------------|--------|---------------------------------------|--------|
|                           |   | 2009                                  |   |   | 2008 |   |   | Movement |   |   | 2008 |   |   | 2007 |   |   | Movement |   |
| All      day audience share    |   |                                  | 43.7   | % |   |   | 42.0 | % |   |   | 1.7 | % |   |   | 42.0 | % |   |   | 43.0 | % |   |   | (1.0 | )% |
| All      day ratings           |   |                                  | 4.8    | % |   |   | 4.8 | % |   |   | 0.0 | % |   |   | 4.8 | % |   |   | 4.8 | % |   |   | 0.0 | % |
| Prime      time audience share |   |                                  | 48.9   | % |   |   | 46.3 | % |   |   | 2.6 | % |   |   | 46.3 | % |   |   | 46.8 | % |   |   | (0.5 | )% |
| Prime      time ratings        |   |                                  | 14.2   | % |   |   | 13.6 | % |   |   | 0.6 | % |   |   | 13.6 | % |   |   | 14.1 | % |   |   | (0.5 | )% |

----

Table of Contents

|                      |   |                                                    |    |
|---------------------------|--------|---------------------------------------------------------|---------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                      |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                       | 242,354 |   |   | $ | 345,077 |   |   |   | (29.8 | )% |   |   | (22.2 | )% |   | $ | 345,077 |   |   | $ | 254,545 |   |   |   | 35.6 | % |   |   | 16.1 | % |
| Non-spot      revenues    |   |                                                    | 33,529  |   |   |   | 31,469 |   |   |   | 6.5 | % |   |   | 17.7 | % |   |   | 31,469 |   |   |   | 24,692 |   |   |   | 27.4 | % |   |   | 8.2 | % |
| Net      Revenues         |   | $                                                       | 275,883 |   |   | $ | 376,546 |   |   |   | (26.7 | )% |   |   | (18.8 | )% |   | $ | 376,546 |   |   | $ | 279,237 |   |   |   | 34.8 | % |   |   | 15.4 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 271,733 |   |   | $ | 374,100 |   |   |   | (27.4 | )% |   |   | (19.5 | )% |   | $ | 374,100 |   |   | $ | 278,785 |   |   |   | 34.2 | % |   |   | 14.8 | % |
| Internet      operations  |   |                                                    | 4,150   |   |   |   | 2,446 |   |   |   | 69.7 | % |   |   | 79.2 | % |   |   | 2,446 |   |   |   | 452 |   |   | Nm(3) |   |   | Nm(3) |   |
| Content      operations   |   |                                                    | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Net      Revenues         |   | $                                                       | 275,883 |   |   | $ | 376,546 |   |   |   | (26.7 | )% |   |   | (18.8 | )% |   | $ | 376,546 |   |   | $ | 279,237 |   |   |   | 34.8 | % |   |   | 15.4 | % |

|                      |   |                                                    |    |
|---------------------------|--------|---------------------------------------------------------|---------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                      |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                       | 128,463 |   |   | $ | 208,655 |   |   |   | (38.4 | )% |   |   | (31.9 | )% |   | $ | 208,655 |   |   | $ | 156,496 |   |   |   | 33.3 | % |   |   | 15.0 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 132,073 |   |   | $ | 212,618 |   |   |   | (37.9 | )% |   |   | (31.3 | )% |   | $ | 212,618 |   |   | $ | 157,362 |   |   |   | 35.1 | % |   |   | 16.5 | % |
| Internet      operations  |   |                                                    | (3,610  | ) |   |   | (3,963 | ) |   |   | 8.9 | % |   |   | 2.2 | % |   |   | (3,963 | ) |   |   | (866 | ) |   | Nm(3) |   |   |   | (271.7 | )% |
| Content      operations   |   |                                                    | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                       | 128,463 |   |   | $ | 208,655 |   |   |   | (38.4 | )% |   |   | (31.9 | )% |   | $ | 208,655 |   |   | $ | 156,496 |   |   |   | 33.3 | % |   |   | 15.0 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   |                                                    | 47      | % |   |   | 55 | % |   |   | (8 | )% |   |   | (8 | )% |   |   | 55 | % |   |   | 56 | % |   |   | (1 | )% |   |   | (1 | )% |

----

Table of Contents

| · | a      6% decrease in the cost of programming compared to 2008 following a cost      optimization program resulting in savings in both foreign and local      program syndication. Notwithstanding the decrease in the cost of      programming, production costs increased during 2009 primarily due to an      increase in reality and entertainment shows included in the fall      schedule, |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      7% decrease in selling, general and administrative expenses compared to      2008 primarily due to lower marketing and travel expenses; partially      offset by |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      9% increase in other operating costs compared to 2008, primarily due to      higher fees paid for digital transmission as a result of broadcasting two      of our channels in DVB-T rather than one in 2008, which more than offset      lower staff-related costs. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | For      the Years Ended December 31, |   |
|-----------------------------------------------|--------|---------------------------------------|--------|
|                                          |   | 2009                                  |   |   | 2008 |   |   | Movement |   |   | 2008 |   |   | 2007 |   |   | Movement |   |
| All      day audience share (all channels)    |   |                                  | 27.4   | % |   |   | 28.8 | % |   |   | (1.4 | )% |   |   | 28.8 | % |   |   | 30.6 | % |   |   | (1.8 | )% |
| All      day ratings (all channels)           |   |                                  | 4.5    | % |   |   | 4.5 | % |   |   | 0.0 | % |   |   | 4.5 | % |   |   | 4.1 | % |   |   | 0.4 | % |
| Prime      time audience share (all channels) |   |                                  | 32.2   | % |   |   | 32.6 | % |   |   | (0.4 | )% |   |   | 32.6 | % |   |   | 32.4 | % |   |   | 0.2 | % |
| Prime      time ratings (all channels)        |   |                                  | 10.6   | % |   |   | 10.8 | % |   |   | (0.2 | )% |   |   | 10.8 | % |   |   | 9.6 | % |   |   | 1.2 | % |

----

Table of Contents

|                      |   |                                                    |    |
|---------------------------|--------|---------------------------------------------------------|---------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                      |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                       | 153,147 |   |   | $ | 253,649 |   |   |   | (39.6 | )% |   |   | (27.6 | )% |   | $ | 253,649 |   |   | $ | 202,414 |   |   |   | 25.3 | % |   |   | 25.3 | % |
| Non-spot      revenues    |   |                                                    | 23,354  |   |   |   | 20,978 |   |   |   | 11.3 | % |   |   | 34.6 | % |   |   | 20,978 |   |   |   | 12,988 |   |   |   | 61.5 | % |   |   | 61.5 | % |
| Net      Revenues         |   | $                                                       | 176,501 |   |   | $ | 274,627 |   |   |   | (35.7 | )% |   |   | (22.9 | )% |   | $ | 274,627 |   |   | $ | 215,402 |   |   |   | 27.5 | % |   |   | 27.5 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 175,517 |   |   | $ | 273,270 |   |   |   | (35.8 | )% |   |   | (22.9 | )% |   | $ | 273,270 |   |   | $ | 214,976 |   |   |   | 27.1 | % |   |   | 27.1 | % |
| Internet      operations  |   |                                                    | 984     |   |   |   | 1,357 |   |   |   | (27.5 | )% |   |   | (11.5 | )% |   |   | 1,357 |   |   |   | 426 |   |   |   | 218.5 | % |   |   | 218.5 | % |
| Content      operations   |   |                                                    | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Net      Revenues         |   | $                                                       | 176,501 |   |   | $ | 274,627 |   |   |   | (35.7 | )% |   |   | (22.9 | )% |   | $ | 274,627 |   |   | $ | 215,402 |   |   |   | 27.5 | % |   |   | 27.5 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                       | 38,510 |   |   | $ | 111,783 |   |   |   | (65.5 | )% |   |   | (58.4 | )% |   | $ | 111,783 |   |   | $ | 93,075 |   |   |   | 20.1 | % |   |   | 20.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 40,857 |   |   | $ | 112,523 |   |   |   | (63.7 | )% |   |   | (56.2 | )% |   | $ | 112,523 |   |   | $ | 93,585 |   |   |   | 20.2 | % |   |   | 20.2 | % |
| Internet      operations  |   |                                                    | (2,347 | ) |   |   | (740 | ) |   |   | (217.2 | )% |   |   | (254.5 | )% |   |   | (740 | ) |   |   | (510 | ) |   |   | (45.1 | )% |   |   | (45.1 | )% |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                       | 38,510 |   |   | $ | 111,783 |   |   |   | (65.5 | )% |   |   | (58.4 | )% |   | $ | 111,783 |   |   | $ | 93,075 |   |   |   | 20.1 | % |   |   | 20.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   |                                                    | 22     | % |   |   | 41 | % |   |   | (19 | )% |   |   | (18 | )% |   |   | 41 | % |   |   | 43 | % |   |   | (2 | )% |   |   | (2 | )% |

| · | a      17% increase in the cost of acquired programming compared to 2008,      reflecting the higher cost of foreign acquired programming and an increase      in acquired sport events; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      14% decrease in the cost of production compared to 2008 following a cost      optimization program in the 2009 fallschedule; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

| · | a      9% decrease in other operating costs compared to 2008, primarily due to      lower staff-related costs; and |
|--------|--------------------------------------------------------------------------------------------------------------------|

| · | a      24% increase in selling, general and administrative expenses compared to      2008, primarily due to increases in the provision for doubtful debts and      in marketing and selling costs. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                           |   | For      the Years Ended December 31, |   |
|--------------------------------|--------|---------------------------------------|--------|
|                           |   | 2009                                  |   |   | 2008 |   |   | Movement |   |   | 2008 |   |   | 2007 |   |   | Movement |   |
| All      day audience share    |   |                                  | 31.9   | % |   |   | 35.1 | % |   |   | (3.2 | )% |   |   | 35.1 | % |   |   | 35.5 | % |   |   | (0.4 | )% |
| All      day ratings           |   |                                  | 4.3    | % |   |   | 4.5 | % |   |   | (0.2 | )% |   |   | 4.5 | % |   |   | 4.8 | % |   |   | (0.3 | )% |
| Prime      time audience share |   |                                  | 33.9   | % |   |   | 36.8 | % |   |   | (2.9 | )% |   |   | 36.8 | % |   |   | 38.5 | % |   |   | (1.7 | )% |
| Prime      time ratings        |   |                                  | 11.7   | % |   |   | 12.2 | % |   |   | (0.5 | )% |   |   | 12.2 | % |   |   | 13.2 | % |   |   | (1.0 | )% |

----

Table of Contents

|                      |   |                                                    |    |
|---------------------------|--------|---------------------------------------------------------|---------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                      |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                       | 97,894  |   |   | $ | 122,527 |   |   |   | (20.1 | )% |   |   | (17.7 | )% |   | $ | 122,527 |   |   | $ | 106,445 |   |   |   | 15.1 | % |   |   | 1.0 | % |
| Non-spot      revenues    |   |                                                    | 9,462   |   |   |   | 10,165 |   |   |   | (6.9 | )% |   |   | (4.0 | )% |   |   | 10,165 |   |   |   | 4,094 |   |   |   | 148.3 | % |   |   | 115.2 | % |
| Net      Revenues         |   | $                                                       | 107,356 |   |   | $ | 132,692 |   |   |   | (19.1 | )% |   |   | (16.7 | )% |   | $ | 132,692 |   |   | $ | 110,539 |   |   |   | 20.0 | % |   |   | 5.3 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 106,479 |   |   | $ | 132,367 |   |   |   | (19.6 | )% |   |   | (17.1 | )% |   | $ | 132,367 |   |   | $ | 110,158 |   |   |   | 20.2 | % |   |   | 5.4 | % |
| Internet      operations  |   |                                                    | 877     |   |   |   | 325 |   |   |   | 169.8 | % |   |   | 168.2 | % |   |   | 325 |   |   |   | 381 |   |   |   | (14.7 | )% |   |   | (26.7 | )% |
| Content      operations   |   |                                                    | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Net      Revenues         |   | $                                                       | 107,356 |   |   | $ | 132,692 |   |   |   | (19.1 | )% |   |   | (16.7 | )% |   | $ | 132,692 |   |   | $ | 110,539 |   |   |   | 20.0 | % |   |   | 5.3 | % |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                       | 13,880 |   |   | $ | 50,228 |   |   |   | (72.4 | )% |   |   | (72.1 | )% |   | $ | 50,228 |   |   | $ | 41,532 |   |   |   | 20.9 | % |   |   | 7.6 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 15,156 |   |   | $ | 51,452 |   |   |   | (70.5 | )% |   |   | (70.2 | )% |   | $ | 51,452 |   |   | $ | 41,957 |   |   |   | 22.6 | % |   |   | 9.0 | % |
| Internet      operations  |   |                                                    | (1,276 | ) |   |   | (1,224 | ) |   |   | (4.2 | )% |   |   | (9.2 | )% |   |   | (1,224 | ) |   |   | (425 | ) |   |   | (188.0 | )% |   |   | (140.7 | )% |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                       | 13,880 |   |   | $ | 50,228 |   |   |   | (72.4 | )% |   |   | (72.1 | )% |   | $ | 50,228 |   |   | $ | 41,532 |   |   |   | 20.9 | % |   |   | 7.6 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   |                                                    | 13     | % |   |   | 38 | % |   |   | (25 | )% |   |   | (26 | )% |   |   | 38 | % |   |   | 38 | % |   |   | 0 | % |   |   | 1 | % |

| · | a      23% increase in the cost of programming compared to 2008, reflecting the      higher cost of foreign acquired programming, the additional programming      costs of US$ 1.6 million relates to the launch of DOMA and our schedule      including a higher proportion local fiction in 2009 than in      2008; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      5% increase in other operating costs compared to 2008, primarily due to      increased staff-related costs, as savings from reductions in headcount      following a redundancy program in the first quarter were more than offset      by increases in internet staff-related costs;  and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      21% increase in selling, general and administrative expenses compared to      2008, reflecting payments made to the Slovak Audiovisual Fund and      marketing costs relating to the launch ofDOMA. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                           |   | For      the Years Ended December 31, |   |
|--------------------------------|--------|---------------------------------------|--------|
|                           |   | 2009                                  |   |   | 2008(1) |   |   | Movement |   |   | 2008 |   |   | 2007 |   |   | Movement |   |
| All      day audience share    |   |                                  | 39.6   | % |   |   | 40.0 | % |   |   | (0.4 | )% |   |   | 40.0 | % |   |   | 40.2 | % |   |   | (0.2 | )% |
| All      day ratings           |   |                                  | 3.7    | % |   |   | 3.8 | % |   |   | (0.1 | )% |   |   | 3.7 | % |   |   | 3.9 | % |   |   | (0.2 | )% |
| Prime      time audience share |   |                                  | 48.8   | % |   |   | 47.4 | % |   |   | 1.4 | % |   |   | 47.4 | % |   |   | 47.8 | % |   |   | (0.4 | )% |
| Prime      time ratings        |   |                                  | 11.9   | % |   |   | 11.6 | % |   |   | 0.3 | % |   |   | 11.6 | % |   |   | 11.9 | % |   |   | (0.3 | )% |

----

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|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                       | 59,011 |   |   | $ | 69,497 |   |   |   | (15.1 | )% |   |   | (11.1 | )% |   | $ | 69,497 |   |   | $ | 60,559 |   |   |   | 14.8 | % |   |   | 8.4 | % |
| Non-spot      revenues    |   |                                                    | 7,699  |   |   |   | 11,200 |   |   |   | (31.3 | )% |   |   | (26.9 | )% |   |   | 11,200 |   |   |   | 9,088 |   |   |   | 23.2 | % |   |   | 18.6 | % |
| Segment      Net Revenues |   | $                                                       | 66,710 |   |   | $ | 80,697 |   |   |   | (17.3 | )% |   |   | (13.3 | )% |   | $ | 80,697 |   |   | $ | 69,647 |   |   |   | 15.9 | % |   |   | 9.7 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 63,385 |   |   | $ | 75,963 |   |   |   | (16.6 | )% |   |   | (12.6 | )% |   | $ | 75,963 |   |   | $ | 67,574 |   |   |   | 12.4 | % |   |   | 6.5 | % |
| Internet      operations  |   |                                                    | 3,325  |   |   |   | 4,734 |   |   |   | (29.8 | )% |   |   | (24.8 | )% |   |   | 4,734 |   |   |   | 2,073 |   |   |   | 128.4 | % |   |   | 114.2 | % |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Segment      Net Revenues |   | $                                                       | 66,710 |   |   | $ | 80,697 |   |   |   | (17.3 | )% |   |   | (13.3 | )% |   | $ | 80,697 |   |   | $ | 69,647 |   |   |   | 15.9 | % |   |   | 9.7 | % |

|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                       | 17,822 |   |   | $ | 25,413 |   |   |   | (29.9 | )% |   |   | (27.2 | )% |   | $ | 25,413 |   |   | $ | 22,767 |   |   |   | 11.6 | % |   |   | 7.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 17,551 |   |   | $ | 24,620 |   |   |   | (28.7 | )% |   |   | (25.4 | )% |   | $ | 24,620 |   |   | $ | 24,249 |   |   |   | 1.5 | % |   |   | (2.2 | )% |
| Internet      operations  |   |                                                    | 271    |   |   |   | 793 |   |   |   | (65.8 | )% |   |   | (71.0 | )% |   |   | 793 |   |   |   | (1,482 | ) |   |   | 153.5 | % |   |   | 154.8 | % |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                       | 17,822 |   |   | $ | 25,413 |   |   |   | (29.9 | )% |   |   | (27.2 | )% |   | $ | 25,413 |   |   | $ | 22,767 |   |   |   | 11.6 | % |   |   | 7.1 | % |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   |                                                    | 27     | % |   |   | 31 | % |   |   | (4 | )% |   |   | (5 | )% |   |   | 31 | % |   |   | 33 | % |   |   | (2 | )% |   |   | (1 | )% |

----

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| · | a      3% decrease in the cost of programming compared to 2008, reflecting a      reduction in the proportion of locally produced programming in our      schedule partially offset by the higher cost of acquired programming,      particularly in the first half of2009; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      decrease of 11% in other operating costs compared to 2008, primarily due      to lower staff-related costs, offset by the initial redundancy-related      costs reflected in the first quarter of 2009 and higher fees paid for      digital transmission as a result of broadcasting our channels in DVB-T;      and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      14% decrease in selling, general and administrative expenses compared to      2008, primarily due to lower marketing and travel  expenses. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|                           |   | For      the Years Ended December 31, |   |
|--------------------------------|--------|---------------------------------------|--------|
|                           |   | 2009                                  |   |   | 2008 |   |   | Movement |   |   | 2008 |   |   | 2007 |   |   | Movement |   |
| All      day audience share    |   |                                  | 9.9    | % |   |   | 11.7 | % |   |   | (1.8 | )% |   |   | 11.7 | % |   |   | 15.8 | % |   |   | (4.1 | )% |
| All      day ratings           |   |                                  | 1.4    | % |   |   | 1.5 | % |   |   | (0.1 | )% |   |   | 1.5 | % |   |   | 2.0 | % |   |   | (0.5 | )% |
| Prime      time audience share |   |                                  | 12.2   | % |   |   | 13.0 | % |   |   | (0.8 | )% |   |   | 13.0 | % |   |   | 18.2 | % |   |   | (5.2 | )% |
| Prime      time ratings        |   |                                  | 4.0    | % |   |   | 4.2 | % |   |   | (0.2 | )% |   |   | 4.2 | % |   |   | 5.9 | % |   |   | (1.7 | )% |

----

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|                      |   |                                                    |   |
|---------------------------|--------|---------------------------------------------------------|--------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |   |
|                      |   |                                                    |   |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |   |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Spot      revenues        |   | $                                                       | 25,746 |   |   | $ | 82,480 |   |   |   | (68.8 | )% |   |   | (68.8 | )% |   | $ | 82,480 |   |   | $ | 103,111 |   |   |   | (20.0 | )% |   |   | (20.0 | )% |
| Non-spot      revenues    |   |                                                    | 6,287  |   |   |   | 16,978 |   |   |   | (63.0 | )% |   |   | (63.0 | )% |   |   | 16,978 |   |   |   | 23,727 |   |   |   | (28.4 | )% |   |   | (28.4 | )% |
| Net      Revenues         |   | $                                                       | 32,033 |   |   | $ | 99,458 |   |   |   | (67.8 | )% |   |   | (67.8 | )% |   | $ | 99,458 |   |   | $ | 126,838 |   |   |   | (21.6 | )% |   |   | (21.6 | )% |
|                      |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | 31,850 |   |   | $ | 99,359 |   |   |   | (67.9 | )% |   |   | (67.9 | )% |   | $ | 99,359 |   |   | $ | 126,838 |   |   |   | (21.7 | )% |   |   | (21.7 | )% |
| Internet      operations  |   |                                                    | 183    |   |   |   | 99 |   |   |   | 84.8 | % |   |   | 84.8 | % |   |   | 99 |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Content      operations   |   |                                                    | -      |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| Net      Revenues         |   | $                                                       | 32,033 |   |   | $ | 99,458 |   |   |   | (67.8 | )% |   |   | (67.8 | )% |   | $ | 99,458 |   |   | $ | 126,838 |   |   |   | (21.6 | )% |   |   | (21.6 | )% |

----

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|                      |   |                                                    |    |
|---------------------------|--------|---------------------------------------------------------|---------|
|                      |   | For      the Years Ended December 31, (US$ 000’s) |    |
|                      |   |                                                    |    |   |   |   |   | Movement |   |   |   |   |   |   |   |   | Movement |   |
|                      |   | 2009                                                    |    |   | 2008 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |   | 2008 |   |   | 2007 |   |   | %      Act(1) |   |   | %      Lfl(2) |   |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                    |   | $                                                       | (40,471 | ) |   | $ | (34,799 | ) |   |   | (16.3 | )% |   |   | (16.3 | )% |   | $ | (34,799 | ) |   | $ | 23,464 |   |   |   | (248.3 | )% |   |   | (248.3 | )% |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented      by       |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast      operations |   | $                                                       | (39,498 | ) |   | $ | (33,140 | ) |   |   | (19.2 | )% |   |   | (19.2 | )% |   | $ | (33,140 | ) |   | $ | 23,991 |   |   |   | (238.1 | )% |   |   | (238.1 | )% |
| Internet      operations  |   |                                                    | (973    | ) |   |   | (1,659 | ) |   |   | 41.4 | % |   |   | 41.4 | % |   |   | (1,659 | ) |   |   | (527 | ) |   |   | (214.8 | )% |   |   | (214.8 | )% |
| Content      operations   |   |                                                    | -       |   |   |   | - |   |   |   | - | % |   |   | - | % |   |   | - |   |   |   | - |   |   |   | - | % |   |   | - | % |
| EBITDA                    |   | $                                                       | (40,471 | ) |   | $ | (34,799 | ) |   |   | (16.3 | )% |   |   | (16.3 | )% |   | $ | (34,799 | ) |   | $ | 23,464 |   |   |   | (248.3 | )% |   |   | (248.3 | )% |
|                      |   |                                                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA      Margin        |   |                                                    | (126    | )% |   |   | (35 | )% |   |   | (91 | )% |   |   | (91 | )% |   |   | (35 | )% |   |   | 18 | % |   |   | (53 | )% |   |   | (53 | )% |

| · | a      47% decrease in the cost of programming compared to 2008 due to the      implementation of a lower cost schedule and a reduction in the size of the      library following the significant accelerated amortization charges in      2008; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | a      25% decrease in other operating costs compared to 2008 primarily due to a      reduction in headcount; and |
|--------|-------------------------------------------------------------------------------------------------------------------|

| · | a      69% decrease in selling, general and administrative expenses compared in      2008 primarily due to lower officeoverheads. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|

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|   |                                                         |   |
|--------|--------------------------------------------------------------|--------|
|   | ROMANIA      (MEDIA PRO ENTERTAINMENT) FINANCIAL INFORMATION |   |

|                    |   | For      the period since acquisition      to December 31, 2009(US$      000's) (1) |   |
|-------------------------|--------|-----------------------------------------------------------------------------------------------|--------|
|                    |   |                                                                                          |   |
| Content      revenues   |   | $                                                                                             | 5,396  |   |
| Net      Revenues       |   | $                                                                                             | 5,396  |   |
|                    |   |                                                                                          |   |   |
| Represented      by     |   |                                                                                          |   |   |
| Content      operations |   | $                                                                                             | 5,396  |   |
| Net      Revenues       |   | $                                                                                             | 5,396  |   |

|   |                                                         |   |
|--------|--------------------------------------------------------------|--------|
|   | ROMANIA      (MEDIA PRO ENTERTAINMENT) FINANCIAL INFORMATION |   |

|                    |   | For      the period since acquisition      to December      31, 2009(US$      000's) (1) |   |
|-------------------------|--------|------------------------------------------------------------------------------------------|--------|
|                    |   |                                                                                     |   |
| EBITDA                  |   | $                                                                                        | (266   | ) |
|                    |   |                                                                                     |   |   |
| Represented      by     |   |                                                                                     |   |   |
| Content      operations |   | $                                                                                        | (266   | ) |
| EBITDA                  |   | $                                                                                        | (266   | ) |
|                    |   |                                                                                     |   |   |
| EBITDA      Margin      |   | Nm(2)                                                                                    |   |

| (US$      000’s)                                     |   | December      31, 2009 |      |   | December      31, 2008 |   |      | Movement |   |
|------------------------------------------------------------|--------|------------------------|-----------|--------|------------------------|--------|-----------|----------|--------|
| Current      assets                                        |   | $                      | 829,805   |   |                   | $      | 494,756   |     |   |   | 67.7 | % |
| Non-current      assets                                    |   |                   | 2,042,982 |   |                   |   | 1,911,860 |     |   |   | 6.9 | % |
| Current      liabilities                                   |   |                   | 349,723   |   |                   |   | 228,673   |     |   |   | 52.9 | % |
| Non-current      liabilities                               |   |                   | 1,351,224 |   |                   |   | 1,079,498 |     |   |   | 25.2 | % |
| CME      Ltd. shareholders’ equity                   |   | $                      | 1,177,589 |   |                   | $      | 1,095,258 |     |   |   | 7.5 | % |
| Noncontrolling      interests in consolidated subsidiaries |   |                   | (5,749    | )      |                   |   | 3,187     |     |   |   | (280.4 | )% |

----

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| (US$      000’s)                                                     |   | For      the Years Ended December 31, |    |
|----------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                       |   | 2009                                  |    |   | 2008 |   |   | 2007 |   |
| Net      cash (used in)/ generated from continuing operating    activities |   | $                                     | (31,806 | ) |   | $ | 135,555 |   |   | $ | 106,695 |   |
| Net      cash used in continuing investing activities                      |   |                                  | (99,163 | ) |   |   | (588,798 | ) |   |   | (235,898 | ) |
| Net      cash received from financing activities                           |   |                                  | 474,855 |   |   |   | 444,558 |   |   |   | 135,530 |   |
| Net      cash used in discontinued operations-operating activities         |   |                                  | (1,294  | ) |   |   | (4,920 | ) |   |   | (6,001 | ) |
| Net      cash used in discontinued operations-investing activities         |   |                                  | -       |   |   |   | (495 | ) |   |   | (1,520 | ) |
| Impact      of exchange rate fluctuations on cash                          |   |                                  | 8,504   |   |   |   | (21,279 | ) |   |   | (1,896 | ) |
| Net      increase / (decrease)  in cash and cash    equivalents  |   | $                                     | 351,096 |   |   | $ | (35,379 | ) |   | $ | (3,090 | ) |

----

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|   | · | the      issuance of 14.5 million shares of Class A common stock and 4.5      million shares of Class B common stock to an affiliate of Time Warner for      an aggregate offering price of US$ 234.4 million, net of fees paid;      and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      drawdown of our revolving credit facilities to maximize liquidity and the      issuance of EUR 440.0 million (net of fees) (approximately US$ 633.9      million, net of fees) of our 2009 Fixed Rate  Notes, |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | payments      of approximately US$ 371.1 million to repurchase our EUR 245.0 million      2005 Fixed Rate Notes representing the redemption price and related fees;      and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      repayment of EUR 127.5 million (approximately US$ 187.3 million at the      date of repayment) outstanding on the EBRDLoan. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

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| Contractual      Obligations             |   | Payments      due by period (US$ 000’s) |      |
|------------------------------------------|--------|-----------------------------------------------|-----------|
|                                     |   | Total                                         |      |   | Less      than 1 year |   |   | 1-3      years |   |   | 3-5      years |   |   | More      than 5 years |   |
| Long-Term      Debt – principal    |   | $                                             | 1,444,284 |   |   | $ | 116,617 |   |   | $ | 217 |   |   | $ | 691,567 |   |   | $ | 635,883 |   |
| Long-Term      Debt – interest (1) |   |                                          | 534,633   |   |   |   | 123,903 |   |   |   | 191,929 |   |   |   | 160,466 |   |   |   | 58,335 |   |
| Capital      Lease Obligations           |   |                                          | 6,801     |   |   |   | 1,465 |   |   |   | 2,324 |   |   |   | 930 |   |   |   | 2,082 |   |
| Operating      Leases                    |   |                                          | 36,916    |   |   |   | 7,267 |   |   |   | 9,474 |   |   |   | 7,442 |   |   |   | 12,733 |   |
| Unconditional      Purchase Obligations  |   |                                          | 512,805   |   |   |   | 156,253 |   |   |   | 289,630 |   |   |   | 60,997 |   |   |   | 5,925 |   |
| Other      Long-Term Obligations         |   |                                          | 1,163     |   |   |   | 1,163 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| FIN      48 (ASC 740) obligations        |   |                                          | 851       |   |   |   | 27 |   |   |   | 824 |   |   |   | - |   |   |   | - |   |
| Deferred      consideration              |   |                                          | 1,614     |   |   |   | 1,614 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total      Contractual Obligations       |   | $                                             | 2,539,067 |   |   | $ | 408,309 |   |   | $ | 494,398 |   |   | $ | 921,402 |   |   | $ | 714,958 |   |

|                                   |   |   |                      |   | December      31, 2009 (US$      000’s) |   |
|----------------------------------------|--------|--------|---------------------------|--------|----------------------------------------------------|--------|
| Corporate                              |   |   | (1) –      (4) |   |                                               | $      | 1,253,928 |   |
| Czech      Republic                    |   |   | (5) –      (7) |   |                                               |   | 78,942 |   |
| Slovenia                               |   |   | (8)                       |   |                                               |   | 37,675 |   |
| Romania      (Media Pro Entertainment) |   |   | (9)                       |   |                                               |   | 1,374 |   |
| Total                                  |   |   |                      |   |                                               | $      | 1,371,919 |   |

| (1) | As      at December 31, 2009 we had EUR 590 million (approximately US$ 850.0      million) of Senior Notes outstanding, comprising EUR 440.0 million      (approximately US$ 633.9 million) of the 2009 Fixed Rate Notes and EUR      150.0 million (approximately US$ 216.1 million) of the  Floating      Rate Notes, which bear interest at nine-month Euro Inter-Bank Offered Rate      (“EURIBOR”) plus 1.625%. The applicable rate at December 31, 2009 was      2.62%. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (2) | As      of December 31, 2009 we had US$ 475.0 million principal amount of      Convertible Notes outstanding that mature on March 15,      2013.  Interest is payable semi-annually in arrears on each      March 15 and September 15. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | On      July 21, 2006, we entered into a five-year revolving loan agreement for      EUR 100.0 million (approximately US$ 144.1 million) arranged by the      European Bank for Reconstruction and Development (“EBRD”) and on August      22, 2007, we entered into a second revolving loan agreement for EUR 50.0      million (approximately US$ 72.0 million) arranged by EBRD (together with      the EUR 100.0 million facility, the “EBRD Loan”).  ING Bank N.V.      (“ING”) and Ceska Sporitelna, a.s. (“CS”) each participated in the EBRD      Loan for EUR 37.5 million (approximately US$ 54.0 million). On September      17, 2009 we repaid the full aggregate principal amount of EUR 127.5      million (approximately US$ 187.3 million at the date of repayment)      outstanding and simultaneously terminated both agreements. In connection      with extinguishing these facilities, we incurred repayment charges and      other costs of US$ 0.6 million. We also wrote off all remaining      capitalized issuance costs and these charges were recognized as a loss on      extinguishment within interestexpense. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | We      have an uncommitted multicurrency overdraft facility for EUR 5.0 million      (approximately US$ 7.2 million) from Bank Mendes Gans (“BMG”), a      subsidiary of ING, as part of a cash pooling arrangement. The cash pooling      arrangement with BMG enables us to receive credit across the group in      respect of cash balances which our subsidiaries in the Netherlands,      Bulgaria, the Czech Republic, Romania, the Slovak Republic, Slovenia and      Ukraine deposit with BMG. Cash deposited by our subsidiaries with BMG is      pledged as security against the drawings of other subsidiaries up to the      amount deposited.  Interest is payable at the relevant money      market rate plus 2%. Because each of our subsidiaries holds its own      account in its own name with BMG, we consider our drawings on BMG, as      debt, although our overall balance with BMG is currently positive. The      overdraft facility allows us to have an overall net debit balance with BMG      of up to EUR 5.0 million. As of December 31, 2009, the full EUR 5.0      million (approximately US$ 7.2 million) facility was available to be      drawn. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                |   | Net      Deposits |   |   | Net      Drawings |   |
|---------------------|--------|-------------------|--------|--------|-------------------|--------|
| Corporate           |   | $                 | 7,237  |   |              | $      | - |   |
| Czech      Republic |   |              | 38     |   |              |   | - |   |
| Slovakia            |   |              | 3,299  |   |              |   | - |   |
| Slovenia            |   |              | -      |   |              |   | 5,234 |   |
| Ukraine             |   |              | 297    |   |              |   | - |   |
| Total               |   | $                 | 10,871 |   |              | $      | 5,234 |   |

| (5) | As      of December 31, 2009, CET 21 had drawn, in CZK, the full CZK 1.2 billion      (approximately US$ 65.3 million) of a credit facility with CS available      until December 31, 2010.  This facility may, at the option of      CET 21, be drawn in CZK, US$ or EUR and bears interest at the three-month,      six-month or twelve-month London Inter-Bank Offer Rate (“LIBOR”), EURIBOR      or Prague Inter-Bank Offered Rate (“PRIBOR”) rate plus 1.65%; a rate of      3.19% applied to the balance outstanding at December 31, 2009 and is based      on PRIBOR. A non-utilization fee of 0.25% is payable on the undrawn      portion of this facility, which decreases to 0.125% of the undrawn portion      if more than 50% of the loan is drawn. Drawings under this facility are      secured by a pledge of receivables, which are also subject to a factoring      arrangement with Factoring Ceska Sporitelna, a.s. (“FCS”), a subsidiary of      CS. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | CET      21 has a working capital credit facility of CZK 250.0 million      (approximately US$ 13.6 million) with CS, which matures on December 31,      2010.  This working capital facility bears interest at the      three-month PRIBOR rate plus 1.65%. The applicable rate at December 31,      2009 was 3.19%. This facility is secured by a pledge of receivables, which      are also subject to a factoring arrangement with CS.  As at      December 31, 2009, the full CZK 250.0 million (approximately US$ 13.6      million) was drawn under thisfacility. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | As      at December 31, 2009, there were no drawings under a CZK 300.0 million      (approximately US$ 16.3 million) factoring facility with      CS.  This facility is available until June 30, 2011 and bears      interest at the rate of one-month PRIBOR plus 1.40% for the period that      actively assigned accounts receivable are  outstanding. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | In      July 2005, Pro Plus entered into a revolving five-year facility agreement      for up to EUR 37.5 million (approximately US$ 54.0 million) in aggregate      principal amount with ING, Nova Ljubljanska Banka d.d., Ljubljana and Bank      Austria Creditanstalt d.d., Ljubljana.  The facility      availability amortizes by 10.0% each year for four years commencing one      year after signing, with 60.0% repayable after five years.  This      facility is secured by a pledge of the bank accounts of Pro Plus, the      assignment of certain receivables, a pledge of our interest in Pro Plus      and a guarantee of our wholly-owned subsidiary CME Media Enterprises      B.V.  Loans drawn under this facility bear interest at a rate of      EURIBOR for the period of drawing plus a margin of between 2.10% and 3.60%      that varies according to the ratio of consolidated net debt to      consolidated broadcasting cash flow for Pro Plus.  As of      December 31, 2009, the full EUR 22.5 million (approximately US$ 32.4      million) available under this facility was  drawn. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | At      December 31, 2009, Media Pro Entertainment has an aggregate principal of      RON 8.0 million (approximately US$ 2.7 million) of loans outstanding to      Central National al Cinematografei ("CNC"), a state body which provides      financing for qualifying filmmaking projects. Upon acceptance of a      particular project the CNC awards an agreed level of funding to each      project in the form of an interest free loan. Loans to the CNC are      typically advanced for a period of ten years and are repaid through      exploitation of the film content. At December 31, 2009 we had 11 loans      outstanding to the CNC with maturity dates ranging from 2011 to 2020. The      carrying amount at December 31, 2009 is shown net of a fair value      adjustment to reflect the interest free nature of the loans arising on      acquisition. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|          | Senior      and Convertible Notes | Corporate | Outlook  |
|---------------|-----------------------------------|-----------|----------|
| S&P       | B-                                | B-        | negative |
| Moody’s |                              | B2        | negative |

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| Measurement                                            |   | Valuation      Method               |
|--------------------------------------------------------|--------|-------------------------------------|
| Recoverability      of cash flows                      |   | Undiscounted      future cash flows |
| Fair      value of indefinite-lived broadcast licenses |   | Build-out      method               |
| Fair      value of indefinite-lived trademarks         |   | Relief      from royalty method     |
| Fair      value of reporting units                     |   | Discounted      cash flow model     |

| Reporting      unit  |   | Break      even growthrate      (%) (1) |   |   | Growth      rate currentlyimplied      (%) (1) |   |
|----------------------|--------|-----------------------------------------|--------|--------|------------------------------------------------|--------|
| Croatia              |   |                                    | 9.8    | %      |                                           |   | 13.7 | % |
| Czech      Republic  |   |                                    | 6.4    | %      |                                           |   | 9.4 | % |
| Romania              |   |                                    | 14.0   | %      |                                           |   | 22.2 | % |
| Slovak      Republic |   |                                    | 17.5   | %      |                                           |   | 23.7 | % |
| Slovenia             |   |                                    | 13.1   | %      |                                           |   | 20.6 | % |

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|                 |   | Percentage      change in cost of capital    |   |
|----------------------|--------|----------------------------------------------|--------|
| Reporting      Unit  |   | Between      first and second quarter review |   |   | Necessary      to break even (second quarter) |   |
|                 |   |                                         |   |   |   |   |
| Croatia              |   |                                         | (5.1   | )      % |   |   | 22.4 | % |
| Czech      Republic  |   |                                         | (8.2   | )      % |   |   | 7.3 | % |
| Romania              |   |                                         | (1.5   | )      % |   |   | 47.3 | % |
| Slovak      Republic |   |                                         | (4.3   | )      % |   |   | 29.5 | % |
| Slovenia             |   |                                         | (3.9   | )      % |   |   | 61.1 | % |

| 10%      Adverse Change in        | Indefinite-LivedTrademarks | Indefinite-LivedBroadcast      Licenses | Goodwill                   |
|-----------------------------------|----------------------------|-----------------------------------------|----------------------------|
| Cost      of Capital              | None                       | None                                    | Czech      Republic (9.8%) |
| Total      Advertising Market     | None                       | None                                    | Czech      Republic (6.2%) |
| Market      Share                 | None                       | None                                    | Czech      Republic (6.2%) |
| Forecast      operating costs     | Not      applicable        | None                                    | None                       |
| Forecast      capital expenditure | Not      applicable        | None                                    | None                       |
| Perpetuity      Growth rate       | None                       | None                                    | None                       |

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| ITEM      7A. | QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK |
|---------------|----------------------------------------------------------------|

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|                                  |   | Expected      Maturity Dates |      |
|---------------------------------------|--------|------------------------------|-----------|
|                                  |   | 2010                         |      |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | Thereafter |   |
|                                  |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Debt in Euro (000’s) |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      Rate                       |   |                         | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 440,000 |   |
| Average      Interest Rate            |   |                         | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.63 | % |
| Variable      Rate                    |   |                         | 22,520    |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 150,000 |   |   |   | - |   |
| Average      Interest Rate            |   |                         | 3.54      | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.62 | % |   |   | - |   |
|                                  |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Debt in US$ (000’s)  |   |                         | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fixed      Rate                       |   |                         | -         |   |   |   | - |   |   |   | - |   |   |   | 475,000 |   |   |   | - |   |   |   | - |   |
| Average      Interest Rate            |   |                         | -         |   |   |   | - |   |   |   | - |   |   |   | 3.50 | % |   |   | - |   |   |   | - |   |
|                                  |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Debt in CZK (000’s)  |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Variable      Rate                    |   |                         | 1,450,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Average      Interest Rate            |   |                         | 3.19      | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

|                                                         |   |                                               |   |   |                                              |   |   | Yearly      interest charge if interest rates increase by(US$      000s): |   |
|--------------------------------------------------------------|--------|----------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|---------------------------------------------------------------------------|--------|
| Value      of Debt as at December 31, 2009 (US$ 000’s) |   | Interest      Rateas      atDecember      31, 2009 |   |   | Yearly      Interest Charge(US$      000’s) |   |   |                                                                      | 1      | % |   |   | 2 | % |   |   | 3 | % |   |   | 4 | % |   |   | 5 | % |
| $      248,532                                               |   |                                               | 2.74   | %      |                                              | $      | 6,802  |                                                                      |   | $ | 9,287 |   |   | $ | 11,772 |   |   | $ | 14,258 |   |   | $ | 16,743 |   |   | $ | 19,228 |   |
|                                                         |   |                                               |   |   |                                              |   |   |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (EUR      172.5 million)                                     |   |                                               |   |   |                                              |   |   |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |                                               |   |   |                                              |   |   |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $      78,942                                                |   |                                               | 3.19   | %      |                                              |   | 2,518  |                                                                      |   |   | 3,308 |   |   |   | 4,097 |   |   |   | 4,887 |   |   |   | 5,676 |   |   |   | 6,465 |   |
|                                                         |   |                                               |   |   |                                              |   |   |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (CZK      1,450.0 million)                                   |   |                                               |   |   |                                              |   |   |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                        |   |                                               |   |   |                                              | $      | 9,320  |                                                                      |   | $ | 12,595 |   |   | $ | 15,869 |   |   | $ | 19,145 |   |   | $ | 22,419 |   |   | $ | 25,693 |   |

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| ITEM      8. | FINANCIAL      STATEMENTS AND SUPPLEMENTARY DATA |
|--------------|--------------------------------------------------|

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|                                                              |   | December      31, 2009 |      |   | December      31, 2008 |   |
|-------------------------------------------------------------------|--------|------------------------|-----------|--------|------------------------|--------|
| ASSETS                                                            |   |                   |      |   |                   |   |
| Current      assets                                               |   |                   |      |   |                   |   |
| Cash      and cash equivalents                                    |   | $                      | 458,529   |   |                   | $      | 107,433 |   |
| Accounts      receivable (net of allowance) (Note 7)              |   |                   | 186,978   |   |                   |   | 221,450 |   |
| Program      rights, net                                          |   |                   | 82,007    |   |                   |   | 67,787 |   |
| Other      current assets (Note 8)                                |   |                   | 102,291   |   |                   |   | 98,086 |   |
| Total      current assets                                         |   |                   | 829,805   |   |                   |   | 494,756 |   |
| Non-current      assets                                           |   |                   |      |   |                   |   |   |   |
| Investments      (Note 5)                                         |   |                   | -         |   |                   |   | 16,559 |   |
| Property,      plant and equipment, net (Note 9)                  |   |                   | 279,436   |   |                   |   | 206,667 |   |
| Program      rights, net                                          |   |                   | 184,038   |   |                   |   | 113,596 |   |
| Goodwill      (Note 4)                                            |   |                   | 1,136,273 |   |                   |   | 1,041,041 |   |
| Broadcast      licenses and other intangible assets, net (Note 4) |   |                   | 398,418   |   |                   |   | 514,732 |   |
| Other      non-current assets (Note 8)                            |   |                   | 44,817    |   |                   |   | 19,265 |   |
| Total      non-current assets                                     |   |                   | 2,042,982 |   |                   |   | 1,911,860 |   |
| Total      assets                                                 |   | $                      | 2,872,787 |   |                   | $      | 2,406,616 |   |

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|                                                                                                    |   |                   |      |   |                   |   |
|---------------------------------------------------------------------------------------------------------|--------|------------------------|-----------|--------|------------------------|--------|
|                                                                                                    |   | December      31, 2009 |      |   | December      31, 2008 |   |
| LIABILITIES      AND EQUITY                                                                             |   |                   |      |   |                   |   |
| Current      liabilities                                                                                |   |                   |      |   |                   |   |
| Accounts      payable and accrued liabilities (Note 10)                                                 |   | $                      | 213,699   |   |                   | $      | 174,885 |   |
| Credit      facilities and obligations under capital leases (Note 11)                                   |   |                   | 117,910   |   |                   |   | 36,502 |   |
| Other      current liabilities (Note 12)                                                                |   |                   | 18,114    |   |                   |   | 17,286 |   |
| Total      current liabilities                                                                          |   |                   | 349,723   |   |                   |   | 228,673 |   |
| Non-current      liabilities                                                                            |   |                   |      |   |                   |   |   |   |
| Credit      facilities and obligations under capital leases (Note 11)                                   |   |                   | 6,030     |   |                   |   | 38,758 |   |
| Senior      Debt (Note 6)                                                                               |   |                   | 1,253,928 |   |                   |   | 928,525 |   |
| Other      non-current liabilities (Note 12)                                                            |   |                   | 91,266    |   |                   |   | 112,215 |   |
| Total      non-current liabilities                                                                      |   |                   | 1,351,224 |   |                   |   | 1,079,498 |   |
| Commitments      and contingencies (Note 21)                                                            |   |                   |      |   |                   |   |   |   |
|                                                                                                    |   |                   |      |   |                   |   |   |   |
| EQUITY:                                                                                                 |   |                   |      |   |                   |   |   |   |
| CME      Ltd. shareholders’ equity:                                                               |   |                   |      |   |                   |   |   |   |
| Nil      shares of Preferred Stock of $0.08 each (December 31, 2008 –      nil)                   |   |                   | -         |   |                   |   | - |   |
| 56,046,176      shares of Class A Common Stock of $0.08 each (December 31, 2008      –36,024,273) |   |                   | 4,484     |   |                   |   | 2,882 |   |
| 7,490,936      shares of Class B Common Stock of $0.08 each (December 31, 2008 –      6,312,839)  |   |                   | 599       |   |                   |   | 505 |   |
| Additional      paid-in capital                                                                         |   |                   | 1,410,587 |   |                   |   | 1,126,617 |   |
| Accumulated      deficit                                                                                |   |                   | (333,993  | )      |                   |   | (236,836 | ) |
| Accumulated      other comprehensive income                                                             |   |                   | 95,912    |   |                   |   | 202,090 |   |
| Total      CME Ltd. shareholders’ equity                                                          |   |                   | 1,177,589 |   |                   |   | 1,095,258 |   |
| Noncontrolling      interests                                                                           |   |                   | (5,749    | )      |                   |   | 3,187 |   |
| Total      equity                                                                                       |   |                   | 1,171,840 |   |                   |   | 1,098,445 |   |
| Total      liabilities and equity                                                                       |   | $                      | 2,872,787 |   |                   | $      | 2,406,616 |   |

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|                                                                        |   |
|-----------------------------------------------------------------------------|--------|
|                                                                        |   | For      the Year Ended December 31, |   |
|                                                                        |   | 2009 |   |   | 2008 |   |   | 2007 |   |
| Net      revenues                                                           |   | $ | 713,978 |   |   | $ | 1,019,934 |   |   | $ | 838,856 |   |
| Operating      expenses:                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      costs                                                        |   |   | 134,095 |   |   |   | 145,210 |   |   |   | 116,859 |   |
| Cost      of programming                                                    |   |   | 389,900 |   |   |   | 438,203 |   |   |   | 327,230 |   |
| Depreciation      of station property, plant and equipment                  |   |   | 53,651 |   |   |   | 51,668 |   |   |   | 32,653 |   |
| Amortization      of broadcast licenses and other intangibles (Note 4)      |   |   | 21,597 |   |   |   | 35,381 |   |   |   | 24,970 |   |
| Cost      of revenues                                                       |   |   | 599,243 |   |   |   | 670,462 |   |   |   | 501,712 |   |
| Selling,      general and administrative expenses                           |   |   | 116,072 |   |   |   | 140,517 |   |   |   | 126,688 |   |
| Impairment      charge (Note 4)                                             |   |   | 81,843 |   |   |   | 336,752 |   |   |   | - |   |
| Operating      (loss) / income                                              |   |   | (83,180 | ) |   |   | (127,797 | ) |   |   | 210,456 |   |
| Interest      income                                                        |   |   | 2,916 |   |   |   | 10,006 |   |   |   | 5,728 |   |
| Interest      expense (Note 16)                                             |   |   | (115,771 | ) |   |   | (82,481 | ) |   |   | (54,936 | ) |
| Foreign      currency exchange gain / (loss), net                           |   |   | 82,461 |   |   |   | (37,877 | ) |   |   | (34,409 | ) |
| Change      in fair value of derivatives (Note 13)                          |   |   | 1,315 |   |   |   | 6,360 |   |   |   | (3,703 | ) |
| Other      income                                                           |   |   | 1,521 |   |   |   | 2,620 |   |   |   | 7,891 |   |
| (Loss)      / income  from continuing operations before tax       |   |   | (110,738 | ) |   |   | (229,169 | ) |   |   | 131,027 |   |
| Credit      / (provision) for income taxes                                  |   |   | 3,193 |   |   |   | (34,525 | ) |   |   | (20,822 | ) |
| (Loss)      / income from continuing operations                             |   |   | (107,545 | ) |   |   | (263,694 | ) |   |   | 110,205 |   |
| Discontinued      operations, net of tax (Note 20)                          |   |   | (262 | ) |   |   | (3,785 | ) |   |   | (4,480 | ) |
| Net      (Loss) /  income                                         |   |   | (107,807 | ) |   |   | (267,479 | ) |   |   | 105,725 |   |
| Net      loss / (income) attributable to noncontrolling interests           |   |   | 10,650 |   |   |   | (2,067 | ) |   |   | (17,107 | ) |
| Net      (Loss) income attributable to CME Ltd.                             |   | $ | (97,157 | ) |   | $ | (269,546 | ) |   | $ | 88,618 |   |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss) / income                                                    |   |   | (107,807 | ) |   |   | (267,479 | ) |   |   | 105,725 |   |
| Currency      translation adjustment                                        |   |   | (106,604 | ) |   |   | (88,609 | ) |   |   | 158,825 |   |
| Obligation      to repurchase shares                                        |   |   | - |   |   |   | 488 |   |   |   | (488 | ) |
| Comprehensive      (loss) /  income                               |   | $ | (214,411 | ) |   | $ | (355,600 | ) |   | $ | 264,062 |   |
| Comprehensive      income / (loss) attributable to noncontrolling interests |   |   | 11,076 |   |   |   | (2,071 | ) |   |   | (17,157 | ) |
| Comprehensive      (loss) / income attributable to CME Ltd.                 |   | $ | (203,335 | ) |   | $ | (357,671 | ) |   | $ | 246,905 |   |

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|                                                                                        |   | For      the Year Ended December 31, |   |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                                        |   | 2009                                 |   |   | 2008 |   |   | 2007 |   |
| PER      SHARE DATA (Note 18):                                                              |   |                                 |   |   |   |   |   |   |   |
| Net      (loss) / income per share:                                                         |   |                                 |   |   |   |   |   |   |   |
| Continuing      operations - Basic                                                          |   | $                                    | (1.78  | ) |   | $ | (6.28 | ) |   | $ | 2.25 |   |
| Continuing      operations - Diluted                                                        |   |                                 | (1.78  | ) |   |   | (6.28 | ) |   |   | 2.23 |   |
| Discontinued      operations – Basic                                                  |   |                                 | (0.01  | ) |   |   | (0.09 | ) |   |   | (0.11 | ) |
| Discontinued      operations - Diluted                                                      |   |                                 | (0.01  | ) |   |   | (0.09 | ) |   |   | (0.11 | ) |
| Net      (loss) / income attributable to CME Ltd common shareholders –      Basic     |   |                                 | (1.79  | ) |   |   | (6.37 | ) |   |   | 2.14 |   |
| Net      (loss) / income attributable to CME Ltd common shareholders –      Diluted   |   | $                                    | (1.79  | ) |   | $ | (6.37 | ) |   | $ | 2.12 |   |
|                                                                                        |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Weighted      average common shares used in computing per share amounts      (000’s): |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                       |   |                                 | 54,344 |   |   |   | 42,328 |   |   |   | 41,384 |   |
| Diluted                                                                                     |   |                                 | 54,344 |   |   |   | 42,328 |   |   |   | 41,833 |   |

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Table of Contents

|                                                                           |   | CME      Ltd. Shareholders    |       |   |                          |   |   |                            |   |
|--------------------------------------------------------------------------------|--------|-------------------------------|------------|--------|-------------------------------|--------|--------|---------------------------------|--------|
|                                                                           |   | Class      ACommon      Stock |       |   | Class      BCommon      Stock |   |   | Additional      Paid-In Capital |   |   | Retained      Deficit |   |   | Accumulated      Other Comprehensive Income |   |   | Noncontrolling      Interests |   |   | Total      Equity |   |
|                                                                           |   | Number      of shares         |       |   | Par      value                |   |   | Number      of shares           |   |   | Par      value |   |
| BALANCE,      December      31, 2006                                           |   |                          | 34,412,138 |   |                          | $      | 2,753  |                            |   |   | 6,312,839 |   |   | $ | 505 |   |   | $ | 931,108 |   |   | $ | (30,528 | ) |   | $ | 131,928 |   |   | $ | 26,189 |   |   | $ | 1,061,955 |   |
| Impact      of adoption of FIN 48                                              |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,219 | ) |   |   | - |   |   |   | - |   |   |   | (3,219 | ) |
| Stock-based      compensation                                                  |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | 6,402 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,402 |   |
| Shares      issued, net of fees                                                |   |                          | 1,275,227  |   |                          |   | 102    |                            |   |   | - |   |   |   | - |   |   |   | 109,751 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 109,853 |   |
| Stock      options exercised                                                   |   |                          | 315,833    |   |                          |   | 25     |                            |   |   | - |   |   |   | - |   |   |   | 4,075 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,100 |   |
| Acquisitions      of noncontrolling interests                                  |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (13,948 | ) |   |   | (13,948 | ) |
| Dividends      paid to holders of noncontrolling interests                     |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,243 | ) |   |   | (6,243 | ) |
| Net      income                                                                |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 88,618 |   |   |   | - |   |   |   | 17,107 |   |   |   | 105,725 |   |
| Currency      translation adjustment                                           |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 158,775 |   |   |   | 50 |   |   |   | 158,825 |   |
| Obligation      to repurchase shares                                           |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (488 | ) |   |   | - |   |   |   | (488 | ) |
| BALANCE,      December      31, 2007                                           |   |                          | 36,003,198 |   |                          | $      | 2,880  |                            |   |   | 6,312,839 |   |   | $ | 505 |   |   | $ | 1,051,336 |   |   | $ | 54,871 |   |   | $ | 290,215 |   |   | $ | 23,155 |   |   | $ | 1,422,962 |   |
| Stock-based      compensation                                                  |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | 7,133 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,133 |   |
| Stock      options exercised                                                   |   |                          | 21,075     |   |                          |   | 2      |                            |   |   | - |   |   |   | - |   |   |   | 1,220 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,222 |   |
| Purchase      and extinguishment  of capped call options (Note    6) |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | (41,157 | ) |   |   | (22,161 | ) |   |   | - |   |   |   | - |   |   |   | (63,318 | ) |
| Acquisitions      of noncontrolling interests                                  |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (18,861 | ) |   |   | (18,861 | ) |
| Dividends      paid to holders of noncontrolling interests                     |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,178 | ) |   |   | (3,178 | ) |
| Bifurcation      of equity option embedded in convertible notes                |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | 108,085 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 108,085 |   |
| Net      loss                                                                  |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (269,546 | ) |   |   | - |   |   |   | 2,067 |   |   |   | (267,479 | ) |
| Currency      translation adjustment                                           |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (88,613 | ) |   |   | 4 |   |   |   | (88,609 | ) |
| Obligation      to repurchase shares                                           |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 488 |   |   |   | - |   |   |   | 488 |   |
| BALANCE,      December      31, 2008                                           |   |                          | 36,024,273 |   |                          | $      | 2,882  |                            |   |   | 6,312,839 |   |   | $ | 505 |   |   | $ | 1,126,617 |   |   | $ | (236,836 | ) |   | $ | 202,090 |   |   | $ | 3,187 |   |   | $ | 1,098,445 |   |

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Table of Contents

|                                                                                             |   | CME      Ltd. Shareholders    |       |   |                          |   |   |                            |   |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|--------|-------------------------------|--------|--------|---------------------------------|--------|
|                                                                                             |   | Class      ACommon      Stock |       |   | Class      BCommon      Stock |   |   | Additional      Paid-In Capital |   |   | Retained      Deficit |   |   | Accumulated      Other Comprehensive Income |   |   | Noncontrolling      Interests |   |   | Total      Equity |   |
|                                                                                             |   | Number      of shares         |       |   | Par      value                |   |   | Number      of shares           |   |   | Par      value |   |
| BALANCE,      December      31, 2008                                                             |   |                          | 36,024,273 |   |                          | $      | 2,882  |                            |   |   | 6,312,839 |   |   | $ | 505 |   |   | $ | 1,126,617 |   |   | $ | (236,836 | ) |   | $ | 202,090 |   |   | $ | 3,187 |   |   | $ | 1,098,445 |   |
| Stock-based      compensation                                                                    |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | 6,180 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,180 |   |
| Acquisition      of noncontrolling interests                                                     |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | (24,090 | ) |   |   | - |   |   |   | - |   |   |   | 3,965 |   |   |   | (20,125 | ) |
| Shares      issued, net of fees                                                                  |   |                          | 14,500,000 |   |                          |   | 1,160  |                            |   |   | 4,500,000 |   |   |   | 360 |   |   |   | 232,848 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 234,368 |   |
| Shares      issued in connection with the acquisition of Media Pro Entertainment (Note      3)   |   |                          | 2,200,000  |   |                          |   | 176    |                            |   |   | - |   |   |   | - |   |   |   | 55,264 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 55,440 |   |
| Warrants      issued in connection with the acquisition of Media Pro Entertainment (Note      3) |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | 13,768 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13,768 |   |
| Conversion      of class B shares (Note 14)                                                      |   |                          | 3,321,903  |   |                          |   | 266    |                            |   |   | (3,321,903 | ) |   |   | (266 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dividends      paid to holders of noncontrolling interest                                        |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,825 | ) |   |   | (1,825 | ) |
| Net      loss                                                                                    |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (97,157 | ) |   |   | - |   |   |   | (10,650 | ) |   |   | (107,807 | ) |
| Currency      translation adjustment                                                             |   |                          | -          |   |                          |   | -      |                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (106,178 | ) |   |   | (426 | ) |   |   | (106,604 | ) |
| BALANCE,      December      31, 2009                                                             |   |                          | 56,046,176 |   |                          | $      | 4,484  |                            |   |   | 7,490,936 |   |   | $ | 599 |   |   | $ | 1,410,587 |   |   | $ | (333,993 | ) |   | $ | 95,912 |   |   | $ | (5,749 | ) |   | $ | 1,171,840 |   |

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Table of Contents

|                                                                                                                                |   | For      the Year Ended December 31, |     |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|----------|
|                                                                                                                                |   | 2009                                 |     |   | 2008 |   |   | 2007 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                                                                          |   |                                 |     |   |   |   |   |   |   |
| Net      (loss) / income                                                                                                            |   | $                                    | (107,807 | ) |   | $ | (267,479 | ) |   | $ | 105,725 |   |
| Adjustments      to reconcile net  (loss) / income to net cash (used in) /      generated from operating activities: |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Loss      from discontinued operations (Note 20)                                                                                    |   |                                 | 262      |   |   |   | 3,785 |   |   |   | 4,480 |   |
| Depreciation      and amortization                                                                                                  |   |                                 | 324,356  |   |   |   | 350,364 |   |   |   | 254,463 |   |
| Impairment      charge (Note 4)                                                                                                     |   |                                 | 81,843   |   |   |   | 336,752 |   |   |   | - |   |
| Loss      on disposal of fixed assets                                                                                               |   |                                 | 510      |   |   |   | 51 |   |   |   | - |   |
| Stock-based      compensation (Note 17)                                                                                             |   |                                 | 6,218    |   |   |   | 6,107 |   |   |   | 5,734 |   |
| Change      in fair value of derivatives (Note 13)                                                                                  |   |                                 | (1,315   | ) |   |   | (6,360 | ) |   |   | 3,703 |   |
| Foreign      currency exchange (gain) / loss, net                                                                                   |   |                                 | (82,461  | ) |   |   | 37,877 |   |   |   | 34,409 |   |
| Net      change in (net of effects of acquisitions and disposals of      businesses):                                               |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Accounts      receivable                                                                                                            |   |                                 | 51,924   |   |   |   | (13,654 | ) |   |   | (57,449 | ) |
| Program      rights                                                                                                                 |   |                                 | (208,785 | ) |   |   | (251,462 | ) |   |   | (255,147 | ) |
| Other      assets                                                                                                                   |   |                                 | (2,921   | ) |   |   | (3,638 | ) |   |   | (4,192 | ) |
| Accounts      payable and accrued liabilities                                                                                       |   |                                 | (52,420  | ) |   |   | (15,065 | ) |   |   | 7,914 |   |
| Income      taxes payable                                                                                                           |   |                                 | (10,206  | ) |   |   | (18,308 | ) |   |   | 15,423 |   |
| Deferred      taxes                                                                                                                 |   |                                 | (23,368  | ) |   |   | (19,550 | ) |   |   | (2,202 | ) |
| VAT      and other taxes payable                                                                                                    |   |                                 | (7,636   | ) |   |   | (3,865 | ) |   |   | (6,166 | ) |
| Net      cash (used in) / generated from continuing operating      activities                                                       |   |                                 | (31,806  | ) |   |   | 135,555 |   |   |   | 106,695 |   |
|                                                                                                                                |   |                                 |     |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                                                                                          |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Net      change in restricted cash                                                                                                  |   |                                 | -        |   |   |   | - |   |   |   | (440 | ) |
| Purchase      of property, plant and equipment                                                                                      |   |                                 | (50,063  | ) |   |   | (78,665 | ) |   |   | (79,943 | ) |
| Proceeds      from disposal of property, plant and equipment                                                                        |   |                                 | 1,012    |   |   |   | 408 |   |   |   | 570 |   |
| Investments      in subsidiaries and unconsolidated affiliates                                                                      |   |                                 | (39,817  | ) |   |   | (512,531 | ) |   |   | (156,535 | ) |
| Repayment      of loans and advances to related parties                                                                             |   |                                 | (10,295  | ) |   |   | 1,990 |   |   |   | 450 |   |
| Net      cash used in continuing investing activities                                                                               |   |                                 | (99,163  | ) |   |   | (588,798 | ) |   |   | (235,898 | ) |
|                                                                                                                                |   |                                 |     |   |   |   |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                                                                                          |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Issuance      of Common Stock, net of fees                                                                                          |   |                                 | 234,368  |   |   |   | - |   |   |   | 109,853 |   |
| Net      proceeds from issuance of Senior Notes                                                                                     |   |                                 | 634,048  |   |   |   | - |   |   |   | 199,400 |   |
|  Redemption      or repayment of Senior Notes                                                                                  |   |                                 | (371,073 | ) |   |   | - |   |   |   | (169,010 | ) |
| Net      proceeds from issuance of Convertible Notes                                                                                |   |                                 | -        |   |   |   | 463,560 |   |   |   | - |   |
| Purchase      of capped call option                                                                                                 |   |                                 | -        |   |   |   | (63,318 | ) |   |   | - |   |
| Proceeds      from credit facilities                                                                                                |   |                                 | 266,472  |   |   |   | 223,091 |   |   |   | 177,515 |   |
| Payment      of credit facilities and capital leases                                                                                |   |                                 | (287,723 | ) |   |   | (176,615 | ) |   |   | (182,391 | ) |
| Proceeds      from exercise of stock options                                                                                        |   |                                 | -        |   |   |   | 1,222 |   |   |   | 4,100 |   |
| Excess      tax benefits from share based payment arrangements                                                                      |   |                                 | 269      |   |   |   | 1,026 |   |   |   | 668 |   |
| Distributions      paid to holders of noncontrolling interests                                                                      |   |                                 | (1,506   | ) |   |   | (4,408 | ) |   |   | (4,605 | ) |
| Net      cash received from continuing financing activities                                                                         |   |                                 | 474,855  |   |   |   | 444,558 |   |   |   | 135,530 |   |
|                                                                                                                                |   |                                 |     |   |   |   |   |   |   |   |   |   |
| NET      CASH USED IN DISCONTINUED OPERATIONS – OPERATINGACTIVITIES                                                           |   |                                 | (1,294   | ) |   |   | (4,920 | ) |   |   | (6,001 | ) |
| NET      CASH USED IN DISCONTINUED OPERATIONS – INVESTINGACTIVITIES                                                           |   |                                 | -        |   |   |   | (495 | ) |   |   | (1,520 | ) |
| Impact      of exchange rate fluctuations on cash                                                                                   |   |                                 | 8,504    |   |   |   | (21,279 | ) |   |   | (1,896 | ) |
|                                                                                                                                |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Net      increase / (decrease) in cash and cash equivalents                                                                         |   |                                 | 351,096  |   |   |   | (35,379 | ) |   |   | (3,090 | ) |
| CASH      AND CASH EQUIVALENTS, beginning of period                                                                                 |   |                                 | 107,433  |   |   |   | 142,812 |   |   |   | 145,902 |   |
| CASH      AND CASH EQUIVALENTS, end of period                                                                                       |   | $                                    | 458,529  |   |   | $ | 107,433 |   |   | $ | 142,812 |   |
|                                                                                                                                |   |                                 |     |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURE OF CASH FLOW INFORMATION:                                                                              |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Cash      paid for interest                                                                                                         |   | $                                    | 61,940   |   |   | $ | 55,331 |   |   | $ | 46,313 |   |
| Cash      paid for income taxes (net of refunds)                                                                                    |   | $                                    | 28,440   |   |   | $ | 72,974 |   |   | $ | 40,903 |   |
|                                                                                                                                |   |                                 |     |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES:                                                        |   |                                 |     |   |   |   |   |   |   |   |   |   |
| Issuance      of equity in connection with the acquisition of Media Pro      Entertainment                                          |   | $                                    | 55,440   |   |   |   | - |   |   |   | - |   |
| Issuance      of warrants in connection with the acquisition of Media Pro      Entertainment                                        |   | $                                    | 13,768   |   |   |   | - |   |   |   | - |   |
| Contribution      of investment in connection with the acquisition of Media Pro      Entertainment                                  |   | $                                    | 19,236   |   |   |   | - |   |   |   | - |   |
| Acquisition      of property, plant and equipment under capital lease                                                               |   | $                                    | 114      |   |   | $ | 554 |   |   | $ | 136 |   |

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Table of Contents

| Company      Name                   |   | Effective        Voting        Interest   | Jurisdiction      ofOrganization | Type      of Affiliate (1) |
|-------------------------------------|--------|-------------------------------------------------------------------------|----------------------------------|----------------------------|
| Top      Tone Media S.A.            |   |                                                                    | 80.00                            | %                          | Luxembourg | Subsidiary |
| Zopal      S.A.                     |   |                                                                    | 80.00                            | %                          | Luxembourg | Subsidiary |
| PRO      BG MEDIA EOOD              |   |                                                                    | 80.00                            | %                          | Bulgaria | Subsidiary |
| LG      Consult EOOD                |   |                                                                    | 80.00                            | %                          | Bulgaria | Subsidiary |
| Top      Tone Media Bulgaria EOOD   |   |                                                                    | 80.00                            | %                          | Bulgaria | Subsidiary |
| Ring      TV EAD                    |   |                                                                    | 80.00                            | %                          | Bulgaria | Subsidiary |
|                                |   |                                                                    |                             |                       |   |   |
| Nova      TV d.d.                   |   |                                                                    | 100.00                           | %                          | Croatia | Subsidiary |
| Operativna      Kompanija d.o.o.    |   |                                                                    | 100.00                           | %                          | Croatia | Subsidiary |
| Media      House d.o.o.             |   |                                                                    | 100.00                           | %                          | Croatia | Subsidiary |
| Internet      Dnevnik d.o.o.        |   |                                                                    | 100.00                           | %                          | Croatia | Subsidiary |
|                                |   |                                                                    |                             |                       |   |   |
| CET      21 spol. s r.o.            |   |                                                                    | 100.00                           | %                          | Czech      Republic | Subsidiary |
| Jyxo,      s.r.o.                   |   |                                                                    | 100.00                           | %                          | Czech      Republic | Subsidiary |
| BLOG      Internet, s.r.o.          |   |                                                                    | 100.00                           | %                          | Czech      Republic | Subsidiary |
| Mediafax      s.r.o.                |   |                                                                    | 100.00                           | %                          | Czech      Republic | Subsidiary |
|                                |   |                                                                    |                             |                       |   |   |
| Media      Pro International S.A.   |   |                                                                    | 95.00                            | %                          | Romania | Subsidiary |
| Media      Vision S.R.L.            |   |                                                                    | 95.00                            | %                          | Romania | Subsidiary |
| Pro      TV S.A.                    |   |                                                                    | 95.05                            | %                          | Romania | Subsidiary |
| Sport      Radio TV Media S.R.L.    |   |                                                                    | 95.04                            | %                          | Romania | Subsidiary |
| Music      Television System S.R.L. |   |                                                                    | 95.05                            | %                          | Romania | Subsidiary |
| Campus      Radio S.R.L.            |   |                                                                    | 19.01                            | %                          | Romania | Equity-Accounted      Affiliate |
|                                |   |                                                                    |                             |                       |   |   |
| CME      Slovak Holdings B.V.       |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| A.R.J.,      a.s.                   |   |                                                                    | 100.00                           | %                          | Slovak      Republic | Subsidiary |

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| Company      Name                          |   | Effective        Voting  Interest   | Jurisdiction      ofOrganization | Type      of Affiliate (1) |
|--------------------------------------------|--------|-------------------------------------------------------------------|----------------------------------|----------------------------|
| MARKÍZA-SLOVAKIA,      spol. s r.o.   |   |                                                              | 100.00                           | %                          | Slovak      Republic | Subsidiary |
| GAMATEX,      spol. s r.o.                 |   |                                                              | 100.00                           | %                          | Slovak      Republic | Subsidiary      (in liquidation) |
| A.D.A.M.,      a.s.                        |   |                                                              | 100.00                           | %                          | Slovak      Republic | Subsidiary      (in liquidation) |
| MEDIA      INVEST, spol. s r.o.            |   |                                                              | 100.00                           | %                          | Slovak      Republic | Subsidiary |
| EMAIL.SK      s.r.o.                       |   |                                                              | 80.00                            | %                          | Slovak      Republic | Subsidiary |
| PMT,      s.r.o.                           |   |                                                              | 31.50                            | %                          | Slovak      Republic | Cost      Investment |
|                                       |   |                                                              |                             |                       |   |   |
| MMTV      1 d.o.o.                         |   |                                                              | 100.00                           | %                          | Slovenia | Subsidiary |
| Produkcija      Plus d.o.o.                |   |                                                              | 100.00                           | %                          | Slovenia | Subsidiary |
| POP      TV d.o.o.                         |   |                                                              | 100.00                           | %                          | Slovenia | Subsidiary |
| Kanal      A d.o.o.                        |   |                                                              | 100.00                           | %                          | Slovenia | Subsidiary |
| Euro      3 TV d.o.o.                      |   |                                                              | 42.00                            | %                          | Slovenia | Equity-Accounted      Affiliate |
| TELEVIDEO      d.o.o. (trading as TV Pika) |   |                                                              | 100.00                           | %                          | Slovenia | Subsidiary |
|                                       |   |                                                              |                             |                       |   |   |
| CME      Cyprus Holding II Ltd.            |   |                                                              | 100.00                           | %                          | Cyprus | Subsidiary |
| TV      Media Planet Ltd.                  |   |                                                              | 100.00                           | %                          | Cyprus | Subsidiary |
| CME      Cyprus Holding Ltd.               |   |                                                              | 100.00                           | %                          | Cyprus | Subsidiary |
| International      Media Services Ltd.     |   |                                                              | 100.00                           | %                          | Bermuda | Subsidiary |
| CME      Ukraine Holding II B.V.           |   |                                                              | 100.00                           | %                          | Netherlands | Subsidiary |
| Grizard      Investments Limited           |   |                                                              | 100.00                           | %                          | Cyprus | Subsidiary |
| Grintwood      Investments Limited         |   |                                                              | 100.00                           | %                          | Cyprus | Subsidiary |
| Innova      Film GmbH                      |   |                                                              | 100.00                           | %                          | Germany | Subsidiary |
| 1+1      Production                        |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| Studio      1+1 LLC                        |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| Ukrainian      Media Services LLC          |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| Ukrpromtorg-2003      LLC                  |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| Gravis-Kino      LLC                       |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| TV      Stimul LLC                         |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| TOR      LLC                               |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| ZHYSA      LLC                             |   |                                                              | 100.00                           | %                          | Ukraine | Subsidiary |
| Glavred-Media      LLC                     |   |                                                              | 10.00                            | %                          | Ukraine | Cost      Investment |

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| Company      Name                                   |   | Effective       Voting         Interest   | Jurisdiction      ofOrganization | Type      of Affiliate (1) |
|-----------------------------------------------------|--------|-------------------------------------------------------------------------|----------------------------------|----------------------------|
| CME      Media Pro B.V.                             |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| Media      Pro Pictures s.r.o.                      |   |                                                                    | 100.00                           | %                          | Czech      Republic | Subsidiary |
| Zmĕna,      s.r.o.                             |   |                                                                    | 51.00                            | %                          | Czech      Republic | Subsidiary |
| Taková      normální rodinka, s.r.o. |   |                                                                    | 51.00                            | %                          | Czech      Republic | Subsidiary |
| Media      Pro Pictures S.A.                        |   |                                                                    | 100.00                           | %                          | Romania | Subsidiary |
| Media      Pro Distribution S.R.L.                  |   |                                                                    | 100.00                           | %                          | Romania | Subsidiary |
| Media      Pro Music and Entertainment S.R.L.       |   |                                                                    | 100.00                           | %                          | Romania | Subsidiary |
| Pro      Video S.R.L.                               |   |                                                                    | 100.00                           | %                          | Romania | Subsidiary |
| Hollywood      Multiplex Operation S.R.L.           |   |                                                                    | 100.00                           | %                          | Romania | Subsidiary |
| Domino      Production S.R.L.                       |   |                                                                    | 51.00                            | %                          | Romania | Subsidiary |
| Studiourile      Media Pro S.A.                     |   |                                                                    | 92.20                            | %                          | Romania | Subsidiary |
| Promance      International S.R.L.                  |   |                                                                    | 100.00                           | %                          | Romania | Subsidiary |
| Pro      Video Film and Distribution Kft            |   |                                                                    | 100.00                           | %                          | Hungary | Subsidiary |
|                                                |   |                                                                    |                             |                       |   |   |
| Central      European Media Enterprises N.V.        |   |                                                                    | 100.00                           | %                          | Netherlands      Antilles | Subsidiary |
| Central      European Media Enterprises II B.V.     |   |                                                                    | 100.00                           | %                          | Netherlands      Antilles | Subsidiary |
| CME      Media Enterprises B.V.                     |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| CME      Investments B.V.                           |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| CME      Programming B.V.                           |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| CME      Ukraine Holding B.V.                       |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| CME      Development Financing B.V.                 |   |                                                                    | 100.00                           | %                          | Netherlands | Subsidiary |
| CME      Ukraine Holding GmbH                       |   |                                                                    | 100.00                           | %                          | Austria | Subsidiary |
| CME      Development Corporation                    |   |                                                                    | 100.00                           | %                          | Delaware      (USA) | Subsidiary |
| CME      Media Services Limited                     |   |                                                                    | 100.00                           | %                          | United      Kingdom | Subsidiary |
| CME      SR d.o.o.                                  |   |                                                                    | 100.00                           | %                          | Serbia | Subsidiary |

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| Asset      category                            | Estimated      useful life |
|------------------------------------------------|----------------------------|
| Land                                           | Indefinite                 |
| Buildings                                      | 25      years              |
| Station      machinery, fixtures and equipment | 4 -      8 years           |
| Other      equipment                           | 3 –      8 years     |
| Software      licenses                         | 3 –      5 years     |

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|                                              |   | Amortization      % |   |
|---------------------------------------------------|--------|---------------------|--------|
| Type      of programming                          |   | Run      1          |   |   | Run      2 |   |   | Run      3 |   |   | Run      4 |   |   | Run      5 |   |
| Special      blockbuster                          |   |                | 30     | % |   |   | 25 | % |   |   | 20 | % |   |   | 15 | % |   |   | 10 | % |
| Films      and series, 2 runs                     |   |                | 65     | % |   |   | 35 | % |   |   | - |   |   |   | - |   |   |   | - |   |
| Films      and series, 3 runs                     |   |                | 60     | % |   |   | 30 | % |   |   | 10 | % |   |   | - |   |   |   | - |   |
| Long-run      series, Ukraine                     |   |                | 85     | % |   |   | 15 | % |   |   | - |   |   |   | - |   |   |   | - |   |
| Concerts,      documentaries, sports events, etc. |   |                | 100    | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

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| · | we      intend to renew the licenses into the foreseeable  future; |
|--------|--------------------------------------------------------------------|

| · | we      have precedents of renewals or reasonable expectation of      renewals; |
|--------|---------------------------------------------------------------------------------|

| · | we      do not expect any substantial cost to be incurred as part of a future      license renewal and no costs have been incurred in the renewals to date;      and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | we      have not experienced any historical evidence of a compelling challenge to      our holding these licenses. |
|--------|--------------------------------------------------------------------------------------------------------------------|

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|                                                                                                   |   | For      the Year Ended December      31, 2009 |     |
|--------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|----------|
| Net      income / (loss) attributable to CME Ltd. as reported                                          |   | $                                              | (97,157  | ) |
| Deduct:      noncontrolling interest in income recognized since the adoption of FAS 160      (ASC 810) |   |                                           | (10,910  | ) |
| Pro      Forma net income / (loss)                                                                     |   | $                                              | (108,067 | ) |
| Net      loss per share – Basic (As reported)                                                    |   | $                                              | (1.79    | ) |
| Net      loss per share – Basic (Pro Forma)                                                      |   | $                                              | (1.99    | ) |
| Net      loss per share – Diluted (As reported)                                                  |   | $                                              | (1.79    | ) |
| Net      loss per share – Diluted (Pro Forma)                                                    |   | $                                              | (1.99    | ) |

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|                                                                    |   |             |     |   |                                      |   |    |                   |   |
|-------------------------------------------------------------------------|--------|------------------|----------|--------|-------------------------------------------|--------|---------|------------------------|--------|
|                                                                    |   |             |     |   | Impact      of adopting                   |   |    |                   |   |
|                                                                    |   | As      reported |     |   | FSP      APB 14-1 (ASC 470)               |   |    | FAS      160 (ASC 810) |   |   | As      Adjusted |   |
| Consolidated      Statement of Operations                               |   |             |     |   |                                      |   |    |                   |   |   |   |   |
|                                                                    |   |             |     |   | For      the Year ended December 31, 2008 |   |    |                   |   |
| Interest      expense                                                   |   | $                | (68,475  | )      |                                      | $      | (14,006 | )                      |   | $ | - |   |   | $ | (82,481 | ) |
| Noncontrolling      interest in income of consolidated subsidiaries (1) |   |             | (2,071   | )      |                                      |   | -       |                   |   |   | 4 |   |   |   | (2,067 | ) |
| Net      (loss) / income                                                |   | $                | (255,544 | )      |                                      | $      | (14,006 | )                      |   | $ | 4 |   |   | $ | (269,546 | ) |
|                                                                    |   |             |     |   |                                      |   |    |                   |   |   |   |   |   |   |   |   |
| Net      loss per share                                                 |   |             |     |   |                                      |   |    |                   |   |   |   |   |   |   |   |   |
| Net      loss (Basic)                                                   |   | $                | (6.04    | )      |                                      | $      | (0.33   | )                      |   | $ | 0.00 |   |   | $ | (6.37 | ) |
| Net      loss (Diluted)                                                 |   | $                | (6.04    | )      |                                      | $      | (0.33   | )                      |   | $ | 0.00 |   |   | $ | (6.37 | ) |

|                                                         |   |  As      at December 31, 2008 |      |
|--------------------------------------------------------------|--------|------------------------------------|-----------|
|                                                         |   |                               |      |   | Impact      of adopting |   |   |   |   |
|                                                         |   | As      reported                   |      |   | FSP      APB 14-1 (ASC 470) |   |   | FAS      160 (ASC 810) |   |   | As      Adjusted |   |
| Consolidated      Balance Sheet                              |   |                               |      |   |   |   |   |   |   |   |   |   |
| Other      current assets                                    |   | $                                  | 98,725    |   |   | $ |  (639 | )  |   | $ | - |   |   | $ |  98,086 |   |
| Other      non-current assets                                |   |                               | 20,743    |   |   |   | (1,478 | ) |   |   | - |   |   |   | 19,265 |   |
| Senior      Debt                                             |   |                               | 1,024,721 |   |   |   | (96,196 | ) |   |   | - |   |   |   | 928,525 |   |
| Additional      paid-in capital                              |   |                               | 1,018,532 |   |   |   | 108,085 |   |   |   | - |   |   |   | 1,126,617 |   |
| Accumulated      deficit                                     |   |                               | (224,086  | ) |   |   | (14,006 | ) |   |   | 1,256 |   |   |   | (236,836 | ) |
| Accumulated      Other Comprehensive   Income |   | $                                  | 203,346   |   |   | $ | - |   |   | $ | (1,256 | ) |   | $ | 202,090 |   |

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| Market      Price   |   | $            | 25.20  |   |
|---------------------|--------|--------------|--------|--------|
| Exercise      Price |   | $            | 21.75  |   |
| Expected      Term  |   | 6      years |   |
| Volatility          |   |         | 67.8   | %      |
| Dividend      Rate  |   |         | 0      | %      |
| Risk      Free Rate |   |         | 1.67   | %      |
| Warrant      value  |   | $            | 16.198 |   |
| Total      Value    |   | $            | 13,768 |   |

|                                                     |   | Fair      Value on Date of Acquisition(in      US$’000’s) |    |
|----------------------------------------------------------|--------|-----------------------------------------------------------------------|---------|
|                                                     |   |                                                                  |    |
| Cash      and cash equivalents                           |   | $                                                                     | 6,638   |   |
| Property,      plant and equipment                       |   |                                                                  | 79,588  |   |
| Program      rights                                      |   |                                                                  | 17,802  |   |
| Trademarks                                               |   |                                                                  | 7,254   |   |
| Other      intangible assets subject to amortization (1) |   |                                                                  | 4,992   |   |
| Deferred      tax assets                                 |   |                                                                  | 11,960  |   |
| Deferred      tax liabilities                            |   |                                                                  | (18,812 | ) |
| Other      net liabilities                               |   |                                                                  | (53,933 | ) |
| Noncontrolling      interest                             |   |                                                                  | (4,067  | ) |
| Goodwill      (2)                                        |   |                                                                  | 47,023  |   |
| Total      purchase price                                |   | $                                                                     | 98,445  |   |

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|                                                   |   | Fair      Value on Acquisition(in      US$’000’s) |   |
|--------------------------------------------------------|--------|---------------------------------------------------------------|--------|
|                                                   |   |                                                          |   |
| Property,      plant and equipment                     |   | $                                                             | 2,561  |   |
| Intangible      assets not subject to amortization (1) |   |                                                          | 15,892 |   |
| Goodwill      (2)                                      |   |                                                          | 2,394  |   |
| Total      purchase price (3)                          |   | $                                                             | 20,847 |   |

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|                               |   | Bulgaria |    |   | Croatia |   |    | Czech      Republic |   |   | Romania |   |   | Slovak      Republic |   |   | Slovenia |   |   | Ukraine |   |   | TOTAL  |   |
|------------------------------------|--------|----------|---------|--------|---------|--------|---------|---------------------|--------|--------|---------|--------|--------|----------------------|--------|--------|----------|--------|--------|---------|--------|--------|--------|--------|
|                               |   |     |    |   |    |   |    |                |   |   |    |   |   |                 |   |   |     |   |   |    |   |   |   |   |
| Gross      balance, Dec 31, 2007   |   | $        | -       |   |    | $      | 11,227  |                |   | $      | 951,286 |   |   | $                    | 74,667 |   |     | $      | 57,635 |    |   | $      | 18,393 |   |   | $ | 11,593 |   |   | $ | 1,124,801 |   |
| Accumulated      impairment losses |   |     | -       |   |    |   | (10,454 | )                   |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -      |   |   |   | - |   |   |   | (10,454 | ) |
| Net      balance, Dec 31, 2007     |   |     | -       |   |    |   | 773     |                |   |   | 951,286 |   |   |                 | 74,667 |   |     |   | 57,635 |    |   | $      | 18,393 |   |   | $ | 11,593 |   |   |   | 1,114,347 |   |
| Additions                          |   |     | 74,137  |   |    |   | -       |                |   |   | -       |   |   |                 | 2,394  |   |     |   | -      |    |   |   | -      |   |   |   | 251,209 |   |   |   | 327,740 |   |
| Allocation/Adjustment              |   |     | -       |   |    |   | -       |                |   |   | -       |   |   |                 | (525   | )      |     |   | -      |    |   |   | -      |   |   |   | (59 | ) |   |   | (584 | ) |
| Impairment      charge             |   |     | (64,044 | )      |    |   | -       |                |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -      |   |   |   | (262,743 | ) |   |   | (326,787 | ) |
| Foreign      currency movement     |   |     | (10,093 | )      |    |   | (34     | )                   |   |   | (62,350 | )      |   |                 | (4,200 | )      |     |   | 4,007  |    |   |   | (1,005 | )      |   |   | - |   |   |   | 73,675 |   |
| Net      balance, Dec 31, 2008     |   | $        | -       |   |    | $      | 739     |                |   | $      | 888,936 |   |   | $                    | 72,336 |   |     | $      | 61,642 |    |   | $      | 17,388 |   |   | $ | - |   |   | $ | 1,041,041 |   |
| Gross      balance, Dec 31, 2008   |   |     | 64,044  |   |    |   | 11,193  |                |   |   | 888,936 |   |   |                 | 72,336 |   |     |   | 61,642 |    |   |   | 17,388 |   |   |   | 262,743 |   |   | $ | 1,378,282 |   |
| Accumulated      impairment losses |   |     | (64,044 | )      |    |   | (10,454 | )                   |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -      |   |   |   | (262,743 | ) |   |   | (337,241 | ) |

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|                               |   | Bulgaria |    |   | Croatia |   |    | Czech      Republic |   |   | Romania |   |   | Slovak      Republic |   |   | Slovenia |   |   | Ukraine |   |   | Media      Pro Entertainment (1) |   |   | TOTAL  |     |
|------------------------------------|--------|----------|---------|--------|---------|--------|---------|---------------------|--------|--------|---------|--------|--------|----------------------|--------|--------|----------|--------|--------|---------|--------|--------|----------------------------------|--------|--------|--------|----------|
|                               |   |     |    |   |    |   |    |                |   |   |    |   |   |                 |   |   |     |   |   |    |   |   |                             |   |   |   |     |
| Gross      balance, Dec 31, 2008   |   | $        | 64,044  |   |    | $      | 11,193  |                |   | $      | 888,936 |   |   | $                    | 72,336 |   |     | $      | 61,642 |    |   | $      | 17,388                           |   |   | $      | 262,743  |   |   | $ | - |   |   | $ | 1,378,282 |   |
| Accumulated      impairment losses |   |     | (64,044 | )      |    |   | (10,454 | )                   |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -                                |   |   |   | (262,743 | ) |   |   | - |   |   |   | (337,241 | ) |
| Net      balance, Dec 31, 2008     |   | $        | -       |   |    | $      | 739     |                |   | $      | 888,936 |   |   | $                    | 72,336 |   |     | $      | 61,642 |    |   | $      | 17,388                           |   |   | $      | -        |   |   | $ | - |   |   | $ | 1,041,041 |   |
| Additions                          |   |     | -       |   |    |   | -       |                |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | 2,439                            |   |   |   | -        |   |   |   | 47,023 |   |   | $ | 49,462 |   |
| Allocation/Adjustment              |   |     | -       |   |    |   | -       |                |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -                                |   |   |   | -        |   |   |   | - |   |   |   | - |   |
| Impairment      charge             |   |     | -       |   |    |   | -       |                |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -                                |   |   |   | -        |   |   |   | - |   |   | $ | - |   |
| Foreign      currency movement     |   |     | -       |   |    |   | 18      |                |   |   | 47,332  |   |   |                 | (2,511 | )      |     |   | 1,348  |    |   |   | 571                              |   |   |   | -        |   |   |   | (988 | ) |   | $ | 45,770 |   |
| Net      balance, Dec 31, 2009     |   |     | -       |   |    | $      | 757     |                |   |   | 936,268 |   |   |                 | 69,825 |   |     |   | 62,990 |    |   |   | 20,398                           |   |   |   | -        |   |   |   | 46,035 |   |   | $ | 1,136,273 |   |
| Gross      balance, Dec 31, 2009   |   | $        | 64,044  |   |    |   | 11,211  |                |   |   | 936,268 |   |   |                 | 69,825 |   |     |   | 62,990 |    |   |   | 20,398                           |   |   |   | 262,743  |   |   |   | 46,035 |   |   |   | 1,473,514 |   |
| Accumulated      impairment losses |   |     | (64,044 | )      |    |   | (10,454 | )                   |   |   | -       |   |   |                 | -      |   |     |   | -      |    |   |   | -                                |   |   |   | (262,743 | ) |   |   | - |   |   |   | (337,241 | ) |

|                             |   | Net      balance, Dec 31, 2008 |   |   | Additions |   |         | Foreign      currency movement |   |   | Net      balance, Dec 31, 2009 |   |
|----------------------------------|--------|--------------------------------|--------|--------|-----------|--------|--------------|--------------------------------|--------|--------|--------------------------------|--------|
| Fiction                          |   | $                              | -      |   |      | $      | 18,935       |                           |   | $      | (398                           | )      |   | $ | 18,537 |   |
| Production      services         |   |                           | -      |   |      |   | 10,164       |                           |   |   | (214                           | )      |   |   | 9,950 |   |
| Distribution      and Exhibition |   |                           | -      |   |      |   |  17,924 |                           |   |   | (376                           | )      |   |   | 17,548 |   |
| TOTAL      MPE                   |   | $                              | -      |   |      | $      | 47,023       |                           |   | $      | (988                           | )      |   | $ | 46,035 |   |

|                            |   | Indefinite-Lived      Broadcast Licenses |   |   | Amortized      Broadcast Licenses |   |    | Trademarks |   |   | Customer      Relationships |   |   | Other  |   |   | Total  |   |
|---------------------------------|--------|------------------------------------------|--------|--------|-----------------------------------|--------|---------|------------|--------|--------|-----------------------------|--------|--------|--------|--------|--------|--------|--------|
| Balance,      December 31, 2007 |   | $                                        | 50,748 |   |                              | $      | 187,178 |       |   | $      | 60,084                      |   |   | $      | 73,267 |   |   | $      | 2,145 |   |   | $ | 373,422 |   |
| Reallocation      (1)           |   |                                     | -      |   |                              |   | -       |       |   |   | -                           |   |   |   | -      |   |   |   | 624 |   |   |   | 624 |   |
| Additions                       |   |                                     | 14,177 |   |                              |   | 139,235 |       |   |   | 50,198                      |   |   |   | 598    |   |   |   | 7,473 |   |   |   | 211,681 |   |
| Impairment                      |   |                                     | -      |   |                              |   | (637    | )          |   |   | (8,703                      | )      |   |   | -      |   |   |   | (625 | ) |   |   | (9,965 | ) |
| Amortization                    |   |                                     | -      |   |                              |   | (25,088 | )          |   |   | (1,054                      | )      |   |   | (8,155 | )      |   |   | (1,084 | ) |   |   | (35,381 | ) |
| Foreign      currency movements |   |                                     | (5,069 | )      |                              |   | (18,630 | )          |   |   | (3,478                      | )      |   |   | 2,570  |   |   |   | (1,042 | ) |   |   | (25,649 | ) |
| Balance,      December 31, 2008 |   | $                                        | 59,856 |   |                              | $      | 282,058 |       |   | $      | 97,047                      |   |   | $      | 68,280 |   |   | $      | 7,491 |   |   | $ | 514,732 |   |
| Additions                       |   |                                     | -      |   |                              |   | -       |       |   |   | 7,543                       |   |   |   | -      |   |   |   | 4,992 |   |   |   | 12,535 |   |
| Impairment                      |   |                                     | -      |   |                              |   | (75,788 | )          |   |   | (76                         | )      |   |   | -      |   |   |   | (4,882 | ) |   |   | (80,746 | ) |
| Amortization                    |   |                                     | -      |   |                              |   | (13,057 | )          |   |   | (501                        | )      |   |   | (7,246 | )      |   |   | (793 | ) |   |   | (21,597 | ) |
| Foreign      currency movements |   |                                     | (1,350 | )      |                              |   | (14,637 | )          |   |   | (10,655                     | )      |   |   | 650    |   |   |   | (514 | ) |   |   | (26,506 | ) |
| Balance,      December 31, 2009 |   | $                                        | 58,506 |   |                              | $      | 178,576 |       |   | $      | 93,358                      |   |   | $      | 61,684 |   |   | $      | 6,294 |   |   | $ | 398,418 |   |

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|                                                           |   | December      31, 2009 |     |   | December      31, 2008 |   |
|----------------------------------------------------------------|--------|------------------------|----------|--------|------------------------|--------|
|                                                           |   |                   |     |   |                   |   |
| Gross      value                                               |   | $                      | 454,377  |   |                   | $      | 549,140 |   |
| Accumulated      amortization                                  |   |                   | (114,465 | )      |                   |   | (94,264 | ) |
| Net      book value of amortized intangible assets             |   | $                      | 339,912  |   |                   | $      | 454,876 |   |
| Indefinite-lived      broadcast licenses                       |   |                   | 58,506   |   |                   |   | 59,856 |   |
| Total      broadcast licenses and other intangible assets, net |   | $                      | 398,418  |   |                   | $      | 514,732 |   |

| 2010 |   | $      | 26,346 |   |
|------|--------|--------|--------|--------|
| 2011 |   |   | 29,159 |   |
| 2012 |   |   | 28,557 |   |
| 2013 |   |   | 28,509 |   |
| 2014 |   |   | 28,773 |   |

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|     |   | Amortized      Trademarks |   |   | Amortized      Broadcast Licenses |   |   | Other      Intangible Assets |   |   | Other      Assets |   |   | Total |   |
|----------|--------|---------------------------|--------|--------|-----------------------------------|--------|--------|------------------------------|--------|--------|-------------------|--------|--------|-------|--------|
| Bulgaria |   | $                         | 76     |   |                              | $      | 75,788 |                         |   | $      | 4,882             |   |   | $     | 1,097  |   |   | $ | 81,843 |   |

|     |   | Long-Lived      Assets    |   |   | Goodwill      and Indefinite-Lived Intangible Assets |   |   |                         |   |
|----------|--------|---------------------------|--------|--------|------------------------------------------------------|--------|--------|------------------------------|--------|
|     |   | Amortized      Trademarks |   |   | Amortized      Broadcast Licenses                    |   |   | Other      Intangible Assets |   |   | Indefinite-Lived      Trademarks |   |   | Goodwill |   |   | Total |   |
| Bulgaria |   | $                         | 222    |   |                                                 | $      | -      |                         |   | $ | 625 |   |   | $ | - |   |   | $ | 64,044 |   |   | $ | 64,891 |   |
| Ukraine  |   |                      | -      |   |                                                 |   | 637    |                         |   |   | - |   |   |   | 8,481 |   |   |   | 262,743 |   |   |   | 271,861 |   |
| Total    |   | $                         | 222    |   |                                                 | $      | 637    |                         |   | $ | 625 |   |   | $ | 8,481 |   |   | $ | 326,787 |   |   | $ | 336,752 |   |

|   | · | under-performance      of operating segments or changes in projected  results; |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | changes      in the manner of utilization of anasset; |
|--------|--------|-------------------------------------------------------|

|   | · | severe      and sustained declines in the traded price of our Class A common stock      that are not attributable to factors other than the underlying value of      our assets; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | negative      market conditions or economic trends;and |
|--------|--------|--------------------------------------------------------|

|   | · | specific      events, such as new legislation, new entrants, changes in technology or      adverse legal judgments that we believe could have a negative impact on      our business. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Measurement                           |   | Valuation      Method               |
|---------------------------------------|--------|-------------------------------------|
| Recoverability      of cash flows     |   | Undiscounted      future cash flows |
| Fair      value of broadcast licenses |   | Build-out      method               |
| Fair      value of trademarks         |   | Relief      from royalty method     |
| Fair      value of reporting units    |   | Discounted      cash flow model     |

|   | · | Cost of capital: The      cost of capital reflects the return a hypothetical market participant      would require for a long-term investment in an asset and can be viewed as      a proxy for the risk of that asset. We calculate the cost of capital      according to the Capital Asset Pricing Model using a number of      assumptions, the most significant of which is a Country Risk Premium      (“CRP”). The CRP reflects the excess risk to an investor of investing in      markets other than the United States and generally fluctuates with      expectations of changes in a country’s macro economic environment. The      costs of capital that we have applied in all reporting units since the end      of 2008 have been very high compared to historic levels, which we believe      represents a fundamental re-pricing of the perceived risk of investing in      emerging markets. We observed a reduction in costs of capital between the      first quarter impairment review and the second quarter impairment review      in response to reductions in the CRP, which have decreased across emerging      market economies due to a narrowing of the relative spread between yields      on developed and emerging market debt, as the risk differential between      these is perceived by market participants to have diminished. There was a      negligible change in the cost of capital used between the second quarter      impairment review and fourth quarter annual impairment    review. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Growth rate into perpetuity:      reflects the level of economic growth in each of our markets from      the last forecasted period into perpetuity and is the sum of an estimated      real growth rate, which reflects our belief that macro economic growth in      our markets will eventually converge to western European markets, and long      term expectations for inflation. Our estimates of these rates are based on      observable market data and have notchanged. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Total advertising market:      The size of the television advertising market effectively places an      upper limit on the advertising revenue we can expect to earn in each      country. Our estimate of the total advertising market is developed from a      number of external sources, in combination with a process of on-going      consultation with local management. In our second quarter impairment      review, we reduced our forecast of the absolute size of the television      advertising markets compared to the first quarter impairment review. In      our annual impairment review performed in the fourth quarter, we      marginally increased our size of the television advertising markets based      on our expectation of higher growth rates as the markets begin to      recover. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Market share: This is a      function of the audience share we expect our stations to generate, and the      relative price at which we can sell advertising. Our estimate of the total      advertising market is developed from a number of external sources, in      combination with a process of on-going consultation with local management.      In general, in the second quarter impairment review we forecast that our      levels of market share will be comparable to, or slightly higher than we      assumed in the first quarter impairment review to reflect recent      improvements in our audience share. In our annual impairment review, we      forecast our market share to be lower than our assumptions in the second      quarter as a result of increasedcompetition. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | · | Forecast operating      costs: The level of cash flow generated by each operation is      ultimately governed by the extent to which we manage the relationship      between revenues and costs. We forecast the level of operating costs by      reference to (a) the historical absolute and relative levels of costs we      have incurred in generating revenue in each station, (b) the operating      strategy of each business and (c) specific forecast costs to be incurred.      With the exception of the Czech Republic, where costs were reduced, in the      second quarter impairment review we forecast that operating costs will be      comparable or slightly higher in comparison with our assumptions in the      first quarter impairment review, to reflect the increased EBITDA margins      we had experienced in some operations compared to previous forecasts as we      have reduced costs. In the annual impairment review, we forecast our      operating costs to be comparable, or slightly lower in comparison with our      second quarter assumptions to reflect further cost reductions we      initiated. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Forecast capital      expenditure: The size and phasing of capital expenditure, both      recurring expenditure to replace retired assets and investments in new      projects, has a significant impact on cash flows. We forecast the level of      future capital expenditure based on current strategies and specific      forecast costs to be incurred. In line with our ongoing efforts to protect      our operating margins, the absolute levels of capital expenditure forecast      remained broadly constant between the first, second and fourth quarter      impairment reviews, however certain investment cash flows were delayed,      with a consequent marginal positive impact on the fair value of the      reporting units. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      continued reduction in the short and medium economic projections for our      markets by external analysts fuelled by a widespread perception that      Central and Eastern Europe had been heavily impacted by the global      economic crisis and growing sentiment that recovery would take longer than      expected; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increasing      reluctance of advertisers to make spending commitments, which had a larger      than expected impact on both the proportion of our advertising inventory      we could sell and a reduction in the prices we could    achieve; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | continued      significant volatility in the price of shares of our Class A common stock,      particularly during the first quarter of2009; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | historically      high sovereign debt yields in our markets, suggesting a fundamental      re-pricing of risk by investors;and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      escalation of the economic crisis in Ukraine, including the downgrading of      its sovereign credit rating to CCC+ by Standard &    Poors. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                           |                        |   |                                |   |   | Carrying      value    |   |
|--------------------------------|-----------------------------|--------|-------------------------------------|--------|--------|------------------------|--------|
|                           | Type      of Affiliate      |   | Effective Voting      interest |   |   | December      31, 2009 |   |   | December      31, 2008 |   |
|                           |                        |   |                                |   |   |                   |   |   |   |   |
| Media      Pro Management S.A. | Cost      Method Investment |   |                                | 8.7    | %      |                   |   | - |   |   |   | 16,559 |   |
|                           |                        |   |                                |   |   |                   |   |  $      - |   |   |   | $      16,559 |   |

|                                                  |   | Carrying      Value    |      |   | Fair      Value        |   |
|-------------------------------------------------------|--------|------------------------|-----------|--------|------------------------|--------|
|                                                  |   | December      31, 2009 |      |   | December      31, 2008 |   |   | December      31, 2009 |   |   | December      31, 2008 |   |
|                                                  |   |                   |      |   |                   |   |   |   |   |   |   |   |
| EUR      440.0 million 11.625% Senior Notes           |   | $                      | 639,515   |   |                   | $      | - |   |   | $ | 608,510 |   |   | $ | - |   |
| EUR      245.0 million 8.25% Senior Notes             |   |                   | -         |   |                   |   | 340,966 |   |   |   | - |   |   |   | 233,562 |   |
| EUR      150.0 million Floating Rate Senior Notes     |   |                   | 216,090   |   |                   |   | 208,755 |   |   |   | 153,424 |   |   |   | 125,253 |   |
| USD      475.0 million 3.50% Senior Convertible Notes |   |                   | 398,323   |   |                   |   | 378,804 |   |   |   | 369,883 |   |   |   | 230,375 |   |
|                                                  |   | $                      | 1,253,928 |   |                   | $      | 928,525 |   |   | $ | 1,131,816 |   |   | $ | 589,190 |   |

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| From:                                                    |   | Fixed      Rate NotesRedemption      Price |    |
|----------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                     |   |                                       |    |
| September      15, 2013 to September  14, 2014 |   |                                       | 105.813 | % |
| September      15, 2014 to September  14, 2015 |   |                                       | 102.906 | % |
| September      15, 2015 and thereafter                   |   |                                       | 100.000 | % |

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| Stock      price       |   | Shares      issued on conversion of Convertible Notes |       |   | Shares      received on exercise of capped call options |   |    | Net      shares issued |   |   | Value      of shares issued (US$ ‘000) |   |
|------------------------|--------|-------------------------------------------------------|------------|--------|---------------------------------------------------------|--------|---------|------------------------|--------|--------|----------------------------------------------|--------|
| $105.00      and below |   |                                                  | -          |   |                                                    |   | -       |                   |   |   | -                                            |   |   | $ | - |   |
| 110.00                 |   |                                                  | (205,628   | )      |                                                    |   | 133,658 |                   |   |   | (71,970                                      | )      |   |   | (7,917 | ) |
| 120.00                 |   |                                                  | (565,476   | )      |                                                    |   | 367,559 |                   |   |   | (197,917                                     | )      |   |   | (23,750 | ) |
| 130.00                 |   |                                                  | (869,963   | )      |                                                    |   | 565,475 |                   |   |   | (304,488                                     | )      |   |   | (39,583 | ) |
| 140.00                 |   |                                                  | (1,130,951 | )      |                                                    |   | 735,118 |                   |   |   | (395,833                                     | )      |   |   | (55,417 | ) |
| 151.20                 |   |                                                  | (1,382,274 | )      |                                                    |   | 898,478 |                   |   |   | (483,796                                     | )      |   |   | (73,150 | ) |
| $      200.00          |   |                                                  | (2,148,807 | )      |                                                    |   | 679,248 |                   |   |   | (1,469,559                                   | )      |   | $ | (293,912 | ) |

| US$’000                               |   | Principal      amount of liability component |     |   | Unamortized      discount |   |    | Net      carrying value |   |   | Equity      Component |   |
|---------------------------------------------|--------|----------------------------------------------|----------|--------|---------------------------|--------|---------|-------------------------|--------|--------|-----------------------|--------|
| As      at December 31, 2007                |   | $                                            | (475,000 | )      |                      | $      | 110,752 |                    |   | $      | (364,248              | )      |   | $ | 110,752 |   |
| Amortization      of debt issuance discount |   |                                         | -        |   |                      |   | (14,556 | )                       |   |   | (14,556               | )      |   |   | - |   |
| As      at December 31, 2008                |   | $                                            | (475,000 | )      |                      | $      | 96,196  |                    |   | $      | (378,804              | )      |   | $ | 110,752 |   |
| Amortization      of debt issuance discount |   |                                         | -        |   |                      |   | (19,519 | )                       |   |   | (19,519               | )      |   |   | - |   |
| As      at December 31, 2009                |   | $                                            | (475,000 | )      |                      | $      | 76,677  |                    |   | $      | (398,323              | )      |   | $ | 110,752 |   |

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|                                               |   | December      31, 2009 |    |   | December      31, 2008 |   |
|----------------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
| Third-party      customers                         |   | $                      | 203,226 |   |                   | $      | 227,253 |   |
| Less      allowance for bad debts and credit notes |   |                   | (17,667 | )      |                   |   | (14,663 | ) |
| Related      parties                               |   |                   | 2,311   |   |                   |   | 8,913 |   |
| Less      allowance for bad debts and credit notes |   |                   | (892    | )      |                   |   | (53 | ) |
| Total      accounts receivable                     |   | $                      | 186,978 |   |                   | $      | 221,450 |   |

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|                                |   | December      31, 2009 |    |   | December      31, 2008 |   |
|-------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
| Current:                            |   |                   |    |   |                   |   |
| Prepaid      programming            |   | $                      | 48,145  |   |                   | $      | 54,301 |   |
| Productions      in progress        |   |                   | 13,635  |   |                   |   | 14,080 |   |
| Other      prepaid expenses         |   |                   | 9,567   |   |                   |   | 7,286 |   |
| Income      taxes recoverable       |   |                   | 7,685   |   |                   |   | 1,216 |   |
| Deferred      tax                   |   |                   | 7,084   |   |                   |   | 5,898 |   |
| VAT      recoverable                |   |                   | 6,749   |   |                   |   | 3,460 |   |
| Capitalized      debt costs         |   |                   | 5,591   |   |                   |   | 4,636 |   |
| Assets      held for sale           |   |                   | -       |   |                   |   | 5,484 |   |
| Inventory                           |   |                   | 1,555   |   |                   |   | - |   |
| Restricted      Cash                |   |                   | 1,046   |   |                   |   | 821 |   |
| Other                               |   |                   | 1,234   |   |                   |   | 904 |   |
| Total      other current assets     |   | $                      | 102,291 |   |                   | $      | 98,086 |   |
|                                |   |                   |    |   |                   |   |   |   |
|                                |   | December      31, 2009 |    |   | December      31, 2008 |   |
| Non-current:                        |   |                   |    |   |                   |   |   |   |
| Capitalized      debt costs         |   | $                      | 22,816  |   |                   | $      | 13,282 |   |
| Deferred      tax                   |   |                   | 11,281  |   |                   |   | 2,108 |   |
| Productions      in progress        |   |                   | 7,737   |   |                   |   | - |   |
| Other                               |   |                   | 2,983   |   |                   |   | 3,875 |   |
| Total      other non-current assets |   | $                      | 44,817  |   |                   | $      | 19,265 |   |

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|                                                          |   | December      31, 2009 |     |   | December      31, 2008 |   |
|---------------------------------------------------------------|--------|------------------------|----------|--------|------------------------|--------|
|                                                          |   |                   |     |   |                   |   |
| Land      and buildings                                       |   | $                      | 170,211  |   |                   | $      | 92,421 |   |
| Station      machinery, fixtures and equipment                |   |                   | 218,642  |   |                   |   | 190,090 |   |
| Other      equipment                                          |   |                   | 36,272   |   |                   |   | 35,470 |   |
| Software      licenses                                        |   |                   | 37,500   |   |                   |   | 30,219 |   |
| Construction      in progress                                 |   |                   | 13,215   |   |                   |   | 11,293 |   |
| Total      cost                                               |   | $                      | 475,840  |   |                   | $      | 359,493 |   |
| Less:  Accumulated      depreciation                |   |                   | (196,404 | )      |                   |   | (152,826 | ) |
| Total      net book value                                     |   | $                      | 279,436  |   |                   | $      | 206,667 |   |
| Assets      held under capital leases (included in the above) |   |                   |     |   |                   |   |   |   |
| Land      and buildings                                       |   | $                      | 6,079    |   |                   | $      | 5,855 |   |
| Station      machinery, fixtures and equipment                |   |                   | 3,927    |   |                   |   | 1,917 |   |
| Total      cost                                               |   | $                      | 10,006   |   |                   | $      | 7,772 |   |
| Less:  Accumulated      depreciation                |   |                   | (2,180   | )      |                   |   | (1,644 | ) |
| Net      book value                                           |   | $                      | 7,826    |   |                   | $      | 6,128 |   |

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|                                                | December      31, 2009 | December      31, 2008 |
|-----------------------------------------------------|------------------------|------------------------|
| Accounts      payable                               | $      43,218          | $  35,778    |
| Programming      liabilities                        | 65,158                 |  44,251           |
| Duties      and other taxes payable                 | 20,868                 |  22,635           |
| Accrued      staff costs                            | 18,736                 |  27,318           |
| Accrued      interest payable                       | 26,686                 |  10,531           |
| Income      taxes payable                           | 3,909                  |  7,399            |
| Accrued      production costs                       | 7,523                  |  6,531            |
| Accrued      legal contingencies                    | 2,729                  |  5,728            |
| Accrued      legal and professional fees            | 964                    |  430              |
| Authors’      rights                          | 4,751                  |  4,734            |
| Other      accrued liabilities                      |  19,157           |  9,550            |
| Total      accounts payable and accrued liabilities | $      213,699         | $  174,885   |

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|                                                         |                 |   | December      31, 2009 |     |   | December      31, 2008 |   |
|--------------------------------------------------------------|----------------------|--------|------------------------|----------|--------|------------------------|--------|
| Credit      facilities:                                      |                 |   |                   |     |   |                   |   |
| Corporate                                                    | (a)      – (b) |   | $                      | -        |   |                   | $      | 57,180 |   |
| Czech      Republic                                          | (c)      – (f) |   |                   | 78,942   |   |                   |   | 12,923 |   |
| Romania                                                      | (g)                  |   |                   | -        |   |                   |   | 104 |   |
| Slovak      Republic                                         | (h)                  |   |                   | -        |   |                   |   | - |   |
| Slovenia                                                     | (i)                  |   |                   | 37,675   |   |                   |   | - |   |
| Ukraine                                                      | (j)                  |   |                   | -        |   |                   |   | 172 |   |
| Media      Pro Entertainment  (1)                  | (k)                  |   |                   | 1,374    |   |                   |   | - |   |
| Total      credit facilities                                 |                 |   | $                      | 117,991  |   |                   | $      | 70,379 |   |
|                                                         |                 |   |                   |     |   |                   |   |   |   |
| Capital      leases:                                         |                 |   |                   |     |   |                   |   |   |   |
| Bulgaria      operations, net of interest                    |                 |   | $                      | 674      |   |                   | $      | 689 |   |
| Romania      operations, net of interest                     |                 |   |                   | 49       |   |                   |   | 289 |   |
| Slovak      Republic operations, net of interest             |                 |   |                   | -        |   |                   |   | 36 |   |
| Slovenia      operations, net of interest                    |                 |   |                   | 3,490    |   |                   |   | 3,867 |   |
| Media      Pro Entertainment operations, net of interest (1) |                 |   |                   | 1,736    |   |                   |   | - |   |
| Total      capital leases                                    |                 |   | $                      | 5,949    |   |                   | $      | 4,881 |   |
|                                                         |                 |   |                   |     |   |                   |   |   |   |
| Total      credit facilities and capital leases              |                 |   | $                      | 123,940  |   |                   | $      | 75,260 |   |
| Less      current maturities                                 |                 |   |                   | (117,910 | )      |                   |   | (36,502 | ) |
| Total      non-current maturities                            |                 |   | $                      | 6,030    |   |                   | $      | 38,758 |   |

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|                |   | Net      Deposits |   |   | Net      Drawings |   |
|---------------------|--------|-------------------|--------|--------|-------------------|--------|
| Corporate           |   | $                 | 7,237  |   |              | $      | - |   |
| Czech      Republic |   |              | 38     |   |              |   | - |   |
| Slovakia            |   |              | 3,299  |   |              |   | - |   |
| Slovenia            |   |              | -      |   |              |   | 5,234 |   |
| Ukraine             |   |              | 297    |   |              |   | - |   |
| Total               |   | $                 | 10,871 |   |              | $      | 5,234 |   |

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| 2010                     |   | $      | 116,630   |   |
|--------------------------|--------|--------|-----------|--------|
| 2011                     |   |   | 109       |   |
| 2012                     |   |   | -         |   |
| 2013                     |   |   | 398,323   |   |
| 2014                     |   |   | 216,329   |   |
| 2015      and thereafter |   |   | 640,528   |   |
| Total                    |   | $      | 1,371,919 |   |

| 2010                                             |   | $      | 1,465 |   |
|--------------------------------------------------|--------|--------|-------|--------|
| 2011                                             |   |   | 1,549 |   |
| 2012                                             |   |   | 774   |   |
| 2013                                             |   |   | 534   |   |
| 2014                                             |   |   | 2,479 |   |
| 2015      and thereafter                         |   |   | -     |   |
|                                             |   | $      | 6,801 |   |
| Less:      amount representing interest          |   |   | (852  | )      |
| Present      value of net minimum lease payments |   | $      | 5,949 |   |

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|                                              |   | December      31, 2009 |   |   | December      31, 2008 |   |
|---------------------------------------------------|--------|------------------------|--------|--------|------------------------|--------|
| Current:                                          |   |                   |   |   |                   |   |
| Deferred      revenue                             |   | $                      | 13,031 |   |                   | $      | 7,684 |   |
| Consideration      payable – Bulgaria       |   |                   | -      |   |                   |   | 4,500 |   |
| Consideration      payable – Czech Republic |   |                   | 1,470  |   |                   |   | - |   |
| Consideration      payable - Romania              |   |                   | -      |   |                   |   | 724 |   |
| Consideration      payable - Slovenia             |   |                   | 144    |   |                   |   | - |   |
| Onerous      contracts                            |   |                   | -      |   |                   |   | 1,994 |   |
| Deferred      tax                                 |   |                   | 3,327  |   |                   |   | 177 |   |
| Liabilities      held for sale                    |   |                   | -      |   |                   |   | 2,207 |   |
| Other                                             |   |                   | 142    |   |                   |   | - |   |
| Total      other current liabilities              |   | $                      | 18,114 |   |                   | $      | 17,286 |   |
|                                              |   |                   |   |   |                   |   |   |   |
|                                              |   | December      31, 2009 |   |   | December      31, 2008 |   |
| Non-current:                                      |   |                   |   |   |                   |   |   |   |
| Deferred      tax                                 |   | $                      | 75,110 |   |                   | $      | 89,126 |   |
| Program      rights                               |   |                   | 6,876  |   |                   |   | 9,922 |   |
| Fair      value of derivatives                    |   |                   | 8,567  |   |                   |   | 9,882 |   |
| Consideration      payable – Czech Republic |   |                   | -      |   |                   |   | 1,396 |   |
| Income      taxes payable                         |   |                   | 507    |   |                   |   | 1,070 |   |
| Other                                             |   |                   | 206    |   |                   |   | 819 |   |
| Total      other non-current liabilities          |   | $                      | 91,266 |   |                   | $      | 112,215 |   |

| Level      1 | Unadjusted      quoted prices in active markets that are accessible at the measurement      date for identical, unrestrictedinstruments. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------|

| Level      2 | Quoted      prices in markets that are not considered to be active or financial      instruments for which all significant inputs are observable, either      directly or indirectly. |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level      3 | Prices      or valuations that require inputs that are both significant to the fair      value measurement and unobservable. |
|--------------|------------------------------------------------------------------------------------------------------------------------------|

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|     |   | For      the Years Ended December 31, |     |
|----------|--------|---------------------------------------|----------|
|     |   | 2009                                  |     |   | 2008 |   |   | 2007 |   |
| Domestic |   | $                                     | 130,185  |   |   | $ | (15,795 | ) |   | $ | (102,532 | ) |
| Foreign  |   |                                  | (240,923 | ) |   |   | (213,374 | ) |   |   | 233,559 |   |
|     |   | $                                     | (110,738 | ) |   | $ | (229,169 | ) |   | $ | 131,027 |   |

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|                                                                                |   | For      the Years Ended December 31, |   |
|-------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                                |   | 2009                                  |   |   | 2008 |   |   | 2007 |   |
| Income      tax (benefit) / expense from continuing operations                      |   | $                                     | (3,193 | ) |   | $ | 34,525 |   |   | $ | 20,822 |   |
| Income      tax (benefit) / expense from discontinued operations                    |   |                                  | (3     | ) |   |   | (64 | ) |   |   | (29 | ) |
| Currency      translation adjustment in accumulated other comprehensive      income |   |                                  | -      |   |   |   | - |   |   |   | 20,202 |   |
| Total      tax (benefit) / expense                                                  |   | $                                     | (3,196 | ) |   | $ | 34,461 |   |   | $ | 40,995 |   |

|                                        |   | For      the Years Ended December 31, |    |
|---------------------------------------------|--------|---------------------------------------|---------|
|                                        |   | 2009                                  |    |   | 2008 |   |   | 2007 |   |
| Current      income tax expense:            |   |                                  |    |   |   |   |   |   |   |
| Domestic                                    |   | $                                     | 371     |   |   | $ | 253 |   |   | $ | (20,046 | ) |
| Foreign                                     |   |                                  | 19,003  |   |   |   | 49,431 |   |   |   | 51,806 |   |
|                                        |   | $                                     | 19,374  |   |   | $ | 49,684 |   |   | $ | 31,760 |   |
| Deferred      tax (benefit )/expense:       |   |                                  |    |   |   |   |   |   |   |   |   |   |
| Domestic                                    |   | $                                     | (2      | ) |   | $ | 21 |   |   | $ | - |   |
| Foreign                                     |   |                                  | (22,565 | ) |   |   | (15,180 | ) |   |   | (10,938 | ) |
|                                        |   | $                                     | (22,567 | ) |   | $ | (15,159 | ) |   | $ | (10,938 | ) |
|                                        |   |                                  |    |   |   |   |   |   |   |   |   |   |
| (Benefit)      / provision for income taxes |   | $                                     | (3,193  | ) |   | $ | 34,525 |   |   | $ | 20,822 |   |

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|                                           |   | For      the Years Ended December 31, |    |
|------------------------------------------------|--------|---------------------------------------|---------|
|                                           |   | 2009                                  |    |   | 2008 |   |   | 2007 |   |
| Income      taxes at Netherlands rates (25.5%) |   | $                                     | (28,218 | ) |   | $ | (58,416 | ) |   | $ | 33,409 |   |
| Jurisdictional      differences in tax rates   |   |                                  | 25,530  |   |   |   | 4,276 |   |   |   | (15,971 | ) |
| Tax      effect of goodwill impairment         |   |                                  | -       |   |   |   | 73,092 |   |   |   | - |   |
| Unrecognized      tax benefits                 |   |                                  | 12,310  |   |   |   | 2,634 |   |   |   | (2,367 | ) |
| Interest      expense disallowed               |   |                                  | -       |   |   |   | 1,150 |   |   |   | 4,347 |   |
| Tax      effect of other permanent differences |   |                                  | (655    | ) |   |   | 6,724 |   |   |   | 2,597 |   |
| Effect      of changes in tax rates            |   |                                  | -       |   |   |   | 9 |   |   |   | (9,271 | ) |
| Change      in valuation allowance             |   |                                  | (11,350 | ) |   |   | 7,192 |   |   |   | 9,803 |   |
| Other                                          |   |                                  | (810    | ) |   |   | (2,136 | ) |   |   | (1,725 | ) |
| Provision      for income taxes                |   | $                                     | (3,193  | ) |   | $ | 34,525 |   |   | $ | 20,822 |   |

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|                                                           |   | December      31, 2009 |     |   | December      31, 2008 |   |
|----------------------------------------------------------------|--------|------------------------|----------|--------|------------------------|--------|
| Assets:                                                        |   |                   |     |   |                   |   |
| Tax      benefit of loss carry-forwards and other tax credits  |   | $                      | 71,788   |   |                   | $      | 48,384 |   |
| Programming      rights                                        |   |                   | 19,366   |   |                   |   | 3,119 |   |
| Property,      plant and equipment                             |   |                   | 1,884    |   |                   |   | 1,899 |   |
| Accrued      expense                                           |   |                   | 7,406    |   |                   |   | 4,613 |   |
| Other                                                          |   |                   | 8,352    |   |                   |   | 4,684 |   |
| Gross      deferred tax assets                                 |   |                   | 108,796  |   |                   |   | 62,699 |   |
| Valuation      allowance                                       |   |                   | (65,711  | )      |                   |   | (47,392 | ) |
| Net      deferred tax assets                                   |   |                   | 43,085   |   |                   |   | 15,307 |   |
|                                                           |   |                   |     |   |                   |   |   |   |
| Liabilities:                                                   |   |                   |     |   |                   |   |   |   |
| Broadcast      licenses, trademarks and customer relationships |   | $                      | (69,193  | )      |                   | $      | (86,670 | ) |
| Property,      plant and equipment                             |   |                   | (14,984  | )      |                   |   | (6,219 | ) |
| Programming      rights                                        |   |                   | (8,308   | )      |                   |   | (478 | ) |
| Temporary      difference due to timing                        |   |                   | (10,672  | )      |                   |   | (3,236 | ) |
| Total      deferred tax liabilities                            |   | $                      | (103,157 | )      |                   | $      | (96,603 | ) |
| Net      deferred income tax liability                         |   | $                      | (60,072  | )      |                   | $      | (81,296 | ) |

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|                                          |   | December      31, 2009 |    |   | December      31, 2008 |   |
|-----------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
|                                          |   |                   |    |   |                   |   |
| Net      current deferred tax assets          |   | $                      | 7,084   |   |                   | $      | 5,898 |   |
| Net      non-current deferred tax assets      |   |                   | 11,281  |   |                   |   | 2,109 |   |
|                                          |   |                   | 18,365  |   |                   |   | 8,007 |   |
|                                          |   |                   |    |   |                   |   |   |   |
| Net      current deferred tax liabilities     |   |                   | (3,327  | )      |                   |   | (177 | ) |
| Net      non-current deferred tax liabilities |   |                   | (75,110 | )      |                   |   | (89,126 | ) |
|                                          |   | $                      | (78,437 | )      |                   | $      | (89,303 | ) |
|                                          |   |                   |    |   |                   |   |   |   |
| Net      deferred income tax liability        |   | $                      | (60,072 | )      |                   | $      | (81,296 | ) |

|                                            |   |   |    |
|-------------------------------------------------|--------|--------|---------|
| Balance      at December 31, 2008               |   | $      | 47,392  |   |
| Credit      to costs and expenses               |   |   | (11,350 | ) |
| Companies      acquired                         |   |   | 4,384   |   |
| Charged      to Currency Translation Adjustment |   |   | 25,378  |   |
| Foreign      exchange                           |   |   | (93     | ) |
| Balance      at December 31, 2009               |   | $      | 65,711  |   |

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|  Year          |   | 2010   |   |   | 2011   |   |   | 2012   |   |   | 2013   |   |   |   | 2014      - 27 |   |   | Indefinite |    |
|---------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------------|--------|--------|------------|---------|
| Austria             |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -              |   |   |       | -       |   |   |   | 12,912 |   |
| Bulgaria            |   |   | -      |   |   |   | -      |   |   |   | 8,841  |   |   |   | 10,976         |   |   |       | 24,879  |   |   |   | - |   |
| Croatia             |   |   | 373    |   |   |   | 9,556  |   |   |   | 26,503 |   |   |   | 14,908         |   |   |       | 12,842  |   |   |   | - |   |
| Cyprus              |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -              |   |   |       | -       |   |   |   | 2,113 |   |
| Czech      Republic |   |   | 3,059  |   |   |   | 31     |   |   |   | 55     |   |   |   | 3,065          |   |   |       | 800     |   |   |   | - |   |
| Netherlands         |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | 5,411          |   |   |       | 114,163 |   |   |   | - |   |
| Romania             |   |   | 100    |   |   |   | 2,391  |   |   |   | 7,776  |   |   |   | 9,348          |   |   |       | 3,589   |   |   |   | - |   |
| Slovenia            |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -              |   |   |       | -       |   |   |   | 12,438 |   |
| Ukraine             |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -              |   |   |       | -       |   |   |   | 52,015 |   |
| United      Kingdom |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -              |   |   |       | -       |   |   |   | 4,768 |   |
| United      States  |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -              |   |   |       | 7,031   |   |   |   | - |   |
| Total               |   |   | 3,532  |   |   |   | 11,978 |   |   |   | 43,175 |   |   |   | 43,708         |   |   |       | 163,304 |   |   |   | 84,246 |   |

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| Balance      at January 1, 2007                                        |   | $      | 3,575  |   |
|------------------------------------------------------------------------|--------|--------|--------|--------|
| Decreases      for tax positions taken during a prior period           |   |   | (1,279 | )      |
| Increases      for tax positions taken during the current period       |   |   | 34     |   |
| Decreases      resulting from the expiry of the statute of limitations |   |   | (1,122 | )      |
| Other                                                                  |   |   | 515    |   |
| Balance      at December 31, 2007                                      |   | $      | 1,723  |   |
| Increases      for tax positions taken during a prior period           |   |   | 1,130  |   |
| Increases      for tax positions taken during the current period       |   |   | 1,999  |   |
| Decreases      resulting from the expiry of the statute of limitations |   |   | (495   | )      |
| Other                                                                  |   |   | (54    | )      |
| Balance      at December 31, 2008                                      |   | $      | 4,303  |   |
| Increases      for tax positions taken during a prior period           |   |   | 95     |   |
| Increases      for tax positions taken during the current period       |   |   | 12,843 |   |
| Decreases      resulting from the expiry of the statute of limitations |   |   | (628   | )      |
| Other                                                                  |   |   | 23     |   |
| Balance      at December 31, 2009                                      |   | $      | 16,636 |   |

| Country              |   | Year |
|----------------------|--------|------|
| Bulgaria             |   | 2002 |
| Croatia              |   | 2005 |
| Czech      Republic  |   | 2006 |
| Germany              |   | 2005 |
| Netherlands          |   | 2007 |
| Romania              |   | 2005 |
| Slovak      Republic |   | 2004 |
| Slovenia             |   | 2004 |
| Ukraine              |   | 2004 |
| United      States   |   | 2001 |
| United      Kingdom  |   | 2008 |

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|                                                        |   | For      the Year Ended December 31, |    |
|-------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                        |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
|                                                        |   |                                 |    |   |   |   |   |   |   |
| Interest      on Senior Notes                               |   | $                                    | 52,478  |   |   | $ | 43,962 |   |   | $ | 41,549 |   |
| Interest      on Convertible Notes                          |   |                                 | 16,625  |   |   |   | 13,439 |   |   |   | - |   |
| Interest      on EBRD Loan                                  |   |                                 | 3,921   |   |   |   | 1,384 |   |   |   | 1,118 |   |
| Loss      on redemption of senior notes                     |   |                                 | 9,415   |   |   |   | - |   |   |   | 3,380 |   |
| Interest      on capital leases                             |   |                                 | 236     |   |   |   | 384 |   |   |   | 336 |   |
| Other      interest and fees                                |   |                                 | 4,012   |   |   |   | 4,330 |   |   |   | 2,209 |   |
|                                                        |   | $                                    | 86,687  |   |   | $ | 63,499 |   |   | $ | 48,592 |   |
|                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Amortization      of capitalized debt issuance costs        |   |                                 | 9,565   |   |   |   | 4,426 |   |   |   | 6,344 |   |
| Amortization      of issuance discount on Convertible Notes |   |                                 | 19,519  |   |   |   | 14,556 |   |   |   | - |   |
|                                                        |   | $                                    | 29,084  |   |   | $ | 18,982 |   |   | $ | 6,344 |   |
|                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Total      interest expense                                 |   | $                                    | 115,771 |   |   | $ | 82,481 |   |   | $ | 54,936 |   |

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|                                  |   | For      the Year Ended December 31, |   |
|---------------------------------------|--------|--------------------------------------|--------|
|                                  |   | 2009                                 |   |   | 2008 |   |   | 2007 |   |
|                                  |   |                                 |   |   |   |   |   |   |   |
| Stock-based      compensation charged |   |                                 | 6,218  |   |   |   | 6,107 |   |   |   | 5,734 |   |
| Income      tax benefit recognized    |   |                                 | (317   | ) |   |   | (641 | ) |   |   | (479 | ) |

| Date      of Option Grant        |   | Number      of Options Granted |    |   | Risk-free      interest rate (%) |   |   | Expected      term (years) |   |   | Expected      volatility(%) |   |   | Dividend      yield(%) |   |   | Fair      value(US$/share) |   |
|----------------------------------|--------|--------------------------------|---------|--------|----------------------------------|--------|--------|----------------------------|--------|--------|-----------------------------|--------|--------|------------------------|--------|--------|----------------------------|--------|
| May      15, 2009                |   |                           | 120,000 |   |                             |   | 1.30   |                       |   |   | 3.00                        |   |   |                   | 62.40  |   |                       |   | 0.0 |   |   |   | 7.38 |   |
| May      15, 2009                |   |                           | 353,875 |   |                             |   | 1.30   |                       |   |   | 3.75                        |   |   |                   | 57.50  |   |                       |   | 0.0 |   |   |   | 7.65 |   |
| May      29, 2009                |   |                           | 33,000  |   |                             |   | 1.42   |                       |   |   | 3.75                        |   |   |                   | 58.14  |   |                       |   | 0.0 |   |   |   | 8.28 |   |
| June      19, 2009               |   |                           | 5,000   |   |                             |   | 1.84   |                       |   |   | 3.00                        |   |   |                   | 62.87  |   |                       |   | 0.0 |   |   |   | 8.28 |   |
| July      30, 2009               |   |                           | 160,000 |   |                             |   | 1.73   |                       |   |   | 5.25                        |   |   |                   | 53.60  |   |                       |   | 0.0 |   |   |   | 10.06 |   |
| September      15, 2009          |   |                           | 5,000   |   |                             |   | 1.49   |                       |   |   | 3.00                        |   |   |                   | 63.95  |   |                       |   | 0.0 |   |   |   | 14.95 |   |
| September      16, 2009          |   |                           | 10,000  |   |                             |   | 1.55   |                       |   |   | 3.00                        |   |   |                   | 64.03  |   |                       |   | 0.0 |   |   |   | 15.83 |   |
| December  8,      2009 |   |                           | 5,000   |   |                             |   | 1.21   |                       |   |   | 3.00                        |   |   |                   | 65.04  |   |                       |   | 0.0 |   |   |   | 11.33 |   |

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|                                  |   | Shares |      |   | Weighted      Average Exercise Price(US$/share) |   |   | Weighted      Average Remaining Contractual Term (years) |   |   | Aggregate      Intrinsic Value |   |
|---------------------------------------|--------|--------|-----------|--------|-------------------------------------------------|--------|--------|----------------------------------------------------------|--------|--------|--------------------------------|--------|
|                                  |   |   |      |   |                                            |   |   |                                                     |   |   |                           |   |
| Outstanding      at January 1, 2009   |   |   | 1,439,042 |   |                                            | $      | 50.81  |                                                     |   |   | 6.17                           |   |   | $ | 1,458 |   |
| Granted                               |   |   | 691,875   |   |                                            |   | 18.68  |                                                     |   |   | -                              |   |   |   | - |   |
| Exercised                             |   |   | -         |   |                                            |   | -      |                                                     |   |   | -                              |   |   |   | - |   |
| Forfeited                             |   |   | (130,167  | )      |                                            |   | 52.48  |                                                     |   |   | -                              |   |   |   | - |   |
| Outstanding      at December 31, 2009 |   |   | 2,000,750 |   |                                            | $      | 39.59  |                                                     |   |   | 5.24                           |   |   | $ | 5,645 |   |
| Vested      or expected to vest       |   |   | 1,868,694 |   |                                            |   | 39.15  |                                                     |   |   | 5.19                           |   |   |   | 5,313 |   |
| Exercisable      at December 31, 2009 |   |   | 1,093,000 |   |                                            | $      | 47.67  |                                                     |   |   | 4.57                           |   |   | $ | 2,315 |   |

|   | · | Expected forfeitures.      FAS 123(R) (ASC 718) requires that compensation cost only be      calculated on those instruments that are expected to vest in the future.      The number of options that actually vest will usually differ from the      total number issued because employees forfeit options when they do not      meet the service conditions stipulated in the agreement. Since all      forfeitures result from failure to meet service conditions, we have      calculated the forfeiture rate by reference to the historical employee      turnover rate. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Expected volatility.      Expected volatility has been calculated based on an analysis of the      historical stock price volatility of the company and its peers for the      preceding period corresponding to the options’ expected life. We consider      this basis to represent the best indicator of expected volatility over the      life of the option. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Expected term. The      expected term of options granted has been calculated following the      “shortcut” method as outlined in section D 2, question 6 of SEC Staff      Accounting Bulletin No. 107 “Share Based      Compensation” (ASC 718) because our options meet the definition of “plain      vanilla” therein. Since insufficient data about holder exercise behavior      is available to make estimates of expected term, we have continued to      apply the shortcut method in accordance with Staff Accounting Bulletin No.      110, (“SAB 110”) (ASC 718). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   | For      the Years Ended December 31, |   |
|----------------------------------|--------|---------------------------------------|--------|
|                             |   | 2009                                  |   |   | 2008 |   |   | 2007 |   |
| Risk-free      interest rate     |   |                                  | 1.4    | % |   |   | 1.51 | % |   |   | 3.6 | % |
| Expected      term (years)       |   |                                  | 3.92   |   |   |   | 4.60 |   |   |   | 4.9 |   |
| Expected      volatility         |   |                                  | 57.2   | % |   |   | 45.18 | % |   |   | 36.2 | % |
| Dividend      yield              |   |                                  | 0      | % |   |   | 0 | % |   |   | 0 | % |
| Weighted-average      fair value |   | $                                     | 8.31   |   |   | $ | 12.31 |   |   | $ | 40.48 |   |

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Table of Contents

|                                  |   | 2009   |      |   | 2008                                                  |   |   | 2007   |   |
|---------------------------------------|--------|--------|-----------|--------|-------------------------------------------------------|--------|--------|--------|--------|
|                                  |   | Shares |      |   | Weighted      Average Exercise Price (US$/share) |   |   | Shares |   |   | Weighted      Average Exercise Price (US$/share) |   |   | Shares |   |   | Weighted      Average Exercise Price (US$/share) |   |
| Outstanding      at beginning of year |   |   | 1,439,042 |   |                                                  | $      | 50.81  |   |   |   | 1,176,117 |   |   | $ | 56.72 |   |   |   | 1,288,575 |   |   | $ | 35.51 |   |
| Awards      granted                   |   |   | 691,875   |   |                                                  |   | 18.68  |   |   |   | 342,000 |   |   |   | 35.92 |   |   |   | 246,000 |   |   |   | 108.48 |   |
| Awards      exercised                 |   |   | -         |   |                                                  |   | -      |   |   |   | (21,075 | ) |   |   | 57.97 |   |   |   | (315,833 | ) |   |   | 12.98 |   |
| Awards      expired                   |   |   | -         |   |                                                  |   | -      |   |   |   | - |   |   |   | - |   |   |   | (20,000 | ) |   |   | 23.00 |   |
| Awards      forfeited                 |   |   | (130,167  | )      |                                                  |   | 52.48  |   |   |   | (58,000 | ) |   |   | 80.39 |   |   |   | (22,625 | ) |   |   | 51.79 |   |
| Outstanding      at end of year       |   |   | 2,000,750 |   |                                                  | $      | 39.59  |   |   |   | 1,439,042 |   |   | $ | 50.81 |   |   |   | 1,176,117 |   |   | $ | 56.72 |   |

|                          |   | Options      outstanding |      |
|-------------------------------|--------|--------------------------|-----------|
| Range      of exercise prices |   | Shares                   |      |   | Average      remaining contractual life (years) |   |   | Aggregate      intrinsic value (US$) |   |   | Weighted      average exercise price (US$/share) |   |
| $      0.01 - 20.00           |   |                     | 726,375   |   |   |   | 4.66 |   |   |   | 4,728 |   |   |   | 17.10 |   |
| $      20.01 - 40.00          |   |                     | 577,750   |   |   |   | 6.17 |   |   |   | 917 |   |   |   | 23.02 |   |
| $      40.01 - 60.00          |   |                     | 238,500   |   |   |   | 5.79 |   |   |   | - |   |   |   | 52.78 |   |
| $      60.01 - 80.00          |   |                     | 217,000   |   |   |   | 4.59 |   |   |   | - |   |   |   | 67.56 |   |
| $      80.01 - 100.00         |   |                     | 35,000    |   |   |   | 2.43 |   |   |   | - |   |   |   | 90.43 |   |
| $      100.01 - 120.00        |   |                     | 206,125   |   |   |   | 5.21 |   |   |   | - |   |   |   | 111.90 |   |
| Total                         |   |                     | 2,000,750 |   |   |   | 5.24 |   |   |   | 5,645 |   |   |   | 39.59 |   |
| Expected      to vest         |   |                     | 1,868,694 |   |   |   | 5.19 |   |   |   | 5,313 |   |   |   | 39.15 |   |

|                          |   | Options      exercisable |      |
|-------------------------------|--------|--------------------------|-----------|
| Range      of exercise prices |   | Shares                   |      |   | Average      remaining contractual life (years) |   |   | Aggregate      intrinsic value (US$) |   |   | Weighted      average exercise price (US$/share) |   |
| $      0.01 - 20.00           |   |                     | 294,000   |   |   |   | 3.98 |   |   |   | 2,112 |   |   |   | 16.42 |   |
| $      20.01 - 40.00          |   |                     | 225,625   |   |   |   | 4.70 |   |   |   | 203 |   |   |   | 24.41 |   |
| $      40.01 - 60.00          |   |                     | 220,000   |   |   |   | 5.75 |   |   |   | - |   |   |   | 52.31 |   |
| $      60.01 - 80.00          |   |                     | 187,000   |   |   |   | 4.21 |   |   |   | - |   |   |   | 66.92 |   |
| $      80.01 - 100.00         |   |                     | 35,000    |   |   |   | 2.43 |   |   |   | - |   |   |   | 90.43 |   |
| $      100.01 - 120.00        |   |                     | 131,375   |   |   |   | 4.79 |   |   |   | - |   |   |   | 110.96 |   |
| Total                         |   |                     | 1,093,000 |   |   |   | 4.57 |   |   |   | 2,315 |   |   |   | 47.67 |   |

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Table of Contents

|                                                                                           |   | For      the Year Ended December 31, |    |
|------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                                           |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
| Net      (loss) / income from continuing operations attributable to CME Ltd.      shareholders |   | $                                    | (96,895 | ) |   | $ | (265,761 | ) |   | $ | 93,098 |   |
| Net      loss from discontinued operations                                                     |   |                                 | (262    | ) |   |   | (3,785 | ) |   |   | (4,480 | ) |
| Net      (loss) / income attributable to CME Ltd. Shareholders                                 |   |                                 | (97,157 | ) |   |   | (269,546 | ) |   |   | 88,618 |   |
|                                                                                           |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Weighted      average outstanding shares of common stock (000’s)                         |   |                                 | 54,344  |   |   |   | 42,328 |   |   |   | 41,384 |   |
| Dilutive      effect of employee stock options (000’s)                                   |   |                                 | -       |   |   |   | - |   |   |   | 449 |   |
| Common      stock and common stock equivalents (000’s)                                   |   |                                 | 54,344  |   |   |   | 42,328 |   |   |   | 41,833 |   |
|                                                                                           |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Net      (loss) / income per share:                                                            |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Basic                                                                                          |   | $                                    | (1.79   | ) |   | $ | (6.37 | ) |   | $ | 2.14 |   |
| Diluted                                                                                        |   | $                                    | (1.79   | ) |   | $ | (6.37 | ) |   | $ | 2.12 |   |

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Table of Contents

|                                       |   | For      the Year Ended December 31, |    |
|--------------------------------------------|--------|--------------------------------------|---------|
| Net      Revenues                          |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |    |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | 3,520   |   |   | $ | 1,263 |   |   | $ | - |   |
| Croatia                                    |   |                                 | 49,139  |   |   |   | 54,651 |   |   |   | 37,193 |   |
| Czech      Republic                        |   |                                 | 275,883 |   |   |   | 376,546 |   |   |   | 279,237 |   |
| Romania                                    |   |                                 | 176,501 |   |   |   | 274,627 |   |   |   | 215,402 |   |
| Slovak      Republic                       |   |                                 | 107,356 |   |   |   | 132,692 |   |   |   | 110,539 |   |
| Slovenia                                   |   |                                 | 66,710  |   |   |   | 80,697 |   |   |   | 69,647 |   |
| Ukraine                                    |   |                                 | 32,033  |   |   |   | 99,458 |   |   |   | 126,838 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | 5,396   |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 716,538 |   |   | $ | 1,019,934 |   |   | $ | 838,856 |   |
| Corporate                                  |   | $                                    | -       |   |   | $ | - |   |   | $ | - |   |
| Elimination                                |   |                                 | (2,560  | ) |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 713,978 |   |   | $ | 1,019,934 |   |   | $ | 838,856 |   |

|                                       |   | For      the Year Ended December 31, |    |
|--------------------------------------------|--------|--------------------------------------|---------|
| Operating      Costs                       |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |    |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | 6,244   |   |   | $ | 2,289 |   |   | $ | - |   |
| Croatia                                    |   |                                 | 13,140  |   |   |   | 12,723 |   |   |   | 9,999 |   |
| Czech      Republic                        |   |                                 | 40,439  |   |   |   | 41,037 |   |   |   | 30,325 |   |
| Romania                                    |   |                                 | 24,582  |   |   |   | 32,251 |   |   |   | 23,487 |   |
| Slovak      Republic                       |   |                                 | 19,496  |   |   |   | 19,379 |   |   |   | 21,017 |   |
| Slovenia                                   |   |                                 | 12,085  |   |   |   | 14,329 |   |   |   | 12,185 |   |
| Ukraine                                    |   |                                 | 17,520  |   |   | $ | 23,202 |   |   | $ | 19,846 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | 589     |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 134,095 |   |   | $ | 145,210 |   |   | $ | 116,859 |   |
| Corporate                                  |   | $                                    | -       |   |   | $ | - |   |   | $ | - |   |
| Elimination                                |   |                                 | -       |   |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 134,095 |   |   | $ | 145,210 |   |   | $ | 116,859 |   |

----

Table of Contents

|                                       |   | For      the Year Ended December 31, |    |
|--------------------------------------------|--------|--------------------------------------|---------|
| Сost Of      Programming             |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |    |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | 34,979  |   |   | $ | 6,506 |   |   | $ | - |   |
| Croatia                                    |   |                                 | 29,809  |   |   |   | 39,585 |   |   |   | 32,232 |   |
| Czech      Republic                        |   |                                 | 85,667  |   |   |   | 101,356 |   |   |   | 70,005 |   |
| Romania                                    |   |                                 | 96,839  |   |   |   | 114,716 |   |   |   | 85,288 |   |
| Slovak      Republic                       |   |                                 | 61,325  |   |   |   | 52,162 |   |   |   | 37,258 |   |
| Slovenia                                   |   |                                 | 30,117  |   |   |   | 32,823 |   |   |   | 27,988 |   |
| Ukraine                                    |   |                                 | 48,699  |   |   |   | 91,055 |   |   |   | 74,459 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | 4,692   |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 392,127 |   |   | $ | 438,203 |   |   | $ | 327,230 |   |
| Corporate                                  |   | $                                    | -       |   |   | $ | - |   |   | $ | - |   |
| Elimination                                |   |                                 | (2,227  | ) |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 389,900 |   |   | $ | 438,203 |   |   | $ | 327,230 |   |

|                                       |   | For      the Year Ended December 31, |   |
|--------------------------------------------|--------|--------------------------------------|--------|
| Depreciation                               |   | 2009                                 |   |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |   |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | 2,696  |   |   | $ | 535 |   |   | $ | - |   |
| Croatia                                    |   |                                 | 5,468  |   |   |   | 6,198 |   |   |   | 3,630 |   |
| Czech      Republic                        |   |                                 | 17,438 |   |   |   | 18,442 |   |   |   | 10,158 |   |
| Romania                                    |   |                                 | 11,917 |   |   |   | 11,854 |   |   |   | 7,365 |   |
| Slovak      Republic                       |   |                                 | 7,461  |   |   |   | 6,027 |   |   |   | 3,905 |   |
| Slovenia                                   |   |                                 | 6,343  |   |   |   | 5,526 |   |   |   | 4,647 |   |
| Ukraine                                    |   |                                 | 2,060  |   |   |   | 3,086 |   |   |   | 2,948 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | 268    |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 53,651 |   |   | $ | 51,668 |   |   | $ | 32,653 |   |
| Corporate                                  |   | $                                    | 992    |   |   | $ | 889 |   |   | $ | 842 |   |
| Elimination                                |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 54,643 |   |   | $ | 52,557 |   |   | $ | 33,495 |   |

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|                                       |   | For      the Year Ended December 31, |   |
|--------------------------------------------|--------|--------------------------------------|--------|
| Amortization      of intangible assets     |   | 2009                                 |   |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |   |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | 1,545  |   |   | $ | 2,886 |   |   | $ | - |   |
| Croatia                                    |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Czech      Republic                        |   |                                 | 11,194 |   |   |   | 22,723 |   |   |   | 18,652 |   |
| Romania                                    |   |                                 | 2,386  |   |   |   | 3,294 |   |   |   | 3,146 |   |
| Slovak      Republic                       |   |                                 | 4,765  |   |   |   | 4,961 |   |   |   | 2,882 |   |
| Slovenia                                   |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Ukraine                                    |   |                                 | 1,678  |   |   |   | 1,517 |   |   |   | 290 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | 29     |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 21,597 |   |   | $ | 35,381 |   |   | $ | 24,970 |   |
| Corporate                                  |   | $                                    | -      |   |   | $ | - |   |   | $ | - |   |
| Elimination                                |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 21,597 |   |   | $ | 35,381 |   |   | $ | 24,970 |   |

|                                              |   | For      the Year Ended December 31, |    |
|---------------------------------------------------|--------|--------------------------------------|---------|
| Selling,      General and Administrative Expenses |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
|                                              |   |                                 |    |   |   |   |   |   |   |
| Bulgaria      (1)                                 |   | $                                    | 7,071   |   |   | $ | 2,653 |   |   | $ | - |   |
| Croatia                                           |   |                                 | 5,967   |   |   |   | 7,758 |   |   |   | 8,844 |   |
| Czech      Republic                               |   |                                 | 21,314  |   |   |   | 25,498 |   |   |   | 22,411 |   |
| Romania                                           |   |                                 | 16,570  |   |   |   | 15,877 |   |   |   | 13,552 |   |
| Slovak      Republic                              |   |                                 | 12,655  |   |   |   | 10,923 |   |   |   | 10,732 |   |
| Slovenia                                          |   |                                 | 6,686   |   |   |   | 8,132 |   |   |   | 6,707 |   |
| Ukraine                                           |   |                                 | 6,285   |   |   |   | 20,000 |   |   |   | 9,069 |   |
| Romania      (Media Pro Entertainment) (2)        |   |                                 | 381     |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments                     |   | $                                    | 76,929  |   |   | $ | 90,841 |   |   | $ | 71,315 |   |
| Corporate                                         |   | $                                    | 39,143  |   |   | $ | 49,676 |   |   | $ | 55,373 |   |
| Elimination                                       |   |                                 | -       |   |   |   | - |   |   |   | - |   |
| Total                                             |   | $                                    | 116,072 |   |   | $ | 140,517 |   |   | $ | 126,688 |   |

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|                                       |   | For      the Year Ended December 31, |   |
|--------------------------------------------|--------|--------------------------------------|--------|
| Impairment      charges                    |   | 2009                                 |   |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |   |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | 81,843 |   |   | $ | 64,891 |   |   | $ | - |   |
| Croatia                                    |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Czech      Republic                        |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Romania                                    |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Slovak      Republic                       |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Slovenia                                   |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Ukraine                                    |   |                                 | -      |   |   |   | 271,861 |   |   |   | - |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 81,843 |   |   | $ | 336,752 |   |   | $ | - |   |
| Corporate                                  |   | $                                    | -      |   |   | $ | - |   |   | $ | - |   |
| Elimination                                |   |                                 | -      |   |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 81,843 |   |   | $ | 336,752 |   |   | $ | - |   |

|                                       |   | For      the Year Ended December 31, |     |
|--------------------------------------------|--------|--------------------------------------|----------|
| Operating      income / (loss)             |   | 2009                                 |     |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |     |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | (130,858 | ) |   | $ | (78,497 | ) |   | $ | - |   |
| Croatia                                    |   |                                 | (5,245   | ) |   |   | (11,613 | ) |   |   | (17,512 | ) |
| Czech      Republic                        |   |                                 | 99,831   |   |   |   | 167,490 |   |   |   | 127,686 |   |
| Romania                                    |   |                                 | 24,207   |   |   |   | 96,635 |   |   |   | 82,564 |   |
| Slovak      Republic                       |   |                                 | 1,654    |   |   |   | 39,240 |   |   |   | 34,745 |   |
| Slovenia                                   |   |                                 | 11,479   |   |   |   | 19,887 |   |   |   | 18,120 |   |
| Ukraine                                    |   |                                 | (44,209  | ) |   |   | (311,263 | ) |   |   | 20,226 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | (563     | ) |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | (43,704  | ) |   | $ | (78,121 | ) |   | $ | 265,829 |   |
| Corporate                                  |   | $                                    | (39,143  | ) |   | $ | (49,676 | ) |   | $ | (55,373 | ) |
| Elimination                                |   |                                 | (333     | ) |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | (83,180  | ) |   | $ | (127,797 | ) |   | $ | 210,456 |   |

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|                                       |   | For      the Year Ended December 31, |    |
|--------------------------------------------|--------|--------------------------------------|---------|
| EBITDA                                     |   | 2009                                 |    |   | 2008 |   |   | 2007 |   |
|                                       |   |                                 |    |   |   |   |   |   |   |
| Bulgaria      (1)                          |   | $                                    | (44,774 | ) |   | $ | (10,185 | ) |   | $ | - |   |
| Croatia                                    |   |                                 | 223     |   |   |   | (5,415 | ) |   |   | (13,882 | ) |
| Czech      Republic                        |   |                                 | 128,463 |   |   |   | 208,655 |   |   |   | 156,496 |   |
| Romania                                    |   |                                 | 38,510  |   |   |   | 111,783 |   |   |   | 93,075 |   |
| Slovak      Republic                       |   |                                 | 13,880  |   |   |   | 50,228 |   |   |   | 41,532 |   |
| Slovenia                                   |   |                                 | 17,822  |   |   |   | 25,413 |   |   |   | 22,767 |   |
| Ukraine                                    |   |                                 | (40,471 | ) |   |   | (34,799 | ) |   |   | 23,464 |   |
| Romania      (Media Pro Entertainment) (2) |   |                                 | (266    | ) |   |   | - |   |   |   | - |   |
| Total      Operating Segments              |   | $                                    | 113,387 |   |   | $ | 345,680 |   |   | $ | 323,452 |   |
| Corporate                                  |   | $                                    | (38,151 | ) |   | $ | (48,787 | ) |   | $ | (54,531 | ) |
| Elimination                                |   |                                 | (333    | ) |   |   | - |   |   |   | - |   |
| Total                                      |   | $                                    | 74,903  |   |   | $ | 296,893 |   |   | $ | 268,921 |   |

|                                                |   |
|-----------------------------------------------------|--------|
| Total      assets (1):                              |   | December      31, 2009 |   |   | December      31, 2008 |   |
|                                                |   |   |   |   |   |   |
| Bulgaria      (2)                                   |   | $ | 31,416 |   |   | $ | 107,805 |   |
| Croatia                                             |   |   | 54,612 |   |   |   | 50,431 |   |
| Czech      Republic                                 |   |   | 1,390,579 |   |   |   | 1,306,997 |   |
| Romania                                             |   |   | 383,556 |   |   |   | 387,845 |   |
| Slovak      Republic                                |   |   | 243,336 |   |   |   | 240,899 |   |
| Slovenia                                            |   |   | 102,836 |   |   |   | 93,022 |   |
| Ukraine                                             |   |   | 86,349 |   |   |   | 129,590 |   |
| Romania      (Media Pro Entertainment) (3)          |   |   | 179,267 |   |   |   | - |   |
| Total      Operating Segments                       |   | $ | 2,471,951 |   |   | $ | 2,316,589 |   |
| Corporate                                           |   | $ | 401,162 |   |   | $ | 84,543 |   |
| Elimination                                         |   |   | (326 | ) |   |   | - |   |
| Total                                               |   | $ | 2,872,787 |   |   | $ | 2,401,132 |   |
|                                                |   |   |   |   |   |   |   |   |
| Reconciliation      to consolidated balance sheets: |   |   |   |   |   |   |   |   |
| Assets      held for sale (4)                       |   | $ | - |   |   | $ | 5,484 |   |
| Total      assets                                   |   | $ | 2,872,787 |   |   | $ | 2,406,616 |   |

| (1) | Segment      assets exclude any inter-company investments, loans, payables and      receivables. |
|-----|--------------------------------------------------------------------------------------------------|

| (2) | We      acquired our Bulgaria operations on August 1,  2008. |
|-----|--------------------------------------------------------------|

| (3) | We      acquired Media Pro Entertainment on December 9,  2009. |
|-----|----------------------------------------------------------------|

| (4) | Assets      held for sale at December 31, 2008 represented the CITI channel, which was      disposed of in February 2009. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

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| Long-lived      assets (1):                |   | December      31, 2009 |    |   | December      31, 2008 |   |
|--------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
|                                       |   |                   |    |   |                   |   |
| Bulgaria      (2)                          |   | $                      | 8,492   |   |                   | $      | 6,404 |   |
| Croatia                                    |   |                   | 11,743  |   |                   |   | 13,450 |   |
| Czech      Republic                        |   |                   | 66,533  |   |                   |   | 61,463 |   |
| Romania                                    |   |                   | 45,229  |   |                   |   | 52,193 |   |
| Slovak      Republic                       |   |                   | 36,989  |   |                   |   | 40,025 |   |
| Slovenia                                   |   |                   | 26,713  |   |                   |   | 24,932 |   |
| Ukraine                                    |   |                   | 4,726   |   |                   |   | 7,083 |   |
| Romania      (Media Pro Entertainment) (3) |   |                   | 78,213  |   |                   |   | - |   |
| Total      Operating Segments              |   | $                      | 278,638 |   |                   | $      | 205,550 |   |
| Corporate                                  |   | $                      | 798     |   |                   | $      | 1,117 |   |
| Elimination                                |   |                   | -       |   |                   |   | - |   |
| Total      long-lived assets               |   | $                      | 279,436 |   |                   | $      | 206,667 |   |

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|                             |   | December      31, 2009 |    |
|----------------------------------|--------|------------------------|---------|
|                             |   |                   |    |
| Bulgaria                         |   | $                      | 94,516  |   |
| Croatia                          |   |                   | 33,950  |   |
| Czech      Republic              |   |                   | 95,611  |   |
| Romania                          |   |                   | 140,278 |   |
| Slovak      Republic             |   |                   | 48,718  |   |
| Slovenia                         |   |                   | 16,572  |   |
| Ukraine                          |   |                   | 56,957  |   |
| Media      Pro Entertainment (1) |   |                   | 8,940   |   |
| Total                            |   | $                      | 495,542 |   |

|                     |   | December      31, 2009 |   |
|--------------------------|--------|------------------------|--------|
|                     |   |                   |   |
| 2009                     |   | $                      | 7,267  |   |
| 2010                     |   |                   | 5,306  |   |
| 2011                     |   |                   | 4,448  |   |
| 2012                     |   |                   | 6,398  |   |
| 2013                     |   |                   | 2,165  |   |
| 2014      and thereafter |   |                   | 11,332 |   |
| Total                    |   | $                      | 36,916 |   |

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|                                                          |   | Issuer      and Restricted subsidiaries   |    |   | Unrestricted      Subsidiaries |   |     | Intra-group      eliminations |   |   | Total |   |
|---------------------------------------------------------------|--------|-------------------------------------------|---------|--------|--------------------------------|--------|----------|-------------------------------|--------|--------|-------|--------|
| Consolidated      Statement of Operations:                    |   |                                      |    |
|                                                          |   | For      the Year Ended December 31, 2009 |    |
| Net      revenues                                             |   | $                                         | 678,424 |   |                           | $      | 35,554   |                          |   | $      | -     |   |   | $ | 713,978 |   |
| Operating      income / (loss)                                |   |                                      | 91,464  |   |                           |   | (174,644 | )                             |   |   | -     |   |   |   | (83,180 | ) |
| Depreciation      of station property, plant and equipment    |   |                                      | 48,894  |   |                           |   | 4,757    |                          |   |   | -     |   |   |   | 53,651 |   |
| Amortization      of broadcast licenses and other intangibles |   |                                      | 18,373  |   |                           |   | 3,224    |                          |   |   | -     |   |   |   | 21,597 |   |
| Net      income / (loss) attributable to CME Ltd.             |   | $                                         | 63,448  |   |                           | $      | (160,605 | )                             |   | $      | -     |   |   | $ | (97,157 | ) |

| Consolidated      Balance Sheet:               |   |                         |      |
|------------------------------------------------|--------|------------------------------|-----------|
|                                           |   | As      at December 31, 2009 |      |
| Cash      and cash equivalents                 |   |                         | 243,314   |   |   |   | 215,215 |   |   |   | - |   |   |   | 458,529 |   |
| Third      Party Debt (1)                      |   |                         | 1,377,194 |   |   |   | 674 |   |   |   | - |   |   |   | 1,377,868 |   |
| Total      assets                              |   |                         | 3,365,435 |   |   |   | 335,623 |   |   |   | (828,271 | ) |   |   | 2,872,787 |   |
| Total      CME Ltd. shareholders’ Equity |   |                         | 1,683,789 |   |   |   | 195,459 |   |   |   | (701,659 | ) |   |   | 1,177,589 |   |

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|                                                          |   | Issuer      and Restricted subsidiaries   |    |   | Unrestricted      Subsidiaries |   |     | Intra-group      eliminations |   |   | Total |   |
|---------------------------------------------------------------|--------|-------------------------------------------|---------|--------|--------------------------------|--------|----------|-------------------------------|--------|--------|-------|--------|
| Consolidated      Statement of Operations:                    |   |                                      |    |
|                                                          |   | For      the Year Ended December 31, 2008 |    |
| Net      revenues                                             |   | $                                         | 919,351 |   |                           | $      | 100,583  |                          |   | $      | -     |   |   | $ | 1,019,934 |   |
| Operating      income / (loss)                                |   |                                      | 263,892 |   |                           |   | (391,689 | )                             |   |   | -     |   |   |   | (127,797 | ) |
| Depreciation      of station property, plant and equipment    |   |                                      | 48,047  |   |                           |   | 3,621    |                          |   |   | -     |   |   |   | 51,668 |   |
| Amortization      of broadcast licenses and other intangibles |   |                                      | 30,978  |   |                           |   | 4,403    |                          |   |   | -     |   |   |   | 35,381 |   |
| Net      income / (loss) attributable to CME Ltd.             |   | $                                         | 128,572 |   |                           | $      | (398,118 | )                             |   | $      | -     |   |   | $ | (269,546 | ) |

| Consolidated      Balance Sheet:               |   |                         |      |
|------------------------------------------------|--------|------------------------------|-----------|
|                                           |   | As      at December 31, 2008 |      |
| Cash      and cash equivalents                 |   |                         | 92,528    |   |   |   | 14,905 |   |   |   | - |   |   |   | 107,433 |   |
| Third      Party Debt (1)                      |   |                         | 1,002,923 |   |   |   | 862 |   |   |   | - |   |   |   | 1,003,785 |   |
| Total      assets                              |   |                         | 2,766,862 |   |   |   | 238,462 |   |   |   | (598,708 | ) |   |   | 2,406,616 |   |
| Total      CME Ltd. shareholders’ Equity |   | $                            | 1,498,961 |   |   | $ | 109,065 |   |   | $ | (512,768 | ) |   | $ | 1,095,258 |   |

|                                                          |   | Issuer      and Restricted subsidiaries   |    |   | Unrestricted      Subsidiaries |   |    | Intra-group      eliminations |   |   | Total |   |
|---------------------------------------------------------------|--------|-------------------------------------------|---------|--------|--------------------------------|--------|---------|-------------------------------|--------|--------|-------|--------|
| Consolidated      Statement of Operations:                    |   |                                      |    |
|                                                          |   | For      the Year Ended December 31, 2007 |    |
| Net      revenues                                             |   | $                                         | 712,018 |   |                           | $      | 126,838 |                          |   | $      | -     |   |   | $ | 838,856 |   |
| Operating      income / (loss)                                |   |                                      | 190,230 |   |                           |   | 20,226  |                          |   |   | -     |   |   |   | 210,456 |   |
| Depreciation      of station property, plant and equipment    |   |                                      | 29,705  |   |                           |   | 2,948   |                          |   |   | -     |   |   |   | 32,653 |   |
| Amortization      of broadcast licenses and other intangibles |   |                                      | 24,679  |   |                           |   | 291     |                          |   |   | -     |   |   |   | 24,970 |   |
| Net      income / (loss) attributable to CME Ltd.             |   | $                                         | 90,341  |   |                           | $      | (1,723  | )                             |   | $      | -     |   |   | $ | 88,618 |   |

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|                                                         |   | For      the Year ended December 31, 2009     |    |
|--------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                         |   | First      Quarter(Unaudited)                 |    |   | Second      Quarter(Unaudited) |   |   | Third      Quarter(Unaudited) |   |   | Fourth      Quarter(Unaudited) |   |
|                                                         |   | (US$      000’s, except per share data) |    |
| Consolidated      Statement of Operations data:              |   |                                          |    |   |   |   |   |   |   |   |   |   |
| Net      revenues                                            |   | $                                             | 141,221 |   |   | $ | 186,185 |   |   | $ | 134,482 |   |   | $ | 252,090 |   |
| Cost      of revenue                                         |   |                                          | 122,032 |   |   |   | 145,123 |   |   |   | 143,046 |   |   |   | 189,042 |   |
| Operating      (loss) / income                               |   |                                          | (84,482 | ) |   |   | 11,703 |   |   |   | (33,450 | ) |   |   | 23,049 |   |
| Net      (loss) / income from continuing operations          |   |                                          | (46,678 | ) |   |   | 22,106 |   |   |   | (24,294 | ) |   |   | (58,941 | ) |
| Net      (loss) from discontinued operations                 |   |                                          | (262    | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Net  (loss)      / income attributable to CME Ltd. |   | $                                             | (44,438 | ) |   | $ | 24,081 |   |   | $ | (21,550 | ) |   | $ | (55,250 | ) |
|                                                         |   |                                          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (loss) / income per share:                          |   |                                          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      EPS                                               |   | $                                             | (1.05   | ) |   | $ | 0.47 |   |   | $ | (0.35 | ) |   | $ | (0.89 | ) |
| Effect      of dilutive securities                           |   |                                          | -       |   |   |   | - |   |   |   | - |   |   |   |   |   |
| Diluted      EPS                                             |   | $                                             | (1.05   | ) |   | $ | 0.47 |   |   | $ | (0.35 | ) |   | $ | (0.89 | ) |
|                                                         |   |

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|                                                         |   | For      the Year ended December 31, 2008     |    |
|--------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                         |   | First      Quarter(Unaudited)                 |    |   | Second      Quarter(Unaudited) |   |   | Third      Quarter(Unaudited) |   |   | Fourth      Quarter(Unaudited) |   |
|                                                         |   | (US$      000’s, except per share data) |    |
| Consolidated      Statement of Operations data:              |   |                                          |    |   |   |   |   |   |   |   |   |   |
| Net      revenues                                            |   | $                                             | 223,023 |   |   | $ | 304,808 |   |   | $ | 200,603 |   |   |   | 291,501 |   |
| Cost      of revenue                                         |   |                                          | 146,886 |   |   |   | 174,812 |   |   |   | 158,862 |   |   |   | 189,903 |   |
| Operating      (loss) / income                               |   |                                          | 45,474  |   |   |   | 98,743 |   |   |   | 7,156 |   |   |   | (279,170 | ) |
| Net      (loss) / income from continuing operations          |   |                                          | 15,672  |   |   |   | 65,518 |   |   |   | (18,568 | ) |   |   | (326,316 | ) |
| Net      (loss) from discontinued operations                 |   |                                          | (750    | ) |   |   | (758 | ) |   |   | (1,027 | ) |   |   | (1,250 | ) |
| Net  (loss)      / income attributable to CME Ltd. |   | $                                             | 14,445  |   |   | $ | 63,465 |   |   | $ | (19,329 | ) |   | $ | (328,127 | ) |
|                                                         |   |                                          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income / (loss) per share:                          |   |                                          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      EPS                                               |   | $                                             | 0.34    |   |   | $ | 1.50 |   |   | $ | (0.46 | ) |   | $ | (7.75 | ) |
| Effect      of dilutive securities                           |   |                                          | -       |   |   |   | (0.02 | ) |   |   | - |   |   |   | - |   |
| Diluted      EPS                                             |   | $                                             | 0.34    |   |   | $ | 1.48 |   |   | $ | (      0.46 | ) |   | $ | (7.75 | ) |

| ITEM 9. | CHANGES      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE |
|---------|------------------------------------------------------------------------------------------------|

| ITEM 9A. | CONTROLS      AND PROCEDURES |
|----------|------------------------------|

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| ITEM      9B. | OTHER      INFORMATION |
|---------------|------------------------|

| ITEM      10. | DIRECTORS,      EXECUTIVE OFFICERS AND CORPORATEGOVERNANCE |
|---------------|------------------------------------------------------------|

| ITEM 11. | EXECUTIVE      COMPENSATION |
|----------|-----------------------------|

| ITEM 12. | SECURITY      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER MATTERS |
|----------|----------------------------------------------------------------------------------------------------------|

| ITEM      13. | CERTAIN      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR      INDEPENDENCE |
|---------------|-------------------------------------------------------------------------------------|

| ITEM      14. | PRINCIPAL      ACCOUNTANT FEES AND SERVICES |
|---------------|---------------------------------------------|

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| ITEM      15. | EXHIBITS      AND FINANCIAL STATEMENT SCHEDULES |
|---------------|-------------------------------------------------|

|   | · | Report      of Independent Registered Public Accounting  Firm; |
|--------|--------|----------------------------------------------------------------|

|   | · | Consolidated      Balance Sheets as of December 31, 2009 and2008; |
|--------|--------|-------------------------------------------------------------------|

|   | · | Consolidated      Statements of Operations and Comprehensive Income for the years ended      December 31, 2009, 2008 and 2007; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | Consolidated      Statement of Equity for the years ended December 31, 2009, 2008 and      2007; |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | Consolidated      Statements of Cash Flows for the years ended December 31, 2009, 2008 and      2007; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | Notes      to Consolidated FinancialStatements. |
|--------|--------|-------------------------------------------------|

| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                           |
|---------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.01*               |   | Memorandum      of Association (incorporated by reference to Exhibit 3.01 to the Company’s      Registration Statement No. 3380344 on Form S-1, filed June 17,      1994).                                                                                                                      |
|                |   |                                                                                                                                                                                                                                                                                                  |
| 3.02*               |   | Bye-Laws      of Central European Media Enterprises Ltd., as amended and restated on      June 3, 2008 (incorporated by reference to Exhibit 3.02 to the Company’s      Annual Report on Form 10-K for the year ended December 31,      2008).                                                  |
|                |   |                                                                                                                                                                                                                                                                                                  |
| 3.03*               |   | Memorandum      of Increase of Share Capital (incorporated by reference to Exhibit 3.03 to      Amendment No. 1 to the Company’s Registration Statement No. 33-80344 on      Form S-1, filed August 19, 1994).                                                                                  |
|                |   |                                                                                                                                                                                                                                                                                                  |
| 3.04*               |   | Memorandum      of Reduction of Share Capital (incorporated by reference to Exhibit 3.04      to Amendment No. 2 to the Company’s Registration Statement No. 33-80344 on      Form S-1, filed September 14, 1994).                                                                              |
|                |   |                                                                                                                                                                                                                                                                                                  |
| 3.05*               |   | Certificate      of Deposit of Memorandum of Increase of Share Capital executed by the      Registrar of Companies on May 20, 1997 (incorporated by reference to      Exhibit 3.1 to the Company’s Quarterly Report on Form 10­-Q for the      quarterly period ended September 30, 1997). |
|                |   |                                                                                                                                                                                                                                                                                                  |
| 4.01*               |   | Specimen      Class A Common Stock Certificate (incorporated by reference to Exhibit      4.01 to Amendment No. 1 to the Company’s Registration Statement No.      33-80344 on Form S-1, filed August 19,1994).                                                                                 |

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| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.02*               |   | Indenture      among Central European Media Enterprises Ltd., Central European Media      Enterprises N.V., CME Media Enterprises B.V., J.P. Morgan Chase Bank N.A.,      London Branch and J.P. Morgan Bank Luxembourg S.A., dated May 5, 2005      (incorporated by reference to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended March 30, 2005).                                                                                                                                                                                                                                                                                                                                                                  |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.03*               |   | Indenture      among Central European Media Enterprises Ltd. as Issuer, Central European      Media Enterprises N.V. and CME Media Enterprises B.V. as Subsidiary      Guarantors, BNY Corporate Trustee Services Limited as Trustee, The Bank of      New York as Security Trustee, Principal Paying Agent and Transfer Agent      and The Bank of New York (Luxembourg) S.A. as Registrar, Luxembourg      Transfer Agent and Luxembourg Paying Agent, dated May 16, 2007      (incorporated by reference to Exhibit 10.65 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended June 30,      2007).                                                                                                                 |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.04*               |   | Registration      Rights Agreement among Central European Media Enterprises Ltd., Lehman      Brothers Inc., J.P. Morgan Securities Inc., Deutsche Bank Securities Inc.,      BNP Paribas and ING Bank N.V., London Branch, dated March 10, 2008      (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended March 31,      2008).                                                                                                                                                                                                                                                                                                                                             |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.05*               |   | Indenture      among Central European Media Enterprises Ltd., Central European Media      Enterprises N.V., CME Media Enterprises B.V. and The Bank of New York,      dated March 10, 2008 (incorporated by reference to Exhibit 4.2 to the      Company’s Quarterly Report on Form 10-Q for the quarterly period ended      March 31, 2008).                                                                                                                                                                                                                                                                                                                                                                                                        |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.06*               |   | Indenture      among Central European Media Enterprises Ltd. as Issuer, Central European      Media Enterprises N.V. and CME Media Enterprises B.V. as Subsidiary      Guarantors, The Bank of New York, acting through its London Branch, as      Trustee, The Bank of New York, acting through its London Branch, as      Principal Paying Agent and Transfer Agent, The Law Debenture Trust      Corporation p.l.c. as Security Trustee and The Bank of New York      (Luxembourg) S.A. as Registrar, Luxembourg Transfer Agent and Luxembourg      Paying Agent, dated September 17, 2009 (incorporated by reference to      Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended September 30, 2009). |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.07                |   | Warrant      to Purchase Common Stock issued to Metrodome B.V. (formerly, Media Pro      B.V.), dated December 9, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.08                |   | Warrant      to Purchase Common Stock issued to Media Pro Management S.A., dated      December 9, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.09*               |   | Registration      Rights Agreement between Central European Media Enterprises Ltd. and Igor      Kolomoisky, dated as of August 24, 2007 (incorporated by reference to      Exhibit 4.03 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended September 30, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.10*               |   | Amended      and Restated Registration Rights Agreement between Central European Media      Enterprises Ltd. and Testora Ltd., dated May 11, 2007 (incorporated by      reference to Exhibit 10.64 to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended June 30, 2007).                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                |
|---------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                       |
| 4.11                |   | Registration      Rights Agreement by and between the Company and Time Warner Media Holdings      B.V., dated May 18, 2009.                                                                                                                                                                                |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.01*+             |   | Central      European Media Enterprises Ltd. Amended and Restated Stock Incentive Plan,      as amended on April 25, 2007 (incorporated by reference to the Company’s      Annual Report on Form 10-K for the year ended December 31,      2008).                                                    |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.02*              |   | Agreement      between CME Media Enterprises B.V. and the Tax and Customs Administration      of The Netherlands, dated March 24, 2004 (incorporated by reference to the      Company’s Quarterly Report on Form 10-Q for the quarterly period ended      March 31, 2004).                           |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.03*              |   | Pro      TV S.A. put-option between CME Romania B.V., Adrian Sarbu and Rootland      Trading Ltd. (incorporated by reference to the Company’s Quarterly Report      on Form 10-Q for the quarterly period ended September 30,      2004).                                                            |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.04*              |   | Media      Pro International S.A. put-option between CME Romania B.V., Adrian Sarbu      and Rootland Trading Ltd. (incorporated by reference to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended September 30,      2004).                                           |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.05*+             |   | Employee      Stock Option Form (incorporated by reference to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended September 30,      2004).                                                                                                                              |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.06*              |   | Framework      Agreement among CME Media Enterprises B.V., Central European Media      Enterprises Ltd. and PPF (Cyprus) Ltd., dated December 13, 2004      (incorporated by reference to the Company’s Annual Report on Form 10-K for      the period ended December 31, 2004).                     |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.07*              |   | Agreement      on Settlement of Disputes and Transfer of Ownership Interest between Mr.      Peter Kršák and CME Media Enterprises B.V., dated February 24, 2005      (incorporated by reference to the Company’s Annual Report on Form 10-K for      the period ended December 31, 2004). |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.08*              |   | Subscription      Agreement between Central European Media Enterprises Ltd. and PPF (Cyprus)      Ltd., dated May 2, 2005 (incorporated by reference to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended March 30,      2005).                                        |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.9*               |   | Deed      of Guarantee among PPF a.s., Central European Media Enterprises Ltd. and      CME Media Enterprises B.V., dated May 2, 2005 (incorporated by reference      to the Company’s Quarterly Report on Form 10-Q for the quarterly period      ended March 30, 2005).                            |
|                |   |                                                                                                                                                                                                                                                                                                       |
| 10.10*              |   | PPF      Group Guarantee among PPF Group N.V., Central European Media Enterprises      Ltd. and CME Media Enterprises B.V., dated May 2, 2005 (incorporated by      reference to the Company’s Quarterly Report on Form 10-Q for the quarterly      period ended March 30, 2005).                    |

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| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                   |
|---------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.12*              |   | €37.5      million Facility Agreement, between Produkcija Plus Storitveno Podjetje      d.o.o., ING Bank N.V., Nova Ljubljanska banka d.d. and Bank Austria      Creditanstalt d.d., dated July 29, 2005 (incorporated by reference to the      Company’s Quarterly Report on Form 10-Q for the quarterly period ended      June 30, 2005).                                       |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.13*              |   | Credit      Line Agreement No. 2644105/LCD between Ceska Sporitelna a.s. and CET 21      spol. s r.o., dated October 27, 2005 (incorporated by reference to the      Company’s Annual Report on Form 10-K for the period ended December 31,      2005).                                                                                                                                 |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.14*              |   | Loan      Agreement between Central European Media Enterprises Ltd. and European      Bank for Reconstruction and Development, dated July 21, 2006 (incorporated      by reference to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended June 30, 2006).                                                                                                   |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.15*              |   | Pledge      Agreement on Shares in Central European Media Enterprises N.V. among      Central European Media Enterprises Ltd., European Bank for Reconstruction      and Development and Central European Media Enterprises N.V., dated July      21, 2006 (incorporated by reference to the Company’s Quarterly Report on      Form 10-Q for the quarterly period ended June 30,2006). |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.16*              |   | Pledge      of Shares in CME Media Enterprises B.V. among Central European Media      Enterprises N.V., European Bank for Reconstruction and Development and CME      Media Enterprises B.V., dated July 21, 2006 (incorporated by reference to      the Company’s Quarterly Report on Form 10-Q for the quarterly period ended      June 30, 2006).                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.17*              |   | Deed      of Guarantee and Indemnity between Central European Media Enterprises N.V.      and European Bank for Reconstruction and Development, dated July 21, 2006      (incorporated by reference to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended June 30, 2006).                                                                                  |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.18*              |   | Deed      of Guarantee and Indemnity between CME Media Enterprises B.V. and European      Bank for Reconstruction and Development, dated July 21, 2006 (incorporated      by reference to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended June 30, 2006).                                                                                               |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.19*              |   | Contract      Assignment between CME Media      Enterprises B.V., Central European Media Enterprises Ltd. and European      Bank for Reconstruction and Development, dated July 21, 2006 (incorporated      by reference to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended June 30, 2006).                                                        |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.22*+             |   | Amended      and Restated Contract of Employment between Wallace Macmillan, Chief      Financial Officer, and CME Development Corporation, dated October 6, 2006      (incorporated by reference to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended September 30, 2006).                                                                                |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                          |
| 10.23*              |   | Subscription      Agreement between Central European Media Enterprises Ltd. and Igor      Kolomoisky, dated August 24, 2007 (incorporated by reference to Exhibit      4.02 to the Company’s Quarterly Report on Form 10-Q for the quarterly      period ended September 30, 2007).                                                                                                     |

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| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.24*              |   | Supplemental      Agreement Relating to the Loan Agreement dated July 21, 2006 (as amended      by an amending Letter Agreement dated November 16, 2006) between Central      European Media Enterprises Ltd. and European Bank for Reconstruction and      Development, dated August 22, 2007 (incorporated by reference to Exhibit      10.68 to the Company’s Quarterly Report on Form 10-Q for the quarterly      period ended September 30, 2007).                                                                                                                                               |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.25*              |   | Loan      Agreement between Central European Media Enterprises Ltd. and European      Bank for Reconstruction and Development, dated August 22, 2007      (incorporated by reference to Exhibit 10.69 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended September 30,      2007).                                                                                                                                                                                                                                                                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.26*              |   | Agreement on      Transfer of Participation Interest in Media Invest, spol. s.r.o. between      Mr. Jan Kovàčik and CME Slovak Holdings B.V., dated July 13, 2007      (incorporated by reference to Exhibit 10.70 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended September 30,      2007).                                                                                                                                                                                                                                                             |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.27*              |   | Agreement on      Consideration between Mr. Jan Kovàčik and CME Slovak Holdings B.V.,      dated July 13, 2007 (incorporated by reference to Exhibit 10.71 to the      Company’s Quarterly Report on Form 10-Q for the quarterly period ended      September 30, 2007).                                                                                                                                                                                                                                                                                                                     |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.28*              |   | Purchase      Agreement among Central European Media Enterprises Ltd. as Issuer, Central      European Media Enterprises N.V. and CME Media Enterprises B.V. as      Guarantors and J.P. Morgan Securities Ltd., Lehman Brothers International      (Europe) and ING Bank N.V., London Branch as the Initial Purchasers, dated      May 9, 2007 (incorporated by reference to Exhibit 10.63 to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended June 30,      2007).                                                                                                   |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.29*              |   | Sale-Purchase      Contract for Shares in Pro TV S.A. between Rootland Trading Ltd. and CME      Romania B.V., dated June 1, 2007 (incorporated by reference to Exhibit      10.66 to the Company’s Quarterly Report on Form 10-Q for the quarterly      period ended June 30, 2007).                                                                                                                                                                                                                                                                                                            |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.30*              |   | Sale-Purchase      Contract for Shares in Media Pro International S.A. between Rootland      Trading Ltd. and CME Romania B.V., dated June 1, 2007 (incorporated by      reference to Exhibit 10.67 to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended June 30, 2007).                                                                                                                                                                                                                                                                                           |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.31*              |   | Framework      Agreement among Aleksandr Rodnyansky, Boris Fuchsmann, International      Teleservices Ltd., Central European Media Enterprises Ltd., CME Media      Enterprises B.V., CME Ukraine Holding GmbH, CET 21 spol. s r.o., Ukrainian      Media Services LLC, Studio 1+1 LLC, Foreign Enterprise Inter-Media,      Innova Film GmbH, International Media Services Ltd. and TV Media Planet      Ltd., dated January 31, 2008 (incorporated by reference to Exhibit 10.39      to the Company’s Annual Report on Form 10-K for the fiscal year ended      December 31, 2007).           |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.32*              |   | Termination      Agreement by and between Aleksandr Rodnyansky, Boris Fuchsmann,      International Teleservices Ltd., Central European Media Enterprises Ltd.,      CME Media Enterprises B.V., CME Ukraine Holding GmbH, CET 21 spol. s r.o.,      Ukrainian Media Services LLC, Studio 1+1 LLC, Foreign Enterprise      Inter-Media, Innova Film GmbH, International Media Services Ltd and TV      Media Planet Ltd., dated January 31, 2008 (incorporated by reference to      Exhibit 10.40 to the Company’s Annual Report on Form 10-K for the fiscal      year ended December 31, 2007). |

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Table of Contents

| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.33*              |   | Assignment      Agreement among Igor Kolomoisky, Manita Investments Limited, Global Media      Group Ltd., Torcensta Holding Ltd., Central European Media Enterprises      Ltd., CME Media Enterprises B.V., CME Ukraine Holding GmbH and Ukrainian      Media Services LLC, dated January 31, 2008 (incorporated by reference to      Exhibit 10.41 to the Company’s Annual Report on Form 10-K for the fiscal      year ended December 31, 2007).                                                                        |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.34*              |   | Agreement      between Mr. Richard Anthony Sheldon and Nova TV d.d., dated November 26,      2007 (incorporated by reference to Exhibit 10.42 to the Company’s Annual      Report on Form 10-K for the fiscal year ended December 31,      2007).                                                                                                                                                                                                                                                                          |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.35*              |   | Agreement      among Global Komunikacije d.o.o., Nova TV d.d. and Operativna Kompanija      d.o.o., dated November 26, 2007 (incorporated by reference to Exhibit      10.43 to the Company’s Annual Report on Form 10-K for the fiscal year      ended December 31, 2007).                                                                                                                                                                                                                                                |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.36*              |   | Agreement      among Narval A.M. d.o.o., Studio Millenium d.o.o. and Nova TV d.d., dated      November 26, 2007 (incorporated by reference to Exhibit 10.44 to the      Company’s Annual Report on Form 10-K for the fiscal year ended December      31, 2007).                                                                                                                                                                                                                                                            |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.37*              |   | Purchase      Agreement among Central European Media Enterprises Ltd., Lehman Brothers      Inc., J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., BNP      Paribas and ING Bank N.V., London Branch, dated March 4, 2008      (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended March 31,      2008).                                                                                                                              |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.38*              |   | Deed      of Amendment to the Intercreditor Agreement dated July 21, 2006, as      amended, among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V., CME Media Enterprises B.V., The Bank of New York,      BNY Corporate Trustee Services Limited and European Bank for      Reconstruction and Development, dated March 10, 2008 (incorporated by      reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended March 31, 2008). |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.39*              |   | Security      Assignment between Central European Media Enterprises Ltd., CME Media      Enterprises B.V. and The Bank of New York, dated March 10, 2008      (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended March 31,      2008).                                                                                                                                                                                                          |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.40*              |   | Pledge      Agreement among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V. and The Bank of New York, dated March 10, 2008      (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended March 31,      2008).                                                                                                                                                                                                  |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.41*              |   | Deed      of Pledge of Shares among Central European Media Enterprises N.V., CME      Media Enterprises B.V. and The Bank of New York, dated March 10, 2008      (incorporated by reference to Exhibit 10.5  to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended March 31,      2008).                                                                                                                                                                                            |

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Table of Contents

| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.42*              |   | Agreement      to Provide Advertising Services between Video International-Prioritet LLC      and Broadcasting Company “Studio 1+1” LLC dated November 30, 2006      (incorporated by reference to Exhibit 10.25 to the Company’s Annual Report      on Form 10-K for the fiscal year ended December 31,  2007).                                                                                                       |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.43*              |   | Capped      Call Transaction between Central European Media Enterprises Ltd., Deutsche      Bank AG, London Branch and Deutsche Bank Securities Inc., dated March 4,      2008 (incorporated by reference to Exhibit 10.7 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended March 31,      2008).                                                                                                 |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.44*              |   | Capped      Call Transaction between Central European Media Enterprises Ltd. and BNP      Paribas, dated March 4, 2008 (incorporated by reference to Exhibit 10.8 to      the Company’s Quarterly Report on Form 10-Q for the quarterly period ended      March 31, 2008).                                                                                                                                                         |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.45*              |   | Capped      Call Transaction between the Company and Lehman Brothers OTC Derivatives      Inc., dated March 4, 2008 (incorporated by reference to Exhibit 10.6 to      the Company’s Quarterly Report on Form 10-Q for the quarterly period ended      March 31, 2008).                                                                                                                                                            |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.46*              |   | Master      Share Purchase Agreement between CME Media Enterprises B.V. and Top Tone      Media Holdings Limited, dated July 28, 2008 (incorporated by reference to      Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended September 30, 2008).                                                                                                                                     |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.47*              |   | TV2      Group Shareholders Agreement between CME Media Enterprises B.V., Top Tone      Media Holdings Limited and Equip Limited dated July 28, 2008 (incorporated      by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form      10-Q for the quarterly period ended September 30,2008).                                                                                                                       |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.48*              |   | Separation      Agreement between CME Development Corporation and Michael Garin, dated      December 14, 2008 (incorporated by reference to Exhibit 10.1 to the      Company’s Current Report on Form 8-K filed on December 16,      2008).                                                                                                                                                                                        |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.49*              |   | Subscription      Agreement, by and between Central European Media Enterprises Ltd. and TW      Media Holdings LLC, dated March 22, 2009 (incorporated by reference to      Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended March 31, 2009).                                                                                                                                       |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.50*              |   | Indemnity      Agreement, by and among Central European Media Enterprises Ltd., Ronald S.      Lauder and RSL Savannah LLC, dated as of March 22, 2009 (incorporated by      reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended March 31, 2009).                                                                                                                         |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.51*+             |   | Contract      of Employment dated June 30, 2009 between CME Development Corporation and      Charles Frank (incorporated by reference to Exhibit 10.3 to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended June 30,      2009).                                                                                                                                                                      |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.52*              |   | First      Amended and Restated Framework Agreement among Central European Media      Enterprises Ltd., CME Ukraine Holding B.V., CME Cyprus Holding Limited,      Alstrom Business Corp, Michalakis Tsitsekkos, Igor Kolomoisky and Ihor      Surkis, dated July 22, 2009 (incorporated by reference to Exhibit 10.4 to      the Company’s Quarterly Report on Form 10-Q for the quarterly period ended      September 30, 2009). |

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Table of Contents

| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.53*              |   | Framework      Agreement among CME Production B.V., CME Romania B.V., Media Pro      Management S.A., Metrodome B.V. (formerly, Media Pro B.V.). and Adrian      Sarbu, dated July 27, 2009 (incorporated by reference to Exhibit 10.5 to      the Company’s Quarterly Report on Form 10-Q for the quarterly period ended      September 30, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.54*+             |   | Contract      of Employment between CME Media Services Limited and Adrian Sarbu, dated      July 27, 2009 (incorporated by reference to Exhibit 10.6 to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended September 30,      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.55*              |   | Dealer      Manager Agreement between Central European Media Enterprises Ltd. and      Deutsche Bank AG, London Branch, dated September 7, 2009 (incorporated by      reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended September 30, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.56*              |   | Tender      Agency Agreement between Central European Media Enterprises Ltd., Deutsche      Bank AG, London Branch, as Principal Tender Agent, and certain other      tender agents, dated September 7, 2009 (incorporated by reference to      Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended September 30, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.57*              |   | Purchase      Agreement among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V., CME Media Enterprises B.V., Deutsche Bank AG,      London Branch, BNP Paribas London Branch, Merrill Lynch International,      Erste Group Bank AG and J.P. Morgan Securities Ltd., dated September 10,      2009 (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended September 30,      2009).                                                                                                                                                                                                                                                                                                                                                         |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.58*              |   | Global      Deed of Release among Central European Media Enterprises Ltd., CME Media      Enterprises B.V., Central European Media Enterprises N.V. and European      Bank for Reconstruction and Development, dated September 16, 2009      (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly      Report on Form 10-Q for the quarterly period ended September 30,      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.59*              |   | Contract      Assignment between CME Media Enterprises B.V, Central European Media      Enterprises Ltd., The Bank of New York Mellon, acting through its London      Branch and The Law Debenture Trust Corporation p.l.c., dated September 17,      2009 (incorporated by reference to Exhibit 10.11 to the Company’s      Quarterly Report on Form 10-Q for the quarterly period ended September 30,      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.60*              |   | Deed      of Amendment to the Intercreditor Agreement dated July 21, 2006, as      amended, among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V., CME Media Enterprises B.V., The Bank of New York      Mellon (formerly JPMorgan Chase Bank, N.A., London Branch), BNY Corporate      Trustee Services Limited, The Bank of New York Mellon (formerly The Bank      of New York), The Bank of New York Mellon (formerly The Bank of New York),      European Bank for Reconstruction and Development, The Bank of New York      Mellon, acting through its London Branch and The Law Debenture Trust      Corporation p.l.c., dated September 17, 2009 (incorporated by reference to      Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended September 30,2009). |

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Table of Contents

| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.61*              |   | Pledge      Agreement among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V., The Bank of New York Mellon, acting through its      London Branch and The Law Debenture Trust Corporation p.l.c., dated      September 17, 2009 (incorporated by reference to Exhibit 10.13 to the      Company’s Quarterly Report on Form 10-Q for the quarterly period ended      September 30, 2009).                                                                                                                                                                                                                                                                                                                                                                    |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.62*              |   | Deed      of Pledge of Shares among Central European Media Enterprises N.V., CME      Media Enterprises B.V., The Bank of New York Mellon, acting through its      London Branch and The Law Debenture Trust Corporation p.l.c., dated      September 17, 2009 (incorporated by reference to Exhibit 10.14 to the      Company’s Quarterly Report on Form 10-Q for the quarterly period ended      September 30, 2009).                                                                                                                                                                                                                                                                                                                                                                         |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.63*              |   | Purchase      Agreement among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V., CME Media Enterprises B.V., Deutsche Bank AG,      London Branch, BNP Paribas London Branch, Merrill Lynch International,      Erste Group Bank AG, ING Bank N.V., London Branch and J.P. Morgan      Securities Ltd., dated September 23, 2009 (incorporated by reference to      Exhibit 10.15 to the Company’s Quarterly Report on Form 10-Q for the      quarterly period ended September 30, 2009).                                                                                                                                                                                                                                                                   |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.64*              |   | Global      Deed of Release among Central European Media Enterprises Ltd., CME Media      Enterprises B.V., Central European Media Enterprises N.V. and The Bank of      New York Mellon, acting through its London Branch (formerly JPMorgan Chase      Bank, N.A., London Branch), dated September 29, 2009 (incorporated by      reference to Exhibit 10.16 to the Company’s Quarterly Report on Form 10-Q      for the quarterly period ended September 30, 2009).                                                                                                                                                                                                                                                                                                                          |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.65*              |   | Deed      of Amendment to the Intercreditor Agreement dated July 21, 2006, as      amended, among Central European Media Enterprises Ltd., Central European      Media Enterprises N.V., CME Media Enterprises B.V., The Bank of New York      Mellon (formerly JPMorgan Chase Bank, N.A., London Branch), BNY Corporate      Trustee Services Limited, The Bank of New York Mellon (formerly The Bank      of New York), The Bank of New York Mellon (formerly The Bank of New York),      The Bank of New York Mellon, acting through its London Branch and The Law      Debenture Trust Corporation p.l.c., dated September 29, 2009 (incorporated      by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form      10-Q for the quarterly period ended September 30,2009). |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.66               |   | Amendment      to the Framework Agreement among CME Production B.V., CME Romania B.V.,      Media Pro Management S.A., Metrodome B.V. (formerly, Media Pro B.V.). and      Adrian Sarbu, dated December 9, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.67               |   | Subscription      Agreement among Central European Media Enterprises Ltd., Media Pro      Management S.A. and Metrodome B.V. (formerly, Media Pro B.V.), dated      December 9, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.68               |   | Share      Purchase Agreement among Central European Media Enterprises Ltd., CME      Cyprus Holding II Limited, Igor Kolomoisky and Harley Trading Limited,      dated January 20, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.69               |   | Termination      agreement among Central European Media Enterprises Ltd., CME Ukraine      Holding B.V., CME Cyprus Holding Limited, Alstrom Business Corp,      Michalakis Tsitsekkos, Igor Kolomoisky and Ihor Surkis, dated January 20,      2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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Table of Contents

| Exhibit      Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.70               |   | Facility      Agreement among CET 21 spol. s r.o.,      Erste Group Bank A.G. as arranger, Česká Spořitelna, a.s. (“CSAS”) as facility agent and security      agent, CSAS, UniCredit Bank Czech Republic, a.s. and BNP Paribas as      original lenders and the Company, CME Slovak Holdings B.V., CME Media      Enterprises B.V., CME Romania B.V. and Markiza-Slovakia, spol. s r.o. as      original guarantors, dated December 21, 2009. |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.71               |   | Investor      Rights Agreement among the Company, Ronald S. Lauder, RSL Savannah LLC,      RSL Investment LLC, RSL Investments Corporation and Time Warner Media      Holdings B.V., dated May 18, 2009.                                                                                                                                                                                                                                                                  |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.72               |   | Irrevocable      Voting Deed and Corporate Representative Appointment among RSL Savannah      LLC, Time Warner Media Holdings B.V. and the Company, dated May 18,      2009.                                                                                                                                                                                                                                                                                              |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.73+              |   | Contract      of Employment between CME Media Services Limited and Dave Sturgeon, dated      June 19, 2009.                                                                                                                                                                                                                                                                                                                                                               |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 21.01               |   | List      of subsidiaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 23.01               |   | Consent      of Deloitte LLP.                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 31.01               |   | Certification      of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a)      and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                                                                                                                 |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 31.02               |   | Certification      of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a)      and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                                                                                                                 |
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 32.01               |   | Certifications      of Principal Executive Officer and Principal Financial Officer pursuant to      18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 (furnishedonly).                                                                                                                                                                                                                                                    |

| * | Previously      filed exhibits |
|---|--------------------------------|

| + | Exhibit      is a management contract or compensatoryplan |
|---|-----------------------------------------------------------|

| b) | Exhibits:      See (a)(3) above for a listing of the exhibits included as part of this      report. |
|----|-----------------------------------------------------------------------------------------------------|

| c) | Report      of Independent Registered Public Accountants on Schedule II - Schedule of      Valuation Allowances.  (See page S-1 of this Annual Report on      Form 10-K.) |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

SIGNATURES

| Date:  February      24, 2010 |   | /s/ Adrian Sarbu                           |   |
|-----------------------------------------|--------|--------------------------------------------|--------|
|                                    |   | Adrian      Sarbu                          |   |
|                                    |   | President      and Chief Executive Officer |   |

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Table of Contents

| Signature                     |   | Title                                           |   | Date                   |
|-------------------------------|--------|-------------------------------------------------|--------|------------------------|
|                          |   |                                            |   |                   |
| /s/      Ronald S. Lauder     |   | Chairman      of the Board of Directors         |   | February      24, 2010 |
| Ronald      S. Lauder         |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Herbert A. Granath   |   | Vice-Chairman      of the Board of Directors    |   | February      24, 2010 |
| Herbert      A. Granath       |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Adrian Sarbu         |   | President      and Chief Executive Officer      |   | February      24, 2010 |
| Adrian      Sarbu             |   | and      Director (Principal Executive Officer) |   |                   |
|                          |   |                                            |   |                   |
| /s/      Charles Frank        |   | Chief      Financial Officer                    |   | February      24, 2010 |
| Charles      Frank            |   | (Principal      Financial Officer)              |   |                   |
|                          |   |                                            |   |                   |
| /s/      David Sturgeon       |   | Deputy      Chief Financial Officer             |   | February      24, 2010 |
| David      Sturgeon           |   | (Principal      Accounting Officer)             |   |                   |
|                          |   |                                            |   |                   |
| /s/      Paul T. Cappuccio    |   | Director                                        |   | February      23, 2010 |
| Paul      T. Cappuccio        |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Michael Del Nin      |   | Director                                        |   | February      23, 2010 |
| Michael      Del Nin          |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Igor Kolomoisky      |   | Director                                        |   | February      24, 2010 |
| Igor      Kolomoisky          |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Alfred W. Langer     |   | Director                                        |   | February      24, 2010 |
| Alfred      W. Langer         |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Fred H. Langhammer   |   | Director                                        |   | February      24, 2010 |
| Fred      H. Langhammer       |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Bruce Maggin         |   | Director                                        |   | February      24, 2010 |
| Bruce      Maggin             |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Parm Sandhu          |   | Director                                        |   | February      24, 2010 |
| Parm      Sandhu              |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Caryn Seidman Becker |   | Director                                        |   | February      24, 2010 |
| Caryn      Seidman Becker     |   |                                            |   |                   |
|                          |   |                                            |   |                   |
| /s/      Duco Sickinghe       |   | Director                                        |   | February      24, 2010 |
| Duco      Sickinghe           |   |                                            |   |                   |
|                          |   |                                            |   |                   |
|                          |   | Director                                        |   |                   |
| Eric      Zinterhofer         |   |                                            |   |                   |

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Table of Contents

|   |   |   |   | S-1 |
|--------|--------|--------|--------|-----|

|                               |   | Bad      debt and credit note provision |   | Deferred      tax allowance |
|------------------------------------|--------|-----------------------------------------|--------|-----------------------------|
| Balance      at December 31, 2006  |   | 12,640                                  |   | 15,885                      |
| Charged      to costs and expenses |   | 1,852                                   |   | 9,803                       |
| Charged      to other accounts (1) |   | (602)                                   |   | 2,000                       |
| Foreign      exchange              |   | 691                                     |   | 1,208                       |
| Balance      at December 31, 2007  |   | 14,581                                  |   | 28,896                      |
| Charged      to costs and expenses |   | 2,541                                   |   | 7,192                       |
| Charged      to other accounts (1) |   | (2,021)                                 |   | 11,880                      |
| Foreign      exchange              |   | (385)                                   |   | (576)                       |
| Balance      at December 31, 2008  |   | 14,716                                  |   | 47,392                      |
| Charged      to costs and expenses |   | 10,419                                  |   | (11,350)                    |
| Charged      to other accounts (1) |   | (6,571)                                 |   | 29,762                      |
| Foreign      exchange              |   | (5)                                     |   | (93)                        |
| Balance      at December 31, 2009  |   | 18,559                                  |   |  65,711                |

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