----

**CONTRACT      ASSIGNMENT**

**CME      MEDIA ENTERPRISES B.V.**

**CENTRAL      EUROPEAN MEDIA ENTERPRISES LTD.**

**EUROPEAN      BANK**

**FOR      RECONSTRUCTION AND DEVELOPMENT**

----

**INDEX**

| **Clause**                                                     |                                          | **Page** |
|----------------------------------------------------------------|-----------------------------------------------|----------|
| 1.                                                             | Interpretation                                | 3        |
| 2.                                                             | Assignment                                    | 5        |
| 3.                                                             | Preservation                Of Security       | 7        |
| 4.                                                             | Representations                And Warranties | 7        |
| 5.                                                             | Encumbrances                And Disposals     | 8        |
| 6.                                                             | Undertakings                                  | 8        |
| 7.                                                             | Enforcement                Of Security        | 8        |
| 8.                                                             | Receiver                                      | 9        |
| 9.                                                             | Application                Of Proceeds        | 9        |
| 10.                                                            | Power                Of Attorney              | 10       |
| 11.                                                            | Waivers                and Remedies           | 10       |
| 12.                                                            | Changes                to the Parties         | 11       |
| 13.                                                            | Severability                                  | 11       |
| 14.                                                            | Costs                and Expenses             | 11       |
| 15.                                                            | Counterparts                                  | 11       |
| 16.                                                            | Release                                       | 11       |
| 17.                                                            | English                Language               | 12       |
| 18.                                                            | Notices                                       | 12       |
| 19.                                                            | Privileges                and Immunities      | 13       |
| 20.                                                            | Waiver                of Sovereign Immunity   | 13       |
| 21.                                                            | Governing                Law                  | 13       |
| 22.                                                            | Jurisdiction                                  | 13       |
| SCHEDULE                1 Form of Notice of Assignment         | 18                                            |
| SCHEDULE                2 Form of Acknowledgment of Assignment | 21                                            |

----

**THIS      CONTRACT ASSIGNMENT**
**Assignment**

**BETWEEN**

| (1) | **CME                MEDIA ENTERPRISES B.V.,**a                company organized under the laws of the Netherlands, and having its                registered office at Dam 5B, 1012 JS Amsterdam, the Netherlands                ("**CME                ME**"); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | **CENTRAL                EUROPEAN MEDIA ENTERPRISES LTD.,**a                company incorporated under the laws of Bermuda, and** **having                its registered office at Clarendon House, 2 Church Street, Hamilton,                HM 11                Bermuda ("**CME                Ltd**");                and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | **EUROPEAN                BANK FOR RECONSTRUCTION AND DEVELOPMENT** **(**the                "**Assignee**"). |
|-----|-------------------------------------------------------------------------------------------------------------------|

**Party**
**Parties**

**BACKGROUND**

| (A) | Each                Assignor (as such term is defined below) is entering into this Assignment                in connection with the Loan Agreement (as such term is defined                below): |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The                Assignee and each Assignor intend this document to take effect as                a deed                (even though a Party may only execute it under                hand). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **1.** | **INTERPRETATION** |
|--------|--------------------|

| 1.1 | Capitalized                terms not otherwise defined herein shall, unless the context requires                otherwise, bear the meaning ascribed thereto in the Loan                Agreement: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Assigned                Contract**" | means                the Framework Agreement, as amended or supplemented from time to                time; |
|--------|----------------------------------------|------------------------------------------------------------------------------------------------------------|

|   | "**Assigned                Rights**" | means                all present and future rights, title and interest of each Assignor                in,                under and to the Framework Agreement including, without limitation,                the                right of each Assignor to receive all amounts payable under the Framework                Agreement and all present and future claims, causes of action, payments                and proceeds in respect thereof, whether now or in the future; |
|--------|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Assignors**" | means                CME ME and CME Ltd and "**Assignor**"                means, as appropriate, CME ME or CME                Ltd; |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "**Business                Day**" | means,                in respect of any day, a day on which banks are generally open for                transactions in London and New                York; |
|--------|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Election                Notice**" | has                the meaning given in Schedule 1                hereto; |
|--------|--------------------------------------|---------------------------------------------------------------------------|

|   | "**Event                of Default**" | has                the meaning given in the Loan                Agreement; |
|--------|---------------------------------------|----------------------------------------------------------------------------|

|   | "**Framework                Agreement**" | means                the Framework Agreement among CME ME, CME Ltd and PPF dated December                13,                2004 as amended on May 2, 2005; |
|--------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Loan                Agreement**" | means                the Loan Agreement dated on or about the date hereof between                CME Ltd. and the Assignee; |
|--------|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|

|   | "**PPF**" | means                PPF (Cyprus) Ltd, 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; |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Receiver**" | has                the meaning given in Clause 8                hereof; |
|--------|----------------|-------------------------------------------------------------------------|

|   | "**Secured                Liabilities**" | means                all present and future moneys, debts and liabilities due, owing or                incurred by the Assignors to the Assignee under or in connection                with the                Financing Agreements (in each case, whether alone or jointly, or                jointly                and severally, with any other person, whether actually or contingently                and                whether as principal, surety or                otherwise); |
|--------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Security                Assets**" | means                the Assigned Rights, being the assets the subject of the security                created                hereunder; |
|--------|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Security                Documents**" | has                the meaning given in the Loan                Agreement; |
|--------|-----------------------------------------|----------------------------------------------------------------------------|

|   | "**Security                Interest**" | means                any mortgage, pledge, lien, charge, assignment, hypothecation or                security                interest or any other agreement or arrangement having the effect                of                conferring security; and |
|--------|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Security                Period**" | means                in respect of the Security Assets, the period beginning on the date                hereof                and ending on the date upon which all the Secured Liabilities which                have                arisen have been unconditionally and irrevocably paid and discharged                in                full or the security created hereby has been unconditionally and                irrevocably released and                discharged. |
|--------|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.2 | **Construction** |
|-----|------------------|

|   | (a) | references                to a "person" shall means any individual, firm, company, government,                state                or agency of a state, local or municipal authority, or any joint                venture                association or partnership (whether or not having separate legal                personality), |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | references                to this Assignment, the other Financing Agreements or any other document                referred to herein is a reference to this Assignment, the other Financing                Agreements or such other document as amended, varied, novated or                supplemented at any time, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | references                to Clause and Schedule headings are for ease of reference                only |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (d) | any                reference to the "Assignee" or the "Assignor" shall include its and                any                subsequent successors and any permitted transferees in accordance                with                their respective interests; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | an                amount shall be considered to be "irrevocably paid" if it is not                capable                of being avoided or reduced by virtue of any bankruptcy, insolvency,                liquidation or similar laws. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | **Rights                of Third Parties** |
|-----|--------------------------------------------|

| **2.** | **ASSIGNMENT** |
|--------|----------------|

|   | (a) | As                a continuing security for the payment, discharge and performance                of all                the Secured Liabilities, at any time owed or due to the Assignee,                each                Assignor unconditionally and irrevocably assigns and agrees to assign                absolutely with full title guarantee (save for those security interests                already created and existing and notified to the Assignee), its rights,                title and interest in respect of the Security Assets to and in favour                of                the Assignee; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The                Assignors and the Assignee shall forthwith give notice of the assignment,                to be effected in accordance with Clause 2(a),                of the Assignors’ rights, title and interest in and to the Security Assets                by: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | sending                a notice of assignment to PPF substantially in the form set out in                Schedule                1                with such amendments as the Assignee may agree;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                Assignors using their best endeavours to procure that PPF acknowledges                the                notice of assignment substantially in the form set out in Schedule                2                with such amendments as the Assignee may                agree. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each                Assignor shall promptly execute all documents and do all things and                take                whatever action the Assignee or a Receiver may reasonably require                to: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | perfect                or protect the Security Interest created by this Assignment;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (ii) | facilitate                the realisation of any Security Asset or the exercise of any right,                power                or discretion exercisable by the Assignee or any Receiver or any                of its or                their delegates or sub-delegates in respect of any Security                Asset, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Notwithstanding                anything contained herein: |
|--------|-----|-----------------------------------------------------------|

|   | (i) | the                Assignors shall remain liable under the Assigned Contract to perform                all                the obligations assumed by them thereunder;                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                Assignee shall not be under any obligations or liability under the                Assigned Contract, other than in connection with exercising its rights                thereunder or be liable to make any payment                thereunder. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                Parties agree that at any time other than when an Event of Default                has                occurred and is continuing, the Assignors shall be permitted to exercise                each of the Assigned Rights without                restriction. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **3.** | **PRESERVATION                OF SECURITY** |
|--------|---------------------------------------------|

| 3.1 | **Continuing                security** |
|-----|----------------------------------------|

| 3.2 | **Additional                security** |
|-----|----------------------------------------|

| **4.** | **REPRESENTATIONS                AND WARRANTIES** |
|--------|---------------------------------------------------|

| 4.1 | **Representations                and warranties** |
|-----|---------------------------------------------------|

| 4.2 | **Powers                and authority** |
|-----|-----------------------------------------|

| 4.3 | **Legal                validity** |
|-----|-----------------------------------|

| 4.4 | **Consents** |
|-----|--------------|

| 4.5 | **No                Conflict** |
|-----|--------------------------------|

|   | (a) | conflict                with any law or regulation or judicial or official order; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | conflict                with its constitutional documents;                or |
|--------|-----|------------------------------------------------------------------------------|

|   | (c) | conflict                with any document which is binding upon it or its                assets. |
|--------|-----|--------------------------------------------------------------------------------------------------|

----

| **5.** | **ENCUMBRANCES                AND DISPOSALS** |
|--------|-----------------------------------------------|

|   | (a) | create                or permit to subsist any Security Interest upon all or any part of                the                Security Assets other than the security created hereunder;                or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | assign,                transfer or otherwise dispose of the Assigned Contract except in                circumstances contemplated in the Assigned                Contract. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.** | **UNDERTAKINGS** |
|--------|------------------|

|   | (a) | it                shall not do or permit to be done anything which would materially                prejudice the rights of the Assignee in the Security Assets (except                as                expressly contemplated in the Assigned Contract);                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it                shall not vary or amend any material provisions of the Assigned Contract                in any way that is materially adverse to the interests of the Assignee                pursuant to this Assignment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.** | **ENFORCEMENT                OF SECURITY** |
|--------|--------------------------------------------|

| 7.1 | **Enforcement** |
|-----|-----------------|

|   | (a) | to                take possession of, get in and collect the Security Assets, and to                require                payment to it of any revenues deriving                therefrom; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                recover and collect all receivables and to give a good receipt therefor                on                behalf of each of the Assignors; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to                perform or vary any of the Assigned Rights and/or rights under the                Assigned Contract; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | subject                to the terms of the Assigned Contract, to assign any part or all                of the                Security Assets to any person on such terms as the Assignee considers                appropriate; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to                settle, adjust, refer to arbitration, compromise and arrange any                claims,                accounts, disputes, questions and demands with or by any person who                is or                claims to be a creditor of either Assignor or relating to the Assigned                Rights and/or the Assigned                Contract; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | to                bring, prosecute, enforce, defend and abandon actions, suits and                proceedings in relation to the Assigned Rights and/or the Assigned                Contract; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | to                set-off any moneys comprised in the Security Assets against such                or any of                the Secured Liabilities. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | **Acknowledgment** |
|-----|--------------------|

| **8.** | **RECEIVER** |
|--------|--------------|

|   | (a) | In                addition to the powers conferred above, at any time when the security                hereby created is enforceable the Assignee may appoint in writing                a                receiver or a receiver and manager (a "**Receiver**")                of all or any part of the Security Assets and remove any Receiver                so                appointed and appoint another in his place and may from time to time                fix                the remuneration of any such                Receiver. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Assignee may by instrument in writing delegate to any such Receiver                all or                any of the rights, powers and discretions vested in it by this                Assignment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Such                Receiver shall be the agent of the Assignor but notwithstanding this                position, as between the Assignors and the Assignee, the Assignee                shall be                responsible for his acts and defaults and be liable on any contracts                made                by him, save to the extent that the Assignors would be responsible                pursuant to the Loan Agreement for such acts or defaults if performed                by                the Assignee or be liable on any such contracts if made by the                Assignee. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.** | **APPLICATION                OF PROCEEDS** |
|--------|--------------------------------------------|

----

|   | (a) | in                satisfaction of, or provision for, all costs and expenses incurred                by the                Assignee or any Receiver (including but not limited to costs and                expenses                incurred by the Assignee or any Receiver in the course of exercising                any                rights hereunder) and of all remuneration due to any Receiver under                this                Assignment; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in                or towards payment of the Secured Liabilities or such part of them                as is                then due and payable; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | subject                to the terms of the Loan Agreement, in payment of the surplus (if                any) to                the Assignor entitled to it. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **10.** | **POWER                OF ATTORNEY** |
|---------|--------------------------------------|

|   | (a) | Each                Assignor hereby by way of security for the ultimate balance of the                Secured                Liabilities irrevocably appoints the Assignee and any Receiver appointed                by the Assignee jointly or severally as its attorney(s) on its behalf                and                in its name to exercise the rights (to the extent that such rights                are                enforceable at the relevant time) conferred on the Assignee pursuant                to                this Assignment in relation to the Security                Assets. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                Assignee may, at any time when an Event of Default is continuing                which has                not been waived by the Assignee: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | ask,                require, demand, receive and give acquittance for any sum forming                part of                the Security Assets; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | endorse                any cheques or other instruments or orders in connection therewith;                and |
|--------|------|---------------------------------------------------------------------------------------------------------------|

|   | (iii) | make                any claims or take any action or institute any proceedings which                may be                necessary or advisable to protect the interests of the Assignee in                all or                any part of the Security Assets. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **11.** | **WAIVERS                AND REMEDIES CUMULATIVE** |
|---------|----------------------------------------------------|

|   | (a) | may                be exercised as often as necessary; |
|--------|-----|--------------------------------------------------------|

|   | (b) | are                cumulative and are not exclusive of its rights under general law;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (c) | may                be waived only in writing and                specifically. |
|--------|-----|-------------------------------------------------------------------------------|

----

| **12.** | **CHANGES                TO THE PARTIES**** ** |
|---------|-----------------------------------------------------|

| **13.** | **SEVERABILITY** |
|---------|------------------|

|   | (a) | the                validity, legality or enforceability in that jurisdiction of any                other                provision of this Assignment; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                validity, legality or enforceability in other jurisdictions of that                or any                other provision of this Assignment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **14.** | **COSTS                AND EXPENSES** |
|---------|---------------------------------------|

| **15.** | **COUNTERPARTS** |
|---------|------------------|

| **16.** | **RELEASE** |
|---------|-------------|

----

| **17.** | **ENGLISH                LANGUAGE** |
|---------|-------------------------------------|

| **18.** | **NOTICES** |
|---------|-------------|

|   | Attn: | Managing                Director |
|--------|-------|----------------------------------|

|   | Fax: | +31                20 423 1404 |
|--------|------|--------------------------------|

|   | Attn: | General                Counsel |
|--------|-------|--------------------------------|

|   | Fax: | +44                207 430 5403 |
|--------|------|---------------------------------|

|   | Attn: | General                Counsel |
|--------|-------|--------------------------------|

|   | Fax: | +44                207 430 5403 |
|--------|------|---------------------------------|

----

|   | Attn: | Operation                Administration Unit |
|--------|-------|----------------------------------------------|

|   | Fax: | +44-20-7338-6100 |
|--------|------|------------------|

| **19.** | **PRIVILEGES                AND IMMUNITIES** |
|---------|----------------------------------------------|

| **20.** | **WAIVER                OF SOVERIGN IMMUNITY** |
|---------|------------------------------------------------|

| **21.** | **GOVERNING                LAW** |
|---------|----------------------------------|

| **22.** | **JURISDICTION** |
|---------|------------------|

----

|   | (a) | Any                dispute, controversy or claim arising out of or relating to this                Assignment, or the breach, termination or invalidity hereof, shall                be                settled by arbitration in accordance with the UNCITRAL Arbitration                Rules                as at present in force. There shall be one arbitrator and the appointing                authority shall be the London Court of International Arbitration.                The seat                and place of arbitration shall be London, England and the English                language                shall be used throughout the arbitral proceedings. The Parties hereby                waive any rights under the Arbitration Act 1996 or otherwise to appeal                any                arbitration award to, or to seek a determination of a preliminary                point of                law by, the courts of England. The arbitral tribunal shall not be                authorised to take or provide, and the Assignors agree that it shall                not                seek from any judicial authority, any interim measures of protection                or                pre-award relief against the Assignee, any provisions of UNCITRAL                Arbitration Rules notwithstanding. The arbitral tribunal shall have                authority to consider and include in any proceeding, decision or                award any                further dispute properly brought before it by the Assignee (but no                other                party) insofar as such dispute arises out of any Financing Agreement,                but,                subject to the foregoing, no other parties or other disputes shall                be                included in, or consolidated with, the arbitral proceedings. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                Clause 22(a), this Assignment and the other Financing Agreements,                and any                rights of the Assignee arising out of or relating to this Assignment                or                any other Financing Agreement, may, at the option of the Assignee,                be                enforced by the Assignee in the courts of Netherlands, Bermuda, or                England                or in any other courts having jurisdiction. For the benefit of the                Assignee, each Assignor hereby irrevocably submits to the non-exclusive                jurisdiction of the courts of England with respect to any dispute,                controversy or claim arising out of or relating to this Assignment                or any                other Financing Agreement, or the breach, termination or invalidity                hereof                or thereof. Each Assignor hereby irrevocably designates, appoints                and                empowers CME Development Corp. at its registered office (being, on                the                date hereof, at Aldwych House, 81 Aldwych, London WC2B 4HN, England)                to                act as its authorised agent to receive service of process and any                other                legal summons in England for purposes of any legal action or proceeding                brought by the Assignee in respect of any Financing Agreement. Each                Assignor hereby irrevocably consents to the service of process or                any                other legal summons out of such courts by mailing copies thereof                by                registered airmail postage prepaid to its address specified herein.                Each                Assignor covenants and agrees that, so long as it has any obligations                under this Assignment, it shall maintain a duly appointed agent to                receive                service of process and any other legal summons in England for purposes                of                any legal action or proceeding brought by the Assignee in respect                of any                Financing Agreement and shall keep the Assignee advised of the identity                and location of such agent. Nothing herein shall affect the right                of the                Assignee to commence legal actions or proceedings against the Assignors                in                any manner authorised by the laws of any relevant jurisdiction. The                commencement by the Assignee of legal actions or proceedings in one                or                more jurisdictions shall not preclude the Assignee from commencing                legal                actions or proceedings in any other jurisdiction, whether concurrently                or                not. Each Assignor irrevocably waives any objection it may now or                hereafter have on any grounds whatsoever to the laying of venue of                any                legal action or proceeding and any claim it may now or hereafter                have that                any such legal action or proceeding has been brought in an inconvenient                forum. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Assignors agree to the provisions of this Clause 22 solely because                the                counterparty to this Agreement as at the date hereof is the                Assignee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**IN      WITNESS WHEREOF,**

**EXECUTED      as a Deed **

**CME      MEDIA ENTERPRISES B.V.**

| By:    | /s/                Alphons van Spaendonck     |   |
|--------|-----------------------------------------------|--------|
|   |                                          |   |
|   | Name:                Alphons van Spaendonck   |   |
|   | Title:                 Managing Director |   |

| By:    | /s/                Henk van Wijlen                   |   |
|--------|------------------------------------------------------|--------|
|   |                                                 |   |
|   | Name:                Pan-Invest,                B.V. |   |
|   | Title:                Managing Director              |   |

----

**THE      COMMON SEAL OF**

**CENTRAL      EUROPEAN MEDIA ENTERPRISES LTD.**

| By:    | /s/                Michael Garin              |   |
|--------|-----------------------------------------------|--------|
|   |                                          |   |
|   | Name:                Michael Garin            |   |
|   | Title:                Chief Executive Officer |   |

----

**EXECUTED      as a Deed **

**EUROPEAN      BANK FOR RECONSTRUCTION AND DEVELOPMENT**

| By:    | /s/                David Cooper                                                        |   |
|--------|----------------------------------------------------------------------------------------|--------|
|   |                                                                                   |   |
|   | Name:                David Cooper                                                      |   |
|   | Title:                Acting Director - Telecoms, Informatics and                Media |

----

**SCHEDULE      1**

**Form      of Notice of Assignment**
** **

| From: | CME                MEDIA ENTERPRISES B.V.; and |
|-------|------------------------------------------------|

**Assignors**

**Assignee**

| To: | PPF                (CYPRUS) LTD |
|-----|---------------------------------|

**NOTICE      OF ASSIGNMENT OF FRAMEWORK AGREEMENT (the "Contract")**

**Assignment**
**Prior      Assignment**
**Security      Trustee**

| (1) | The                Assignors continue to be solely responsible to you for the performance                of                their obligations under the Contract and the Assignee shall not be                under                any obligation or liability under the Contract by reason of the Assignment                or anything arising therefrom. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | From                the date hereof you should perform all of your obligations under                the                Contract (including the making of any payments pursuant to the Contract)                in accordance with these                instructions. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                Assignee has agreed that until such time when the Assignee has delivered                to you written notice of its election to exercise the Assignors’ rights                under the Contract (an "**Election                Notice**"): |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | you                should continue to pay to the Assignors any sums which you may become                obliged to pay to each of them under the                Contract, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each                Assignor shall remain entitled to exercise all of its rights, powers                and                discretions relating to the Contract without any restriction and                without                the consent of the Assignee, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each                Assignor shall remain entitled to deal with you in respect of any                provision of the Contract or give consent relating to any provision                of the                Contract without the prior consent of the Assignee;                and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | you                should continue to give notices in relation to the Contract to the                Assignors. |
|--------|------|-----------------------------------------------------------------------------------------------------------------|

| (4) | The                Assignors instruct you, at any time after the Assignee has delivered                to                you an Election Notice, to comply with any payment or other instructions                contained therein or in any subsequent written notice to you from                the                Assignee, including without limitation any instruction to pay to                such                account as the Assignee may nominate the full amount of any sums                which you                may become obliged to pay to the Assignors under the Contract, provided                always that any such instructions do not exceed the rights of the                Assignors pursuant to the Contract. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Save                as set out above, the Assignment does not affect your rights or                obligations under the Contract. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | Attention: | Operation                Administration Unit |
|--------|------------|----------------------------------------------|

|   | Fax: | +44-20-7338-6100 |
|--------|------|------------------|

|   |   |
|--------|--------|

----

|   |   |
|--------|--------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

----

**SCHEDULE      2**

**Form      of Acknowledgment of Assignment**

| From: | PPF                (CYPRUS) LTD |
|-------|---------------------------------|

| To: | EUROPEAN                BANK FOR RECONSTRUCTION AND DEVELOPMENT (the "**Assignee**") |
|-----|--------------------------------------------------------------------------------------|

| Copy: | CME                MEDIA ENTERPRISES B.V. and |
|-------|-----------------------------------------------|

**ACKNOWLEDGMENT      OF NOTICE OF ASSIGNMENT OF FRAMEWORK AGREEMENT**

**Notice      of Assignment**

|   |   |
|--------|--------|

----