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| 1. | Definitions |
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|   | (a) | an      "Event of      Default": each Event of Default as defined in Section 1.1 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) 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      Bank of New York 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 Bank of      New York, the Pledgor and the Company, (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, and      (v) the Bank of New York on the tenth day of March two thousand eight      pursuant to that certain pledge agreement dated the tenth day of March two      thousand eight among inter alia the Bank of      New York, the Pledgor and theCompany; |
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|   | (d) | the      "Loan Agreement":      means the loan agreement dated the twenty-first day of July two thousand      six between the Pledgor, as borrower and European Bank of Reconstruction      and Development, as lender; |
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|   | (e) | the      "Parallel Debt":      shall mean the Parallel Debt as defined in Section 11.9 of the      Indenture; |
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|   | (f) | the      "Right of Pledge":      the sixth priority right of pledge in respect of the Shares established in      this Pledge Agreement; |
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|   | (g) | 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; |
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|   | (h) | 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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|   | (i) | 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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|   | (j) | 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 Note Trustee as security trustee, 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;  and |
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|   | (k) | the      "2008 Indenture":      the indenture dated as of the tenth day of March two thousand eight, by      and among inter      alia the Pledgor as issuer and the Note Trustee in its capacity as      security trustee. |
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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 sixth priority right of      pledge (openbaar      pandrecht in zesde 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 (acting on the      instructions of the Note Trustee), execute such further encumbrances and      assurances, and do all such acts and things as the Pledgee (acting on the      instructions of the Note Trustee) 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 sixth 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 sixth 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. | Voting      rights |
|----|--------------------|

| 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 its 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, the 2008 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 (acting on the      instructions of the Note Trustee) 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 (acting on the      instructions of the Note Trustee) to ensure the effectiveness of any such      resignations, dismissals orappointments. |
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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 and the Note Trustee immediately of any event or      circumstance which could reasonably be of importance to the Pledgee and/or      the Note Trustee 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. | 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 (acting on the      instructions of the Note Trustee) 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 (acting on the instructions      of the Note Trustee). |
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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 (acting on the instructions of the Note Trustee) 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, 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 to have acquired the Present Shares as      follows: |
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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 (acting on the      instructions of the Note Trustee), except for the encumbrance in      accordance with Section 11.1 of theIndenture. |
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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 and the Note Trustee 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 and      the Note Trustee 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 (acting on the instructions of the Note Trustee) 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 (acting on      the instructions of the Note Trustee) 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 SecuredObligations. |
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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 (acting on the instructions of the Note Trustee) 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 8.9 of      the Indenture. |
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| 9. | Costs |
|----|-------|

| 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, the Pledgee and the Note Trustee 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 PledgeAgreement. |
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| 13. | Amendment      of 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/ Charles Frank                               |                         |
| By:                                             | Charles      Frank           |   |
| Its:                                            | Chief      Financial Officer |   |
|                                            |                         |   |
| Signed      for and on behalf of:               |                         |
|                                            |                         |   |
| The      Law Debenture Trust Corporation p.l.c. |                         |
| as      the Pledgee                             |                         |
|                                            |                         |   |
|                                            |                         |   |
| /s/ Julian Mason-Jebb                           |                         |
| Name:                                           | Julian      Mason-Jebb       |   |
| Title:                                          | Director                     |   |
|                                            |                         |   |
| Signed      for and on behalf of:               |                         |
|                                            |                         |   |
| The      Bank of New York Mellon                |                         |
| as      the Note Trustee                        |                         |
|                                            |                         |   |
|                                            |                         |   |
| /s/ Noora Pahkala                               |                         |
| Name:                                           | Noora      Pahkala           |   |
| Title:                                          | Senior      Associate        |   |
|                                            |                         |   |
| Central      European Media Enterprises N.V.    |                         |
|                                            |                         |   |
|                                            |                         |   |
| /s/ Oliver Meister                              |                         |
| By:                                             | Oliver      Meister          |   |
| Its:                                            | Managing      Director       |   |

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