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| **DATED** | **15                NOVEMBER 2004** |
|-----------|-------------------------------------|

**CME      Development Corporation **

**-      and -**

**Marina      Williams**

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**CONTRACT        OF EMPLOYMENT**

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**CONTRACT      OF EMPLOYMENT AND STATEMENT OF PARTICULARS PURSUANT TO SECTION 1 OF THE      EMPLOYMENT RIGHTS ACT 1996**

| Name                and Address of Employer: | CME                Development Corporation c/o 8th                Floor, Aldwych House 71-91 Aldwych, London, WC2B 4HN (the **“Company”**) |
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| Name                and address of Employee: | Marina                Williams, residing at 19 Bracknell, Gardens, London NW3                7EE |
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| Date                this contract takes effect | 22nd                November 2004 |
|------------------------------------------------|-----------------------------------|

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

| 2 | **JOB                TITLE AND DUTIES** |
|---|-----------------------------------------|

| 2.1 | Your                job title is Executive Vice President, reporting to the Chief Executive                Officer of the Company. |
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| 2.2 | Your                main duties are |
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|   | 2.2.1 | Management                of matters relating to the Company’s existing and future television                station operations in the United Kingdom and countries of Central                and                Eastern Europe as may be specified from time to time by the Chief                Executive Officer; |
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|   | 2.2.2 | Travel                to such countries as directed by the Chief Executive Officer of the                Company to undertake tasks specified by                him; |
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|   | 2.2.3 | Such                other related tasks as directed by the Chief Executive Officer of                the                Company from time to time. |
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| 2.3 | In                addition to your main duties you will be required to carry out such                other                duties consistent with your position as the Company may from time                to time                require. |
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| 2.4 | You                shall use your best endeavours to promote and protect the interests                of the                Company and shall not do anything that is harmful to those                interests. |
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| 2.5 | You                shall devote the whole of your time (unless prevented by ill-health                or                accident or otherwise directed by the Company) to the duties of this                contract and you shall not be directly or indirectly interested or                concerned in any manner in any other business (other than holding                as a                bona fide personal investment equity in any company whose shares                are                listed on any recognised exchange or is otherwise not a Restricted                Business as defined in clause 20.1) except with the Company’s prior                written consent. If such consent is given, you must provide the Company                with the number of hours worked for any other employer each month. |
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| 3 | **PLACE                OF WORK** |
|---|----------------------------------|

| 3.1 | You                will be based in the Company’s existing London office or at such other                place in London, England as the Company may from time to time reasonably                require. Any interim, temporary or permanent relocation (which for                the                avoidance of doubt will exclude normal business travel) will be subject                to                mutual agreement. |
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| 3.2 | The                duties of this appointment shall relate primarily to the UK and the                countries in which the Company holds interests in television stations.                You                may also be required to travel to other destinations from time to                time as                reasonably required by the Company for the proper performance of                your                duties. |
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| 4 | **REMUNERATION** |
|---|------------------|

| 4.1 | Your                basic salary is 200,000 pounds (£) per year, payable in equal and                consecutive monthly instalments in arrears or on or about the                20th                day of each month by credit transfer into your bank account after                all                necessary deductions for relevant taxes and national                insurance. |
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| 4.2 | You                shall be entitled to participate in an annual discretionary bonus                scheme.                The amount, if any, of such a bonus shall be determined by the Chief                Executive of the Company, and is subject to the approval of the                Compensation Committee. Any bonus awarded will be based on a figure                representing not less than 33% of your gross annual                salary. |
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| 5 | **OTHER                BENEFITS** |
|---|-----------------------------------|

| 5.1 | You                are entitled to membership of the following schemes (each referred                to                below as an *“insurance                scheme”*): |
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|   | 5.1.1 | A                medical expenses insurance scheme providing such cover for you and                your                spouse/partner and all children under the age of eighteen (18) as                the                Company may from time to time notify to you;                and |
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|   | 5.1.2 | a                salary continuance on long-term disability insurance scheme providing                such                a personal accident insurance scheme providing such cover for you                as the                Company may from time to time notify to                you. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Benefits                under any insurance scheme shall be subject to the rules of the scheme(s)                and the terms of any applicable insurance policy and are conditional                upon                your complying with and satisfying any applicable requirements of                the                insurers. Copies of these rules and policies and particulars of the                requirements shall be provided to you on request. The Company shall                not                have any liability to pay any benefit to you under any insurance                scheme                unless it receives payment of the benefit from the insurer under                the                scheme. |
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| 5.3 | Any                insurance scheme which is provided for you is also subject to the                Company’s right to alter the cover provided or any term of the scheme or                to cease to provide (without replacement) the scheme at any time                if in the                opinion of the Company your state of health is or becomes such that                the                Company is unable to insure the benefits under the scheme at the                normal                premiums applicable to a person of your                age. |
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| 5.4 | The                provision of any insurance scheme does not in any way prevent the                Company                from lawfully terminating this contract in accordance with the provisions                in Clause 10                even if to do so would deprive you of membership of or cover under                any                such scheme. |
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| 6 | **EXPENSES** |
|---|--------------|

| 7 | **HOURS                OF WORK** |
|---|----------------------------------|

| 7.1 | Your                normal working hours are 40 hours per week/from 9:00am to 6:00pm                Monday to                Friday together with such additional hours as may be necessary for                the                proper performance of your duties. This may include working in the                evenings outside normal office hours at weekends or on public holidays.                No                additional pay or time off will be                permitted. |
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| 8 | **HOLIDAYS** |
|---|--------------|

| 8.1 | You                are entitled to 25 days’ holiday per annum in addition to bank and public                holidays in the United Kingdom. |
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| 8.2 | Your                entitlement to holiday accrues pro rata on an annual basis as calculated                from 1 January each year. |
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| 8.3 | Unless                otherwise prohibited by English law, any entitlement to holiday remaining                at the end of this contract shall lapse and no payment in lieu will                be                made for accrued untaken holiday. |
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| 8.4 | If                your employment is terminated without notice, you will not be entitled                to                holiday pay for holiday which would have accrued during the notice                period,                had you continued to be employed throughout that                time. |
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| 8.5 | The                Company may also reasonably refuse to allow you to take holiday in                circumstances where it would be inconvenient to the business. The                Company                reserves the right to refuse holiday up to and including the day                before                the holiday is due to be taken. |
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| 9 | **SICKNESS** |
|---|--------------|

| 9.1 | The                Company may from time to time in its reasonably discretion and at                its                expense on reasonable notice require you to be examined by a medical                adviser nominated by the Company for purposes of evaluating the adequacy                of your health to perform this contract and you agree to provide                such                formal consents as may be reasonably necessary for the results of                such                examinations to be disclosed to the                Company. |
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| 10 | **TERMINATION** |
|----|-----------------|

| 10.1 | You                may terminate this contract at any time on giving the Company six                months                notice in writing. In the event you give notice of termination pursuant                to                this Clause, the Company may opt to provide you with payment in lieu                of                notice. This payment will comprise solely your basic salary (at the                rate                payable when this option is exercised) and any unpaid bonus which                has been                awarded in accordance with the Company’s pay-for-performance scheme and                shall be subject to deductions for income tax and national insurance                contributions as appropriate. |
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| 10.2 | The                Company may at any time and in its absolute discretion (whether or                not any                notice of termination has been given under clause 10.1                above) terminate this contract with immediate effect and make a payment                in                lieu of notice. This payment will comprise solely the outstanding                balance                of your basic salary from the date of termination through and including                the end date of contract, including any unpaid bonus to which has                been                awarded under the Company’s pay-for-performance scheme (at the rate                payable when this option is exercised) and shall be subject to deductions                for income tax and national insurance contributions as appropriate. |
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| 10.3 | Your                employment may be terminated by the Company without notice by reason                of                your gross misconduct. Examples of gross misconduct are set out in                the                Company’s disciplinary procedure. Nothing herein shall be deemed to                obligation the Company to actually use your services pursuant hereto                and                the Company shall have fully discharged its obligation to you by                providing                you with the outstanding balance of your basic salary from the date                of                termination through and including the end date of the contract, including                any unpaid bonus to which has been awarded under the Company’s                pay-for-performance scheme (at the rate payable when this option                is                exercised) and shall be subject to deductions for income tax and                national                insurance contributions as                appropriate. |
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| 10.4 | Upon                the termination by whatever means of this contract you shall immediately                return to the Company all documents, computer media, credit cards,                keys                and all other property belonging to or relating to the business of                the                Company which is in your possession or under your power or control                and you                must not retain copies of any of the                above. |
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| 11 | **SUSPENSION** |
|----|----------------|

| 11.1 | The                Company may suspend you from your duties on full pay to allow the                Company                to investigate any bona-fide complaint made against you in relation                to                your employment with the Company. In any such circumstances, you                will be                given a reasonably opportunity to address and defend any such                complaint. |
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| 11.2 | Provided                you continue to enjoy your full contractual benefits and receive                your pay                in accordance with this contract, the Company may in its absolute                discretion do all or any of the following during the notice period                or any                part of the notice period, after you or the Company have given notice                of                termination to the other, without breaching this contract or incurring                any                liability or giving rise to any claim against                it: |
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|   | 11.2.1 | Exclude                you from the premises of the Company; |
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|   | 11.2.2 | Require                you to carry out only specified duties (consistent with your status,                role                and experience) or to carry out no                duties; |
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|   | 11.2.3 | Announce                to any of its employees, suppliers, customers and business partners                that                you have been given notice of termination or have resigned (as the                case                may be); |
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|   | 11.2.4 | Prohibit                you from communicating in any way with any or all of the suppliers,                customers, business partners, employees, agents or representatives                of the                Company until your employment has terminated except to the extent                that you                are authorised by the General Counsel in writing;                and |
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|   | 11.2.5 | Require                you to comply with any other reasonable conditions imposed by the                Company. |
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| 11.3 | You                will continue to be bound by all obligations owed to the Company                under                this contract. |
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| 12 | **CONFIDENTIAL                INFORMATION** |
|----|---------------------------------------------|

| 12.1 | You                agree during and after the termination of your employment not to                use or                disclose to any person (and shall use your best endeavours to prevent                the                use, publication or disclosure of ) any confidential                information: |
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|   | 12.1.1 | concerning                the business of the Company and which comes to your knowledge during                the                course of or in connection with your employment or your holding office;                or |
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|   | 12.1.2 | concerning                the business of any client or person having dealings with the Company                and                which is obtained directly or indirectly in circumstances where the                Company is subject to a duty of                confidentiality. |
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| 12.2 | For                the purposes of Clause 12.1.1                above information of a confidential or secret nature includes but                is not                limited to information disclosed to you or known, learned, created                or                observed by you as a consequence of or through your employment, not                generally known in the relevant trade or industry, about the Company’s                business activities, services and processes, including but not limited                to                information concerning advertising, sales promotion, publicity, sales                data, research, programming and plans for programming, finances,                accounting, methods, processes, business plans (including prospective                or                pending licence applications or investments in licence holders or                applicants), client or supplier lists and records, potential client                or                supplier lists, and client or supplier                billing. |
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| 12.3 | This                clause shall not apply to information which                is: |
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|   | 12.3.1 | used                or disclosed in the proper performance of your duties or with the                consent                of the Company; |
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|   | 12.3.2 | ordered                to be disclosed by a court of competent jurisdiction or otherwise                required                to be disclosed by law; |
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|   | 12.3.3 | comes                into the public domain (otherwise than due to a default by                you). |
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| 13 | **INTELLECTUAL                PROPERTY** |
|----|------------------------------------------|

| 13.1 | You                shall assign with full title your entire interest in any Intellectual                Property Right (defined below) to the Company to hold as absolute                owner. |
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| 13.2 | You                shall communicate to the Company full particulars of any Intellectual                Property Right in any work or thing created by you and you shall                not use,                assign, purport to assign or disclose to any person or exploit any                Intellectual Property Right without the prior written consent of                the                Company. |
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| 13.3 | In                addition to and without derogation of the covenants imposed by the                Law of                Property (Miscellaneous Provisions) Act 1994 you shall prepare and                execute                such instruments and do such other acts and things as may be necessary                or                desirable (at the request and expense of the Company) to enable the                Company (or its nominee) to obtain protection of any Intellectual                Property                Right vested in the Company in such parts of the world as may be                specified                by the Company (or its nominee) and to enable the Company to exploit                any                Intellectual Property Right vested in it to best                advantage. |
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| 13.4 | You                hereby irrevocably appoint the Company to be your attorney in your                name                and on your behalf to sign, execute or do any instrument or thing                and                generally to use your name for the purpose of giving to the Company                (or                its nominees) the full benefit of the provisions of this clause and                in                favour of any third party a certificate in writing signed by any                director                or the secretary of the Company that any instrument or act falls                within                the authority conferred by this clause and shall be conclusive evidence                that such is the case. |
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| 13.5 | You                hereby waive all of your moral rights (as defined in the Copyright,                Designs and Patents Act 1988) in respect of any act by the Company                and any                act of a third party done with the Company’s authority in relation to any                Intellectual Property Right which is or becomes the property of the                Company. |
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| 13.6 | **“Intellectual                Property Right”**                means a copyright, know-how, trade secret and any other intellectual                property right of any nature whatsoever throughout the world (whether                registered or unregistered and including all applications and rights                to                apply for the same) which: |
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|   | 13.6.1 | relates                to or is useful in connection with the business or any product or                service                of the Company; and |
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|   | 13.6.2 | is                invented, developed, created or acquired by you (whether alone or                jointly                with any other person) during the performance of your employment                with the                Company; |
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| 14 | **DISCIPLINARY                AND GRIEVANCE PROCEDURES** |
|----|----------------------------------------------------------|

| 15 | **COLLECTIVE                AGREEMENTS/WORKFORCE                AGREEMENTS** |
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| 16 | **DATA                PROTECTION** |
|----|------------------------------------|

| 16.1 | You                acknowledge that the Company will hold personal data relating to                you. Such                data will include your employment application, address, references,                bank                details, performance appraisals, work, holiday and sickness records,                next                of kin, salary reviews, remuneration details and other records (which                may,                where necessary, include sensitive data relating to your health and                data                held for equal opportunities purposes). The Company will hold such                personal data for personnel administration and management purposes                and to                comply with its obligations regarding the retention of your records.                Your                right of access to such data is as prescribed by                law. |
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| 16.2 | By                signing this contract, you agree that the Company may process personal                data relating to you for personnel administration and management                purposes                and may, when necessary for those purposes, make such data available                to                its advisers, to third parties providing products and/or services                to the                Company and as required by law. |
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| 17 | **CONTRACTS                (RIGHTS OF THIRD PARTIES) ACT                1999** |
|----|--------------------------------------------------------------------------------|

| 18 | **MONITORING                OF COMPUTER SYSTEMS** |
|----|---------------------------------------------------|

| 18.1 | The                Company will monitor messages sent and received via the email and                voicemail system to ensure that employees are complying with the                Company’s                Information Technology policy. |
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| 18.2 | The                Company reserves the right to retrieve the contents of messages for                the                purpose of monitoring whether the use of the email system is in accordance                with the Company’s best practice, for the purpose of performance                management, for the purpose of monitoring whether use of the computer                system is legitimate, to find lost messages or to retrieve messages                lost                due to computer failure, to assist in the investigations of wrongful                acts                or to comply with any legal obligation. |
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| 18.3 | You                should be aware that no email or voice mail sent or received through                the                Company’s system is private. The Company reserves and intends to exercise                its right to review, audit, intercept, access and disclose on a random                basis all messages created from it or sent over its computer system                for                any purpose. The contents of email or voice mail so obtained by the                Company in the proper exercise of these powers may be disclosed without                the permission of the employee. Employees should be aware that the                emails                or voice mails or any document created on the Company’s computer system,                however confidential or damaging, may have to be disclosed in court                or                other proceedings. An email which has been trashed or deleted can                still be                retrieved. |
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| 18.4 | The                Company further reserves and intends to exercise its right to monitor                all                use of the internet through its information technology systems, to                the                extent authorised by law. By your signature to this contract you                consent                to any such monitoring. |
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| 19 | **INDEMNITY** |
|----|---------------|

| 19.1 | The                Company will indemnify you and pay on your behalf all Expenses (as                defined                below) incurred by you in any Proceeding (as defined below), whether                the                Proceeding which gave rise to the right of indemnification pursuant                to                this Agreement occurred prior to, during or after the date of this                Agreement provided that you shall promptly notify the Company of                such                Proceedings and the Company shall be entitled to participate in such                Proceedings and, to the extent that it wishes, jointly with you,                assume                the defence thereof with counsel of its choice. This indemnification                shall                not apply if it is determined by a court of competent jurisdiction                in a                Proceeding that any losses, claims, damages or liabilities arose                primarily                out of your gross negligence, wilful misconduct or bad                faith. |
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| 19.2 | The                term "Proceeding" shall include any threatened, pending or completed                action, suit or proceeding, or any inquiry or investigation, whether                brought in the name of the Company, a related company or otherwise                and                whether of a civil, criminal, administrative or investigative nature,                including, but not limited to, actions, suits or proceedings brought                under                or predicated upon any securities laws, in which you may be or may                have                been involved as a party or otherwise, and any threatened, pending                or                completed action, suit or proceeding or any inquiry or investigation                that                you in good faith believe might lead to the institution of any such                action, suit or proceeding or any such inquiry or investigation,                by reason                of the fact that you are or were a director, officer, employee, agent                or                fiduciary of the Company, by reason of any action taken by you or                of any                inaction on your part while acting as such director, officer, employee,                agent or fiduciary or by reason of the fact that you are or were                serving                at the request of the Company as a director, officer, employee, trustee,                fiduciary or agent of another corporation, partnership, joint venture,                employee benefit plan, trust or other enterprise, whether or not                you are                serving in such capacity at the time any liability or expense is                incurred                for which indemnification or reimbursement can be provided under                this                Agreement. |
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| 19.3 | The                term "Expenses" shall include, without limitation thereto, expenses                (including, without limitation, attorneys' fees and expenses) of                investigations, judicial or administrative proceedings or appeals,                damages, judgements, fines, penalties or amounts paid in settlement                by or                on behalf of you and any Expenses of establishing a right to                indemnification under this                Agreement. |
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| 19.4 | The                Expenses incurred by you in any Proceeding shall be paid by the Company                as                incurred and in advance of the final disposition of the Proceeding                at your                written request. You hereby agree and undertake to repay such amounts                if                it shall be finally decided in a Proceeding that you are not entitled                to                be indemnified by the Company pursuant to this Agreement or                otherwise. |
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| 19.5 | The                indemnification and advancement of Expenses provided by this Agreement                shall not be deemed exclusive of any other rights to which you may                be                entitled under the Company’s Articles of Incorporation or Bye-Laws, any                agreement, any vote of stockholders or disinterested directors, the                laws                under which the Company was formed, or otherwise, and may be exercised                in                any order you elect and prior to, concurrently with or following                the                exercise of any other such rights to which you may be entitled, including                pursuant to directors and officers insurance maintained by the Company,                both as to action in official capacity and as to action in another                capacity while holding such office, and the exercise of such rights                shall                not be deemed a waiver of any of the provisions of this Agreement.                To the                extent that a change in law (whether by statute or judicial decision)                permits greater indemnification by agreement than would be afforded                currently under the Company's Articles of Incorporation, Bye-Laws                and this                Agreement, it is the intent of the parties hereto that you shall                enjoy by                this Agreement the greater benefit so afforded by such change. The                provisions of this Section 22 shall survive the expiration or termination,                for any reason, of this Agreement and shall be separately                enforceable. |
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| 20 | **POST-EMPLOYMENT                  RESTRICTIONS** |
|----|---------------------------------------------------|

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| 20.1 | You                agree for a period of six (6) months after the termination of your                employment that you shall not either on your own account or on behalf                of                any other person, firm or company directly or indirectly, carry on                or be                engaged, concerned or interested in any business which is directly                competitive with the business of securing television licenses and                operating television stations in which the CME Group is engaged and                with                which you were actively involved in the twelve months preceding the                termination of your employment (the **“Restricted                Business”**)                within the territories of operation of the CME                Group. |
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| 20.2 | You                agree, in connection with the carrying on of the Restricted Business                that                for a period of six (6) months after the termination of your employment,                you shall not, either on your own account or on behalf of any other                person, firm or company, directly or indirectly, seek to do conduct                a                Restricted Business and/or conduct a Restricted Business with any                person,                firm or company who at any time during the twelve months preceding                the                termination of your employment was a customer of the Company or any                Associated Company and with whom during that period you had material                dealings. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.3 | You                agree for a period of six (6) months following the termination of                your                employment, that you shall not solicit or employ or cause to be employed,                whether directly or indirectly, any employee of the Company who has                substantial knowledge of confidential aspects of the business of                the                Company, and with whom at any time during the period of twelve months                prior to such termination you had material dealings on behalf of                the                Company. |
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| 20.4 | Each                of the restrictions in this clause shall be enforceable independently                of                each other and its validity shall not be affected if any of the others                is                invalid. If any of the restrictions is void but would be valid if                some                part of the restriction were deleted, the restriction in question                shall                apply with such modification as may be necessary to make it                valid. |
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| 20.5 | The                restrictions set forth in this Clause 20 shall not apply if the Company                is                in breach of this contract, is no longer engaged in the operation                of                television stations or is insolvent or                bankrupt. |
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| 20.6 | For                the purposes of this clause, **“Associated                Company”**                shall mean a subsidiary (as defined by the Companies Act 1985 as                amended)                and any other company which is for the time being a holding company                (as                defined by the Companies Act 1985 as amended) of the Company or another                subsidiary of any holding company. |
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| 21 | **GENERAL** |
|----|-------------|

| 21.1 | You                hereby authorise the Company to deduct from any salary payable to                you any                sums owing by you to the Company upon prior notice and, provided                that you                are not in breach of this agreement, mutual                consent. |
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| 21.2 | As                from the effective date of this contract all other agreements or                arrangements between you and the Company shall cease to have                effect. |
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| 21.3 | This                  shall be governed by and construed in accordance with English                  law. |
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| Executed                    as a Deed by Robert Burke and Mark Wyllie, representing CME Development                    Corp. in the presence of: |   | /s/                    Mark Wyllie     |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|
| /s/                    Robert Burke                                                                                                              |
| Witness                    signature:                                                                                                            |   | /s/                    Daniel Penn     |
| Name:                                                                                                                                            |   | DANIEL                    PENN         |
| Address:                                                                                                                                         |   | 25                    GRESSE ST        |
|                                                                                                                                             |   | LONDON                    W1T 1QP      |
| Occupation:                                                                                                                                      |   | GENERAL                    COUNSEL     |
|                                                                                                                                             |   |                                   |
| Signed                    as a Deed by Marina Williams in the presence of:                                                                       |   | /s/                    Marina Williams |
| Witness                    signature:                                                                                                            |   | /s/                    C.Reeder        |
| Name:                                                                                                                                            |   | C.                    REEDER           |
| Address:                                                                                                                                         |   | 17                    IVELEY ROAD      |
|                                                                                                                                             |   | LONDON                    WW4 0EN      |
| Occupation:                                                                                                                                      |   | LEGAL                    CO-ORDINATOR  |

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