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| DATED | JULY      27, 2009 |
|-------|--------------------|

|   |  CONTRACT      OF EMPLOYMENT  |   |
|--------|-----------------------------------------|--------|

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| Name      and Address of Employer: | CME      Media Services Limited, 5 Fleet Place, London EC4M 7RD, United Kingdom      (the “Company”) |
|------------------------------------|------------------------------------------------------------------------------------------------------------------|

| Name      and Address of Employee: | Adrian      Sarbu, residing at 4A Modrogan Street, Sc. A, Et. 5, Apt 15, Sector 1,      Bucharest, Romania |
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| 1 | COMMENCEMENT      OF EMPLOYMENT |
|---|---------------------------------|

| 1.1 | Your      employment with the Company shall commence on July 27, 2009 and shall      expire, subject to the provisions of clause 7 of this Contract, on      December 31, 2013 (the “Term”) unless extended      pursuant to clause 1.2. |
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| 1.2 | On      or prior to June 30, 2012, the Company may in its sole discretion offer to      extend the term of this Contract for a period beyond December 31, 2013 by      delivering notice of the proposed terms of such extension to      you.  The parties agree to negotiate in good faith in respect of      such proposed extension. In the event the parties agree the terms of such      extension and enter into an agreement in respect of such extension by      September 30, 2012, the Term will be extended by such period as may be      agreed. |
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| 1.3 | You      represent and warrant that you are not bound by or subject to any      contract, court order, agreement, arrangement or undertaking which in any      way restricts or prohibits you from entering into this Contract or      performing your duties under it. |
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| 2 | JOB TITLE      AND DUTIES |
|---|---------------------------|

| 2.1 | Your      job title is President and Chief Executive Officer of the CME Group. For      purposes of this Contract, the “CME      Group” shall mean Central European Media Enterprises Ltd. (“CME      Ltd.”) and/or any Associated Company (as defined      below). |
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| 2.2 | You      shall use your best endeavours to promote and protect the interests of the      CME Group and shall not do anything that is harmful to those      interests.  You      will be based in the Company’s offices in Prague, Czech Republic or at      such other place as the Company may from time to time reasonably      require. |
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| 3 | REMUNERATION |
|---|--------------|

| 3.1 | From      July 1, 2009, your annual base salary is USD 1,800,000  (in      words, one million eight hundred thousand US dollars) per year (the “Annual Base Salary”),      payable in equal monthly instalments in arrears on or prior to the end of      each month by credit transfer into your bank account after all necessary      deductions for relevant taxes and social security  payments. |
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| 3.2 | In      the event that the trading price of shares of Class A Common Stock of CME      Ltd. on the NASDAQ Stock Market closes at or above USD 50.00 per share on      at least fifteen trading days during the twelve-month period prior to      January 1, 2011 or January 1, 2012 or January 1, 2013, your Annual Base      Salary shall be increased to USD 2,400,000 (in words, two million four      hundred thousand US dollars) with effect from  January 1 of the      year following the year in which this share price target is achieved. For      the avoidance of doubt, only one such increase shall be permitted upon      fulfilment of the conditions set out in this clause 3.2. For purposes of      this Contract, any reference to “Annual Base Salary”      shall include any increase in such figure occurring pursuant to this      clause as of the effective date of such  increase. |
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| 3.3 | For      the 2009 fiscal year, you shall be entitled to earn an annual incentive      bonus in cash equal to 100% of your gross salary earned in 2009 (under      this Contract or otherwise) and an additional annual incentive bonus equal      to 50% of such amount (collectively, the “2009 Bonus”) calculated      in accordance with the formula set out in clause 4.3 of the Contract of      Employment dated December 27, 2007 between CME Development Corporation and      you. |
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| 3.4 | From      January 1, 2010, you shall be entitled to earn an annual incentive bonus      in cash equal to 100% of your Annual Base Salary (the “Bonus”) in the event      that Consolidated EBITDA, excluding stock compensation for the Core      Operations (as defined in Annex 1 hereto) of the CME Group (“Core Consolidated      EBITDA”) in respect of the relevant financial year of CME Ltd.      (each, a “Financial      Year”) is equal to the Core EBITDA Target (as defined in Annex 1      hereto) for such Financial Year.  For purposes of determining      whether Core Consolidated EBITDA in respect of any Financial Year equals      the Core EBITDA Target required to earn a Bonus, Core Consolidated EBITDA      shall be calculated using exchange rates set forth in the annual budget      approved by the Board of Directors of CME Ltd. for the 2009 Financial      Year. |
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| 3.5 | From      January 1, 2010, you shall be entitled to earn an additional annual      incentive bonus in cash equal to the amount by which Core Consolidated      EBITDA in respect of any Financial Year exceeds the Core EBITDA Target, up      to an amount equal to the lesser of (i) the percentage amount set out in      Annex 1 hereto multiplied by the amount by which Core Consolidated EBITDA      exceeds Core Target EBITDA in respect of such Financial Year and (ii) 50%      of your Annual Base Salary for such Financial Year (the “Additional      Bonus”).  For purposes of determining whether Core      Consolidated EBITDA in respect of any Financial Year exceeds the Core      EBITDA Target required to earn an Additional Bonus, Core Consolidated      EBITDA shall be calculated using exchange rates set forth in the annual      budget approved by the Board of Directors of CME Ltd. for the 2009      Financial Year.. |
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| 3.6 | You      shall be entitled to earn certain special performance bonuses on the terms      set out in Annex 2 hereto and such other discretionary bonuses as may be      awarded by the Compensation Committee of the Board of Directors of CME      Ltd. (the “Compensation      Committee”) from time to time (the “Special Performance      Bonuses”).  The Compensation Committee may award such      Special Performance Bonuses in equity of CME  Ltd. |
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| 3.7 | No      2009 Bonus, Bonus or Additional Bonus shall be payable prior to the date      on which CME Ltd. publishes its Annual Report on Form 10-K for the      financial year to which the 2009 Bonus, Bonus or Additional Bonus      relates. |
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| 4 | TOTAL      COMPENSATION |
|---|-------------------------|

| 4.1 | Notwithstanding      anything to the contrary stated herein, your total compensation in respect      of any Financial Year during the Term (including, without limitation, your      Annual Base Salary, 2009 Bonus, Bonus, Additional Bonus, any Special      Performance Bonus and any equity compensation, but excluding any      Reimbursement Expenses as defined below) shall not exceed the amounts set      out in the following table (in respect of each Financial Year, the “Maximum      Compensation”): |
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| Financial Year | Maximum Compensation |
|----------------|----------------------|
| 2009           |  -              |
| 2010           | $6,000,000           |
| 2011           | $8,000,000           |
| 2012           | $10,000,000          |
| 2013           | $10,000,000          |

| 4.2 | Save      as set forth herein, no additional pay or time off shall be permitted to      you in connection with your performance of the duties      hereunder. |
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| 5 | OTHER      BENEFITS |
|---|---------------------|

| 5.1 | The      Company undertakes either to (i) reimburse the costs of or (ii) to obtain      for your benefit and to maintain throughout the Term of this      Contract: |
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|   | 5.1.1 | travel      insurance; and |
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|   | 5.1.2 | medical      and dental insurance |
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| 5.2 | Subject      to the approval of the Compensation Committee, the Company shall use      commercially reasonable efforts to obtain life insurance and disability      insurance coverage for yourbenefit. |
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| 5.3 | The      Company agrees to reimburse you pursuant to the CME Group Relocation      Policy in connection with your relocation to Prague, Czech Republic.       The Company will provide you with a rental allowance of up to EUR 5,882      per month for payments for accommodation in Prague for such period until      your permanent relocation occurs. |
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| 5.4 | The      Company agrees to use reasonable efforts to cause CME Ltd. to grant you      160,000 options to purchase shares of Class A Common Stock of CME Ltd.      promptly following the effective date of this Contract.  The      exercise price for such options shall be the closing price of the shares      of Class A Common Stock of CME Ltd. on the NASDAQ Stock Market on the date      of grant. Each grant of options shall vest in four equal instalments over      a period of four years and shall otherwise be subject to CME Ltd.’s      Amended and Restated Stock IncentivePlan. |
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| 6 | EXPENSES |
|---|----------|

| 6.1 | The Company shall reimburse you      for all reasonable expenses incurred by you in the proper performance of      your duties under this Contract on production of appropriate receipts in      accordance with the CME Group Expense Policy and other documentation      reasonably requested by the Company in respect of the Reimbursement      Expenses (as defined below). |
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| 6.2 | Notwithstanding      clause 6.1, the Company shall reimburse you for expenses (“Reimbursement Expenses”)      in respect of business travel by you on chartered aircraft leased by you      that is integrally and directly related to the performance of your duties      under this Contract as follows, in each case to a maximum of 200 hours per      Financial Year (or the pro rated amount in respect of the 2009 Financial      Year): |
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|   | 6.2.1 | from      the effective date of this Contract through December 31, 2010, USD 5,000      per hour; |
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|   | 6.2.2 | from      January 1, 2011 through December 31, 2011, USD 5,750 per    hour; |
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|   | 6.2.3 | from      January 1, 2012 through December 31, 2012, USD 6612.50 per hour;      and |
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|   | 6.2.4 | from      January 1, 2013 through December 31, 2013, USD 7,600 per    hour; |
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| 7 | TERMINATION |
|---|-------------|

| 7.1 | You      may terminate this Contract at any time on giving the Company twelve      months’ notice in writing. |
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| 7.2 | In      the event you give notice of termination pursuant to this clause, the      Company may elect to provide you with payment in lieu of notice. This      payment will be comprised solely of your Annual  Base Salary (at      the rate payable when this option is exercised) in respect of the portion      of the notice period remaining at the time the Company exercises this      option and any earned but unpaid Bonus, Additional Bonus or Special      Performance Bonus awarded in accordance with clause 3 hereof. All payments      shall be subject to deductions for income tax and social security      contributions as appropriate. You will not, under any circumstances, have      any right to payment in lieu of notice unless the Company has exercised      its option to pay in lieu ofnotice. |
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| 7.3 | The      Company may at any time and in its absolute discretion terminate this      Contract without cause with immediate effect and make a payment in lieu of      notice.  This payment will be comprised of (i) your Annual Base      Salary (at the rate payable when this termination notice is delivered)      from the date such notice is delivered through the end of the Term, (ii)      any earned but unpaid Bonus, Additional Bonus or Special Performance Bonus      awarded in accordance with clause 3 hereof and (iii) an additional payment      equal to one year’s Annual Base Salary (at the rate payable when such      termination notice is delivered). All payments shall be subject to      deductions for income tax and social security contributions as      appropriate.  At the election of the Company, such payments will      be made at the times the Company would have made payments to you had      notice not been given. |
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| 7.4 | The      Company may terminate this Contract due to Termination for Cause without      notice, payment in lieu of notice or any other payment whatsoever.      “Termination for Cause” means  your (i) conviction of a felony      or entering a plea of nolo contendere (or its equivalent) with respect to      a charged felony; (ii) gross negligence, recklessness, dishonesty, fraud,      wilful malfeasance or wilful misconduct in the performance of your duties      under this Contract; (iii) wilful misrepresentation to the shareholders or      directors of CME Ltd. that is injurious to CME Ltd.; (iv) wilful failure      without reasonable justification to comply with a reasonable written      instruction or resolution of the Board of Directors of CME Ltd.; or (v) a      material breach of your duties or obligations under this Contract. The      Company may, in its reasonable judgment, suspend you on full pay during      any investigation that the Company may undertake into any fact or      circumstance which could lead to your Termination for Cause.      Notwithstanding the foregoing, a termination shall not be treated as      Termination for Cause unless the Company has delivered a written notice to      you stating that it intends to terminate your employment due to      Termination for Cause and specifying the basis for such      termination. |
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| 7.5 | Upon the termination by whatever means of this Contract you shall      immediately return to the Company all documents, computer media and      hardware, credit cards, mobile phones and communication devices, keys and      all other property belonging to or relating to the business of the Company      which is in your possession or under your power or control and you must      not retain copies of any of the above. |
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| 7.6 | Provided      you continue to enjoy your full contractual benefits and receive your pay      in accordance with this Contract, the Company may in its absolute      discretion do all or any of the following during the notice period or any      part of the notice period, after you or the Company have given notice of      termination to the other, without breaching this Contract or incurring any      liability or giving rise to any claim against  it: |
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|   | 7.6.1 | exclude      you from the premises of any company of the CME  Group; |
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|   | 7.6.2 | require      you to carry out only specified duties (consistent with your status, role      and experience) or to carry out noduties; |
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|   | 7.6.3 | announce      to any of its employees, suppliers, customers and business partners that      you have been given notice of termination or have resigned (as the case      may be); |
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|   | 7.6.4 | prohibit      you from communicating in any way with any or all of the suppliers,      customers, business partners, employees, agents or representatives of the      CME Group until your employment has terminated except to the extent that      you are authorised by the General Counsel of CME Ltd. in writing;      and |
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|   | 7.6.5 | require      you to comply with any other reasonable conditions imposed by the      Company. |
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| 7.7 | You      will continue to be bound by all obligations owed to the Company under      this Contract until termination of this Contract in accordance with this      clause 7 or such later date as providedherein. |
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| 8 | CONFIDENTIAL      INFORMATION |
|---|-------------------------------|

| 8.1 | You      agree during and after the termination of your employment not to use or      disclose to any person (and shall use your best endeavours to prevent the      use, publication or disclosure of ) any confidential      information: |
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|   | 8.1.1 | concerning      the business of the Company or any other member of the CME Group and which      comes to your knowledge during the course of or in connection with your      employment or your holding office with the Company;  or |
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|   | 8.1.2 | concerning      the business of any client or person having dealings with the Company or      any other member of the CME Group and which is obtained directly or      indirectly in circumstances where the Company or any other member of the      CME Group is subject to a duty of  confidentiality. |
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| 8.2 | For the purposes of clause 8.1 above, information of a confidential      or secret nature includes but is not limited to information disclosed to      you or known, learned, created or observed by you as a consequence of or      through your employment with the Company, not generally known in the      relevant trade or industry about the business activities, services and      processes of the Company or any member of the CME Group, including but not      limited to information concerning advertising, sales promotion, publicity,      sales data, research, programming and plans for programming, finances,      accounting, methods, processes, business plans (including prospective or      pending licence applications or investments in licence holders or      applicants), client or supplier lists and records, potential client or      supplier lists, and client or supplierbilling. |
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| 8.3 | This      clause shall not apply to informationwhich: |
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|   | 8.3.1 | is      used or disclosed in the proper performance of your duties or with the      consent of the Company; |
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|   | 8.3.2 | is      ordered to be disclosed by a court of competent jurisdiction or otherwise      required to be disclosed by law or pursuant to the rules of any applicable      stock exchange; or |
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|   | 8.3.3 | is      in or comes into the public domain (otherwise than due to a default by      you). |
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| 9 | INTELLECTUAL      PROPERTY |
|---|----------------------------|

| 9.1 | You      shall assign with full title your entire interest in any Intellectual      Property Right (as defined below) to the Company to hold as absolute      owner. |
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| 9.2 | You      shall communicate to the Company full particulars of any Intellectual      Property Right in any work or thing created by you and you shall not use,      license, assign, purport to license or assign or disclose to any person or      exploit any Intellectual Property Right without the prior written consent      of the Company. |
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| 9.3 | In      addition to and without derogation of the covenants imposed by the Law of      Property (Miscellaneous Provisions) Act 1994, you shall prepare and      execute such instruments and do such other acts and things as may be      necessary or desirable (at the request and expense of the Company) to      enable the Company (or its nominee) to obtain protection of any      Intellectual Property Right vested in the Company in such parts of the      world as may be specified by the Company (or its nominee) and to enable      the Company to exploit any Intellectual Property Right vested in it to its      best advantage. |
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| 9.4 | You      hereby irrevocably appoint the Company to be your attorney in your name      and on your behalf to sign, execute or do any instrument or thing and      generally to use your name for the purpose of giving to the Company (or      its nominee) the full benefit of the provisions of this clause and a      certificate in writing signed by any director or the secretary of the      Company that any instrument or act relating to such Intellectual Property      Right falls within the authority conferred by this clause shall be      conclusive evidence that such is the case in favour of any third      party. |
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| 9.5 | You      hereby waive all of your moral rights (as defined in the Copyright,      Designs and Patents Act 1988) in respect of any act by the Company and any      act of a third party done with the Company’s authority in relation to any      Intellectual Property Right which is or becomes the property of the      Company. |
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| 9.6 | “Intellectual Property      Right” means a copyright, know-how, trade secret and any other      intellectual property right of any nature whatsoever throughout the world      (whether registered or unregistered and including all applications and      rights to apply for the same)which: |
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|   | 9.6.1 | relates      to the business or any product or service of the Company;    and |
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|   | 9.6.2 | is      invented, developed, created or acquired by you (whether alone or jointly      with any other person) during the period of your employment with the      Company in connection with the performance of your duties      hereunder; |
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| 10 | COLLECTIVE      AGREEMENTS/WORKFORCE AGREEMENTS |
|----|-------------------------------------------------|

| 11 | DATA      PROTECTION AND INFORMATIONTECHNOLOGY |
|----|------------------------------------------------|

| 11.1 | You      acknowledge that the Company will hold personal data relating to      you.  Such data will include your employment application,      address, references, bank details, performance appraisals, work, holiday      and sickness records, next of kin, salary reviews, remuneration details      and other records (which may, where necessary, include sensitive data      relating to your health and data held for equal opportunities      purposes).  The Company will hold such personal data for      personnel administration and management purposes and to comply with its      obligations regarding the retention of your records.  Your right      of access to such data is as prescribed bylaw. |
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| 11.2 | By      signing this Contract, you agree that the Company may process personal      data relating to you for personnel administration and management purposes      and may, when necessary for those purposes, make such data available to      its advisors, to third parties providing products and/or services to the      Company and as required by law. |
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| 11.3 | Subject      to applicable law, the Company may review, audit, intercept, access and      disclose all information, messages or other data created from or sent over      its computer system for any purpose.  By your signature to this      Contract, you consent to theforegoing. |
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| 12 | CONTRACTS      (RIGHTS OF THIRD PARTIES) ACT 1999 |
|----|---------------------------------------------------|

| 13 | INDEMNITY |
|----|-----------|

| 13.1 | The      Company will indemnify you and pay on your behalf all Expenses (as defined      below) incurred by you in any Proceeding (as defined below), whether the      Proceeding which gave rise to the right of indemnification pursuant to      this Contract occurred prior to or after the date of this Contract      provided that you shall promptly notify the Company of such Proceeding and      the Company shall be entitled to participate in such Proceeding and, to      the extent that it wishes, jointly with you, assume the defence thereof      with counsel of its choice.  This indemnification shall not      apply if it is determined by a court of competent jurisdiction in a      Proceeding that any losses, claims, damages or liabilities arose primarily      out of your gross negligence, wilful misconduct or bad    faith. |
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| 13.2 | The      term “Proceeding” shall include any      threatened, pending or completed action, suit or proceeding, or any      inquiry or investigation, whether brought in the name of the Company or      otherwise and whether of a civil, criminal, administrative or      investigative nature, including, but not limited to, actions, suits or      proceedings brought under or predicated upon any securities laws, in which      you may be or may have been involved as a party or otherwise, and any      threatened, pending or completed action, suit or proceeding or any inquiry      or investigation that you in good faith believe might lead to the      institution of any such action, suit or proceeding or any such inquiry or      investigation, in each case by reason of the fact that you are or were      serving at the request of the Company as a director, officer or manager of      any other Associated Company, whether or not you are serving in such      capacity at the time any liability or expense is incurred for which      indemnification or reimbursement can be provided under this      Contract. |
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| 13.3 | The      term "Expenses”      shall include, without limitation thereto, expenses (including, without      limitation, attorneys fees and expenses) of investigations, judicial or      administrative proceedings or appeals, damages, judgments, fines,      penalties or amounts paid in settlement by or on behalf of you and any      expenses of establishing a right to indemnification under this      Contract. |
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| 13.4 | The      Expenses incurred by you in any Proceeding shall be paid by the Company as      incurred and in advance of the final disposition of the Proceeding at your      written request.  You hereby agree and undertake to repay such      amounts if it shall ultimately be decided in a Proceeding that you are not      entitled to be indemnified by the Company pursuant to this Contract or      otherwise. |
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| 13.5 | The      indemnification and advancement of Expenses provided by this Contract      shall not be deemed exclusive of any other rights to which you may be      entitled under the Company’s Articles of Association or the constituent      documents of any other Associated Company for which you are serving as a      director, officer or manager at the request of the Company, the laws under      which the Company was formed, or otherwise, and may be exercised in any      order you elect and prior to, concurrently with or following the exercise      of any other such rights to which you may be entitled, including pursuant      to directors and officers insurance maintained by the Company, both as to      action in official capacity and as to action in another capacity while      holding such office, and the exercise of such rights shall not be deemed a      waiver of any of the provisions of this Contract.  To the extent      that a change in law (whether by statute or judicial decision) permits      greater indemnification by agreement than would be afforded under this      Contract, it is the intent of the parties hereto that you shall enjoy by      this Contract the greater benefit so afforded by such      change.  The provisions of this clause shall survive the      expiration or termination, for any reason, of this Contract and shall be      separately enforceable. |
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| 14 | POST-EMPLOYMENT      RESTRICTIONS AND CORPORATEOPPORTUNITIES |
|----|--------------------------------------------------------------|

| 14.1 | For      the duration of your employment with the Company and for a period of      twelve (12) months after the termination thereof for any cause, you shall      not: |
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| 14.2 | either      on your own account or on behalf of any other person, firm or company,      directly or indirectly, carry on or be engaged, concerned or interested in      any business the same as that of the CME Group or which is competitive      with any business in which the CME Group is engaged (including, without      limitation, securing broadcasting licenses, operating television stations      and other broadcasting, the production of programming and other content,      other programming services or distribution services) and with which you      were actively involved at any time in the twelve months preceding the      termination of your employment within the territories in which the CME      Group operates or is considering to operate (the “Territory”) and in which      you were actively involved at any time in the twelve months preceding the      termination of your employment (excluding any film production not funded      by the CME Group that is undertaken pursuant to the Framework Agreement      (“Framework      Agreement”) dated July 27, 2009 among CME Production B.V., CME      Romania B.V., Media Pro Management S.A., Media Pro B.V. and you and any of      the activities of the Media Pro Entertainment Business (as defined in the      Framework Agreement)); |
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| 14.3 | seek      to do business and/or do business, perform any services or supply any      goods or seek to do so, in competition with any company of the CME Group      with any person, firm or company who at any time during the twelve months      preceding the termination of your employment was a client, customer or      supplier of any company of the CME Group and with whom during that period      you or another person on your behalf had contact or dealings in the      ordinary course of business or were aware of in the course of your      employment; |
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| 14.4 | interfere      or seek to interfere or take such steps as may or are calculated to      interfere with the continuance of supplies (whether services or goods) or      any rights of purchase, sale, import, distribution or agency enjoyed by or      supplied to any company of the CME Group, or the terms on which they are      so supplied or enjoyed, from any person, firm or company supplying or      offering rights to any company of the CME Group at any time during the      period of twelve months prior to such  termination; |
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| 14.5 | solicit,      entice or procure or endeavour to solicit, entice or procure any employee      of the CME Group to breach his contract of employment or any person to      breach his contract for services with the Company or any Associated      Company; |
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| 14.6 | in      relation to a business the same as or competitive with the CME Group in      the Territory, solicit, employ, engage or offer or cause to be employed or      engaged, whether directly or indirectly, any employee, director or      consultant of any company of the CME Group engaged or employed at the date      of termination of your employment or at any time during the twelve months      preceding such termination who has knowledge of confidential aspects of      the business of the CME Group, and with whom, at any time during the      period of twelve months prior to such termination, you had material      dealings and/or |
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| 14.7 | you      shall not at any time falsely represent yourself as being connected with      or interested in the Company or any Associated Company or in the business      of the CME Group. |
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| 14.8 | For      the duration of your employment with the Company, you shall not accept or      invest in, whether directly or indirectly, any opportunity (a “Corporate Opportunity”)      (i) which is in the line of business of any company of the CME Group      (other than any existing investment in a company of the CME Group), (ii)      which arises or becomes known to you as a result of your employment by the      Company, or (iii) in which the CME Group has an interest or expectancy      unless (a) you have presented the Corporate Opportunity to the Board of      Directors of CME Ltd. in reasonable detail and (b) the Board of Directors      has decide not to pursue such Corporate Opportunity after such      presentation by you. The Company acknowledges that Corporate Opportunities      shall not include your investments in the companies listed in Annex 3      hereto. |
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| 14.9 | Each      of the restrictions in this clause shall be enforceable independently of      each other and its validity shall not be affected if any of the others is      invalid.  If any of the restrictions is void but would be valid      if some part of the restriction were deleted, the restriction in question      shall apply with such modification as may be necessary to make it      valid. |
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| 14.10 | The      restrictions set forth in this clause 14 shall not apply if the Company is      in breach of this Contract. |
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| 14.11 | For      the purposes of this Contract, “Associated Company”      shall mean a subsidiary (as defined by the Companies Act 1985 as amended)      and any other company which is for the time being a holding company (as      defined by the Companies Act 1985 as amended) of the Company or another      subsidiary of such holding company. |
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| 15 | GENERAL |
|----|---------|

| 15.1 | You      hereby authorise the Company to deduct from any salary payable to you any      sums owing by you to the Company. |
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| 15.2 | This      Contract shall be governed by and construed in accordance with English      law.  The parties agree to submit to the non-exclusive      jurisdiction of the English courts in respect of any dispute      hereunder. |
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| Signed as a Deed by CME Media Services Limited acting      by: |                                      |
|----------------------------------------------------------------|-------------------------------------------|
|                                                           |                                      |
|                                                           |                                      |
| Daniel Penn, Director                                          | /s/ Daniel Penn                           |
|                                                           |                                      |
|                                                           |                                      |
| Dave Sturgeon, Director                                        | /s/ David Sturgeon                        |
|                                                           |                                      |
|                                                           |                                      |
| Signed as a Deed by Adrian Sarbu                               | /s/ Adrian Sarbu                          |
|                                                           |                                      |
|                                                           |                                      |
| in the presence of:                                            |                                      |
|                                                           |                                      |
| Witness signature:                                             | /s/      Corina Dorobantu                 |
|                                                           |                                      |
| Name:                                                          | Corina      Dorobantu                     |
|                                                           |                                      |
| Address:                                                       |                                      |
|                                                           |                                      |
|                                                           |                                      |
|                                                           |                                      |
| Occupation:                                                    | Assistant      to the President & CEO |

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| Financial Year | Core EBITDA Target |
|----------------|--------------------|
| 2010           | $180,000,000       |
| 2011           | $230,000,000       |
| 2012           | $280,000,000       |
| 2013           | $340,000,000       |

| Financial Year | Percentage |
|----------------|------------|
| 2010           | 3%         |
| 2011           | 2%         |
| 2012           | 1%         |
| 2013           | 1%         |

|   | (i) | the      CME Group acquires additional operations that the Company considers to be      Core Operations for purposes of thisContract; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      fundamental assumptions underlying the Core EBITDA Targets set forth      herein have materially changed (including assumptions in respect of      exchange rates, general economic growth rates, and the rate of growth of      advertising in the markets of the Core Operations);  or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      functional currency of the CME Group is changed to the Euro      (€), |
|--------|-------|--------------------------------------------------------------------------------------|

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