Document:

ex10_40.htm

    
      

    

    Exhibit
10.40

     

     

    TERMINATION
AGREEMENT

     

     

    This
Agreement (this “Agreement”) is made
this 31st day of
January 2008 by and between:

     

    (1)           Aleksandr
Rodnyansky, a resident of the Russian Federation, registered at 221, “Nikolino”
complex, Tagankovo 7, 2-e Uspenskoe shosse, Odintsovsky district, Moscow region,
Russian Federation, passport CH 316475, issued by Pechersk RU GU MVS of Ukraine
in the city of Kyiv on November 19, 1996 (“RODNYANSKY”);

     

    (2)           Boris
Fuchsmann, a citizen of Germany, residing at Peter-Roos-Strasse 10, 40547
Düsseldorf, Germany, passport PD 500449454, issued on 18 July 2005 (“FUCHSMANN”);

     

    (3)           International
Teleservices Ltd., a company organized under the laws of Belize with its
registered address at Morgan & Morgan Trust Corporation (Belize) Limited,
35A Region Street, City of Belize, Belize (together with any subsidiary or
affiliate thereof, “ITS”, and together
with RODNYANSKY and FUCHSMANN, the “RF
Participants”);

     

    (4)           Central
European Media Enterprises Ltd., a company organized under the laws of Bermuda
with its registered address at Clarendon House, 2 Church Street, HM 11,
Hamilton, Bermuda (“CME
Ltd.”);

     

    (5)           CME
Media Enterprises B.V., a company organized under the laws of the Netherlands,
located at: Dam 5b, 1012 JS Amsterdam, the Netherlands (“CME
BV”);

     

    (6)           CME
Ukraine Holding GmbH, an indirect wholly-owned subsidiary of CME BV organized
and existing under the laws of Austria, located at Wagramer Str. 19, 19. Stock,
1220 Wien, Austria (“CME Ukraine
Holding”);

     

    (7)           CET
21 s.r.o., a company incorporated under the laws of the Czech Republic, located
at: Krizeneckeho nam. 1078/5, PSC 152 00 Prague, Czech Republic, registered in
the Commercial Register of the Commercial Court of Prague, part C,
Register-No.10581 (“CET
21”);

     

    (8)           Ukrainian
Media Services LLC, a limited liability company organized and existing under the
laws of Ukraine, identification code No. 33600071, located at 12 Melnykova
Street, Kyiv, Ukraine (“UMS”, and together
with CME Ltd., CME BV, CME Ukraine Holding and CET 21, the “CME
Parties”);

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (9)           Broadcasting
Company “Studio 1+1 LLC”, a limited liability company organized and
existing under the laws of Ukraine, identification code No. 23729809, located at
7/11 Kreschatyk Street, Kyiv, Ukraine (“Studio 1+1”);

     

    (10)         Foreign
Enterprise Inter-Media, a limited liability company organized and existing under
the laws of Ukraine, identification code No. 23389360, located at 42 Melnykova
Street, Kyiv, Ukraine (“Inter-Media”);

     

    (11)         Innova
Film GmbH, a limited liability company organized and existing under the laws of
Germany, located at San Remo Str. 15, D-40210 Dusseldorf, Germany (“Innova”);

     

    (12)         International
Media Services Ltd, a company limited by shares organized and existing under the
laws of Bermuda, located at Clarendon House, 2 Church Street, HM 1022, Hamilton,
Bermuda (“IMS”);
and

     

    (13)         TV
Media Planet Ltd., a company organized under the laws of Cyprus, located at
Arch. Makariou III, 199, Neokleous House, P.C. 3030, Limassol, Cyprus (“TVMP”, and together
with Studio 1+1, Inter-Media, Innova and IMS, the “Studio 1+1
Group”),

     

    (individually
a “Party” and
together the “Parties”).

     

    WHEREAS:

     

    A.         
The Parties have on the date hereof entered into a Framework Agreement (the
“Framework
Agreement”), pursuant to which the Parties have agreed to execute and
deliver this Termination Agreement and to perform the actions contemplated
hereby.

     

    B.           In
connection with their respective shareholdings in, and employment or other
relationships with, members of the Studio 1+1 Group, the RF Participants
have in the past entered into various agreements and arrangements, contractual
or otherwise, with the Studio 1+1 Group and the CME Parties, including
but not limited to the agreements described in Annex 1 to this
Agreement (the “Group
Agreements”).

     

    C.           In
connection with the transactions contemplated by the Framework Agreement (and as
a condition precedent to the closing of the transactions thereunder), the
Parties have agreed to terminate the Group Agreements as provided in this
Agreement and to enter into the undertakings provided herein.

     

    
      
        
        

      

      
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    D.           The
CME Parties have entered into the Framework Agreement in part in reliance upon
the representations, warranties and covenants of the RF Participants set forth
herein.

     

    NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual
representations, covenants, warranties and agreements contained herein and in
the Framework Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto,
intending to be legally bound, agree as follows:

     

    1.           Definitions and
Interpretation.

     

    (a)           For
the purposes of this Agreement, and unless the context requires otherwise, the
following terms shall have the meanings given to them below or in the Clauses
indicated below:

     

    “Affiliate” of a
Person means any Person that directly or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with,
such Party.

     

    “Amended Studio 1+1
Charter” means the amended and restated Charter of Studio 1+1 in the form
attached hereto in Part 1 of Annex 5.

     

    “Business Day” means
any day (other than a Saturday or a Sunday) on which banks in London (England)
and Kyiv, Ukraine are open for business.

     

    “Claim” means any
action, cause of action, chose in action, case, claim, potential claim,
counterclaim, potential counterclaim, right of set-off, indemnity, suit, debt,
dues, sum of money, account, guarantee, bond, covenant, controversy, lien,
contract, agreement, promise, representation, liability, variance, trespass,
injury, damage, harm, judgment, remedy, demand, loss, right or interest of any
kind or nature whatsoever, at law, in equity or otherwise, including, without
limiting the generality of the foregoing, claims for damages, attorney’s fees,
interest, costs, expenses, penalties and equitable relief, whether known or
unknown, suspected or unsuspected, however and whenever arising and in whatever
capacity and jurisdiction.

     

    “Consultancy
Agreements” has the meaning set forth in Clause 7.

     

    “Control” means the
power to direct or cause the direction of the management or policy of any
Person, directly or indirectly, through family relationship (if a natural
person), the holding of securities or other participation interests, by virtue
of an agreement or on other grounds, and “Controlling” and
“Controlled”
shall have the correlative meanings proceeding from this term.

     

    
      
        
        

      

      
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    “General Meeting”
means the general meeting of participants in Studio 1+1.

     

    “General Meeting
Resolution” means the resolution of the General Meeting attached hereto
in Part 2 of Annex
5.

     

    “Governmental
Authority” means any state or any political subdivision thereof; any
entity, authority or body exercising executive, legislative, judicial,
regulatory or administrative functions on behalf of the state or its political
subdivision, including, without limitation, any government authority, ministry,
agency, department, board, commission or instrumentality and subdivisions
thereof; any court, tribunal or arbitrator; and any self-regulatory organization
acting on behalf of the state or itself pursuant to the rights granted thereto
by applicable Law.

     

    “Law” means all
applicable (i) provisions of
all constitutions, treaties, statutes, laws, customs, codes, rules, regulations,
ordinances, orders and official opinions and interpretations of any Governmental
Authority, (ii) approvals of
any Governmental Authority, and (iii) orders,
decisions, injunctions, judgments, awards and decrees of or agreements with any
Governmental Authority.

     

    “Loan and Pledge
Agreements” means the Group Agreements set forth in items 6 through 10
(inclusive) of Annex 1.

     

    “Person” or “Persons” means any
physical person, corporation, general partnership, simple partnership, limited
partnership, limited liability partnership, limited liability company,
proprietorship, other business organization, trust, union, association or
Governmental Authority, whether incorporated or unincorporated.

     

    “Supervisory Board”
has the meaning set forth in Clause 4 of this Agreement.

     

    (b)           Unless
the context requires otherwise, capitalized terms used but not defined in this
Agreement shall have the respective meanings set forth in the Framework
Agreement.

     

    2.           Terminations. With
effect on (i)
the Closing Date with respect to the Loan and Pledge Agreements and (ii) the date of
execution of this Agreement with respect to all Group Agreements other than the
Loan and Pledge Agreements, without further action by any Party and
notwithstanding any provision to the contrary, each and every provision of each
such Group Agreement shall terminate and no party to any such Group Agreement
shall have any right or obligation either under it or as a consequence of any
breach of it before, on or after the date of this Agreement and any party that
may have undertaken (by deed of adherence or otherwise) to be bound by all or
any of its provisions shall cease to be so bound. Without regard to the
generality of the foregoing, the Parties agree that to the extent any dispute
may arise with respect to any of the Group Agreements, such dispute will be
resolved pursuant to Clause 21 of this Agreement.

     

    
      
        
        

      

      
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    3.           Release and
Discharge.

     

    (a)           Subject
only to the occurrence of the Closing Date:

     

    (i)         Each
of the Parties for itself and on behalf of any parent, subsidiary, Affiliate,
officer, director, agent, attorney, shareholder, partner, member, manager,
representative, employee, trustee predecessor, principal, successor-in-interest,
assignor or assignee of such party (collectively, the “Releasors”) forever,
knowingly, voluntarily and irrevocably release, acquit and discharge each
counter-party under any of the Group Agreements to which it is a party, together
with any parent, subsidiary, Affiliate, officer, director, agent, attorney,
shareholder, partner, member, manager, representative, employee, trustee
predecessor, principal, successor-in-interest, assignor or assignee of such
counter-party (collectively the “Releasees”) from any
Claims of any nature whatsoever, at law, in equity or otherwise, whether direct,
indirect, derivative or otherwise which have been asserted against any of the
Releasees or which, whether currently existing or not, known or unknown,
suspected or unsuspected, fixed or contingent, and whether or not concealed or
hidden, the Releasors ever could have asserted or ever could assert, in any
capacity, either for themselves or as an assignee, heir, executor, trustee, or
otherwise, or for or on behalf of any other person, against the Releasees,
arising out of, relating to or concerning the Group Agreements, including any
and all rights under the Group Agreements  and each of the Claims (all
such Claims, collectively, the “Released Claims”),
and on behalf of the Releasors unequivocally, unconditionally and irrevocably
agrees not to initiate or continue legal proceedings of any kind whatsoever with
respect to any Released Claim, or institute, assert, or threaten to assert any
Released Claim, provided that this
Clause 3 shall in no event have the effect to exclude any liability
whatsoever that arises as a result of any fraudulent or criminal act or omission
by any Releasee.

     

    (ii)         Each
of the Parties further covenants and promises that it will not, and will use its
best efforts to cause the other Releasors not to, file, pursue or bring any
Released Claim in any judicial, arbitral or administrative forum against any one
or more of the Releasees; provided, however, that nothing herein will be
construed or deemed to release any covenants contained in, or claims for breach
of, this Agreement or any written amendments, supplements or modifications
thereto.  The Parties hereto expressly agree that a breach or an
alleged breach of this Agreement will neither give rise to nor resurrect any
right to sue on the Released Claims.

     

    
      
        
        

      

      
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    (iii)                   
Without prejudice to the generality of Clause 3(a)(i), it is expressly agreed
and accepted by the Parties that the foregoing releases are and are intended to
be a general release of all claims of the Releasors against the Releasees in
respect of the matters referred to in that clause, and the Parties hereby
expressly waive any rights that they may have with respect to any Claims which
they do not know or suspect to exist at the time of executing this Agreement,
even those Claims which if known might have materially affected this Agreement.
To the extent that legislation or any principles of Law might provide otherwise
than the first sentence of this clause, such legislation and principles are (to
the extent permitted by Law) hereby expressly waived and excluded by each of the
Parties to this Agreement, who admit to full knowledge and understanding of the
consequences of such waiver and exclusion.

     

    (iv)                   
The Parties recognize that this Agreement was negotiated between them as equals,
that each was represented by competent counsel of its own choosing and that no
one of them will be considered to have drafted this Agreement for purposes of
resolving any ambiguities against that party.

     

    (b)           The
Parties acknowledge that the arbitration
proceedings initiated against RODNYANSKY and FUCHSMANN on December 23, 2005 (ICC
case No14181/RCH/JHN), including the Cross Action brought by RODNYANSKY
and FUCHSMANN against the CME Parties on September 4, 2007, and all related
counter-claims, cross-claims and other proceedings among the Parties (the “Arbitration
Proceedings”) have been suspended until February 28, 2008, and agree that
in the event that the Closing Date has not occurred prior to such date, the
Parties shall seek such further extensions within five (5) Business Days of
expiration of any such extension period until the earlier of the Closing Date
and the termination of this Agreement. Within five (5) Business Days of the
Closing Date, the Parties agree to take such steps as may be required to
terminate the Arbitration Proceedings, and the Parties further agree, subject to
the Closing Date occurring, that the obligations in respect of (i) the Studio 1+1
Agreement among RODNYANSKY, FUCHSMANN and CME Ukraine Holding GmbH, dated
December 23, 1998, and (ii) the Key
Agreement, dated December 23, 1998, among FUCHSMANN, RODNYANSKY,
Studio 1+1, Innova, IMS, Ukraine Advertising Holding B.V., CME Ukraine
Holding, and CME Ukraine B.V., shall have been satisfied and each Party
undertakes, subject to the Closing Date occurring, not to claim or otherwise
seek relief from the other Parties for any damages arising out of or in
connection with any delay associated therewith, including legal fees in respect
of the Arbitration Proceedings.

     

    
      
        
        

      

      
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    (c)           Notwithstanding
anything herein to the contrary, the Parties acknowledge and agree that the
occurrence of the Closing Date shall not in any way constitute a waiver of any
of the rights of any of the CME Parties hereunder or under any other Transaction
Document.  Notwithstanding the fact that the conditions precedent to
the Closing Date have not been fulfilled, CME BV may nevertheless determine to
pay the consideration under the Framework Agreement, provided that CME BV shall
preserve all rights that it may have against any Person existing at such time,
and the fact of payment of such consideration shall not in any way constitute a
waiver of any of the rights of any of the CME Parties hereunder or under any
other Transaction Document.

     

    4.           Supervisory
Board.

     

    (a)           On
the date hereof or as soon as possible thereafter, the CME Parties and the RF
Participants shall endeavor to cause the Amended Studio 1+1 Charter and the
General Meeting Resolution to be adopted and a supervisory board (the “Supervisory Board”)
of Studio 1+1 to be formed. The Supervisory Board shall be a non-corporate body
with the authorities set forth in the Amended Studio 1+1 Charter. The Amended
Studio 1+1 Charter and the General Meeting Resolution will contain provisions
concerning the formation and operation of the Supervisory Board set forth in
Annex
5.

     

    (b)           The
Parties agree that the Supervisory Board will be formed and operated in
accordance with the following principles:

     

    (i)           
For so long as the RF Participants collectively hold, directly or indirectly, a
10% or greater ownership interest in Studio 1+1, the Supervisory Board shall
comprise one Member nominated by the RF Participants (the “RF Member”) and two
Members nominated by the CME Parties from time to time (each, a “CME
Member”).

     

    (ii)           From
the date that the RF Participants collectively hold, directly or indirectly,
ownership interests in Studio 1+1 that are less than 10% of the total ownership
thereof, the RF Participants shall no longer have the right to nominate any
Member, and all Members will be nominated or appointed by the CME Parties or CME
Members, as applicable.

     

    (iii)          At
such date that the RF Participants no longer have authority to nominate an RF
Member to the Supervisory Board pursuant to Clause 4(ii), or in the event that
any RF Member resigns or otherwise ceases to serve as a Member of the
Supervisory Board, the term of office of such RF Member and any Alternate CME
Member (as defined in Annex 5) nominated by
the RF Participants shall cease, and any RF Member and any Alternate CME Member
nominated by the RF Participants shall immediately resign or be removed from the
Supervisory Board.

     

    
      
        
        

      

      
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    (c)           The
Parties agree that the initial Members and Alternate CME Members shall be set
forth in Part 2 of Annex 5 and the
General Meeting Resolution shall become effective immediately after the
registration of the Amended Studio 1+1 Charter. The Alternate CME Members will
automatically replace CME Members that are unable to serve on the Supervisory
Board for any reason. So long as the RF Participants are entitled to nominate
any Members pursuant to sub-clause (b) above, any additional Members other than
the initial Members and Alternate CME Members set forth in Part 2 of Annex 5 shall be
nominated pursuant to a unanimous resolution of the participants in
Studio 1+1.  In addition, the General Meeting Resolution will
provide that Alternate CME Members may participate in meetings of the
Supervisory Board on behalf of the CME Members based on a power of
attorney.

     

    5.           Management of Studio
1+1. The Amended Studio 1+1 Charter set forth in Annex 5 contains
provisions concerning the day-to-day management of Studio 1+1.

     

    6.           RF Participant
Resignations. On the date hereof, the RF Participants shall resign from
each of their positions at the Studio 1+1 Group, which are listed in Part A of
Annex 2, and procure (and in the case of Vladyslav Korchyn, use best efforts to
procure) the resignation of their appointees from each position at the
management or supervisory board or equivalent governance body in each member of
the Studio 1+1 Group, which are listed in Part B of Annex 2, in each case, with
immediate effect, upon which the RF Participants will be released from liability
in connection with the performance of their duties thereunder as permitted by
Law.

     

    7.           Consultancy
Agreements.

     

    (a)           On
the date hereof, the CME Parties shall cause Innova to (i) enter into a
consulting agreement with FUCHSMANN which shall provide for a monthly consulting
fee of Euro 40,000 (plus VAT, if applicable) in consideration of services
provided by FUCHSMANN to the Studio 1+1 Group attached hereto as Annex 3 (the “BF Consultancy
Agreement”) and (ii) enter into a
consulting agreement with RODNYANSKY which shall provide for a monthly
consulting fee of Euro 20,000 (plus VAT, if applicable) in consideration of
services provided by RODNYANSKY to the Studio 1+1 Group attached hereto as Annex 4
(the  “AR
Consultancy Agreement”, and, together with the BF Consultancy Agreement,
the “Consultancy
Agreements”).  If Innova is for any reason unable to pay the
amounts due under the Consultancy Agreements, the CME Parties will procure that
another member of the Studio 1+1 Group enters into a similar agreement
and/or makes any payments required under the Consultancy
Agreements.

     

    
      
        
        

      

      
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    (b)           Each
Consultancy Agreement shall be effective as of the date hereof and shall
terminate on the date of the Option Closing, unless terminated earlier in
accordance with its terms. In addition, the AR Consultancy Agreement shall
automatically terminate in the event of a transfer of the AR Optioned Interest
pursuant to Clause 2.5 of the Framework Agreement prior to the Option
Closing.

     

    (c)           Under
the Consultancy Agreements, Innova will assume all reasonable costs and expenses
incurred by FUCHSMANN and RODNYANSKY in connection with the services provided
under the Consultancy Agreements, provided that the
aggregate amount of payments to the RF Participants under both Consultancy
Agreements (including the consultancy fees paid thereunder and any reasonable
costs and expenses assumed by Innova thereunder) shall not exceed Euro
1,000,000.00 (plus VAT, if applicable) per calendar year (or Euro 700,000.00
(plus VAT, if applicable) per calendar year from such date that RODNYANSKY
ceases to hold any direct or indirect interest in any of Studio 1+1,
Inter-Media, IMS, TV Media Planet or Innova, as applicable) or the AR
Consultancy Agreement is otherwise terminated. Each of FUCHSMANN and RODNYANSKY
will provide monthly invoices for their consultancy services and reasonable
costs and expenses (plus VAT, if applicable), including the year-to-date
amounts.

     

    8.            
Further
Assurances.  Each Party will, promptly following the request of
any other Party, execute and deliver such documents or take such other action as
the requesting Party may from time to time reasonably request for the purpose of
giving to the requesting Party the full benefit of this Agreement.

     

    9.           
 Termination.

     

    (a)           This
Agreement may be terminated at any time by mutual written consent of the
Parties.

     

    (b)           This
Agreement may be terminated at any time prior to the Closing Date:

     

    (i)         by
RODNYANSKY and FUCHSMANN jointly if there has been a material breach by the CME
Parties of any of their respective covenants, representations or warranties
hereunder or under any other Transaction Document and such breach shall not have
been cured within 10 (ten) Business Days of the breaching Party receiving a
notice from RODNYANSKY and FUCHSMANN specifying the breach and requesting that
such breach be remedied; and

     

    (ii)        by
the CME Parties if there has been a material breach by RODNYANSKY, FUCHSMANN or
their respective Affiliates of any of their respective covenants,
representations or warranties or other obligations hereunder or under any other
Transaction Documents and such breach shall not have been cured within 10 (ten)
Business Days of the breaching Party receiving a notice from CME BV
specifying the breach and requesting that such breach be remedied.

     

    
      
        
        

      

      
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    (c)           This
Agreement may be terminated by any Party on June 30, 2008 (the “Termination Date”) if
the Closing Date shall not have occurred by such date, except that (a) RODNYANSKY
and FUCHSMANN may not terminate this Agreement if such delay is a result of any
action or failure to act on the part of RODNYANSKY, FUCHSMANN or their
respective Affiliates (other than any such action or failure to act that is due
to the gross negligence or wilful misconduct of the CME Parties) and (b) the CME
Parties may not terminate this Agreement if such delay is a result of any action
or failure to act on the part of the CME Parties (other than any such action or
failure to act that is due to the gross negligence or wilful misconduct of
RODNYANSKY, FUCHSMANN or their respective Affiliates).  The Parties
agree that, in any case, termination of this Agreement shall be without
prejudice to any rights the Parties may have with respect to any breach of this
Agreement that occurs prior to such termination.

     

    (d)           Clauses 1,
2, 9, and 12 through 21 (inclusive) shall survive termination of this
Agreement.

     

    10.           Representations and
Warranties of the RF Participants.  Each of the RF Participants
represents and warrants to the other Parties as of the date hereof and as of the
Closing Date that:

     

    (i)      
it has not assigned any of the Group Agreements to which it is a party or any
rights thereunder;

     

    (ii)      neither
this Agreement or any other Transaction Document to which an RF Participant or
any of its Affiliates are a party, nor any document, certificate or other
information furnished or to be furnished by or on behalf of it in connection
herewith, or any of the transactions contemplated hereby or thereby, contains or
will contain any untrue statement of a material fact or omits or will omit to
state a material fact necessary in order to make the statements contained herein
or therein, in light of the circumstances in which they are made, not
misleading;

     

    (iii)    
to the best knowledge and belief of the RF Participants after enquiry that they
consider appropriate, the business of the Studio 1+1 Group has been conducted in
the ordinary course and no RF Participant has caused CME Ltd. or any member of
the Studio 1+1 Group to make, or to offer, promise, or authorize to make, in
each case, directly or indirectly, (1) any unlawful payments or (2) payments or
other inducements to any government official, including any official of an
entity owned or controlled by a government, with the intent or purpose of:
(i) influencing
any act or decision of such official in his official capacity; (ii) inducing
such official to do or omit to do any act in violation of the lawful duty of
such official; or (iii) inducing
such official to use his influence with a government or instrumentality thereof
to affect or influence any act or decision of such government or
instrumentality, in each case in order to assist CME Ltd. or the Studio 1+1
Group in obtaining or retaining business, or directing business to CME Ltd. or
the Studio 1+1 Group;

     

    
      
        
        

      

      
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    (iv)    listed
in Annex 1 are
all existing agreements and other arrangements as of the date of this Agreement
among the Studio 1+1 Group, the RF Participants and their respective
Affiliates with respect to the Studio 1+1 Group and the CME Parties, and
all such agreements or arrangements shall be terminated as of the Closing Date,
except as otherwise provided herein; 

     

    (v)     all
negotiations relating to this Agreement, the other Transaction Documents and the
transactions contemplated hereby and thereby have been carried on without the
participation of any Person acting on behalf of an RF Participant or any of
their respective Affiliates in such a manner as to, and the transactions
contemplated hereby and thereby will not otherwise, give rise to any valid claim
against any of the CME Parties, any Studio 1+1 Group entity or any of their
respective Affiliates for any brokerage or finder’s commission, fee or similar
compensation, or for any bonus payable to any officer, director, employee, agent
or representative of or consultant to any such Person upon consummation of the
transactions contemplated hereby or thereby;

     

    (vi)    listed
in Annex 2 are
all existing positions occupied as of the date of this Agreement by each RF
Participant and any person designated by any RF Participant and their respective
Affiliates as a director, officer, manager, or in any other capacity, at each
member of the Studio 1+1 Group, and each of RODNYANSKY, FUCHSMANN and each
Person listed in Annex 2 has resigned from each such position with effect as of
the date hereof in accordance with applicable Law.

     

    11.           Representations and
Warranties of the Parties.  Each Party represents and warrants
to the other Parties as of the date hereof and as of the Closing Date
that:

     

    (i)       it
has the necessary power and authority (including, as applicable, corporate power
and consent and/or full legal and dispositive capacity) to enter into, deliver,
and perform his obligations under, this Agreement;

     

    
      
        
        

      

      
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    (ii)     the
execution, delivery and performance by it of this Agreement constitutes valid
and legally binding obligations, enforceable against it in accordance with the
terms thereof, and will not violate any provision of and will not result in a
breach of the terms of (i) any applicable Law
or any rule or regulation of any Governmental Authority, or (ii) any contract,
indenture, agreement or commitment to which it is a party or bound;
and

     

    (iii)    no
additional consent by any other Person is required to be obtained by it in
connection with the execution or performance by it of this
Agreement.

     

    12.           Confidentiality.  The
Parties acknowledge and agree that they (whether acting by themselves or through
their respective legal advisers, directors, officers, servants or agents or any
of them or through any company or howsoever) shall keep confidential and shall
not provide a copy of this Agreement, any other Transaction Document or any of
the Group Agreements, or disclose, disseminate and/or publicize, or cause or
permit to be disclosed, disseminated and/or publicized, any of the terms and
conditions of this Agreement, any other Transaction Document or any of the Group
Agreements, and/or the existence thereof and/or any and all of the circumstances
leading thereto, to any individual (other than Igor Kolomoisky) and/or entity
not a party to this Agreement or any other Transaction Document, except to the
extent described below:

     

    (i)     
 in response to an order of a court of competent jurisdiction, or in
response to an appropriate subpoena or discovery request issued in the course of
litigation;

     

    (ii)    
 in response to an inquiry or order issued by a governmental or
supra-governmental agency of competent jurisdiction;

     

    (iii)    
to the extent necessary to report income to appropriate taxing authorities
and/or to contest the imposition of any tax by appropriate taxing
authorities;

     

    (iv)    to
such Parties’ respective accountants and legal advisers and to any broker or
insurer or relevant reinsurer or retrocessionaire in all cases (other than
disclosure to legal advisers) as may be required by contract and/or by
Law;

     

    (v)    
in connection with any litigation or arbitration proceedings between the Parties
relating to this Agreement or any other Transaction Document; and

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (vi)    to
the extent required or (on advice of counsel) appropriate in order to comply
with applicable Law and stock exchange rules.

     

    In the
event disclosure is necessary pursuant to the provisions provided above, the
disclosing Party shall apprise the third party to whom such disclosure is made
of the confidential nature of the information and said disclosing Party shall
use its reasonable and good faith efforts to secure the confidentiality of the
information provided to any third party.  In any event, the RF
Participants shall not make any disclosure pursuant to these provisions without
the prior written consent of the CME Parties.

     

    13.           Assignment.  Except
as expressly provided herein none of the rights of the Parties under this
Agreement may be assigned or transferred without the prior written consent of
the other Parties; provided, however, that any Party other than the RF
Participants may assign their rights hereunder to any Affiliate and/or to any
transferee of any shares or other interests in the Studio 1+1
Group.

     

    14.           Modification; Waiver;
Severability.  Except as specifically provided herein, this
Agreement may be modified only by a written instrument executed by the
Parties.  If any provision of this Agreement is held to be
unenforceable for any reason, the Parties shall, acting in good faith and using
best endeavors, seek to agree adjustments to such provision, so that such
provision is not avoided and in order to achieve the intent of the Parties to
this Agreement to the extent possible.  In any event, the invalidity
or unenforceability of any provision of this Agreement in any jurisdiction shall
not affect the validity or enforceability of this Agreement, including that
provision, in any other competent jurisdiction.

     

    15.           Entire
Agreement.  This Agreement together with the documents herein
referred to are the entire agreement among the Parties with respect to the
subject matter hereof.

     

    16.           Preparation.  Each
Party acknowledges and confirms that the preparation of this Agreement has been
a joint effort of all Parties and counsel for all Parties and that it shall not
be construed for or against any individual Party on the basis solely that this
Agreement or any part thereof was drafted by or on behalf of that
Party.

     

    17.           Each Party to bear its own
costs.  Each Party shall bear its own costs, including lawyers’
fees, in relation to this Agreement.

     

    18.           Notices.  All
notices and other communications made in connection with this Agreement shall be
in writing.  Any notice or other communication in connection herewith
shall be deemed duly delivered and given to any Party one Business Day after it
is sent by fax, confirmed by letter sent by a reputable express courier service,
in each case, to the regular mail addresses and fax numbers set forth below or
to such other regular mail address and/or fax number as may be specified in
writing to the other Parties:

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    if to any
of the CME Parties or the Studio 1+1 Group:

     

    CME
BV

    c/o CME
Development Corporation

    81
Aldwych

    London
WC2B 4HN

    United
Kingdom

    Attn:
General Counsel

     

    Fax: + 44
207 430 5403

     

    if to
RODNYANSKY:

     

    Aleksandr
Rodnyansky

    CTC
Television

    15-A,
Pravdy Str.

    Moscow
125124, Russia

     

    Fax: + 7
495 797 4180

     

    if to ITS
or FUCHSMANN:

     

    Boris
Fuchsmann

    Peter-Roos-Strasse
10

    40547
Dusseldorf

    Germany

     

    Fax: +49
211 17 51 222

     

    Any Party
may give any notice or other communication in connection herewith using any
other means (including, but not limited to, personal delivery, messenger
service, facsimile, telex or regular mail), but no such notice or other
communication shall be deemed to have been duly delivered and given unless and
until it is actually received by the individual for whom it is
intended.

     

    19.           Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
an original and all of which shall together constitute one and the same
agreement.

     

    20.           Governing
Law.  This Agreement is governed by and shall be construed in
accordance with Bermuda law.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    21.           Arbitration.

     

    (a)           General.  Any
dispute, controversy or claim arising out of or relating to this Agreement,
including any question regarding its existence, validity, interpretation,
performance or termination, shall be finally resolved by arbitration in
accordance with the Rules of Arbitration of the then existing Rules of
Arbitration of the International Chamber of Commerce (the “ICC Rules”), which
are deemed to be incorporated by reference into this Clause 21, except as
modified by this Clause 21. The tribunal shall consist of three
arbitrators.  Subject to the provisions of Clause 21(c), the
parties to any such arbitration shall each be entitled to nominate one
arbitrator and the third arbitrator shall be appointed by the two
party-nominated arbitrators.

     

    (b)           Seat and
Language.  The seat of the arbitration shall be Amsterdam, The
Netherlands.  The language of the arbitration shall be English except
that any party to the arbitration may submit testimony or documentary evidence
in Ukrainian, Russian or German and shall furnish a translation or
interpretation of any such evidence into English.

     

    (c)           Related
Disputes.  If any dispute arising out of or relating to this
Agreement (hereinafter referred to as a “Related Dispute”)
raises issues which are substantially the same as or connected with issues
raised in another dispute which has already been referred to arbitration under
this Agreement or another Transaction Document (an “Existing Dispute”),
the tribunal appointed or to be appointed in respect of any such Existing
Dispute shall also be appointed as the tribunal in respect of any such Related
Dispute.  Where, pursuant to the foregoing provisions, the same
tribunal has been appointed in relation to two or more disputes, the tribunal
may, with the agreement of all the parties concerned or upon the application of
one of the parties, being a party to each of the disputes, order that the whole
or part of the matters at issue shall be heard together upon such terms or
conditions as the tribunal thinks fit.  The tribunal shall have power
to make such directions and any interim or partial award as it considers just
and desirable.

     

    
      
        
          
            

             

          

           

        

        
          15

          
            

          

        

        
           

        

      

    

     

    IN
WITNESS WHEREOF, this Agreement has been duly executed by the Parties and is
intended to be and is hereby delivered as a deed on the date first written
above.

     

    
      	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 	 
	 
      	
              by
      ALEKSANDR RODNYANSKY

            
	 	 
	 
      	
              /s/ Aleksandr
      Rodnyansky

            
	 	 
	 
      	
              Witnessed
      by:

            	
              /s/ Ekaterina
      Shneyolerova

            
	 
      	 
      	
              Name:
      Ekaterina Shneyolerova

            
	 
      	 
      	
              Occupation:
      Personal Assistant to Aleksandr Rodnyansky

            
	 
      	 
      	 
      
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 	 
	 
      	
              by
      BORIS FUCHSMANN

            
	 	 
	 
      	
              /s/ Boris
      Fuchsmann

            
	 	 
	 
      	
              Witnessed
      by:

            	
              /s/ Dr. Achim
      Prior

            
	 
      	 
      	
              Name:
      Dr. Achim Prior

            
	 
      	 
      	
              Occupation:
      Lawyer

            
	 
      	 
      	 
      
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      
	 
      	
              by
      INTERNATIONAL TELESERVICES LTD.

            
	 
      	 
      
	 
      	
              By:

            	
              
                /s/ Pius
      Nigg

              

            
	 
      	 	
              Name:
      Pius Nigg

            
	 
      	 	
              Title:
      Director

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	 	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 	 	 
	 	
              by
      CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

            
	 	 	 
	 	
              By:

            	
              /s/
      Michael Garin

            
	 	 
      	
              Name:
      Michael Garin

            
	 	 
      	
              Title:
      Chief Executive Officer

            
	 	 	 
	 	EXECUTED
      AND DELIVERED AS A DEED
	 	 	 
	 	by
      CME MEDIA ENTERPRISES B.V.
	 	 	 
	 	
              By:

            	
              /s/ Alphons van
      Spaendonck

            
	 	 
      	
              Name:
      Alphons van Spaendonck

            
	 	 
      	
              Title:
      Managing Director

            
	 	 	 
	 	
              By:

            	
              /s/ Peter
      Booster

            
	 	 
      	
              Name:Pan-Invest
      B.V., represented by Peter Booster

            
	 	 
      	
              Title:
      Managing Director

            
	 	 	 
	 	EXECUTED
      AND DELIVERED AS A DEED
	 	 	 
	 	by
      CME UKRAINE HOLDING GMBH
	 	 	 
	 	
              By:

            	
              /s/ Michael
      Garin

            
	 	 
      	
              Name:
      Michael Garin

            
	 	 
      	
              Title:
      Managing Director

            

    

    
      
        
                                                                       

        

         

      

      
        17

        
          

        

      

      
         

      

    

     

    
      	 	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 	 	 
	 	
              by
      CET 21 s.r.o.

            
	 	 	 
	 	
              By:

            	
              /s/ Petr
      Dvorak

            
	 	 
      	
              Name:
      Petr Dvorak

            
	 	 
      	
              Title:
      Director (Jednatel)

            
	 	 
      	 
      
	 	
              By:

            	
              /s/ Milan
      Cimirot

            
	 	 
      	
              Name:
      Milan Cimirot

            
	 	 
      	
              Title:
      Director (Jednatel)

            
	 	 
      	 
      
	 	EXECUTED
      AND DELIVERED AS A DEED
	 	 
      	 
      
	 	by
      UKRAINIAN MEDIA SERVICES LLC
	 	 
      	 
      
	 	
              By:

            	
              /s/ Olena
      Shcherbyna

            
	 	 
      	
              Name:
      Olena Shcherbyna

            
	 	 
      	
              Title:
      Director

            
	 	 
      	 
      
	 	EXECUTED
      AND DELIVERED AS A DEED
	 	 
      	 
      
	 	by
      BROADCASTING COMPANY “STUDIO 1+1 LLC”
	 	 
      	 
      
	 	
              By:

            	
              /s/ Yuri
      Morozov

            
	 	 
      	
              Name:
      Yuri Morozov

            
	 	 
      	
              Title:
      General Director

            

    

    

      
        
          
             

          

           

        

        
          18

          
            

          

        

        
           

        

      

    

     

    
      	 	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 	 
      	 
      
	 	
              by
      FOREIGN ENTERPRISE INTER-MEDIA

            
	 	 
      	 
      
	 	
              By:

            	
              /s/ Mykhaylo
      Kharenko

            
	 	 
      	
              Name:
      Mykhaylo Kharenko

            
	 	 
      	
              Title:
      Director

            
	 	 
      	 
      
	 	
              By:

            	
              /s/ Vladyslav
      Korchyn

            
	 	 
      	
              Name:
      Vladyslav Korchyn

            
	 	 
      	
              Title:
      General Director

            
	 	 
      	 
      
	 	
              EXECUTED
      AND DELIVERED AS A DEED

               

            
	 	
              by
      INNOVA FILM GMBH

               

            
	 	
              By:

            	
              /s/ Marina
      Williams

            
	 	 
      	
              Name:
      Marina Williams

            
	 	 
      	
              Title:
      Managing Director

            
	 	 
      	 
      
	 	
              EXECUTED
      AND DELIVERED AS A DEED

               

            
	 	by
      INTERNATIONAL MEDIA SERVICES LTD
	 	 
      	 
      
	 	
              By:

            	
              /s/ Michael
      Garin

            
	 	 
      	
              Name:
      Michael Garin

            
	 	 
      	
              Title:
      Director

            
	 	 
      	 
      
	 	EXECUTED
      AND DELIVERED AS A DEED
	 	 
      	 
      
	 	by
      TV MEDIA PLANET LTD.
	 	 
      	 
      
	 	
              By:

            	
              /s/ Michael
      Garin

            
	 	 
      	
              Name:
      Michael Garin

            
	 	 
      	
              Title:
      Director

            

    

     

     

    19ex10_41.htm

    
      

    

    Exhibit
10.41

    

    

    

    January 31,
2008

    

    

    IGOR
KOLOMOISKY

    

    MANITA
INVESTMENTS LIMITED

    

    GLOBAL
MEDIA GROUP LTD.

    

    TORCENSTA
HOLDING LTD

    

    CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

    

    CME
MEDIA ENTERPRISES B.V.

    

    CME
UKRAINE HOLDING GMBH

    

    CET
21 S.R.O.

    

    UKRAINIAN
MEDIA SERVICES LLC

    

    

    _____________________________

     

    ASSIGNMENT
AGREEMENT

    
      _____________________________

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CONTENTS

     

    
      	 
      	
              Clause

            	
              Page

            
	 
      	 
      	 
      
	
              1.

            	
              Definitions
      and Interpretation

            	
              4

            
	
              2.

            	
              No
      Admission

            	
              7

            
	
              3.

            	
              Option
      Assignment and Terminations

            	
              7

            
	
              4.

            	
              Actions
      to be Taken Prior to Closing Date

            	
              9

            
	
              5.

            	
              Consideration;
      Conditions Precedent; Closing

            	
              10

            
	
              6.

            	
              Standstill

            	
              12

            
	
              7.

            	
              Termination

            	
              12

            
	
              8.

            	
              Indemnities
      and Liabilities

            	
              13

            
	
              9.

            	
              Representations
      and Warranties

            	
              13

            
	
              10.

            	
              Certain
      Covenants Related to CME Share Issuance

            	
              16

            
	
              11.

            	
              Confidentiality

            	
              18

            
	
              12.

            	
              Assignment

            	
              19

            
	
              13.

            	
              Miscellaneous

            	
              19

            
	
              14.

            	
              Governing
      Law and Arbitration

            	
              21

            
	 
      	 
      	 
      
	
              Schedules

            	 
      
	 
      	 
      	 
      
	 
      	
              Schedule
      1 – Kolomoisky Release Agreements

            	 
      
	 
      	
              Schedule
      2 – Surkis Release Agreements

            	 
      
	 
      	
              Schedule
      3 – Kolomoisky Closing Certificate

            	 
      
	 
      	
              Schedule
      4 – Notice of Registration

            	 
      
	 
      	
              Schedule
      5 – Closing Date Confirmation

            	 
      
	 
      	
              Schedule
      6 – Notice

            	 
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS ASSIGNMENT AGREEMENT
(this "Agreement") is
made this 31st day of
January, 2008 by and among:

    

    
      	
              (1)

            	
              Igor Kolomoisky, a
      citizen of Israel residing at St. Galey Thelet 48, Herzeliya, Israel,
      46640, passport No. 10905729, issued on October 2, 2005 ("Kolomoisky");

            

    

    

    
      	
              (2)

            	
              Manita Investments
      Limited, a limited liability company organized and existing under
      the laws of Cyprus, identification code No., 116476 located at Kimonos,
      43A P.C. 3095 Limassol, Cyprus ("Manita");

            

    

    

    
      	
              (3)

            	
              Global Media Group Ltd.,
      a limited liability company organized and existing under the laws of
      Ukraine, located at 38 Naberezhna Peremohy Str., 49094 Dnipropetrovsk,
      Ukraine, a wholly owned subsidiary of Torcensta ("Global");

            

    

    

    
      	
              (4)

            	
              Torcensta Holding Ltd, a
      limited liability company organized and existing under the laws of Cyprus,
      identification code No. 206233, located at Arch. Makariou III, 155,PROTEAS
      House, 5th
      floor, P.C. 3021, Limassol, Cyprus ("Torcensta" and together
      with Manita, Global, the Other Optionholders (as defined below) and
      Kolomoisky the "Kolomoisky
      Parties");

            

    

    

    
      	
              (5)

            	
              Central European Media
      Enterprises Ltd., a company organized under the laws of Bermuda
      with its registered address at Clarendon House, 2 Church Street, HM 11,
      Hamilton, Bermuda ("CME
      Ltd.");

            

    

    

    
      	
              (6)

            	
              CME Media Enterprises
      B.V., a company organized under the laws of the Netherlands,
      located at: Dam 5 B, 1012 JS Amsterdam, the Netherlands ("CME
  BV");

            

    

    

    
      	
              (7)

            	
              CME Ukraine Holding
      GmbH, a wholly-owned subsidiary of CME BV organized and existing
      under the laws of Austria, located at Wagramer Str. 19, 19. Stock, 1220
      Wien, Austria ("CME
      Ukraine Holding");

            

    

    

    
      	
              (8)

            	
              CET 21 s.r.o., a company
      incorporated under the laws of the Czech Republic, located at: Praha 5,
      Krizeneckeho nam. 1078/5, PSC 152 00, Czech Republic, registered in the
      Commercial Register of the Commercial Court of Prague, part C,
      Register-No.10581 ("CET
      21"); and

            

    

    

    
      	
              (9)

            	
              Ukrainian Media Services
      LLC, a legal entity organized and existing under the laws of
      Ukraine, identification code No. 33600071, located at 12 Melnykova, Kyiv,
      Ukraine ("UMS",
      and together with CME Ltd., CME BV, CME Ukraine Holding and CET 21, the
      "CME
      Parties"),

            

    

    

    (individually
a "Party" and together
the "Parties").

    

    WHEREAS:

    

    
      	
              (A)

            	
              Aleksandr
      Rodnyansky, a resident of the Russian Federation, registered at 221,
      "Nikolino" complex, Tagankovo 7, 2-e Uspenskoe shosse, Odintsovsky
      district, Moscow region, Russian Federation, passport CH 316475, issued by
      Pechersk RU GU MVS of Ukraine in the city of Kyiv on November 19, 1996
      ("Rodnyansky"),
      and Boris Fuchsmann, a citizen of Germany, residing at Peter-Roos-Strasse
      10, 40547 Düsseldorf, Germany, passport 500449454, issued on July 18, 2005
      ("Fuchsmann"),
      have transferred to Irling Financial Corporation, a limited liability
      company organized and existing under the laws of Belize whose registered
      address is 35A Regent Street, PO Box 1777, Belize City, Belize ("Irling") and to Multy TV
      Holding Ltd, a company organized and existing under the laws of Belize
      whose registered address is 35a Regent Street, Belize City, Belize ("Multy") the exclusive
      right to sell and transfer to Manita and Nelano Holdings Ltd, a company
      duly registered and validly existing and in good standing under the Laws
      of British Virgin Islands, located at Craigmuir Chambers, P.O.Box 71, Road
      Town, Tortola, British Virgin Islands ("Nelano") the option
      right to purchase shares of Broadcasting Company "Studio 1+1 LLC", a legal
      entity organized and existing under the laws of Ukraine, identification
      code No. 23729809, located at 7/11 Kreschatyk Street, Kyiv ("Studio 1+1"), Innova
      Film GmbH, a limited liability company organized and existing under the
      laws of Germany, located at San Remo Str. 15, D-40210 Düsseldorf, Germany
      ("Innova"), and
      International Media Services Ltd, a company limited by shares organized
      and existing under the laws of Bermuda, located at Clarendon House, 2
      Church Street, HM 11, Hamilton, Bermuda ("IMS").

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
              (B)

            	
              The
      Kolomoisky Parties have represented that Manita and Nelano have in the
      aggregate purchased from Irling and Multy, in accordance with the terms of
      the relevant agreements ("Option Rights Sale and Purchase
      Agreements"), the option right to purchase (i) a 15.164%
      ownership interest in Studio 1+1 (the "IK Studio Optioned
      Interest") and (ii) a 21.665%
      ownership interest in each of Innova and IMS, (collectively, the "IK Innova/IMS Optioned
      Interests" and together with the IK Studio Optioned Interest, the
      "IK Optioned
      Interests").

            

    

    

    
      	
              (C)

            	
              CME
      Parties have
      preemptive rights ("CME
      Preemptive Rights") in respect of the shares of IMS, Innova and
      Studio 1+1 which prohibit Rodnyansky and Fuchsmann from transferring
      shares of IMS, Innova and Studio 1+1 to Kolomoisky
  Parties.

            

    

    

    
      	
              (D)

            	
              The
      Kolomoisky Parties have represented that, according to the terms of the
      Option Rights Sale and Purchase Agreements, if the CME Parties waive the
      CME Preemptive Rights, the Kolomoisky Parties will have the absolute
      unrestricted right upon the payment of two US dollars to be registered as
      shareholders in relation to the IK Optioned Interests or designate a third
      party to become the registered shareholder of the IK Optioned
      Interests.

            

    

    

    
      	
              (E)

            	
              Under
      the agreement among Kolomoisky, Manita, CME Ltd., CME BV, CME Ukraine
      Holding, UMS, Torcensta  and Global dated October 5, 2007, the
      CME Parties have waived the CME Preemptive Rights in accordance therewith,
      following which Manita and Nelano have by notice to Fuchsmann, Rodnyansky,
      Irling and Multy together designated (i) Torcensta as
      the entity to whom the IK IMS Optioned Interest and the IK Innova Optioned
      Interest should be registered and (ii) Global as
      the entity to whom the IK Studio Optioned Interest should be registered
      (the "October
      Notice");

            

    

    

    
      	
              (F)

            	
              Pursuant
      to the terms of this Agreement, the Kolomoisky Parties will assign the
      right to acquire the IK Optioned Interests to CME Ltd., CME BV and CET 21
      and, in connection therewith, Manita and Nelano shall agree not to
      exercise the right to acquire the IK Optioned Interests. In addition,
      Manita and Nelano shall withdraw the October Notice and shall deliver the
      Notice (as defined below) to Irling, Multy, Fuchsmann and
      Rodnyansky.

            

    

    

    
      	
              (G)

            	
              The
      CME Parties, Fuchsmann and Rodnyansky have agreed that prior to the Sale
      Transfers (as defined below), (i) Fuchsmann
      will transfer to Rodnyansky: (a) his 100%
      ownership interest in International Teleservices Ltd. ("ITS"), a company
      organized under the laws of Belize with its registered office at Morgan
      & Morgan Trust Corporation (Belize) Limited, 35A Region Street, City
      of Belize, Belize, (b) a 10.0%
      ownership interest in IMS and (c) a 5.0%
      interest in TV Media Planet Ltd, a company organized under the laws of
      Cyprus, located at Arch. Makariou III, 199 Neokleous House P. C., 3030
      Limassol, Cyprus ("TV
      Media Planet") and (ii) Rodnyansky
      with transfer (a) a 22.98%
      participation interest in Studio 1+1 to a sole purpose holding company
      100% owned by Rodnyansky ("NewCo 1") and (b) a 5.02%
      participation interest in Studio 1+1 to another sole purpose holding
      company 100% owned by Rodnyansky ("NewCo 2"). After the
      completion and as a consequence of the Rodnyansky Restructuring (as
      defined below), Rodnyansky will own a 25.0% indirect ownership interest in
      IMS through his sole ownership of ITS, a 10.0% direct ownership interest
      in IMS and a 28.0% indirect
      ownership interest in Studio 1+1 through his sole beneficial ownership of
      NewCo 3, which will own 100% of each of NewCo 1 (which will own a 22.98%
      participation interest in Studio 1+1) and NewCo 2 (which will own a 5.02%
      participation interest in Studio 1+1), and Fuchsmann will own a
      40.0% interest in Innova, a 5.0% ownership interest in IMS and a 35.0%
      interest in TV Media Planet;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              (H)

            	
              Rodnyansky,
      Fuchsmann and ITS (together, the "RF Participants") and
      the CME Parties shall on the date hereof enter into an agreement (the
      "RF Participants
      Framework Agreement"), pursuant to which the following transfers
      and other actions shall occur:

            

    

    

    
      	
               
      

            	
              1.

            	
              CET
      21 and Fuchsmann agree to enter into the Innova Transfer and Option
      Agreement (as defined below) to transfer a portion of Fuchsmann's
      interests in Innova equal to a 23.4% ownership interest in Innova,
      including a 21.665% interest in Innova to be acquired by CET 21 by
      exercising the option assigned hereunder, to CET 21 (the "Innova Sale
      Transfer");

            

    

    

    
      	
               
      

            	
              2.

            	
              CME
      Ltd., Rodnyansky and ITS agree to enter into the IMS Transfer Agreement
      (as defined below) to transfer a portion of Rodnyansky's direct ownership
      interest in IMS, and all of ITS' ownership interest in IMS, to CME Ltd.,
      such that the aggregate ownership interest transferred under the IMS
      Transfer Agreement is equal to a 30% ownership interest in IMS (including
      a 21.665% interest in IMS to be acquired by CME Ltd. by exercising the
      option assigned hereunder, the "IMS Sale
      Transfer");

            

    

    

    
      	
               
      

            	
              3.

            	
              CME
      Ltd. and Fuchsmann agree to enter into the TV Media Planet Transfer
      Agreement (as defined below) to transfer a 30% ownership interest in TV
      Media Planet to CME Ltd. (the "TV Media Planet Sale
      Transfer");

            

    

    

    
      	
               
      

            	
              4.

            	
              Rodnyansky
      and CME BV agree to enter into the NewCo 1 Transfer Agreement (as defined
      below) to transfer all of Rodnyansky's shares in NewCo 1 (which will own a
      22.98% participation interest in Studio 1+1, including a 15.164% interest
      in Studio 1+1 (represented by a 65.99% interest in NewCo 1) to be acquired
      by CME BV by exercising the option acquired hereunder) to CME BV (the
      "NewCo 1 Sale
      Transfer", and together with the Innova Sale Transfer, the IMS Sale
      Transfer and the TV Media Planet Sale Transfer, the "Sale Transfers");
      and

            

    

    

    
      	
               
      

            	
              5.

            	
              Fuchsmann,
      Rodnyansky and certain CME Parties agree to grant put and call options in
      respect of all remaining interests in the Studio 1+1 Group (as defined
      below) owned, directly and indirectly, by Fuchsmann and Rodnyansky
      following the Sale Transfers; and

            

    

    

    
      	
              (I)

            	
              Subject
      to the terms of this Agreement, the Kolomoisky Parties have agreed to
      transfer and assign all of their right, title and interest in the right to
      acquire the IK Optioned Interests to CME Ltd., CME BV and CET 21, to
      settle fully and finally the Kolomoisky Claims (as defined below), to
      terminate and release all other claims and rights the Kolomoisky Parties
      may have relating to the ownership of any member of the Studio 1+1 Group
      and to terminate and release all claims and rights the Kolomoisky Parties
      may have against Rodnyansky, Fuchsmann, ITS, the Studio 1+1 Group and any
      CME Party, except that the
      Surviving Agreements (defined below) shall survive execution of this
      Agreement, in exchange for the consideration set out in Clause 5, and CME
      Ltd. has agreed, on and subject to the terms of this Agreement, to settle
      such consideration in accordance with the terms of this
      Agreement.

            

    

    

    NOW THEREFORE, in
consideration of the foregoing recitals and the mutual representations,
covenants, warranties and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              1.

            	
              DEFINITIONS
      AND INTERPRETATION

            

    

    

    
      	
              1.1

            	
              Definitions

            

    

    

    For the
purposes of this Agreement, and unless the context requires otherwise, the
following terms have the meanings given to them below:

    

    "Business Day" means a day, not
being a Saturday or Sunday, when banks are open in Amsterdam (the Netherlands),
London (England) and Kyiv (Ukraine) for commercial business;

    

    "Closing Date Confirmation"
means the confirmation set out in Schedule
5;

    

    "Closing Documents" means the
following documents duly executed and delivered by all the applicable parties
thereto: (i)
the Closing Date Confirmation; (ii) the Kolomoisky
Closing Certificate; (iii) the Release
Agreements; (iv) subject to Clause
5.2, the Subscription Agreement; and (v) subject to Clause
5.2, the Registration Rights Agreement;

    

    "CME Shares" means shares of
Class A Common Stock of CME Ltd.;

    

    "Consideration" means (i) if A is less than
B: US $ 140,000,000 (one hundred forty million US Dollars), to be paid in cash
or CME Shares pursuant to Clause 5.2, and (ii) if A is greater
than B: the number of CME Shares equal to 4% of the total number of CME Shares
outstanding on the date of delivery of the Notice of Registration,
where:

    

    "A" means US $ 140,000,000 (one
hundred forty million US Dollars), and

    

    "B" means the US Dollar amount
equal to the product of (i) 4% of the total
number of CME Shares outstanding on the date of delivery of the Notice of
Registration and (ii) the Share
Price;

    

    "Control" means the power to
direct or cause the direction of the management or policy of any Person,
directly or indirectly, through family or other relationship (if a natural
person), the holding of securities or other participation interests, by virtue
of an agreement or on other grounds, and "Controlling" and "Controlled" have the
correlative meanings proceeding from this term;

    

    "Controlled Party" of a Person
means any Person that directly or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such Person, and in
respect of a Kolomoisky Party, also means another Person acting at the direction
of such Kolomoisky Party;

    

    "Governmental Authority" means
any state or any political subdivision thereof; any entity, authority or body
exercising executive, legislative, judicial, regulatory or administrative
functions on behalf of the state or its political subdivision, including any
government authority, ministry, agency, department, board, commission or
instrumentality and subdivisions thereof; any court, tribunal or arbitrator; and
any self-regulatory organization acting on behalf of the state or itself
pursuant to the rights granted thereto by applicable Law;

    

    "IMS Transfer Agreement" means
the agreement among Rodnyansky, ITS and CME Ltd. (or its designee) to effect the
IMS Sale Transfer, to be entered into pursuant to the RF Participants Framework
Agreement;

    

    "Inter-Media" means Foreign
Enterprise Inter-Media, a limited liability company organized and existing under
the laws of Ukraine, identification code No. 23389360, located at 42 Melnykova
Street, Kyiv;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    "Innova Transfer and Option
Agreement" means the agreement between CET 21 and Fuchsmann to effect the
Innova Sale Transfer, to be entered into pursuant to the RF Participants
Framework Agreement;

    

    "Kolomoisky Claims" has the
meaning set forth in the English law Kolomoisky Release Agreement;

    

    "Kolomoisky Release Agreements"
means the agreements set out in Schedule
1;

    

    "Law" means all applicable
(i) provisions
of all constitutions, treaties, statutes, laws, customs, codes, rules,
regulations, ordinances, orders and official opinions and interpretations of any
Governmental Authority having the force of law, (ii) approvals of any
Governmental Authority, and (iii) orders,
decisions, injunctions, judgments, awards and decrees of or agreements with any
Governmental Authority;

    

    "Lien" means any mortgage,
pledge, deed of trust, hypothecation, right of third Persons, claim, security
interest, title defect, title retention agreement, lease, sublease, license
agreement, occupancy agreement, easement, covenant, condition, encroachment,
voting trust agreement, interest, option, right of first offer, proxy, lien,
charge or other restrictions or limitations of any nature
whatsoever;

    

    "NewCo 1 Transfer Agreement"
means the agreement between CME BV and Rodnyansky to effect the NewCo 1 Sale
Transfer pursuant to the RF Participants Framework Agreement;

    

    "Notice" means the notice set
out in Schedule
6;

    

    "Other Optionholders" means Mr.
Gregory Surkis, a citizen of Ukraine residing at 14 Nikolsko – Botanicheskaya
str., Flat 9, Kiev, Ukraine, passport EA451739 and Nelano;

    

    "Person" or "Persons" means any physical
person, corporation, general partnership, simple partnership, limited
partnership, limited liability partnership, limited liability company,
proprietorship, other business organization, trust, union, association or
Governmental Authority, whether incorporated or unincorporated;

    

    "Pledge Agreements" means each
of the pledge agreements to be entered into on or prior to the Closing Date
among inter alios
Rodnyansky, the wholly-owned Cyprus companies to be established by Rodnyansky,
and CME BV, as contemplated in the Rodnyansky Restructuring;

    

    "Registered Revised Charter"
means the new registered charter of Studio 1+1, with the seal of the relevant
Governmental Authority and signed by the appropriate registrar, reflecting UMS
as the registered owner of a 42.0% participation interest, Inter-Media as the
registered owner of a 30.0% participation interest, NewCo 1 as the registered
owner of a 22.98% participation interest and NewCo 2 as the registered owner of
a 5.02% participation interest in Studio 1+1;

    

    "Registration Rights Agreement"
means the registration rights agreement to be entered into between CME Ltd. and
Kolomoisky substantially in the form of the registration rights agreement
described in the Surviving Agreements;

    

    "Reissued Licenses " means the
15-hour and the 9-hour broadcasting licenses of Studio 1+1 issued by the
relevant Governmental Authority reflecting the ownership of Studio 1+1 as set
out in the Registered Revised Charter;

    

    "Release Agreements" means the
Kolomoisky Release Agreements and the Surkis Release
Agreements;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    "Releasor" has the meaning set
forth in the English law Kolomoisky Release Agreement or the English law Surkis
Release Agreement, as applicable;

    

    "RF Participants Framework
Agreement" means that agreement among Rodnyansky, Fuchsmann, ITS, the
Studio 1+1 Group and the CME Parties entered into on or about the date
hereof;

    

    "Rodnyansky Restructuring"
means the completion of the steps set out in Recital D and the occurrence of
Successful Registration;

    

    "Studio 1+1 Group" means,
collectively, Studio 1+1, IMS, Inter-Media, Innova, TV Media Planet, NewCo 1
(only once acquired by a CME Party) and NewCo 2 (only once acquired by a CME
Party);

    

    "Subscription Agreement" means
the subscription agreement to be entered into between CME Ltd. and Kolomoisky
substantially in the form of the subscription agreement described in the
definition of Surviving Agreements;

    

    "Successful Registration" means the
occurrence of all of the following: (i) the receipt of the
Registered Revised Charter and (ii) the receipt of
the Reissued Licenses;

    

    "Surkis Release Agreements"
means the agreements set out in Schedule
2;

    

    "Surviving Agreements" means
the subscription agreement between Kolomoisky and CME Ltd., dated August 24,
2007, and the registration rights agreement between Kolomoisky and CME Ltd.,
dated August 24, 2007, in each case, as amended from time to time;

    

    "Transaction Documents" means
this Agreement and the Release Agreements;

    

    "Transfer Agreements" means the
NewCo 1 Transfer Agreement, the Innova Transfer and Option Agreement, the IMS
Transfer Agreement and the TV Media Planet Transfer Agreement; and

    

    "TV Media Planet Transfer
Agreement" means the agreement between CME Ltd. and Fuchsmann to effect
the TV Media Planet Sale Transfer, to be entered into pursuant to the RF
Participants Framework Agreement.

    

    
      	
              1.2

            	
              Interpretation and
      Rules of Construction

            

    

    

    In this
Agreement, except to the extent otherwise provided or that the context otherwise
requires:

    

    
      	
               
      

            	
              (a)

            	
              when
      a reference is made in this Agreement to a Clause, Exhibit or Schedule,
      such reference is to a Clause of, or an Exhibit or Schedule to, this
      Agreement, unless otherwise
indicated;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      table of contents and headings for this Agreement are for reference
      purposes only and do not affect in any way the meaning or interpretation
      of this Agreement;

            

    

    

    
      	
               
      

            	
              (c)

            	
              whenever
      the words "include," "includes," or "including" are used in this
      Agreement, they are deemed to be followed by the words "without
      limitation";

            

    

    

    
      	
               
      

            	
              (d)

            	
              a
      reference to "US Dollar" or "US $" means the lawful currency of the United
      States of America;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (e)

            	
              the
      words "hereof," "herein," and "hereunder" and words of similar import,
      when used in this Agreement, refer to this Agreement as a whole and not to
      any particular provision of this
Agreement;

            

    

    

    
      	
               
      

            	
              (f)

            	
              all
      terms defined in this Agreement have the defined meanings when used in any
      certificate or other document made or delivered pursuant hereto, unless
      otherwise defined therein;

            

    

    

    
      	
               
      

            	
              (g)

            	
              references
      in the singular shall include references in the plural and vice versa,
      words denoting any gender shall include any other gender and words
      denoting natural persons shall include any other
  Persons;

            

    

    

    
      	
               
      

            	
              (h)

            	
              references
      to a Person are also to its successors and permitted
    assigns;

            

    

    

    
      	
               
      

            	
              (i)

            	
              references
      to this Agreement and/or any other agreement are deemed to be references
      to such agreement, as amended, modified or supplemented from time to time;
      and

            

    

    

    
      	
               
      

            	
              (j)

            	
              the
      use of "or" is not intended to be exclusive unless expressly indicated
      otherwise.

            

    

    

    
      	
              2.

            	
              NO ADMISSION

            

    

    

    The
Parties hereby acknowledge and agree that in entering into this Agreement none
of them makes any admissions as to any liability or the absence thereof in
connection with the Kolomoisky Claims.

    

    
      	
              3.

            	
              OPTION ASSIGNMENT ANDT
      TERMINATIONS

            

    

    

    
      	
              3.1

            	
              Assignment of the
      Right to Acquire the IK Optioned
  Interests

            

    

    

    
      	
               
      

            	
              (a)

            	
              In
      consideration of the mutual promises and covenants contained herein, the
      sufficiency of which is hereby acknowledged, the Kolomoisky
      Parties hereby transfer and assign all of their right, title and interest
      in the right to acquire the IK Optioned Interests to CME Ltd. or one or
      more of its subsidiaries designated by it (the "Assignment").  CME
      Ltd. intends to acquire such IK Optioned Interests as
    follows:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      option right to acquire the IK Innova Optioned Interest shall be assigned
      to CET 21 for consideration of $40,868,411 or if the Consideration is less
      than $140,000,000, $40,868,411 minus an amount equal to 0.3 multiplied by
      the difference between $140,000,000 and the Consideration, and shall be
      exercised by CET 21;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      option right to acquire the IK IMS Optioned Interest shall be assigned to
      CME Ltd. for consideration equal to $6,177,492, and shall be exercised by
      CME Ltd.; and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      option right to acquire the IK Studio Optioned Interest shall be assigned
      to CME BV for consideration equal to $92,954,097 or if the Consideration
      is less than $140,000,000, $92,954,097 minus an amount equal to 0.7
      multiplied by the difference between $140,000,000 and the Consideration,
      and shall be exercised by CME BV, which right may be exercised directly
      or, with the consent of Rodnyansky, indirectly through the acquisition of
      a portion of the shares of NewCo 1.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Kolomoisky Parties warrant and confirm (i) that the
      option to acquire the IK Optioned Interests may be exercised by the CME
      Parties after payment of US $2 (two US Dollars) to Irling (which has been
      paid prior to the date hereof) and by transfer of the IK Optioned
      Interests by Fuchsmann and Rodnyansky to the CME Parties, (ii) that no
      further action is necessary or appropriate in order for the CME Parties to
      acquire good title to the IK Optioned Interests under the Option Rights
      Sale and Purchase Agreements, (iii) that the
      IK Optioned Interests are free from any Liens that were created by, or
      that they are aware of and could have been removed by, any of the
      Kolomoisky Parties or their Controlled Parties, and (iv) that any
      other Liens (other than those created in accordance with the RF
      Participants Framework Agreement) on the IK Optioned Interests that are
      known to the Kolomoisky Parties or their Controlled Parties have been
      fully disclosed to CME Ltd.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              The
      Kolomoisky Parties agree to deliver to Irling, Multy, Fuchsmann and
      Rodnyansky the Notice executed by them on the date hereof or as soon as
      practicable thereafter with a confirmation to be provided to the CME
      Parties.

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      Parties agree that none of Torcensta, Global and any other Kolomoisky
      Party shall exercise any option to acquire all or any part of the IK
      Optioned Interests.

            

    

    

    
      	
              3.2

            	
              Release

            

    

    

    This
Agreement (and the agreements executed in connection with it, including the
Registration Rights Agreement) is entered into, in full and final settlement,
conditional upon the occurrence of the Closing Date and the Parties complying
with their obligations hereunder, of all rights, claims, controversies and/or
disputes among the Parties, known and/or unknown to any of the Parties, arising
from or connected to the IK Optioned Interests, the Kolomoisky Claims and/or any
claim for legal fees and/or any other fees incurred in respect of or relating in
any way to the same (the "Settled Matters"), except that the
Surviving Agreements shall survive this Agreement.  Consequently, and
with effect from the Closing Date:

    

    
      	
               
      

            	
              (a)

            	
              the
      Kolomoisky Parties hereby irrevocably release the CME Parties, the RF
      Participants and the Studio 1+1 Group in respect of the Settled Matters;
      and

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      CME Parties hereby irrevocably release the Kolomoisky Parties in respect
      of the Settled Matters.

            

    

    

    
      	
              3.3

            	
              Execution of the
      Release Agreements

            

    

    

    The
Parties agree that promptly following the establishment of NewCo 1 and NewCo 2
in connection with the Rodnyansky Restructuring or as soon as practicable
thereafter, all the relevant parties shall execute and deliver all of the
Release Agreements, which shall become effective on the Closing Date (as defined
in Clause 5.5).

    

    
      	
              3.4

            	
              Termination of Certain
      Prior Agreements

            

    

    

    From the
date of this Agreement until the earlier of (i) the Closing Date
or (ii) the
date that this Agreement is terminated pursuant to the terms of Clause 7.1
hereof, the agreements listed below in (a), (b), (c), (d) and (e) of this Clause
3.4 shall be suspended. With effect on the Closing Date:

    

    
      	
               
      

            	
              (a)

            	
              the
      agreement among Kolomoisky, Torcensta, Manita and the CME Parties, dated
      October 5, 2007 (the "Original Agreement"),
      shall be terminated in accordance with Clause 3.1
  thereof;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      purchase agreement among Kolomoisky, Torcensta and CME Ltd., dated October
      30, 2007, shall be terminated in accordance with Clause 9.1(b)
      thereof;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              the
      share pledge agreement among Andreas Sofocleous, a citizen of the Republic
      of Cyprus residing at 4 Gianni Papadopoulou, Nea Ekali, 3110, Limassol,
      Cyprus, with Identification number 659791, Charoulla Neofytou, a citizen
      of the Republic of Cyprus residing at 14 Georgiou Katsari, Asgata, 4502,
      Limassol, Cyprus, with Identification number 787198, Kolomoisky and CME
      Ltd., dated October 30, 2007, shall be terminated in accordance with
      Clause 6.1.1 thereof;

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      waiver delivered by the CME Parties on October 11, 2007 with respect to
      the agreements listed above shall terminate;
and

            

    

    

    
      	
               
      

            	
              (e)

            	
              the
      letter agreement dated the date hereof relating to the Original Agreement,
      executed by the parties to the Original Agreement, shall
      terminate.

            

    

    

    If the
Closing Date does not occur, the agreements listed in the foregoing (a), (b),
(c), (d) and (e) of this Clause 3.4 shall no longer be suspended and shall
remain in force as if not suspended.

    

    
      	
              4.

            	
              ACTIONS TO BE TAKEN PRIOR TO CLOSING
      DATE

            

    

    

    
      	
              4.1

            	
              Entrance into the RF
      Participants Framework Agreement and Other
  Actions

            

    

    

    
      	
               
      

            	
              (a)

            	
              On
      the date hereof, the CME Parties, the RF Participants, ITS and the Studio
      1+1 Group entered into the RF Participants Framework Agreement, pursuant
      to which the Sale Transfers shall be
  consummated.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Parties agree that the following actions shall occur as soon as
      practicable after the date hereof but in any event on or prior to the
      Closing Date:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      CME Parties and, if applicable, the Kolomoisky Parties shall grant all
      necessary consents, as deemed necessary by the CME Parties, to effectuate
      the Rodnyansky Restructuring and the Sale Transfers pursuant to the RF
      Participants Framework Agreement;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      Rodnyansky Restructuring shall be completed, including execution of the
      Pledge Agreements;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      Release Agreements shall be executed and delivered pursuant to Clause 3.3;
      and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              the
      Kolomoisky Parties shall deliver to Irling, Multy, Fuchsmann and
      Rodnyansky the Notice and shall provide to CME Ltd. a fully executed copy
      thereof.

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      CME Parties agree that prior to the Closing Date they shall not release
      the pledge of shares created by any of the Pledge Agreements other than
      with the prior written consent of Kolomoisky, such consent not to be
      unreasonably withheld or delayed.

            

    

    

    
      	
              4.2

            	
              Notice
      of Successful Registration and Consummation of the Sale
      Transfers

            

    

    

    Within 3
(three) Business Days of the Successful Registration, CME Ltd. shall give
written notice of the same to Kolomoisky in the form attached hereto as Schedule 4 (the
"Notice of
Registration").

    

    
      	
              4.3

            	
              Long
      Stop

            

    

    

    In the
event that any of the conditions set out in Clause 4.1 have not been fulfilled
by August 30, 2008, any Party shall be entitled to terminate this Agreement by
written notice to the other Parties, provided that such
non-fulfillment of conditions was not the direct result of any breach by the
Party seeking to terminate or its Controlled Party.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              CONSIDERATION; CONDITIONS PRECEDENT;
      CLOSING

            

    

    

    
      	
              5.1

            	
              Consideration

            

    

    

    In
consideration of the Assignment and the other documents to be delivered and
undertakings given by the Kolomoisky Parties hereunder and otherwise required
hereby and provided that the
notice procedures set forth in Clause 4.2 have been followed by the applicable
Parties, on the Closing Date, CME Ltd. shall transfer to Kolomoisky the
Consideration determined in accordance with the calculation and election
procedure set forth in Clause 5.2.

    

    
      	
              5.2

            	
              Calculation and
      Election
      of Consideration

            

    

    

    Within 2
(two) Business Days after the delivery of the Notice of Registration by CME
Ltd., CME Ltd. shall deliver to Kolomoisky its calculation of the Consideration
as provided in Clause 1.1, in which the following procedure shall
apply:

    

    
      	
               
      

            	
              (a)

            	
              in
      the event the Consideration is determined to be the amount of US $
      140,000,000 (one hundred forty million US Dollars), Kolomoisky may elect
      to receive such Consideration in CME Shares by delivering a notice of his
      election to CME Ltd. within 1 (one) Business Day after receiving notice of
      the calculation of Consideration.  If Kolomoisky so delivers his
      election notice, the sole consideration payable to Kolomoisky by CME Ltd.
      on the Closing Date shall be the number of CME Shares equal to the
      quotient of (i) US$
      140,000,000 and (ii) the Share
      Price.  If Kolomoisky does not so deliver his election notice,
      the Consideration shall be payable by CME Ltd. on the Closing Date in cash
      pursuant to Clause 5.5(c)(ii); and

            

    

    

    
      	
               
      

            	
              (b)

            	
              if
      sub-clause 5.2(a) above is not applicable, the Consideration shall be the
      number of CME Shares equal to 4% of the total number of CME Shares
      outstanding on the date of delivery of the Notice of
      Registration.

            

    

    

    
      	
              5.3

            	
              CME
      Shares

            

    

    

    In the
event Kolomoisky is to receive CME Shares as consideration on the Closing Date,
subject to the terms and conditions of this Agreement, CME Ltd. shall issue and
deliver to Kolomoisky (and only to Kolomoisky), and Kolomoisky shall subscribe
for and acquire from CME Ltd., the applicable number of CME Shares pursuant to
the Subscription Agreement.

    

    
      	
              5.4

            	
              Conditions
      Precedent

            

    

    

    The
occurrence of the Closing Date shall be subject to the fulfilment and
satisfaction (or waiver in writing by the relevant Party or Parties) of each of
the following conditions precedent (the "Conditions
Precedent"):

    

    
      	
               
      

            	
              (a)

            	
              General
      Conditions Precedent to the performance by the Parties of their respective
      obligations on the Closing Date:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      Successful Registration shall have occurred (as confirmed by the Notice of
      Registration); and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              consummation
      of the transactions contemplated hereby and by the other Transaction
      Documents shall not have been restrained, enjoined or otherwise prohibited
      or made illegal by any applicable Law, including any court order, and no
      such Law or order that would have such an effect shall have been
      threatened, promulgated, entered, issued or determined by any court or
      other Governmental Authority to be applicable to this Agreement or any
      other Transaction Document.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              Conditions
      Precedent to the performance by the CME Parties of their respective
      obligations on the Closing Date:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      Release Agreements and the Notice shall have been fully executed by all of
      the parties thereto, shall have become effective, shall remain in full
      force and effect and shall not of have been
  repudiated;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      Rodnyansky Restructuring shall have occurred and the Sale Transfers shall
      have been consummated under the Transfer
  Agreements;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      Reissued Licenses shall have become effective and remain in full force and
      effect and shall not have been challenged or
  revoked;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              if
      applicable, the Subscription Agreement and the Registration Rights
      Agreement shall have been duly executed by
  Kolomoisky;

            

    

    

    
      	
               
      

            	
              (v)

            	
              each
      of the Kolomoisky Parties and their respective Controlled Parties shall
      have performed and complied in all material respects with the covenants
      and agreements required to be performed or complied with by such Party on
      or prior to the Closing Date pursuant to Clause 3 (Option Assignment and
      Terminations), Clause 6 (Standstill), Clause 8 (Indemnities and
      Liabilities) and Clause 13.1 (Further Assurances) hereof, to be confirmed
      by a closing certificate executed and delivered by each of them on the
      Closing Date in the form of Schedule 3 (the "Kolomoisky Closing
      Certificate");

            

    

    

    
      	
               
      

            	
              (vi)

            	
              all
      of the representations and warranties of the Kolomoisky Parties contained
      herein and in the Release Agreements shall have been true and correct in
      all material respects when given and shall remain true and correct in all
      material respects on and as of the Closing Date, to be confirmed by the
      Kolomoisky Closing Certificate executed and delivered on the Closing
      Date.

            

    

    

    
      	
              5.5

            	
              Closing
      Date

            

    

    

    The
closing date shall occur no later than the tenth Business Day after the date on
which CME Ltd. delivers the Notice of Registration, provided that the
Conditions Precedent have been and remain fulfilled (the "Closing Date").  CME
Ltd. shall give notice to the Kolomoisky Parties of the anticipated Closing
Date.  On the Closing Date, the following actions shall take
place:

    

    
      	
               
      

            	
              (a)

            	
              CME
      Ltd. shall deliver to Kolomoisky the Closing Date Confirmation confirming
      the completion of each of the Sale Transfers pursuant to the Transfer
      Agreements;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      Release Agreements shall become
effective;

            

    

    

    
      	
               
      

            	
              (c)

            	
              CME
      Ltd. shall transfer the Consideration to Kolomoisky as
      follows:

            

    

    

    
      	
            	
               
      

            	
              (x) in the event
      Kolomoisky is to receive the Consideration in CME Shares, CME Ltd.
      shall:

            

    

    

    
      	
               
      

            	
              (i)

            	
              allot
      and issue the CME Shares and make the appropriate entries in the statutory
      books of CME Ltd. in respect of that allotment,
  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              deliver,
      or cause to be delivered, to
Kolomoisky:

            

    

    

    
      	
               
      

            	
              (1)

            	
              a
      certificate of a duly authorized representative of CME Ltd. certifying
      that CME Ltd.'s representations and warranties set forth in Clause 9.2
      remain true and correct as of the Closing
Date;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (2)

            	
              a
      stock certificate in respect of the CME Shares with the legend specified
      in Clause 10.2; and

            

    

    

    
      	
               
      

            	
              (3)

            	
              a
      copy of the Subscription Agreement and the Registration Rights Agreement
      executed by it.

            

    

    

    (y) in the event Kolomoisky is
to receive the Consideration in cash, CME Ltd. shall:

    

    
      	
               
      

            	
              (i)

            	
              deliver,
      or cause to be delivered, to Kolomoisky a certificate of a duly authorized
      representative of CME Ltd. certifying that CME Ltd.'s representations and
      warranties set forth in Clause 9.2 remain true and correct as of the
      Closing Date; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              pay
      the Consideration due to Kolomoisky pursuant to Clause 5.2, by wire
      transfer in immediately available funds, to an account in Kolomoisky's
      name, the details of which are to be provided by Kolomoisky no later than
      the time Kolomoisky provides notice of such election pursuant to Clause
      5.2(a); and

            

    

    

    
      	
               
      

            	
              (d)

            	
              Kolomoisky
      shall countersign and deliver to CME Ltd. the Closing Date
      Confirmation.

            

    

    

    
      	
              5.6

            	
              Sufficiency of
      Consideration

            

    

    

    Each of
the Kolomoisky Parties, on its own behalf and on behalf of all of the Releasors,
hereby acknowledges and agrees that the consideration for entering into this
Agreement consists of CME Ltd.'s obligation to transfer the Kolomoisky
Consideration.  Each of the Kolomoisky Parties, on its own behalf and
on behalf of all of the Releasors, further acknowledges the sufficiency of such
consideration and agrees that no additional consideration will be made or
required.

    

    
      	
              6.

            	
              STANDSTILL

            

    

    

    
      	
              6.1

            	
              Standstill

            

    

    

    From the
date of this Agreement until the date of termination of this Agreement in
accordance with its terms, each of the Parties, on its own behalf and on behalf
of all of its Controlled Parties, and, with respect to the Kolomoisky Parties,
on behalf of the Other Optionholders, agrees that it shall not directly or
indirectly (i)
take any further action with respect to any Kolomoisky Claim or (ii) initiate any
complaints, claims, charges or lawsuits with any national, regional, state,
federal or local Governmental Authority or any court, within any jurisdiction,
with respect to any Kolomoisky Claim.

    

    
      	
              6.2

            	
              Proviso

            

    

    

    Provided
that nothing in Clause 6.1 shall restrict any Party from performing any of the
aforesaid actions in circumstances where:

    

    
      	
               
      

            	
              (a)

            	
              such
      action is required to perform that Party's obligations hereunder;
      or

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      other Parties have given their prior written consent to such
      action.

            

    

    

    
      	
              7.

            	
              TERMINATION

            

    

    

    
      	
              7.1

            	
              Termination

            

    

    

    This
Agreement may be terminated:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              at
      any time by mutual written consent of all of the Parties;
    or

            

    

    

    
      	
               
      

            	
              (b)

            	
              by
      any of the Parties pursuant to Clause
4.3.

            

    

    

    In the
event of the termination of this Agreement in accordance with the above, all
rights to acquire the IK Optioned Interests transferred according to Clause 3.1
shall revert back to the Kolomoisky Parties.

    

    
      	
              7.2

            	
              Survival

            

    

    

    Any
termination or expiry of this Agreement shall be without prejudice to any rights
accruing prior to such termination.  Clauses 1, 2, 3.1, 4.1(c), 7, 8,
10, 12, 13 and 14 shall survive termination of this Agreement.

    

    
      	
              8.

            	
              INDEMNITIES
      AND LIABILITIES

            

    

    

    
      	
              8.1

            	
              CME
      Indemnity

            

    

    

    
      	
               
      

            	
              (a)

            	
              CME
      Ltd. agrees that, from and after the date of this Agreement, it will
      indemnify and hold harmless the Kolomoisky Parties from and against any
      bona fide claims (by any person that is not a Controlled Party of any
      Kolomoisky Party or any Other Optionholder), obligations, debts, damages
      (including any damages arising from or related to business interruption or
      loss of profits, consequential, indirect, speculative or punitive
      damages), liquidated damages, liabilities, costs, expenses and reasonable
      legal fees (collectively, "Losses") whatsoever
      arising from and caused by any failure by the CME Parties or any of their
      respective Controlled Parties (or any assignee thereof) to comply with
      their obligations under Clause 4.1 of this Agreement.  Each of
      the Kolomoisky Parties agrees that he or it has a duty to mitigate any
      such Losses in order for CME Ltd. to have a corresponding obligation to
      indemnify for such Losses.

            

    

    

    
      	
               
      

            	
              (b)

            	
              CME
      Ltd.'s obligations and liabilities under Clause 8.1(a) shall in no
      circumstances exceed the sum of
US$140,000,000.

            

    

    

    
      	
              8.2

            	
              Kolomoisky
      Indemnity

            

    

    

    Kolomoisky
agrees that, from and after the Closing Date, he will indemnify and hold
harmless the CME Parties and the Studio 1+1 Group from and against any Losses
that any of them may have arising from (i) any breach by any
Kolomoisky Party of any obligations (including any of their respective
representations and warranties) under this Agreement and (ii) any breach by any
Kolomoisky Party of any obligations set forth in the Release
Agreements.

    

    
      	
              9.

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

    

    
      	
              9.1

            	
              Representations and
      Warranties of the Kolomoisky
      Parties

            

    

    

    Each of
the Kolomoisky Parties party to this Agreement represents and warrants to the
other Parties as of the date hereof and as of the Closing Date
that:

    

    
      	
               
      

            	
              (a)

            	
              each
      of the Kolomoisky Parties and the Releasors has the necessary power and
      authority (including full legal and dispositive capacity) to enter into,
      deliver, and perform its obligations under this Agreement and each of the
      other Transaction Documents to which it is
  party;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      execution, delivery and performance by each of the Kolomoisky Parties and
      the Releasors of this Agreement and each other Transaction Document
      constitutes valid and legally binding obligations, enforceable against
      such Person in accordance with the terms thereof, and will not violate any
      provision of and will not result in a breach of the terms of (i) any
      applicable Law or any rule or regulation of any Governmental Authority, or
      (ii) any
      contract, indenture, agreement or commitment to which it is a party or
      bound;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              no
      additional consent by any other Person is required to be obtained by any
      of the Kolomoisky Parties and the Releasors in connection with its
      execution or performance of this Agreement or any other Transaction
      Document;

            

    

    

    
      	
               
      

            	
              (d)

            	
              all
      proceedings that are required to be taken, and all approvals that are
      required to be obtained, by each Kolomoisky Party to authorise it to
      execute, deliver and perform the terms of this Agreement and each of the
      other Transaction Documents to which it is a party have been taken or
      obtained;

            

    

    

    
      	
               
      

            	
              (e)

            	
              he
      is not aware of any Person who has any basis for bringing any Kolomoisky
      Claims, and he will not make, encourage or support, directly or
      indirectly, any future Kolomoisky
Claims;

            

    

    

    
      	
               
      

            	
              (f)

            	
              no
      Kolomoisky Party or Releasor has directly or indirectly instituted or
      caused to be instituted any complaints, claims, charges or lawsuits with
      any national, regional, state, federal or local Governmental Authority or
      any court, within any jurisdiction, against any other CME Parties or any
      of their Controlled Parties with respect to any claim against or related
      in any way to Studio 1+1 or the Studio 1+1
  Group;

            

    

    

    
      	
               
      

            	
              (g)

            	
              Kolomoisky
      does not have any ownership interest in Multy or Irling, and neither Multy
      nor Irling is a Controlled Party of Kolomoisky or any Other
      Optionholder;

            

    

    

    
      	
               
      

            	
              (h)

            	
              no
      Kolomoisky Party or Releasor has sold, assigned, transferred, conveyed or
      otherwise disposed of any interest in the IK Optioned Interests or in the
      Kolomoisky Claims, and no Kolomoisky Party or Releasor is a party to, or
      has any other interest in the IK Optioned
  Interests;

            

    

    

    
      	
               
      

            	
              (i)

            	
              following
      the execution and performance of this Agreement, there are no outstanding
      agreements, arrangements or other understandings (whether by contract or
      otherwise) with any other third parties granting to any Kolomoisky Party
      or any Other Optionholder the right to acquire any direct or indirect
      interest in the Studio 1+1 Group, or any options, warrants, commitments,
      rights of first refusal, conversion rights or other rights of any kind
      held by or granted to anyone to acquire any participation interests or any
      other interests in Studio 1+1 or any other entity in the Studio 1+1
      Group;

            

    

    

    
      	
               
      

            	
              (j)

            	
              on
      the date hereof, no Kolomoisky Party or Releasor has any direct or
      indirect contractual right or claim against any CME Party or any member of
      the Studio 1+1 Group, other than pursuant to the Transaction
      Documents;

            

    

    

    
      	
               
      

            	
              (k)

            	
              no
      Kolomoisky Party has any direct or indirect interest in any tangible or
      intangible asset or property used in the business of the Studio 1+1
      Group;

            

    

    

    
      	
               
      

            	
              (l)

            	
              Kolomoisky
      is: (i)
      able, by reason of business and financial experience, to protect his own
      interests in connection with the transactions contemplated by this
      Agreement; (ii) able to
      afford the entire loss of his investment in any CME Shares; (iii) an
      "accredited investor" as that term is defined in Rule 501(a) of Regulation
      D under the U.S. Securities Act of 1933 (the "Securities Act"); and
      (iv) not
      a broker-dealer or an affiliate of a broker-dealer registered pursuant to
      Section 15 of the U.S. Securities Exchange Act of 1934 (the "Exchange
      Act");

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (m)

            	
              Kolomoisky
      understands that any CME Shares issued hereunder are being offered and
      sold to him in reliance upon exemptions from the registration requirements
      of the United States federal securities laws, and that CME Ltd. is relying
      upon the truth and accuracy of Kolomoisky's representations and warranties
      contained herein and Kolomoisky's compliance with this Agreement in order
      to determine the availability of such exemptions and the eligibility of
      Kolomoisky to acquire CME Shares in accordance with the terms and
      provisions of this Agreement;

            

    

    

    
      	
               
      

            	
              (n)

            	
              Kolomoisky:
      (i) has
      had the opportunity to review information concerning the business of CME
      Ltd., including without limitation CME Ltd.'s Annual Report on Form 10-K
      for the period ended December 31, 2006 and Report on Form 10-Q for the
      period ended September 30, 2007 as well as any Annual Report on Form 10-K
      or Report on Form 10-Q published by CME Ltd. after the date hereof and
      (ii) has
      had access to the management of CME Ltd. and has had the opportunity to
      ask questions of the management of CME
Ltd.;

            

    

    

    
      	
               
      

            	
              (o)

            	
              Kolomoisky
      is acquiring CME Shares under this Agreement, if applicable, for his own
      account, for investment purposes only, and not with a present view towards
      the public sale or distribution thereof, except pursuant to a sale or
      sales that are registered under the Securities Act or exempt from such
      registration;

            

    

    

    
      	
               
      

            	
              (p)

            	
              Kolomoisky
      will not, directly or indirectly, sell or otherwise transfer, pledge or
      assign all or any part of such CME Shares (or solicit any offers to buy,
      purchase or otherwise acquire or take a pledge of all or any part of such
      CME Shares) except in accordance with the provisions of Clause
      10.1.  Kolomoisky understands that he must bear the economic
      risk of his investment in any CME Shares to be acquired hereunder, if
      applicable, for an indefinite period of time because, among other reasons,
      the offering and sale of the CME Shares under this Agreement have not been
      registered under the Securities Act and, therefore, such CME Shares cannot
      be sold other than in accordance with Clause 10.1.  Kolomoisky
      also understands that transfers of any CME Shares acquired under this
      Agreement, if applicable, are further restricted by the provisions of U.S.
      securities laws;

            

    

    

    
      	
               
      

            	
              (q)

            	
              Kolomoisky
      has not learned of the investment in the CME Shares to be acquired
      hereunder, if applicable, as a result of any public advertising or general
      solicitation;

            

    

    

    
      	
               
      

            	
              (r)

            	
              none
      of the cash or property that Kolomoisky has paid, will pay, or will
      contribute to CME Ltd. has been, or shall be, derived from, or related to,
      any activity that is deemed criminal under U.K. law, U.S. law, Bermuda law
      or the law of the jurisdiction in which such activity takes
      place.  No contribution or payment by Kolomoisky to CME Ltd., to
      the extent that such contributions or payments are within Kolomoisky's
      control, shall cause CME Ltd. to be in violation of any of the Anti-Money
      Laundering Laws (as defined below) or the anti-money laundering laws,
      rules or regulations of any other applicable
  jurisdiction;

            

    

    

    
      	
               
      

            	
              (s)

            	
              Kolomoisky
      has not employed, engaged or retained, or otherwise incurred any liability
      to, any person as a broker, finder, agent or other intermediary in
      connection with the transactions contemplated herein. All negotiations
      relating to this Agreement and, if applicable, the Registration Rights
      Agreement and the transactions contemplated hereby and thereby have been
      carried on without the participation of any Person acting on behalf of
      Kolomoisky or any of his Controlled Parties in such a manner as to, and
      the transactions contemplated hereby and thereby will not otherwise, give
      rise to any valid claim against CME Ltd. or its Controlled Parties for any
      brokerage or finder's commission, fee or similar compensation, or for any
      bonus payable to any officer, director, employee, agent or representative
      of or consultant to any such Person upon consummation of the transactions
      contemplated hereby or thereby;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (t)

            	
              as
      at the date of this Agreement, Kolomoisky, together with his Controlled
      Parties, holds exactly 1,620,537 CME Shares;
and

            

    

    

    
      	
               
      

            	
              (u)

            	
              all
      payments to be made by CME Ltd. or any other CME Party to Kolomoisky under
      this Agreement, under the current laws and regulations of any jurisdiction
      in which Kolomoisky may be a resident for tax purposes or any jurisdiction
      from or through which a payment is made will not be subject to withholding
      or other taxes under the current laws and regulations of the relevant
      taxing jurisdiction and are otherwise payable free and clear of any other
      tax, withholding or deduction in the relevant taxing jurisdiction and
      without the necessity of obtaining any governmental authorization in the
      relevant taxing jurisdiction.

            

    

    

    
      	
              9.2

            	
              Representations and
      Warranties of the CME
Parties

            

    

    

    Each of
the CME Parties represents and warrants to the other Parties as of the date
hereof and as of the Closing Date that:

    

    
      	
               
      

            	
              (a)

            	
              it
      is a company duly organized and validly existing under the laws of its
      jurisdiction;

            

    

    

    
      	
               
      

            	
              (b)

            	
              it
      has the necessary corporate power and authority to enter into and perform
      its obligations under this Agreement and each of the other Transaction
      Documents to which it is a party, and to consummate the transactions
      contemplated thereby;

            

    

    

    
      	
               
      

            	
              (c)

            	
              the
      execution and delivery by it of this Agreement and each of the other
      Transaction Documents to which it is a party constitute valid and legally
      binding obligations, enforceable against it in accordance with the terms
      thereof, and will not violate any provision of and will not result in a
      breach of the terms of (i) any Law,
      rule or regulation of any Governmental Authority applicable to it or
      (ii) any
      contract, indenture, agreement or commitment to which it is a party or
      bound;

            

    

    

    
      	
               
      

            	
              (d)

            	
              all
      proceedings that are required to be taken, and all approvals that are
      required to be obtained, by it to authorize it to execute, deliver and
      perform the terms of this Agreement and each of the other Transaction
      Documents to which it is a party have been taken or
    approved;

            

    

    

    
      	
               
      

            	
              (e)

            	
              no
      additional consent by any other Person is required to be obtained by any
      of the CME Parties or the Studio 1+1 Group in connection with its
      execution or performance of this Agreement or any other Transaction
      Document; and

            

    

    

    
      	
               
      

            	
              (f)

            	
              each
      person signing this Agreement and any other Transaction Document on its
      behalf is duly appointed and authorized to sign each such document
      pursuant to its constitutional documents and/or a power of attorney duly
      issued to such person and such appointment and authorization is effective
      and valid.

            

    

    

    
      	
              10.

            	
              CERTAIN
      COVENANTS RELATED TO CME SHARE
ISSUANCE

            

    

    

    
      	
              10.1

            	
              Transfer
      Restrictions

            

    

    

    Kolomoisky
acknowledges that none of the CME Shares to be issued hereunder, if applicable,
has been, is being or, except as provided in the Registration Rights Agreement,
will be registered under the Securities Act. Kolomoisky agrees that for a period
of 24 (twenty-four) months from the Closing Date, such CME Shares may not be
offered for sale in any form or sold, transferred or assigned, but may be
pledged (in accordance with the provisions below) and thereafter may be offered
for sale, sold, pledged, transferred or assigned only (i) in the United
States through the Nasdaq Global Select Market pursuant to the Registration
Rights Agreement or an available exemption from registration under the
Securities Act (except that, in the event that Kolomoisky has the right to
attend meetings of the Board of Directors of CME Ltd. as an observer, any
offers, sales, transfers or assignments of Shares made pursuant to an available
exemption from registration under the Securities Act while Kolomoisky has such
observer rights must be made in accordance with the volume limitations set out
in Rule 144(e)(1) under the Securities Act) and (ii) outside the
United States pursuant to an available exemption from registration under the
Securities Act and otherwise in compliance with applicable securities
laws.  Kolomoisky may, during the 24 (twenty-four) month period from
the Closing Date, pledge any such Shares pursuant to a bona fide
non-transferable pledge to a third-party financial institution that is not a
Controlled Party of Kolomoisky; and the Parties agree that the foregoing
stipulation that such Shares shall not be offered for sale, sold, transferred,
assigned or further pledged for a period of 24 (twenty-four) months from the
Closing Date shall not apply to the sale of such Shares that are subject to such
pledge after a default in the obligation secured by such pledge so long as such
Shares are sold by the pledgee pursuant to Rule 144 under the Securities Act,
including Rule 144(d)(3)(iv), Rule 904 (together with Rule 905) or any other
available exemption from the registration requirements of the Securities
Act.  No sale, transfer, pledge or assignment of such CME Shares by
Kolomoisky to a Controlled Party shall be made without the prior written consent
of CME Ltd., such consent not to be unreasonably withheld, and unless such
Controlled Party agrees to be bound by the terms hereof.  The
provisions of Clause 10.1 and 10.2, together with the rights and obligations of
Kolomoisky under this Agreement and the Registration Rights Agreement, if
applicable, shall be binding upon any subsequent transferees of such CME Shares
not previously registered under the Securities Act or pledged or sold in
accordance with this Clause 10.1.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              10.2

            	
              Restrictive
      Legend

            

    

    

    Kolomoisky
acknowledges and agrees that, until such time as the CME Shares to be issued
hereunder, if applicable, shall have been registered under the Securities Act in
accordance with the terms of the Registration Rights Agreement or sold in
accordance with Clause 10.1, such CME Shares shall bear a restrictive legend in
substantially the following form:

    

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED.  THEY MAY NOT BE
OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR, IF
PERMITTED UNDER THE TERMS OF THE ASSIGNMENT AGREEMENT DATED AS OF JANUARY 31,
2008, PURSUANT TO AN EXEMPTION FROM REGISTRATION SPECIFIED IN AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. OR
OTHERWISE AS PERMITTED BY LAW.

    

    The
legend set forth above shall be removed and CME Ltd. shall issue a certificate
without such legend to the holder of any CME Share upon which it is stamped, if
such CME Share is registered for sale under an effective registration statement
filed under the Securities Act pursuant to the Registration Rights Agreement or
if such CME Shares are proposed to be sold pursuant to an exemption from
registration and CME Ltd. receives an opinion of counsel reasonably satisfactory
to it with respect to compliance with such exemption.  Kolomoisky
agrees to sell all CME Shares, including those represented by a certificate(s)
from which the legend has been removed, in compliance with applicable prospectus
delivery requirements, if any.

    

    
      	
              10.3

            	
              Reporting Status;
      Eligibility to Use Form S-3

            

    

    

    Certain
of the CME Shares are registered under Section 12(b) of the Exchange
Act.  So long as Kolomoisky beneficially owns any of the CME Shares to
be issued hereunder, if applicable, CME Ltd. shall file all reports required to
be filed with the SEC pursuant to the Exchange Act, and CME Ltd. shall not
terminate its status as an issuer required to file reports under the Exchange
Act even if the Exchange Act or the rules and regulations thereunder would
permit such termination.  CME Ltd. currently meets, and will take
commercially reasonable steps to continue to meet, the "registrant eligibility"
requirements set forth in the general instructions to Form S-3 applicable to
both "primary" and "resale" registrations on Form S-3 during the Registration
Period (as defined in the Registration Rights Agreement).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              10.4

            	
              Compliance with
      Anti-Money Laundering Regulations,
etc.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Kolomoisky
      acknowledges that, pursuant to anti-money laundering laws and regulations
      within the relevant jurisdictions, CME Ltd. may be required to collect
      further documentation verifying Kolomoisky's identity and the source of
      funds used to purchase the CME Shares before, and from time to time after,
      acceptance by CME Ltd. of this Agreement.  To comply with
      applicable anti-money laundering laws and regulations, all payments and
      contributions by Kolomoisky to CME Ltd. and all payments and distributions
      to Kolomoisky from CME Ltd. will only be made in Kolomoisky's name and to
      and from a bank account of a bank based or incorporated in or formed under
      the laws of the United States or a bank that is registered in Bermuda or
      that is regulated in and either based or incorporated in or formed under
      the laws of the United States or another "Approved Country" and that is
      not a "foreign shell bank" within the meaning of the U.S. Bank Secrecy Act
      (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated
      thereunder by the U.S. Department of the Treasury, as such regulations may
      be amended from time to time.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Kolomoisky
      also acknowledges that (i) CME Ltd. may
      be required to comply with all applicable anti-money laundering laws,
      including the U.K. Proceeds of Crime Act 2003, Terrorism Act 2000 and
      Money Laundering Regulations 2003 and (ii) CME Ltd.
      may be required to comply with the anti-money laundering rules of the SEC,
      the NASDAQ and/or the Prague Stock Exchange (the legislation and rules
      referred to in (i) and (ii) being collectively referred to as the "Anti-Money Laundering
      Laws").

            

    

    

    
      	
               
      

            	
              (c)

            	
              Kolomoisky
      agrees to provide CME Ltd. at any time while Kolomoisky or any of his
      Controlled Parties holds any of the CME Shares with such information as
      CME Ltd. determines to be necessary or appropriate to comply with the
      anti-money laundering laws, rules and regulations of any applicable
      jurisdiction (including the Anti-Money Laundering Laws), to respond to
      requests for information concerning the identity of CME Ltd.'s
      shareholders from any Governmental Authority, self-regulatory organization
      or financial institution in connection with its anti-money laundering
      compliance procedures, or to update such information.  In
      addition, neither Kolomoisky nor any of his Controlled Parties is a Person
      identified as a terrorist organization on any relevant lists maintained by
      an Governmental Authority.

            

    

    

    
      	
               
      

            	
              (d)

            	
              If
      at any time while Kolomoisky or any of his Controlled Parties holds any of
      the CME Shares, the representations and warranties set forth in Clause
      9.1(r) shall cease to be true, Kolomoisky shall promptly so notify CME
      Ltd. in writing.

            

    

    

    
      	
              11.

            	
              CONFIDENTIALITY

            

    

    

    
      	
              11.1

            	
              Obligation

            

    

    

    The
Parties acknowledge and agree that they (whether acting by themselves or through
their respective legal advisers, directors, officers, servants or agents or any
of them or through any company or howsoever) shall keep confidential and shall
not provide a copy of any Transaction Document or disclose, disseminate and/or
publicize, or cause or permit to be disclosed, disseminated and/or publicized,
any of the terms and conditions of any Transaction Document, and/or the
existence of any and all of the circumstances leading to this Agreement and/or
the Kolomoisky Claims, to any individual and/or entity not a Party to this
Agreement or the Transfer Agreements, except to the extent described
below:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              to
      the respective court or arbitral tribunal insofar as required to terminate
      or defend against any Kolomoisky Claims pursuant to this
      Agreement;

            

    

    

    
      	
               
      

            	
              (b)

            	
              in
      response to an order of a court of competent jurisdiction, or in response
      to an appropriate subpoena or discovery request issued in the course of
      litigation;

            

    

    

    
      	
               
      

            	
              (c)

            	
              in
      response to an inquiry or order issued by a Governmental Authority or
      supra-governmental agency of competent
  jurisdiction;

            

    

    

    
      	
               
      

            	
              (d)

            	
              to
      the extent necessary to report income to appropriate taxing authorities
      and/or to contest the imposition of any tax by appropriate taxing
      authorities;

            

    

    

    
      	
               
      

            	
              (e)

            	
              to
      such Parties' respective accountants and legal advisers and to any broker
      or insurer or relevant reinsurer or retrocessionaire in all cases (other
      than disclosure to legal advisers) as may be required by contract and/or
      by Law;

            

    

    

    
      	
               
      

            	
              (f)

            	
              in
      connection with any litigation or arbitration proceedings between the
      Parties relating to this Agreement or any other Transaction Document;
      and

            

    

    

    
      	
               
      

            	
              (g)

            	
              to
      the extent required or (on advice of counsel) appropriate in order to
      comply with applicable Law or stock exchange
  rules.

            

    

    

    In the
event disclosure is necessary pursuant to any of the Clauses above, the
disclosing Party shall (to the extent permitted by applicable law) apprise the
third party to whom such disclosure is made of the confidential nature of the
information and said disclosing Party shall use its reasonable and good faith
efforts to secure the confidentiality of the information provided to any third
party.

    

    
      	
              11.2

            	
              Public
      Domain

            

    

    

    The
requirements of Clause 11.1 shall not apply to any information or data to the
extent such information has already entered the public domain (provided always that
it has not entered the public domain by reason of the disclosing party's breach
of this Agreement).

    

    
      	
              12.

            	
              ASSIGNMENT

            

    

    

    Except as
expressly provided herein, none of the rights of the Parties under this
Agreement may be assigned or transferred without the prior written consent of
the other Parties.

    

    
      	
              13.

            	
              MISCELLANEOUS

            

    

    

    
      	
              13.1

            	
              Further
      Assurances

            

    

    

    The
Parties agree that, from and after the date hereof, each of them shall, and
shall cause their respective Controlled Parties (and, with respect to the
Kolomoisky Parties, the Other Optionholders) to, execute and deliver such
further instruments of conveyance and transfer and take such other action as may
be reasonably requested by any Party to carry out the purposes and intents
hereof.  In particular, Kolomoisky agrees that he shall not take, and
shall procure that none of his Controlled Parties or any Other Optionholder
takes, any action that would result in the imposition of any new injunction,
renewal of a previous injunction or similar court relief that would prohibit a
Successful Registration or the consummation of the Sale Transfers. The
provisions of this Clause 13.1 shall survive the Closing Date.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              13.2

            	
              Modification; Waiver;
      Severability

            

    

    

    Except as
specifically provided herein, this Agreement may be modified only by a written
instrument executed by the Parties.  If any provision of this
Agreement is held to be unenforceable for any reason, the Parties shall, acting
in good faith and using best endeavours, seek to agree adjustments to such
provision, so that such provision is not avoided and in order to achieve the
intent of the parties to this Agreement to the extent possible.  In
any event, the invalidity or unenforceability of any provision of this Agreement
in any jurisdiction shall not affect the validity or enforceability of this
Agreement, including that provision, in any other competent jurisdiction. If any
provision of this Agreement is or becomes invalid or unenforceable, in whole or
in part, this shall not affect the validity of the remaining provisions
hereof.

    

    
      	
              13.3

            	
              Third Party
      Rights

            

    

    

    The
Parties agree that the Releasees (as defined in the Release Agreements) not
already party hereto shall be third parties within the meaning of the Contracts
(Rights of Third Parties) Act 1999 (the "Act") and such third parties
shall have the right to enforce the relevant terms of this Agreement against the
Kolomoisky Parties in their own right, as such terms may be amended from time to
time.  Save to the extent set out in this Clause 13.3, nothing in this
Agreement confers or purports to confer any right under the Act or otherwise to
enforce any of its terms on any person who is not a party to it.

    

    
      	
              13.4

            	
              Entire
      Agreement

            

    

    

    This
Agreement, together with the Registration Rights Agreement and the documents
herein referred to, constitute the entire agreement among the Parties with
respect to the subject matter hereof, provided that this
Clause 13.4 shall in no event have the effect to exclude liability for
fraud.

    

    
      	
              13.5

            	
              Preparation

            

    

    

    Each
Party acknowledges and confirms that the preparation of this Agreement has been
a joint effort of all Parties and counsel for all Parties and that it shall not
be construed for or against any individual Party on the basis solely that this
Agreement or any part thereof was drafted by or on behalf of that
Party.

    

    
      	
              13.6

            	
              Specific
      Performance

            

    

    

    The
Parties acknowledge and agree that a breach by any Party of any of the terms of
this Agreement, and any breach by any Releasor of any Release Agreement, is
likely to result in irreparable and continuing damage to the other Parties for
which there may or will be no adequate remedy at law and/or for which damages
will not be an adequate remedy, and that in the event of such breach, any of the
Parties shall be entitled to apply for injunctive relief and/or a decree for
specific performance and such other and further relief as may be
appropriate.

    

    
      	
              13.7

            	
              Costs

            

    

    

    Each
Party shall bear its own costs, including lawyers' fees, in relation to this
Agreement and any other Transaction Document.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              13.8

            	
              Notices

            

    

    

    All
notices and other communications made in connection with this Agreement shall be
in writing.  Any notice or other communication in connection herewith
shall be deemed duly delivered and given to any Party 1 (one) Business Day after
it is sent by fax, confirmed by letter sent by a reputable express courier
service, in each case, to the regular mail addresses and fax numbers set forth
below or to such other regular mail address and/or fax number as may be
specified in writing to the other Parties:

    

    if to any
of the CME Parties:

    

    c/o CME
Development Corporation

    81
Aldwych

    London
WC2B 4HN

    United
Kingdom

    Attn:
General Counsel

    

    Tel.: +
44 207 430 5430

    Fax: + 44
207 430 5403

    

    if to any
of the Kolomoisky Parties:

    

    Igor
Kolomoisky

    42b
Naberezhnaya Pobedy Str.

    Dnepropetrovsk,
Ukraine

    

    Tel./Fax:
+ 380 562 390812

    

    Any Party
may give any notice or other communication in connection herewith using any
other means (including personal delivery, messenger service, facsimile, telex or
regular mail), but no such notice or other communication shall be deemed to have
been duly delivered and given unless and until it is actually received by the
individual for whom it is intended.

    

    
      	
              13.9

            	
              Counterparts

            

    

    

    This
Agreement may be executed in several counterparts, each of which shall be deemed
an original and all of which shall together constitute one and the same
agreement.

    

    
      	
              14.

            	
              GOVERNING
      LAW AND ARBITRATION

            

    

    

    
      	
              14.1

            	
              Governing
      Law

            

    

    

    This
Agreement is governed by and shall be construed in accordance with English
law.

    

    
      	
              14.2

            	
              Arbitration

            

    

    

    
      	
               
      

            	
              (a)

            	
              General.  Any
      dispute, controversy or claim arising out of or relating to this
      Agreement, including any question regarding its existence, validity,
      interpretation, performance or termination, shall be finally resolved by
      arbitration in accordance with the Rules of Arbitration of the then
      existing Rules of Arbitration of the International Chamber of Commerce
      (the "ICC Rules"),
      which are deemed to be incorporated by reference into this Clause 14.2,
      except to the extent modified by this Clause 14.2.  The tribunal
      shall consist of three arbitrators.  Subject to the provisions
      of Clause 14.2(c) the parties to any such arbitration shall each be
      entitled to nominate one arbitrator and the third arbitrator shall be
      appointed by the two party-nominated
  arbitrators.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              Seat and
      Language.  The seat of the arbitration shall be London,
      England or (in the event of consolidation pursuant to Clause 14.2(c)) any
      other seat of the arbitration of a Related Dispute.  The
      language of the arbitration shall be English except that any party to the
      arbitration may submit testimony or documentary evidence in Ukrainian,
      Russian or German and shall furnish a translation or interpretation of any
      such evidence into English.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Related
      Disputes.  If any dispute arising out of or relating to
      this Agreement (hereinafter referred to as a "Related Dispute") raises
      issues which are substantially the same as or connected with issues raised
      in another dispute which has already been referred to arbitration under
      this Agreement, the RF Participants Agreement or any Transfer Agreement
      (an "Existing
      Dispute"), the tribunal appointed or to be appointed in respect of
      any such Existing Disputes shall also be appointed as the tribunal in
      respect of any such Related Dispute, including pursuant to Article 4(6) of
      the ICC Rules.  Where, pursuant to the foregoing provisions, the
      same tribunal has been appointed in relation to two or more disputes, the
      tribunal may, with the agreement of all the parties concerned or upon the
      application of one of the parties, being a party to each of the disputes,
      order that the whole or part of the matters at issue shall be heard
      together upon such terms or conditions as the tribunal thinks
      fit.  The tribunal shall have power to make such directions and
      any interim or partial award as it considers just and
      desirable.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, this Agreement has been duly executed by the Parties and is
intended to be and is hereby delivered as a deed on the date first written
above.

    

    
      	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      IGOR KOLOMOISKY

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              /s/ Igor
      Kolomoisky

            	 
      
	 
      	 
      	 
      	 
      
	 
      	
              Witnessed by:

            	
               

            	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Occupation:

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      MANITA INVESTMENTS LIMITED

            
	 
      	 
      	 
      	 
      
	 
      	By:
      /s/ Christakis
      Konnaris	 
      
	 
      	      
      Name:
      Christakis Konnaris	 
      
	 
      	      
      Title:
      Director	 
      
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      GLOBAL MEDIA GROUP LTD.

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	By:
      /s/ Iryna
      Chumachenko	 
      
	 
      	      
      Name:
      Iryna Chumachenko	 
      
	 
      	      
      Title:
      Director	 
      
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      TORCENSTA HOLDING LTD

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	By:
      /s/ Andreas
      Sofocleous	 
      
	 
      	      
      Name:
      Andreas Sofocleous	 
      
	 
      	      
      Title:
      Director	 
      
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	By:
      /s/ Michael
      Garin	 
      
	 
      	      
      Name:
      Michael Garin	 
      
	 
      	      
      Title:
      Chief Executive Officer	 
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      CME MEDIA ENTERPRISES B.V.

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              By:

            	
              /s/ Gerben van den
      Berg

            
	 
      	 
      	
              Name:
      Pan-Invest B.V., represented by Gerben van den Berg

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              By:

            	
              /s/ Alphons van
      Spaendonck

            
	 
      	 
      	
              Name:
      Alphons van Spaendonck

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      CME UKRAINE HOLDING GMBH

            
	 	 
	 	 
	 
      	
              By:

            	
              /s/ Marina
      Williams

            
	 
      	 
      	
              Name:
      Marina Williams

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      CET 21 S.R.O.

            
	 	 
	 	 
	 
      	
              By:

            	
              /s/ Petr
      Dvorak

            
	 
      	 
      	
              Name:
      Petr Dvorak

            
	 
      	 
      	
              Title:
      Director (Jednatel)

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              By:

            	
              /s/ Milan
      Cimirot

            
	 
      	 
      	
              Name:
      Milan Cimirot

            
	 
      	 
      	
              Title:
      Director (Jednatel)

            
	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
              EXECUTED
      AND DELIVERED AS A DEED

            
	 
      	 
      	 
      	 
      
	 
      	
              by
      UKRAINIAN MEDIA SERVICES LLC

            
	 	 
	 	 
	 
      	
              By:

            	
              /s/ Olena
      Shcherbyna

            
	 
      	 
      	
              Name:
      Olena Shcherbyna

            
	 
      	 
      	
              Title:
      Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]