----

----

| Clause | Page |
|--------|------|

| 1.                                 | DEFINITIONS      AND INTERPRETATION        | 1      |
|------------------------------------|--------------------------------------------|--------|
|                               |                                       |   |
| 2.                                 | RESTATEMENT      OF THE ORIGINAL AGREEMENT | 2      |
|                               |                                       |   |
| 3.                                 | FURTHER      ASSURANCE                     | 2      |
|                               |                                       |   |
| 4.                                 | MISCELLANEOUS                              | 2      |
|                               |                                       |   |
| 5.                                 | GOVERNING      LAW                         | 3      |
|                               |                                       |   |
| SCHEDULE      1 RESTATED AGREEMENT | 1                                          |

----

| (A) | CENTRAL EUROPEAN MEDIA      ENTERPRISES LTD., a company established under the laws of Bermuda      (the “Company”); |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (B) | CENTRAL EUROPEAN MEDIA      ENTERPRISES N.V. a company established under the laws of      Netherlands Antilles (“CME    N.V.”); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | CME MEDIA ENTERPRISES      B.V. a company established under the laws of the Netherlands      (“CME      B.V.”); |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (D) | THE BANK OF NEW YORK MELLON      (formerly JPMORGAN      CHASE BANK N.A., LONDON BRANCH) (acting in its      capacity as Trustee and Security Trustee under the 2005 Indenture) (the      “2005      Trustee”); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | EUROPEAN BANK FOR      RECONSTRUCTION AND DEVELOPMENT (“EBRD”);    and |
|-----|------------------------------------------------------------------------------------|

| (F) | BNY CORPORATE TRUSTEE SERVICES      LIMITED acting in its capacity as Trustee and THE BANK OF NEW YORK MELLON      (formerly THE BANK      OF NEW YORK) acting is its capacity as Security Trustee under the      2007 Indenture (together, the “2007      Trustee”); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (G) | THE BANK OF NEW YORK MELLON      (formerly THE BANK      OF NEW YORK) (acting in its capacity as Trustee and Security      Trustee under the 2008 Indenture) (the “2008 Trustee”);      and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (H) | THE BANK OF NEW YORK MELLON,      acting through its London branch (acting in its      capacity as Note Trustee under the 2009 Indenture) and  THE LAW DEBENTURE TRUST      CORPORATION p.l.c. (acting in its capacity as Security Trustee      under the 2009 Indenture) (together, where the context permits the “2009      Trustee”); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

| 1.2 | Incorporation of defined      terms |
|-----|-------------------------------------|

|   | (a) | Unless      a contrary indication appears, a term defined in the draft Restated      Agreement attached as Schedule 1 to this Deed has the same meaning in this      Deed. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      principles of construction set out in the draft Restated Agreement      attached as Schedule 1 to this Deed shall have effect as if set out in      this Deed. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Clauses |
|-----|---------|

| 2. | RESTATEMENT OF THE ORIGINAL      AGREEMENT |
|----|--------------------------------------------|

| 3. | FURTHER      ASSURANCE |
|----|------------------------|

| 4. | MISCELLANEOUS |
|----|---------------|

| 4.1 | Incorporation of      terms |
|-----|-----------------------------|

----

| 4.2 | Counterparts |
|-----|--------------|

| 5. | GOVERNING      LAW |
|----|--------------------|

----

----

----

| ARTICLE      1 - DEFINITIONS                 | 3                  |
|----------------------------------------------|--------------------|
|                                         | Section      1.01. | Definitions | 3 |
|                                         | Section      1.02. | Interpretation | 7 |
|                                         | Section      1.03. | Effect      as a Deed | 8 |
|                                         |               |   |   |
| ARTICLE      2 - CONSENT AND ACKNOWLEDGEMENT | 8                  |
|                                         | Section      2.01. | Consent      and Acknowledgement | 8 |
|                                         |               |   |   |
| ARTICLE      3 - SHARING AND ENFORCEMENT     | 8                  |
|                                         | Section      3.01. | Application      of Distribution Moneys | 8 |
|                                         | Section      3.02. | Notional      Conversion of Amounts | 9 |
|                                         | Section      3.03. | Trust | 9 |
|                                         | Section      3.04. | Enforcement      of Security | 10 |
|                                         |               |   |   |
| ARTICLE      4 - MISCELLANEOUS               | 13                 |
|                                         | Section      4.01. | Term      of Agreement | 13 |
|                                         | Section      4.02. | Entire      Agreement; Amendment and Waiver | 13 |
|                                         | Section      4.03. | Notices | 13 |
|                                         | Section      4.04. | Governing      Law and Arbitration | 14 |
|                                         | Section      4.05. | Successors      and Assigns; Third Party Rights | 14 |
|                                         | Section      4.06. | Counterparts | 14 |

----

----

----

| Section    1.01 | Definitions |
|-----------------|-------------|

| “2005 Notes” | means      the outstanding debt securities issued under the 2005      Indenture. |
|--------------------------|----------------------------------------------------------------------------------|

| “2005      Notes Creditor” | means      each holder of the 2005 Notes and the 2005 Trustee (on its own behalf and      as applicable on behalf of the holders of the 2005  Notes). |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2005      Notes Debt” | means      all Liabilities of any Obligor to any 2005 Notes Creditor under or in      connection with the 2005 Notes Finance  Documents. |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| “2005      Notes Discharge Date” | means      the date on which the 2005 Trustee is satisfied that all of the 2005 Notes      Debt has been irrevocably and unconditionally paid and discharged and all      rights of the Company to create and issue further 2005 Notes under the      2005 Indenture have been cancelled. |
|----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2005      Notes Finance Documents” | means      the 2005 Indenture and the 2005 Notes Security  Documents. |
|-------------------------------------------------|-----------------------------------------------------------------------|

| “2005      Notes Security” | means      the “Collateral” as such term is defined in Section 11.1 of the 2005      Indenture. |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------|

| “2005      Notes Security Documents” | means      the “Security Documents” as such term is defined in Section 11.1 of the      2005 Indenture. |
|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

| “2005      Trustee” | means      The Bank of New York Mellon (formerly JPMORGAN CHASE BANK, N.A., London      Branch) as Trustee under the 2005 Indenture and where relevant The Bank of      New York Mellon (formerly JPMORGAN CHASE BANK, N.A., London Branch) as      Security Trustee under the 2005Indenture. |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2007      Notes” | means      the outstanding debt securities issued under the 2007      Indenture. |
|-------------------------------|----------------------------------------------------------------------------------|

| “2007      Notes Creditor” | means      each holder of the 2007 Notes and/or the 2007 Trustee (on its own behalf      and as applicable on behalf of the holders of the 2007    Notes). |
|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| “2007      Notes Debt” | means      all Liabilities of any Obligor to any 2007 Notes Creditor under or in      connection with the 2007 Notes Finance  Documents. |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| “2007      Notes Discharge Date” | means      the date on which the 2007 Trustee is satisfied that all of the 2007 Notes      Debt has been irrevocably and unconditionally paid and discharged and all      rights of the Company to create and issue further 2007 Notes under the      2007 Indenture have been cancelled. |
|----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2007      Notes Finance Documents” | means      the 2007 Indenture and the 2007 Notes Security  Documents. |
|-------------------------------------------------|-----------------------------------------------------------------------|

| “2007      Notes Security” | means      the “Collateral” as such term is defined in Section 11.1 of the 2007      Indenture. |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------|

| “2007      Notes Security Documents” | means      the “Security Documents” as such term is defined in Section 11.1 of the      2007 Indenture, and includes (a) the pledge of shares in CME N.V. granted      on or about the date hereof by the Company in favour of the 2007 Trustee;      (b) the pledge of shares in CME B.V. granted on or about the date hereof      by CME N.V. in favour of the 2007 Trustee; and (c) the security assignment      dated on or about the date hereof between the Company, CME B.V. and the      2007 Trustee and relating to the rights, interests and benefits under the      Framework Agreement dated 13 December, 2004 (as amended) between the      Company, CME B.V. and PPF (Cyprus)Ltd. |
|--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2007      Trustee” | means      BNY Corporate Trustee Services Limited as Trustee under the 2007 Indenture      and where relevant The Bank of New York Mellon (formerly The Bank of New      York) as Security Trustee under the 2007  Indenture. |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2008      Notes” | means      the outstanding convertible debt securities issued under the 2008      Indenture. |
|-------------------------------|----------------------------------------------------------------------------------------------|

| “2008      Notes Creditor” | means      each holder of the 2008 Notes and/or the 2008 Trustee (on its own behalf      and as applicable on behalf of the holders of the 2008    Notes). |
|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2008      Notes Debt” | means      all Liabilities of any Obligor to any 2008 Notes Creditor under or in      connection with the 2008 Notes Finance  Documents. |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| “2008      Notes Discharge Date” | means      the date on which the 2008 Trustee is satisfied that all of the 2008 Notes      Debt has been irrevocably and unconditionally paid and discharged and all      rights of the Company to create and issue further 2008 Notes under the      2008 Indenture have beencancelled. |
|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| “2008      Notes Finance Documents” | means      the 2008 Indenture and the 2008 Notes Security  Documents. |
|-------------------------------------------------|-----------------------------------------------------------------------|

| “2008      Notes Security” | means      the “Collateral” as such term is defined in Section 12.01 of the 2008      Indenture. |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------|

| “2008      Notes Security Documents” | means      the “Security Agreements” as such term is defined in Section 12.01 of the      2008 Indenture, and includes (a) the pledge of shares in CME N.V. granted      on or about the date hereof by the Company in favour of the 2008 Trustee;      (b) the pledge of shares in CME B.V. granted on or about the date hereof      by CME N.V. in favour of the 2008 Trustee; and (c) the security assignment      dated on or about the date hereof between the Company, CME B.V. and the      2008 Trustee and relating to the rights, interests and benefits under the      Framework Agreement dated 13 December, 2004 (as amended) between the      Company, CME B.V. and PPF (Cyprus)Ltd. |
|--------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2008      Trustee” | means      The Bank of New York Mellon (formerly The Bank of New York) as Trustee      under the 2008 Indenture and where relevant as Security Trustee under the      2008 Indenture. |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2009      Notes” | means      the outstanding debt securities issued under the 2009      Indenture. |
|-------------------------------|----------------------------------------------------------------------------------|

| “2009      Notes Creditor” | means      each holder of the 2009 Notes and/or the 2009 Note Trustee (on its own      behalf and as applicable on behalf of the holders of the 2009 Notes)      and/or the 2009 Security Trustee (on its own behalf and as applicable on      behalf of the holders of the 2009Notes). |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2009      Notes Debt” | means      all Liabilities of any Obligor to any 2009 Notes Creditor under or in      connection with the 2009 Notes Finance  Documents. |
|------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| “2009      Notes Discharge Date” | means      the date on which the 2009 Security Trustee (acting on instructions of the      2009 Note Trustee) is satisfied that all of the 2009 Notes Debt has been      irrevocably and unconditionally paid and discharged and all rights of the      Company to create and issue further 2009 Notes under the 2009 Indenture      have been cancelled. |
|----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2009      Notes Finance Documents” | means      the 2009 Indenture and the 2009 Notes Security  Documents. |
|-------------------------------------------------|-----------------------------------------------------------------------|

| “2009      Notes Security” | means      the “Collateral” as such term is defined in Section 1.1 of the 2009      Indenture. |
|----------------------------------------|------------------------------------------------------------------------------------------------------------|

----

| “2009      Notes Security Documents” | means      the “Security Documents” as such term is defined in Section 11.1 of the      2009 Indenture, and includes (a) the pledge of shares in CME N.V. granted      on or about the date hereof by the Company in favour of the 2009 Security      Trustee; (b) the pledge of shares in CME B.V. granted on or about the date      hereof by CME N.V. in favour of the 2009 Security Trustee; and (c) the      security assignment dated on or about the date hereof between the Company,      CME B.V. and the 2009 Security Trustee and relating to the rights,      interests and benefits under the Framework Agreement dated 13 December,      2004 (as amended) between the Company, CME B.V. and PPF (Cyprus)      Ltd. |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “2009      Security Trustee” | means      The Law Debenture Trust Corporation p.l.c. as Security Trustee under the      2009 Indenture. |
|------------------------------------------|----------------------------------------------------------------------------------------------------------|

| “2009      Trustee” | means      The Bank of New York Mellon, acting through its London branch as Note      Trustee under the 2009 Indenture. |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------|

| “Amount      Outstanding” | means      the aggregate of the Liabilities at any time and from time to time owing      and unpaid by any of the Obligors in respect of the 2005 Notes Debt, the      2007 Notes Debt, the 2008 Notes Debt and the 2009 Notes    Debt. |
|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Distribution      Moneys” | means      any moneys received by any of the Secured Parties or any person acting on      behalf, or on the instructions, of any of them from the enforcement of the      Security or any part thereof. |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Enforcement      Instructions” | shall      have the meaning ascribed to it in Section  3.04(e)(ii). |
|---------------------------------------------|---------------------------------------------------------------------|

| “Enforcement      Notice” | shall      have the meaning ascribed to it in Section  3.04(e). |
|---------------------------------------|-----------------------------------------------------------------|

| "Euro"      or "€" | means      the lawful currency of the member states of the European Union that adopt      the single currency in accordance with the Treaty Establishing the      European Community, as amended by the Treaty on European Union and the      Treaty of Amsterdam. |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Finance      Document” | means      each of the 2005 Notes Finance Documents, the 2007 Notes Finance      Documents, the 2008 Notes Finance Documents, the 2009 Notes Finance      Documents and this Agreement. |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Foreign      Exchange Event” | means      the unavailability of foreign exchange, or any prohibition or restriction      imposed as a result of a moratorium or debt rescheduling by the central      bank or any other governmental agency or authority within any relevant      jurisdiction where the payment of any Amount Outstanding shall be made or      where any Distribution Monies arerecovered. |
|-------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| “Liability” | means,      in relation to any Finance Document, any present or future liability      (actual or contingent) which is or may be payable or owing under or in      connection with that Finance Document, whether or not matured or      liquidated, including (without limitation) in respect of principal,      interest, default interest, commission, charges, fees, expenses,      indemnities and other amounts provided for  therein. |
|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Party” | means      any Obligor, the 2005 Trustee, the 2007 Trustee, the 2008 Trustee or the      2009 Trustee as the contextrequires. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------|

| “Prior      Party” | means,      (i) in relation to the 2007 Trustee: the 2005 Trustee;  (ii) in      relation to the 2008 Trustee: the 2005 Trustee, and/or the 2007 Trustee;      and (iii) in relation to the 2009 Trustee: the 2005 Trustee, the 2007      Trustee, and/or the 2008 Trustee. |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Reciprocal      Enforcement Notice” | shall      have the meaning ascribed to it in Section  3.04(e)(i). |
|--------------------------------------------------|--------------------------------------------------------------------|

| “Secured      Parties” | means      the 2005 Trustee, the 2007 Trustee, the 2008 Trustee and the 2009 Security      Trustee. |
|------------------------------------|-----------------------------------------------------------------------------------------------------|

| “Security” | means      the 2005 Notes Security, the 2007 Notes Security, the 2008 Notes Security      and the 2009 Notes Security. |
|------------------------|------------------------------------------------------------------------------------------------------------------------|

| “Security      Documents” | means      the 2005 Notes Security Documents, the 2007 Notes Security Documents, the      2008 Notes Security Documents and the 2009 Notes Security      Documents. |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “Subsequent      Party” | means,      (i) in relation to the 2005 Trustee: the 2007 Trustee, the 2008 Trustee      and the 2009 Trustee; (ii); in relation to the 2007 Trustee: the 2008      Trustee and the 2009 Trustee; and (iii) in relation to the 2008 Trustee:      the 2009 Trustee. |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “USD”      or “$” | means      the lawful currency of the United States of  America. |
|-------------------------------------------|------------------------------------------------------------------|

| Section      1.02. | Interpretation |
|--------------------|----------------|

| (a) | In      this Agreement, unless the context otherwise requires, words denoting the      singular include the plural and vice versa, words denoting persons include      corporations, partnerships and other legal persons and references to a      person include its successors and permitted  assigns. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | In      this Agreement, a reference to a specified Article or Section shall be      construed as a reference to that specified Article or Section of this      Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | In      this Agreement, a reference to an agreement shall be construed as a      reference to such agreement as it may be amended, varied, supplemented,      novated or assigned from time totime. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d) | In      this Agreement, the headings and the Table of Contents are inserted for      convenience of reference only and shall not affect the interpretation of      this Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      1.03. | Effect      as a Deed |
|--------------------|-----------------------|

| Section      2.01. | Consent      and Acknowledgement |
|--------------------|----------------------------------|

| (a) | The      2005 Trustee hereby acknowledges the creation and existence of the 2007      Notes Security, the 2008 Notes Security and the 2009 Notes Security on a      pari passu basis      with the 2005 Notes Security, in right and priority of payment, without      any preference between themselves. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The      2007 Trustee hereby acknowledges the creation and existence of the 2005      Notes Security, the 2008 Notes Security and the 2009 Notes Security on a      pari passu basis      with the 2007 Notes Security in right and priority of payment, without any      preference between themselves. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The      2008 Trustee hereby acknowledges the creation and existence of the 2005      Notes Security, the 2007 Notes Security and the 2009 Notes Security on a      pari passu basis      with the 2008 Notes Security in right and priority of payment, without any      preference between themselves. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The      2009 Trustee hereby acknowledges the creation and existence of the 2005      Notes Security, the 2007 Notes Security and the 2008 Notes Security on a      pari passu basis      with the 2009 Notes Security in right and priority of payment, without any      preference between themselves. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The      Obligors hereby agree to the terms of this Agreement and undertake with      the Secured Parties to observe the provisions hereof and not to do or omit      to do anything which may prejudice or adversely affect the enforcement of      such provisions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      3.01. | Application      of Distribution Moneys |
|--------------------|-----------------------------------------|

| (a) | Unless      and until the whole of the Amount Outstanding has been paid in full, all      Distribution Moneys shall, as between the 2005 Trustee, the 2007 Trustee,      the 2008 Trustee and the 2009 Trustee, be applied and divided as      follows: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | first,      pro rata in paying all proper costs, charges and expenses incurred by the      Secured Parties in the enforcement of the Security or any part thereof or      otherwise in collecting Distribution Moneys, which will be pro rata to the      Amount Outstanding under the 2005 Notes Debt, the 2007 Notes Debt, the      2008 Notes Debt and the 2009 Notes Debt,  respectively; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (2) | next,      pro rata in paying to each of the Secured Parties the part of the Amount      Outstanding which is due and payable to it in respect of the 2005 Notes      Debt, the 2007 Notes Debt, the 2008 Notes Debt and the 2009 Notes Debt,      respectively, and, if applicable, in accordance with Section 3.01(b);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | last,      in paying the surplus (if any) to the person or persons entitled      thereto. |
|--------|-----|-------------------------------------------------------------------------------------------|

| (b) | If      the Distribution Moneys are or may be insufficient to pay in full all      amounts due under Section 3.01(a)(1) or 3.01(a)(2), as the case may be,      then the Distribution Moneys shall be apportioned for payment under      Section 3.01(a)(1) or 3.01(a)(2), as the case may be, ratably and without      preference or priority between the Secured Parties in the proportions that      the part of the Amount Outstanding which is due in respect of,      respectively, the 2005 Notes Debt, the 2007 Notes Debt, the 2008 Notes      Debt and the 2009 Notes Debt at the date of such payment bears to the      whole of the Amount Outstanding at such date.  Pending such      payment, such Distribution Moneys shall be held in a segregated      interest-bearing deposit account, and interest thereon shall form part of      the Distribution Moneys for payment under Section 3.01(a)(1) or      3.01(a)(2). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Notwithstanding      any other provision of this Agreement, during the existence of a Foreign      Exchange Event, none of the Secured Parties shall be required to share      with the others any Distribution Moneys in a currency other than the local      currency of the jurisdiction of such recovery (in this Section 3.01(c)      referred to as the “Local      Currency”) or proceeds of any Distribution Moneys which it recovers      pro rata in accordance with Section 3.01(a) and 3.01(b) in any currency      other than the Local Currency. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      3.02. | Notional      Conversion of Amounts |
|--------------------|-------------------------------------|

| Section      3.03. | Trust |
|--------------------|-------|

----

| Section      3.04. | Enforcement      of Security |
|--------------------|------------------------------|

| (a) | The      2005 Trustee shall be obliged to notify the 2007 Trustee, the 2008 Trustee      and the 2009 Trustee promptly: |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the event that the 2005 Trustee becomes aware that the 2005 Notes Security      has become enforceable; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      the event that amounts outstanding in respect of the 2005 Notes Debt have      become immediately due and payable under Section 6.2 of the 2005      Indenture; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | upon      first making demand with respect to all or any part of the 2005 Notes      Debt. |
|--------|-------|--------------------------------------------------------------------------------------------|

| (b) | The      2007 Trustee shall be obliged to notify the 2005 Trustee, the 2008 Trustee      and the 2009 Trustee promptly: |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the event that the 2007 Trustee becomes aware that the 2007 Notes Security      has become enforceable; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      the event that amounts outstanding in respect of the 2007 Notes Debt have      become immediately due and payable under Section 6.2 of the 2007      Indenture; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | upon      first making demand with respect to all or any part of the 2007 Notes      Debt. |
|--------|-------|--------------------------------------------------------------------------------------------|

| (c) | The      2008 Trustee shall be obliged to notify the 2005 Trustee, the 2007 Trustee      and the 2009 Trustee promptly: |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the event that the 2008 Trustee becomes aware that the 2008 Notes Security      has become enforceable; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      the event that amounts outstanding in respect of the 2008 Notes Debt have      become immediately due and payable under Section 6.02 of the 2008      Indenture; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | upon      first making demand with respect to all or any part of the 2008 Notes      Debt. |
|--------|-------|--------------------------------------------------------------------------------------------|

| (d) | The      2009 Security Trustee (acting on instructions of the 2009 Note Trustee)      shall be obliged to notify the 2005 Trustee, the 2007 Trustee and the 2008      Trustee promptly: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the event that the 2009 Trustee becomes aware that the 2009 Notes Security      has become enforceable; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | in      the event that amounts outstanding in respect of the 2009 Notes Debt have      become immediately due and payable under Section 6.2 of the 2009      Indenture; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | upon      first making demand with respect to all or any part of the 2009 Notes      Debt. |
|--------|-------|--------------------------------------------------------------------------------------------|

| (e) | If      any of the Security becomes enforceable, the 2005 Trustee, the 2007      Trustee, the 2008 Trustee and the 2009 Security Trustee (acting on      instructions of the 2009 Note Trustee) may (but shall not be obliged to)      consult with the other Secured Parties and endeavour to agree a course of      action under the Finance Documents.  Notwithstanding the      foregoing, at any time that any of the Security has become enforceable,      the 2005 Trustee, the 2007 Trustee, the 2008 Trustee and the 2009 Security      Trustee (acting on instructions of the 2009 Note Trustee), by notice to      the other Secured Parties (an “Enforcement Notice”),      request a joint enforcement of the Security in accordance with paragraph      (h). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | If      the 2007 Trustee, the 2008 Trustee or the 2009 Security Trustee (acting on      instructions of the 2009 Note Trustee) shall have served an Enforcement      Notice on the remaining Secured Parties at a time when any of the 2005      Notes Security has become enforceable, the 2005 Trustee shall      either: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | by      notice to each other Secured Party (a "Reciprocal Enforcement      Notice") agree to a joint enforcement of the Security, whereupon      the Secured Parties shall jointly enforce the Security in accordance with      paragraph (h); or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | promptly      seek instructions from the holders of the 2005 Notes ("Enforcement      Instructions") in accordance with the terms of the 2005 Indenture      to: |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | (to      the extent not already so due and payable) declare all amounts of the 2005      Notes Debt to be immediately due and payable under Section 6.2 of the 2005      Indenture; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | enforce      the 2005 Notes Security, |
|--------|-----|---------------------------------------|

|   | (1) | If      the 2005 Trustee shall have served an Enforcement Notice on the Subsequent      Parties, the Secured Parties shall jointly enforce the Security in      accordance with paragraph (h). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | For      the avoidance of doubt: |
|--------|-----|----------------------------------|

----

|   | (i) | if      a Party shall have served an Enforcement Notice on its Subsequent Parties,      such Subsequent Parties shall declare such amount of the Amount      Outstanding owed to such Subsequent Parties to be immediately due and      payable, and such Subsequent Parties shall co-operate with the Party that      has served the Enforcement Notice to enforce all relevant Security on a      pari passu basis      and in accordance with the provisions of, sub-paragraphs (x)-(z) of      3.04(h) below; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      a Party shall have served an Enforcement Notice on its Prior Parties, such      Prior Parties may declare such amount of the Amount Outstanding owing to      such Prior Parties to be immediately due and payable and co-operate with      the Party that has served the Enforcement Notice, but shall not be      required to do so, and (A)      if any such Prior Parties elect to so cooperate, then the co-operating      parties shall enforce all relevant Security on a pari passu basis and in      accordance with the provisions of sub-paragraphs (x)-(z) of 3.04(h) below,      (B)      if all such Prior Parties elect not to cooperate and not to enforce, then      the Party that has served the Enforcement Notice may enforce      independently, as contemplated by the provisions of 3.04(i) below, and      (C)      the 2005 Trustee shall have the rights as set out in (h)(ii) below.      Nothing in this paragraph 3.04(g)(2) shall derogate in any way from the      rights of the 2005 Trustee as set out in paragraphs 3.04 (f),(g)(1) and      (h). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | If: |
|-----|-----|

|   | (i) | an      Enforcement Notice is served by the 2005 Trustee;  or |
|--------|-----|---------------------------------------------------------------|

|   | (ii) | an      Enforcement Notice is served by the 2007 Trustee, the 2008 Trustee and/or      the 2009 Security Trustee (acting on instructions of the 2009 Note      Trustee) and either: |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      2005 Trustee has served a Reciprocal Enforcement Notice;  or |
|--------|-----|-----------------------------------------------------------------------|

|   | (B) | the      2005 Trustee shall have received Enforcement Instructions from the      requisite holders of the 2005Notes, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (x) | the      2005 Notes Security, the 2007 Notes Security, the 2008 Notes Security and      the 2009 Notes Security shall be enforced jointly and, so far as      practicable, by the same method; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (y) | such      enforcement will be effected with the aim of maximising recoveries with      the objective of achieving an expeditious realisation of assets subject to      the Security; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (z) | in      the case of the exercise of a power of sale in accordance with the      Security Documents, each of the Secured Parties shall execute such release      or other necessary document so as to permit a good title free from any      Security to be passed to thepurchasers. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | For      the avoidance of doubt, neither the 2007 Trustee, the 2008 Trustee nor the      2009 Security Trustee (acting on instructions of the 2009 Note Trustee)      shall be prevented from separately commencing enforcement action under the      2007 Notes Security, the 2008 Notes Security or the 2009 Notes Security      (as applicable), at any time prior to an Enforcement Notice having been      served by the other Secured Parties, provided that, such Secured Party      seeking to enforce its Security has delivered an Enforcement Notice on the      other Secured Parties prior to commencing such  action. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | Each      of the Secured Parties shall keep the other informed of any proceedings to      enforce the Security or any part thereof, any other proceedings against      the Company and any other material matters which may affect the operation      of this Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | In      each case in the absence of manifest error: (w) the global note      representing the 2005 Notes and the relevant entries thereon shall be      conclusive evidence of the principal amount of the 2005 Notes Debt from      time to time; (x) the global note representing the 2007 Notes and the      relevant entries thereon shall be conclusive evidence of the principal      amount of the 2007 Notes Debt from time to time; (y) the global note      representing the 2008 Notes and the relevant entries thereon shall be      conclusive evidence of the principal amount of the 2008 Notes Debt from      time to time; and (z) the global note representing the 2009 Notes and the      relevant entries thereon shall be conclusive evidence of the principal      amount of the 2009 Notes Debt from time totime. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      4.01. | Term      of Agreement |
|--------------------|------------------------|

| Section      4.02. | Entire      Agreement; Amendment and Waiver |
|--------------------|---------------------------------------------|

| Section      4.03. | Notices |
|--------------------|---------|

----

| Section      4.04. | Governing      Law and Arbitration |
|--------------------|------------------------------------|

| (a) | This      Agreement shall be governed by and construed in accordance with the laws      of England and Wales. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (b) | Any      dispute, controversy or claim arising out of or relating to this      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 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 determination of a preliminary point of law by, the courts of      England. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      4.05. | Successors      and Assigns; Third Party Rights |
|--------------------|-------------------------------------------------|

| (a) | This      Agreement shall bind and inure to the benefit of the respective successors      and assigns of the parties hereto; provided, however, that neither the      2005 Trustee, the 2007 Trustee, the 2008 Trustee nor the 2009 Trustee      shall assign or transfer any interest it has under this Agreement or the      Security unless the assignee or transferee undertakes to be bound by the      provisions of this Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | For      the avoidance of doubt, the Obligors shall not have any rights under this      Agreement, the provisions of which are only for the benefit of the the      2005 Trustee, the 2007 Trustee, the 2008 Trustee or the 2009 Trustee (as      applicable). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Except      as provided in this Section 4.05, none of the terms of this Agreement are      intended to be enforceable by any third party. A person who is not a party      to this Agreement has no right under the Contracts (Rights of Third      Parties) Act 1999 to enforce or to enjoy the benefit of any term of this      Agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      4.06. | Counterparts |
|--------------------|--------------|

----

EXECUTEDand DELIVERED asa DEED

| By: | /s/ Charles      Frank |
|-----|------------------------|

| Name: | Charles      Frank |
|-------|--------------------|

| Title: | Chief      Financial Officer |
|--------|------------------------------|

| Address: | c/o      CME Development Corp. |
|----------|--------------------------------|

| Facsimile: | +44      20 7127 5801 |
|------------|-----------------------|

| Attention: | General      Counsel |
|------------|----------------------|

----

| By: | /s/ Oliver      Meister |
|-----|-------------------------|

| Name: | Oliver      Meister |
|-------|---------------------|

| Title: | Managing      Director |
|--------|------------------------|

| Address: | c/o      CME Development Corp. |
|----------|--------------------------------|

| Facsimile: | +44      20 7127 5801 |
|------------|-----------------------|

| Attention: | General      Counsel |
|------------|----------------------|

----

| By: | /s/ David      Sturgeon |
|-----|-------------------------|

| Name: | David      Sturgeon |
|-------|---------------------|

| Title: | Managing      Director |
|--------|------------------------|

| Address: | Dam      5B |
|----------|-------------|

| Facsimile: | +31-20-4-231-404 |
|------------|------------------|

| Attention: | Managing      Director |
|------------|------------------------|

----

| By: | /s/ Noora      Pahkala |
|-----|------------------------|

| Name: | Noora      Pahkala |
|-------|--------------------|

| Title: | Senior      Associate |
|--------|-----------------------|

| in      the presence of: | /s/ Orla      Forrester |
|--------------------------|-------------------------|

| Address: | c/o      One Canada Square |
|----------|----------------------------|

| Facsimile: | +44      -20-7964-8819 |
|------------|------------------------|

| Attention: | Corporate      Trust Services |
|------------|-------------------------------|

----

| By: | /s/ Chris      Taubman |
|-----|------------------------|

| Name: | Chris      Taubman |
|-------|--------------------|

| Title: | Senior      Banker |
|--------|--------------------|

| Address: | One      Exchange Square |
|----------|--------------------------|

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

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

----

| By: | /s/ Noora      Pahkala |
|-----|------------------------|

| Name: | Noora      Pahkala |
|-------|--------------------|

| Title: | Senior      Associate |
|--------|-----------------------|

| in      the presence of: | /s/ Orla      Forrester |
|--------------------------|-------------------------|

| Address: | One      Canada Square |
|----------|------------------------|

| Facsimile: | +44      -20-7964-8819 |
|------------|------------------------|

| Attention: | Corporate      Trust Services |
|------------|-------------------------------|

----

| By: | /s/ Noora      Pahkala |
|-----|------------------------|

| Name: | Noora      Pahkala |
|-------|--------------------|

| Title: | Senior      Associate |
|--------|-----------------------|

| in      the presence of: | /s/ Orla      Forrester |
|--------------------------|-------------------------|

| Address: | One      Canada Square |
|----------|------------------------|

| Facsimile: | +44      -20-7964-8819 |
|------------|------------------------|

| Attention: | Corporate      Trust Services |
|------------|-------------------------------|

----

| By: | /s/ Noora      Pahkala |
|-----|------------------------|

| Name: | Noora      Pahkala |
|-------|--------------------|

| Title: | Senior      Associate | WITNESSED      BY ORLA FORRESTER |
|--------|-----------------------|----------------------------------|

| By: | /s/ Melissa      Laidley | /s/ Orla      Forrester |
|-----|--------------------------|-------------------------|

| Name: | Melissa      Laidley |
|-------|----------------------|

| Title: | Senior      Associate |
|--------|-----------------------|

| Address: | One      Canada Square |
|----------|------------------------|

| Facsimile: | +44      -20-7964-8819 |
|------------|------------------------|

| Attention: | Corporate      Trust Services |
|------------|-------------------------------|

----

| By: | /s/ Noora      Pahkala |
|-----|------------------------|

| Name: | Noora      Pahkala |
|-------|--------------------|

| Title: | Senior      Associate | WITNESSED      BY ORLA FORRESTER |
|--------|-----------------------|----------------------------------|

| By: | /s/ Melissa      Laidley | /s/ Orla      Forrester |
|-----|--------------------------|-------------------------|

| Name: | Melissa      Laidley |
|-------|----------------------|

| Title: | Senior      Associate |
|--------|-----------------------|

| Address: | One      Canada Square |
|----------|------------------------|

| Facsimile: | +44      -20-7964-8819 |
|------------|------------------------|

| Attention: | Corporate      Trust Services |
|------------|-------------------------------|

----

| By: | /s/ Julian      Mason-Jebb |
|-----|----------------------------|

| Name: | Julian      Mason-Jebb |
|-------|------------------------|

| Title: | Director |
|--------|----------|

| By: | /s/ Richard      Rance |
|-----|------------------------|

| Name: | R.D.      Rance |
|-------|-----------------|

| Title: | Director |
|--------|----------|

| Address: | Fifth      floor |
|----------|------------------|

| Facsimile: | +44      -20-7606-0643 |
|------------|------------------------|

| Attention: | The      Manager, Commercial Trusts |
|------------|-------------------------------------|

----