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**Agreement      on Transfer of Ownership Interest**

**THIS      AGREEMENT ON TRANSFER OF OWNERSHIP INTEREST**
**Agreement**

| (1) | **PPF                (CYPRUS) LIMITED****,**a                company organized under the laws of the Republic of Cyprus with registered                number HE 92433, and having its registered office at Arch. Makariou                III,                2-4, Capital Center, 9th Floor, PC 1505, Nicosia, Cyprus (the                “**Seller**”);                and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | **CME                Media Enterprises B.V.**,                a company organized and existing under the laws of the Netherlands,                with                its registered office at Birkstraat 89, 3768 HD Soest, the Netherlands                (the “**Purchaser**”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**WHEREAS:**

| (A) | As                of the date hereof, PGT Corporation s.r.o. is a limited liability                company                organized and existing under the laws of the Czech Republic and registered                in the Commercial Register kept by the Municipal Court in Prague,                the                Czech Republic, file number C, insert 95420, identification number                27088944, with its seat at Kříženeckého                nám. 1078/5, Prague 5, PSČ 152 00 (seat registered in the Commercial                Register: Klimentská                46, Postal Code 110 02,                Prague 1) (the “**Company**”),                and has a registered capital of CZK 200,000 (the “**Registered                Capital**”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Both                the Seller and the Purchaser are partners in the Company. |
|-----|-------------------------------------------------------------------------------|

| (C) | The                Purchaser has exercised its call option under Article 12.2. of the                TV Nova                Group Agreement made among CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.,                a                company organized and existing under the laws of Bermuda, with its                registered office at Clarendon House, Church Street, Hamilton, HM                CX                Bermuda, the Purchaser and the Seller on May 2, 2005, the Seller                desires                to sell to the Purchaser and the Purchaser desires to purchase from                the                Seller its entire ownership interest in the Company amounting to                15% and                corresponding to the Seller’s contribution into the Registered Capital in                the amount of CZK 30,000 (the “**Ownership                Interest**”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | The                Seller has agreed to sell the Ownership Interest and the Purchaser                has                agreed to purchase the Ownership Interest on and subject to the terms                and                conditions set out herein. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | The                sale and purchase of the Ownership Interest contemplated hereunder                has                been duly approved by a resolution of the General Meeting of the                Company                on May 31, 2005. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IT      IS AGREED:**

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| **1.** | **Interpretation                and Definitions** |
|--------|---------------------------------------------------|

| **1.1** | For                the purpose of this Agreement (including its Recitals), the following                words and expressions have the meaning respectively set opposite                to                them: |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***Company***                            | Has                the meaning ascribed thereto in Recital (A);                                                                                                                                                   |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |                                                                                                                                                                                                              |
| ***Closing***                            | Means                completion of the sale and purchase of the Ownership Interest in                accordance with the terms and conditions of this                Agreement;                                   |
|                                     |                                                                                                                                                                                                              |
| ***CZK***                                | Means                lawful currency of the Czech Republic;                                                                                                                                                       |
|                                     |                                                                                                                                                                                                              |
| ***Framework                Agreement*** | Means                the Framework Agreement entered into by and between the Seller, the                Purchaser and Central European Media Enterprises Ltd. on December                13,                2004; |
|                                     |                                                                                                                                                                                                              |
| ***Party***                              | Means                the Seller and/or the Purchaser;                                                                                                                                                             |
|                                     |                                                                                                                                                                                                              |
| ***Purchase                Price***      | USD                1,282.00 (one thousand two hundred and eighty-two U.S.                dollars);                                                                                                                |
|                                     |                                                                                                                                                                                                              |
| ***Purchaser***                          | Has                the meaning set forth in the introduction to this                Agreement;                                                                                                                    |
|                                     |                                                                                                                                                                                                              |
| ***Ownership                Interest***  | Has                the meaning ascribed thereto in Recital (B);                                                                                                                                                   |
|                                     |                                                                                                                                                                                                              |
| ***Registered                Capital***  | Has                the meaning ascribed thereto in Recital (A);                                                                                                                                                   |
|                                     |                                                                                                                                                                                                              |
| ***Seller***                             | Has                the meaning set forth in the introduction to this                Agreement;                                                                                                                    |
|                                     |                                                                                                                                                                                                              |
| ***TV                Nova Value***       | Has                the meaning set forth in Clause 3.2 of the Framework Agreement;                and                                                                                                             |
|                                     |                                                                                                                                                                                                              |
| ***USD***                                | Means                lawful currency of the United States of                America.                                                                                                                              |

| **1.2** | In                this Agreement, unless the context otherwise                requires, |
|---------|-----------------------------------------------------------------------------------------|

|   | (a) | references                to this Agreement or any other document include this Agreement or                such                other document as varied, modified or supplemented in any manner                from time                to time; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | reference                to Recitals and Clauses are references to the recitals and clauses                of this                Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (c) | references                to one gender include both genders and references to the singular                include                the plural and vice-versa; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | headings                are inserted for convenience only and shall be ignored in construing                this                Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| **1.3** | Recitals                to this Agreement form an integral part                hereof. |
|---------|----------------------------------------------------------------------------------------|

| **2.** | **Sale                and Purchase of Ownership                Interest** |
|--------|---------------------------------------------------------------------------|

| **3.** | **Payment** |
|--------|-------------|

| **4.** | **Adjustment                to the Purchase Price** |
|--------|-----------------------------------------------------|

| **5.** | **Closing** |
|--------|-------------|

| **6.** | **Further                Assurance** |
|--------|--------------------------------------|

| **7.** | **Authority/Consent** |
|--------|-----------------------|

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| **8.** | **Titles                and Encumbrances** |
|--------|--------------------------------------------|

| **9.** | **Notices** |
|--------|-------------|

| **9.1** | Any                notice or other communication to be given under this Agreement shall                be in                writing, in English language, and shall be deemed to have been duly                served                on a Party if it is left at the authorized address of that Party                or is                posted by registered mail addressed to that Party at such address                or is                sent by facsimile transmission to a machine situated at such an address                and shall if: |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | personally                delivered, be deemed to have been received against                confirmation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (b) | posted                by registered mail, be deemed to have been received against                confirmation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| **9.2** | For                the purposes of this Clause 9, the authorized address of the Parties                shall                be as follows: |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | if                to the Seller |
|--------|-----|---------------------------------|

|   | (b) | if                to the Purchaser |
|--------|-----|------------------------------------|

| **10.** | **Severability** |
|---------|------------------|

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| **11.** | **Entire                Agreement and Variation** |
|---------|---------------------------------------------------|

| **12.** | **General                Provisions** |
|---------|---------------------------------------|

| **12.1** | Any                waiver of a breach of any of the terms of this Agreement or of any                default                hereunder shall not be deemed to be a waiver of any subsequent breach                or                default and shall in no way affect the other terms of this                Agreement. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **12.2** | No                failure to exercise and no delay on the part of any Party in exercising                any right, remedy, power or privilege of that Party under this Agreement                and no course of dealing between the Parties shall be construed or                operate                as a waiver thereof, nor shall any single or partial exercise of                any                right, remedy, power or privilege preclude any other or further exercise                thereof or the exercise of any other right, remedy, power or privilege.                The rights and remedies provided by this Agreement are cumulative                and they                are not exclusive to any rights or remedies provided by                law. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **13.** | **Necessary                Steps** |
|---------|------------------------------------|

| **14.** | **Language** |
|---------|--------------|

| **15.** | **Dispute                Resolution** |
|---------|---------------------------------------|

*ad      hoc*

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| **16.** | **Governing                Law** |
|---------|----------------------------------|

| **17.** | **Effective                Date** |
|---------|-----------------------------------|

**AS      WITNESS**

**PPF      (CYPRUS) LIMITED**

| By:    |                              | /s/                Vladimir Uhde |   |
|--------|----------------------------------------|----------------------------------|--------|
| Name:  | Mgr.                Vladimír Uhde |                             |
| Title: | Attorney                in Fact        |                             |

**CME      M**
**edia      Enterprises**
**      B.V.**

| By:    |                         | /s/                Petr Kotrlik |   |
|--------|----------------------------------------|---------------------------------|--------|
| Name:  | JUDr.                Petr Kotrlík |                            |
| Title: | Attorney                in Fact        |                            |

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