----

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| BERMUDA                                                         | 98-0438382                        |
|-----------------------------------------------------------------|-----------------------------------|
| (State or other jurisdiction of incorporation and organization) | (IRS Employer Identification No.) |
| Clarendon House, Church Street, Hamilton                        | HM 11 Bermuda                     |
| (Address of principal executive offices)                        | (Zip Code)                        |

| Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
|---------------------------|---------------------|-------------------------|-----------------------------|

| Class                                 | Outstanding as of July 27, 2009 |
|---------------------------------------|---------------------------------|
| Class A Common Stock, par value $0.08 | 50,524,273                      |
| Class B Common Stock, par value $0.08 | 10,812,839                      |

----

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----

CENTRAL 

|                                                                                                                               | Page   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|
| Part I. Financial information                                                                                                      |   |
|                                                                                                                               |   |
| Item 1. Financial Statements                                                                                                       |   |
|                                                                                                                               |   |
| Condensed Consolidated Balance Sheets as at June 30, 2009 and December 31, 2008                                                    | 2      |
|                                                                                                                               |   |
| Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2009 and 2008 | 4      |
|                                                                                                                               |   |
| Condensed Consolidated Statements of Shareholders' Equity for the Six Months Ended June 30, 2009 and 2008                          | 6      |
|                                                                                                                               |   |
| Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008                                    | 7      |
|                                                                                                                               |   |
| Notes to the Condensed Consolidated Financial Statements                                                                           | 8      |
|                                                                                                                               |   |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations                                      | 56     |
|                                                                                                                               |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                 | 113    |
|                                                                                                                               |   |
| Item 4. Controls and Procedures                                                                                                    | 115    |
|                                                                                                                               |   |
| Part II. Other Information                                                                                                         |   |
|                                                                                                                               |   |
| Item 1. Legal Proceedings                                                                                                          | 115    |
|                                                                                                                               |   |
| Item 1A. Risk Factors                                                                                                              | 116    |
|                                                                                                                               |   |
| Item 4. Submission of Matters to a Vote of Security Holders                                                                        | 125    |
|                                                                                                                               |   |
| Item 6. Exhibits                                                                                                                   | 126    |
|                                                                                                                               |   |
| Signatures                                                                                                                         | 126    |
|                                                                                                                               |   |
| Exhibit Index                                                                                                                      | 127    |

----

Index

Part 

|                                                         |   | June 30,2009 |      |   | December 31,2008 |   |
|--------------------------------------------------------------|--------|--------------|-----------|--------|------------------|--------|
| ASSETS                                                       |   |         |      |   |             |   |
| Current assets                                               |   |         |      |   |             |   |
| Cash and cash equivalents                                    |   | $            | 506,356   |   |             | $      | 107,433 |   |
| Accounts receivable (net of allowance) (Note 6)              |   |         | 187,917   |   |             |   | 221,450 |   |
| Program rights, net                                          |   |         | 73,647    |   |             |   | 67,787 |   |
| Other current assets (Note 7)                                |   |         | 90,620    |   |             |   | 98,086 |   |
| Total current assets                                         |   |         | 858,540   |   |             |   | 494,756 |   |
| Non-current assets                                           |   |         |      |   |             |   |   |   |
| Investments                                                  |   |         | 16,559    |   |             |   | 16,559 |   |
| Property, plant and equipment, net (Note 8)                  |   |         | 196,935   |   |             |   | 206,667 |   |
| Program rights, net                                          |   |         | 139,693   |   |             |   | 113,596 |   |
| Goodwill (Note 4)                                            |   |         | 1,087,845 |   |             |   | 1,041,041 |   |
| Broadcast licenses and other intangible assets, net (Note 4) |   |         | 396,450   |   |             |   | 514,732 |   |
| Other non-current assets (Note 7)                            |   |         | 31,786    |   |             |   | 19,265 |   |
| Total non-current assets                                     |   |         | 1,869,268 |   |             |   | 1,911,860 |   |
| Total assets                                                 |   | $            | 2,727,808 |   |             | $      | 2,406,616 |   |

----

Index

|                                                                                          |   | June 30,2009 |      |   | December 31,2008 |   |
|-----------------------------------------------------------------------------------------------|--------|--------------|-----------|--------|------------------|--------|
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                    |   |         |      |   |             |   |
| Current liabilities                                                                           |   |         |      |   |             |   |
| Accounts payable and accrued liabilities (Note 9)                                             |   | $            | 155,120   |   |             | $      | 174,885 |   |
| Credit facilities and obligations under capital leases (Note 10)                              |   |         | 69,893    |   |             |   | 36,502 |   |
| Other current liabilities (Note 11)                                                           |   |         | 33,015    |   |             |   | 17,286 |   |
| Total current liabilities                                                                     |   |         | 258,028   |   |             |   | 228,673 |   |
| Non-current liabilities                                                                       |   |         |      |   |             |   |   |   |
| Credit facilities and obligations under capital leases (Note 10)                              |   |         | 231,465   |   |             |   | 38,758 |   |
| Senior Debt (Note 5)                                                                          |   |         | 946,505   |   |             |   | 928,525 |   |
| Other non-current liabilities (Note 11)                                                       |   |         | 106,235   |   |             |   | 112,215 |   |
| Total non-current liabilities                                                                 |   |         | 1,284,205 |   |             |   | 1,079,498 |   |
| Commitments and contingencies (Note 19)                                                       |   |         |      |   |             |   |   |   |
|                                                                                          |   |         |      |   |             |   |   |   |
| EQUITY:                                                                                       |   |         |      |   |             |   |   |   |
| CME Ltd. shareholders’ equity:                                                          |   |         |      |   |             |   |   |   |
| Nil shares of Preferred Stock of $0.08 each (December 31, 2008 – nil)                   |   |         | -         |   |             |   | - |   |
| 50,524,273 shares of Class A Common Stock of $0.08 each (December 31, 2008 –36,024,273) |   |         | 4,042     |   |             |   | 2,882 |   |
| 10,812,839 shares of Class B Common Stock of $0.08 each (December 31, 2008 – 6,312,839) |   |         | 865       |   |             |   | 505 |   |
| Additional paid-in capital                                                                    |   |         | 1,339,322 |   |             |   | 1,126,617 |   |
| Accumulated deficit                                                                           |   |         | (257,193  | )      |             |   | (236,836 | ) |
| Accumulated other comprehensive income                                                        |   |         | 102,063   |   |             |   | 202,090 |   |
| Total CME Ltd. shareholders’ equity                                                     |   |         | 1,189,099 |   |             |   | 1,095,258 |   |
| Noncontrolling interests                                                                      |   |         | (3,524    | )      |             |   | 3,187 |   |
| Total equity                                                                                  |   |         | 1,185,575 |   |             |   | 1,098,445 |   |
| Total liabilities and equity                                                                  |   | $            | 2,727,808 |   |             | $      | 2,406,616 |   |

----

Index

CENTRAL 

|                                                                   |   | For the Three Months Ended June 30, |    |   | For the Six Months Ended June 30, |   |
|------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|-----------------------------------|--------|
|                                                                   |   | 2009                                |    |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| Net revenues                                                           |   | $                                   | 186,185 |   |                              | $      | 304,809 |   |   | $ | 327,406 |   |   | $ | 527,832 |   |
| Operating expenses:                                                    |   |                                |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Operating costs                                                        |   |                                | 31,556  |   |                              |   | 36,759 |   |   |   | 60,949 |   |   |   | 69,774 |   |
| Cost of programming                                                    |   |                                | 95,893  |   |                              |   | 116,917 |   |   |   | 170,815 |   |   |   | 211,004 |   |
| Depreciation of station property, plant and equipment                  |   |                                | 12,841  |   |                              |   | 12,942 |   |   |   | 24,457 |   |   |   | 25,056 |   |
| Amortization of broadcast licenses and other intangibles (Note 4)      |   |                                | 4,833   |   |                              |   | 8,194 |   |   |   | 10,934 |   |   |   | 15,864 |   |
| Cost of revenues                                                       |   |                                | 145,123 |   |                              |   | 174,812 |   |   |   | 267,155 |   |   |   | 321,698 |   |
| Selling, general and administrative expenses                           |   |                                | 29,359  |   |                              |   | 31,253 |   |   |   | 51,187 |   |   |   | 61,917 |   |
| Impairment charge (Note 4)                                             |   |                                | -       |   |                              |   | - |   |   |   | 81,843 |   |   |   | - |   |
| Operating income / (loss)                                              |   |                                | 11,703  |   |                              |   | 98,744 |   |   |   | (72,779 | ) |   |   | 144,217 |   |
| Interest income                                                        |   |                                | 698     |   |                              |   | 3,775 |   |   |   | 1,442 |   |   |   | 5,955 |   |
| Interest expense (Note 16)                                             |   |                                | (22,258 | )      |                              |   | (22,346 | ) |   |   | (43,686 | ) |   |   | (37,575 | ) |
| Foreign currency exchange gain / (loss), net                           |   |                                | 45,411  |   |                              |   | 6,882 |   |   |   | 84,675 |   |   |   | (10,546 | ) |
| Change in fair value of derivatives (Note 12)                          |   |                                | (7,315  | )      |                              |   | (13,281 | ) |   |   | (1,185 | ) |   |   | (23,539 | ) |
| Other income                                                           |   |                                | 247     |   |                              |   | 668 |   |   |   | 346 |   |   |   | 1,319 |   |
| Income / (loss)  from continuing operations before tax       |   |                                | 28,486  |   |                              |   | 74,442 |   |   |   | (31,187 | ) |   |   | 79,831 |   |
| (Provision) / credit for income taxes                                  |   |                                | (6,380  | )      |                              |   | (8,923 | ) |   |   | 6,615 |   |   |   | 1,360 |   |
| Income / (loss)  from continuing operations                  |   |                                | 22,106  |   |                              |   | 65,519 |   |   |   | (24,572 | ) |   |   | 81,191 |   |
| Discontinued operations, net of tax (Note 18)                          |   |                                | -       |   |                              |   | (758 | ) |   |   | (262 | ) |   |   | (1,508 | ) |
| Net income / (loss)                                                    |   |                                | 22,106  |   |                              |   | 64,761 |   |   |   | (24,834 | ) |   |   | 79,683 |   |
| Net loss / (income) attributable to noncontrolling interests           |   |                                | 1,975   |   |                              |   | (1,295 | ) |   |   | 4,477 |   |   |   | (1,772 | ) |
| Net income / (loss) attributable to CME Ltd.                           |   | $                                   | 24,081  |   |                              | $      | 63,466 |   |   | $ | (20,357 | ) |   | $ | 77,911 |   |
|                                                                   |   |                                |    |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net income / (loss)                                                    |   |                                | 22,106  |   |                              |   | 64,761 |   |   |   | (24,834 | ) |   |   | 79,683 |   |
| Currency translation adjustment                                        |   |                                | 92,431  |   |                              |   | 93,579 |   |   |   | (100,429 | ) |   |   | 285,046 |   |
| Obligation to repurchase shares                                        |   |                                | -       |   |                              |   | - |   |   |   | - |   |   |   | 488 |   |
| Comprehensive income / (loss)                                          |   | $                                   | 114,537 |   |                              | $      | 158,340 |   |   | $ | (125,263 | ) |   | $ | 365,217 |   |
| Comprehensive income / (loss) attributable to noncontrolling interests |   |                                | 2,250   |   |                              |   | (1,380 | ) |   |   | 4,879 |   |   |   | (2,405 | ) |
| Comprehensive income / (loss) attributable to CME Ltd.                 |   | $                                   | 116,787 |   |                              | $      | 156,960 |   |   | $ | (120,384 | ) |   | $ | 362,812 |   |

----

Index

|                                                                                     |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                                     |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
| PER SHARE DATA (Note 15):                                                                |   |                                |   |   |                              |   |   |   |   |   |   |   |
| Net income / (loss) per share:                                                           |   |                                |   |   |                              |   |   |   |   |   |   |   |
| Continuing operations - Basic                                                            |   | $                                   | 0.47   |   |                              | $      | 1.52 |   |   | $ | (0.43 | ) |   | $ | 1.88 |   |
| Continuing operations - Diluted                                                          |   |                                | 0.47   |   |                              |   | 1.50 |   |   |   | (0.43 | ) |   |   | 1.86 |   |
| Discontinued operations – Basic                                                    |   |                                | 0.00   |   |                              |   | (0.02 | ) |   |   | 0.00 |   |   |   | (0.04 | ) |
| Discontinued operations - Diluted                                                        |   |                                | 0.00   |   |                              |   | (0.02 | ) |   |   | 0.00 |   |   |   | (0.04 | ) |
| Net  income / (loss) attributable to CME Ltd common shareholders – Basic |   |                                | 0.47   |   |                              |   | 1.50 |   |   |   | (0.43 | ) |   |   | 1.84 |   |
| Net income / (loss) attributable to CME Ltd common shareholders – Diluted          |   | $                                   | 0.47   |   |                              | $      | 1.48 |   |   | $ | (0.43 | ) |   | $ | 1.82 |   |
|                                                                                     |   |                                |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares used in computing per share amounts (000’s):        |   |                                |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                    |   |                                | 51,524 |   |                              |   | 42,322 |   |   |   | 46,956 |   |   |   | 42,319 |   |
| Diluted                                                                                  |   |                                | 51,566 |   |                              |   | 42,836 |   |   |   | 46,956 |   |   |   | 42,784 |   |

----

Index

CENTRAL 

|                                    |   |                |       |   |                |   |   |             |   |   |       |   |   | CME Ltd. Shareholders      |   |   |              |   |      |                                   |   |
|-----------------------------------------|--------|---------------------|------------|--------|---------------------|--------|--------|------------------|--------|--------|------------|--------|--------|----------------------------|--------|--------|-------------------|--------|-----------|----------------------------------------|--------|
|                                    |   | Class ACommon Stock |       |   | Class BCommon Stock |   |   |             |   |   |       |   |   |                       |   |   |              |   |      |                                   |   |
|                                    |   | Number of shares    |       |   | Par value           |   |   | Number of shares |   |   | Par value  |   |   | Additional Paid-In Capital |   |   | Retained Earnings |   |      | Accumulated Other Comprehensive Income |   |   | Noncontrolling Interest |   |   | Total Shareholders’ Equity |   |
| BALANCE,December 31, 2008               |   |                | 36,024,273 |   |                | $      | 2,882  |             |   |   | 6,312,839  |   |   | $                          | 505    |   |              | $      | 1,126,617 |                                   |   | $ | (236,836 | ) |   | $ | 202,090 |   |   | $ | 3,187 |   |   | $ | 1,098,445 |   |
| Stock-based compensation                |   |                | -          |   |                |   | -      |             |   |   | -          |   |   |                       | -      |   |              |   | 3,207     |                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,207 |   |
| Acquisition of noncontrolling interests |   |                | -          |   |                |   | -      |             |   |   | -          |   |   |                       | -      |   |              |   | (23,336   | )                                      |   |   | - |   |   |   | - |   |   |   | (7 | ) |   |   | (23,343 | ) |
| Shares issued, net of fees              |   |                | 14,500,000 |   |                |   | 1,160  |             |   |   | 4,500,000  |   |   |                       | 360    |   |              |   | 232,834   |                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 234,354 |   |
| Dividends                               |   |                | -          |   |                |   | -      |             |   |   | -          |   |   |                       | -      |   |              |   | -         |                                   |   |   | - |   |   |   | - |   |   |   | (1,825 | ) |   |   | (1,825 | ) |
| Net loss                                |   |                | -          |   |                |   | -      |             |   |   | -          |   |   |                       | -      |   |              |   | -         |                                   |   |   | (20,357 | ) |   |   | - |   |   |   | (4,477 | ) |   |   | (24,834 | ) |
| Currency translation adjustment         |   |                | -          |   |                |   | -      |             |   |   | -          |   |   |                       | -      |   |              |   | -         |                                   |   |   | - |   |   |   | (100,027 | ) |   |   | (402 | ) |   |   | (100,429 | ) |
| BALANCE, June 30, 2009                  |   |                | 50,524,273 |   |                | $      | 4,042  |             |   |   | 10,812,839 |   |   | $                          | 865    |   |              | $      | 1,339,322 |                                   |   | $ | (257,193 | ) |   | $ | 102,063 |   |   | $ | (3,524 | ) |   | $ | 1,185,575 |   |

|                                                       |   |                |       |   |                |   |   |             |   |   |      |   |   | CME Ltd. Shareholders      |   |   |              |   |      |                                   |   |
|------------------------------------------------------------|--------|---------------------|------------|--------|---------------------|--------|--------|------------------|--------|--------|-----------|--------|--------|----------------------------|--------|--------|-------------------|--------|-----------|----------------------------------------|--------|
|                                                       |   | Class ACommon Stock |       |   | Class BCommon Stock |   |   |             |   |   |      |   |   |                       |   |   |              |   |      |                                   |   |
|                                                       |   | Number of shares    |       |   | Par value           |   |   | Number of shares |   |   | Par value |   |   | Additional Paid-In Capital |   |   | Retained Earnings |   |      | Accumulated Other Comprehensive Income |   |   | Noncontrolling Interest |   |   | Total Shareholders’ Equity |   |
| BALANCE, December 31, 2007                                 |   |                | 36,003,198 |   |                | $      | 2,880  |             |   |   | 6,312,839 |   |   | $                          | 505    |   |              | $      | 1,051,336 |                                   |   | $ | 54,871 |   |   | $ | 290,215 |   |   |   | 23,155 |   |   | $ | 1,422,962 |   |
| Stock-based compensation                                   |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | 4,072     |                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,072 |   |
| Stock options exercised                                    |   |                | 21,075     |   |                |   | 2      |             |   |   | -         |   |   |                       | -      |   |              |   | 1,088     |                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,090 |   |
| Purchase of capped call options                            |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | (63,318   | )                                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (63,318 | ) |
| Redeemable noncontrolling Interests                        |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | -         |                                   |   |   | (32,601 | ) |   |   | - |   |   |   | - |   |   |   | (32,601 | ) |
| Bifurcation of equity option embedded in convertible notes |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | 108,112   |                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 108,112 |   |
| Dividends                                                  |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | -         |                                   |   |   | - |   |   |   | - |   |   |   | (2,662 | ) |   |   | (2,662 | ) |
| Acquisition of noncontrolling interests                    |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | -         |                                   |   |   | - |   |   |   | - |   |   |   | (14,398 | ) |   |   | (14,398 | ) |
| Net income                                                 |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | -         |                                   |   |   | 77,911 |   |   |   | - |   |   |   | 1,772 |   |   |   | 79,683 |   |
| Currency translation adjustment                            |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | -         |                                   |   |   | - |   |   |   | 284,413 |   |   |   | 633 |   |   |   | 285,046 |   |
| Obligation to repurchase shares                            |   |                | -          |   |                |   | -      |             |   |   | -         |   |   |                       | -      |   |              |   | -         |                                   |   |   | - |   |   |   | 488 |   |   |   | - |   |   |   | 488 |   |
| BALANCE, June 30, 2008                                     |   |                | 36,024,273 |   |                | $      | 2,882  |             |   |   | 6,312,839 |   |   | $                          | 505    |   |              | $      | 1,101,290 |                                   |   | $ | 100,181 |   |   | $ | 575,116 |   |   | $ | 8,500 |   |   | $ | 1,788,474 |   |

----

Index

CENTRAL 

|                                                                                                     |   |                             |     |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------|----------|
|                                                                                                     |   | For the Six Months Ended June 30 |     |
|                                                                                                     |   | 2009                             |     |   | 2008 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                    |   |                             |     |   |   |   |
| Net (loss) / income attributable to CME Ltd.                                                             |   | $                                | (20,357  | ) |   | $ | 77,911 |   |
| Adjustments to reconcile net  (loss) / income to net cash generated from operating activities: |   |                             |     |   |   |   |   |   |
| Loss from discontinued operations (Note 18)                                                              |   |                             | 262      |   |   |   | 1,508 |   |
| Depreciation and amortization                                                                            |   |                             | 139,864  |   |   |   | 158,245 |   |
| Impairment charge (Note 4)                                                                               |   |                             | 81,843   |   |   |   | - |   |
| Loss / (gain) on disposal of fixed assets                                                                |   |                             | 148      |   |   |   | (266 | ) |
| Stock-based compensation (Note 14)                                                                       |   |                             | 3,033    |   |   |   | 3,804 |   |
| Noncontrolling interest in (loss) / income of consolidated subsidiaries                                  |   |                             | (4,477   | ) |   |   | 1,772 |   |
|     Change in fair value of derivatives (Note 12)                                    |   |                             | 1,185    |   |   |   | 23,539 |   |
| Foreign currency exchange (gain) / loss, net                                                             |   |                             | (84,675  | ) |   |   | 10,546 |   |
| Net change in (net of effects of acquisitions and disposals of businesses):                              |   |                             |     |   |   |   |   |   |
| Accounts receivable                                                                                      |   |                             | 32,331   |   |   |   | (13,465 | ) |
| Program rights                                                                                           |   |                             | (109,664 | ) |   |   | (176,348 | ) |
| Other assets                                                                                             |   |                             | (11,391  | ) |   |   | (6,004 | ) |
| Accounts payable and accrued liabilities                                                                 |   |                             | 5,043    |   |   |   | 49,045 |   |
| Income taxes payable                                                                                     |   |                             | (9,333   | ) |   |   | (15,092 | ) |
| Deferred taxes                                                                                           |   |                             | (17,062  | ) |   |   | 11,446 |   |
| VAT and other taxes payable                                                                              |   |                             | (746     | ) |   |   | 1,534 |   |
| Net cash generated from continuing operating activities                                                  |   |                             | 6,004    |   |   |   | 128,175 |   |
|                                                                                                     |   |                             |     |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                    |   |                             |     |   |   |   |   |   |
| Purchase of property, plant and equipment                                                                |   |                             | (18,009  | ) |   |   | (41,764 | ) |
| Disposal of property, plant and equipment                                                                |   |                             | 868      |   |   |   | 300 |   |
| Investments in subsidiaries and unconsolidated affiliates                                                |   |                             | (22,946  | ) |   |   | (247,412 | ) |
| Repayment of loans and advances to related parties                                                       |   |                             | -        |   |   |   | 1,990 |   |
| Net cash used in continuing investing activities                                                         |   |                             | (40,087  | ) |   |   | (286,886 | ) |
|                                                                                                     |   |                             |     |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                    |   |                             |     |   |   |   |   |   |
| Issuance of Common Stock, net of fees                                                                    |   |                             | 237,003  |   |   |   | - |   |
| Net proceeds from issuance of Convertible Notes                                                          |   |                             | -        |   |   |   | 463,673 |   |
| Purchase of capped call option                                                                           |   |                             | -        |   |   |   | (63,318 | ) |
| Proceeds from credit facilities                                                                          |   |                             | 261,214  |   |   |   | - |   |
| Payment of credit facilities and capital leases                                                          |   |                             | (66,833  | ) |   |   | (1,240 | ) |
| Proceeds from exercise of stock options                                                                  |   |                             | -        |   |   |   | 1,090 |   |
| Excess tax benefits from share based payment arrangements                                                |   |                             | 175      |   |   |   | 268 |   |
| Dividends paid to minority shareholders                                                                  |   |                             | -        |   |   |   | (1,230 | ) |
| Net cash received from continuing financing activities                                                   |   |                             | 431,559  |   |   |   | 399,243 |   |
|                                                                                                     |   |                             |     |   |   |   |   |   |
| NET CASH USED IN DISCONTINUED OPERATIONS – OPERATING ACTIVITIES                                    |   |                             | (1,294   | ) |   |   | (2,634 | ) |
| NET CASH USED IN DISCONTINUED OPERATIONS – INVESTING ACTIVITIES                                    |   |                             | -        |   |   |   | (269 | ) |
| Impact of exchange rate fluctuations on cash                                                             |   |                             | 2,741    |   |   |   | (4,703 | ) |
|                                                                                                     |   |                             |     |   |   |   |   |   |
| Net increase in cash and cash equivalents                                                                |   |                             | 398,923  |   |   |   | 232,926 |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                                           |   |                             | 107,433  |   |   |   | 142,812 |   |
| CASH AND CASH EQUIVALENTS, end of period                                                                 |   | $                                | 506,356  |   |   | $ | 375,738 |   |

----

Index

CENTRAL 

| Company Name                                                     | EffectiveVotingInterest | Jurisdiction ofOrganization | Type of Affiliate          |
|------------------------------------------------------------------|-------------------------|-----------------------------|----------------------------|
|                                                             |                    |                        |                       |
| Top Tone Media S.A.                                              | 80.0%                   | Luxembourg                  | Subsidiary                 |
| PRO BG MEDIA EOOD (“Pro.BG”)                         | 80.0%                   | Bulgaria                    | Subsidiary                 |
| Top Tone Media Bulgaria EOOD                                     | 80.0%                   | Bulgaria                    | Subsidiary                 |
| Zopal S.A.                                                       | 80.0%                   | Luxembourg                  | Subsidiary                 |
| LG Consult EOOD                                                  | 80.0%                   | Bulgaria                    | Subsidiary                 |
| Ring TV EAD  (“Ring TV”)                   | 80.0%                   | Bulgaria                    | Subsidiary                 |
|                                                             |                    |                        |                       |
| Nova TV d.d. (“Nova TV (Croatia)”)                   | 100.0%                  | Croatia                     | Subsidiary                 |
| Operativna Kompanija d.o.o.                                      | 100.0%                  | Croatia                     | Subsidiary                 |
| Media House d.o.o.                                               | 100.0%                  | Croatia                     | Subsidiary                 |
| Internet Dnevnik d.o.o.                                          | 100.0%                  | Croatia                     | Subsidiary                 |
|                                                             |                    |                        |                       |
| CET 21 spol. s r.o. (“CET 21”)                       | 100.0%                  | Czech Republic              | Subsidiary                 |
| Jyxo, s.r.o. (“Jyxo”)                                | 100.0%                  | Czech Republic              | Subsidiary                 |
| BLOG Internet, s.r.o. (“Blog“)                       | 100.0%                  | Czech Republic              | Subsidiary                 |
|                                                             |                    |                        |                       |
| CME Romania B.V.                                                 | 100.0%                  | Netherlands                 | Subsidiary                 |
| Media Pro International S.A. (“MPI”)                 | 95.0%                   | Romania                     | Subsidiary                 |
| Media Vision S.R.L (“Media Vision”)                  | 95.0%                   | Romania                     | Subsidiary                 |
| Music Television System S.R.L. (“MTS”)               | 95.0%                   | Romania                     | Subsidiary                 |
| Pro TV S.A. (“Pro TV”)                               | 95.0%                   | Romania                     | Subsidiary                 |
| Sport Radio TV Media S.R.L (“Sport.ro”)              | 95.0%                   | Romania                     | Subsidiary                 |
| Campus Radio S.R.L.                                              | 19.01%                  | Romania                     | Equity-Accounted Affiliate |
| Media Pro Management S.A. (“Media Pro”)              | 8.7%                    | Romania                     | Cost investment            |
| Media Pro B.V.                                                   | 10.0%                   | Netherlands                 | Cost investment            |
|                                                             |                    |                        |                       |
| CME Slovak Holdings B.V.                                         | 100.0%                  | Netherlands                 | Subsidiary                 |
| A.R.J., a.s.                                                     | 100.0%                  | Slovak Republic             | Subsidiary                 |
| MARKIZA-SLOVAKIA  spol. s r.o. (“Markiza”) | 100.0%                  | Slovak Republic             | Subsidiary                 |
| MEDIA INVEST, spol. sr.o. (“Media Invest”)           | 100.0%                  | Slovak Republic             | Subsidiary                 |

----

Index

| Company Name                                     | EffectiveVotingInterest | Jurisdiction ofOrganization | Type of Affiliate           |
|--------------------------------------------------|-------------------------|-----------------------------|-----------------------------|
|                                             |                    |                        |                        |
| A.D.A.M. a.s.                                    | 100.0%                  | Slovak Republic             | Subsidiary (in liquidation) |
| GAMATEX spol s r.o.                              | 100.0%                  | Slovak Republic             | Subsidiary (in liquidation) |
| EMAIL.SK s.r.o.                                  | 80.0%                   | Slovak Republic             | Subsidiary                  |
| PMT, s.r.o.                                      | 31.5%                   | Slovak Republic             | Cost investment             |
|                                             |                    |                        |                        |
| MMTV 1 d.o.o.                                    | 100.0%                  | Slovenia                    | Subsidiary                  |
| Produkcija Plus d.o.o. (“Pro Plus”)  | 100.0%                  | Slovenia                    | Subsidiary                  |
| POP TV d.o.o. (“Pop TV”)             | 100.0%                  | Slovenia                    | Subsidiary                  |
| Kanal A d.o.o. (“Kanal A”)           | 100.0%                  | Slovenia                    | Subsidiary                  |
| Euro 3 TV d.o.o.                                 | 42.0%                   | Slovenia                    | Equity-Accounted Affiliate  |
| TELEVIDEO d.o.o. (trading as TV Pika)            | 20.0%                   | Slovenia                    | Equity-Accounted Affiliate  |
|                                             |                    |                        |                        |
| International Media Services Ltd.                | 100.0%                  | Bermuda                     | Subsidiary                  |
| CME Ukraine Holding GmbH                         | 100.0%                  | Austria                     | Subsidiary                  |
| Innova Film GmbH                                 | 100.0%                  | Germany                     | Subsidiary                  |
| CME Cyprus Holding Ltd.                          | 100.0%                  | Cyprus                      | Subsidiary                  |
| TV Media Planet Ltd.                             | 100.0%                  | Cyprus                      | Subsidiary                  |
| 1+1 Production                                   | 100.0%                  | Ukraine                     | Subsidiary                  |
| Studio 1+1 LLC (“Studio 1+1”)        | 100.0%                  | Ukraine                     | Subsidiary                  |
| Ukrainian Media Services LLC                     | 99.9%                   | Ukraine                     | Subsidiary                  |
| Grizard Investments Limited.                     | 100.0%                  | Cyprus                      | Subsidiary                  |
| Grintwood Investments Limited                    | 100.0%                  | Cyprus                      | Subsidiary                  |
| CME Ukraine Holding B.V.                         | 100.0%                  | Netherlands                 | Subsidiary                  |
| Ukrpromtorg-2003 LLC (“Ukrpromtorg”) | 100.0%                  | Ukraine                     | Subsidiary                  |
| Gravis-Kino LLC (“Gravis-Kino”)      | 100.0%                  | Ukraine                     | Subsidiary                  |
| Nart LLC                                         | 100.0%                  | Ukraine                     | Subsidiary                  |
| TV Stimul LLC (“TV Stimul”)          | 100.0%                  | Ukraine                     | Subsidiary                  |
| TOR LLC (“Tor”)                      | 100.0%                  | Ukraine                     | Subsidiary                  |
| ZHYSA LLC (“Zhysa”)                  | 100.0%                  | Ukraine                     | Subsidiary                  |
| Glavred-Media LLC (“Glavred”)        | 10.0%                   | Ukraine                     | Cost Investment             |
|                                             |                    |                        |                        |
| Central European Media Enterprises N.V.          | 100.0%                  | Netherlands Antilles        | Subsidiary                  |
| Central European Media Enterprises II B.V.       | 100.0%                  | Netherlands Antilles        | Subsidiary                  |
| CME Media Enterprises B.V.                       | 100.0%                  | Netherlands                 | Subsidiary                  |
| CME Programming B.V.                             | 100.0%                  | Netherlands                 | Subsidiary                  |
| CME Development Corporation                      | 100.0%                  | Delaware (USA)              | Subsidiary                  |
| CME Media Services Limited                       | 100.0%                  | United Kingdom              | Subsidiary                  |
| CME SR d.o.o.                                    | 100.0%                  | Serbia                      | Subsidiary                  |

----

Index

----

Index

----

Index

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Index

|                                                                            |   | For the three months ended June 30, 2009 |   |   | For the six months ended June 30, 2009 |   |
|---------------------------------------------------------------------------------|--------|------------------------------------------|--------|--------|----------------------------------------|--------|
| Net income / (loss) attributable to CME Ltd. as reported                        |   | $                                        | 24,081 |   |                                   | $      | (20,357 | ) |
| Deduct: noncontrolling interest income recognized since the adoption of FAS 160 |   |                                     | (2,601 | )      |                                   |   | (4,447 | ) |
| Pro Forma net income / (loss)                                                   |   | $                                        | 21,480 |   |                                   | $      | (24,804 | ) |
| Net income / (loss) per share – Basic (As reported)                       |   | $                                        | 0.47   |   |                                   | $      | (0.43 | ) |
| Net income / (loss) per share – Basic (Pro Forma)                         |   | $                                        | 0.42   |   |                                   | $      | (0.53 | ) |
| Net income / (loss) per share – Diluted (As reported)                     |   | $                                        | 0.47   |   |                                   | $      | (0.43 | ) |
| Net income / (loss) per share – Diluted (Pro Forma)                       |   | $                                        | 0.42   |   |                                   | $      | (0.53 | ) |

----

Index

|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   |               |               |    |    |   |   |                  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|-----------|--------|--------------------|--------------------|---------|---------|--------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   | Impact of adopting |               |    |    |   |   |                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | As reported                              |      |   | FSP APB 14-1       |               |    | FAS 160 |   |   | Other Adjustments (1) |   |   | As Adjusted |   |
| Consolidated Statement of Operations                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | For the Three Months Ended June 30, 2008 |      |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                                        | (18,140   | )      |               | $                  | (4,223  | )       |   | $      | -                     |   |   | $ | 17 |   |   | $ | (22,346 | ) |
| Minority interest in income of consolidated subsidiaries (2)                                                                                                                                                                                                                                                                                                                                                           |   |                                     | (1,380    | )      |               |               | -       |    |   |   | 85                    |   |   |   | - |   |   |   | (1,295 | ) |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                        | 67,604    |   |               | $                  | (4,223  | )       |   | $      | 85                    |   |   | $ | - |   |   | $ | 63,466 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   |               |               |    |    |   |   |                  |   |   |   |   |   |   |   |   |   |
| Net income per share                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   |               |               |    |    |   |   |                  |   |   |   |   |   |   |   |   |   |
| Net income (Basic)                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                                        | 1.60      |   |               | $                  | (0.10   | )       |   | $      | -                     |   |   | $ | - |   |   | $ | 1.50 |   |
| Net income (Diluted)                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                        | 1.58      |   |               | $                  | (0.10   | )       |   | $      | -                     |   |   | $ | - |   |   | $ | 1.48 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | For the Six Months ended June 30, 2008   |      |
| Interest expense                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                                        | (32,390   | )      |               | $                  | (5,221  | )       |   | $      | -                     |   |   | $ | 36 |   |   | $ | (37,575 | ) |
| Minority interest in income of consolidated subsidiaries (2)                                                                                                                                                                                                                                                                                                                                                           |   |                                     | (2,405    | )      |               |               | -       |    |   |   | 633                   |   |   |   | - |   |   |   | (1,772 | ) |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                        | 82,499    |   |               | $                  | (5,221  | )       |   | $      | 633                   |   |   |   | - |   |   | $ | 77,911 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   |               |               |    |    |   |   |                  |   |   |   |   |   |   |   |   |   |
| Net income per share                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   |               |               |    |    |   |   |                  |   |   |   |   |   |   |   |   |   |
| Net income (Basic)                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                                        | 1.95      |   |               | $                  | (0.12   | )       |   | $      | 0.01                  |   |   | $ | - |   |   | $ | 1.84 |   |
| Net income (Diluted)                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                        | 1.93      |   |               | $                  | (0.12   | )       |   | $      | 0.01                  |   |   | $ | - |   |   | $ | 1.82 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | As at December 31, 2008                  |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                     |      |   |               | Impact of adopting |    |    | Other  |   |                  |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | As reported                              |      |   | FSP APB 14-1       |               |    | FAS 160 |   |   | Adjustments (1)       |   |   | As Adjusted |   |
| Consolidated Balance Sheet                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Other current assets                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                        | 98,725    |   |               | $                  | (639    | )       |   | $      | -                     |   |   | $ | - |   |   | $ | 98,086 |   |
| Other non-current assets                                                                                                                                                                                                                                                                                                                                                                                               |   |                                     | 20,743    |   |               |               | (1,478  | )       |   |   | -                     |   |   |   | - |   |   |   | 19,265 |   |
| Senior Debt                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                     | 1,024,721 |   |               |               | (96,196 | )       |   |   | -                     |   |   |   | - |   |   |   | 928,525 |   |
| Additional paid-in capital                                                                                                                                                                                                                                                                                                                                                                                             |   |                                     | 1,018,532 |   |               |               | 108,085 |    |   |   | -                     |   |   |   | - |   |   |   | 1,126,617 |   |
| Accumulated deficit                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                     | (224,086  | )      |               |               | (14,006 | )       |   |   | 1,256                 |   |   |   | - |   |   |   | (236,836 | ) |
| Accumulated Other Comprehensive   Income                                                                                                                                                                                                                                                                                                                                                                |   | $                                        | 203,346   |   |               | $                  | -       |    |   | $      | (1,256                | )      |   | $ | - |   |   | $ | 202,090 |   |
|  (1) We made certain reallocations during the year ended December 31, 2008 to recognize our CITI channel as a discontinued operation, which had no impact on Net Income. These reclassifications were made in all periods in our financial statements for the year ended December 31, 2008 but were not reflected in our condensed consolidatedfinancial statements for the quarterly period ended June 30, 2008. |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| (2) As required by FAS 160, Minority interest in income of consolidated subsidiaries was renamed “Net income attributable to noncontrolling interests”. We also reclassified the associated Minority Interest account in the consolidated balance sheet into Shareholders’ Equity and renamed it “Noncontrolling interests”.                                                             |

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Index

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Index

----

Index

|            |   | BalanceDecember 31, 2008 |      |   | Additions |   |   | Impairment charge |   |   | Foreign currency movement |   |   | BalanceJune 30, 2009 |   |
|-----------------|--------|--------------------------|-----------|--------|-----------|--------|--------|-------------------|--------|--------|---------------------------|--------|--------|----------------------|--------|
|            |   |                     |      |   |      |   |   |              |   |   |                      |   |   |                 |   |
| Croatia         |   | $                        | 739       |   |      | $      | -      |              |   | $      | -                         |   |   | $                    | 8      |   |   | $ | 747 |   |
| Czech Republic  |   |                     | 888,936   |   |      |   | -      |              |   |   | -                         |   |   |                 | 49,888 |   |   |   | 938,824 |   |
| Romania         |   |                     | 72,336    |   |      |   | -      |              |   |   |                      |   |   |                 | (3,521 | ) |   |   | 68,815 |   |
| Slovak Republic |   |                     | 61,642    |   |      |   | -      |              |   |   | -                         |   |   |                 | 158    |   |   |   | 61,800 |   |
| Slovenia        |   |                     | 17,388    |   |      |   | -      |              |   |   | -                         |   |   |                 | 271    |   |   |   | 17,659 |   |
| Total           |   | $                        | 1,041,041 |   |      | $      | -      |              |   | $      | -                         |   |   | $                    | 46,804 |   |   | $ | 1,087,845 |   |

----

Index

|                       |   | Indefinite-Lived Broadcast Licenses |   |   | Amortized Broadcast Licenses |   |    | Trademarks |   |   | Customer Relationships |   |   | Other  |   |   | Total  |   |
|----------------------------|--------|-------------------------------------|--------|--------|------------------------------|--------|---------|------------|--------|--------|------------------------|--------|--------|--------|--------|--------|--------|--------|
| Balance, December 31, 2008 |   | $                                   | 59,856 |   |                         | $      | 282,058 |       |   | $      | 97,047                 |   |   | $      | 68,280 |   |   | $      | 7,491 |   |   | $ | 514,732 |   |
| Additions                  |   |                                | -      |   |                         |   | -       |       |   |   | -                      |   |   |   | -      |   |   |   | - |   |   |   | - |   |
| Impairment                 |   |                                | -      |   |                         |   | (75,788 | )          |   |   | (76                    | )      |   |   | -      |   |   |   | (4,882 | ) |   |   | (80,746 | ) |
| Amortization               |   |                                | -      |   |                         |   | (6,821  | )          |   |   | (106                   | )      |   |   | (3,502 | )      |   |   | (505 | ) |   |   | (10,934 | ) |
| Foreign currency movements |   |                                | (2,220 | )      |                         |   | (13,456 | )          |   |   | (10,142                | )      |   |   | (313   | )      |   |   | (471 | ) |   |   | (26,602 | ) |
| Balance, June 30, 2009     |   | $                                   | 57,636 |   |                         | $      | 185,993 |       |   | $      | 86,723                 |   |   | $      | 64,465 |   |   | $      | 1,633 |   |   | $ | 396,450 |   |

|                                                      |   | June 30,2009 |     |   | December 31,2008 |   |
|-----------------------------------------------------------|--------|--------------|----------|--------|------------------|--------|
|                                                      |   |         |     |   |             |   |
| Gross value                                               |   | $            | 442,810  |   |             | $      | 549,140 |   |
| Accumulated amortization                                  |   |         | (103,996 | )      |             |   | (94,264 | ) |
| Net book value of amortized intangible assets             |   | $            | 338,814  |   |             | $      | 454,876 |   |
| Indefinite-lived broadcast licenses                       |   |         | 57,636   |   |             |   | 59,856 |   |
| Total broadcast licenses and other intangible assets, net |   | $            | 396,450  |   |             | $      | 514,732 |   |

----

Index

|     |   | Amortized Trademarks |   |   | Amortized Broadcast Licenses |   |   | Other Intangible Assets |   |   | Other Assets |   |   | Total |   |
|----------|--------|----------------------|--------|--------|------------------------------|--------|--------|-------------------------|--------|--------|--------------|--------|--------|-------|--------|
| Bulgaria |   | $                    | 76     |   |                         | $      | 75,788 |                    |   | $      | 4,882        |   |   | $     | 1,097  |   |   | $ | 81,843 |   |

|   | · | under-performance of operating segments or changes in projected results; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | changes in the manner of utilization of an asset; |
|--------|--------|---------------------------------------------------|

|   | · | severe and sustained declines in the traded price of our Class A common stock that are not attributable to factors other than the underlying value of our assets; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | negative market conditions or economic trends; and |
|--------|--------|----------------------------------------------------|

|   | · | specific events, such as new legislation, new entrants, changes in technology or adverse legal judgments that we believe could have a negative impact on our business. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | · | a continued reduction in the short and medium economic projections for our markets by external analysts fuelled by a widespread perception that Central and Eastern Europe had been heavily impacted by the global economic crisis and growing sentiment that recovery would take longer than expected; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increasing reluctance of advertisers to make spending commitments, which has had a larger than expected impact on both the proportion of our advertising inventory we can sell and a reduction in the prices we can achieve; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | continued significant volatility in the price of shares of our Class A common stock, particularly during the first quarter of 2009; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | historically high sovereign debt yields in our markets, suggesting a fundamental re-pricing of risk by investors; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | an escalation of the economic crisis in Ukraine, including the downgrading of its sovereign credit rating to CCC+ by Standard & Poors. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

| Reporting unit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Break even growth rate (%) (1) |   |   | Growth rate currently implied (%) (1) |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|--------|---------------------------------------|--------|
| Croatia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                           | 9.7    | %      |                                  |   | 10.9 | % |
| Czech Republic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                           | 4.4    | %      |                                  |   | 5.5 | % |
| Romania                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                           | 17.0   | %      |                                  |   | 22.8 | % |
| Slovak Republic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                           | 8.0    | %      |                                  |   | 11.7 | % |
| Slovenia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                           | 1.2    | %      |                                  |   | 11.1 | % |
| (1) Break-even and implied growth rates are calculated by applying a constant annual growth rate to current year cash flow forecasts, with all other variables constant, such that the net present value of all future cash flows equals: the carrying value of the reporting unit’s assets for the break-even rate or our estimate ofthe fair value of the reporting unit for the rate currently implied. Such rates do not indicate our expectation of cash flow growth in any given year, nor are they necessarily comparable with actual growth rates achieved in previous years. |

| Measurement                      | Valuation Method               |
|----------------------------------|--------------------------------|
| Recoverability of cash flows     | Undiscounted future cash flows |
| Fair value of broadcast licenses | Build-out method               |
| Fair value of trademarks         | Relief from royalty method     |
| Fair value of reporting units    | Discounted cash flow model     |

----

Index

|   | · | Cost of capital: The cost of capital reflects the return a hypothetical market participant would require for a long-term investment in an asset and can be viewed as a proxy for the risk of that asset. We calculate the cost of capital according to the Capital Asset Pricing Model using a number of assumptions, the most significant of which is a Country Risk Premium(“CRP”). The CRP reflects the excess risk to an  investor of investing in markets other than the United States and generally fluctuates with expectations of changes in a country’s macro economic environment. The costs of capital that we have applied in all reporting units since the end of 2008 have been very high compared to historic levels, which we believe represents a fundamental re-pricing of the perceived risk of investing in emerging markets. We have observed a reduction in costsof capital between the first quarter impairment review and the second quarter impairment review in response to reductions in the CRP, which have decreased across emerging market economies due to a narrowing of the relative spread between yields on developed and emerging market debt, as the risk differential between these is perceived by market participants to have diminished. The table below shows the percentage movement in the costs of capital we applied to each reporting unit with goodwill between the firstquarter impairment review and the second quarter impairment review and the adverse movement, in percentage terms, required to make the fair value of the reporting unit equal their carrying values (with all other assumptions constant): |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|            |   | Percentage change in cost of capital: |   |
|-----------------|--------|---------------------------------------|--------|
| Reporting Unit  |   | Since previous impairment review      |   |   | Necessary to break even |   |
| Croatia         |   |                                  | (5.1   | ) % |   |   | 22.4 | % |
| Czech Republic  |   |                                  | (8.2   | ) % |   |   | 7.3 | % |
| Romania         |   |                                  | (1.5   | ) % |   |   | 47.3 | % |
| Slovak Republic |   |                                  | (4.3   | ) % |   |   | 29.5 | % |
| Slovenia        |   |                                  | (3.9   | ) % |   |   | 61.1 | % |

|   | · | Growth rate into perpetuity: reflects the level of economic growth in each of our markets from the last forecasted period into perpetuity and is the sum of an estimated real growth rate, which reflects our belief that macro economic growth in our markets will eventually converge to western European markets, and long term expectations for inflation. Our estimatesof these rates are based on observable market data and have not changed. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Total advertising market: The size of the television advertising market effectively places an upper limit on the advertising revenue we can expect to earn in each country. Our estimate of the total advertising market is developed from a number of external sources, in combination with a process of on-going consultation with local management. In our second quarterimpairment review, we reduced our forecast of the absolute size of the television advertising markets from the first quarter impairment review, but now expect the rate of growth to be higher when markets begin to recover. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Market share: This is a function of the audience share we expect our stations to generate, and the relative price at which we can sell advertising. Our estimate of the total advertising market is developed from a number of external sources, in combination with a process of on-going consultation with local management. In general we now forecast that our levelsof market share will be comparable to, or slightly higher than we assumed in the first quarter impairment review to reflect recent improvements in our audience share. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Forecast operating costs: The level of cash flow generated by each operation is ultimately governed by the extent to which we manage the relationship between revenues and costs. We forecast the level of operating costs by reference to (a) the historical absolute and relative levels of costs we have incurred in generating revenue in each station, (b) the operatingstrategy of each business and (c) specific forecast costs to be incurred. With the exception of the Czech Republic, where costs have reduced, we now forecast that operating costs will be comparable or slightly higher in comparison with our assumptions in the first quarter impairment review, to reflect the increased EBITDA margins we have experienced in some operations compared to previous forecasts as we have reduced costs. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | · | Forecast capital expenditure: The size and phasing of capital expenditure, both recurring expenditure to replace retired assets and investments in new projects, has a significant impact on cash flows. We forecast the level of future capital expenditure based on current strategies and specific forecast costs to be incurred. In line with our ongoing efforts toprotect our operating margins, the absolute levels of capital expenditure forecast remained broadly constant between the first and second quarter impairment review, however certain investment cash flows were delayed, with a consequent marginal positive impact on the fair value of the reporting units. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10% Adverse Change in        |   | Long-Lived Assets |   | Indefinite-Lived Trademarks |   | Indefinite-Lived Broadcast Licenses |   | Goodwill               |
|------------------------------|--------|-------------------|--------|-----------------------------|--------|-------------------------------------|--------|------------------------|
| Cost of Capital              |   | None              |   | None                        |   | Slovenia (8.6%)                     |   | Czech Republic (7.2%)  |
|                         |   |              |   |                        |   |                                |   |                   |
| Total Advertising Market     |   | Croatia (6.7%)    |   | None                        |   | Slovenia (4.6%)                     |   | Croatia (5.9%)         |
|                         |   |              |   |                        |   |                                |   | Czech Republic (5.4%)  |
|                         |   |              |   |                        |   |                                |   | Slovak Republic (8.2%) |
|                         |   |              |   |                        |   |                                |   |                   |
| Market Share                 |   | Croatia (6.7%)    |   | None                        |   | Slovenia (4.6%)                     |   | Croatia (5.9%)         |
|                         |   |              |   |                        |   |                                |   | Czech Republic (5.4%)  |
|                         |   |              |   |                        |   |                                |   | Slovak Republic (8.2%) |
|                         |   |              |   |                        |   |                                |   |                   |
| Forecast Operating Costs     |   | Croatia (6.1%)    |   | Not applicable              |   | Slovenia (3.5%)                     |   | Croatia (5.5%)         |
|                         |   |              |   |                        |   |                                |   | Czech Republic (9.2%)  |
|                         |   |              |   |                        |   |                                |   |                   |
| Forecast Capital Expenditure |   | None              |   | Not applicable              |   | None                                |   | None                   |
|                         |   |              |   |                        |   |                                |   |                   |
| Perpetuity Growth Rate       |   | Not applicable    |   | None                        |   | None                                |   | None                   |

|                                             |   | Carrying Value |    |   | Fair Value            |   |
|--------------------------------------------------|--------|----------------|---------|--------|-----------------------|--------|
|                                             |   | June 30,2009   |    |   | December 31,2008 |   |   | June 30,2009 |   |   | December 31,2008 |   |
|                                             |   |           |    |   |                  |   |   |   |   |   |   |   |
| EUR 245.0 million 8.25% Senior Notes             |   | $              | 346,283 |   |                  | $      | 340,966 |   |   | $ | 277,026 |   |   | $ | 233,562 |   |
| EUR 150.0 million Floating Rate Senior Notes     |   |           | 212,010 |   |                  |   | 208,755 |   |   |   | 133,566 |   |   |   | 125,253 |   |
| USD 475.0 million 3.50% Senior Convertible Notes |   |           | 388,212 |   |                  |   | 378,804 |   |   |   | 299,250 |   |   |   | 230,375 |   |
|                                             |   | $              | 946,505 |   |                  | $      | 928,525 |   |   | $ | 709,842 |   |   | $ | 589,190 |   |

----

Index

| From:                        | Fixed Rate NotesRedemption Price |
|------------------------------|----------------------------------|
|                         |                             |
| May 15, 2009 to May 14, 2010 | 104.125%                         |
| May 15, 2010 to May 14, 2011 | 102.063%                         |
| May 15, 2011 and thereafter  | 100.000%                         |

----

Index

----

Index

----

Index

| Stock price |             |   | Shares issued on conversion of Convertible Notes |   |       | Shares received on exercise of capped call options |   |   | Net shares issued |   |   | Value of shares issued (US$ ‘000) |       |
|-------------|------------------|--------|--------------------------------------------------|--------|------------|----------------------------------------------------|--------|--------|-------------------|--------|--------|-----------------------------------------|------------|
| $           | 105.00 and below |   |                                             |   | -          |                                               |   |   | -                 |   |   |                                    | -          |   |   | $ | - |   |
|        | 110.00           |   |                                             |   | (205,628   | )                                                  |   |   | 133,658           |   |   |                                    | (71,970    | ) |   |   | (7,917 | ) |
|        | 120.00           |   |                                             |   | (565,476   | )                                                  |   |   | 367,559           |   |   |                                    | (197,917   | ) |   |   | (23,750 | ) |
|        | 130.00           |   |                                             |   | (869,963   | )                                                  |   |   | 565,475           |   |   |                                    | (304,488   | ) |   |   | (39,583 | ) |
|        | 140.00           |   |                                             |   | (1,130,951 | )                                                  |   |   | 735,118           |   |   |                                    | (395,833   | ) |   |   | (55,417 | ) |
|        | 151.20           |   |                                             |   | (1,382,274 | )                                                  |   |   | 898,478           |   |   |                                    | (483,796   | ) |   |   | (73,150 | ) |
| $           | 200.00           |   |                                             |   | (2,148,807 | )                                                  |   |   | 679,248           |   |   |                                    | (1,469,559 | ) |   | $ | (293,912 | ) |

| US$’000                                                                    |   | Principal amount of liability component |     |   | Unamortized discount |   |   | Net carrying value |   |   | Equity Component |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------|----------|--------|----------------------|--------|--------|--------------------|--------|--------|------------------|--------|
| BALANCE, December 31, 2008                                                       |   | $                                       | (475,000 | )      |                 | $      | 96,196 |               |   | $      | (378,804         | )      |   | $ | 110,752 |   |
| Amortization of debt issuance discount for the three months ended March 31, 2009 |   |                                    | -        |   |                 |   | (4,558 | )                  |   |   | (4,558           | )      |   |   | - |   |
| Amortization of debt issuance discount for the three months ended June 30, 2009  |   |                                    | -        |   |                 |   | (4,850 | )                  |   |   | (4,850           | )      |   |   | - |   |
| BALANCE, June 30, 2009                                                           |   | $                                       | (475,000 | )      |                 | $      | 86,788 |               |   | $      | (388,212         | )      |   | $ | 110,752 |   |

----

Index

|                                          |   | June 30,2009 |    |   | December 31,2008 |   |
|-----------------------------------------------|--------|--------------|---------|--------|------------------|--------|
| Third-party customers                         |   | $            | 194,608 |   |             | $      | 227,253 |   |
| Less allowance for bad debts and credit notes |   |         | (16,528 | )      |             |   | (14,663 | ) |
| Related parties                               |   |         | 10,214  |   |             |   | 8,913 |   |
| Less allowance for bad debts and credit notes |   |         | (377    | )      |             |   | (53 | ) |
| Total accounts receivable                     |   | $            | 187,917 |   |             | $      | 221,450 |   |

|                       |   | June 30,2009 |   |   | December 31,2008 |   |
|----------------------------|--------|--------------|--------|--------|------------------|--------|
| Current:                   |   |         |   |   |             |   |
| Prepaid programming        |   | $            | 43,789 |   |             | $      | 54,301 |   |
| Productions in progress    |   |         | 15,431 |   |             |   | 14,080 |   |
| Other prepaid expenses     |   |         | 12,731 |   |             |   | 7,286 |   |
| Income taxes recoverable   |   |         | 6,399  |   |             |   | 1,216 |   |
| Deferred tax               |   |         | 3,025  |   |             |   | 5,898 |   |
| Capitalized debt costs     |   |         | 4,719  |   |             |   | 4,636 |   |
| VAT recoverable            |   |         | 2,866  |   |             |   | 3,460 |   |
| Restricted cash            |   |         | 785    |   |             |   | 821 |   |
| Assets held for sale       |   |         | -      |   |             |   | 5,484 |   |
| Other                      |   |         | 875    |   |             |   | 904 |   |
| Total other current assets |   | $            | 90,620 |   |             | $      | 98,086 |   |

----

Index

|                           |   | June 30,2009 |   |   | December 31,2008 |   |
|--------------------------------|--------|--------------|--------|--------|------------------|--------|
| Non-current:                   |   |         |   |   |             |   |   |   |
| Capitalized debt costs         |   | $            | 10,914 |   |             | $      | 13,282 |   |
| Deferred tax                   |   |         | 13,008 |   |             |   | 2,108 |   |
| Productions in progress        |   |         | 4,128  |   |             |   | - |   |
| Other                          |   |         | 3,736  |   |             |   | 3,875 |   |
| Total other non-current assets |   | $            | 31,786 |   |             | $      | 19,265 |   |

|                                                     |   | June 30,2009 |     |   | December 31, 2008 |   |
|----------------------------------------------------------|--------|--------------|----------|--------|-------------------|--------|
|                                                     |   |         |     |   |              |   |
| Land and buildings                                       |   | $            | 98,179   |   |              | $      | 92,422 |   |
| Station machinery, fixtures and equipment                |   |         | 197,837  |   |              |   | 190,090 |   |
| Other equipment                                          |   |         | 31,924   |   |              |   | 35,470 |   |
| Software licenses                                        |   |         | 32,551   |   |              |   | 30,219 |   |
| Construction in progress                                 |   |         | 8,694    |   |              |   | 11,292 |   |
| Total cost                                               |   | $            | 369,185  |   |              | $      | 359,493 |   |
| Less:  Accumulated depreciation                |   |         | (172,250 | )      |              |   | (152,826 | ) |
| Total net book value                                     |   | $            | 196,935  |   |              | $      | 206,667 |   |
| Assets held under capital leases (included in the above) |   |         |     |   |              |   |   |   |
| Land and buildings                                       |   | $            | 5,946    |   |              | $      | 5,855 |   |
| Station machinery, fixtures and equipment                |   |         | 1,639    |   |              |   | 1,917 |   |
| Total cost                                               |   |         | 7,585    |   |              |   | 7,772 |   |
| Less:  Accumulated depreciation                |   |         | (1,706   | )      |              |   | (1,644 | ) |
| Net book value                                           |   | $            | 5,879    |   |              | $      | 6,128 |   |

----

Index

|                                           |   | June 30, 2009 |    |   | December 31, 2008 |   |
|------------------------------------------------|--------|--------------------|---------|--------|------------------------|--------|
| Accounts payable                               |   | $                  | 24,485  |   |                   | $      | 35,778 |   |
| Programming liabilities                        |   |               | 39,756  |   |                   |   | 44,251 |   |
| Duties and other taxes payable                 |   |               | 21,090  |   |                   |   | 22,635 |   |
| Accrued staff costs                            |   |               | 15,311  |   |                   |   | 27,318 |   |
| Accrued interest payable                       |   |               | 10,046  |   |                   |   | 10,531 |   |
| Income taxes payable                           |   |               | 2,262   |   |                   |   | 7,399 |   |
| Accrued production costs                       |   |               | 10,000  |   |                   |   | 6,531 |   |
| Accrued legal contingencies                    |   |               | 3,083   |   |                   |   | 5,728 |   |
| Accrued legal and professional fees            |   |               | 5,543   |   |                   |   | 430 |   |
| Authors’ rights                          |   |               | 7,507   |   |                   |   | 4,734 |   |
| Other accrued liabilities                      |   |               | 16,037  |   |                   |   | 9,550 |   |
| Total accounts payable and accrued liabilities |   | $                  | 155,120 |   |                   | $      | 174,885 |   |

----

Index

|                                        |            |   | June 30,2009 |    |   | December 31, 2008 |   |
|---------------------------------------------|-----------------|--------|--------------|---------|--------|------------------------|--------|
| Credit facilities:                          |            |   |         |    |   |                   |   |
| Corporate                                   | (a) – (b) |   | $            | 180,444 |   |                   | $      | 57,180 |   |
| Czech Republic                              | (c) – (e) |   |         | 79,157  |   |                   |   | 12,923 |   |
| Romania                                     | (f)             |   |         | 11      |   |                   |   | 104 |   |
| Slovak Republic                             | (g)             |   |         | -       |   |                   |   | - |   |
| Slovenia                                    | (h)             |   |         | 37,102  |   |                   |   | - |   |
| Ukraine                                     | (i)             |   |         | -       |   |                   |   | 172 |   |
| Total credit facilities                     |            |   | $            | 296,714 |   |                   | $      | 70,379 |   |
|                                        |            |   |         |    |   |                   |   |   |   |
| Capital leases:                             |            |   |         |    |   |                   |   |   |   |
| Bulgaria operations, net of interest        |            |   | $            | 747     |   |                   | $      | 689 |   |
| Romania operations, net of interest         |            |   |         | 153     |   |                   |   | 289 |   |
| Slovak Republic operations, net of interest |            |   |         | -       |   |                   |   | 36 |   |
| Slovenia operations, net of interest        |            |   |         | 3,744   |   |                   |   | 3,867 |   |
| Total capital leases                        |            |   | $            | 4,644   |   |                   | $      | 4,881 |   |
|                                        |            |   |         |    |   |                   |   |   |   |
| Total credit facilities and capital leases  |            |   | $            | 301,358 |   |                   | $      | 75,260 |   |
| Less current maturities                     |            |   |         | (69,893 | )      |                   |   | (36,502 | ) |
| Total non-current maturities                |            |   | $            | 231,465 |   |                   | $      | 38,758 |   |

----

Index

|           |   | Net Deposits |   |   | Net Drawings |   |
|----------------|--------|--------------|--------|--------|--------------|--------|
| Corporate      |   | $            | 8,219  |   |         | $      | - |   |
| Czech Republic |   |         | 4,004  |   |         |   | - |   |
| Romania        |   |         | -      |   |         |   | 11 |   |
| Slovakia       |   |         | 6,062  |   |         |   | - |   |
| Slovenia       |   |         | 5,680  |   |         |   | - |   |
| Ukraine        |   |         | 717    |   |         |   | - |   |
| Total          |   | $            | 24,682 |   |         | $      | 11 |   |

----

Index

| 2009                |   | $      | 37,348    |   |
|---------------------|--------|--------|-----------|--------|
| 2010                |   |   | 174,562   |   |
| 2011                |   |   | 84,804    |   |
| 2012                |   |   | 346,283   |   |
| 2013                |   |   | 388,212   |   |
| 2014 and thereafter |   |   | 212,010   |   |
| Total               |   | $      | 1,243,219 |   |

----

Index

| 2009                                        |   | $       | 376   |   |
|---------------------------------------------|--------|---------|-------|--------|
| 2010                                        |   |    | 710   |   |
| 2011                                        |   |    | 641   |   |
| 2012                                        |   |    | 603   |   |
| 2013                                        |   |    | 1,734 |   |
| 2014 and thereafter                         |   |    | 1,437 |   |
|                                        |   | $  | 5,501 |   |
| Less: amount representing interest          |   |    | (857  | )      |
| Present value of net minimum lease payments |   | $       | 4,644 |   |

|                                                       |   | June 30,2009 |    |   | December 31, 2008 |   |
|------------------------------------------------------------|--------|--------------|---------|--------|------------------------|--------|
| Current:                                                   |   |         |    |   |                   |   |
| Deferred revenue                                           |   | $            | 24,314  |   |                   | $      | 7,684 |   |
| Consideration payable – Bulgaria                     |   |         | 4,500   |   |                   |   | 4,500 |   |
| Consideration payable – Czech Republic               |   |         | 1,474   |   |                   |   | - |   |
| Consideration payable - Romania                            |   |         | -       |   |                   |   | 724 |   |
| Dividends payable to minority shareholders in subsidiaries |   |         | 1,533   |   |                   |   | - |   |
| Onerous contracts                                          |   |         | 786     |   |                   |   | 1,994 |   |
| Deferred tax                                               |   |         | 290     |   |                   |   | 177 |   |
| Liabilities held for sale                                  |   |         | -       |   |                   |   | 2,207 |   |
| Other                                                      |   |         | 118     |   |                   |   | - |   |
| Total other current liabilities                            |   | $            | 33,015  |   |                   | $      | 17,286 |   |
|                                                       |   |         |    |   |                   |   |   |   |
|                                                       |   | June 30,2009 |    |   | December 31, 2008 |   |
| Non-current:                                               |   |         |    |   |                   |   |   |   |
| Deferred tax                                               |   | $            | 75,285  |   |                   | $      | 89,126 |   |
| Program rights                                             |   |         | 18,542  |   |                   |   | 9,922 |   |
| Fair value of derivatives                                  |   |         | 11,067  |   |                   |   | 9,882 |   |
| Consideration payable – Czech Republic               |   |         | -       |   |                   |   | 1,396 |   |
| Income taxes payable                                       |   |         | 1,097   |   |                   |   | 1,070 |   |
| Other                                                      |   |         | 244     |   |                   |   | 819 |   |
| Total other non-current liabilities                        |   | $            | 106,235 |   |                   | $      | 112,215 |   |

----

Index

| Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted instruments. |
|---------|---------------------------------------------------------------------------------------------------------------------------------|

| Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
|---------|--------------------------------------------------------------------------------------------------------------------|

----

Index

|                                              |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|---------------------------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------|--------|
|                                              |   | 2009                                |   |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                              |   |                                |   |   |                                   |   |   |   |   |   |   |   |
| Stock-based compensation charged under FAS 123(R) |   | $                                   | 1,485  |   |                                   | $      | 1,991 |   |   | $ | 3,033 |   |   | $ | 3,804 |   |
| Income tax benefit recognized                     |   | $                                   | 170    |   |                                   | $      | 133 |   |   | $ | 283 |   |   | $ | 313 |   |

| Date of Option Grant |   | Number of Options Granted |    |   | Risk-free interest rate (%) |   |   | Expected term (years) |   |   | Expected volatility (%) |   |   | Dividend yield (%) |   |   | Weighted-average fair value ($/share) |   |
|----------------------|--------|---------------------------|---------|--------|-----------------------------|--------|--------|-----------------------|--------|--------|-------------------------|--------|--------|--------------------|--------|--------|--------------------------------------------|--------|
| May 15, 2009         |   |                      | 120,000 |   |                        |   | 1.30   |                  |   |   | 3.00                    |   |   |               | 62.40  |   |                                       |   | 0.00 |   |   | $ | 7.38 |   |
| May 15, 2009         |   |                      | 353,875 |   |                        |   | 1.30   |                  |   |   | 3.75                    |   |   |               | 57.50  |   |                                       |   | 0.00 |   |   |   | 7.65 |   |
| May 29, 2009         |   |                      | 33,000  |   |                        |   | 1.42   |                  |   |   | 3.75                    |   |   |               | 58.14  |   |                                       |   | 0.00 |   |   |   | 8.28 |   |
| June 19, 2009        |   |                      | 5,000   |   |                        |   | 1.84   |                  |   |   | 3.00                    |   |   |               | 62.87  |   |                                       |   | 0.00 |   |   | $  | 8.28 |   |

----

Index

|                           |   | Shares |      |   | Weighted Average Exercise Price per Share |    |   | Weighted Average Remaining Contractual Term (years) |   |   | Aggregate Intrinsic Value |   |
|--------------------------------|--------|--------|-----------|--------|-------------------------------------------|---------|--------|-----------------------------------------------------|--------|--------|---------------------------|--------|
|                           |   |   |      |   |                                      |    |   |                                                |   |   |                      |   |
| Outstanding at January 1, 2009 |   |   | 1,439,042 |   |                                      | $       | 50.81  |                                                |   |   | 6.17                      |   |   | $ | 1,458 |   |
| Granted                        |   |   | 511,875   |   |                                      |    | 17.63  |                                                |   |   |                      |   |   |   |   |   |
| Exercised                      |   |   | -         |   |                                      |    | -      |                                                |   |   |                      |   |   |   |   |   |
| Forfeited                      |   |   | (75,167   | )      |                                      |    | 53.21  |                                                |   |   |                      |   |   |   |   |   |
| Outstanding at June 30, 2009   |   |   | 1,875,750 |   |                                      | $  | 41.66  |                                                |   |   | 5.56                      |   |   | $ | 1,936 |   |
| Vested or expected to vest     |   |   | 1,764,941 |   |                                      |    | 41.96  |                                                |   |   | 5.57                      |   |   |   | 1,822 |   |
| Exercisable at June 30, 2009   |   |   | 962,925   |   |                                      | $  | 46.29  |                                                |   |   | 4.80                      |   |   | $  | 960 |   |

----

Index

|                                                                                 |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|--------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------|--------|
|                                                                                 |   | 2009                                |   |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
| Net income / (loss) from continuing operations attributable to CME Ltd. shareholders |   | $                                   | 24,081 |   |                                   | $      | 64,224 |   |   | $ | (20,095 | ) |   | $ | 79,419 |   |
| Net loss from discontinued operations                                                |   |                                | -      |   |                                   |   | (758 | ) |   |   | (262 | ) |   |   | (1,508 | ) |
| Net income / (loss) attributable to CME Ltd. shareholders                            |   | $                                   | 24,081 |   |                                   | $      | 63,466 |   |   | $ | (20,357 | ) |   | $ | 77,911 |   |
|                                                                                 |   |                                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average outstanding shares of common stock (000’s)                    |   |                                | 51,524 |   |                                   |   | 42,322 |   |   |   | 46,956 |   |   |   | 42,319 |   |
| Dilutive effect of employee stock options (000’s)                              |   |                                | 42     |   |                                   |   | 514 |   |   |   | - |   |   |   | 465 |   |
| Common stock and common stock equivalents (000’s)                              |   |                                | 51,566 |   |                                   |   | 42,836 |   |   |   | 46,956 |   |   |   | 42,784 |   |
|                                                                                 |   |                                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Net income / (loss) per share:                                                       |   |                                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                |   | $                                   | 0.47   |   |                                   | $      | 1.50 |   |   | $ | (0.43 | ) |   | $ | 1.84 |   |
| Diluted                                                                              |   | $                                   | 0.47   |   |                                   | $      | 1.48 |   |   | $ | (0.43 | ) |   | $ | 1.82 |   |

----

Index

|                                                   |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|--------------------------------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------|--------|
|                                                   |   | 2009                                |   |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                   |   |                                |   |   |                                   |   |   |   |   |   |   |   |
| Interest on Senior Notes                               |   | $                                   | 9,339  |   |                                   | $      | 11,644 |   |   | $ | 18,747 |   |   | $ | 22,959 |   |
| Interest on Convertible Notes                          |   |                                | 4,156  |   |                                   |   | 4,156 |   |   |   | 8,312 |   |   |   | 5,126 |   |
| Interest on EBRD loan                                  |   |                                | 1,560  |   |                                   |   | - |   |   |   | 2,828 |   |   |   | - |   |
| Interest on capital leases                             |   |                                | 17     |   |                                   |   | 96 |   |   |   | 102 |   |   |   | 191 |   |
| Other interest and fees                                |   |                                | 1,176  |   |                                   |   | 848 |   |   |   | 1,999 |   |   |   | 1,806 |   |
|                                                   |   | $                                   | 16,248 |   |                                   | $      | 16,744 |   |   | $ | 31,988 |   |   | $ | 30,082 |   |
|                                                   |   |                                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of capitalized debt issuance costs        |   |                                | 1,160  |   |                                   |   | 1,230 |   |   |   | 2,290 |   |   |   | 2,091 |   |
| Amortization of issuance discount on Convertible Notes |   |                                | 4,850  |   |                                   |   | 4,372 |   |   |   | 9,408 |   |   |   | 5,402 |   |
|                                                   |   | $                                   | 22,258 |   |                                   | $      | 22,346 |   |   | $ | 43,686 |   |   | $ | 37,575 |   |
|                                                   |   |                                |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Total interest expense                                 |   | $                                   | 22,258 |   |                                   | $      | 22,346 |   |   | $ | 43,686 |   |   | $ | 37,575 |   |

| · | foreign currency exchange gains and losses; |
|--------|---------------------------------------------|

| · | changes in fair value of derivatives; and |
|--------|-------------------------------------------|

| · | certain unusual or infrequent items (e.g., impairments of assets or investments). |
|--------|-----------------------------------------------------------------------------------|

----

Index

|                                                                                                  |   | For the Three Months Ended June 30, |    |   | For the Six Months Ended June 30, |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|----------------------------------------|--------|
| Net Revenues (1)                                                                                      |   | 2009                                |    |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                                                                  |   |                                |    |   |                                   |   |   |   |   |   |   |   |
| Bulgaria (2)                                                                                          |   | $                                   | 881     |   |                                   | $      | - |   |   | $ | 1,477 |   |   | $ | - |   |
| Croatia                                                                                               |   |                                | 14,126  |   |                                   |   | 18,094 |   |   |   | 24,329 |   |   |   | 29,628 |   |
| Czech Republic                                                                                        |   |                                | 71,551  |   |                                   |   | 112,570 |   |   |   | 127,678 |   |   |   | 198,128 |   |
| Romania                                                                                               |   |                                | 48,845  |   |                                   |   | 79,842 |   |   |   | 84,534 |   |   |   | 137,838 |   |
| Slovak Republic                                                                                       |   |                                | 28,229  |   |                                   |   | 37,097 |   |   |   | 48,800 |   |   |   | 63,331 |   |
| Slovenia                                                                                              |   |                                | 19,335  |   |                                   |   | 26,210 |   |   |   | 32,469 |   |   |   | 44,161 |   |
| Ukraine                                                                                               |   |                                | 3,218   |   |                                   |   | 30,996 |   |   |   | 8,119 |   |   |   | 54,746 |   |
| Total Operating Segments                                                                              |   | $                                   | 186,185 |   |                                   | $      | 304,809 |   |   | $ | 327,406 |   |   | $ | 527,832 |   |
| Corporate                                                                                             |   |                                | -       |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                                                                                 |   | $                                   | 186,185 |   |                                   | $      | 304,809 |   |   | $ | 327,406 |   |   | $ | 527,832 |   |
| (1) All net revenues are derived from external customers. There are no inter-segmental revenues. |   |
| (2) We acquired our Bulgaria operations on August 1, 2008.                                            |   |

|                                                       |   | For the Three Months Ended June 30, |    |   | For the Six Months Ended June 30, |   |
|------------------------------------------------------------|--------|-------------------------------------|---------|--------|----------------------------------------|--------|
| EBITDA                                                     |   | 2009                                |    |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                       |   |                                |    |   |                                   |   |   |   |   |   |   |   |
| Bulgaria (1)                                               |   | $                                   | (10,626 | )      |                                   | $      | - |   |   | $ | (17,356 | ) |   | $ | - |   |
| Croatia                                                    |   |                                | 2,303   |   |                                   |   | 1,683 |   |   |   | 2,260 |   |   |   | (1,047 | ) |
| Czech Republic                                             |   |                                | 38,541  |   |                                   |   | 71,204 |   |   |   | 63,434 |   |   |   | 115,049 |   |
| Romania                                                    |   |                                | 15,411  |   |                                   |   | 38,293 |   |   |   | 22,558 |   |   |   | 61,669 |   |
| Slovak Republic                                            |   |                                | 5,655   |   |                                   |   | 13,974 |   |   |   | 9,383 |   |   |   | 23,111 |   |
| Slovenia                                                   |   |                                | 7,275   |   |                                   |   | 10,866 |   |   |   | 10,285 |   |   |   | 15,206 |   |
| Ukraine                                                    |   |                                | (16,086 | )      |                                   |   | (2,431 | ) |   |   | (28,366 | ) |   |   | (5,125 | ) |
| Total Operating Segments                                   |   | $                                   | 42,473  |   |                                   | $      | 133,589 |   |   | $ | 62,198 |   |   | $ | 208,863 |   |
| Corporate                                                  |   |                                | (12,808 | )      |                                   |   | (13,493 | ) |   |   | (17,067 | ) |   |   | (23,299 | ) |
| Total                                                      |   | $                                   | 29,665  |   |                                   | $      | 120,096 |   |   | $ | 45,131 |   |   | $ | 185,564 |   |
| (1) We acquired our Bulgaria operations on August 1, 2008. |   |

|                                                       |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|------------------------------------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------|--------|
| Depreciation                                               |   | 2009                                |   |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                       |   |                                |   |   |                                   |   |   |   |   |   |   |   |
| Bulgaria (1)                                               |   | $                                   | 625    |   |                                   | $      | - |   |   | $ | 1,160 |   |   | $ | - |   |
| Croatia                                                    |   |                                | 1,365  |   |                                   |   | 1,696 |   |   |   | 2,434 |   |   |   | 3,106 |   |
| Czech Republic                                             |   |                                | 4,061  |   |                                   |   | 4,527 |   |   |   | 7,756 |   |   |   | 9,149 |   |
| Romania                                                    |   |                                | 2,921  |   |                                   |   | 2,924 |   |   |   | 5,672 |   |   |   | 5,596 |   |
| Slovak Republic                                            |   |                                | 1,837  |   |                                   |   | 1,565 |   |   |   | 3,473 |   |   |   | 2,948 |   |
| Slovenia                                                   |   |                                | 1,502  |   |                                   |   | 1,512 |   |   |   | 2,928 |   |   |   | 2,795 |   |
| Ukraine                                                    |   |                                | 530    |   |                                   |   | 718 |   |   |   | 1,034 |   |   |   | 1,462 |   |
| Total Operating Segments                                   |   | $                                   | 12,841 |   |                                   | $      | 12,942 |   |   | $ | 24,457 |   |   | $ | 25,056 |   |
| Corporate                                                  |   |                                | 288    |   |                                   |   | 216 |   |   |   | 676 |   |   |   | 427 |   |
| Total                                                      |   | $                                   | 13,129 |   |                                   | $      | 13,158 |   |   | $ | 25,133 |   |   | $ | 25,483 |   |
| (1) We acquired our Bulgaria operations on August 1, 2008. |   |

----

Index

|                                                       |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|------------------------------------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------|--------|
| Amortization of intangible assets                          |   | 2009                                |   |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                       |   |                                |   |   |                                   |   |   |   |   |   |   |   |
| Bulgaria (1)                                               |   | $                                   | -      |   |                                   | $      | - |   |   | $ | 1,545 |   |   | $ | - |   |
| Croatia                                                    |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Czech Republic                                             |   |                                | 2,622  |   |                                   |   | 5,889 |   |   |   | 5,036 |   |   |   | 11,413 |   |
| Romania                                                    |   |                                | 579    |   |                                   |   | 902 |   |   |   | 1,170 |   |   |   | 1,771 |   |
| Slovak Republic                                            |   |                                | 1,195  |   |                                   |   | 1,314 |   |   |   | 2,332 |   |   |   | 2,507 |   |
| Slovenia                                                   |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Ukraine                                                    |   |                                | 437    |   |                                   |   | 89 |   |   |   | 851 |   |   |   | 173 |   |
| Total Operating Segments                                   |   | $                                   | 4,833  |   |                                   | $      | 8,194 |   |   | $ | 10,934 |   |   | $ | 15,864 |   |
| Corporate                                                  |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                                      |   | $                                   | 4,833  |   |                                   | $      | 8,194 |   |   | $ | 10,934 |   |   | $ | 15,864 |   |
| (1) We acquired our Bulgaria operations on August 1, 2008. |   |

|                                                       |   | For the Three Months Ended June 30, |   |   | For the Six Months Ended June 30, |   |
|------------------------------------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------|--------|
| Impairment charges                                         |   | 2009                                |   |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                       |   |                                |   |   |                                   |   |   |   |   |   |   |   |
| Bulgaria (1)                                               |   | $                                   | -      |   |                                   | $      | - |   |   | $ | 81,843 |   |   | $ | - |   |
| Croatia                                                    |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Czech Republic                                             |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Romania                                                    |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Slovak Republic                                            |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Slovenia                                                   |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Ukraine                                                    |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Total Operating Segments                                   |   | $                                   | -      |   |                                   | $      | - |   |   | $ | 81,843 |   |   | $ | - |   |
| Corporate                                                  |   |                                | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                                      |   | $                                   | -      |   |                                   | $      | - |   |   | $ | 81,843 |   |   | $ | - |   |
| (1) We acquired our Bulgaria operations on August 1, 2008. |   |

|                                                      |   | For the Three Months Ended June 30, |    |   | For the Six Months Ended June 30, |   |
|-----------------------------------------------------------|--------|-------------------------------------|---------|--------|----------------------------------------|--------|
| Operating income / (loss)                                 |   | 2009                                |    |   | 2008                                   |   |   | 2009 |   |   | 2008 |   |
|                                                      |   |                                |    |   |                                   |   |   |   |   |   |   |   |
| Bulgaria (1)                                              |   | $                                   | (11,251 | )      |                                   | $      | - |   |   | $ | (101,904 | ) |   | $ | - |   |
| Croatia                                                   |   |                                | 938     |   |                                   |   | (13 | ) |   |   | (174 | ) |   |   | (4,153 | ) |
| Czech Republic                                            |   |                                | 31,858  |   |                                   |   | 60,788 |   |   |   | 50,642 |   |   |   | 94,487 |   |
| Romania                                                   |   |                                | 11,911  |   |                                   |   | 34,467 |   |   |   | 15,716 |   |   |   | 54,302 |   |
| Slovak Republic                                           |   |                                | 2,623   |   |                                   |   | 11,095 |   |   |   | 3,578 |   |   |   | 17,656 |   |
| Slovenia                                                  |   |                                | 5,773   |   |                                   |   | 9,354 |   |   |   | 7,357 |   |   |   | 12,411 |   |
| Ukraine                                                   |   |                                | (17,053 | )      |                                   |   | (3,238 | ) |   |   | (30,251 | ) |   |   | (6,760 | ) |
| Total Operating Segments                                  |   | $                                   | 24,799  |   |                                   | $      | 112,453 |   |   | $ | (55,036 | ) |   | $ | 167,943 |   |
| Corporate                                                 |   |                                | (13,096 | )      |                                   |   | (13,709 | ) |   |   | (17,743 | ) |   |   | (23,726 | ) |
| Total                                                     |   | $                                   | 11,703  |   |                                   | $      | 98,744 |   |   | $ | (72,779 | ) |   | $ | 144,217 |   |
| (1)We acquired our Bulgaria operations on August 1, 2008. |   |

----

Index

| Total assets (1):                                        |   | June 30,2009 |      |   | December 31,2008 |   |
|----------------------------------------------------------|--------|--------------|-----------|--------|------------------|--------|
|                                                     |   |         |      |   |             |   |
| Bulgaria                                                 |   | $            | 23,009    |   |             | $      | 107,805 |   |
| Croatia                                                  |   |         | 53,092    |   |             |   | 50,431 |   |
| Czech Republic                                           |   |         | 1,432,191 |   |             |   | 1,306,997 |   |
| Romania                                                  |   |         | 371,460   |   |             |   | 387,845 |   |
| Slovak Republic                                          |   |         | 240,130   |   |             |   | 240,899 |   |
| Slovenia                                                 |   |         | 100,667   |   |             |   | 93,022 |   |
| Ukraine                                                  |   |         | 90,960    |   |             |   | 129,590 |   |
| Total Operating Segments                                 |   | $            | 2,311,509 |   |             | $      | 2,316,589 |   |
| Corporate                                                |   |         | 416,299   |   |             |   | 84,543 |   |
| Total                                                    |   | $            | 2,727,808 |   |             | $      | 2,401,132 |   |
|                                                     |   |         |      |   |             |   |   |   |
| Reconciliation to condensed consolidated balance sheets: |   |         |      |   |             |   |   |   |
| Assets held for sale (2)                                 |   |         | -         |   |             |   | 5,484 |   |
| Total assets                                             |   | $            | 2,727,808 |   |             | $      | 2,406,616 |   |

| (1) | Segment assets exclude any inter-company investments, loans, payables and receivables. |
|-----|----------------------------------------------------------------------------------------|

| (2) | Assets held for sale represent the CITI channel, which was disposed of in February 2009. |
|-----|------------------------------------------------------------------------------------------|

----

Index

| Long-lived assets (1):                      |   | June 30,2009 |    |   | December 31, 2008 |   |
|---------------------------------------------|--------|--------------|---------|--------|------------------------|--------|
|                                        |   |         |    |   |                   |   |
| Bulgaria                                    |   | $            | 6,600   |   |                   | $      | 6,404 |   |
| Croatia                                     |   |         | 12,088  |   |                   |   | 13,450 |   |
| Czech Republic                              |   |         | 65,083  |   |                   |   | 61,463 |   |
| Romania                                     |   |         | 46,088  |   |                   |   | 52,193 |   |
| Slovak Republic                             |   |         | 37,945  |   |                   |   | 40,025 |   |
| Slovenia                                    |   |         | 23,483  |   |                   |   | 24,932 |   |
| Ukraine                                     |   |         | 4,805   |   |                   |   | 7,083 |   |
| Total Operating Segments                    |   | $            | 196,092 |   |                   | $      | 205,550 |   |
| Corporate                                   |   |         | 843     |   |                   |   | 1,117 |   |
| Total long-lived assets                     |   | $            | 196,935 |   |                   | $      | 206,667 |   |
|                                        |   |         |    |   |                   |   |   |   |
| (1) Reflects property, plant and equipment. |   |

|            |   | June 30, 2009 |    |
|-----------------|--------|--------------------|---------|
|            |   |               |    |
| Bulgaria        |   | $             | 105,230 |   |
| Croatia         |   |               | 34,995  |   |
| Czech Republic  |   |               | 98,000  |   |
| Romania         |   |               | 165,380 |   |
| Slovak Republic |   |               | 49,300  |   |
| Slovenia        |   |               | 19,312  |   |
| Ukraine         |   |               | 17,385  |   |
| Total           |   | $             | 489,602 |   |

----

Index

|                |   | June 30,2009 |   |
|---------------------|--------|--------------|--------|
|                |   |         |   |
| 2009                |   | $       | 2,066  |   |
| 2010                |   |         | 5,062  |   |
| 2011                |   |         | 4,434  |   |
| 2012                |   |         | 2,634  |   |
| 2013                |   |         | 3,731  |   |
| 2014 and thereafter |   |         | 5,376  |   |
| Total               |   | $       | 23,303 |   |

----

Index

----

Index

| Bulgaria        |   | The analog license of PRO.BG expires in February 2025.                                                                                                                                                                                                                                                                                                     |
|-----------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |   |                                                                                                                                                                                                                                                                                                                                                       |
| Croatia         |   | The analog license of NOVA TV (Croatia) expires in March 2010.                                                                                                                                                                                                                                                                                             |
|            |   |                                                                                                                                                                                                                                                                                                                                                       |
| Czech Republic  |   | The terrestrial license of TV NOVA (Czech Republic) expires in January 2025 and the satellite license of TV NOVA (Czech Republic) expires in December 2020. The NOVA SPORT cable and satellite license expires in September 2020. The satellite license for NOVA CINEMA expires in November 2019.                                                          |
|            |   |                                                                                                                                                                                                                                                                                                                                                       |
| Romania         |   | Analog, cable and satellite licenses expire on dates ranging from September 2009 to May 2018.                                                                                                                                                                                                                                                              |
|            |   |                                                                                                                                                                                                                                                                                                                                                       |
| Slovak Republic |   | The analog license of TV MARKIZA expires in September 2019                                                                                                                                                                                                                                                                                                 |
|            |   |                                                                                                                                                                                                                                                                                                                                                       |
| Slovenia        |   | The analog licenses of POP TV and KANAL A expire in August 2012.                                                                                                                                                                                                                                                                                           |
|            |   |                                                                                                                                                                                                                                                                                                                                                       |
| Ukraine         |   | The 15-hour prime time and off prime time analog license of STUDIO 1+1 expires in December 2016. The analog license to broadcast for the remaining nine hours in off prime time expires in July 2014. The satellite license expires in April 2018. Analog and satellite licenses for the KINO channel expire on dates ranging from March 2010 to July2016. |

----

Index

----

Index

----

Index

----

Index

----

Index

----

Index

|                                         |   | Issuer and Restricted subsidiaries       |      |   | Unrestricted Subsidiaries |   |     | Inter-group eliminations |   |   | Total    |   |
|----------------------------------------------|--------|------------------------------------------|-----------|--------|---------------------------|--------|----------|--------------------------|--------|--------|----------|--------|
| Consolidated Statement of Operations:        |   |
|                                         |   | For the three months ended June 30, 2009 |      |
| Net revenues                                 |   | $                                        | 182,086   |   |                      | $      | 4,099    |                     |   | $      | -        |   |   | $ | 186,185 |   |
| Operating income / (loss)                    |   |                                     | 39,791    |   |                      |   | (28,088  | )                        |   |   | -        |   |   |   | 11,703 |   |
| Net income / (loss) attributable to CME Ltd. |   | $                                        | 50,851    |   |                      | $      | (26,770  | )                        |   | $      | -        |   |   | $ | 24,081 |   |
|                                         |   | For the six months ended June 30, 2009   |      |
| Net revenues                                 |   | $                                        | 317,810   |   |                      | $      | 9,596    |                     |   | $      | -        |   |   | $ | 327,406 |   |
| Operating income / (loss)                    |   |                                     | 59,204    |   |                      |   | (131,983 | )                        |   |   | -        |   |   |   | (72,779 | ) |
| Net income / (loss) attributable to CME Ltd. |   | $                                        | 96,221    |   |                      | $      | (116,578 | )                        |   | $      | -        |   |   | $ | (20,357 | ) |
|                                         |   |                                     |      |   |                      |   |     |                     |   |   |     |   |   |   |   |   |
| Consolidated Balance Sheet:                  |   |
|                                         |   | As at June 30, 2009                      |      |
| Total assets                                 |   | $                                        | 3,272,027 |   |                      | $      | 356,676  |                     |   | $      | (900,895 | )      |   | $ | 2,727,808 |   |
| Total CME Ltd. shareholders’ Equity    |   | $                                        | 1,766,354 |   |                      | $      | 207,525  |                     |   | $      | (784,780 | )      |   | $ | 1,189,099 |   |

|                                         |   | Issuer and Restricted subsidiaries          |    |   | Unrestricted Subsidiaries |   |   | Inter-group eliminations |   |   | Total |   |
|----------------------------------------------|--------|---------------------------------------------|---------|--------|---------------------------|--------|--------|--------------------------|--------|--------|-------|--------|
| Consolidated Statement of Operations:        |   |
|                                         |   | For the three months ended June 30, 2008    |    |
| Net revenues                                 |   | $                                           | 273,813 |   |                      | $      | 30,996 |                     |   | $      | -     |   |   | $ | 304,809 |   |
| Operating income / (loss)                    |   |                                        | 102,138 |   |                      |   | (3,394 | )                        |   |   | -     |   |   |   | 98,744 |   |
| Net income / (loss) attributable to CME Ltd. |   | $                                           | 68,476  |   |                      | $      | (5,010 | )                        |   | $      | -     |   |   | $ | 63,466 |   |
|                                         |   | For the six months ended June 30, 2008 |    |
| Net revenues                                 |   | $                                           | 473,086 |   |                      | $      | 54,746 |                     |   | $      | -     |   |   | $ | 527,832 |   |
| Operating income / (loss)                    |   |                                        | 151,534 |   |                      |   | (7,317 | )                        |   |   | -     |   |   |   | 144,217 |   |
| Net income / (loss) attributable to CME Ltd. |   | $                                           | 85,271  |   |                      | $      | (7,360 | )                        |   | $      | -     |   |   | $ | 77,911 |   |

| Consolidated Balance Sheet:               |   |
|-------------------------------------------|--------|
|                                      |   | As at December 31, 2008 |   |
| Total assets                              |   | $ | 2,766,862 |   |   | $ | 238,462 |   |   | $ | (598,708 | ) |   | $ | 2,406,616 |   |
| Total CME Ltd. shareholders’ Equity |   | $ | 1,498,961 |   |   | $ | 109,065 |   |   | $ | (512,768 | ) |   | $ | 1,095,258 |   |

----

Index

----

Index

----

Index

Item 

| I.   | Forward-looking Statements                         |
|------|----------------------------------------------------|
| II.  | Executive Summary                                  |
| III. | Analysis of Segment Results                        |
| IV.  | Analysis of the Results of Consolidated Operations |
| V.   | Liquidity and Capital Resources                    |
| VI.  | Critical Accounting Policies and Estimates         |

----

Index

|                                                              |   | For the Three Months Ended June 30, (US$ 000's) |    |
|-------------------------------------------------------------------|--------|-------------------------------------------------|---------|
|                                                              |   | 2009                                            |    |   | 2008 |   |   | Movement |   |
|                                                              |   |                                            |    |   |   |   |   |   |   |
| Net revenues                                                      |   | $                                               | 186,185 |   |   | $ | 304,809 |   |   |   | (38.9 | ) % |
| Operating income                                                  |   |                                            | 11,703  |   |   |   | 98,744 |   |   |   | (88.2 | ) % |
| Net income                                                        |   | $                                               | 22,106  |   |   | $ | 64,761 |   |   |   | (65.9 | )% |
| Net cash (used in) / generated by continuing operating activities |   | $                                               | (16,544 | ) |   | $ | 43,557 |   |   |   | (138.0 | ) % |
|                                                              |   |                                            |    |   |   |   |   |   |   |   |   |   |
|                                                              |   | For the Six Months Ended June 30, (US$ 000's)   |    |
|                                                              |   |                                            | 2009    |   |   |   | 2008 |   |   | Movement |   |
|                                                              |   |                                            |    |   |   |   |   |   |   |   |   |   |
| Net revenues                                                      |   | $                                               | 327,406 |   |   | $ | 527,832 |   |   |   | (38.0 | )% |
| Operating (loss) / income                                         |   |                                            | (72,779 | ) |   |   | 144,217 |   |   |   | (150.5 | )% |
| Net (loss) /  income                                    |   | $                                               | (24,834 | ) |   | $ | 79,683 |   |   |   | (131.2 | )% |
| Net cash generated by continuing operating activities             |   | $                                               | 6,004   |   |   | $ | 128,175 |   |   |   | (95.3 | ) % |

----

Index

|   | · | On May 18, 2009, we issued 14.5 million shares of Class A common stock at a price of US$ 12.00 per share and 4.5 million shares of Class B common stock at a price of US$ 15.00 per share to Time Warner Media Holdings B.V., an affiliate of Time Warner Inc. (“Time Warner”) for an aggregate offering price, net of fees, of US$ 234.4 million. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On July 2, 2009 we entered into an agreement with Igor Kolomoisky, a shareholder and member of our board of directors, pursuant to which Mr. Kolomoisky will become a 49% beneficial owner in our Ukraine operations following an injection of $100.0 million in cash and the contribution of 100.0% of the TET TV channel into Studio 1+1 group. The $100.0 million cash investment will be used to finance the activities of STUDIO1+1, KINO and TET and the addition of the TET TV channel will enhance our multichannel strategy in Ukraine. See Item 1, Note 22 “Subsequent Events, Ukraine Transaction” for more details. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On July 27, 2009, we entered into a framework agreement (the “Framework Agreement”) with Adrian Sarbu, our President and Chief Executive Officer and certain parties connected to him pursuant to which we will acquire the Media Pro Entertainment business.  See Item 1, Note 22 “Subsequent Events, Media Pro Transaction” for more details. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | · | On July 1, 2009, Wallace Macmillan resigned as our Chief Financial Officer and has been replaced on an interim basis by Charles Frank, Jr. Mr. Frank served as an independent director of CME from November 2001 until his appointment as Interim CFO and was previously a member of our Audit, Related Party Transactions and Treasury Committees. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On July 27, 2009, Adrian Sarbu was appointed as our President and Chief Executive Officer.  Mr. Sarbu was previously our President and Chief Operating Officer from December 2008 and Chief Operating Officer from October 2007. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

|   | · | resetting our operating structure into three areas - broadcast operations, internet and content - following the model of a fully integrated media company; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | capitalizing on our core strengths and expanding our revenue base into five main sources: advertising, subscription, content distribution, internet and management services; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | exploring all options to reduce the impact of losses in operations in Ukraine and Bulgaria on our profitability and liquidity while continuing to build these assets in a controlled manner to secure consistent performance and achieve a leading position in those markets; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | assessing opportunities arising from current economic conditions to launch, acquire or operate additional channels and internet operations in our region in order to expand our offerings, target niche audiences and increase our advertising inventory when financially prudent. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| · | foreign currency exchange gains and losses; |
|--------|---------------------------------------------|

| · | change in fair value of derivatives; and |
|--------|------------------------------------------|

| · | certain unusual or infrequent items (e.g. impairments of assets or investments). |
|--------|----------------------------------------------------------------------------------|

----

Index

| SEGMENT FINANCIAL INFORMATIONFor the Three Months Ended June 30, (US$ 000's)                                                                                                                               |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                       |   | 2009 |   |   |   | (1 | ) |   |   | 2008 |   |   |   | (1 | ) |
| Net Revenues                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bulgaria (PRO.BG, RING.BG) (2)                                                                                                                                                                             |   | $ | 881 |   |   |   | - | % |   | $ | - |   |   |   | - | % |
| Croatia (NOVA TV)                                                                                                                                                                                          |   |   | 14,126 |   |   |   | 8 | % |   |   | 18,094 |   |   |   | 6 | % |
| Czech Republic (TV NOVA, NOVA CINEMA and NOVA SPORT)                                                                                                                                                       |   |   | 71,551 |   |   |   | 38 | % |   |   | 112,570 |   |   |   | 37 | % |
| Romania (3)                                                                                                                                                                                                |   |   | 48,845 |   |   |   | 26 | % |   |   | 79,842 |   |   |   | 26 | % |
| Slovak Republic (TV MARKIZA)                                                                                                                                                                               |   |   | 28,229 |   |   |   | 15 | % |   |   | 37,097 |   |   |   | 12 | % |
| Slovenia (POP TV, KANAL A)                                                                                                                                                                                 |   |   | 19,335 |   |   |   | 10 | % |   |   | 26,210 |   |   |   | 9 | % |
| Ukraine (STUDIO 1+1, KINO) (4)                                                                                                                                                                             |   |   | 3,218 |   |   |   | 2 | % |   |   | 30,996 |   |   |   | 10 | % |
| Total Net Revenues                                                                                                                                                                                         |   | $ | 186,185 |   |   |   | 100 | % |   | $ | 304,809 |   |   |   | 100 | % |
| Represented by:                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations                                                                                                                                                                                       |   |   | 183,766 |   |   |   | 99 | % |   |   | 302,029 |   |   |   | 99 | % |
| Non-broadcast operations                                                                                                                                                                                   |   |   | 2,419 |   |   |   | 1 | % |   |   | 2,780 |   |   |   | 1 | % |
| Total Net Revenues                                                                                                                                                                                         |   | $ | 186,185 |   |   |   | 100 | % |   | $ | 304,809 |   |   |   | 100 | % |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bulgaria (PRO.BG, RING.BG) (2)                                                                                                                                                                             |   | $ | (10,626 | ) |   |   | (25 | )% |   | $ | - |   |   |   | - | % |
| Croatia (NOVA TV)                                                                                                                                                                                          |   |   | 2,303 |   |   |   | 5 | % |   |   | 1,683 |   |   |   | 1 | % |
| Czech Republic (TV NOVA, NOVA CINEMA and NOVA SPORT)                                                                                                                                                       |   |   | 38,541 |   |   |   | 92 | % |   |   | 71,204 |   |   |   | 53 | % |
| Romania (3)                                                                                                                                                                                                |   |   | 15,411 |   |   |   | 36 | % |   |   | 38,293 |   |   |   | 29 | % |
| Slovak Republic (TV MARKIZA)                                                                                                                                                                               |   |   | 5,655 |   |   |   | 13 | % |   |   | 13,974 |   |   |   | 11 | % |
| Slovenia (POP TV and KANAL A)                                                                                                                                                                              |   |   | 7,275 |   |   |   | 17 | % |   |   | 10,866 |   |   |   | 8 | % |
| Ukraine (STUDIO 1+1, KINO) (4)                                                                                                                                                                             |   |   | (16,086 | ) |   |   | (38 | )% |   |   | (2,431 | ) |   |   | (2 | )% |
|                                                                                                                                                                                                       |   | $ | 42,473 |   |   |   | 100 | % |   | $ | 133,589 |   |   |   | 100 | % |
| Corporate                                                                                                                                                                                                  |   |   | (12,808 | ) |   |   |   |   |   |   | (13,493 | ) |   |   |   |   |
| Consolidated EBITDA                                                                                                                                                                                        |   | $ | 29,665 |   |   |   |   |   |   | $ | 120,096 |   |   |   |   |   |
| Represented by:                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations                                                                                                                                                                                       |   | $ | 43,623 |   |   |   | 147 | % |   | $ | 135,481 |   |   |   | 113 | % |
| Non-broadcast operations                                                                                                                                                                                   |   |   | (1,150 | ) |   |   | (4 | )% |   |   | (1,892 | ) |   |   | (2 | )% |
| Corporate                                                                                                                                                                                                  |   |   | (12,808 | ) |   |   | (43 | )% |   |   | (13,493 | ) |   |   | (11 | )% |
| Consolidated EBITDA                                                                                                                                                                                        |   | $ | 29,665 |   |   |   | 100 | % |   | $ | 120,096 |   |   |   | 100 | % |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin (5)                                                                                                                                                                                          |   |   | 16 | % |   |   |   |   |   |   | 39 | % |   |   |   |   |
| (1) Percentage of Net Revenues and EBITDA.                                                                                                                                                                 |   |
| (2) We acquired our Bulgaria operations on August 1, 2008.                                                                                                                                                 |   |
| (3) Romania channels are PRO TV, PRO CINEMA, ACASA, PRO TV INTERNATIONAL, SPORT.RO and MTV Romania.                                                                                                        |   |
| (4) Ukraine channels are STUDIO 1+1 and KINO. From January 1, 2009 the operations of our KINO channel were combined with those of our STUDIO 1+1 channel and are no longer reported as a separate segment. |   |
| (5) We define EBITDA margin as the ratio of EBITDA to Net Revenues.                                                                                                                                        |   |

----

Index

| SEGMENT FINANCIAL INFORMATIONFor the Six Months Ended June 30, (US$ 000's)                                                                                                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                       |   | 2009 |   |   |   | (1 | ) |   |   | 2008 |   |   |   | (1 | ) |
| Net Revenues                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bulgaria (PRO.BG, RING.BG) (2)                                                                                                                                                                             |   | $ | 1,477 |   |   |   | - | % |   | $ | - |   |   |   | - | % |
| Croatia (NOVA TV)                                                                                                                                                                                          |   |   | 24,329 |   |   |   | 7 | % |   |   | 29,628 |   |   |   | 6 | % |
| Czech Republic (TV NOVA, NOVA CINEMA and NOVA SPORT)                                                                                                                                                       |   |   | 127,678 |   |   |   | 39 | % |   |   | 198,128 |   |   |   | 38 | % |
| Romania (3)                                                                                                                                                                                                |   |   | 84,534 |   |   |   | 26 | % |   |   | 137,838 |   |   |   | 26 | % |
| Slovak Republic (TV MARKIZA)                                                                                                                                                                               |   |   | 48,800 |   |   |   | 15 | % |   |   | 63,331 |   |   |   | 12 | % |
| Slovenia (POP TV, KANAL A)                                                                                                                                                                                 |   |   | 32,469 |   |   |   | 10 | % |   |   | 44,161 |   |   |   | 8 | % |
| Ukraine (STUDIO 1+1, KINO) (4)                                                                                                                                                                             |   |   | 8,119 |   |   |   | 3 | % |   |   | 54,746 |   |   |   | 10 | % |
| Total Net Revenues                                                                                                                                                                                         |   | $ | 327,406 |   |   |   | 100 | % |   | $ | 527,832 |   |   |   | 100 | % |
| Represented by:                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations                                                                                                                                                                                       |   |   | 323,199 |   |   |   | 99 | % |   |   | 523,079 |   |   |   | 99 | % |
| Non-broadcast operations                                                                                                                                                                                   |   |   | 4,207 |   |   |   | 1 | % |   |   | 4,753 |   |   |   | 1 | % |
| Total Net Revenues                                                                                                                                                                                         |   | $ | 327,406 |   |   |   | 100 | % |   | $ | 527,832 |   |   |   | 100 | % |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bulgaria (PRO.BG, RING.BG) (2)                                                                                                                                                                             |   | $ | (17,356 | ) |   |   | (28 | )% |   | $ | - |   |   |   | 0 | % |
| Croatia (NOVA TV)                                                                                                                                                                                          |   |   | 2,260 |   |   |   | 4 | % |   |   | (1,047 | ) |   |   | (1 | )% |
| Czech Republic (TV NOVA, NOVA CINEMA and NOVA SPORT)                                                                                                                                                       |   |   | 63,434 |   |   |   | 102 | % |   |   | 115,049 |   |   |   | 55 | % |
| Romania (3)                                                                                                                                                                                                |   |   | 22,558 |   |   |   | 36 | % |   |   | 61,669 |   |   |   | 30 | % |
| Slovak Republic (TV MARKIZA)                                                                                                                                                                               |   |   | 9,383 |   |   |   | 15 | % |   |   | 23,111 |   |   |   | 11 | % |
| Slovenia (POP TV and KANAL A)                                                                                                                                                                              |   |   | 10,285 |   |   |   | 17 | % |   |   | 15,206 |   |   |   | 7 | % |
| Ukraine (STUDIO 1+1, KINO) (4)                                                                                                                                                                             |   |   | (28,366 | ) |   |   | (46 | )% |   |   | (5,125 | ) |   |   | (2 | )% |
|                                                                                                                                                                                                       |   | $ | 62,198 |   |   |   | 100 | % |   | $ | 208,863 |   |   |   | 100 | % |
| Corporate                                                                                                                                                                                                  |   |   | (17,067 | ) |   |   |   |   |   |   | (23,299 | ) |   |   |   |   |
| Consolidated EBITDA                                                                                                                                                                                        |   | $ | 45,131 |   |   |   |   |   |   | $ | 185,564 |   |   |   |   |   |
| Represented by:                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations                                                                                                                                                                                       |   | $ | 65,234 |   |   |   | 139 | % |   |   | 212,233 |   |   |   | 117 | % |
| Non-broadcast operations                                                                                                                                                                                   |   |   | (3,036 | ) |   |   | (11 | )% |   |   | (3,370 | ) |   |   | (2 | )% |
| Corporate                                                                                                                                                                                                  |   |   | (17,067 | ) |   |   | (28 | )% |   |   | (23,299 | ) |   |   | (15 | )% |
| Consolidated EBITDA                                                                                                                                                                                        |   | $ | 45,131 |   |   |   | 100 | % |   | $ | 185,564 |   |   |   | 100 | % |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin (5)                                                                                                                                                                                          |   |   | 14 | % |   |   |   |   |   |   | 35 | % |   |   |   |   |
| (1) Percentage of Net Revenues and EBITDA.                                                                                                                                                                 |   |
| (2) We acquired our Bulgaria operations on August 1, 2008.                                                                                                                                                 |   |
| (3) Romania channels are PRO TV, PRO CINEMA, ACASA, PRO TV INTERNATIONAL, SPORT.RO and MTV Romania.                                                                                                        |   |
| (4) Ukraine channels are STUDIO 1+1 and KINO. From January 1, 2009 the operations of our KINO channel were combined with those of our STUDIO 1+1 channel and are no longer reported as a separate segment. |   |
| (5) We define EBITDA margin as the ratio of EBITDA to Net Revenues.                                                                                                                                        |   |

----

Index

----

Index

|                      |   | For the six months ended June 30, 2009 |   |
|---------------------------|--------|----------------------------------------|--------|
| All day audience share    |   |                                   | 2.1    | % |
| All day ratings           |   |                                   | 0.3    | % |
| Prime time audience share |   |                                   | 2.2    | % |
| Prime time ratings        |   |                                   | 0.6    | % |

----

Index

|                     |   | BULGARIA FINANICIAL INFORMATION                                 |   |
|--------------------------|--------|-----------------------------------------------------------------|--------|
|                     |   | For the three months ended June 30, 2009 (US$ 000’s) |   |   | For the six months ended June 30, 2009 (US$ 000’s) |   |
| Spot revenues            |   | $                                                               | 447    |   |   | $ | 666 |   |
| Non-spot revenues        |   |                                                            | 434    |   |   |   | 811 |   |
| Net Revenues             |   | $                                                               | 881    |   |   | $ | 1,477 |   |
|                     |   |                                                            |   |   |   |   |   |   |
| Represented by:          |   |                                                            |   |   |   |   |   |   |
| Broadcast operations     |   | $                                                               | 881    |   |   | $ | 1,477 |   |
| Non-broadcast operations |   |                                                            | -      |   |   |   | - |   |
| Net Revenues             |   | $                                                               | 881    |   |   | $ | 1,477 |   |

----

Index

|                     |   | BULGARIA FINANICIAL INFORMATION                                      |    |
|--------------------------|--------|----------------------------------------------------------------------|---------|
|                     |   | For the three months ended June 30, 2009 (US$ 000’s) |    |   | For the six months ended June 30, 2009 (US$ 000’s) |   |
|                     |   |                                                                 |    |   |   |   |
| EBITDA                   |   | $                                                                    | (10,626 | ) |   | $ | (17,356 | ) |
|                     |   |                                                                 |    |   |   |   |   |   |
| Represented by:          |   |                                                                 |    |   |   |   |   |   |
| Broadcast operations     |   | $                                                                    | (10,500 | ) |   | $ | (17,170 | ) |
| Non-broadcast operations |   |                                                                 | (126    | ) |   |   | (186 | ) |
| EBITDA                   |   | $                                                                    | (10,626 | ) |   | $ | (17,356 | ) |
|                     |   |                                                                 |    |   |   |   |   |   |
| EBITDA Margin            |   | Nm(1)                                                                |    |   | Nm(1) |   |

|   | (1) | Number is not meaningful |
|--------|-----|--------------------------|

|                      |   | For the Six Months Ended June 30, |   |
|---------------------------|--------|-----------------------------------|--------|
|                      |   | 2009                              |   |   | 2008 |   |   | Movement |   |
| All day audience share    |   |                              | 22.7   | % |   |   | 23.0 | % |   |   | (0.3 | )% |
| All day ratings           |   |                              | 3.9    | % |   |   | 3.6 | % |   |   | 0.3 | % |
| Prime time audience share |   |                              | 26.4   | % |   |   | 26.5 | % |   |   | (0.1 | )% |
| Prime time ratings        |   |                              | 10     | % |   |   | 9.7 | % |   |   | 0.3 | % |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | CROATIA FINANCIAL INFORMATION                   |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                               | 12,079 |   |   | $ | 15,051 |   |   |   | (19.7 | )% |   |   | (6.8 | )% |
| Non-spot revenues        |   |                                            | 2,047  |   |   |   | 3,043 |   |   |   | (32.7 | )% |   |   | (21.9 | )% |
| Net Revenues             |   | $                                               | 14,126 |   |   | $ | 18,094 |   |   |   | (21.9 | )% |   |   | (9.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 13,972 |   |   | $ | 17,909 |   |   |   | (22.0 | %) |   |   | (9.4 | )% |
| Non-broadcast operations |   |                                            | 154    |   |   |   | 185 |   |   |   | (16.8 | )% |   |   | (3.4 | )% |
| Net Revenues             |   | $                                               | 14,126 |   |   | $ | 18,094 |   |   |   | (21.9 | )% |   |   | (9.4 | )% |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | CROATIA FINANCIAL INFORMATION                 |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                             | 20,292 |   |   | $ | 24,713 |   |   |   | (17.9 | )% |   |   | (3.7 | )% |
| Non-spot revenues        |   |                                          | 4,037  |   |   |   | 4,915 |   |   |   | (17.9 | )% |   |   | (3.6 | )% |
| Net Revenues             |   | $                                             | 24,329 |   |   | $ | 29,628 |   |   |   | (17.9 | )% |   |   | (3.7 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 24,052 |   |   | $ | 29,314 |   |   |   | (18.0 | )% |   |   | (3.7 | )% |
| Non-broadcast operations |   |                                          | 277    |   |   |   | 314 |   |   |   | (11.8 | )% |   |   | (3.6 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Revenues             |   | $                                             | 24,329 |   |   | $ | 29,628 |   |   |   | (17.9 | )% |   |   | (3.7 | )% |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | CROATIA FINANCIAL INFORMATION                   |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                               | 2,303  |   |   | $ | 1,683 |   |   |   | 36.8 | % |   |   | 57.9 | % |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 2,551  |   |   | $ | 2,158 |   |   |   | 18.2 | % |   |   | 36.9 | % |
| Non-broadcast operations |   |                                            | (248   | ) |   |   | (475 | ) |   |   | 47.8 | % |   |   | 38.6 | % |
| EBITDA                   |   | $                                               | 2,303  |   |   | $ | 1,683 |   |   |   | 36.8 | % |   |   | 57.9 | % |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                            | 16     | % |   |   | 9 | % |   |   | 7 | % |   |   | 7 | % |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | CROATIA FINANCIAL INFORMATION                 |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                             | 2,260  |   |   | $ | (1,047 | ) |   | Nm(3) |   |   | Nm(3)% |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 2,779  |   |   | $ | (430 | ) |   | Nm(3) |   |   | Nm(3) |   |
| Non-broadcast operations |   |                                          | (519   | ) |   |   | (617 | ) |   |   | 15.9 | % |   |   | 0.9 | % |
| EBITDA                   |   | $                                             | 2,260  |   |   | $ | (1,047 | ) |   | Nm(3) |   |   | Nm(3) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                          | 9      | % |   |   | (4 | )% |   |   | 13 | % |   |   | 13 | % |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

| · | decreases in the cost of programming of 21% and 22% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, following a cost optimization program reflecting savings in both foreign and local program syndication,  partially offset by costs relating to the production of ‘In Magazin’, a locally produced daily magazine show; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in other operating costs of 6% and 3% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008 due to lower broadcast operating expenses, partially offset by higher staff-related costs due to higher headcount; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in selling, general and administrative expenses of 7% and 3% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, primarily due to lower marketing expenses. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                |   | For the Six Months Ended June 30, |   |
|---------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                |   | 2009(1)                           |   |   | 2008 |   |   | Movement |   |
| All day audience share                                              |   |                              | 43.7   | % |   |   | 42.1 | % |   |   | 1.6 | % |
| All day ratings                                                     |   |                              | 5.0    | % |   |   | 4.8 | % |   |   | 0.2 | % |
| Prime time audience share                                           |   |                              | 48.1   | % |   |   | 46.1 | % |   |   | 2.0 | % |
| Prime time ratings                                                  |   |                              | 14.3   | % |   |   | 13.9 | % |   |   | 0.4 | % |
| (1) NOVA CINEMA began broadcasting in DVB-T from December 15, 2008. |   |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | CZECH REPUBLIC FINANCIAL INFORMATION            |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                               | 63,802 |   |   | $ | 104,070 |   |   |   | (38.7 | )% |   |   | (25.1 | )% |
| Non-spot revenues        |   |                                            | 7,749  |   |   |   | 8,500 |   |   |   | (8.8 | )% |   |   | 10.7 | % |
| Net Revenues             |   | $                                               | 71,551 |   |   | $ | 112,570 |   |   |   | (36.4 | )% |   |   | (22.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 70,758 |   |   | $ | 112,039 |   |   |   | (36.8 | )% |   |   | (22.9 | )% |
| Non-broadcast operations |   |                                            | 793    |   |   |   | 531 |   |   |   | 49.3 | % |   |   | 81.0 | % |
| Net Revenues             |   | $                                               | 71,551 |   |   | $ | 112,570 |   |   |   | (36.4 | )% |   |   | (22.4 | )% |

----

Index

|                     |   |                                          |    |
|--------------------------|--------|-----------------------------------------------|---------|
|                     |   | For the Six Months Ended June 30, (US$ 000's) |    |
|                     |   |                                          |    |   |   |   |   | Movement |   |
|                     |   | 2009                                          |    |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |    |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                             | 114,001 |   |   | $ | 181,673 |   |   |   | (37.2 | )% |   |   | (22.2 | )% |
| Non-spot revenues        |   |                                          | 13,677  |   |   |   | 16,455 |   |   |   | (16.9 | )% |   |   | 2.7 | % |
| Net Revenues             |   | $                                             | 127,678 |   |   | $ | 198,128 |   |   |   | (35.6 | )% |   |   | (20.1 | )% |
|                     |   |                                          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 126,214 |   |   | $ | 197,423 |   |   |   | (36.1 | )% |   |   | (20.7 | )% |
| Non-broadcast operations |   |                                          | 1,464   |   |   |   | 705 |   |   |   | 107.7 | % |   |   | 153.7 | % |
| Net Revenues             |   | $                                             | 127,678 |   |   | $ | 198,128 |   |   |   | (35.6 | )% |   |   | (20.1 | )% |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | CZECH REPUBLIC FINANCIAL INFORMATION            |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                               | 38,541 |   |   | $ | 71,204 |   |   |   | (45.9 | )% |   |   | (33.9 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 39,226 |   |   | $ | 72,056 |   |   |   | (45.6 | )% |   |   | (33.5 | )% |
| Non-broadcast operations |   |                                            | (685   | ) |   |   | (852 | ) |   |   | 19.6 | % |   |   | 2.2 | % |
| EBITDA                   |   | $                                               | 38,541 |   |   | $ | 71,204 |   |   |   | (45.9 | )% |   |   | (33.9 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                            | 54     | % |   |   | 63 | % |   |   | (9 | )% |   |   | (9 | )% |

|                     |   |                                               |   |
|--------------------------|--------|----------------------------------------------------|--------|
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                               |   |   |   |   |   | Movement |   |
|                     |   | 2009                                               |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                               |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                                  | 63,434 |   |   | $ | 115,049 |   |   |   | (44.9 | )% |   |   | (31.6 | )% |
|                     |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                                  | 64,814 |   |   | $ | 116,294 |   |   |   | (44.3 | )% |   |   | (30.8 | )% |
| Non-broadcast operations |   |                                               | (1,380 | ) |   |   | (1,245 | ) |   |   | (10.8 | )% |   |   | (36.6 | )% |
| EBITDA                   |   | $                                                  | 63,434 |   |   | $ | 115,049 |   |   |   | (44.9 | )% |   |   | (31.6 | )% |
|                     |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                               | 50     | % |   |   | 58 | % |   |   | (8 | )% |   |   | (8 | )% |
|                     |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

|   | · | decreases in the cost of programming of 13% and 11% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, following a cost optimisation program resulting in savings in both foreign and local program syndication and in production costs where formats were reviewed for further optimisation. In addition, our Czech operations launched a cost efficient summer schedule inthe last week of June 2009; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increases in other operating costs of 14% and 11% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, primarily due to higher fees paid for digital transmission as a result of broadcasting two of our channels in DVB-T rather than one in the same period in 2008, partially offset by lower staff-related costs; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | increases in selling, general and administrative expenses of 27% for the three months ended June 2009 compared with the same period in 2008 primarily due to the successful recovery of a previously recorded provision for doubtful debt in 2008 and a decrease of 1% for the six months ended June 30, 2009, compared to the same period in 2008, primarily due to lower marketing and travel expenses. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   | For the Six Months Ended June 30, 2009 |   |
|---------------------------|--------|----------------------------------------|--------|
|                      |   | 2009                                   |   |   | 2008 |   |   | Movement |   |
| All day audience share    |   |                                   | 27.3   | % |   |   | 29.1 | % |   |   | (1.8 | )% |
| All day ratings           |   |                                   | 4.6    | % |   |   | 4.6 | % |   |   | - |   |
| Prime time audience share |   |                                   | 33.3   | % |   |   | 32.8 | % |   |   | 0.5 | % |
| Prime time ratings        |   |                                   | 11.5   | % |   |   | 11.2 | % |   |   | 0.3 | % |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | ROMANIA FINANCIAL INFORMATION                   |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                               | 43,015 |   |   | $ | 73,863 |   |   |   | (41.8 | )% |   |   | (23.8 | )% |
| Non-spot revenues        |   |                                            | 5,830  |   |   |   | 5,979 |   |   |   | (2.5 | )% |   |   | 27.3 | % |
| Net Revenues             |   | $                                               | 48,845 |   |   | $ | 79,842 |   |   |   | (38.8 | )% |   |   | (19.9 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 48,581 |   |   | $ | 79,229 |   |   |   | (38.7 | )% |   |   | (19.8 | )% |
| Non-broadcast operations |   |                                            | 264    |   |   |   | 613 |   |   |   | (56.9 | )% |   |   | (43.8 | )% |
| Net Revenues             |   | $                                               | 48,845 |   |   | $ | 79,842 |   |   |   | (38.8 | )% |   |   | (19.9 | )% |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | ROMANIA FINANCIAL INFORMATION                 |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                             | 73,526 |   |   | $ | 126,895 |   |   |   | (42.1 | )% |   |   | (23.7 | )% |
| Non-spot revenues        |   |                                          | 11,008 |   |   |   | 10,943 |   |   |   | 0.6 | % |   |   | 32.4 | % |
| Net Revenues             |   | $                                             | 84,534 |   |   | $ | 137,838 |   |   |   | (38.7 | )% |   |   | (19.2 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 84,139 |   |   | $ | 137,028 |   |   |   | (38.6 | )% |   |   | (19.1 | )% |
| Non-broadcast operations |   |                                          | 395    |   |   |   | 810 |   |   |   | (51.2 | )% |   |   | (35.9 | )% |
| Net Revenues             |   | $                                             | 84,534 |   |   | $ | 137,838 |   |   |   | (38.7 | )% |   |   | (19.2 | )% |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | ROMANIA FINANCIAL INFORMATION                   |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                               | 15,411 |   |   | $ | 38,293 |   |   |   | (59.8 | )% |   |   | (47.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 15,739 |   |   | $ | 38,185 |   |   |   | (58.8 | )% |   |   | (46.1 | )% |
| Non-broadcast operations |   |                                            | (328   | ) |   |   | 108 |   |   | Nm(3) |   |   | Nm(3) |   |
| EBITDA                   |   | $                                               | 15,411 |   |   | $ | 38,293 |   |   |   | (59.8 | )% |   |   | (47.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                            | 32     | % |   |   | 48 | % |   |   | (16 | )% |   |   | (16 | )% |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | ROMANIA FINANCIAL INFORMATION                 |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                             | 22,558 |   |   | $ | 61,669 |   |   |   | (63.4 | )% |   |   | (51.8 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 23,264 |   |   | $ | 61,749 |   |   |   | (62.3 | )% |   |   | (50.4 | )% |
| Non-broadcast operations |   |                                          | (706   | ) |   |   | (80 | ) |   | Nm(3) |   |   | Nm(3) |   |
| EBITDA                   |   | $                                             | 22,558 |   |   | $ | 61,669 |   |   |   | (63.4 | )% |   |   | (51.8 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                          | 27     | % |   |   | 45 | % |   |   | (18 | )% |   |   | (18 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

| · | increases in the cost of programming of 7% and 9% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, reflecting the higher cost of foreign acquired programming and an increase in acquired sport events, such as the new season of the UEFA Champions League. The acquisition of Radio Pro on April 17, 2008 also contributed to the increase; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in other operating costs of 8% and 3% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, primarily due to lower staff-related costs; and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | increases in selling, general and administrative expenses of 23% and 14% for the three and six months ended June 2009, respectively, compared with the same period in 2008, primarily due to increases in costs associated with new premises occupied in October 2008. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                      |   | For the Six Months Ended June 30, |   |
|---------------------------|--------|-----------------------------------|--------|
|                      |   | 2009                              |   |   | 2008 |   |   | Movement |   |
| All day audience share    |   |                              | 31.4   | % |   |   | 35.9 | % |   |   | (4.5 | )% |
| All day ratings           |   |                              | 4.2    | % |   |   | 4.7 | % |   |   | (0.5 | )% |
| Prime time audience share |   |                              | 32.8   | % |   |   | 37.6 | % |   |   | (4.8 | )% |
| Prime time ratings        |   |                              | 11.4   | % |   |   | 12.6 | % |   |   | (1.2 | )% |

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | SLOVAK REPUBLIC FINANCIAL INFORMATION           |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                               | 25,635 |   |   | $ | 33,723 |   |   |   | (24.0 | )% |   |   | (16.5 | )% |
| Non-spot revenues        |   |                                            | 2,594  |   |   |   | 3,374 |   |   |   | (23.1 | )% |   |   | (15.5 | )% |
| Net Revenues             |   | $                                               | 28,229 |   |   | $ | 37,097 |   |   |   | (23.9 | )% |   |   | (16.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 27,981 |   |   | $ | 36,993 |   |   |   | (24.4 | )% |   |   | (16.9 | )% |
| Non-broadcast operations |   |                                            | 248    |   |   |   | 104 |   |   |   | 138.5 | % |   |   | 162.9 | % |
| Net Revenues             |   | $                                               | 28,229 |   |   | $ | 37,097 |   |   |   | (23.9 | )% |   |   | (16.4 | )% |

----

Index

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | SLOVAK REPUBLIC FINANCIAL INFORMATION         |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                             | 44,805 |   |   | $ | 58,202 |   |   |   | (23.0 | )% |   |   | (16.7 | )% |
| Non-spot revenues        |   |                                          | 3,995  |   |   |   | 5,129 |   |   |   | (22.1 | )% |   |   | (15.1 | )% |
| Net Revenues             |   | $                                             | 48,800 |   |   | $ | 63,331 |   |   |   | (22.9 | )% |   |   | (16.5 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 48,444 |   |   | $ | 63,206 |   |   |   | (23.4 | )% |   |   | (17.0 | )% |
| Non-broadcast operations |   |                                          | 356    |   |   |   | 125 |   |   |   | 187.8 | % |   |   | 210.5 | % |
| Net Revenues             |   | $                                             | 48,800 |   |   | $ | 63,331 |   |   |   | (22.9 | )% |   |   | (16.5 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | SLOVAK REPUBLIC FINANCIAL INFORMATION           |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                               | 5,655  |   |   | $ | 13,974 |   |   |   | (59.5 | )% |   |   | (55.6 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 5,825  |   |   | $ | 14,200 |   |   |   | (59.0 | )% |   |   | (55.0 | )% |
| Non-broadcast operations |   |                                            | (170   | ) |   |   | (226 | ) |   |   | 24.8 | % |   |   | (17.8 | )% |
| EBITDA                   |   | $                                               | 5,655  |   |   | $ | 13,974 |   |   |   | (59.5 | )% |   |   | (55.6 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                            | 20     | % |   |   | 38 | % |   |   | (18 | )% |   |   | (18 | )% |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | SLOVAK REPUBLIC FINANCIAL INFORMATION         |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                             | 9,383  |   |   | $ | 23,111 |   |   |   | (59.4 | )% |   |   | (55.7 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 9,795  |   |   | $ | 23,580 |   |   |   | (58.5 | )% |   |   | (54.7 | )% |
| Non-broadcast operations |   |                                          | (412   | ) |   |   | (469 | ) |   |   | 12.2 | % |   |   | 5.8 | % |
| EBITDA                   |   | $                                             | 9,383  |   |   | $ | 23,111 |   |   |   | (59.4 | )% |   |   | (55.7 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                          | 19     | % |   |   | 36 | % |   |   | (17 | )% |   |   | (17 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| · | increases in the cost of programming of 9% and 5% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, reflecting the higher cost of foreign acquired programming and the additional programming costs relating to the launch of DOMA; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in other operating costs of 8% for the three months ended June 30, 2009, respectively, compared to the same periods in 2008, primarily due to lower staff-related costs. The initial redundancy-related costs are reflected in the first quarter of 2009 and contribute to the flat year–on-year movement for the six months ended June 30, 2009; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | increases in selling, general and administrative expenses of 25% and 19% for the three and six months ended June 2009, respectively, compared with the same periods in 2008, reflecting payments made to the Audiovisual Fund. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                      |   | For the Six Months Ended June 30, |   |
|---------------------------|--------|-----------------------------------|--------|
|                      |   | 2009                              |   |   | 2008 |   |   | Movement |   |
| All day audience share    |   |                              | 37.6   | % |   |   | 39.4 | % |   |   | (1.8 | )% |
| All day ratings           |   |                              | 3.5    | % |   |   | 4.0 | % |   |   | (0.5 | )% |
| Prime time audience share |   |                              | 45.9   | % |   |   | 46.2 | % |   |   | (0.3 | )% |
| Prime time ratings        |   |                              | 11.1   | % |   |   | 11.9 | % |   |   | (0.8 | )% |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | SLOVENIA FINANCIAL INFORMATION                  |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                               | 17,440 |   |   | $ | 22,511 |   |   |   | (22.5 | )% |   |   | (11.6 | )% |
| Non-spot revenues        |   |                                            | 1,895  |   |   |   | 3,699 |   |   |   | (48.8 | )% |   |   | (41.6 | )% |
| Net Revenues             |   | $                                               | 19,335 |   |   | $ | 26,210 |   |   |   | (26.2 | )% |   |   | (15.8 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 18,410 |   |   | $ | 24,912 |   |   |   | (26.1 | )% |   |   | (15.7 | )% |
| Non-broadcast operations |   |                                            | 925    |   |   |   | 1,298 |   |   |   | (28.7 | )% |   |   | (18.7 | )% |
| Net Revenues             |   | $                                               | 19,335 |   |   | $ | 26,210 |   |   |   | (26.2 | )% |   |   | (15.8 | )% |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | SLOVENIA FINANCIAL INFORMATION                |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                             | 29,085 |   |   | $ | 37,818 |   |   |   | (23.1 | )% |   |   | (11.5 | )% |
| Non-spot revenues        |   |                                          | 3,384  |   |   |   | 6,343 |   |   |   | (46.6 | )% |   |   | (38.5 | )% |
| Net Revenues             |   | $                                             | 32,469 |   |   | $ | 44,161 |   |   |   | (26.5 | )% |   |   | (15.3 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 30,820 |   |   | $ | 41,411 |   |   |   | (25.6 | )% |   |   | (14.3 | )% |
| Non-broadcast operations |   |                                          | 1,649  |   |   |   | 2,750 |   |   |   | (40.0 | )% |   |   | (30.7 | )% |
| Net Revenues             |   | $                                             | 32,469 |   |   | $ | 44,161 |   |   |   | (26.5 | )% |   |   | (15.3 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | SLOVENIA FINANCIAL INFORMATION                  |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                               | 7,275  |   |   | $ | 10,866 |   |   |   | (33.0 | )% |   |   | (23.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 6,831  |   |   | $ | 11,123 |   |   |   | (38.6 | )% |   |   | (29.8 | )% |
| Non-broadcast operations |   |                                            | 444    |   |   |   | (257 | ) |   |   | 272.8 | % |   |   | 294.1 | % |
| EBITDA                   |   | $                                               | 7,275  |   |   | $ | 10,866 |   |   |   | (33.0 | )% |   |   | (23.4 | )% |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                            | 38     | % |   |   | 41 | % |   |   | (3 | )% |   |   | (3 | )% |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | SLOVENIA FINANCIAL INFORMATION                |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                             | 10,285 |   |   | $ | 15,206 |   |   |   | (32.4 | )% |   |   | (22.0 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 9,758  |   |   | $ | 15,775 |   |   |   | (38.1 | )% |   |   | (28.7 | )% |
| Non-broadcast operations |   |                                          | 527    |   |   |   | (569 | ) |   |   | 192.6 | % |   |   | 203.9 | % |
| EBITDA                   |   | $                                             | 10,285 |   |   | $ | 15,206 |   |   |   | (32.4 | )% |   |   | (22.0 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   |                                          | 32     | % |   |   | 34 | % |   |   | (2 | )% |   |   | (2 | )% |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| · | decreases in the cost of programming of 12% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, reflecting a reduction in the proportion of locally produced programming in the programming schedule; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in other operating costs of 7% and 4% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, primarily due to lower staff-related costs. The initial redundancy-related costs are reflected in the first quarter of 2009 and contribute to the flat year-on-year movement for the six months ended June 30, 2009; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|   | · | decreases in selling, general and administrative expenses of 11% and 27% for the three and six months ended June 2009, respectively, compared with the same periods in 2008, primarily due to lower marketing and travel expenses. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   | For the Six Months Ended June 30, 2009 |   |
|---------------------------|--------|----------------------------------------|--------|
|                      |   | 2009                                   |   |   | 2008 |   |   | Movement |   |
| All day audience share    |   |                                   | 10.1   | % |   |   | 12.3 | % |   |   | (2.2 | )% |
| All day ratings           |   |                                   | 1.4    | % |   |   | 1.6 | % |   |   | (0.2 | )% |
| Prime time audience share |   |                                   | 12.8   | % |   |   | 13.2 | % |   |   | (0.4 | )% |
| Prime time ratings        |   |                                   | 4.4    | % |   |   | 4.3 | % |   |   | 0.1 | % |

----

Index

|                     |   |                                            |   |
|--------------------------|--------|-------------------------------------------------|--------|
|                     |   | UKRAINE FINANCIAL INFORMATION                   |   |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                     |   |                                            |   |   |   |   |   | Movement |   |
|                     |   | 2009                                            |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                               | 2,073  |   |   | $ | 23,839 |   |   |   | (91.3 | )% |   |   | - |   |
| Non-spot revenues        |   |                                            | 1,145  |   |   |   | 7,157 |   |   |   | (84.0 | )% |   |   | - |   |
| Net Revenues             |   | $                                               | 3,218  |   |   | $ | 30,996 |   |   |   | (89.6 | )% |   |   | - |   |
|                     |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | 3,182  |   |   | $ | 30,947 |   |   |   | (89.7 | )% |   |   | - |   |
| Non-broadcast operations |   |                                            | 36     |   |   |   | 49 |   |   |   | (26.5 | )% |   |   | - |   |
| Net Revenues             |   | $                                               | 3,218  |   |   | $ | 30,996 |   |   |   | (89.6 | )% |   |   | - |   |

|                     |   |                                          |   |
|--------------------------|--------|-----------------------------------------------|--------|
|                     |   | UKRAINE FINANCIAL INFORMATION                 |   |
|                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                     |   |                                          |   |   |   |   |   | Movement |   |
|                     |   | 2009                                          |   |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |
| Spot revenues            |   | $                                             | 4,667  |   |   | $ | 42,465 |   |   |   | (89.0 | )% |   |   | - |   |
| Non-spot revenues        |   |                                          | 3,452  |   |   |   | 12,281 |   |   |   | (71.9 | )% |   |   | - |   |
| Net Revenues             |   | $                                             | 8,119  |   |   | $ | 54,746 |   |   |   | (85.2 | )% |   |   | - |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                             | 8,053  |   |   | $ | 54,697 |   |   |   | (85.3 | )% |   |   | - |   |
| Non-broadcast operations |   |                                          | 66     |   |   |   | 49 |   |   |   | 34.7 | % |   |   | - |   |
| Net Revenues             |   | $                                             | 8,119  |   |   | $ | 54,746 |   |   |   | (85.2 | )% |   |   | - |   |
|                     |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

|                     |   |                                            |    |
|--------------------------|--------|-------------------------------------------------|---------|
|                     |   | UKRAINE FINANCIAL INFORMATION                   |    |
|                     |   | For the Three Months Ended June 30, (US$ 000's) |    |
|                     |   |                                            |    |   |   |   |   | Movement |   |
|                     |   | 2009                                            |    |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                            |    |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                               | (16,086 | ) |   | $ | (2,431 | ) |   | Nm(3) |   |   |   | - |   |
|                     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                               | (16,049 | ) |   | $ | (2,241 | ) |   | Nm(3) |   |   |   | - |   |
| Non-broadcast operations |   |                                            | (37     | ) |   |   | (190 | ) |   |   | 80.5 | % |   |   | - |   |
| EBITDA                   |   | $                                               | (16,086 | ) |   | $ | (2,431 | ) |   | Nm(3) |   |   |   | - |   |
|                     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   | Nm(3)                                           |    |   |   | (8 | )% |   | Nm(3) |   |   |   | - |   |

|                     |   |                                                |    |
|--------------------------|--------|-----------------------------------------------------|---------|
|                     |   | UKRAINE FINANCIAL INFORMATION                       |    |
|                     |   | For the Six Months Ended June 30, (US$ 000’s) |    |
|                     |   |                                                |    |   |   |   |   | Movement |   |
|                     |   | 2009                                                |    |   | 2008 |   |   | % Act(1) |   |   | % Lfl(2) |   |
|                     |   |                                                |    |   |   |   |   |   |   |   |   |   |
| EBITDA                   |   | $                                                   | (28,366 | ) |   | $ | (5,125 | ) |   | Nm(3) |   |   |   | - |   |
|                     |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Represented by           |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast operations     |   | $                                                   | (28,006 | ) |   | $ | (4,735 | ) |   | Nm(3) |   |   |   | - |   |
| Non-broadcast operations |   |                                                | (360    | ) |   |   | (390 | ) |   |   | 7.7 | % |   |   | - |   |
| EBITDA                   |   | $                                                   | (28,366 | ) |   | $ | (5,125 | ) |   | Nm(3) |   |   |   | - |   |
|                     |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA Margin            |   | Nm(3)                                               |    |   |   | (9 | )% |   | Nm(3) |   |   |   | - |   |
|                     |   |                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

| · | decreases in the cost of programming of 43% for both the three and six months ended June 30, 2009 compared to the same periods in 2008 due to implementation of a lower cost schedule; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in other operating costs of 28% and 26% for the three and six months ended June 30, 2009, respectively, compared to the same periods in 2008, primarily due to a reduction in headcount; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | decreases in selling, general and administrative expenses of 63% and 40% for the three and six months ended June 2009, respectively, compared with the same periods in 2008, primarily due to lower office overheads. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| CONSOLIDATED NET REVENUES |   |
|---------------------------|--------|
|                      |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                      |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                      |   |   |   |   |   |   |   |   |   |
| Bulgaria                  |   | $ | 881 |   |   | $ | - |   |   |   | - | % |
| Croatia                   |   |   | 14,126 |   |   |   | 18,094 |   |   |   | (21.9 | ) % |
| Czech Republic            |   |   | 71,551 |   |   |   | 112,570 |   |   |   | (36.4 | ) % |
| Romania                   |   |   | 48,845 |   |   |   | 79,842 |   |   |   | (38.8 | ) % |
| Slovak Republic           |   |   | 28,229 |   |   |   | 37,097 |   |   |   | (23.9 | ) % |
| Slovenia                  |   |   | 19,335 |   |   |   | 26,210 |   |   |   | (26.2 | ) % |
| Ukraine                   |   |   | 3,218 |   |   |   | 30,996 |   |   |   | (89.6 | ) % |
| Total Net Revenues        |   | $ | 186,185 |   |   | $ | 304,809 |   |   |   | (38.9 | ) % |

----

Index

| CONSOLIDATED NET REVENUES |   |
|---------------------------|--------|
|                      |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                      |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                      |   |   |   |   |   |   |   |   |   |
| Bulgaria                  |   | $ | 1,477 |   |   | $ | - |   |   |   | - | % |
| Croatia                   |   |   | 24,329 |   |   |   | 29,628 |   |   |   | (17.9 | ) % |
| Czech Republic            |   |   | 127,678 |   |   |   | 198,128 |   |   |   | (35.6 | ) % |
| Romania                   |   |   | 84,534 |   |   |   | 137,838 |   |   |   | (38.7 | ) % |
| Slovak Republic           |   |   | 48,800 |   |   |   | 63,331 |   |   |   | (22.9 | ) % |
| Slovenia                  |   |   | 32,469 |   |   |   | 44,161 |   |   |   | (26.5 | ) % |
| Ukraine                   |   |   | 8,119 |   |   |   | 54,746 |   |   |   | (85.2 | ) % |
| Total Net Revenues        |   | $ | 327,406 |   |   | $ | 527,832 |   |   |   | (38.0 | ) % |

| COST OF REVENUES                                         |   |
|----------------------------------------------------------|--------|
|                                                     |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                                                     |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                                                     |   |   |   |   |   |   |   |   |   |
| Operating costs                                          |   | $ | 31,556 |   |   | $ | 36,759 |   |   |   | (14.2 | ) % |
| Cost of programming                                      |   |   | 95,893 |   |   |   | 116,917 |   |   |   | (18.0 | ) % |
| Depreciation of station property, plant and equipment    |   |   | 12,841 |   |   |   | 12,942 |   |   |   | (0.8 | ) % |
| Amortization of broadcast licenses and other intangibles |   |   | 4,833 |   |   |   | 8,194 |   |   |   | (41.0 | ) % |
| Total Cost of Revenues                                   |   | $ | 145,123 |   |   | $ | 174,812 |   |   |   | (17.0 | ) % |

----

Index

| COST OF PROGRAMMING       |   |
|---------------------------|--------|
|                      |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                      |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                      |   |   |   |   |   |   |   |   |   |
| Bulgaria                  |   | $ | 8,319 |   |   | $ | - |   |   |   | - | % |
| Croatia                   |   |   | 7,531 |   |   |   | 11,078 |   |   |   | (32.0 | )% |
| Czech Republic            |   |   | 19,129 |   |   |   | 26,967 |   |   |   | (29.1 | )% |
| Romania                   |   |   | 24,727 |   |   |   | 30,411 |   |   |   | (18.7 | )% |
| Slovak Republic           |   |   | 15,395 |   |   |   | 15,498 |   |   |   | (0.7 | )% |
| Slovenia                  |   |   | 7,611 |   |   |   | 9,838 |   |   |   | (22.6 | )% |
| Ukraine                   |   |   | 13,181 |   |   |   | 23,125 |   |   |   | (43.0 | )% |
| Total Cost of Programming |   | $ | 95,893 |   |   | $ | 116,917 |   |   |   | (18.0 | )% |
| Represented by:           |   |   |   |   |   |   |   |   |   |   |   |   |
| Production expenses       |   | $ | 44,256 |   |   | $ | 54,570 |   |   |   | (18.9 | ) % |
| Program amortization      |   |   | 51,637 |   |   |   | 62,347 |   |   |   | (17.2 | ) % |
| Cost of programming       |   | $ | 95,893 |   |   | $ | 116,917 |   |   |   | (18.0 | ) % |

----

Index

|   | · | the strengthening of the dollar in each of our markets in the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Of the total decrease of 18.0%, 13.3% was due to the impact of movements in foreign exchange rates; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the cost optimisation of our programming schedule. In the three months ended June 30, 2009, our operations aired a more cost effective schedule than in the three months ended June 30, 2008. This decrease was partially offset by; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the acquisition of our Bulgaria operations in August 2008; |
|--------|--------|------------------------------------------------------------|

|   | · | a higher than inflationary increase in the cost of foreign acquired programming, particularly in our Slovak Republic operations, and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | programming costs relating to DOMA, a new channel in our Slovak Republic operations that we expect to launch at the beginning of the fall broadcasting season in 2009. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| PROGRAM AMORTIZATION AND CASH PAID FOR PROGRAMMING |   |
|----------------------------------------------------|--------|
|                                               |   | For the Three Months Ended June 30, (US$ 000’s) |   |
|                                               |   | 2009 |   |   | 2008 |   |
| Program amortization:                              |   |   |   |   |   |   |
| Bulgaria                                           |   | $ | 5,453 |   |   | $ | - |   |
| Croatia                                            |   |   | 3,006 |   |   |   | 4,949 |   |
| Czech Republic                                     |   |   | 10,128 |   |   |   | 14,025 |   |
| Romania                                            |   |   | 12,908 |   |   |   | 14,029 |   |
| Slovak Republic                                    |   |   | 6,731 |   |   |   | 6,817 |   |
| Slovenia                                           |   |   | 3,664 |   |   |   | 3,002 |   |
| Ukraine                                            |   |   | 9,747 |   |   |   | 19,525 |   |
|                                               |   | $ | 51,637 |   |   | $ | 62,347 |   |
|                                               |   |
|                                               |   |   |   |   |   |   |   |   |
| Cash paid for programming:                         |   |   |   |   |   |   |   |   |
| Bulgaria                                           |   | $ | 5,732 |   |   | $ | - |   |
| Croatia                                            |   |   | 4,357 |   |   |   | 7,638 |   |
| Czech Republic                                     |   |   | 8,137 |   |   |   | 7,370 |   |
| Romania                                            |   |   | 11,927 |   |   |   | 17,529 |   |
| Slovak Republic                                    |   |   | 5,996 |   |   |   | 4,670 |   |
| Slovenia                                           |   |   | 2,901 |   |   |   | 3,714 |   |
| Ukraine                                            |   |   | 9,497 |   |   |   | 15,351 |   |
|                                               |   | $ | 48,547 |   |   | $ | 56,272 |   |

----

Index

| COST OF REVENUES                                         |   |
|----------------------------------------------------------|--------|
|                                                     |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                                                     |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                                                     |   |   |   |   |   |   |   |   |   |
| Operating costs                                          |   | $ | 60,949 |   |   | $ | 69,774 |   |   |   | (12.7 | ) % |
| Cost of programming                                      |   |   | 170,815 |   |   |   | 211,004 |   |   |   | (19.1 | ) % |
| Depreciation of station property, plant and equipment    |   |   | 24,457 |   |   |   | 25,056 |   |   |   | (2.4 | ) % |
| Amortization of broadcast licenses and other intangibles |   |   | 10,934 |   |   |   | 15,864 |   |   |   | (31.1 | ) % |
| Total Cost of Revenues                                   |   | $ | 267,155 |   |   | $ | 321,698 |   |   |   | (17.0 | ) % |

----

Index

| COST OF PROGRAMMING       |   |
|---------------------------|--------|
|                      |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                      |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                      |   |   |   |   |   |   |   |   |   |
| Bulgaria                  |   | $ | 12,977 |   |   | $ | 0 |   |   |   | - | % |
| Croatia                   |   |   | 13,929 |   |   |   | 20,845 |   |   |   | (33.2 | )% |
| Czech Republic            |   |   | 36,417 |   |   |   | 50,817 |   |   |   | (28.3 | )% |
| Romania                   |   |   | 44,797 |   |   |   | 54,296 |   |   |   | (17.5 | )% |
| Slovak Republic           |   |   | 25,309 |   |   |   | 25,962 |   |   |   | (2.5 | )% |
| Slovenia                  |   |   | 13,731 |   |   |   | 17,877 |   |   |   | (23.2 | )% |
| Ukraine                   |   |   | 23,655 |   |   |   | 41,207 |   |   |   | (42.6 | )% |
| Total Cost of Programming |   | $ | 170,815 |   |   | $ | 211,004 |   |   |   | (19.0 | )% |
| Represented by:           |   |   |   |   |   |   |   |   |   |   |   |   |
| Production expenses       |   | $ | 78,712 |   |   | $ | 96,278 |   |   |   | (18.2 | ) % |
| Program amortization      |   |   | 92,103 |   |   |   | 114,726 |   |   |   | (19.7 | ) % |
| Cost of Programming       |   | $ | 170,815 |   |   | $ | 211,004 |   |   |   | (19.0 | ) % |

|   | · | the strengthening of the dollar in each of our markets in the six months ended June 30, 2009 compared to the six months ended June 30, 2008. Of the total decrease of 19.0%, 13.5% was due to the impact of movements in foreign exchange rates; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The cost optimisation of our programming schedule. In the six months ended June 30, 2009, our operations aired a more cost effective schedule than in the six months ended June 30, 2008. This decrease was partially offset by; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the acquisition of our Bulgaria operations in August 2008; |
|--------|--------|------------------------------------------------------------|

|   | · | a higher than inflationary increase in the cost of foreign acquired programming, particularly in our Slovak Republic operations, and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | programming costs relating to DOMA, a new channel in our Slovak Republic operations that we expect to launch at the beginning of the fall broadcasting season in 2009. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| PROGRAM AMORTIZATION AND CASH PAID FOR PROGRAMMING |   |
|----------------------------------------------------|--------|
|                                               |   | For the Six Months Ended June 30, (US$ 000’s) |   |
|                                               |   | 2009 |   |   | 2008 |   |
| Program amortization:                              |   |   |   |   |   |   |
| Bulgaria                                           |   | $ | 7,750 |   |   | $ | - |   |
| Croatia                                            |   |   | 5,550 |   |   |   | 10,804 |   |
| Czech Republic                                     |   |   | 19,921 |   |   |   | 27,080 |   |
| Romania                                            |   |   | 22,682 |   |   |   | 26,017 |   |
| Slovak Republic                                    |   |   | 11,807 |   |   |   | 10,780 |   |
| Slovenia                                           |   |   | 6,638 |   |   |   | 5,958 |   |
| Ukraine                                            |   |   | 17,755 |   |   |   | 34,087 |   |
|                                               |   | $ | 92,103 |   |   | $ | 114,726 |   |
|                                               |   |
|                                               |   |   |   |   |   |   |   |   |
| Cash paid for programming:                         |   |   |   |   |   |   |   |   |
| Bulgaria                                           |   | $ | 9,224 |   |   | $ | - |   |
| Croatia                                            |   |   | 8,562 |   |   |   | 15,061 |   |
| Czech Republic                                     |   |   | 17,484 |   |   |   | 19,239 |   |
| Romania                                            |   |   | 38,544 |   |   |   | 31,395 |   |
| Slovak Republic                                    |   |   | 12,094 |   |   |   | 10,238 |   |
| Slovenia                                           |   |   | 5,249 |   |   |   | 5,956 |   |
| Ukraine                                            |   |   | 15,611 |   |   |   | 22,682 |   |
|                                               |   | $ | 106,768 |   |   | $ | 104,571 |   |

----

Index

| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES       |   |
|----------------------------------------------------|--------|
|                                               |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                                               |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                                               |   |   |   |   |   |   |   |   |   |
| Bulgaria                                           |   | $ | 1,538 |   |   | $ | - |   |   |   | - | % |
| Croatia                                            |   |   | 1,390 |   |   |   | 1,744 |   |   |   | (20.3 | ) % |
| Czech Republic                                     |   |   | 4,359 |   |   |   | 4,225 |   |   |   | 3.2 | % |
| Romania                                            |   |   | 3,283 |   |   |   | 3,470 |   |   |   | (5.4 | ) % |
| Slovak Republic                                    |   |   | 2,912 |   |   |   | 2,554 |   |   |   | 14.0 | % |
| Slovenia                                           |   |   | 1,360 |   |   |   | 1,738 |   |   |   | (21.7 | ) % |
| Ukraine                                            |   |   | 1,424 |   |   |   | 3,814 |   |   |   | (62.7 | ) % |
| Corporate                                          |   |   | 13,093 |   |   |   | 13,708 |   |   |   | (4.5 | )% |
| Total Selling, General and Administrative Expenses |   | $ | 29,359 |   |   | $ | 31,253 |   |   |   | (6.1 | ) % |

| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES       |   |
|----------------------------------------------------|--------|
|                                               |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                                               |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                                               |   |   |   |   |   |   |   |   |   |
| Bulgaria                                           |   | $ | 2,812 |   |   | $ | - |   |   |   | - | % |
| Croatia                                            |   |   | 2,720 |   |   |   | 3,304 |   |   |   | (17.7 | ) % |
| Czech Republic                                     |   |   | 9,595 |   |   |   | 12,000 |   |   |   | (20.0 | ) % |
| Romania                                            |   |   | 6,352 |   |   |   | 7,285 |   |   |   | (12.8 | ) % |
| Slovak Republic                                    |   |   | 5,474 |   |   |   | 4,951 |   |   |   | 10.6 | % |
| Slovenia                                           |   |   | 2,483 |   |   |   | 3,931 |   |   |   | (36.8 | ) % |
| Ukraine                                            |   |   | 4,011 |   |   |   | 6,721 |   |   |   | (40.3 | ) % |
| Corporate                                          |   |   | 17,740 |   |   |   | 23,725 |   |   |   | (25.2 | )% |
| Total Selling, General and Administrative Expenses |   | $ | 51,187 |   |   | $ | 61,917 |   |   |   | (17.3 | ) % |

----

Index

|              |   | For the Six Months Ended June 30, (US$ 000's) |   |
|-------------------|--------|-----------------------------------------------|--------|
|              |   | 2009                                          |   |   | 2008 |   |   | Movement |   |
|              |   |                                          |   |   |   |   |   |   |   |
| Impairment charge |   | $                                        | 81,843 |   |   |   | - |   |   |   | - | % |

----

Index

| OPERATING INCOME |   |
|------------------|--------|
|             |   | For the Three Months Ended June 30, (US$ 000's) |   |
|             |   | 2009 |   |   | 2008 |   |   | Movement |   |
|             |   |   |   |   |   |   |   |   |   |
| Operating Income |   | $ | 11,703 |   |   | $ | 98,744 |   |   |   | (88.1 | ) % |

| OPERATING INCOME |   |
|------------------|--------|
|             |   | For the Six Months Ended June 30, (US$ 000's) |   |
|             |   | 2009 |   |   | 2008 |   |   | Movement |   |
|             |   |   |   |   |   |   |   |   |   |
| Operating Income |   | $ | (72,779 | ) |   | $ | 144,217 |   |   |   | (150.5 | ) % |

| OTHER INCOME / (EXPENSE) ITEMS                                          |   |
|-------------------------------------------------------------------------|--------|
|                                                                    |   | For the Three Months Ended June 30, (US$ 000's) |   |
|                                                                    |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Interest income                                                         |   | $ | 698 |   |   | $ | 3,775 |   |   |   | (81.5 | ) % |
| Interest expense                                                        |   |   | (22,258 | ) |   |   | (22,346 | ) |   |   | 0.4 | % |
| Foreign currency exchange gain, net                                     |   |   | 45,411 |   |   |   | 6,882 |   |   | Nm(1) |   |
| Change in fair value of derivatives                                     |   |   | (7,315 | ) |   |   | (13,281 | ) |   |   | 44.9 | % |
| Other income                                                            |   |   | 247 |   |   |   | 668 |   |   |   | (63.0 | ) % |
| Provision for income taxes                                              |   |   | (6,380 | ) |   |   | (8,923 | ) |   |   | (28.5 | ) % |
| Discontinued Operations, net of tax                                     |   |   | - |   |   |   | (758 | ) |   | Nm(1) |   |
| Noncontrolling Interest in loss / (income) of consolidated subsidiaries |   |   | 1,975 |   |   |   | (1,295 | ) |   |   | 252.5 | % |
| Currency Translation Adjustment, net                                    |   |   | 92,431 |   |   |   | 93,579 |   |   |   | (1.2 | ) % |

----

Index

----

Index

|                                                                                                                                                                                                                                                                                                                     |   | Three months ended June 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                     |   | 2009                        |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                     |   |                        |   |   |   |   |
| Bulgarian Lev (1)                                                                                                                                                                                                                                                                                                        |   |                        | (6     | )% |   |   | - |   |
| Croatian Kuna                                                                                                                                                                                                                                                                                                            |   |                        | (8     | )% |   |   | - |   |
| Czech Koruna                                                                                                                                                                                                                                                                                                             |   |                        | (11    | )% |   |   | (5 | )% |
| Euro                                                                                                                                                                                                                                                                                                                     |   |                        | (6     | )% |   |   | - |   |
| New Romanian Lei                                                                                                                                                                                                                                                                                                         |   |                        | (6     | )% |   |   | (2 | )% |
| Ukraine Hryvna (2)                                                                                                                                                                                                                                                                                                       |   |                        | (2     | )% |   |   | - |   |
|  (1) We acquired our Bulgaria operations on August 1, 2008.(2) The functional currency of our Ukraine operations changed from the dollar to the Hryvna with effect from January 1, 2009. We therefore do not show the movement of the dollar against the Hryvna for the three months ended June 30, 2008. |

----

Index

| OTHER INCOME / (EXPENSE) ITEMS                                          |   |
|-------------------------------------------------------------------------|--------|
|                                                                    |   | For the Six Months Ended June 30, (US$ 000's) |   |
|                                                                    |   | 2009 |   |   | 2008 |   |   | Movement |   |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Interest income                                                         |   | $ | 1,442 |   |   | $ | 5,955 |   |   |   | (75.8 | ) % |
| Interest expense                                                        |   |   | (43,686 | ) |   |   | (37,575 | ) |   |   | (16.3 | ) % |
| Foreign currency exchange gain / (loss), net                            |   |   | 84,675 |   |   |   | (10,546 | ) |   | Nm(1) |   |
| Change in fair value of derivatives                                     |   |   | (1,185 | ) |   |   | (23,539 | ) |   | Nm(1) |   |
| Other income                                                            |   |   | 346 |   |   |   | 1,319 |   |   |   | (73.8 | ) % |
| Income tax credit                                                       |   |   | 6,615 |   |   |   | 1,360 |   |   |   | Nm(1) |   |
| Discontinued Operations, net of tax                                     |   |   | (262 | ) |   |   | (1,508 | ) |   |   | 82.6 | % |
| Noncontrolling Interest in loss / (income) of consolidated subsidiaries |   |   | 4,477 |   |   |   | (1,772 | ) |   |   | 352.7 | % |
| Currency Translation Adjustment, net                                    |   |   | (100,429 | ) |   |   | 285,046 |   |   |   | (135.2 | ) % |
| Obligation to repurchase shares                                         |   |   | - |   |   |   | 488 |   |   | Nm(1) |   |

----

Index

----

Index

|                                                                                                                                                                                                                                                                                                                   |   | Six months ended June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|
|                                                                                                                                                                                                                                                                                                                   |   | 2009                      |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                   |   |                      |   |   |   |   |
| Bulgarian Lev (1)                                                                                                                                                                                                                                                                                                      |   |                      | (2     | )% |   |   | - |   |
| Croatian Kuna                                                                                                                                                                                                                                                                                                          |   |                      | (1     | )% |   |   | (8 | )% |
| Czech Koruna                                                                                                                                                                                                                                                                                                           |   |                      | (5     | )% |   |   | (16 | )% |
| Euro                                                                                                                                                                                                                                                                                                                   |   |                      | (2     | )% |   |   | (7 | )% |
| New Romanian Lei                                                                                                                                                                                                                                                                                                       |   |                      | 5      | % |   |   | (6 | )% |
| Ukraine Hryvna (2)                                                                                                                                                                                                                                                                                                     |   |                      | 1      | % |   |   | - |   |
|  (1) We acquired our Bulgaria operations on August 1, 2008.(2) The functional currency of our Ukraine operations changed from the dollar to the Hryvna with effect from January 1, 2009. We therefore do not show the movement of the dollar against the Hryvna for the six months ended June 30, 2008. |

| Summarized Condensed Consolidated Balance Sheet (US$ 000’s) |   |
|-------------------------------------------------------------------|--------|
|                                                              |   | June 30, 2009 |   |   | December 31, 2008 |   |   | Movement |   |
|                                                              |   |   |   |   |   |   |   |   |   |
| Current assets                                                    |   | $ | 858,540 |   |   | $ | 494,756 |   |   |   | 73.5 | % |
| Non-current assets                                                |   |   | 1,869,268 |   |   |   | 1,911,860 |   |   |   | (2.2 | ) % |
| Current liabilities                                               |   |   | 258,028 |   |   |   | 228,673 |   |   |   | 12.8 | % |
| Non-current liabilities                                           |   |   | 1,284,205 |   |   |   | 1,079,498 |   |   |   | 19.0 | % |
| CME Ltd. shareholders’ equity                               |   |   | 1,189,099 |   |   |   | 1,095,258 |   |   |   | 8.6 | % |
| Noncontrolling interests in consolidated subsidiaries             |   | $ | (3,524 | ) |   | $ | 3,187 |   |   |   | (210.6 | ) % |

----

Index

| SUMMARY OF CASH FLOWS                                                 |   |
|-----------------------------------------------------------------------|--------|
| For the Six Months Ended June 30, (US$ 000's)                         |   |
|                                                                  |   | 2009 |   |   | 2008 |   |
|                                                                  |   |   |   |   |   |   |
| Net cash generated from continuing operating activities               |   | $ | 6,004 |   |   | $ | 128,175 |   |
| Net cash used in continuing investing activities                      |   |   | (40,087 | ) |   |   | (286,886 | ) |
| Net cash received from continuing financing activities                |   |   | 431,559 |   |   |   | 399,243 |   |
| Net cash used in discontinued operations – operating activities |   |   | (1,294 | ) |   |   | (2,634 | ) |
| Net cash used in discontinued operations – investing activities |   |   | - |   |   |   | (269 | ) |
| Net increase / (decrease) in cash and cash equivalents                |   | $ | 398,923 |   |   | $ | 232,926 |   |

----

Index

| Contractual Obligations             |   | Payments due by period (US$ 000’s) |      |
|-------------------------------------|--------|------------------------------------------|-----------|
|                                |   | Total                                    |      |   | Less than 1 year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than 5 years |   |
| Long-Term Debt – principal    |   | $                                        | 1,330,006 |   |   | $ | 37,348 |   |   | $ | 259,365 |   |   | $ | 821,283 |   |   | $ | 212,010 |   |
| Long-Term Debt – interest (1) |   |                                     | 198,565   |   |   |   | 66,718 |   |   |   | 100,637 |   |   |   | 29,702 |   |   |   | 1,508 |   |
| Capital Lease Obligations           |   |                                     | 5,501     |   |   |   | 894 |   |   |   | 1,338 |   |   |   | 990 |   |   |   | 2,279 |   |
| Operating Leases                    |   |                                     | 23,303    |   |   |   | 5,511 |   |   |   | 8,321 |   |   |   | 4,616 |   |   |   | 4,855 |   |
| Unconditional Purchase Obligations  |   |                                     | 498,361   |   |   |   | 112,006 |   |   |   | 294,147 |   |   |   | 78,120 |   |   |   | 14,088 |   |
| Other Long-Term Obligations         |   |                                     | 1,150     |   |   |   | 1,150 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| FIN 48 obligations                  |   |                                     | 1,455     |   |   |   | 92 |   |   |   | 1,363 |   |   |   | - |   |   |   | - |   |
| Deferred consideration              |   |                                     | 5,974     |   |   |   | 5,974 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total Contractual Obligations       |   | $                                        | 2,064,315 |   |   | $ | 229,693 |   |   | $ | 665,171 |   |   | $ | 934,711 |   |   | $ | 234,740 |   |

----

Index

|            |            |   | June 30, 2009 (US$ 000’s) |      |
|-----------------|-----------------|--------|--------------------------------------|-----------|
| Corporate       | (1) – (4) |   | $                               | 1,126,949 |   |
| Czech Republic  | (5) – (7) |   |                                 | 79,157    |   |
| Romania         | (4)             |   |                                 | 11        |   |
| Slovak Republic | (8)             |   |                                 | -         |   |
| Slovenia        | (9)             |   |                                 | 37,102    |   |
| Total           |            |   | $                               | 1,243,219 |   |

| (1) | As at June 30, 2009 we had EUR 395.0 million (approximately US$ 558.3 million) of Senior Notes outstanding, comprising EUR 245.0 million (approximately US$ 346.3 million) of the 2005 Fixed Rate Notes and EUR 150.0 million (approximately US$ 212.0 million) of the 2007 Floating Rate Notes, which bear interest at six-month Euro Inter-Bank Offered Rate (“EURIBOR”) plus 1.625%. The applicable rate at June30, 2009 was 3.104%. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| (2) | As at June 30, 2009 we had US$ 475.0 million of Convertible Notes outstanding that mature on March 15, 2013.  Interest is payable semi-annually in arrears on each March 15 and September 15. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | On July 21, 2006, we entered into a five-year revolving loan agreement for EUR 100.0 million (approximately US$ 141.3 million) arranged by EBRD and on August 22, 2007, we entered into a second revolving loan agreement for EUR 50.0 million (approximately US$ 70.7 million) also arranged by EBRD (collectively the “EBRD Loan”). ING Bank N.V. (“ING”) and Ceska Sporitelna, a.s. (“CS”)are each participating in the EBRD Loan for EUR 37.5 million (approximately US$ 53.0 million).  The EBRD Loan bears interest at a rate of three-month EURIBOR plus 1.625% on the drawn amount. A commitment charge of 0.8125% is payable on any undrawn portion of the EBRD Loan. The available amount of the EBRD Loan amortizes by 15% every six months from May 2009 to November 2010 and by 40% in May 2011. As at June 30, 2009, EUR 127.5 million (approximately US$ 180.2 million) available for drawing had beendrawn and no further amounts can be drawn. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | We have an uncommitted multicurrency overdraft facility for EUR 10.0 million (approximately US$ 14.1 million) from Bank Mendes Gans (“BMG”), a subsidiary of ING, as part of a cash pooling arrangement. The cash pooling arrangement with BMG enables us to receive credit across the group in respect of cash balances which our subsidiaries in the Netherlands, Bulgaria, the Czech Republic, Romania, the SlovakRepublic, Slovenia and Ukraine deposit with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited.  As at June 30, 2009, the full EUR 10.0 million (approximately US$ 14.1 million) facility was available to be drawn. Interest is payable at the relevant money market rate plus 2% |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           |   | Net Deposits |   |   | Net Drawings |   |
|----------------|--------|--------------|--------|--------|--------------|--------|
| Corporate      |   | $            | 8,219  |   |         | $      | - |   |
| Czech Republic |   |         | 4,004  |   |         |   | - |   |
| Romania        |   |         | -      |   |         |   | 11 |   |
| Slovakia       |   |         | 6,062  |   |         |   | - |   |
| Slovenia       |   |         | 5,680  |   |         |   | - |   |
| Ukraine        |   |         | 717    |   |         |   | - |   |
| Total          |   | $            | 24,682 |   |         | $      | 11 |   |

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| (5) | CET 21 had drawn the full CZK 1.2 billion (approximately US$ 65.5 million) of a credit facility with CS available until December 31, 2010.  This facility may, at the option of CET 21, be drawn in CZK, US$ or EUR and bears interest at the three-month, six-month or twelve-month London Inter-Bank Offer Rate (“LIBOR”), EURIBOR or Prague Inter-Bank Offered Rate (“PRIBOR”) rate plus 1.65%;a rate of 2.09% applied to the balance outstanding at June 30, 2009. A non-utilization fee of 0.25% is payable on the undrawn portion of this facility, which decreases to 0.125% of the undrawn portion if more than 50% of the loan is drawn. Drawings under this facility are secured by a pledge of receivables, which are also subject to a factoring arrangement with Factoring Ceska Sporitelna, a.s. (“FCS”), a subsidiary of CS. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | CET 21 has a working capital credit facility of CZK 250.0 million (approximately US$ 13.6 million) with CS, which matures on December 31, 2010.  This working capital facility bears interest at the three-month PRIBOR rate plus 1.65%. The applicable rate at June 30, 2009 was 2.09% .This facility is secured by a pledge of receivables, which are also subject to a factoring arrangement with CS.  Asat June 30, 2009, the full CZK 250.0 million (approximately US$ 13.6 million) was drawn under this facility. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | As at June 30, 2009, there were no drawings under a CZK 300.0 million (approximately US$ 16.4 million) factoring facility with CS.  This facility is available until June 30, 2011 and bears interest at the rate of one-month PRIBOR plus 1.40% for the period that actively assigned accounts receivable are outstanding. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | As at June 30, 2009, our Slovak Republic operations had made no drawings under a EUR 3.3 million (approximately US$ 4.7 million) overdraft facility with ING.  This can be utilized for short term advances up to six months at an interest rate of EURIBOR + 2%. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | In July 2005 Pro Plus entered into a revolving five-year facility agreement for up to EUR 37.5 million (approximately US$ 53.0 million) in aggregate principal amount with ING Bank N.V., Nova Ljubljanska Banka d.d., Ljubljana and Bank Austria Creditanstalt d.d., Ljubljana.  The facility availability amortizes by 10.0% each year for four years commencing one year after signing, with 60.0% repayable afterfive years.  This facility is secured by a pledge of the bank accounts of Pro Plus, the assignment of certain receivables, a pledge of our interest in Pro Plus and a guarantee of our wholly-owned subsidiary CME B.V.  Loans drawn under this facility will bear interest at a rate of EURIBOR for the period of drawing plus a margin of between 2.10% and 3.60% that varies according to the ratio of consolidated net debt to consolidated broadcasting cash flow for Pro Plus.  As at June 30,2009, the full EUR 26.3 million (approximately US$ 37.1 million) available under this facility was drawn. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|          | Senior and Convertible Notes | Corporate | Outlook  |
|---------------|------------------------------|-----------|----------|
| S&P       | B+                           | B+        | Stable   |
| Moody’s | Ba3                          | Ba3       | Negative |

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| Expected Maturity Dates    |   | 2009   |   |   | 2010   |   |      | 2011   |   |   | 2012   |   |   | 2013   |    |   | Thereafter |   |
|----------------------------|--------|--------|--------|--------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|---------|--------|------------|--------|
|                       |   |   |   |   |   |   |      |   |   |   |   |   |   |   |    |   |       |   |
| Total debt in Euro (000's) |   |   |   |   |   |   |      |   |   |   |   |   |   |   |    |   |       |   |
| Fixed rate                 |   |   | -      |   |   |   | -         |   |   |   | -      |   |   |   | 245,000 |   |       |   | - |   |   |   | - |   |
| Average interest rate (%)  |   |   | -      |   |   |   | -         |   |   |   | -      |   |   |   | 8.25    | %      |       |   | - |   |   |   | - |   |
| Variable rate              |   |   | 26,250 |   |   |   | 67,500    |   |   |   | 60,000 |   |   |   | -       |   |       |   | - |   |   |   | 150,000 |   |
| Average interest rate (%)  |   |   | 3.03   | %      |   |   | 3.14      | %      |   |   | 2.95   | %      |   |   | -       |   |       |   | - |   |   |   | 3.10 | % |
|                       |   |   |   |   |   |   |      |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |   |   |
| Total debt in US$ (000's)  |   |   |   |   |   |   |      |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |   |   |
| Fixed rate                 |   |   | -      |   |   |   | -         |   |   |   | -      |   |   |   | -       |   |       |   | 475,000 |   |   |   | - |   |
| Average interest rate (%)  |   |   | -      |   |   |   | -         |   |   |   | -      |   |   |   | -       |   |       |   | 3.50 | % |   |   | - |   |
|                       |   |   |   |   |   |   |      |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |   |   |
| Total debt in CZK (000's)  |   |   |   |   |   |   |      |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |   |   |
| Fixed rate                 |   |   | -      |   |   |   | -         |   |   |   | -      |   |   |   | -       |   |       |   | - |   |   |   | - |   |
| Average interest rate (%)  |   |   | -      |   |   |   | -         |   |   |   | -      |   |   |   | -       |   |       |   | - |   |   |   | - |   |
| Variable rate              |   |   | -      |   |   |   | 1,450,000 |   |   |   | -      |   |   |   | -       |   |       |   | - |   |   |   | - |   |
| Average interest rate (%)  |   |   | -      |   |   |   | 3.74      | %      |   |   | -      |   |   |   | -       |   |       |   | - |   |   |   | - |   |

|                                          |   |                              |   |   |                                    |    |   | Yearly interest charge if interest rates increase by(US$ 000s): |   |
|-----------------------------------------------|--------|-----------------------------------|--------|--------|-----------------------------------------|---------|--------|-----------------------------------------------------------------|--------|
| Value of Debt as at June 30, 2009 (US$ 000's) |   | Interest Rate as at June 30, 2009 |   |   | Yearly Interest Charge(US$ 000’s) |    |   |                                                            | 1      | % |   |   | 2 | % |   |   | 3 | % |   |   | 4 | % |   |   | 5 | % |
|                                          |   |                              |   |   |                                    |    |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 429,320(EUR 303.8 million)                    |   |                              | 3.08   | %      |                                    | $  | 13,208 |                                                            |   |  $ | 17,501 |   |   | $  | 21,794 |   |   | $  | 26,087 |   |   | $  | 30,380 |   |   | $  | 34,673 |   |
| 79,157(CZK 1,450.0 million)                   |   |                              | 3.74   | %      |                                    |    | 2,960  |                                                            |   |   | 3,752 |   |   |   | 4,544 |   |   |   | 5,336 |   |   |   | 6,128 |   |   |   | 6,920 |   |
| Total                                         |   |                              |   |   |                                    | $  | 16,168 |                                                            |   | $  | 21,253 |   |   | $  | 26,338 |   |   | $ | 31,423 |   |   | $ | 36,508 |   |   | $  | 41,593 |   |

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|   | · | additional demands placed on our senior management, who are also responsible for managing our existing operations; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | increased overall operating complexity of our business, requiring greater personnel and other resources; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | difficulties of expanding beyond our core expertise in the event that we acquire ancillary businesses; |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | · | significant initial cash expenditures to acquire and integrate new businesses; and |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | in the event that debt is incurred to finance acquisitions, additional debt service costs related thereto as well as limitations that may arise under our Senior Notes and the EBRD Loan. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                  |   | For    |       |   | Withheld |   |
|-----------------------|--------|--------|------------|--------|----------|--------|
|                  |   |   |       |   |     |   |   |   |
| Ronald S. Lauder      |   |   | 77,061,667 |   |     |   | 341,520 |   |
|                  |   |   |       |   |     |   |   |   |
| Herbert A. Granath    |   |   | 77,326,552 |   |     |   | 76,635 |   |
|                  |   |   |       |   |     |   |   |   |
| Frank Ehmer           |   |   | 77,062,810 |   |     |   | 340,377 |   |
|                  |   |   |       |   |     |   |   |   |
| Charles R. Frank, Jr. |   |   | 77,374,744 |   |     |   | 28,443 |   |
|                  |   |   |       |   |     |   |   |   |
| Dr. Herbert Kloiber   |   |   | 77,376,084 |   |     |   | 27,103 |   |
|                  |   |   |       |   |     |   |   |   |
| Igor Kolomoisky       |   |   | 72,997,636 |   |     |   | 4,405,551 |   |
|                  |   |   |       |   |     |   |   |   |
| Alfred W. Langer      |   |   | 77,372,365 |   |     |   | 30,822 |   |
|                  |   |   |       |   |     |   |   |   |
| Bruce Maggin          |   |   | 77,376,219 |   |     |   | 26,968 |   |
|                  |   |   |       |   |     |   |   |   |
| Ann Mather            |   |   | 77,374,680 |   |     |   | 28,507 |   |
|                  |   |   |       |   |     |   |   |   |
| Duco Sickinghe        |   |   | 77,333,386 |   |     |   | 69,801 |   |
|                  |   |   |       |   |     |   |   |   |
| Christian Stahl       |   |   | 77,059,040 |   |     |   | 344,147 |   |
|                  |   |   |       |   |     |   |   |   |
| Eric Zinterhofer      |   |   | 77,062,810 |   |     |   | 340,377 |   |

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|   | a) | The following exhibits are attached: |
|--------|----|--------------------------------------|

| 10.3   | Contract of Employment dated June 30, 2009 between CME Development Corporation and Charles Frank.                                                                                                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                     |
| 31.01  | Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               |
|   |                                                                                                                                                                                                     |
| 31.02  | Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               |
|   |                                                                                                                                                                                                     |
| 32.01  | Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only). |

SIGNATURES

| Date: July 29, 2009 | /s/ Adrian SarbuAdrian SarbuPresident and Chief Executive Officer(Principal Executive Officer) |
|---------------------|------------------------------------------------------------------------------------------------|
|                |                                                                                           |
| Date: July 29, 2009 | /s/ Charles FrankCharles FrankChief Financial Officer(Principal Financial Officer)             |

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EXHIBIT 

| 10.3   | Contract of Employment dated June 30, 2009 between CME Development Corporation and Charles Frank.                                                                                                        |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                     |
| 31.01  | Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               |
|   |                                                                                                                                                                                                     |
| 31.02  | Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               |
|   |                                                                                                                                                                                                     |
| 32.01  | Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished only). |

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