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| CONTENTS |
|----------|
|     |   |   |   |   |   |
| Clause   |   |   | Page |
|     |   |   |   |   |
| 1.       |   | Interpretation |   | 1 |
|     |   |   |   |   |   |
| 2.       |   | Definitions |   | 1 |
|     |   |   |   |   |   |
| 3.       |   | Authorisation |   | 2 |
|     |   |   |   |   |   |
| 4.       |   | Appointment      of the Dealer Manager in respect of the Offer |   | 2 |
|     |   |   |   |   |   |
| 5.       |   | Compensation |   | 4 |
|     |   |   |   |   |   |
| 6.       |   | Representations      and Warranties of the Purchaser |   | 5 |
|     |   |   |   |   |   |
| 7.       |   | Agreements |   | 8 |
|     |   |   |   |   |   |
| 8.       |   | Conditions      to the Obligations of the Dealer Manager and Termination      Rights |   | 9 |
|     |   |   |   |   |   |
| 9.       |   | Indemnification |   | 10 |
|     |   |   |   |   |   |
| 10.      |   | Non-Disclosure |   | 11 |
|     |   |   |   |   |   |
| 11.      |   | Survival |   | 11 |
|     |   |   |   |   |   |
| 12.      |   | Notices |   | 11 |
|     |   |   |   |   |   |
| 13.      |   | Entire      Agreement |   | 12 |
|     |   |   |   |   |   |
| 14.      |   | Successors |   | 12 |
|     |   |   |   |   |   |
| 15.      |   | Assignment |   | 12 |
|     |   |   |   |   |   |
| 16.      |   | Governing      Law |   | 12 |
|     |   |   |   |   |   |
| 17.      |   | Partial      Invalidity |   | 12 |
|     |   |   |   |   |   |
| 18.      |   | Miscellaneous |   | 13 |

| SCHEDULE      1 | Conditions      Precedent Documentation | 14 |
|-----------------|-----------------------------------------|----|

----

| (1) | CENTRAL EUROPEAN MEDIA      ENTERPRISES LTD. (the "Purchaser");      and |
|-----|--------------------------------------------------------------------------|

| (2) | DEUTSCHE BANK AG, LONDON      BRANCH ("Deutsche      Bank", which expression shall, for the purposes of this Agreement,      include any affiliate of Deutsche Bank AG, London Branch) (the "Dealer      Manager"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The      Purchaser has, in a tender offer memorandum dated 7 September 2009 (the      "Offer to      Purchase"), invited holders of the outstanding EUR 245 million      8.25% Notes due May 2012 (the "Notes") to tender such      Notes for purchase for cash by the Purchaser on the terms and conditions      set out in the Offer to Purchase (the " Offer"). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 2. | DEFINITIONS |
|----|-------------|

----

|   | (a) | the      Offer to Purchase and any information incorporated by reference therein on      the Launch Date but not including any subsequent revision, supplement or      amendment to, or incorporation of information in, the Offer to      Purchase; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      amendments or supplements to the Offer to Purchase, as so amended or      supplemented, including any information incorporated by reference in the      Offer to Purchase by way of such amendments or supplements, in each case      as at the date of such amendments or  supplements; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      announcement previously approved by the Purchaser relating to the Offer      made (i) by the issue of a press release to a Notifying News Service      and/or (ii) by the delivery of a notice (including a "DACE" Notice) to the      Clearing Systems for communication to Direct Participants, and/or      obtainable from the Tender Agent;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | such      other announcements, press releases, notices, advertisements, information      and/or written material as may be prepared or previously approved by the      Purchaser for distribution and/or use in connection with the      Offer; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | AUTHORISATION |
|----|---------------|

|   | 3.1.1 | authorised      the Dealer Manager to act on its behalf in connection with the Offer and      in accordance with this Agreement;and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.2 | prepared      and approved the Offer Materials and authorises the Dealer Manager to use      the Offer Materials in connection with the Offer and make market      announcements in relation to theOffer. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | APPOINTMENT OF THE DEALER      MANAGER IN RESPECT OF THEOFFER |
|----|---------------------------------------------------------------|

| 4.1 | The      Purchaser agrees that the Dealer Manager and its affiliates will act as      dealer manager in connection with the Offer and that the Purchaser will      not appoint any other person in connection with the Offer to carry out the      services specified in this Agreement.  The Purchaser authorises      the Dealer Manager to act on its behalf in connection with the      Offer. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.2 | The      Dealer Manager accepts its appointment as dealer manager in connection      with the Offer, and agrees (to the extent permitted by applicable law) to      perform the following services in connection with the    Offer: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.1 | to      use its reasonable endeavours to identify eligible Noteholders and to      present the Offer to them on behalf of the Purchaser (including making      copies of the Offer Materials available to eligible      Noteholders).  It is agreed that the Purchaser has given full      authority to the Dealer Manager to identify Noteholders by such means as      the Dealer Manager considers necessary or  desirable; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.2 | to      make its employees available at all reasonable times to answer queries      from, and provide additional information to, Noteholders in connection      with the Offer; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.3 | to      provide assistance as and when requested by the Purchaser in relation to      any decision to extend, re-open, amend, waive any condition of or      terminate the Offer; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.4 | to      communicate with the Tender Agent with respect to matters relating to the      Offer; |
|--------|-------|-----------------------------------------------------------------------------------------------|

|   | 4.2.5 | to      make or arrange for the making of such announcements on behalf of the      Purchaser as are agreed between the Parties in connection with the Offer;      and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.6 | to      provide such other advice and assistance and undertake such other duties      (including, but not limited to, those duties specifically ascribed to the      Dealer Manager in the Offer Materials) in connection with the Offer that      the Purchaser may reasonably request and as agreed in writing between the      Parties from time to time. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The      Dealer Manager may, in its sole discretion, continue to own or dispose of,      in any manner it may elect, any Notes it may beneficially own at the date      of this Agreement or acquire after such date, in any such case subject to      applicable law and, in particular, the Dealer Manager has no obligation to      the Purchaser pursuant to this Agreement, or otherwise, in respect of      Notes beneficially owned by it to tender or refrain from tendering such      Notes in the Offer, provided, however, that the Dealer Manager      has  not taken, directly or indirectly, any action designed to      cause or to result in, or that has constituted or might reasonably be      expected to constitute, the manipulation of the price of any security to      facilitate the Offer. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | The      Purchaser agrees that, from the date of this Agreement, it will not      (unless required to do so by applicable law or regulation) file or publish      any material (including any announcement, press release, notice,      advertisement or similar information) in connection with the Offer or that      uses the name of the Dealer Manager or refers to the Dealer Manager or its      relationship with the Purchaser in connection with the Offer, without the      Dealer Manager's prior written consent or, as the case may be, the Dealer      Manager's prior written consent to the form of such reference, which      consent, in each case, shall not be unreasonably withheld or      delayed. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.5 | The      Purchaser agrees that neither the Dealer Manager nor any of its affiliates      shall have any liability to the Purchaser or any other person for any Loss      arising from any act or omission on the part of any broker or dealer in      securities (a "Dealer"), bank or trust      company, or any other person in connection with the Offer, and neither the      Dealer Manager nor any of its affiliates shall be liable for any Loss      arising from its own acts or omissions in performing its obligations as      dealer manager under this Agreement or otherwise in connection with the      Offer, except to the extent that any such Loss is finally judicially      determined to have resulted from the bad faith, gross negligence or wilful      misconduct of or by the Dealer Manager or its affiliates, as      applicable. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | No      Dealer, bank or trust company soliciting or obtaining tenders of Notes in      the Offer is to be deemed to be acting as the Dealer Manager's agent or      the agent of the Purchaser or any of its affiliates, and the Dealer      Manager, as dealer manager in connection with the Offer, is not to be      deemed the agent of any Dealer, bank or trust company or the agent or      fiduciary of the Purchaser or any of its affiliates, equity holders,      creditors or of any other person.  In acting in accordance with      the terms of this Agreement, the Dealer Manager shall not be acting, and      shall not be deemed for any purpose to act, as a partner or joint venturer      of or a member of a syndicate or group with the Purchaser or any of its      affiliates in connection with the Offer, any purchase of the Notes or      otherwise, and neither the Purchaser nor its affiliates shall be deemed to      act as agent of the Dealer Manager.  The Purchaser shall have      sole authority for the acceptance or rejection of any and all tenders of      Notes in the Offer. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | COMPENSATION |
|----|--------------|

| 5.1 | Fee: The Purchaser will      pay to the Dealer Manager in respect of the services provided by the      Dealer Manager hereunder (i) a fixed fee of €200,000,      plus (ii) if the aggregate principal amount of the Notes purchased      pursuant to the Offer (the “Accepted Principal Amount”) exceeds €30,000,000, a fee      equal to 0.5% multiplied by the difference between the Accepted Principal      Amount and €30,000,000, which shall in aggregate be due and payable on the      Settlement Date. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | General Expenses:      Whether or not Notes are offered for sale by holders or accepted by the      Purchaser, the Purchaser shall pay or cause to be paid to the Dealer      Manager: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.1 | all      expenses reasonably incurred in the preparation, printing, mailing and      publishing of the Offer to Purchase, any Additional Materials, this      Agreement and any other materials and information relating to the      Offer; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.2 | all      advertising charges reasonably incurred in connection with the      Offer; |
|--------|-------|-------------------------------------------------------------------------------------|

|   | 5.2.3 | all      costs reasonably incurred in the publication of notices and other      communications with holders reasonably necessary in connection with the      Offer; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.2.4 | all      other expenses reasonably incurred by the Dealer Manager in connection      with their acting as Dealer Manager including, without limitation, their      reasonable out of pocket expenses and fees and disbursements of their      legal counsel(s), plus value added tax (“VAT”), if any, and all      other costs and expenses incidental to the performance of their      obligations hereunder and in connection with the Offer, including those      related to marketing conducted in connection  therewith. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Purchaser’s Expenses:      The Purchaser shall be responsible for all of their own fees, expenses and      other costs incurred in connection with the Offer including, without      limitation, its own legal fees, the tender agent fees, any accounting and      auditors’ fees and expenses and any of the items referred to in Clause      5.2. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Payment: All payments      under this Agreement shall be made in accordance with the payment      instructions of the Dealer Manager on the due date for payment or within      30 calendar days of the invoice, as the case may be. All amounts payable      under this Agreement are exclusive of VAT, sales and any similar taxes      which may be payable on those payments, which will be invoiced to, or      otherwise payable by, the Purchaser. All payments under this Agreement      shall be made in full without set-off, condition, restriction,      counterclaim, deduction orwithholding. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | REPRESENTATIONS AND WARRANTIES      OF THE PURCHASER |
|----|------------------------------------------------------|

|   | 6.1.1 | the      Purchaser and each of its subsidiaries have been duly organized and are      validly existing and, where applicable, in good standing under the laws of      their respective jurisdictions of organization, are duly qualified to do      business and, where applicable, are in good standing in each jurisdiction      in which their respective ownership or lease of property or the conduct of      their respective businesses requires such qualification, and have all      power and authority necessary to own or hold their respective properties      and to conduct the businesses in which they are engaged, except where the      failure to be so qualified or have such power or authority would not,      individually or in the aggregate, have a material adverse effect on the      business, properties, financial position, results of operations,      shareholders’ equity, cashflow or prospects of the Purchaser and its      subsidiaries taken as a whole, or on the performance by the Purchaser and      its subsidiaries of its obligations under the Agreements (a “Material Adverse      Effect”); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | assuming      the Offer is made as contemplated to exclude persons in the United States      and the use of any US jurisdictional means and that the US securities laws      do not apply, the Purchaser is able lawfully to make and complete the      Offer and to execute and perform its obligations under the      Agreements; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.3 | the      Purchaser has full right, power and authority to execute and deliver the      Agreements and any other agreement or instrument entered into with respect      to the Offer and to perform its obligations hereunder and thereunder; and      all action (corporate or other) required to be taken for the due and      proper authorization, execution and delivery of each of such Agreements or      other agreements or instruments and the consummation of the transactions      contemplated thereby has been duly and validly taken; and the Agreements      constitute legal, valid and binding obligations of the Purchaser,      enforceable in accordance with their respective terms subject to all      applicable insolvency laws and other laws affecting the rights of      creditors generally, and subject, as to enforceability, (i) to general      principles of equity (regardless of whether enforcement is sought in a      proceeding in equity or at law) and (ii) with respect to the      enforceability of a judgment whether there is a treaty in force relating      to the mutual recognition of foreignjudgments; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.4 | the      authorization, execution, delivery and performance by the Purchaser of      each of the Agreements and compliance by the Purchaser with the terms      thereof and the consummation of the transactions contemplated by the      Agreements will not (i) conflict with or result in a breach or violation      of any of the terms or provisions of, or constitute a default under, or      result in the creation or imposition of any lien, charge or encumbrance      upon any property or assets of the Purchaser or any of its subsidiaries      pursuant to, any indenture, mortgage, deed of trust, loan agreement or      other agreement or instrument to which the Purchaser or any of its      subsidiaries is a party or by which the Purchaser or any of its      subsidiaries is bound or to which any of the property or assets of the      Purchaser or any of its subsidiaries is subject, (ii) result in any      violation of the provisions of the charter or by-laws or similar      organizational documents of the Purchaser or any of its subsidiaries or      (iii) result in the violation of any law or statute or any judgment,      order, rule or regulation of any court or arbitrator or governmental or      regulatory authority; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.5 | no      consent, approval, authorization, order, filing, registration or      qualification of or with any court or arbitrator or governmental or      regulatory authority is required for the execution, delivery and      performance by the Purchaser of the Agreements and compliance by the      Purchaser with the terms thereof and the consummation of the transactions      contemplated by the Agreements; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.6 | the      Offer Materials contain all the information required to comply with      applicable laws and regulations, and comply with the requirements of the      laws and regulations of those jurisdictions in which (i) they are or will      be distributed by or on behalf of the Purchaser or (ii) solicitations of      tenders are or will be made pursuant to the Offer, and otherwise comply in      all material respects with such laws and  regulations; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.7 | the      Offer Materials, as of their respective dates and as of the expiration and      the closing of the Offer, did not and will not, contain any untrue      statement of a material fact or omit to state a material fact necessary in      order to make the statements therein, in the light of the circumstances      under which they were made, not misleading; provided that      the Purchaser makes no representation or warranty with respect to any      statements or omissions made in reliance upon and in conformity with      information relating to the Dealer Manager furnished to the Purchaser in      writing by such Dealer Manager expressly for use in the Offer      Materials.  No order or decree preventing the use of the Offer      Materials, or any order asserting that the transactions contemplated by      this Agreement are subject to the registration requirements of the      Securities Act or any other securities laws has been issued, and no      proceeding for that purpose has commenced or is pending or, to the      knowledge of the Purchaser, iscontemplated; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.8 | the      Purchaser has not paid or agreed to pay to any person any compensation for      the solicitation of tenders from Noteholders pursuant to the Offer (except      as contemplated by the Agreements); |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.9 | neither      the Purchaser nor any of its subsidiaries has taken, directly or      indirectly, any action designed to or that could reasonably be expected to      cause or result in any stabilization or manipulation of the price of any      security to facilitate the Offer or encourage Noteholders to tender Notes      in the Offer; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.10 | except      as otherwise disclosed in the Offer Materials, no stamp, issuance,      transfer or other similar taxes or duties are payable by or on behalf of      the Initial Purchasers in Bermuda, The Netherlands Antilles and The      Netherlands, the United Kingdom or the United States or any political      subdivision or taxing authority thereof or therein in connection with the      execution and delivery of the Agreements and the consummation of the      transactions contemplated hereby andthereby; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.11 | except      as described in the Offer Materials or available in the Purchaser’s public      filings, there are no legal, governmental or regulatory investigations,      actions, suits or proceedings pending to which the Purchaser or any of its      subsidiaries is or may be a party or to which any property of the      Purchaser or any of its subsidiaries is or may be the subject that,      individually or in the aggregate, if determined adversely to the Purchaser      or any of its subsidiaries, could reasonably be expected to have a      Material Adverse Effect; and to the best knowledge of the Purchaser no      such investigations, actions, suits or proceedings are threatened by any      governmental or regulatory authority or by  others; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.12 | no      event has occurred or circumstances arisen that might (whether or not with      the giving of notice and/or the passage of time and/or the fulfilment of      any other requirement) constitute an event of default as described under      the terms and conditions of theNotes. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.13 | none      of the Purchaser and any of its affiliates or subsidiaries is aware of any      fact or circumstance (other than as disclosed in the Offer Materials or      available in the Purchaser’s public filings) which, if made public, might      reasonably be expected to have a significant effect on the price or value      of the Notes or any other securities issued by the Purchaser;      and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.14 | provided      the Purchaser consummates its offering of at least €150,000,000      principal amount of the Purchaser’s Senior Notes due 2016, the      Purchaser has or will have available funds, and is or will be authorised      to use such funds under applicable law, to pay the full Purchase Price for      the Notes that it may become committed to purchase pursuant to the Offer,      and all related fees and expenses. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | AGREEMENTS |
|----|------------|

| 7.1 | The      Purchaser agrees with the Dealer Manager as  follows: |
|-----|----------------------------------------------------------------|

|   | 7.1.1 | it      will, if necessary, produce such supplements to the Offer Materials as may      be required to ensure the accuracy of the representations, warranties and      agreements of the Purchaser under this  Agreement; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.2 | it      will furnish to the Dealer Manager, without charge, during the period      beginning on the Launch Date and continuing to, and including, the      Settlement Date, the Offer Materials (excluding any information      incorporated by reference therein that is available on or prior to the      Launch Date) and any amendments and supplements  thereto; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.3 | it      will not amend or supplement the Offer Materials without giving prior      notice to and consulting with the Dealer  Manager; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.4 | it      will not extend, re-open, amend, waive any condition of or terminate the      Offer without giving prior notice to and consulting with the Dealer      Manager; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.5 | it      will not directly or indirectly solicit any person in the United States to      tender into the offer or knowingly accept tenders from any person in or      from the United States; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.6 | it      will, as any such taxes or duties become due and payable, bear and pay all      stamp, registration and other taxes and duties (other than income tax)      which may be payable upon or in connection with the Offer or the execution      of the Agreements; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.7 | it      will advise the Dealer Manager promptly of (i) the occurrence of any      event, or the discovery of any fact, the occurrence or existence of which      would require the making of any change to any Offer Materials then being      used or would cause any representation or warranty contained in this      Agreement to be untrue or inaccurate in any material respect, (ii) the      issuance by any governmental or regulatory authority of any comment or      order or the taking of any other action concerning the Offer and (iii) any      material developments in connection with the Offer, including, without      limitation, the commencement of any legal proceedings concerning the      Offer. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The      Purchaser acknowledges and agrees that the Dealer Manager (a) has been      retained solely to provide the services set forth in this Agreement; (b)      may perform the services contemplated by this Agreement in conjunction      with its affiliates, and any of its affiliates performing services under      this Agreement shall be entitled to the benefits and be subject to the      terms of this Agreement; (c) is a securities firm engaged in securities      trading and brokerage activities and providing investment banking and      financial advisory services and, in the ordinary course of business, the      Dealer Manager and its affiliates may at any time hold long or short      positions, and may trade or otherwise effect transactions, for its own      account or the accounts of customers, in debt or equity securities of the      Purchaser, its affiliates or other entities that may be involved in the      transactions contemplated by this Agreement; and (d) is not an adviser as      to legal, tax, accounting or regulatory matters in any jurisdiction and      the Purchaser must consult with its own advisers concerning such matters      and will be responsible for making its own independent investigation and      appraisal of the transactions contemplated by this Agreement, and the      Dealer Manager shall have no responsibility or liability to the Purchaser      with respect to any advice given as to legal, tax, accounting or      regulatory matters. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.3 | The      Purchaser acknowledges and agreesthat: |
|-----|-------------------------------------------------|

|   | 7.3.1 | the      Dealer Manager has been retained pursuant to this Agreement solely to act      as dealer manager in connection with the Offer and that no fiduciary,      advisory or agency relationship exists between the Dealer Manager and the      Purchaser or has been created in respect of this Agreement, irrespective      of whether the Dealer Manager has advised or is advising the Purchaser on      other matters; and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3.2 | the      Purchaser has been advised that the Dealer Manager and its affiliates are      engaged in a broad range of transactions which may involve interests that      differ from those of the Purchaser and that the Dealer Manager has no      obligation pursuant to this Agreement to disclose such interests and      transactions to the Purchaser by virtue of any fiduciary, advisory or      agency relationship. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | CONDITIONS TO THE OBLIGATIONS      OF THE DEALER MANAGER AND TERMINATION  RIGHTS |
|----|----------------------------------------------------------------------------------|

| 8.1 | The      obligations of the Dealer Manager under this Agreement are at all times      subject to the conditions that: |
|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | 8.1.1 | all      consents and approvals of any court, government department or other      regulatory body required by the Purchaser for or in connection with (i)      the execution of, or performance of the Purchaser's obligations under, the      Agreements and (ii) the making and completion of the Offer (including,      without limitation, the distribution of the Offer Materials), shall have      been obtained and be unconditional and remain in full force and      effect; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.2 | before      the Settlement Date, the Purchaser shall have delivered to the Dealer      Manager such further information, certificates and documents as the Dealer      Manager may reasonably request relating to the Offer or otherwise relating      to the matters contemplated hereby;and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.3 | the      Purchaser shall have procured the delivery to the Dealer Manager on the      date of this Agreement the conditions precedent documentation contained in      items 1 and 2 of Schedule 1 to thisAgreement. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.2 |
|--------|-----|

|   | 8.2.1 | If: |
|--------|-------|-----|

|   | (a) | any      of the conditions specified in this Clause 8 is not satisfied when and as      provided in this Agreement; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      of the representations, warranties and agreements given or made by the      Purchaser set forth in this Agreement is untrue or is breached in any      respect, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | On      the giving of a termination notice under Clause 8.2 at any time on or      before the Settlement Date, this Agreement shall terminate (subject to      Clause 11) and the Dealer Manager or the Purchaser shall be discharged      from performance of its obligations under this Agreement, provided, however, that the Dealer Manager      shall receive all fees and expenses payable under this Agreement which      have accrued to the date of such termination notice (provided, in the case      of the fees set out in Clause 5.1, the Tender Offer has      settled). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | In      addition to the termination rights provided under Clause 8.2, this      Agreement shall terminate (subject to Clause 11) (i) on the Settlement      Date, (ii) upon written notice by the Purchaser to the Dealer Manager to      terminate this Agreement at any time in the event they decide not to      proceed with the Offer or (iii) upon the expiration, termination or      withdrawal of the Offer and in each case, the Purchaser and the Dealer      Manager shall each be discharged from performance of its obligations under      this Agreement,      provided, however, that the Dealer Manager      shall receive all fees and expenses payable under this Agreement which      have accrued to the date of such termination notice  (provided,      in the case of the fees set out in Clause 5.1, the Offer has      settled). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | INDEMNIFICATION |
|----|-----------------|

| 9.1 | The      Purchaser undertakes and agrees with the Dealer Manager that, if the      Dealer Manager or any Relevant Party incurs any Loss arising out of, in      connection with or based upon: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.1 | any      actual or alleged breach by the Purchaser of any of the terms of, or any      of the representations, warranties and/or undertakings given pursuant to,      this Agreement; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1.2 | any      untrue or misleading (or allegedly untrue or misleading) statement by the      Purchaser in, or any omission (or alleged omission) from, the Offer to      Purchase, |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | the      Purchaser shall pay to the Dealer Manager on demand an amount equal to      such Loss. The Dealer Manager shall not settle any claim against it      involving the incurrence of any such Loss without the prior written      consent of the Purchaser (such consent not to be unreasonably withheld or      delayed).  The Dealer Manager shall not have any duty or other      obligation, whether as fiduciary or trustee, for any Relevant Party or      otherwise, to recover such payment or to account to any other person for      any amounts paid to it under this Clause9.2. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10. | NON-DISCLOSURE |
|-----|----------------|

| 11. | SURVIVAL |
|-----|----------|

| 11.1 | The      respective agreements, representations, warranties and indemnities of the      Purchaser and the Dealer Manager set forth in or made pursuant to this      Agreement shall continue in full force and effect and shall survive any      termination of this Agreement and the completion of the Offer, regardless      of any investigation made by or on behalf of the Purchaser or the Dealer      Manager or any of them. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Clauses      5, 6, and 9 shall survive any termination of this    Agreement. |
|------|------------------------------------------------------------------------------|

| 12. | NOTICES |
|-----|---------|

|   | Facsimile      number: | +44      (0)207 127 5801 |
|--------|------------------------|--------------------------|

|   | Email: | Dan.Penn@cme-net.com |
|--------|--------|----------------------|

|   | Attention      of: | Daniel      Penn, Esq. |
|--------|--------------------|------------------------|

|   | Email: | liability.management@db.com |
|--------|--------|-----------------------------|

|   | Telephone: | +44      207 545 8011 |
|--------|------------|-----------------------|

|   | Attention      of: | Liability      Management Group |
|--------|--------------------|---------------------------------|

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| 13. | ENTIRE      AGREEMENT |
|-----|-----------------------|

| 14. | SUCCESSORS |
|-----|------------|

| 15. | ASSIGNMENT |
|-----|------------|

| 16. | GOVERNING      LAW |
|-----|--------------------|

| 17. | PARTIAL      INVALIDITY |
|-----|-------------------------|

----

| 18. | MISCELLANEOUS |
|-----|---------------|

| 18.1 | Time      shall be of the essence of thisAgreement. |
|------|-----------------------------------------------------|

| 18.2 | The      heading to each clause is included for convenience only and shall not      affect the construction of thisAgreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | This      Agreement may be executed in any number of counterparts, all of which,      taken together, shall constitute one and the same agreement and any party      may enter into this Agreement by executing a  counterpart. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4 | For      the purposes of this Agreement, the Dealer Manager shall treat the      Purchaser as a professional client. |
|------|----------------------------------------------------------------------------------------------------------------------|

----

| CENTRAL      EUROPEAN MEDIA ENTERPRISES LTD. |
|----------------------------------------------|
|                                         |   |   |
| By:      /s/ Charles      Frank              |   |   |
|                                         |   |   |
|                                         |
| DEUTSCHE      BANK AG, LONDON BRANCH         |
|                                         |   |   |
| By:      /s/ Camelia      Robu               |   | /s/ Matthias  Russwurm |

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