----

**CONFORMED      COPY**

**PLEDGE      AGREEMENT**

**on**

**SHARES**

**in**

**CENTRAL      EUROPEAN MEDIA ENTERPRISES N.V.**

**Dated      July 21, 2006**

**Central      European Media Enterprises Ltd.**

**European      Bank for Reconstruction and Development**

**Central      European Media Enterprises N.V.**

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**THIS      PLEDGE AGREEMENT**
**Pledge      Agreement**
**Central      European Media Enterprises Ltd.**
**Pledgor**
**European      Bank for Reconstruction and Development**
**Pledgee**
**Central      European Media Enterprises N.V.**
*naamloze      vennootschap*
**Company**

**WHEREAS**
**Loan      Agreement**

**WHEREAS**
**Present**
**Shares**

**WHEREAS**
* *
**Future      Shares**
**Shares**

**NOW      THEREFORE**

----

| **1.** | **Definitions** |
|--------|-----------------|

|   | (a) | an                “**Event                of Default**”:                each Event of Default as defined in article 7 of the Loan Agreement,                as                well as, insofar as not included in that definition, each Event of                Statutory Default; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | an                "**Event                of Statutory Default**":                each event where the Pledgor is in default (*verzuim*),                as defined in Article 6:81 of the NACC, in the performance of one                or more                of the Secured Obligations, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | “**Financing                Agreements**”                shall have the meaning ascribed to it in the Loan                Agreement, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | “**Existing                Right of Pledge**”                means a right of pledge on the Shares created in favour of the Security                Trustee, on the fifth day of May, two thousand and five, pursuant                to the                Indenture; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                “**Indenture**”                means the indenture dated May 5, 2005 between - *inter                alia*                -                the Pledgor and the Security Trustee, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the                “**Right                of Pledge**”:                the right of pledge in respect of the Shares established in this                Pledge                Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the                “**Secured                Obligations**”:                any and all present and future obligations and liabilities (whether                actual                or contingent and whether owed jointly or severally or in any other                capacity whatsoever) of each of the Pledgor, the Company and CME                Media                Enterprises B.V. to pay an amount of money (*tot                voldoening van een geldsom*)                to the Pledgee under the Financing Agreements, each as amended from                time                to time, as well as all payment obligations of the Pledgor to the                Pledgee                under this deed, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the                “**Security                Trustee**”                means JPMorgan Chase Bank, N.A., London Branch, a national banking                association organized under the laws of the State of New York, having                its                specified office at Trinity Tower, 9 Thomas More Street, London E1W                1YT,                United Kingdom, and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                “**Voting                Event**”                means an event on which an Event of Statutory Default has occurred                of                which the Pledgee has given notice to the Pledgor and the                Company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.** | **Right                of Pledge** |
|--------|------------------------------------|

| 2.1 | As                security for the Secured Obligations, the Pledgor hereby agrees to                grant                and hereby grants to the Pledgee a disclosed right of pledge (*openbaar                pandrecht*)                in respect of the Shares, which Right of Pledge the Pledgee agrees                to                accept and hereby so accepts. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | The                Right of Pledge is one and indivisible *(één                en ondeelbaar)*.                The Right of Pledge shall not be affected by one or more but not                all of                the Secured Obligations being discharged or the Secured Obligations                being                amended. The Right of Pledge includes a right of pledge in respect                of all                accessory rights *(afhankelijke                rechten)*                and all ancillary rights *(nevenrechten)*                attached to the Shares. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | The                Pledgor shall, if and when required by the Pledgee, execute such                further                encumbrances and assurances, and do all such acts and things as the                Pledgee may reasonably require over or in relation to the Shares                to                maintain, perfect or protect the security rights created by this                Pledge                Agreement over the Shares, such that this Pledge Agreement will continue                to constitute a right of pledge of the Shares, until payment in full                of                the Secured Obligations or termination of this Pledge Agreement in                accordance with Section 8 of this Pledge                Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | By                co-signing this Pledge Agreement, the Company acknowledges the Right                of                Pledge created by this Pledge Agreement, as provided in article 2:110                and                2:113 of the Netherlands                Antilles Civil Code (“**NACC**”).  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | The                Company shall register in the Company’s shareholders’ register that the                Shares are encumbered with a right of pledge in favor of the                Pledgee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.** | **Voting                rights** |
|--------|----------------------------------|

| 3.1. | The                voting and other consensual rights and similar rights or powers attaching                to the Shares or any part thereof (the “**Voting                Rights**”)                are hereby transferred by the Pledgor to the Pledgee under the condition                precedent (*opschortende                voorwaarde*)                of (i) the occurrence of a Voting Event and (ii) the termination                and/or                release of the Existing Right of Pledge. This conditional transfer                of                Voting Rights was approved by the shareholders meeting of the Company                in a                written resolution adopted outside of a general meeting on the 20th                day of                July, two thousand and six. Until the occurrence of a Voting Event                and                subject to the termination and/or release of the Existing Right of                Pledge,                the Pledgor may exercise any and all such Voting Rights,                save: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that                no such exercise may violate or be inconsistent with the express                terms of                purpose of this Pledge Agreement, the Loan Agreement or the                Indenture; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that                no such exercise may have the effect of impairing the position or                interests of the Pledgee; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | as                set out in Section 3.2 below. |
|--------|-----|-------------------------------------------------|

| 3.2. | Upon                the occurrence of a Voting Event: |
|------|-------------------------------------------------------|

----

|   | (a) | any                and all rights of the Pledgor to exercise the Voting Rights which                it is                entitled to exercise pursuant to Section 3.1 above shall cease                automatically without further notice to the Pledgor being required                and the                Pledgee shall have the sole and exclusive right and authority to                exercise                such Voting Rights and shall be entitled to exercise or refrain from                exercising such rights in such manner as the Pledgee may in its absolute                discretion deem fit; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Pledgee shall immediately be entitled, at any time at its sole discretion,                to effect the resignation of and/or to dismiss the directors of the                Company or any of them, and to appoint new directors of the Company                and                the Pledgor hereby undertakes to do all things and execute all documents                and instruments as may be required by the Pledgee to ensure the                effectiveness of any such resignations, dismissals or                appointments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3. | By                signing this Pledge Agreement, the Company confirms (and the other                parties                agree) that a written notice from the Pledgee to the Company stating                that                a Voting Event has occurred, shall be sufficient for the Company                to accept                the Pledgee as being exclusively entitled to such rights and other                powers                which it is entitled to exercise pursuant to this Section 3 upon                the                occurrence of such a Voting Event and subject to the termination                and/or                release of the Existing Right of                Pledge. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4. | In                addition and without prejudice to the obligations of the Pledgor                pursuant                to the Loan Agreement, each of the Pledgor and the Company agrees                to                notify the Pledgee immediately of any event or circumstance which                could                reasonably be of importance to the Pledgee with a view to the preservation                and exercise of the Pledgee’s rights under or pursuant to this Agreement,                such as (without limitation) the filing of a petition for the bankruptcy                of the Pledgor, the filing of a petition for a moratorium of payments                by                the Pledgor, attachment or garnishment of the Pledgor’s assets, the                termination of any one of the Pledgor’s commercial activities or its                dissolution. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5. | Upon                the occurrence of a Voting Event and subject to the termination and/or                release of the Existing Right of Pledge, the Pledgee shall have the                rights                which the law attributes to holders of depositary receipts, issued                with a                company's co-operation, of shares in its                capital. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6. | During                the term of the Right of Pledge, the foregoing provisions of this                Section                3 with respect to the Voting Rights on the Shares also apply to the                Future                Shares. In addition, the Pledgor and the Pledgee shall, if reasonably                practicable, at the time of or, if not practicable at such time,                as soon                as reasonably practicable, the acquisition of such Future Shares,                arrange                that the attribution of the voting rights attaching thereto shall                be                ratified if that is reasonably deemed necessary, in the Pledgee's                sole                discretion, to enable the Pledgee to exercise such voting rights                upon the                occurrence of the condition precedent as provided in Section 3.1                of this                Pledge Agreement. If such ratification is, at the Pledgee's sole                discretion, not obtained in time, the Pledgor shall fully co-operate                in                the taking of such other reasonable measures relating to such transfer                of                voting rights as are proposed by the                Pledgee. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **4.** | **Authority                to collect** |
|--------|-----------------------------------------|

| 4.1 | The                authority to collect dividends, distributions from reserves, repayments                of                capital and all other distributions and payments in any form, which,                at                any time, during the term of the Right of Pledge, become payable                on any                one or more of the Shares, shall accrue to the Pledgee, as provided                for in                Section 3:246 of the NACC, subject to the termination and/or release                of                the Existing Right of Pledge. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | In                derogation of the provisions of paragraph 1, the Pledgee hereby grants                approval to the Pledgor to collect all dividends, distributions from                reserves, repayments of capital and all other distributions and payments                in any form, which, at any time, during the term of the Right of                Pledge,                become payable on any one or more of the Shares, subject to the                termination and/or release of the Existing Right of                Pledge. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The                Pledgee may terminate the authorization mentioned in paragraph 2                upon                occurrence of an Event of Default only. Termination of the authorization                is made by written statement to that effect, by the Pledgee to the                Pledgor. The Pledgee shall inform the Company of the termination                in                writing. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.** | **Representations                and warranties** |
|--------|---------------------------------------------------|

| 5.1 | The                Pledgor hereby represents and warrants that the following is true                and                correct on the date of this Pledge                Agreement: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | the                Company is a public company with limited liability, legally established                under the laws of the Netherlands Antilles by notarial deed, drawn                up                before Gerard Christoffel Antonius Smeets, civil law notary officiating                in                Curaçao, on the fourteenth day of July nineteen hundred and                ninety-four.                A                copy of the present articles of association is attached to this Pledge                Agreement (Annex                I).                The Company is currently registered with the commercial register                of the                Chamber of Commerce and Industries of Curaçao under number 67248 (O). A                copy of the extract from the commercial register is attached to this                Pledge Agreement (Annex                II); |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | the                Company has not been dissolved, and no resolution has been adopted                to                dissolve the Company, nor has any request therefore been filed, nor                has                any notice by the Chamber of Commerce, as described in Section 2:25                of the                NACC, been received. The Company has not been declared bankrupt nor                has a                suspension of payment been declared, nor have any requests thereto                been                filed; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | the                shareholders' register is accurate and completely up to date. A copy                of                the shareholders' register is attached to this Pledge Agreement                (Annex                III); |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | d. | the                entire issued share capital of the Company consists of sixty-one                (61)                ordinary shares; all of the issued shares are fully paid-up; the                Company                has not granted any rights to subscribe for shares in its capital                which                have not yet been exercised; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | the                Pledgor has a complete and unencumbered right to the Shares, with                the                exception of the Existing Right of                Pledge; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | the                Shares are not subject to either (limited) rights or obligations                to                transfer to third parties or claims based on contracts of any nature                and                have not been encumbered with any attachments, except for the Existing                Right of Pledge; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | the                Pledgor is authorized to establish the Right of                Pledge; |
|--------|----|-------------------------------------------------------------------------------------------|

|   | h. | all                resolutions and approvals, required for establishing the Right of                Pledge,                have been adopted and received                respectively; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | the                obligations of the Pledgor and the Company vis-à-vis the Pledgee,                resulting from the Loan Agreement, the other Financing Agreements                and this                Pledge Agreement respectively, are lawful obligations of the Pledgor                and                the Company respectively and are legally enforceable against the                Pledgor                and the Company respectively; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j. | the                assumption and performance by the Pledgor and the Company respectively                of                the obligations vis-à-vis the Pledgee resulting from the Loan Agreement,                the other Financing Agreements and this Pledge Agreement are not                contrary                to any provision of applicable law or any agreement to which the                Pledgor                or the Company is a party, or by which the Pledgor or the Company                is bound                in any other way; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | l. | the                Pledgor has provided the Pledgee with all information and data with                respect to the Shares which the Pledgor reasonably believes to be                of                importance for the Pledgee; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2. | Furthermore,                  the Pledgor hereby declares: |
|------|------------------------------------------------------------|

|   | - | as                  for the numbers 1 through 60, pursuant to the notarial deed of                  incorporation, drawn                  up before Gerard Christoffel Antonius Smeets, civil law notary                  officiating                  in Curaçao, on the fourteenth day of July nineteen hundred and                  ninety-four. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | as                  for the number 61, pursuant to the issuance of one share on the                  nineteenth                  day of September nineteen hundred and                  ninety-four. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.** | **Undertakings                by the Pledgor** |
|--------|------------------------------------------------|

| 6.1. | During                the term of the Right of Pledge, the Pledgor shall not alienate,                pledge or                in any other way encumber the Shares or the (depositary receipts                for)                shares and rights to acquire (depositary receipts for) shares in                the                capital of the Company without the prior written consent of the Pledgee,                except for an encumbrance permitted in accordance with the provisions                of                the Loan Agreement. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2. | The                Pledgor shall as far as possible and with due                regard to the Existing Right of Pledge                provide that the (depositary receipts for) shares and rights to acquire                (depositary receipts for) shares in the capital of the Company he                acquires                after execution of this Pledge Agreement shall be pledgeable, and                that the                transferability thereof shall not be more cumbersome than the                transferability of the Shares.  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.3. | Whenever                the Pledgor is aware that the Company is involved in the preparation                of a                legal merger or demerger as a result of which the Company would cease                to                exist, the Pledgor shall inform the Pledgee thereof in writing                immediately. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4. | Whenever                the Pledgor is aware that actions have been taken for the winding-up,                dissolution, administration, bankruptcy, suspension of payments or                reorganization of the Company, the Pledgor shall inform the Pledgee                thereof in writing immediately. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.** | **Exercise                of the Right of Pledge** |
|--------|----------------------------------------------------|

| 7.1. | Upon                the occurrence of an Event of Statutory Default, the Pledgee has,                with due                regard to the relevant provisions of the Existing Right of Pledge,                the                right to exercise all rights and powers which the Pledgee has under                the                laws of the Netherlands Antilles as holder of a right of pledge over                the                Shares and                the Pledgee shall be authorized to sell the Shares or part thereof,                in                accordance with Section 3:248 of the NACC, without prejudice to the                provision of Section 3:251 of the NACC, in order to recover the proceeds                thereof. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | In                the event the Pledgee enforces the Right of Pledge, the Pledgee shall,                with due regard to the relevant provisions of the Existing Right                of                Pledge, following payment of the execution costs from the proceeds,                allocate the net proceeds to fulfill the Secured                Obligations. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | The                Pledgee does not bear the obligations referred to in Sections 3:249                and                3:252 of the NACC towards others than the                Pledgor. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.** | **Termination** |
|--------|-----------------|

| 8.1 | The                Pledgee is entitled to terminate (*opzeggen*)                in whole or in part the Right of Pledge as referred to in Article                3:81(2)                sub (d) of the NACC. Notice of termination must be given in writing                by the                Pledgee to the Pledgor and the                Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | The                Right of Pledge shall terminate by operation of law upon the payment                and                satisfaction in full of all Secured Obligations. In that event, the                Pledgee shall evidence such termination in accordance with the Loan                Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9.** | **Costs** |
|--------|-----------|

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| **10.** | **Notices** |
|---------|-------------|

| 10.1 | Any                notices or other communication under or in connection with this Pledge                Agreement shall be in writing in the English language and shall be                delivered personally or by registered mail or fax. Proof of posting                shall                be deemed to be proof of receipt: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in                the case of hand delivery: on the day the notice is received by                recipient; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (ii) | in                the case of a registered letter: on the third business day after                posting;                or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in                the case of a fax transmission: upon receipt of fax                confirmation. |
|--------|-------|----------------------------------------------------------------------------------------------------|

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| 10.2 | As                to the existence and composition of the Secured Obligations, a written                statement by the Pledgee made in accordance with his books shall                constitute full proof, subject to proof to the contrary, it being                understood that in the event of a disagreement with respect thereto,                the                Pledgee shall be authorized to exercise his right of execution, with                due                observance of the obligation of the Pledgee to pay over all amounts                which                afterwards would appear to be received by him in excess of his rights                and                with                due regard to the relevant provisions of the Existing Right of                Pledge. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **11.** | **Rescission** |
|---------|----------------|

| **12.** | **Governing                Law and Submission to                Jurisdiction** |
|---------|--------------------------------------------------------------------------------|

| 12.1 | The                provisions of this Pledge Agreement and the Right                of Pledge                created hereby, are governed by, and shall be construed in accordance                with, the laws of the Netherlands                Antilles. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Any                dispute, controversy or claim arising out of or relating to this                Pledge                Agreement, 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 LCIA. The seat and place of arbitration shall                be                London, England and the English language shall be used throughout                the                arbitral proceedings. The parties to this Pledge Agreement hereby                waive                any rights under the Arbitration Act 1996 or otherwise to appeal                any                arbitration award to, or to seek 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 Pledgor and the Company agree                that                they shall not seek from any judicial authority, any interim measures                of                protection or pre-award relief against the Pledgee, any provisions                of the                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 Pledgee                (but                no other party) insofar as such dispute arises out of this Pledge                Agreement or any other Financing Agreement, but, subject to the foregoing,                no other parties or other disputes shall be included in, or consolidated                with, the arbitral proceedings. In any arbitral proceeding, the                certificate of the Pledgee as to any amount due to the Pledgee under                this                deed or any Financing Agreement shall be *prima                facie*                evidence of such amount unless the findings in such certificate involve                manifest error. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.3 | Notwithstanding                  Section 12.2, this Pledge Agreement and any other Financing Agreement,                  and                  any rights of the Pledgee arising out of or relating to this Pledge                  Agreement or any other Financing Agreement, may, at the option                  of the                  Pledgee, be enforced by the Pledgee in the courts of the Netherlands                  Antilles, Bermuda or England or in any other courts having jurisdiction.                  For the benefit of the Pledgee, the Pledgor and the Company hereby                  irrevocably submit 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 Pledge Agreement or any other Financing Agreement,                  or                  the breach, termination or invalidity hereof or thereof. Each of                  the                  Pledgor and the Company hereby irrevocably designate, appoint and                  empower                  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                  Pledgee in respect of this Pledge Agreemewnt or any Financing Agreement.                  The Pledgor and the Company hereby irrevocably consent 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. The Pledgor and the Company covenant and agree that, so                  long as                  they have any obligations under this Pledge Agreement, they 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 Pledgee in respect of this Pledge Agreement or any Financing                  Agreement and shall keep the Pledgee advised of the identity and                  location                  of such agent. Nothing herein shall affect the right of the Pledgee                  to                  commence legal actions or proceedings against the Pledgor or the                  Company                  in any manner authorised by the laws of any relevant jurisdiction.                  The                  commencement by the Pledgee of legal actions or proceedings in                  one or more                  jurisdictions shall not preclude the Pledgee from commencing legal                  actions                  or proceedings in any other jurisdiction, whether concurrently                  or not. The                  Pledgor and the Company irrevocably waive any objection they may                  now or                  hereafter have on any grounds whatsoever to the laying of venue                  of any                  legal action or proceeding and any claim they may now or hereafter                  have                  that any such legal action or proceeding has been brought in an                  inconvenient forum. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4 | The                  Pledgor and the Company agree to the provisions of Section 12.2                  and 12.3                  solely because the counterparty to this Pledge Agreement as at                  the date                  hereof is the Pledgee. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.5 | For                the avoidance of doubt, no provision in Section 12.2, 12.3 and 12.4,                can                be interpreted as being a provision as referred to in article 3:248                paragraph 2 of the Netherlands Antilles Civil Code. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **13.** | **Amendment                of this Pledge Agreement** |
|---------|-------------------------------------------------------|

| **14.** | **Severability** |
|---------|------------------|

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| **14.** | **Counterparts** |
|---------|------------------|

*The      signatures follow on the next page. *

*The      remainder of this page is intentionally left blank.*

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**Central      European Media Enterprises Ltd.**

| /s/                Michael Garin |                                   |
|----------------------------------|----------------------------------------|
| By:                              | Michael                Garin           |   |
| Its:                             | Chief                Executive Officer |   |

**European      Bank for Reconstruction and Development**

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

**Central      European Media Enterprises N.V.**

| /s/                Mark Wyllie |                             |
|--------------------------------|----------------------------------|
| By:                            | Mark                Wyllie       |   |
| Its:                           | Managing                Director |   |

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**Annex      I**

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**Annex      II**

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**Annex      III**

----