----

----

|      | Clause                                                 | Page   |
|-----------|--------------------------------------------------------|--------|
|      |                                                   |   |
| 1.        | Definitions      and Interpretation                    | 4      |
| 2.        | No      Admission                                      | 7      |
| 3.        | Option      Assignment and Terminations                | 7      |
| 4.        | Actions      to be Taken Prior to Closing Date         | 9      |
| 5.        | Consideration;      Conditions Precedent; Closing      | 10     |
| 6.        | Standstill                                             | 12     |
| 7.        | Termination                                            | 12     |
| 8.        | Indemnities      and Liabilities                       | 13     |
| 9.        | Representations      and Warranties                    | 13     |
| 10.       | Certain      Covenants Related to CME Share Issuance   | 16     |
| 11.       | Confidentiality                                        | 18     |
| 12.       | Assignment                                             | 19     |
| 13.       | Miscellaneous                                          | 19     |
| 14.       | Governing      Law and Arbitration                     | 21     |
|      |                                                   |   |
| Schedules |                                                   |
|      |                                                   |   |
|      | Schedule      1 – Kolomoisky Release Agreements  |   |
|      | Schedule      2 – Surkis Release Agreements      |   |
|      | Schedule      3 – Kolomoisky Closing Certificate |   |
|      | Schedule      4 – Notice of Registration         |   |
|      | Schedule      5 – Closing Date Confirmation      |   |
|      | Schedule      6 – Notice                         |   |

----

| (1) | Igor Kolomoisky, a      citizen of Israel residing at St. Galey Thelet 48, Herzeliya, Israel,      46640, passport No. 10905729, issued on October 2, 2005 ("Kolomoisky"); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Manita Investments      Limited, a limited liability company organized and existing under      the laws of Cyprus, identification code No., 116476 located at Kimonos,      43A P.C. 3095 Limassol, Cyprus ("Manita"); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Global Media Group Ltd.,      a limited liability company organized and existing under the laws of      Ukraine, located at 38 Naberezhna Peremohy Str., 49094 Dnipropetrovsk,      Ukraine, a wholly owned subsidiary of Torcensta ("Global"); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Torcensta Holding Ltd, a      limited liability company organized and existing under the laws of Cyprus,      identification code No. 206233, located at Arch. Makariou III, 155,PROTEAS      House, 5th      floor, P.C. 3021, Limassol, Cyprus ("Torcensta" and together      with Manita, Global, the Other Optionholders (as defined below) and      Kolomoisky the "Kolomoisky      Parties"); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Central European Media      Enterprises Ltd., a company organized under the laws of Bermuda      with its registered address at Clarendon House, 2 Church Street, HM 11,      Hamilton, Bermuda ("CME      Ltd."); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | CME Media Enterprises      B.V., a company organized under the laws of the Netherlands,      located at: Dam 5 B, 1012 JS Amsterdam, the Netherlands ("CME  BV"); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | CME Ukraine Holding      GmbH, a wholly-owned subsidiary of CME BV organized and existing      under the laws of Austria, located at Wagramer Str. 19, 19. Stock, 1220      Wien, Austria ("CME      Ukraine Holding"); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | CET 21 s.r.o., a company      incorporated under the laws of the Czech Republic, located at: Praha 5,      Krizeneckeho nam. 1078/5, PSC 152 00, Czech Republic, registered in the      Commercial Register of the Commercial Court of Prague, part C,      Register-No.10581 ("CET      21"); and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Ukrainian Media Services      LLC, a legal entity organized and existing under the laws of      Ukraine, identification code No. 33600071, located at 12 Melnykova, Kyiv,      Ukraine ("UMS",      and together with CME Ltd., CME BV, CME Ukraine Holding and CET 21, the      "CME      Parties"), |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | Aleksandr      Rodnyansky, a resident of the Russian Federation, registered at 221,      "Nikolino" complex, Tagankovo 7, 2-e Uspenskoe shosse, Odintsovsky      district, Moscow region, Russian Federation, passport CH 316475, issued by      Pechersk RU GU MVS of Ukraine in the city of Kyiv on November 19, 1996      ("Rodnyansky"),      and Boris Fuchsmann, a citizen of Germany, residing at Peter-Roos-Strasse      10, 40547 Düsseldorf, Germany, passport 500449454, issued on July 18, 2005      ("Fuchsmann"),      have transferred to Irling Financial Corporation, a limited liability      company organized and existing under the laws of Belize whose registered      address is 35A Regent Street, PO Box 1777, Belize City, Belize ("Irling") and to Multy TV      Holding Ltd, a company organized and existing under the laws of Belize      whose registered address is 35a Regent Street, Belize City, Belize ("Multy") the exclusive      right to sell and transfer to Manita and Nelano Holdings Ltd, a company      duly registered and validly existing and in good standing under the Laws      of British Virgin Islands, located at Craigmuir Chambers, P.O.Box 71, Road      Town, Tortola, British Virgin Islands ("Nelano") the option      right to purchase shares of Broadcasting Company "Studio 1+1 LLC", a legal      entity organized and existing under the laws of Ukraine, identification      code No. 23729809, located at 7/11 Kreschatyk Street, Kyiv ("Studio 1+1"), Innova      Film GmbH, a limited liability company organized and existing under the      laws of Germany, located at San Remo Str. 15, D-40210 Düsseldorf, Germany      ("Innova"), and      International Media Services Ltd, a company limited by shares organized      and existing under the laws of Bermuda, located at Clarendon House, 2      Church Street, HM 11, Hamilton, Bermuda ("IMS"). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (B) | The      Kolomoisky Parties have represented that Manita and Nelano have in the      aggregate purchased from Irling and Multy, in accordance with the terms of      the relevant agreements ("Option Rights Sale and Purchase      Agreements"), the option right to purchase (i) a 15.164%      ownership interest in Studio 1+1 (the "IK Studio Optioned      Interest") and (ii) a 21.665%      ownership interest in each of Innova and IMS, (collectively, the "IK Innova/IMS Optioned      Interests" and together with the IK Studio Optioned Interest, the      "IK Optioned      Interests"). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | CME      Parties have      preemptive rights ("CME      Preemptive Rights") in respect of the shares of IMS, Innova and      Studio 1+1 which prohibit Rodnyansky and Fuchsmann from transferring      shares of IMS, Innova and Studio 1+1 to Kolomoisky  Parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | The      Kolomoisky Parties have represented that, according to the terms of the      Option Rights Sale and Purchase Agreements, if the CME Parties waive the      CME Preemptive Rights, the Kolomoisky Parties will have the absolute      unrestricted right upon the payment of two US dollars to be registered as      shareholders in relation to the IK Optioned Interests or designate a third      party to become the registered shareholder of the IK Optioned      Interests. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | Under      the agreement among Kolomoisky, Manita, CME Ltd., CME BV, CME Ukraine      Holding, UMS, Torcensta  and Global dated October 5, 2007, the      CME Parties have waived the CME Preemptive Rights in accordance therewith,      following which Manita and Nelano have by notice to Fuchsmann, Rodnyansky,      Irling and Multy together designated (i) Torcensta as      the entity to whom the IK IMS Optioned Interest and the IK Innova Optioned      Interest should be registered and (ii) Global as      the entity to whom the IK Studio Optioned Interest should be registered      (the "October      Notice"); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | Pursuant      to the terms of this Agreement, the Kolomoisky Parties will assign the      right to acquire the IK Optioned Interests to CME Ltd., CME BV and CET 21      and, in connection therewith, Manita and Nelano shall agree not to      exercise the right to acquire the IK Optioned Interests. In addition,      Manita and Nelano shall withdraw the October Notice and shall deliver the      Notice (as defined below) to Irling, Multy, Fuchsmann and      Rodnyansky. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (G) | The      CME Parties, Fuchsmann and Rodnyansky have agreed that prior to the Sale      Transfers (as defined below), (i) Fuchsmann      will transfer to Rodnyansky: (a) his 100%      ownership interest in International Teleservices Ltd. ("ITS"), a company      organized under the laws of Belize with its registered office at Morgan      & Morgan Trust Corporation (Belize) Limited, 35A Region Street, City      of Belize, Belize, (b) a 10.0%      ownership interest in IMS and (c) a 5.0%      interest in TV Media Planet Ltd, a company organized under the laws of      Cyprus, located at Arch. Makariou III, 199 Neokleous House P. C., 3030      Limassol, Cyprus ("TV      Media Planet") and (ii) Rodnyansky      with transfer (a) a 22.98%      participation interest in Studio 1+1 to a sole purpose holding company      100% owned by Rodnyansky ("NewCo 1") and (b) a 5.02%      participation interest in Studio 1+1 to another sole purpose holding      company 100% owned by Rodnyansky ("NewCo 2"). After the      completion and as a consequence of the Rodnyansky Restructuring (as      defined below), Rodnyansky will own a 25.0% indirect ownership interest in      IMS through his sole ownership of ITS, a 10.0% direct ownership interest      in IMS and a 28.0% indirect      ownership interest in Studio 1+1 through his sole beneficial ownership of      NewCo 3, which will own 100% of each of NewCo 1 (which will own a 22.98%      participation interest in Studio 1+1) and NewCo 2 (which will own a 5.02%      participation interest in Studio 1+1), and Fuchsmann will own a      40.0% interest in Innova, a 5.0% ownership interest in IMS and a 35.0%      interest in TV Media Planet; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (H) | Rodnyansky,      Fuchsmann and ITS (together, the "RF Participants") and      the CME Parties shall on the date hereof enter into an agreement (the      "RF Participants      Framework Agreement"), pursuant to which the following transfers      and other actions shall occur: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | CET      21 and Fuchsmann agree to enter into the Innova Transfer and Option      Agreement (as defined below) to transfer a portion of Fuchsmann's      interests in Innova equal to a 23.4% ownership interest in Innova,      including a 21.665% interest in Innova to be acquired by CET 21 by      exercising the option assigned hereunder, to CET 21 (the "Innova Sale      Transfer"); |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | CME      Ltd., Rodnyansky and ITS agree to enter into the IMS Transfer Agreement      (as defined below) to transfer a portion of Rodnyansky's direct ownership      interest in IMS, and all of ITS' ownership interest in IMS, to CME Ltd.,      such that the aggregate ownership interest transferred under the IMS      Transfer Agreement is equal to a 30% ownership interest in IMS (including      a 21.665% interest in IMS to be acquired by CME Ltd. by exercising the      option assigned hereunder, the "IMS Sale      Transfer"); |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | CME      Ltd. and Fuchsmann agree to enter into the TV Media Planet Transfer      Agreement (as defined below) to transfer a 30% ownership interest in TV      Media Planet to CME Ltd. (the "TV Media Planet Sale      Transfer"); |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Rodnyansky      and CME BV agree to enter into the NewCo 1 Transfer Agreement (as defined      below) to transfer all of Rodnyansky's shares in NewCo 1 (which will own a      22.98% participation interest in Studio 1+1, including a 15.164% interest      in Studio 1+1 (represented by a 65.99% interest in NewCo 1) to be acquired      by CME BV by exercising the option acquired hereunder) to CME BV (the      "NewCo 1 Sale      Transfer", and together with the Innova Sale Transfer, the IMS Sale      Transfer and the TV Media Planet Sale Transfer, the "Sale Transfers");      and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | Fuchsmann,      Rodnyansky and certain CME Parties agree to grant put and call options in      respect of all remaining interests in the Studio 1+1 Group (as defined      below) owned, directly and indirectly, by Fuchsmann and Rodnyansky      following the Sale Transfers; and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (I) | Subject      to the terms of this Agreement, the Kolomoisky Parties have agreed to      transfer and assign all of their right, title and interest in the right to      acquire the IK Optioned Interests to CME Ltd., CME BV and CET 21, to      settle fully and finally the Kolomoisky Claims (as defined below), to      terminate and release all other claims and rights the Kolomoisky Parties      may have relating to the ownership of any member of the Studio 1+1 Group      and to terminate and release all claims and rights the Kolomoisky Parties      may have against Rodnyansky, Fuchsmann, ITS, the Studio 1+1 Group and any      CME Party, except that the      Surviving Agreements (defined below) shall survive execution of this      Agreement, in exchange for the consideration set out in Clause 5, and CME      Ltd. has agreed, on and subject to the terms of this Agreement, to settle      such consideration in accordance with the terms of this      Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | DEFINITIONS      AND INTERPRETATION |
|----|-------------------------------------|

| 1.1 | Definitions |
|-----|-------------|

----

----

| 1.2 | Interpretation and      Rules of Construction |
|-----|-----------------------------------------------|

|   | (a) | when      a reference is made in this Agreement to a Clause, Exhibit or Schedule,      such reference is to a Clause of, or an Exhibit or Schedule to, this      Agreement, unless otherwiseindicated; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      table of contents and headings for this Agreement are for reference      purposes only and do not affect in any way the meaning or interpretation      of this Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | whenever      the words "include," "includes," or "including" are used in this      Agreement, they are deemed to be followed by the words "without      limitation"; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a      reference to "US Dollar" or "US $" means the lawful currency of the United      States of America; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

----

|   | (e) | the      words "hereof," "herein," and "hereunder" and words of similar import,      when used in this Agreement, refer to this Agreement as a whole and not to      any particular provision of thisAgreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | all      terms defined in this Agreement have the defined meanings when used in any      certificate or other document made or delivered pursuant hereto, unless      otherwise defined therein; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | references      in the singular shall include references in the plural and vice versa,      words denoting any gender shall include any other gender and words      denoting natural persons shall include any other  Persons; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | references      to a Person are also to its successors and permitted    assigns; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (i) | references      to this Agreement and/or any other agreement are deemed to be references      to such agreement, as amended, modified or supplemented from time to time;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | the      use of "or" is not intended to be exclusive unless expressly indicated      otherwise. |
|--------|-----|-------------------------------------------------------------------------------------------------|

| 2. | NOADMISSION |
|----|-------------|

| 3. | OPTION ASSIGNMENT ANDT      TERMINATIONS |
|----|------------------------------------------|

| 3.1 | Assignment of the      Right to Acquire the IK Optioned  Interests |
|-----|--------------------------------------------------------------------|

|   | (a) | In      consideration of the mutual promises and covenants contained herein, the      sufficiency of which is hereby acknowledged, the Kolomoisky      Parties hereby transfer and assign all of their right, title and interest      in the right to acquire the IK Optioned Interests to CME Ltd. or one or      more of its subsidiaries designated by it (the "Assignment").  CME      Ltd. intends to acquire such IK Optioned Interests as    follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      option right to acquire the IK Innova Optioned Interest shall be assigned      to CET 21 for consideration of $40,868,411 or if the Consideration is less      than $140,000,000, $40,868,411 minus an amount equal to 0.3 multiplied by      the difference between $140,000,000 and the Consideration, and shall be      exercised by CET 21; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      option right to acquire the IK IMS Optioned Interest shall be assigned to      CME Ltd. for consideration equal to $6,177,492, and shall be exercised by      CME Ltd.; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      option right to acquire the IK Studio Optioned Interest shall be assigned      to CME BV for consideration equal to $92,954,097 or if the Consideration      is less than $140,000,000, $92,954,097 minus an amount equal to 0.7      multiplied by the difference between $140,000,000 and the Consideration,      and shall be exercised by CME BV, which right may be exercised directly      or, with the consent of Rodnyansky, indirectly through the acquisition of      a portion of the shares of NewCo 1. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Kolomoisky Parties warrant and confirm (i) that the      option to acquire the IK Optioned Interests may be exercised by the CME      Parties after payment of US $2 (two US Dollars) to Irling (which has been      paid prior to the date hereof) and by transfer of the IK Optioned      Interests by Fuchsmann and Rodnyansky to the CME Parties, (ii) that no      further action is necessary or appropriate in order for the CME Parties to      acquire good title to the IK Optioned Interests under the Option Rights      Sale and Purchase Agreements, (iii) that the      IK Optioned Interests are free from any Liens that were created by, or      that they are aware of and could have been removed by, any of the      Kolomoisky Parties or their Controlled Parties, and (iv) that any      other Liens (other than those created in accordance with the RF      Participants Framework Agreement) on the IK Optioned Interests that are      known to the Kolomoisky Parties or their Controlled Parties have been      fully disclosed to CME Ltd. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      Kolomoisky Parties agree to deliver to Irling, Multy, Fuchsmann and      Rodnyansky the Notice executed by them on the date hereof or as soon as      practicable thereafter with a confirmation to be provided to the CME      Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Parties agree that none of Torcensta, Global and any other Kolomoisky      Party shall exercise any option to acquire all or any part of the IK      Optioned Interests. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Release |
|-----|---------|

|   | (a) | the      Kolomoisky Parties hereby irrevocably release the CME Parties, the RF      Participants and the Studio 1+1 Group in respect of the Settled Matters;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      CME Parties hereby irrevocably release the Kolomoisky Parties in respect      of the Settled Matters. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| 3.3 | Execution of the      Release Agreements |
|-----|------------------------------------------|

| 3.4 | Termination of Certain      Prior Agreements |
|-----|----------------------------------------------|

|   | (a) | the      agreement among Kolomoisky, Torcensta, Manita and the CME Parties, dated      October 5, 2007 (the "Original Agreement"),      shall be terminated in accordance with Clause 3.1  thereof; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      purchase agreement among Kolomoisky, Torcensta and CME Ltd., dated October      30, 2007, shall be terminated in accordance with Clause 9.1(b)      thereof; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the      share pledge agreement among Andreas Sofocleous, a citizen of the Republic      of Cyprus residing at 4 Gianni Papadopoulou, Nea Ekali, 3110, Limassol,      Cyprus, with Identification number 659791, Charoulla Neofytou, a citizen      of the Republic of Cyprus residing at 14 Georgiou Katsari, Asgata, 4502,      Limassol, Cyprus, with Identification number 787198, Kolomoisky and CME      Ltd., dated October 30, 2007, shall be terminated in accordance with      Clause 6.1.1 thereof; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      waiver delivered by the CME Parties on October 11, 2007 with respect to      the agreements listed above shall terminate;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      letter agreement dated the date hereof relating to the Original Agreement,      executed by the parties to the Original Agreement, shall      terminate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | ACTIONSTO BE TAKEN PRIOR TO CLOSING      DATE |
|----|-----------------------------------------------|

| 4.1 | Entrance into the RF      Participants Framework Agreement and Other  Actions |
|-----|-------------------------------------------------------------------------------|

|   | (a) | On      the date hereof, the CME Parties, the RF Participants, ITS and the Studio      1+1 Group entered into the RF Participants Framework Agreement, pursuant      to which the Sale Transfers shall be  consummated. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Parties agree that the following actions shall occur as soon as      practicable after the date hereof but in any event on or prior to the      Closing Date: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      CME Parties and, if applicable, the Kolomoisky Parties shall grant all      necessary consents, as deemed necessary by the CME Parties, to effectuate      the Rodnyansky Restructuring and the Sale Transfers pursuant to the RF      Participants Framework Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Rodnyansky Restructuring shall be completed, including execution of the      Pledge Agreements; |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Release Agreements shall be executed and delivered pursuant to Clause 3.3;      and |
|--------|-------|----------------------------------------------------------------------------------------------|

|   | (iv) | the      Kolomoisky Parties shall deliver to Irling, Multy, Fuchsmann and      Rodnyansky the Notice and shall provide to CME Ltd. a fully executed copy      thereof. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      CME Parties agree that prior to the Closing Date they shall not release      the pledge of shares created by any of the Pledge Agreements other than      with the prior written consent of Kolomoisky, such consent not to be      unreasonably withheld or delayed. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Notice      of Successful Registration and Consummation of the Sale      Transfers |
|-----|------------------------------------------------------------------------------------|

| 4.3 | Long      Stop |
|-----|----------------|

----

| 5. | CONSIDERATION; CONDITIONS PRECEDENT;      CLOSING |
|----|---------------------------------------------------|

| 5.1 | Consideration |
|-----|---------------|

| 5.2 | Calculation and      Election      of Consideration |
|-----|-----------------------------------------------------|

|   | (a) | in      the event the Consideration is determined to be the amount of US $      140,000,000 (one hundred forty million US Dollars), Kolomoisky may elect      to receive such Consideration in CME Shares by delivering a notice of his      election to CME Ltd. within 1 (one) Business Day after receiving notice of      the calculation of Consideration.  If Kolomoisky so delivers his      election notice, the sole consideration payable to Kolomoisky by CME Ltd.      on the Closing Date shall be the number of CME Shares equal to the      quotient of (i) US$      140,000,000 and (ii) the Share      Price.  If Kolomoisky does not so deliver his election notice,      the Consideration shall be payable by CME Ltd. on the Closing Date in cash      pursuant to Clause 5.5(c)(ii); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      sub-clause 5.2(a) above is not applicable, the Consideration shall be the      number of CME Shares equal to 4% of the total number of CME Shares      outstanding on the date of delivery of the Notice of      Registration. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | CME      Shares |
|-----|-----------------|

| 5.4 | Conditions      Precedent |
|-----|---------------------------|

|   | (a) | General      Conditions Precedent to the performance by the Parties of their respective      obligations on the Closing Date: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Successful Registration shall have occurred (as confirmed by the Notice of      Registration); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (ii) | consummation      of the transactions contemplated hereby and by the other Transaction      Documents shall not have been restrained, enjoined or otherwise prohibited      or made illegal by any applicable Law, including any court order, and no      such Law or order that would have such an effect shall have been      threatened, promulgated, entered, issued or determined by any court or      other Governmental Authority to be applicable to this Agreement or any      other Transaction Document. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Conditions      Precedent to the performance by the CME Parties of their respective      obligations on the Closing Date: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Release Agreements and the Notice shall have been fully executed by all of      the parties thereto, shall have become effective, shall remain in full      force and effect and shall not of have been  repudiated; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Rodnyansky Restructuring shall have occurred and the Sale Transfers shall      have been consummated under the Transfer  Agreements; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Reissued Licenses shall have become effective and remain in full force and      effect and shall not have been challenged or  revoked; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | if      applicable, the Subscription Agreement and the Registration Rights      Agreement shall have been duly executed by  Kolomoisky; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | each      of the Kolomoisky Parties and their respective Controlled Parties shall      have performed and complied in all material respects with the covenants      and agreements required to be performed or complied with by such Party on      or prior to the Closing Date pursuant to Clause 3 (Option Assignment and      Terminations), Clause 6 (Standstill), Clause 8 (Indemnities and      Liabilities) and Clause 13.1 (Further Assurances) hereof, to be confirmed      by a closing certificate executed and delivered by each of them on the      Closing Date in the form of Schedule 3 (the "Kolomoisky Closing      Certificate"); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | all      of the representations and warranties of the Kolomoisky Parties contained      herein and in the Release Agreements shall have been true and correct in      all material respects when given and shall remain true and correct in all      material respects on and as of the Closing Date, to be confirmed by the      Kolomoisky Closing Certificate executed and delivered on the Closing      Date. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Closing      Date |
|-----|-------------------|

|   | (a) | CME      Ltd. shall deliver to Kolomoisky the Closing Date Confirmation confirming      the completion of each of the Sale Transfers pursuant to the Transfer      Agreements; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Release Agreements shall becomeeffective; |
|--------|-----|----------------------------------------------------|

|   | (c) | CME      Ltd. shall transfer the Consideration to Kolomoisky as      follows: |
|--------|-----|-------------------------------------------------------------------------------|

|  |   | (x) in the event      Kolomoisky is to receive the Consideration in CME Shares, CME Ltd.      shall: |
|--|--------|------------------------------------------------------------------------------------------------------|

|   | (i) | allot      and issue the CME Shares and make the appropriate entries in the statutory      books of CME Ltd. in respect of that allotment,  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | deliver,      or cause to be delivered, toKolomoisky: |
|--------|------|-------------------------------------------------------|

|   | (1) | a      certificate of a duly authorized representative of CME Ltd. certifying      that CME Ltd.'s representations and warranties set forth in Clause 9.2      remain true and correct as of the ClosingDate; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (2) | a      stock certificate in respect of the CME Shares with the legend specified      in Clause 10.2; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (3) | a      copy of the Subscription Agreement and the Registration Rights Agreement      executed by it. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (i) | deliver,      or cause to be delivered, to Kolomoisky a certificate of a duly authorized      representative of CME Ltd. certifying that CME Ltd.'s representations and      warranties set forth in Clause 9.2 remain true and correct as of the      Closing Date; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | pay      the Consideration due to Kolomoisky pursuant to Clause 5.2, by wire      transfer in immediately available funds, to an account in Kolomoisky's      name, the details of which are to be provided by Kolomoisky no later than      the time Kolomoisky provides notice of such election pursuant to Clause      5.2(a); and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Kolomoisky      shall countersign and deliver to CME Ltd. the Closing Date      Confirmation. |
|--------|-----|-----------------------------------------------------------------------------------------------|

| 5.6 | Sufficiency of      Consideration |
|-----|-----------------------------------|

| 6. | STANDSTILL |
|----|------------|

| 6.1 | Standstill |
|-----|------------|

| 6.2 | Proviso |
|-----|---------|

|   | (a) | such      action is required to perform that Party's obligations hereunder;      or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | the      other Parties have given their prior written consent to such      action. |
|--------|-----|------------------------------------------------------------------------------------|

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

| 7.1 | Termination |
|-----|-------------|

----

|   | (a) | at      any time by mutual written consent of all of the Parties;    or |
|--------|-----|-------------------------------------------------------------------------|

|   | (b) | by      any of the Parties pursuant to Clause4.3. |
|--------|-----|---------------------------------------------------|

| 7.2 | Survival |
|-----|----------|

| 8. | INDEMNITIES      AND LIABILITIES |
|----|----------------------------------|

| 8.1 | CME      Indemnity |
|-----|--------------------|

|   | (a) | CME      Ltd. agrees that, from and after the date of this Agreement, it will      indemnify and hold harmless the Kolomoisky Parties from and against any      bona fide claims (by any person that is not a Controlled Party of any      Kolomoisky Party or any Other Optionholder), obligations, debts, damages      (including any damages arising from or related to business interruption or      loss of profits, consequential, indirect, speculative or punitive      damages), liquidated damages, liabilities, costs, expenses and reasonable      legal fees (collectively, "Losses") whatsoever      arising from and caused by any failure by the CME Parties or any of their      respective Controlled Parties (or any assignee thereof) to comply with      their obligations under Clause 4.1 of this Agreement.  Each of      the Kolomoisky Parties agrees that he or it has a duty to mitigate any      such Losses in order for CME Ltd. to have a corresponding obligation to      indemnify for such Losses. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | CME      Ltd.'s obligations and liabilities under Clause 8.1(a) shall in no      circumstances exceed the sum ofUS$140,000,000. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Kolomoisky      Indemnity |
|-----|---------------------------|

| 9. | REPRESENTATIONS      AND WARRANTIES |
|----|-------------------------------------|

| 9.1 | Representations and      Warranties of the Kolomoisky      Parties |
|-----|--------------------------------------------------------------------|

|   | (a) | each      of the Kolomoisky Parties and the Releasors has the necessary power and      authority (including full legal and dispositive capacity) to enter into,      deliver, and perform its obligations under this Agreement and each of the      other Transaction Documents to which it is  party; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      execution, delivery and performance by each of the Kolomoisky Parties and      the Releasors of this Agreement and each other Transaction Document      constitutes valid and legally binding obligations, enforceable against      such Person in accordance with the terms thereof, and will not violate any      provision of and will not result in a breach of the terms of (i) any      applicable Law or any rule or regulation of any Governmental Authority, or      (ii) any      contract, indenture, agreement or commitment to which it is a party or      bound; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | no      additional consent by any other Person is required to be obtained by any      of the Kolomoisky Parties and the Releasors in connection with its      execution or performance of this Agreement or any other Transaction      Document; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all      proceedings that are required to be taken, and all approvals that are      required to be obtained, by each Kolomoisky Party to authorise it to      execute, deliver and perform the terms of this Agreement and each of the      other Transaction Documents to which it is a party have been taken or      obtained; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | he      is not aware of any Person who has any basis for bringing any Kolomoisky      Claims, and he will not make, encourage or support, directly or      indirectly, any future KolomoiskyClaims; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | no      Kolomoisky Party or Releasor has directly or indirectly instituted or      caused to be instituted any complaints, claims, charges or lawsuits with      any national, regional, state, federal or local Governmental Authority or      any court, within any jurisdiction, against any other CME Parties or any      of their Controlled Parties with respect to any claim against or related      in any way to Studio 1+1 or the Studio 1+1  Group; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Kolomoisky      does not have any ownership interest in Multy or Irling, and neither Multy      nor Irling is a Controlled Party of Kolomoisky or any Other      Optionholder; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | no      Kolomoisky Party or Releasor has sold, assigned, transferred, conveyed or      otherwise disposed of any interest in the IK Optioned Interests or in the      Kolomoisky Claims, and no Kolomoisky Party or Releasor is a party to, or      has any other interest in the IK Optioned  Interests; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | following      the execution and performance of this Agreement, there are no outstanding      agreements, arrangements or other understandings (whether by contract or      otherwise) with any other third parties granting to any Kolomoisky Party      or any Other Optionholder the right to acquire any direct or indirect      interest in the Studio 1+1 Group, or any options, warrants, commitments,      rights of first refusal, conversion rights or other rights of any kind      held by or granted to anyone to acquire any participation interests or any      other interests in Studio 1+1 or any other entity in the Studio 1+1      Group; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | on      the date hereof, no Kolomoisky Party or Releasor has any direct or      indirect contractual right or claim against any CME Party or any member of      the Studio 1+1 Group, other than pursuant to the Transaction      Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | no      Kolomoisky Party has any direct or indirect interest in any tangible or      intangible asset or property used in the business of the Studio 1+1      Group; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Kolomoisky      is: (i)      able, by reason of business and financial experience, to protect his own      interests in connection with the transactions contemplated by this      Agreement; (ii) able to      afford the entire loss of his investment in any CME Shares; (iii) an      "accredited investor" as that term is defined in Rule 501(a) of Regulation      D under the U.S. Securities Act of 1933 (the "Securities Act"); and      (iv) not      a broker-dealer or an affiliate of a broker-dealer registered pursuant to      Section 15 of the U.S. Securities Exchange Act of 1934 (the "Exchange      Act"); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (m) | Kolomoisky      understands that any CME Shares issued hereunder are being offered and      sold to him in reliance upon exemptions from the registration requirements      of the United States federal securities laws, and that CME Ltd. is relying      upon the truth and accuracy of Kolomoisky's representations and warranties      contained herein and Kolomoisky's compliance with this Agreement in order      to determine the availability of such exemptions and the eligibility of      Kolomoisky to acquire CME Shares in accordance with the terms and      provisions of this Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | Kolomoisky:      (i) has      had the opportunity to review information concerning the business of CME      Ltd., including without limitation CME Ltd.'s Annual Report on Form 10-K      for the period ended December 31, 2006 and Report on Form 10-Q for the      period ended September 30, 2007 as well as any Annual Report on Form 10-K      or Report on Form 10-Q published by CME Ltd. after the date hereof and      (ii) has      had access to the management of CME Ltd. and has had the opportunity to      ask questions of the management of CMELtd.; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | Kolomoisky      is acquiring CME Shares under this Agreement, if applicable, for his own      account, for investment purposes only, and not with a present view towards      the public sale or distribution thereof, except pursuant to a sale or      sales that are registered under the Securities Act or exempt from such      registration; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | Kolomoisky      will not, directly or indirectly, sell or otherwise transfer, pledge or      assign all or any part of such CME Shares (or solicit any offers to buy,      purchase or otherwise acquire or take a pledge of all or any part of such      CME Shares) except in accordance with the provisions of Clause      10.1.  Kolomoisky understands that he must bear the economic      risk of his investment in any CME Shares to be acquired hereunder, if      applicable, for an indefinite period of time because, among other reasons,      the offering and sale of the CME Shares under this Agreement have not been      registered under the Securities Act and, therefore, such CME Shares cannot      be sold other than in accordance with Clause 10.1.  Kolomoisky      also understands that transfers of any CME Shares acquired under this      Agreement, if applicable, are further restricted by the provisions of U.S.      securities laws; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | Kolomoisky      has not learned of the investment in the CME Shares to be acquired      hereunder, if applicable, as a result of any public advertising or general      solicitation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | none      of the cash or property that Kolomoisky has paid, will pay, or will      contribute to CME Ltd. has been, or shall be, derived from, or related to,      any activity that is deemed criminal under U.K. law, U.S. law, Bermuda law      or the law of the jurisdiction in which such activity takes      place.  No contribution or payment by Kolomoisky to CME Ltd., to      the extent that such contributions or payments are within Kolomoisky's      control, shall cause CME Ltd. to be in violation of any of the Anti-Money      Laundering Laws (as defined below) or the anti-money laundering laws,      rules or regulations of any other applicable  jurisdiction; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | Kolomoisky      has not employed, engaged or retained, or otherwise incurred any liability      to, any person as a broker, finder, agent or other intermediary in      connection with the transactions contemplated herein. All negotiations      relating to this Agreement and, if applicable, the Registration Rights      Agreement and the transactions contemplated hereby and thereby have been      carried on without the participation of any Person acting on behalf of      Kolomoisky or any of his Controlled Parties in such a manner as to, and      the transactions contemplated hereby and thereby will not otherwise, give      rise to any valid claim against CME Ltd. or its Controlled Parties for any      brokerage or finder's commission, fee or similar compensation, or for any      bonus payable to any officer, director, employee, agent or representative      of or consultant to any such Person upon consummation of the transactions      contemplated hereby or thereby; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (t) | as      at the date of this Agreement, Kolomoisky, together with his Controlled      Parties, holds exactly 1,620,537 CME Shares;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | all      payments to be made by CME Ltd. or any other CME Party to Kolomoisky under      this Agreement, under the current laws and regulations of any jurisdiction      in which Kolomoisky may be a resident for tax purposes or any jurisdiction      from or through which a payment is made will not be subject to withholding      or other taxes under the current laws and regulations of the relevant      taxing jurisdiction and are otherwise payable free and clear of any other      tax, withholding or deduction in the relevant taxing jurisdiction and      without the necessity of obtaining any governmental authorization in the      relevant taxing jurisdiction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Representations and      Warranties of the CMEParties |
|-----|-------------------------------------------------------|

|   | (a) | it      is a company duly organized and validly existing under the laws of its      jurisdiction; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (b) | it      has the necessary corporate power and authority to enter into and perform      its obligations under this Agreement and each of the other Transaction      Documents to which it is a party, and to consummate the transactions      contemplated thereby; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      execution and delivery by it of this Agreement and each of the other      Transaction Documents to which it is a party constitute valid and legally      binding obligations, enforceable against it in accordance with the terms      thereof, and will not violate any provision of and will not result in a      breach of the terms of (i) any Law,      rule or regulation of any Governmental Authority applicable to it or      (ii) any      contract, indenture, agreement or commitment to which it is a party or      bound; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all      proceedings that are required to be taken, and all approvals that are      required to be obtained, by it to authorize it to execute, deliver and      perform the terms of this Agreement and each of the other Transaction      Documents to which it is a party have been taken or    approved; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | no      additional consent by any other Person is required to be obtained by any      of the CME Parties or the Studio 1+1 Group in connection with its      execution or performance of this Agreement or any other Transaction      Document; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | each      person signing this Agreement and any other Transaction Document on its      behalf is duly appointed and authorized to sign each such document      pursuant to its constitutional documents and/or a power of attorney duly      issued to such person and such appointment and authorization is effective      and valid. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | CERTAIN      COVENANTS RELATED TO CME SHAREISSUANCE |
|-----|-----------------------------------------------------|

| 10.1 | Transfer      Restrictions |
|------|----------------------------|

----

| 10.2 | Restrictive      Legend |
|------|-------------------------|

| 10.3 | Reporting Status;      Eligibility to Use Form S-3 |
|------|----------------------------------------------------|

----

| 10.4 | Compliance with      Anti-Money Laundering Regulations,etc. |
|------|-------------------------------------------------------------|

|   | (a) | Kolomoisky      acknowledges that, pursuant to anti-money laundering laws and regulations      within the relevant jurisdictions, CME Ltd. may be required to collect      further documentation verifying Kolomoisky's identity and the source of      funds used to purchase the CME Shares before, and from time to time after,      acceptance by CME Ltd. of this Agreement.  To comply with      applicable anti-money laundering laws and regulations, all payments and      contributions by Kolomoisky to CME Ltd. and all payments and distributions      to Kolomoisky from CME Ltd. will only be made in Kolomoisky's name and to      and from a bank account of a bank based or incorporated in or formed under      the laws of the United States or a bank that is registered in Bermuda or      that is regulated in and either based or incorporated in or formed under      the laws of the United States or another "Approved Country" and that is      not a "foreign shell bank" within the meaning of the U.S. Bank Secrecy Act      (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated      thereunder by the U.S. Department of the Treasury, as such regulations may      be amended from time to time. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Kolomoisky      also acknowledges that (i) CME Ltd. may      be required to comply with all applicable anti-money laundering laws,      including the U.K. Proceeds of Crime Act 2003, Terrorism Act 2000 and      Money Laundering Regulations 2003 and (ii) CME Ltd.      may be required to comply with the anti-money laundering rules of the SEC,      the NASDAQ and/or the Prague Stock Exchange (the legislation and rules      referred to in (i) and (ii) being collectively referred to as the "Anti-Money Laundering      Laws"). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Kolomoisky      agrees to provide CME Ltd. at any time while Kolomoisky or any of his      Controlled Parties holds any of the CME Shares with such information as      CME Ltd. determines to be necessary or appropriate to comply with the      anti-money laundering laws, rules and regulations of any applicable      jurisdiction (including the Anti-Money Laundering Laws), to respond to      requests for information concerning the identity of CME Ltd.'s      shareholders from any Governmental Authority, self-regulatory organization      or financial institution in connection with its anti-money laundering      compliance procedures, or to update such information.  In      addition, neither Kolomoisky nor any of his Controlled Parties is a Person      identified as a terrorist organization on any relevant lists maintained by      an Governmental Authority. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      at any time while Kolomoisky or any of his Controlled Parties holds any of      the CME Shares, the representations and warranties set forth in Clause      9.1(r) shall cease to be true, Kolomoisky shall promptly so notify CME      Ltd. in writing. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | CONFIDENTIALITY |
|-----|-----------------|

| 11.1 | Obligation |
|------|------------|

----

|   | (a) | to      the respective court or arbitral tribunal insofar as required to terminate      or defend against any Kolomoisky Claims pursuant to this      Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      response to an order of a court of competent jurisdiction, or in response      to an appropriate subpoena or discovery request issued in the course of      litigation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      response to an inquiry or order issued by a Governmental Authority or      supra-governmental agency of competent  jurisdiction; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      the extent necessary to report income to appropriate taxing authorities      and/or to contest the imposition of any tax by appropriate taxing      authorities; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to      such Parties' respective accountants and legal advisers and to any broker      or insurer or relevant reinsurer or retrocessionaire in all cases (other      than disclosure to legal advisers) as may be required by contract and/or      by Law; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | in      connection with any litigation or arbitration proceedings between the      Parties relating to this Agreement or any other Transaction Document;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | to      the extent required or (on advice of counsel) appropriate in order to      comply with applicable Law or stock exchange  rules. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Public      Domain |
|------|--------------------|

| 12. | ASSIGNMENT |
|-----|------------|

| 13. | MISCELLANEOUS |
|-----|---------------|

| 13.1 | Further      Assurances |
|------|-------------------------|

----

| 13.2 | Modification; Waiver;      Severability |
|------|-----------------------------------------|

| 13.3 | Third Party      Rights |
|------|-------------------------|

| 13.4 | Entire      Agreement |
|------|-----------------------|

| 13.5 | Preparation |
|------|-------------|

| 13.6 | Specific      Performance |
|------|---------------------------|

| 13.7 | Costs |
|------|-------|

----

| 13.8 | Notices |
|------|---------|

| 13.9 | Counterparts |
|------|--------------|

| 14. | GOVERNING      LAW AND ARBITRATION |
|-----|------------------------------------|

| 14.1 | Governing      Law |
|------|--------------------|

| 14.2 | Arbitration |
|------|-------------|

|   | (a) | General.  Any      dispute, controversy or claim arising out of or relating to this      Agreement, including any question regarding its existence, validity,      interpretation, performance or termination, shall be finally resolved by      arbitration in accordance with the Rules of Arbitration of the then      existing Rules of Arbitration of the International Chamber of Commerce      (the "ICC Rules"),      which are deemed to be incorporated by reference into this Clause 14.2,      except to the extent modified by this Clause 14.2.  The tribunal      shall consist of three arbitrators.  Subject to the provisions      of Clause 14.2(c) the parties to any such arbitration shall each be      entitled to nominate one arbitrator and the third arbitrator shall be      appointed by the two party-nominated  arbitrators. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Seat and      Language.  The seat of the arbitration shall be London,      England or (in the event of consolidation pursuant to Clause 14.2(c)) any      other seat of the arbitration of a Related Dispute.  The      language of the arbitration shall be English except that any party to the      arbitration may submit testimony or documentary evidence in Ukrainian,      Russian or German and shall furnish a translation or interpretation of any      such evidence into English. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Related      Disputes.  If any dispute arising out of or relating to      this Agreement (hereinafter referred to as a "Related Dispute") raises      issues which are substantially the same as or connected with issues raised      in another dispute which has already been referred to arbitration under      this Agreement, the RF Participants Agreement or any Transfer Agreement      (an "Existing      Dispute"), the tribunal appointed or to be appointed in respect of      any such Existing Disputes shall also be appointed as the tribunal in      respect of any such Related Dispute, including pursuant to Article 4(6) of      the ICC Rules.  Where, pursuant to the foregoing provisions, the      same tribunal has been appointed in relation to two or more disputes, the      tribunal may, with the agreement of all the parties concerned or upon the      application of one of the parties, being a party to each of the disputes,      order that the whole or part of the matters at issue shall be heard      together upon such terms or conditions as the tribunal thinks      fit.  The tribunal shall have power to make such directions and      any interim or partial award as it considers just and      desirable. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | EXECUTED      AND DELIVERED AS A DEED                                         |
|--------|-------------------------------------------------------------------------------|
|   |                                                                          |   |   |
|   | by      IGOR KOLOMOISKY                                                       |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | /s/ Igor      Kolomoisky                                                      |   |
|   |                                                                          |   |   |
|   | Witnessed by:                                                            |   |   |
|   |                                                                          | Name: |   |
|   |                                                                          | Occupation: |   |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED                                         |
|   |                                                                          |   |   |
|   | by      MANITA INVESTMENTS LIMITED                                            |
|   |                                                                          |   |   |
|   | By:/s/ Christakis      Konnaris                                               |   |
|   |             Name:      Christakis Konnaris      |   |
|   |             Title:      Director                |   |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED                                         |
|   |                                                                          |   |   |
|   | by      GLOBAL MEDIA GROUP LTD.                                               |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | By:/s/ Iryna      Chumachenko                                                 |   |
|   |             Name:      Iryna Chumachenko        |   |
|   |             Title:      Director                |   |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED                                         |
|   |                                                                          |   |   |
|   | by      TORCENSTA HOLDING LTD                                                 |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | By:/s/ Andreas      Sofocleous                                                |   |
|   |             Name:      Andreas Sofocleous       |   |
|   |             Title:      Director                |   |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED                                         |
|   |                                                                          |   |   |
|   | by      CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.                               |
|   |                                                                          |   |   |
|   |                                                                          |   |   |
|   | By:/s/ Michael      Garin                                                     |   |
|   |             Name:      Michael Garin            |   |
|   |             Title:      Chief Executive Officer |   |

----

|   | EXECUTED      AND DELIVERED AS A DEED |
|--------|---------------------------------------|
|   |                                  |   |   |
|   | by      CME MEDIA ENTERPRISES B.V.    |
|   |                                  |   |   |
|   |                                  |   |   |
|   | By:                                   | /s/ Gerben van den      Berg |
|   |                                  | Name:      Pan-Invest B.V., represented by Gerben van den Berg |
|   |                                  | Title:      Managing Director |
|   |                                  |   |   |
|   |                                  |   |   |
|   | By:                                   | /s/ Alphons van      Spaendonck |
|   |                                  | Name:      Alphons van Spaendonck |
|   |                                  | Title:      Managing Director |
|   |                                  |   |   |
|   |                                  |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED |
|   |                                  |   |   |
|   | by      CME UKRAINE HOLDING GMBH      |
|   |                                  |
|   |                                  |
|   | By:                                   | /s/ Marina      Williams |
|   |                                  | Name:      Marina Williams |
|   |                                  | Title:      Managing Director |
|   |                                  |   |   |
|   |                                  |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED |
|   |                                  |   |   |
|   | by      CET 21 S.R.O.                 |
|   |                                  |
|   |                                  |
|   | By:                                   | /s/ Petr      Dvorak |
|   |                                  | Name:      Petr Dvorak |
|   |                                  | Title:      Director (Jednatel) |
|   |                                  |   |   |
|   |                                  |   |   |
|   | By:                                   | /s/ Milan      Cimirot |
|   |                                  | Name:      Milan Cimirot |
|   |                                  | Title:      Director (Jednatel) |
|   |                                  |   |   |
|   |                                  |   |   |
|   | EXECUTED      AND DELIVERED AS A DEED |
|   |                                  |   |   |
|   | by      UKRAINIAN MEDIA SERVICES LLC  |
|   |                                  |
|   |                                  |
|   | By:                                   | /s/ Olena      Shcherbyna |
|   |                                  | Name:      Olena Shcherbyna |
|   |                                  | Title:      Director |

----