----

----

| (1) | CME MEDIA ENTERPRISES B.V.,      a company organized under the laws of the Netherlands, and having      its registered office at Dam 5B, 1012 JS Amsterdam, the Netherlands      ("CME      ME"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | CENTRAL EUROPEAN MEDIA      ENTERPRISES LTD., a company incorporated under the laws of Bermuda,      and having      its registered office at Clarendon House, 2 Church Street, Hamilton, HM 11      Bermuda ("CME      Ltd"); and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | THE BANK OF NEW YORK, a      company incorporated under the laws of the State of New York, USA and      having its registered office at 101 One Canada Square, London E14 5AL,      United Kingdom (the "Assignee"). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | Each      Assignor (as such term is defined below) is entering into this Assignment      in connection with the Indenture (as such term is defined      below). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The      Assignee and each Assignor intend this document to take effect as a deed      (even though a Party may only execute it under  hand). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Interpretation |
|----|----------------|

| 1.1 | Capitalized      terms not otherwise defined herein shall, unless the context requires      otherwise, bear the meaning ascribed thereto in the    Indenture: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "Assigned      Contract" |   | means      the Framework Agreement, as amended or supplemented from time to      time;                                                                                                                                                                                                                                                                                                            |
|--------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Assigned      Rights"   |   | means      all present and future rights, title and interest of each Assignor in,      under and to the Framework Agreement including, without limitation, the      right of each Assignor to receive all amounts payable under the Framework      Agreement and all present and future claims, causes of action, payments      and proceeds in respect thereof, whether now or in the    future; |

----

| "Assignors"                               |   | means      CME ME and CME Ltd and "Assignor" means, as      appropriate, CME ME or CME Ltd;                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Business      Day"                       |   | means,      in respect of any day, a day on which banks are generally open for      transactions in London and New York;                                                                                                                                                                                                                                                                          |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Election      Notice"                    |   | has      the meaning given in Schedule 1 hereto;                                                                                                                                                                                                                                                                                                                                                  |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Event of      Default"                   |   | has      the meaning given in the Indenture;                                                                                                                                                                                                                                                                                                                                                      |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Financing      Agreements"               |   | means      the Indenture and the Security Documents;                                                                                                                                                                                                                                                                                                                                              |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Framework      Agreement"                |   | means      the Framework Agreement among CME ME, CME Ltd and PPF dated December 13,      2004 as amended on May 2, 2005;                                                                                                                                                                                                                                                                          |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Indenture"                               |   | means      the Indenture dated on or about the date hereof between CME Ltd., Central      European Media Enterprises NV, CME ME, BNY Corporate Trustee Services      Limited and The Bank of New York;                                                                                                                                                                                            |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Original Contract      Assignment” |   | means      the Security Assignment among CME Ltd., CME ME and the Assignee dated May      16, 2007;                                                                                                                                                                                                                                                                                               |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "PPF"                                     |   | means      JR Holdings Limited (formerly known as PPF (Cyprus) Limited), a company      organized under the laws of the Republic of Cyprus with registered number      HE 92433, and having its registered office at Arch. Makariou III, 2-4,      Capital Center, 9th Floor, PC 1505, Nicosia, Cyprus. The name of the      company was changed from PPF (Cyprus) Limited on March 1,      2006; |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Receiver"                                |   | has      the meaning given in Clause 8 hereof;                                                                                                                                                                                                                                                                                                                                                    |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |
| "Secured      Liabilities"                |   | means      all present and future moneys, debts and liabilities due, owing or      incurred by the Assignors to the Assignee under or in connection with the      Financing Agreements (in each case, whether alone or jointly, or jointly      and severally, with any other person, whether actually or contingently and      whether as principal, surety or otherwise);                       |
|                                      |   |                                                                                                                                                                                                                                                                                                                                                                                              |

----

| "Security      Assets"    |   | means      the Assigned Rights, being the assets the subject of the security created      hereunder;                                                                                                                                                                                                                                                            |
|---------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |   |                                                                                                                                                                                                                                                                                                                                                            |
| "Security      Documents" |   | has      the meaning given in the Indenture;                                                                                                                                                                                                                                                                                                                    |
|                      |   |                                                                                                                                                                                                                                                                                                                                                            |
| "Security      Interest"  |   | means      any mortgage, pledge, lien, charge, assignment, hypothecation or security      interest or any other agreement or arrangement having the effect of      conferring security; and                                                                                                                                                                     |
|                      |   |                                                                                                                                                                                                                                                                                                                                                            |
| "Security      Period"    |   | means      in respect of the Security Assets, the period beginning on the date hereof      and ending on the date upon which all the Secured Liabilities which have      arisen have been unconditionally and irrevocably paid and discharged in      full or the security created hereby has been unconditionally and      irrevocably released anddischarged. |

| 1.2 | Construction |
|-----|--------------|

|   | (a) | references      to a "person" shall mean any individual, firm, company, government, state      or agency of a state, local or municipal authority, or any joint venture      association or partnership (whether or not having separate legal      personality); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | references      to this Assignment, the other Financing Agreements or any other document      referred to herein is a reference to this Assignment, the other Financing      Agreements or such other document as amended, varied, novated or      supplemented at any time; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | references      to Clause and Schedule headings are for ease of reference      only; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (d) | any      reference to the "Assignee" or the "Assignor" shall include its and any      subsequent successors and any permitted transferees in accordance with      their respective interests; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | an      amount shall be considered to be "irrevocably paid" if it is not capable      of being avoided or reduced by virtue of any bankruptcy, insolvency,      liquidation or similar laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.3 | Rights of Third      Parties |
|-----|------------------------------|

| 1.4 | Original Contract      Assignment |
|-----|-----------------------------------|

| 2. | Assignment |
|----|------------|

|   | (a) | As      a continuing security for the payment, discharge and performance of all      the Secured Liabilities, at any time owed or due to the Assignee, each      Assignor unconditionally and irrevocably assigns and agrees to assign      absolutely with full title guarantee (save for those security interests      already created and existing and notified to the Assignee), its rights,      title and interest in respect of the Security Assets to and in favour of      the Assignee; provided that forthwith upon the expiry of the Security      Period, the Assignee shall, at the request and expense of the Assignors,      (without warranty or other liability) re-assign to each Assignor the items      assigned by such Assignor pursuant to this Clause 2      (Assignment). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Assignors and the Assignee shall forthwith give notice of the assignment,      to be effected in accordance with Clause 2(a), of the Assignors’ rights,      title and interest in and to the Security Assets  by: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | sending      a notice of assignment to PPF substantially in the form set out in      Schedule 1 with such amendments as the Assignee may agree;    and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Assignors using their best endeavours to procure that PPF acknowledges the      notice of assignment substantially in the form set out in Schedule 2 with      such amendments as the Assignee mayagree. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Assignor shall promptly execute all documents and do all things and take      whatever action the Assignee or a Receiver may reasonably require      to: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | perfect      or protect the Security Interest created by this Assignment;      and |
|--------|-----|------------------------------------------------------------------------------------|

|   | (ii) | facilitate      the realisation of any Security Asset or the exercise of any right, power      or discretion exercisable by the Assignee or any Receiver or any of its or      their delegates or sub-delegates in respect of any Security      Asset, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Notwithstanding      anything contained herein: |
|--------|-----|-------------------------------------------------|

|   | (i) | the      Assignors shall remain liable under the Assigned Contract to perform all      the obligations assumed by them thereunder;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Assignee shall not be under any obligations or liability under the      Assigned Contract, other than in connection with exercising its rights      thereunder or be liable to make any payment  thereunder. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The      Parties agree that at any time other than when an Event of Default has      occurred and is continuing, the Assignors shall be permitted to exercise      each of the Assigned Rights withoutrestriction. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Preservation      Of Security |
|----|-------------------------------|

| 3.1 | Continuing      security |
|-----|--------------------------|

| 3.2 | Additional      security |
|-----|--------------------------|

| 4. | Representations      And Warranties |
|----|-------------------------------------|

| 4.1 | Representations and      warranties |
|-----|-------------------------------------|

| 4.2 | Powers and      authority |
|-----|---------------------------|

| 4.3 | Legal      validity |
|-----|---------------------|

----

| 4.4 | Consents |
|-----|----------|

| 4.5 | No    Conflict |
|-----|----------------|

|   | (a) | conflict      with any law or regulation or judicial or official  order; |
|--------|-----|--------------------------------------------------------------------------|

|   | (b) | conflict      with its constitutional documents;or |
|--------|-----|----------------------------------------------------|

|  | (c)  | conflict      with any document which is binding upon it or its  assets. |
|--|-----------|--------------------------------------------------------------------------|

| 5. | Encumbrances      And Disposals |
|----|---------------------------------|

|   | (a) | create      or permit to subsist any Security Interest upon all or any part of the      Security Assets other than the security created hereunder or under the      Original Contract Assignment; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | assign,      transfer or otherwise dispose of the Assigned Contract except in      circumstances contemplated in the Assigned  Contract. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Undertakings |
|----|--------------|

|   | (a) | it      shall not do or permit to be done anything which would materially      prejudice the rights of the Assignee in the Security Assets (except as      expressly contemplated in the Assigned Contract);  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it      shall not vary or amend any material provisions of the Assigned Contract      in any way that is materially adverse to the interests of the Assignee      pursuant to this Assignment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | Enforcement      Of Security |
|----|------------------------------|

| 7.1 | Enforcement |
|-----|-------------|

|   | (a) | to      take possession of, get in and collect the Security Assets, and to require      payment to it of any revenues deriving  therefrom; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      recover and collect all receivables and to give a good receipt therefor on      behalf of each of the Assignors; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      perform or vary any of the Assigned Rights and/or rights under the      Assigned Contract; |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (d) | subject      to the terms of the Assigned Contract, to assign any part or all of the      Security Assets to any person on such terms as the Assignee considers      appropriate; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to      settle, adjust, refer to arbitration, compromise and arrange any claims,      accounts, disputes, questions and demands with or by any person who is or      claims to be a creditor of either Assignor or relating to the Assigned      Rights and/or the AssignedContract; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | to      bring, prosecute, enforce, defend and abandon actions, suits and      proceedings in relation to the Assigned Rights and/or the Assigned      Contract; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | to      set-off any moneys comprised in the Security Assets against such or any of      the Secured Liabilities. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

| 7.2 | Acknowledgment |
|-----|----------------|

| 8. | Receiver |
|----|----------|

|   | (a) | In      addition to the powers conferred above, at any time when the security      hereby created is enforceable the Assignee may appoint in writing a      receiver or a receiver and manager (a "Receiver") of all or any      part of the Security Assets and remove any Receiver so appointed and      appoint another in his place and may from time to time fix the      remuneration of any such Receiver. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      Assignee may by instrument in writing delegate to any such Receiver all or      any of the rights, powers and discretions vested in it by this      Assignment. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Such      Receiver shall be the agent of the Assignor but notwithstanding this      position, as between the Assignors and the Assignee, the Assignee shall be      responsible for his acts and defaults and be liable on any contracts made      by him, save to the extent that the Assignors would be responsible      pursuant to the Indenture for such acts or defaults if performed by the      Assignee or be liable on any such contracts if made by the      Assignee. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Application      Of Proceeds |
|----|------------------------------|

|   | (a) | in      satisfaction of, or provision for, all costs and expenses incurred by the      Assignee or any Receiver (including but not limited to costs and expenses      incurred by the Assignee or any Receiver in the course of exercising any      rights hereunder) and of all remuneration due to any Receiver under this      Assignment; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      or towards payment of the Secured Liabilities or such part of them as is      then due and payable; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (c) | subject      to the terms of the Indenture, in payment of the surplus (if any) to the      Assignor entitled to it. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 10. | POWER      OF ATTORNEY |
|-----|------------------------|

|   | (a) | Each      Assignor hereby irrevocably appoints the following,  namely: |
|--------|-----|------------------------------------------------------------------------|

|   | (i) | the      Assignee; |
|--------|-----|--------------------|

|   | (ii) | each      and every person to whom the Assignee shall from time to time have      delegated the exercise of the power of attorney conferred by this Clause;      and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      Receiver appointed hereunder and for the time being holding office as      such, |
|--------|-------|-------------------------------------------------------------------------------------------|

----

|   | (b) | The      power of attorney hereby granted is (and each of the Assignors hereby      acknowledge that it is) as regards the Assignee, its delegates and any      such Receiver granted irrevocably and for value as part of the security      constituted by this Security Assignment to secure proprietary interests in      and the performance of obligations owed to the respective donees within      the meaning of the Powers of Attorney Act1971. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | FURTHER      POWERS OF THE ASSIGNEE |
|-----|-------------------------------------|

|   | (a) | ask,      require, demand, receive and give acquittance for any sum forming part of      the Security Assets; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | endorse      any cheques or other instruments or orders in connection therewith;      and |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (c) | make      any claims or take any action or institute any proceedings which may be      necessary or advisable to protect the interests of the Assignee in all or      any part of the Security Assets. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Waivers      and Remedies Cumulative |
|-----|--------------------------------------|

|   | (a) | may      be exercised as often as necessary; |
|--------|-----|----------------------------------------------|

|   | (b) | are      cumulative and are not exclusive of its rights under general law;      and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (c) | may      be waived only in writing andspecifically. |
|--------|-----|-----------------------------------------------------|

----

| 13. | Changes      to the Parties |
|-----|-----------------------------|

| 14. | Severability |
|-----|--------------|

|   | (a) | the      validity, legality or enforceability in that jurisdiction of any other      provision of this Assignment; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      validity, legality or enforceability in other jurisdictions of that or any      other provision of this Assignment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 15. | Costs      and Expenses |
|-----|-------------------------|

| 16. | Counterparts |
|-----|--------------|

| 17. | Release |
|-----|---------|

----

| 18. | English      Language |
|-----|-----------------------|

| 19. | Notices |
|-----|---------|

|  | Attn: | Managing      Director |
|--|-------|------------------------|

|   | Fax: | +31      20 423 1404 |
|--------|------|----------------------|

|  | Attn: | General      Counsel |
|--|-------|----------------------|

|   | Fax: | +44      207 430 5403 |
|--------|------|-----------------------|

|  | Attn: | General      Counsel |
|--|-------|----------------------|

|   | Fax: | +44      207 430 5403 |
|--------|------|-----------------------|

----

|  | Attn: | Jason      Blondell |
|--|-------|---------------------|

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

| 20. | Governing      Law |
|-----|--------------------|

| 21. | Jurisdiction |
|-----|--------------|

| 21.1 | Each      of the Parties hereby irrevocably agrees that the courts of England are to      have exclusive jurisdiction to settle any  disputes: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | arising      under or in connection with this Assignment;or |
|--------|-----|-------------------------------------------------------------|

|   | (b) | arising      or in connection with the negotiation, legal validity or legal      enforceability of this Assignment, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 21.2 | Each      Party hereby: |
|------|-------------------------|

|   | (a) | waives      objection to the English courts on the ground of forum non conveniens or      inappropriate forum or otherwise in connection with any dispute described      in Clause 21.1; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | agrees      that a judgement or order of an English court in such a dispute is      conclusive and binding on such party and may be enforced against it in the      courts of any other jurisdiction. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | Each      Assignor hereby irrevocably designates, appoints and empowers CME      Development Corporation at its registered office (being, on the date      hereof, at Aldwych House, 81 Aldwych, London WC2B 4HN, England) to act as      its authorised agent to receive service of process and any other legal      summons in England for purposes of any legal action or proceeding brought      by the Assignee in respect of this Security Assignment. Each Assignor      hereby irrevocably consents to the service of process or any other legal      summons out of such courts by mailing copies thereof by registered airmail      postage prepaid to its address specified herein. Each Assignor covenants      and agrees that, so long as it has any obligations under this Assignment,      it shall maintain a duly appointed agent to receive service of process and      any other legal summons in England for purposes of any legal action or      proceeding brought by the Assignee in respect of this Security Assignment      and shall keep the Assignee advised of the identity and location of such      agent. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| By:    | /s/ Michael      Garin        |   |
|--------|-------------------------------|--------|
|   |                          |   |
|   | Name:      Michael Garin      |   |
|   | Title:      Managing Director |   |

----

| By:    | /s/ Wallace      Macmillan          |   |
|--------|-------------------------------------|--------|
|   |                                |   |
|   | Name:      Wallace Macmillan        |   |
|   | Title:      Chief Financial Officer |   |

----

| By:    | /s/ Jason      Blondell          |   |
|--------|----------------------------------|--------|
|   |                             |   |
|   | Name:      Jason Blondell        |   |
|   | Title:      Authorised Signatory |   |

----

| From: | CME      MEDIA ENTERPRISES B.V.; and |
|-------|--------------------------------------|

| To: | JR      HOLDINGS LIMITED (formerly known as PPF (CYPRUS)  LIMITED) |
|-----|--------------------------------------------------------------------|

| (1) | The      Assignors continue to be solely responsible to you for the performance of      their obligations under the Contract and the Assignee shall not be under      any obligation or liability under the Contract by reason of the Assignment      or anything arising therefrom. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | From      the date hereof you should perform all of your obligations under the      Contract (including the making of any payments pursuant to the Contract)      in accordance with theseinstructions. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The      Assignee has agreed that until such time when the Assignee has delivered      to you written notice of its election to exercise the Assignors’ rights      under the Contract (an "Election      Notice"): |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | you      should continue to pay to the Assignors any sums which you may become      obliged to pay to each of them under the  Contract, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each      Assignor shall remain entitled to exercise all of its rights, powers and      discretions relating to the Contract without any restriction and without      the consent of the Assignee, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | each      Assignor shall remain entitled to deal with you in respect of any      provision of the Contract or give consent relating to any provision of the      Contract without the prior consent of the Assignee;  and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | you      should continue to give notices in relation to the Contract to the      Assignors. |
|--------|------|---------------------------------------------------------------------------------------------|

| (4) | The      Assignors instruct you, at any time after the Assignee has delivered to      you an Election Notice, to comply with any payment or other instructions      contained therein or in any subsequent written notice to you from the      Assignee, including without limitation any instruction to pay to such      account as the Assignee may nominate the full amount of any sums which you      may become obliged to pay to the Assignors under the Contract, provided      always that any such instructions do not exceed the rights of the      Assignors pursuant to the Contract. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Save      as set out above, the Assignment does not affect your rights or      obligations under the Contract. |
|-----|----------------------------------------------------------------------------------------------------------------|

| Attn: | Jason      Blondell |
|-------|---------------------|

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

----

----

| From: | JR      HOLDINGS LIMITED (formerly known as PPF (CYPRUS)  LIMITED) |
|-------|--------------------------------------------------------------------|

| To: | THE      BANK OF NEW YORK (the "Assignee") |
|-----|--------------------------------------------|

| Copy: | CME      MEDIA ENTERPRISES B.V. and |
|-------|-------------------------------------|

----