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CONTENTS

|   |                                         | Page   |
|--------|----------------------------------------------|--------|
|   |                                         |   |
| 1.     | Definitions                                  | 1      |
| 2.     | Release                                      | 2      |
| 3.     | Further      Assurance                       | 3      |
| 4.     | Expenses                                     | 3      |
| 5.     | Contracts      (Rights of Third Parties) Act | 3      |
| 6.     | Counterparts                                 | 3      |
| 7.     | Governing      Law and Jurisdiction          | 3      |

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| (1) | CENTRAL EUROPEAN MEDIA      ENTERPRISES LTD., a company incorporated under the laws of Bermuda      with registration number 19574 (the “Borrower”); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | CME MEDIA ENTERPRISES      B.V., a private limited liability company incorporated under Dutch      laws with registration number 96385(0) (“CME  BV”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | CENTRAL EUROPEAN MEDIA      ENTERPRISES N.V., a public limited liability company incorporated      under the laws of the Netherlands Antilles with registration number      67248(0)  (“CME      NV”; and together with the Borrower and CME BV, the “Released Parties”);      and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | EUROPEAN BANK FOR      RECONSTRUCTION AND DEVELOPMENT, an international organisation      formed by treaty in its capacity as lender under the Facility Agreements      (the “EBRD”). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The      Released Parties and EBRD enter into this Deed in connection with the      Facility Agreements (as definedbelow). |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (B) | It      is intended that this document takes effect as a deed notwithstanding the      fact that a party may only execute this document under    hand. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.1 | In      this Deed: |
|-----|--------------------|

|   | (a) | (save      as contemplated under Section 8.01 of each of the Facility Agreements) the      Facility Agreements; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

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|   | (b) | the      Security Documents; and |
|--------|-----|----------------------------------|

|   | (c) | any      other document which creates a Security Interest over the Released      Assets. |
|--------|-----|------------------------------------------------------------------------------------------|

| 1.2 | Unless      given a different meaning in this Deed, terms defined in the Facility      Agreements (as applicable) have the same meaning when used in this      Deed. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | The      provisions of Clause 1.02 (Construction) of the New EBRD Loan are      incorporated into this Deed by reference, with references to "this      Agreement" or similar terms being construed as references to this      Deed. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1 | Upon      receipt no later than 5:00 p.m. (London time) on 17 September, 2009 (the      “Repayment Date”)      of immediately available funds in unconditional and irrevocable repayment      of the amounts outstanding or payable under the Facility Agreements as      listed in Column 1, Column 2, Column 3 and Column 4 of Schedule 1      (Outstandings) (collectively, the “Repayment Amounts”),      such payments to be made to the credit of the following      account: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Receiving      Bank; | DEUTSCHE      BANK, Frankfurt                                 |
|----------------------|---------------------------------------------------------------|
|                 |                                                          |
| Swift      code:     | DEUTDEFFXXX                                                   |
|                 |                                                          |
| Payee                | European      Bank for Reconstruction and Development, London |
|                 |                                                          |
| Swift      code:     | EBRDGB2L                                                      |
|                 |                                                          |
| A/C      No:         | DE51500700100925445900                                        |
|                 |                                                          |
| Ref:                 | Operation      No 38237/36371                                 |

|   | (a) | releases      and re-assigns the Released Assets from all Security Interests created,      evidenced or conferred by or pursuant to the Released Documents and      reassigns and retransfers to the Released Parties all right, interest and      title of ERBD in and to the ReleasedAssets; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | releases      such Security Documents, re-assigns and re-conveys any rights, interest      and title previously assigned to EBRD under such Security Documents to the      Released Parties, which accept such release and      re-assignments; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | releases      (save as contemplated under Section 8.01 of each of the Facility      Agreements) irrevocably and unconditionally each of the Released Parties      from all present and future obligations and liabilities (both actual and      contingent) under and in connection with the Facility      Agreements; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (d) | agrees      that the Security Documents (in particular any future assignment,      transfer, pledge or charges contemplated therein) are terminated;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | authorises      each of the Released Parties to take any steps necessary to give effect to      this Clause 2 (Release). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| 2.2 | EBRD      confirms that no demand has been made on the Released Parties or otherwise      in relation to the FacilityAgreements. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

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| EXECUTED      as a DEED                                                                             | )                              |
|-----------------------------------------------------------------------------------------------------|--------------------------------|
| by      CENTRAL EUROPEAN      MEDIA                                                                 | )      /s/ Charles      Frank  |
| ENTERPRISES      LTD.                                                                               | )                              |
| acting      by           Charles      Frank  | )                              |
| acting      under the authority of that company,                                                    | )                              |
| in      the presence of:                                                                            | )                              |
|                                                                                                |                           |
| Witness's      Signature: /s/      Corina Dorobantu                                                 |                           |
|                                                                                                |                           |
| Name:      Corina Dorobantu                                                                         |                           |
|                                                                                                |                           |
| Address:                                                                                            |                           |
|                                                                                                |                           |
| EXECUTED      as a DEED                                                                             | )                              |
| by      CME MEDIA ENTERPRISES      B.V.                                                             | )      /s/ David      Sturgeon |
| acting      by           David      Sturgeon | )                              |
| acting      under the authority of that company,                                                    | )                              |
| in      the presence of:                                                                            | )                              |
|                                                                                                |                           |
| Witness's      Signature: /s/      Joanne Cochrane                                                  |                           |
|                                                                                                |                           |
| Name:      Joanne Cochrane                                                                          |                           |
|                                                                                                |                           |
| Address:      c/o 52 Charles Street, London W1J 5EU                                                 |                           |
|                                                                                                |                           |
| EXECUTED      as a DEED                                                                             | )                              |
| by      CENTRAL EUROPEAN      MEDIA                                                                 | ) /s/ Oliver      Meister      |
| ENTERPRISES      N.V.                                                                               | )                              |
| acting      by           Oliver      Meister | )                              |
| acting      under the authority of that company,                                                    | )                              |
| in      the presence of:                                                                            | )                              |
|                                                                                                |                           |
| Witness's      Signature: /s/      Corina Dorobantu                                                 |                           |
|                                                                                                |                           |
| Name:      Corina Dorobantu                                                                         |                           |
|                                                                                                |                           |
| Address:                                                                                            |                           |

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| EBRD                                                                                               |                          |
|----------------------------------------------------------------------------------------------------|-------------------------------|
|                                                                                               |                          |
| EXECUTED      as a DEED                                                                            | )                             |
| by      EUROPEAN BANK FOR                                                                          | )      /s/ Chris      Taubman |
| RECONSTRUCTION      AND                                                                            | )                             |
| DEVELOPMENT                                                                                        | )                             |
| acting      by           Chris      Taubman | )                             |
| acting      under the authority of that company                                                    | )                             |

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