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| 1. | Definitions |
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|   | (a) | an      “Event of      Default”: each Event of Default as defined in Section 6.01 of the      Indenture; |
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|   | (b) | an      "Event of Statutory      Default": each event where the Pledgor is in default ("verzuim"), as defined      in Article 6:81 of the NACC, in the performance of one or more of the      Secured Obligations, |
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|   | (c) | “Existing Rights of      Pledge": means the rights of pledge on the Shares (as defined      hereinafter) created in favor of (i) the predecessor of the Pledgee      (JPMorgan Chase Bank, N.A., London Branch), on the fifth day of May two      thousand five pursuant to that certain pledge agreement dated the fifth      day of May two thousand five among inter alia JPMorgan      Chase Bank, N.A., London Branch, the Pledgor and the Company, (ii)      European Bank for Reconstruction and Development on the twenty-first day      of July two thousand six pursuant to that certain pledge agreement dated      the twenty-first day of July two thousand six among European Bank for      Reconstruction and Development, the Pledgor and the Company, (iii) the      Pledgee on the sixteenth day of May two thousand seven pursuant to that      certain pledge agreement dated the sixteenth day of May two thousand seven      among inter alia      the Pledgee, the Pledgor and the Company, and (iv) European Bank      for Reconstruction and Development on the twenty-second day of August two      thousand seven pursuant to that certain pledge agreement dated the      twenty-second day of August two thousand seven among inter alia European      Bank for Reconstruction and Development, the Pledgor and the      Company; |
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|   | (d) | the      “2005 Indenture”:      the indenture dated as of the fifth day of May two thousand five, by and      among the Pledgor as issuer, CME Media Enterprises B.V., and the Company      as Guarantors, and JPMorgan Chase Bank, N.A., London Branch, as Security      Trustee, Trustee, Transfer Agent and Principal Paying Agent, and JPMorgan      Luxembourg S.A. as Registrar and Luxembourg Transfer and Paying      Agent; |
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|   | (e) | the      “2007 Indenture”:      the indenture dated as of the sixteenth day of May two thousand seven, by      and among the Pledgor as issuer, CME Media Enterprises B.V., and the      Company as Guarantors, BNY Corporate Trustee Services Limited as Trustee      and The Bank of New York as Security Trustee, The Bank of New York, as      Transfer Agent and Principal Paying Agent, and The Bank of New York      (Luxembourg) S.A. as Registrar and Luxembourg Transfer Agent and      Luxembourg Paying Agent; |
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|   | (f) | the      "Loan Agreement":      means the loan agreement dated the twenty-first day of July two thousand      six between the Pledgor, as borrower and the European Bank for      Reconstruction and Development, aslender; |
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|   | (g) | the      “Parallel Debt”:      shall mean the Parallel Debt as defined in Section 12.09 of the      Indenture; |
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|   | (h) | the      “Right of Pledge”:      the fifth priority right of pledge in respect of the Shares established in      this Pledge Agreement; |
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|   | (i) | the      “Secured      Obligations”: any and all present and future obligations and      liabilities (whether actual or contingent and whether owed jointly or      severally or in any other capacity whatsoever) of each of the Pledgor, the      Company and CME Media Enterprises B.V. to pay an amount of money (tot voldoening van een      geldsom) to the Pledgee under the Parallel Debt or the Indenture      and the Notes (as defined in the Indenture), each as amended from time to      time, as well as all payment obligations of the Pledgor to the Pledgee      under this deed, and |
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|   | (j) | a      “Voting Event”:      means the occurrence of an Event of Statutory Default of which the Pledgee      has given notice to the Pledgor and theCompany. |
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| 2. | Right      of Pledge |
|----|----------------------|

|  | 2.1 | As      security for the Secured Obligations, the Pledgor hereby agrees to grant      and hereby grants to the Pledgee a disclosed fifth priority right of      pledge (openbaar      pandrecht in vijfde rang) in respect of the Shares, which Right of      Pledge the Pledgee agrees to accept and hereby so  accepts. |
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| 2.2 | The      Right of Pledge is one and indivisible (één en ondeelbaar).      The Right of Pledge shall not be affected by one or more but not all of      the Secured Obligations being discharged or the Secured Obligations being      amended. The Right of Pledge includes a right of pledge in respect of all      accessory rights (afhankelijke rechten)      and all ancillary rights (nevenrechten) attached      to the Shares. |
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| 2.3 | The      Pledgor shall, if and when required by the Pledgee, execute such further      encumbrances and assurances, and do all such acts and things as the      Pledgee may reasonably require over or in relation to the Shares to      maintain, perfect or protect the security rights created by this Pledge      Agreement over the Shares, such that this Pledge Agreement will continue      to constitute a fifth priority right of pledge of the Shares, until      payment in full of the Secured Obligations or termination of this Pledge      Agreement in accordance with Section 8 of this Pledge      Agreement. |
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| 2.4 | By      co-signing this Pledge Agreement, the Company acknowledges the Right of      Pledge created by this Pledge Agreement, as provided in article 2:113 of      the Netherlands Antilles Civil Code (“NACC”). |
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| 2.5 | The      Company shall register in the Company’s shareholders’ register that the      Shares are encumbered with a fifth priority right of pledge in favor of      the Pledgee and that, subject to Section 3 of this Pledge Agreement, the      Pledgee has the Voting Rights. |
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| 3.1. | The      voting and other consensual rights and similar rights or powers attaching      to the Shares or any part thereof (the “Voting Rights”) are      hereby transferred by the Pledgor to the Pledgee under the condition      precedent (opschortende      voorwaarde) of (i) the occurrence of a Voting Event and (ii) the      termination and/or release of the Existing Rights of Pledge. By means of      execution of this Pledge Agreement the Pledgor also hereby adopts a      resolution in capacity of sole shareholder of the Present Shares to      approve the granting of the Right of Pledge and the transfer of the Voting      Rights. Until the occurrence of a Voting Event and subject to the      termination and/or release of the Existing Rights of Pledge, the Pledgor      may exercise any and all such Voting Rights,  save: |
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|   | (a) | that      no such exercise may violate or be inconsistent with the express terms or      purpose of this Pledge Agreement, the Existing Rights of Pledge, the 2005      Indenture, the Loan Agreement, the 2007 Indenture and/or the      Indenture; |
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|   | (b) | that      no such exercise may have the effect of impairing the position or      interests of the Pledgee; and |
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|   | (c) | as      set out in Section 3.2 below. |
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| 3.2. | Upon      the occurrence of a Voting Event: |
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|   | (a)     | any      and all rights of the Pledgor to exercise the Voting Rights which it is      entitled to exercise pursuant to Section 3.1 above shall cease      automatically without further notice to the Pledgor being required and the      Pledgee shall have the sole and exclusive right and authority to exercise      such Voting Rights and shall be entitled to exercise or refrain from      exercising such rights in such manner as the Pledgee may in its absolute      discretion deem fit; and |
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|   | (b) | the      Pledgee shall immediately be entitled, at any time at its sole discretion,      to effect the resignation of and/or to dismiss the directors of the      Company or any of them, and to appoint new directors of the Company and      the Pledgor hereby undertakes to do all things and execute all documents      and instruments as may be required by the Pledgee to ensure the      effectiveness of any such resignations, dismissals or      appointments. |
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| 3.3. | By      signing this Pledge Agreement, the Company confirms (and the other parties      agree) that a written notice from the Pledgee to the Company stating that      a Voting Event has occurred, shall be sufficient for the Company to accept      the Pledgee as being exclusively entitled to such rights and other powers      which it is entitled to exercise pursuant to this Section 3 upon the      occurrence of such a Voting Event and subject to the termination and/or      release of the Existing Rights ofPledge. |
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| 3.4. | In      addition and without prejudice to the obligations of the Pledgor pursuant      to the Pledge Agreement, each of the Pledgor and the Company agrees to      notify the Pledgee immediately of any event or circumstance which could      reasonably be of importance to the Pledgee with a view to the preservation      and exercise of the Pledgee’s rights under or pursuant to this Pledge      Agreement, such as (without limitation) the filing of a petition for the      bankruptcy of the Pledgor, the filing of a petition for a moratorium of      payments by the Pledgor, attachment or garnishment of the Pledgor’s      assets, the termination of any one of the Pledgor’s commercial activities      or its dissolution. |
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| 3.5. | Upon      the occurrence of a Voting Event and subject to the termination and/or      release of the Existing Rights of Pledge, the Pledgee shall have the      rights which the law attributes to holders of depositary receipts, issued      with a company’s co-operation, of shares in its  capital. |
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| 3.6. | During      the term of the Right of Pledge, the foregoing provisions of this Section      3 with respect to the Voting Rights on the Present Shares also apply to      the Future Shares. In addition, the Pledgor and the Pledgee shall, if      reasonably practicable, at the time of or, if not practicable at such      time, as soon as reasonably practicable, after the acquisition of such      Future Shares, arrange that the attribution of the Voting Rights attaching      thereto shall be ratified if that is reasonably deemed necessary, in the      Pledgee's sole discretion, to enable the Pledgee to exercise such Voting      Rights upon the occurrence of the condition precedent as provided in      Section 3.1 of this Pledge Agreement. If such ratification is, at the      Pledgee's sole discretion, not obtained in time, the Pledgor shall fully      co-operate in the taking of such other reasonable measures relating to      such transfer of voting rights as are proposed by the    Pledgee. |
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| 4. | Authority      to collect |
|----|---------------------------|

| 4.1 | The      authority to collect dividends, distributions from reserves, repayments of      capital and all other distributions and payments in any form, which, at      any time, during the term of the Right of Pledge, become payable on any      one or more of the Shares, shall accrue to the Pledgee, as provided for in      Section 3:246 of the NACC, subject to the termination and/or release of      the Existing Rights of Pledge. |
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| 4.2 | In      derogation of the provisions of paragraph 1, the Pledgee hereby grants      approval to the Pledgor to collect all dividends, distributions from      reserves, repayments of capital and all other distributions and payments      in any form, which, at any time, during the term of the Right of Pledge,      become payable on any one or more of the Shares, subject to the      termination and/or release of the Existing Rights of    Pledge. |
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| 4.3 | The      Pledgee may terminate the authorization mentioned in paragraph 2 upon      occurrence of an Event of Default only. Termination of the authorization      is made by written statement to that effect, by the Pledgee to the      Pledgor. The Pledgee shall inform the Company of the termination in      writing. |
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| 5. | Representations      and warranties |
|----|-------------------------------------|

| 5.1 | The      Pledgor hereby represents and warrants that the following is true and      correct on the date of this PledgeAgreement: |
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|   | a. | the      Company is a public company with limited liability (naamloze vennootschap),      legally established under the laws of the Netherlands Antilles by notarial      deed drawn up before Gerard Christoffel Antonius Smeets, civil law notary      officiating in Curaçao, on the fourteenth day of July nineteen hundred and      ninety-four. A copy of the present articles of association is attached to      this Pledge Agreement (Annex I). The      Company is currently registered with the commercial register of the      Chamber of Commerce and Industries of Curaçao under number 67248. A copy      of the extract from the commercial register is attached to this Pledge      Agreement (Annex      II); |
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|   | b. | the      Company has not been dissolved, and no resolution has been adopted to      dissolve the Company, nor has any request therefore been filed, nor has      any notice by the Chamber of Commerce, as described in Section 2:25 of the      NACC, been received. The Company has not been declared bankrupt nor has a      suspension of payment been granted, nor have any requests thereto been      filed; |
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|   | c. | the      shareholders' register is accurate and completely up to date. A copy of      the shareholders' register is attached to this Pledge Agreement (Annex      III); |
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|   | d. | the      entire issued share capital of the Company consists of the Present Shares;      all of the Present Shares are fully paid-up; the Company has not granted      any rights to subscribe for shares in its capital which have not yet been      exercised; |
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|   | e. | the      Pledgor has a complete and unencumbered right to the Present Shares, with      the exception of the Existing Rights ofPledge; |
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|   | f. | the      Present Shares are not subject to either (limited) rights or obligations      to transfer to third parties or claims based on contracts of any nature      and have not been encumbered with any attachments, except for the Existing      Rights of Pledge; |
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|   | g. | the      Pledgor is authorized to establish the Right of  Pledge; |
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|   | h. | all      resolutions and approvals, required for establishing the Right of Pledge,      have been adopted and receivedrespectively; |
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|   | i. | the      obligations of the Pledgor and the Company vis-à-vis the Pledgee,      resulting from the Indenture and this Pledge Agreement respectively, are      lawful obligations of the Pledgor and the Company respectively and are      legally enforceable against the Pledgor and the Company      respectively; |
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|   | j. | the      assumption and performance by the Pledgor and the Company respectively of      the obligations vis-à-vis the Pledgee resulting from the Indenture and      this Pledge Agreement are not contrary to any provision of applicable law      or any agreement to which the Pledgor or the Company is a party, or by      which the Pledgor or the Company is bound in any other  way; |
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|   | k. | the      Pledgor has provided the Pledgee with all information and data with      respect to the Present Shares which the Pledgor reasonably believes to be      of importance for the Pledgee; |
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| 5.2. | Furthermore,      the Pledgor hereby declares: |
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|   | - | as      for the numbers 1 through 60, pursuant to the notarial deed of      incorporation, drawn up before Gerard Christoffel Antonius Smeets, civil      law notary officiating in Curaçao, on the fourteenth day of July nineteen      hundred and ninety-four. |
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|   | - | as      for the number 61, pursuant to the issuance of one share on the nineteenth      day of September nineteen hundred and  ninety-four. |
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| 6. | Undertakings      by the Pledgor |
|----|----------------------------------|

| 6.1. | During      the term of the Right of Pledge, the Pledgor shall not alienate, pledge or      in any other way encumber the Shares or the rights to acquire Shares      without the prior written consent of the Pledgee, except for the      encumbrance in accordance with Section 12.01 of the    Indenture. |
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| 6.2. | The      Pledgor shall as far as possible provide that the Shares and/or rights to      acquire Shares he acquires after execution of this Pledge Agreement shall      be pledgeable, and that the transferability thereof shall not be more      cumbersome than the transferability of the  Shares. |
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| 6.3. | Whenever      the Pledgor is aware that the Company is involved in the preparation of a      legal merger or demerger as a result of which the Company would cease to      exist, the Pledgor shall inform the Pledgee thereof in writing      immediately. |
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| 6.4. | Whenever      the Pledgor is aware that actions have been taken for the winding-up,      dissolution, administration, bankruptcy, suspension of payments or      reorganization of the Company, the Pledgor shall inform the Pledgee      thereof in writingimmediately. |
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| 7. | Exercise      of the Right of Pledge. |
|----|---------------------------------------|

| 7.1. | Upon      the occurrence of an Event of Statutory Default, the Pledgee has, with due      regard to the relevant provisions of the Existing Rights of Pledge, the      right to exercise all rights and powers which the Pledgee has under the      laws of the Netherlands Antilles as holder of a right of pledge over the      Shares and the Pledgee shall be authorized to sell the Shares or part      thereof, in accordance with Section 3:248 of the NACC, without prejudice      to the provision of Section 3:251 of the NACC, in order to recover the      proceeds thereof. |
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| 7.2 | In      the event the Pledgee enforces the Right of Pledge, the Pledgee shall,      with due regard to the relevant provisions of the Existing Rights of      Pledge, following payment of the execution costs from the proceeds,      allocate the net proceeds to fulfill the Secured    Obligations. |
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| 7.3 | The      Pledgee does not bear the obligations referred to in Sections 3:249 and      3:252 of the NACC towards others than the  Pledgor. |
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| 8. | Termination |
|----|-------------|

| 8.1 | The      Pledgee is entitled to terminate (opzeggen) in whole or      in part the Right of Pledge as referred to in Article 3:81(2) sub (d) of      the NACC. Notice of termination must be given in writing by the Pledgee to      the Pledgor and the Company. |
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| 8.2 | The      Right of Pledge shall terminate by operation of law upon the payment and      satisfaction in full of all Secured Obligations. In that event, the      Pledgee shall evidence such termination in accordance with Section 8.01 of      the Indenture. |
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| 9. | Costs |
|----|-------|

|  |   | All      reasonable costs, fees and expenses incurred in connection with the      creation or execution of any documentation in connection with the Right of      Pledge and the enforcement of the Right of Pledge shall be for the account      of the Pledgor, and the Pledgor shall indemnify and hold harmless the      Pledgee for such costs and reasonable expenses incurred in connection with      such enforcement. |
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| 10. | Notices |
|-----|---------|

|   | (i) | in      the case of hand delivery: on the day the notice is received by      recipient; |
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|   | (ii) | in      the case of a registered letter: on the third business day after posting;      or |
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|   | (iii) | in      the case of a fax transmission: upon receipt of fax      confirmation. |
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| 11. | Rescission |
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| 12. | Governing      Law and Submission to Jurisdiction |
|-----|---------------------------------------------------|

| 12.1 | The      provisions of this Pledge Agreement and the Right of Pledge created      hereby, are governed by, and shall be construed in accordance with, the      laws of the Netherlands Antilles. |
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| 12.2 | The      Pledgor and the Pledgee agree that the competent court in Curaçao, the      Netherlands Antilles shall have non-exclusive jurisdiction with regard to      any and all disputes which may arise out of or in connection with this      Pledge Agreement. |
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| 14. | Severability |
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| 15. | Counterparts |
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| Central      European Media Enterprises Ltd. |                         |
|----------------------------------------------|------------------------------|
| as      the Pledgor                          |                         |
|                                         |                         |   |
|                                         |                         |   |
| /s/ Michael      Garin                       |                         |
| By:                                          | Michael      Garin           |   |
| Its:                                         | Chief      Executive Officer |   |
|                                         |                         |   |
|                                         |                         |   |
| The      Bank of New York                    |                         |
| as      the Pledgee                          |                         |
|                                         |                         |   |
|                                         |                         |   |
| /s/ Jason      Blondell                      |                         |
| By:                                          | Jason      Blondell          |   |
| Its:                                         | Authorised      Signatory    |   |
|                                         |                         |   |
|                                         |                         |   |
| Central      European Media Enterprises N.V. |                         |
|                                         |                         |   |
|                                         |                         |   |
| /s/ Michael      Garin                       |                         |
| By:                                          | Michael      Garin           |   |
| Its:                                         | Managing      Director       |   |

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