----

**Agreement        on Transfer of Ownership Interest**

**THIS        AGREEMENT ON TRANSFER OF OWNERSHIP INTEREST**
**Agreement**

| (1) | **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                  “**Seller**”);                  and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | **CENTRAL                  EUROPEAN MEDIA ENTERPRISES LTD.**,                  a                  company organized and existing under the laws of Bermuda, with                  its                  registered office at Clarendon House, Church Street, Hamilton,                  HM CX                  Bermuda (the “**Purchaser**”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**WHEREAS:**

| (A) | As                  of the date hereof, CME Media Investments s.r.o. is a limited liability                  company organized and existing under the laws of the Czech Republic                  and                  registered in the Commercial Register kept by the Municipal Court                  in                  Prague, the Czech Republic, file number C, Insert 106550, identification                  number 272 35 173, with its seat at Kříženeckého                  nám. 1078/5, Postal Code 152 00,                  Prague                  5, the                  Czech Republic (the “**Company**”), and                  has a registered capital of CZK 200,000 (the “**Registered                  Capital**”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Both                  the Seller and the purchaser are partner in the                  Company. |
|-----|-------------------------------------------------------------------------------------------------|

| (C) | The                  Purchaser has exercised its call option under Article 12.2. of                  the TV Nova                  Group Agreement made among CME Media Enterprises B.V., a company                  organized                  and existing under the laws of the Netherlands, with its registered                  office                  at Birkstraat 89, 3768 HD Soest, the Netherlands, Purchaser and                  the Seller                  on May 2, 2005, the Seller desires to sell to the Purchaser and                  the                  Purchase desires to purchase form the Seller its entire ownership                  interest                  in the Company amounting to 15% and corresponding to the Seller’s                  contribution into the Registered Capital in the amount of CZK 30,000                  (the                  **“Ownership                  Interest”**). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | The                  Seller has agreed to sell the Ownership Interest and the Purchaser                  has                  agreed to purchase the Ownership Interest on and subject to the                  terms and                  conditions set out herein. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | The                  sale and purchase of the Ownership Interest contemplated hereunder                  has                  been duly approved by a resolution of the General Meeting of the                  Company                  on May 31, 2005. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IT        IS AGREED:**

----

| **1.** | **Interpretation                  and Definitions** |
|--------|-----------------------------------------------------|

| **1.1** | For                  the purpose of this Agreement (including its Recitals), the following                  words and expressions have the meaning respectively set opposite                  to                  them: |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***Company***                              | Has                  the meaning ascribed thereto in Recital (A);                                                                                                                                            |
|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                       |                                                                                                                                                                                                         |
| ***Closing***                              | Means                  completion of the sale and purchase of the Ownership Interest in                  accordance with the terms and conditions of this                  Agreement;                        |
|                                       |                                                                                                                                                                                                         |
| ***CZK***                                  | Means                  lawful currency of the Czech Republic;                                                                                                                                                |
|                                       |                                                                                                                                                                                                         |
| ***Framework                  Agreement*** | Means                  the Framework Agreement entered into by and between the Seller,                  the                  Purchaser and CME Media Enterprises B.V. on December 13,                  2004; |
|                                       |                                                                                                                                                                                                         |
| ***Party***                                | Means                  the Seller and/or the Purchaser;                                                                                                                                                      |
|                                       |                                                                                                                                                                                                         |
| ***Purchase                  Price***      | USD                  216,384,109.00 (two hundred and sixteen million three hundred and                  eighty-four thousand one hundred and nine U.S.                  dollars);                            |
|                                       |                                                                                                                                                                                                         |
| ***Purchaser***                            | Has                  the meaning set forth in the introduction to this                  Agreement;                                                                                                           |
|                                       |                                                                                                                                                                                                         |
| ***Ownership                  Interest***  | Has                  the meaning ascribed thereto in Recital (B);                                                                                                                                            |
|                                       |                                                                                                                                                                                                         |
| ***Registered                  Capital***  | Has                  the meaning ascribed thereto in Recital (A);                                                                                                                                            |
|                                       |                                                                                                                                                                                                         |
| ***Seller***                               | Has                  the meaning set forth in the introduction to this                  Agreement;                                                                                                           |
|                                       |                                                                                                                                                                                                         |
| ***TV                  Nova Value***       | Has                  the meaning set forth in Clause 3.2 of the Framework Agreement;                  and                                                                                                    |
|                                       |                                                                                                                                                                                                         |
| ***USD***                                  | Means                  lawful currency of the United States of                  America.                                                                                                                     |

| **1.2** | In                  this Agreement, unless the context otherwise                  requires, |
|---------|---------------------------------------------------------------------------------------------|

|   | (a) | references                  to this Agreement or any other document include this Agreement                  or such                  other document as varied, modified or supplemented in any manner                  from time                  to time; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | reference                  to Recitals and Clauses are references to the recitals and clauses                  of this                  Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | references                  to one gender include both genders and references to the singular                  include                  the plural and vice-versa; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | headings                  are inserted for convenience only and shall be ignored in construing                  this                  Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| **1.3** | Recitals                  to this Agreement form an integral part                  hereof. |
|---------|--------------------------------------------------------------------------------------------|

| **2.** | **Sale                  and Purchase of Ownership                  Interest** |
|--------|-------------------------------------------------------------------------------|

| **3.** | **Payment** |
|--------|-------------|

| **4.** | **Adjustment                  of the Purchase Price** |
|--------|-------------------------------------------------------|

| **5.** | **Closing** |
|--------|-------------|

| **6.** | **Further                  Assurance** |
|--------|----------------------------------------|

| **7.** | **Authority/Consent** |
|--------|-----------------------|

----

| **8.** | **Titles                  and Encumbrances** |
|--------|----------------------------------------------|

| **9.** | **Notices** |
|--------|-------------|

| **9.1** | Any                  notice or other communication to be given under this Agreement                  shall be in                  writing, in English language, and shall be deemed to have been                  duly served                  on a Party if it is left at the authorized address of that Party                  or is                  posted by registered mail addressed to that Party at such address                  or is                  sent by facsimile transmission to a machine situated at such an                  address                  and shall if: |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | personally                  delivered, be deemed to have been received against                  confirmation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | posted                  by registered mail, be deemed to have been received against                  confirmation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

| **9.2** | For                  the purposes of this Clause 9, the authorized address of the Parties                  shall                  be as follows: |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | if                  to the Seller |
|--------|-----|-----------------------------------|

|   | (b) | if                  to the Purchaser |
|--------|-----|--------------------------------------|

| **10.** | **Severability** |
|---------|------------------|

----

| **11.** | **Entire                  Agreement and Variation** |
|---------|-----------------------------------------------------|

| **12.** | **General                  Provisions** |
|---------|-----------------------------------------|

| **12.1** | Any                  waiver of a breach of any of the terms of this Agreement or of                  any default                  hereunder shall not be deemed to be a waiver of any subsequent                  breach or                  default and shall in no way affect the other terms of this                  Agreement. |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **12.2** | No                  failure to exercise and no delay on the part of any Party in exercising                  any right, remedy, power or privilege of that Party under this                  Agreement                  and no course of dealing between the Parties shall be construed                  or operate                  as a waiver thereof, nor shall any single or partial exercise of                  any                  right, remedy, power or privilege preclude any other or further                  exercise                  thereof or the exercise of any other right, remedy, power or privilege.                  The rights and remedies provided by this Agreement are cumulative                  and they                  are not exclusive to any rights or remedies provided by                  law. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **13.** | **Necessary                  Steps** |
|---------|--------------------------------------|

| **14.** | **Language** |
|---------|--------------|

| **15.** | **Dispute                  Resolution** |
|---------|-----------------------------------------|

*ad        hoc*

----

| **16.** | **Governing                  Law** |
|---------|------------------------------------|

| **17.** | **Effective                  Date** |
|---------|-------------------------------------|

**AS        WITNESS**

**PPF        (CYPRUS) LIMITED**

| By:    |                                | /s/                  Vladimir Uhde |   |
|--------|------------------------------------------|------------------------------------|--------|
| Name:  | Mgr.                  Vladimír Uhde |                               |
| Title: | Attorney                  in Fact        |                               |

**CENTRAL        EUROPEAN MEDIA ENTERPRISES LTD.**

| By:    |                                | /s/                  Petr Kotrlik |   |
|--------|------------------------------------------|-----------------------------------|--------|
| Name:  | JUDr.                  Petr Kotrlík |                              |
| Title: | Attorney                  in Fact        |                              |

----