Document:

ex10_4.htm

    
      

    

    Exhibit
10.4

    

    22 July
2009

    

    ALSTROM
BUSINESS CORP

    

    MICHALAKIS
TSITSEKKOS

    

    IGOR
VALERYEVICH KOLOMOISKY

    

    IHOR
MYKHAILOVICH SURKIS

    

    CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

    

    CME
UKRAINE HOLDING B.V.

    

    CME
CYPRUS HOLDING LIMITED

    

    
      
        
          

        

    

    FIRST
AMENDED AND RESTATED 

    FRAMEWORK
AGREEMENT

     

    
      
        
 

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

    

    CONTENTS

    

    
      	 
      	
              Clause

            	
              Page

            
	 
      	 
      	 
      
	
              1.

            	
              Definitions
      and Interpretation

            	
              5

            
	
              2.

            	
              Contributions
      and Subscriptions

            	
              12

            
	
              3.

            	
              Closing

            	
              13

            
	
              4.

            	
              Warranties

            	
              17

            
	
              5.

            	
              Certain
      Covenants

            	
              19

            
	
              6.

            	
              Termination

            	
              24

            
	
              7.

            	
              Indemnities
      and Liabilities

            	
              24

            
	
              8.

            	
              Control
      Retention; No Interference; Certain Costs

            	
              27

            
	
              9.

            	
              Confidentiality

            	
              28

            
	
              10.

            	
              Assignment

            	
              29

            
	
              11.

            	
              Miscellaneous

            	
              29

            
	
              12.

            	
              Governing
      Law and Arbitration

            	
              32

            

    

     

    
      Schedules

      

      
        	
                Schedule
      1 – Form of Shareholders' Agreement

              
	
                Schedule
      2 – Warranties

              
	
                Schedule
      3 – Actions Pending Closing

              
	
                Schedule
      4 – CME Restructuring

              
	
                Schedule
      5 – TET Restructuring

              
	
                Schedule
      6 – Form of Alstrom Disclosure Letter

              
	
                Schedule
      7 – Alstrom Parties' Deliverables

              
	
                Schedule
      8 – CME Parties' Deliverables

              

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS FRAMEWORK AGREEMENT (this
"Agreement") is made
this 22nd day
of July, 2009 by and among:

    

    
      	
              1.

            	
              Alstrom Business Corp, a
      company organized and existing under the Laws of the British Virgin
      Islands with its registered address at Intershore Chambers, P.O.Box 4342,
      Road Town, Tortola, British Virgin Islands ("Alstrom");

            

    

    

    
      	
              2.

            	
              Michalakis Tsitsekkos, a
      citizen of Republic of Cyprus residing at Stadiou, 37A Aglantzia, P.C.
      2103, Nicosia, Cyprus, passport No. C355717, issued on 11 December 2001
      ("Alstrom
      Nominee");

            

    

    

    
      	
              3.

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

            

    

    

    
      	
              4.

            	
              Ihor Mykhailovich
      Surkis, a citizen of
      Ukraine, residing at 11, Dimitrova str. Flat 5, Kiev, Ukraine, passport
      No. EC342649, issued on 17 November 2005 ("Surkis", and together
      with Kolomoisky and Alstrom Nominee, the "Alstrom Owners", and
      together with Kolomoisky and Alstrom, the "Alstrom
      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 Ukraine Holding
      B.V., a besloten
      vennootschap met beperkte aansprakelijkheid organized under the laws of the
      Netherlands with its registered address at Dam 5B, JS1012 Amsterdam,
      the Netherlands ("Ukraine
      Holding"); and

            

    

    

    
      	
              7.

            	
              CME Cyprus Holding
      Limited, a wholly-owned subsidiary of CME Ltd. and a limited
      liability company organized and existing under the Laws of Cyprus,
      identification code No. 155308 , located at 199 Makarios III Avenue,
      Neocleous House, P.O. Box 50613, CY – 3608, Limassol, the Republic of
      Cyprus,  (the "Company", and together
      with CME Ltd. and Ukraine Holding, the "CME
      Parties"),

            

    

    

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

    

    WHEREAS:

    

    
      	
              (A)

            	
              Alstrom,
      Alstrom Nominee, Kolomoisky, Surkis, CME Ltd. and the Company (the "Original Parties")
      entered into the Framework Agreement, dated 2 July 2009 (the "Original Framework
      Agreement").

            

    

    

    
      	
              (B)

            	
              The
      Original Parties and Ukraine Holding now desire that (i) the Original
      Framework Agreement (including the schedules thereto) be amended and
      restated in its entirety by this Agreement and (ii) Ukraine
      Holding accede to this Agreement as if it had been a party to the Original
      Framework Agreement.

            

    

    

    
      	
              (C)

            	
              Kolomoisky
      and Surkis are, collectively, the sole Beneficial Owners (as defined
      below) of 100% of the issued share capital of Alstrom, and the Alstrom
      Nominee is the sole legal owner of 100% of the issued share capital of
      Alstrom.

            

    

    

    
      	
              (D)

            	
              Kolomoisky
      and Surkis are, collectively, the Beneficial Owners of (i) CJSC
      Telecompany "TET", a limited liability company organized and existing
      under the Laws of Ukraine, located at 44, Peremogy Аvе.,
      03057, Kyiv, Ukraine ("TET"), and (ii) "TET
      Production" LLC, a limited liability company organized and existing under
      the Laws of Ukraine, located at 44, Peremogy Аvе.,
      03057, Kyiv, Ukraine ("TET Production", and
      together with TET and each of their respective Subsidiaries, the "TET Group"), which TET
      Group conducts television business in
Ukraine.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              (E)

            	
              The
      Alstrom Owners have caused, or promptly after the date of this Agreement
      the Alstrom Owners will cause, 100% of the shares issued as securities of
      TET and 100% of the ownership interests of TET Production to be
      transferred to Bredgat Holdings Ltd, a private limited liability company
      organized and existing under the Laws of Cyprus ("Holding
      Company").  As a result of these transfers, the Alstrom
      Owners will be, collectively, the sole Beneficial Owners of the Holding
      Company.  Furthermore, prior to Closing (as defined below), the
      Alstrom Owners will cause the entire issued share capital of Holding
      Company to be contributed to Alstrom.  As a result of this
      transfer, the Alstrom Owners will be the sole Beneficial Owners of
      Alstrom.

            

    

    

    
      	
              (F)

            	
              CME
      Ltd. is the sole Beneficial Owner of the Company and is the indirect owner
      of the Studio 1+1 and Kino Group (as defined below) and has caused, or
      prior to Closing will cause, the Company to become the indirect owner of
      100% of the ownership interests of each of (i) Studio 1+1
      LLC, a limited liability company organized and existing under the Laws of
      Ukraine ("Studio
      1+1"), (ii) Gravis-Kino
      LLC, a limited liability company organized and existing under the Laws of
      Ukraine ("Gravis"), (iii) TOR LLC, a
      limited liability company organized and existing under the Laws of Ukraine
      ("TOR"), (iv) ZHYSA LLC,
      a limited liability company organized and existing under the Laws of
      Ukraine ("ZHYSA"),
      (v) TV
      Stimul ("Stimul"),
      a limited liability company organized and existing under the Laws of
      Ukraine, (vi)
      Ukrpromtorg-2003 LLC ("Ukrpromtorg"), a limited
      liability company organized and existing under the Laws of Ukraine, (vii) Ukrainian
      Media Services LLC, a limited liability company organized and existing
      under the Laws of Ukraine ("UMS"), (viii) 1+1
      Production LLC, a limited liability company organized and existing under
      the Laws of Ukraine ("1+1
      Production"), (ix) TV Media
      Planet Limited, a limited liability company organized and existing under
      the Laws of Cyprus ("TV
      Media Planet"), (x)
      International Media Services Ltd., a company limited by shares organized
      and existing under the Laws of Bermuda ("IMS"), (xi) Innova Film
      GmbH, a limited liability company organized and existing under the Laws of
      Germany ("Innova
      Film"), (xii) Grintwood
      Investments Limited, a limited liability company organized and existing
      under the Laws of Cyprus ("Grintwood"), and (xiii) Grizard
      Investments Limited, a limited liability company organized and existing
      under the Laws of Cyprus ("Grizard", together with
      Ukraine Holding, Studio 1+1, Gravis, TOR, ZHYSA, Stimul, Ukrpromtorg, UMS,
      1+1 Production, TV Media Planet, IMS, Innova Film and Grintwood, the
      "Studio 1+1 and Kino
      Group"), which companies conduct television, broadcasting, media
      production and advertising business in
Ukraine.

            

    

    

    
      	
              (G)

            	
              Pursuant
      to the terms of this Agreement and the other Transaction Documents (as
      defined below), the Parties desire that the Company own and indirectly
      operate the TET Group and the Studio 1+1 and Kino
  Group.

            

    

    

    
      	
              (H)

            	
              Subject
      to the terms of this Agreement, Alstrom will (i) make an
      equity contribution to the Company in the amount of US$100,000,000 in cash
      in exchange for the allotment of share capital of the Company, after which
      allotment Alstrom will hold 49% (4,804 Shares) and CME Ltd. will hold 51%
      (5,000 Shares) of the issued share capital of the Company (the "Alstrom Cash
      Contribution"), and (ii) transfer
      100% of the issued share capital of Holding Company to Ukraine Holding in
      consideration of a payment of EUR 1,000 (the "Holding Company
      Transfer").

            

    

    

    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:

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
              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:

    

    "1+1 Production" has the
meaning set forth in the Recitals;

    

    "Affiliate" means, with respect
to a specified Person, any Person that directly or indirectly Controls, is
Controlled by or is under common Control with the specified Person. For the
purposes of this Agreement, Kolomoisky is an Affiliate of Alstrom;

    

    "Affiliate Transaction" has the
meaning set forth in Section 16.2 of Part C of Schedule 2;

    

    "Agreement" has the meaning set
forth in the preamble;

    

    "Alstrom" has the meaning set
forth in the preamble;

    

    "Alstrom Cash Contribution" has
the meaning set forth in the Recitals;

    

    "Alstrom Disclosure Letter"
means Alstrom's disclosure letter (if any) in the form set forth in Schedule 6
to be delivered to and agreed and accepted (but only if agreed and accepted) by
the CME Parties in accordance with Clauses 5.3(b) and 5.3(c);

    

    "Alstrom Indemnitee" has the meaning
set forth in Clause 7.1;

    

    "Alstrom Nominee" has the
meaning set forth in the preamble;

    

    "Alstrom Owners" has the
meaning set forth in the preamble;

    

    "Alstrom Owner Warranty" means
each representation and warranty given by each Alstrom Owner pursuant to Clause
4.1 hereof in relation to each statement applicable to it contained in Part A of
Schedule 2, and "Alstrom Owner
Warranties" means all of those representations and
warranties;

    

    "Alstrom Parties" has the
meaning set forth in the preamble;

    

    "Alstrom Parties' Deliverables"
means those Closing deliverables set out in Schedule 7;

    

    "Alstrom Warranty" means each
representation and warranty given by Alstrom pursuant to Clause 4.1 and 4.2
hereof in relation to each statement applicable to it contained in Part A of
Schedule 2 and each statement contained in Section 1 of Part B of Schedule 2,
and "Alstrom Warranties"
means all of those representations and warranties;

    

    "Anti-Money Laundering Laws"
has the meaning set forth in Section 1.8 of Part B of Schedule 2;

    

    "Applicable Laws" has the
meaning set forth in Section 1.5 of Part B of Schedule 2;

    

    "Articles" means the articles
of association of the Company as amended from time to time in accordance with
this Agreement and any other Transaction Documents;

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    "Assets" means any of the
assets (real and personal, tangible and intangible, including all Intellectual
Property) that are used or held for use in connection with the business of any
TET Group Entity or any Studio 1+1 and Kino Group Entity or the Company, as
applicable;

    

    "Audited Financial Statements"
has the meaning set forth in Section 8.1 of Part C of Schedule 2;

    

    "Balance Sheet Date" has the
meaning set forth in Section 8.1 of Part C of Schedule 2;

    

    "Beneficial Owner" means, in
respect of any Person, the Person(s) with ultimate effective Control over the
first Person;

    

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

    

    "Closing" has the meaning set
forth in Clause 3.1;

    

    "Closing Date" has the meaning set
forth in Clause 3.3;

    

    "Closing Date Documents" means
the Shareholders' Agreement, the Cyprus Contribution Agreement and any other
Transaction Documents that Alstrom, CME Ltd. and the Company may agree are to be
exchanged at Closing;

    

    "Closing Memorandum" has the meaning
set forth in Clause 3.2(a)(i);

    

    "CME Disclosure Letter" means
the disclosure letter of CME Ltd. and the Company (if any) in the form set forth
in Schedule 6 (with appropriate changes to reflect the senders and addressee),
which may be delivered to and agreed and accepted (but only if agreed and
accepted) by Alstrom in accordance with Clause 5.3(d);

    

    "CME Indemnitee" has the meaning
set forth in Clause 7.2;

    

    "CME Ltd." has the meaning set
forth in the preamble;

    

    "CME Parties" has the meaning
set forth in the preamble;

    

    "CME Parties' Deliverables"
means those Closing deliverables set out in Schedule 8;

    

    "CME Restructuring" means the
transfer of 100% of the direct or indirect ownership interests of Studio 1+1 and
Kino Group to the Company, as fully set out in Schedule 4 hereto, and the
occurrence of Successful Registration of Gravis, TOR, Ukrpromtorg, UMS and
ZHYSA;

    

    "CME Warranty" means each
representation and warranty given by CME Ltd. pursuant to Clause 4.1 hereof in
relation to each statement applicable to it contained in Part A of Schedule 2
and pursuant to Clause 4.3 in relation to each statement contained in Section 2
of Part B of Schedule 2, and "CME Warranties" means all of
those representations and warranties;

    

    "Company" has the meaning set
forth in the preamble;

    

    "Company Warranty" means each
representation and warranty given by the Company pursuant to Clause 4.1 hereof
in relation to each statement applicable to it contained in Part A of Schedule
2, and "Company
Warranties" means all of those representations and
warranties;

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    "Constitutional Documents"
means, in respect of any legal Person, the charter, memorandum and articles of
association and/or other organizational documents of such Person, as
applicable;

    

    "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;

    

    "Current Budget" has the
meaning set forth in Section 4 of Part A of Schedule 3;

    

    "Cyprus Contribution Agreement"
means the agreement to be entered into by Alstrom and the Company on the Closing
Date, in the form as is customary and as may be reasonably agreed by such
Parties prior to Closing;

    

    "Due Diligence Completion Date"
has the meaning set forth in Clause 5.3(b);

    

    "Exchange Act" means the U.S.
Securities Exchange Act of 1934, as amended;

    

    "Existing Dispute" has the
meaning set forth in Clause 12.2(c);

    

    "Financial Statements" has the
meaning set forth in Section 8.1 of Part C of Schedule 2;

    

    "FSMA" means the Financial
Services and Markets Act 2000;

    

    "Fundamental Studio 1+1 and Kino Group
Warranty" means each representation and warranty given by CME Ltd. and
the Company pursuant to Clause 4.5 hereof in relation to each statement
contained in Section 1, 2, 3 and 9 of Part D of Schedule 2, and "Fundamental Studio 1+1 and Kino Group
Warranties" means all those representations and warranties;

    

    "Fundamental TET Group Warranty" means each
representation and warranty given by Alstrom pursuant to Clause 4.4 hereof in
relation to each statement contained in Section 1, 2, 3 and 19 of Part C of
Schedule 2, and "Fundamental TET Group Warranties" means
all of those representations and warranties;

    

    "Fundamental Warranties" means
any of the CME Warranties, Company Warranties, Ukraine Holding Warranties,
Alstrom Warranties, Alstrom Owner Warranties, the Fundamental Studio 1+1 and
Kino Group Warranties or the Fundamental TET Group Warranties;

    

    "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;

    

    "Gravis" has the meaning set
forth in the Recitals;

    

    "Grintwood" has the meaning set
forth in the Recitals;

    

    "Grizard" has the meaning set
forth in the Recitals;

    

    "Holding Company" has the
meaning set forth in the Recitals;

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    "Holding Company Purchase
Agreement" means the agreement for the sale and purchase of all of the
shares of Holding Company to be entered into by Alstrom and Ukraine Holding on
the Closing Date, in the form as is customary and as may be reasonably agreed by
such Parties prior to Closing;

    

    "Holding Company Transfer" has
the meaning set forth in the Recitals;

    

    "IMS" has the meaning set forth
in the Recitals;

    

    "Indemnified Party" has the
meaning set forth in Clause 7.3(a);

    

    "Indemnifying Party" has the
meaning set forth in Clause 7.3(a);

    

    "Indemnitee" has the meaning
set forth in Clause 7.2;

    

    "Indemnity Claim" has the
meaning set forth in Clause 7.3(a);

    

    "Indenture Compliance Opinion"
has the meaning set forth in Clause 3.1(b)(iv);

    

    "Innova Film" has the meaning
set forth in the Recitals;

    

    "Inquiring Party" has the
meaning set forth in Clause 5.1(f);

    

    "Intellectual Property" means
all trademarks, service marks, trade names, trade dress, including all goodwill
associated with the foregoing, domain names, copyrights, software, Internet
sites, mask works and other semiconductor chip rights, and similar rights, and
registrations and applications to register or renew the registration of any of
the foregoing, patents and patent applications, trade secrets and all
similar intellectual property rights;

    

    "Kolomoisky" has the meaning
set forth in the preamble;

    

    "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;

    

    "LCIA Rules" has the meaning set
forth in Clause 12.2(a);

    

    "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;

    

    "Litigation" means any action,
cease and desist letter, demand, suit, arbitration proceeding, administrative or
regulatory proceeding, citation, summons or subpoena of any nature, civil,
criminal, regulatory or otherwise, in law or in equity;

    

    "Losses" has the meaning set
forth in Clause 7.1;

    

    "Management Accounts" means the
quarterly unaudited financial statements of TET and TET Production, consisting
of combined profit and loss accounts and combined cash flows for the monthly
period prior to the Management Accounts Date prepared in US Dollars on the basis
of statutory accounts held according to Ukrainian Accounting Standards with
further adjustments based on generally accepted accounting principles in the
United States;

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    "Management Accounts Date"
means the last date of the relevant quarter for which the Management Accounts
reviewed by CME Ltd. as part of its due diligence have been
prepared;

    

    "Material Adverse Effect" means
a material adverse effect on or material adverse change to the business, results
of operations, condition (financial or otherwise), prospects, Assets or
liabilities of the TET Group or Studio 1+1 and Kino Group or the Company (as
applicable) taken as a whole;

    

    "Material Contract" has the
meaning set forth in Section 10.3 of Part C of Schedule 2;

    

    "Minter" means Minter TV
Productions Limited, a limited liability company organized and existing under
the Laws of Cyprus, identification code No. 155516, located at Zinas Kanther
& Origenous, P.C. 3035, Limassol, Cyprus;

    

    "Minter Assignments" has the
meaning set forth in Clause 5.1(c)(i);

    

    "Minter Contracts" means all of
the licensing agreements and any other contracts of the TET Group business
entered into or in force prior to the Closing Date between Minter and any third
party in respect of programming or other assets used or able to be used by any
TET Group Entity;

    

    "Original Framework Agreement"
has the meaning set forth in the Recitals;

    

    "Original Parties" has the
meaning set forth in the Recitals;

    

    "Owned Intellectual Property"
has the meaning set forth in Section 14.1 of Part C of Schedule 2;

    

    "Party" has the meaning set
forth in the preamble;

    

    "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;

    

    "Proposed Business Plan" has
the meaning set forth in Clause 5.4;

    

    "RED Permits" has the meaning
set forth in Clause 5.6(a)(iii);

    

    "Registered Revised Charter"
means the registered charter of (i) TET, (ii) TET Production,
(iii) Gravis,
(iv) TOR,
(v) ZHYSA,
(vi)
Ukrpromtorg and (vii) UMS,
respectively, in each case bearing the seal of the relevant Governmental
Authority and signed by the appropriate registrar and reflecting the new direct
owner of such entity contemplated in the TET Restructuring or the CME
Restructuring, as applicable;

    

    "Reissued Licenses" means each
broadcasting license currently held by each of (i) TET, (ii) the Subsidiaries
of TET, (iii)
Gravis, (iv)
TOR and (v)
ZHYSA, in each case issued by the relevant Governmental Authority, reflecting
the ownership of such Person as set out in the relevant Registered Revised
Charter;

    

    "Related Dispute" has the
meaning set forth in Clause 12.2(c);

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    "Responding Party" has the
meaning set forth in Clause 5.1(f);

    

    "SEC Filed Ukrainian
Information" has the meaning set forth in Section 7 of Part D of Schedule
2;

    

    "Securities Act" means the U.S.
Securities Act of 1933, as amended;

    

    "Shareholders' Agreement" means
the agreement to be entered into by the Alstrom Owners, Alstrom, CME Ltd. and
the Company on the Closing Date, substantially in the form of Schedule 1
hereof;

    

    "Shares" means the issued
ordinary shares of nominal value of 1 (one) EURO each in the capital of the
Company issued by the Company from time to time; "Share" means any and each of
the Shares;

    

    "Stimul" has the meaning set
forth in the Recitals;

    

    "Studio 1+1" has the meaning
set forth in the Recitals;

    

    "Studio 1+1 and Kino Group" has
the meaning set forth in the Recitals;

    

    "Studio 1+1 and Kino Group
Entities" means the members of the Studio 1+1 and Kino Group and their
Subsidiaries;

    

    "Studio 1+1 and Kino Group
Warranty" means each representation and warranty given by CME Ltd. and
the Company pursuant to Clause 4.5 hereof in relation to each statement
contained in Part D of Schedule 2, and "Studio 1+1 and Kino Group
Warranties" means all those representations and warranties;

    

    "Subscription Shares" has the
meaning set forth in Clause 2.2(a);

    

    "Subsidiary" means with respect
to any Person, at the time in question, any other Person who, directly or
indirectly through one or more intermediaries, is Controlled by such first
Person;

    

    "Successful Registration" means, (i) in respect of each
of the legal entities organized in Ukraine and involved in the TET Restructuring
and the CME Restructuring, the receipt of the Registered Revised Charter of such
Person and (ii)
with respect to TET, the Subsidiaries of TET, Gravis, ZHYSA and TOR, the receipt
by such Person of the respective Reissued Licenses;

    

    "Surkis" has the meaning set
forth in the preamble;

    

    "Tax" means any federal,
national, state, local or foreign income, alternative, minimum, accumulated
earnings, personal holding company, franchise, capital stock, profits, windfall
profits, gross receipts, sales, use, value added, transfer, registration, stamp,
premium, excise, customs duties, severance, environmental, real property,
personal property, ad valorem, occupancy, license, occupation, employment,
payroll, social security, disability, unemployment, workers' compensation,
withholding, estimated or other similar tax, duty, fee, assessment or other
governmental charge or deficiencies thereof (including all interest and
penalties thereon and additions thereto);

    

    "Tax Returns" means any
federal, national, state, local or foreign tax return, declaration, statement,
report, schedule, form or information return or any amendment to any of the
foregoing relating to Taxes;

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    "TET" has the meaning set forth
in the Recitals;

    

    "TET Group" has the meaning set
forth in the Recitals;

    

    "TET Group Entities" means Holding
Company, the members of the TET Group and all of their respective
Subsidiaries;

    

    "TET Group Licenses" means any
license, permit or approval required to conduct the business of the TET Group as
it is currently carried out, including the Reissued Licenses as these relate to
TET Group Entities;

    

    "TET Group Warranty" means each
representation and warranty given by Alstrom pursuant to Clause 4.4 hereof in
relation to each statement contained in Part C of Schedule 2, and "TET Group Warranties" means
all of those representations and warranties;

    

    "TET Group Tax Warranty" means each
representation and warranty given by Alstrom pursuant to Clause 4.4 hereof in
relation to each statement contained in Section 17 of Part C of Schedule 2, and
"TET Group Tax
Warranties" means all of those representations and
warranties;

    

    "TET Production" has the
meaning set forth in the Recitals;

    

    "TET Restructuring" means the
completion of the steps set out in the Recitals in respect of the transfer of
100% of the ownership interests of TET and TET Production to Alstrom, as fully
set out in Schedule 5 hereto, and the occurrence of Successful Registration of
TET and TET Production;

    

    "Third Party Claim" has the
meaning set forth in Clause 7.3(b);

    

    "TOR" has the meaning set forth
in the Recitals;

    

    "Transaction Documents" means
this Agreement, the Shareholders' Agreement, the Constitutional Documents, and
any other document or agreement (e.g., the Cyprus Contribution
Agreement and the Holding Company Purchase Agreement), and any amendment to the
foregoing, which the Parties execute to implement the transactions contemplated
thereby and designate as such;

    

    "Transfer" means, in respect of
any Person, to sell, transfer, pledge, loan, encumber, create a usufruct or
other interest for the benefit of any third party in, or otherwise dispose of
any share, or of any interest in or option over any shares, of such
Person;

    

    "TV Media Planet" has the
meaning set forth in the Recitals;

    

    "Ukrainian GAAP" has the
meaning set forth in Section 8.1 of Part C of Schedule 2;

    

    "Ukraine Holding" has the
meaning set forth in the preamble;

    

    "Ukraine Holding Warranty"
means each representation and warranty given by Ukraine Holding pursuant to
Clause 4.1 hereof in relation to each statement applicable to it contained in
Part A of Schedule 2, and "Ukraine Holding Warranties"
means all of those representations and warranties;

    

    "Ukrpromtorg" has the meaning
set forth in the Recitals;

    

    "UMS" has the meaning set forth
in the Recitals;

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    "Unaudited Financial
Statements" has the meaning set forth in Section 8.1 of Part C of
Schedule 2;

    

    "Warranty" means any of the CME
Warranties, Company Warranties, Ukraine Holding Warranties, Alstrom Warranties,
Alstrom Owner Warranties, Studio 1+1 and Kino Group Warranties or TET Group
Warranties; and

    

    "ZHYSA" has the meaning set
forth in the Recitals.

    

    
      	
              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)

            	
              a
      reference to "EURO" or "EUR" means the lawful currency of the European
      Union;

            

    

    

    
      	
               
      

            	
              (f)

            	
              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;

            

    

    

    
      	
               
      

            	
              (g)

            	
              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;

            

    

    

    
      	
               
      

            	
              (h)

            	
              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;

            

    

    

    
      	
               
      

            	
              (i)

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

            

    

    

    
      	
               
      

            	
              (j)

            	
              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;

            

    

    

    
      	
               
      

            	
              (k)

            	
              references
      to "shares" shall be deemed to include any type of ownership interest
      applicable to a Person under the Laws of the jurisdiction of incorporation
      of such Person; and

            

    

    

    
      	
               
      

            	
              (l)

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

            

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    
      
        	
                2. 

              	
                CONTRIBUTIONS
      AND SUBSCRIPTIONS

              

      

    

    

    2.1           Contributions.  Subject
to satisfaction of all of the conditions set forth in Clause 3.1, on the Closing
Date, Alstrom hereby agrees:

    

    
      	
               
      

            	
              (a)

            	
              to
      transfer, convey, assign and deliver to Ukraine Holding 100% of the issued
      share capital of Holding Company in consideration of the payment by
      Ukraine Holding to Alstrom of cash consideration of EUR 1,000 pursuant to
      the terms of the Holding Company Purchase Agreement;
  and

            

    

    

    
      	
               
      

            	
              (b)

            	
              in
      exchange for the receipt of the Subscription Shares pursuant to Clause
      2.2(a), to make payment in accordance with Clause 3.2(a)(ii) of the
      Alstrom Cash Contribution to the Company, and the Company agrees to accept
      the Alstrom Cash Contribution.

            

    

    

    2.2           Subscriptions for the
Shares.

    

    
      	
               
      

            	
              (a)

            	
              Subject
      to satisfaction of the relevant conditions set forth in Clause 3.1, in
      consideration for the Alstrom Cash Contribution, the Company shall allot
      to Alstrom, and Alstrom shall subscribe for, 4,804 Shares (the "Subscription Shares"),
      the capital allocation of which represents 49% of the entire issued share
      capital of the Company upon Closing (on a post-subscription
      basis).  Each Subscription Share so issued shall have a nominal
      value of one (1) EURO and the remainder of the per-Subscription Share
      purchase price shall be treated as share
  premium.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Subscription Shares to be issued pursuant to Clause 2.2(a) shall rank
      pari passu in all
      respects with all other issued Shares.  Each Subscription Share
      shall entitle the holder thereof to exercise one (1) vote on the matters
      referred to the shareholders of the Company.  No other Shares or
      securities shall be issued by the Company at
  Closing.

            

    

    

    
      	
               
      

            	
              (c)

            	
              CME
      Ltd. hereby waives and agrees to procure the waiver of any and all
      pre-emption rights it may have in relation to any of the Subscription
      Shares, whether under the Constitutional Documents of the Company or
      otherwise.

            

    

    

    2.3           Allotment, Issue and
Transfer.  The Subscription Shares shall be allotted and issued
fully paid at Closing free from all Liens and with all the rights attaching to
them pursuant to this Agreement, any other Transaction Document and the
Articles.

    

    2.4           Share
Certificates.  Share certificates issued to Alstrom for the
Subscription Shares (as well as share certificates for other Shares to be issued
in the future (as the case may be)) shall be issued under the seal of the
Company and signatures of a director and the secretary of the
Company.

    

    
      	
              3.

            	
              CLOSING

            

    

    

    3.1           Conditions
Precedent.

    

    Completion
of the contributions and subscriptions contemplated by Clause 2 (the "Closing") 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:

    

    
      	
               
      

            	
              (a)

            	
              General
      conditions precedent to the performance by the Parties of their respective
      obligations on the Closing Date:

            

    

    

    
      	
               
      

            	
              (i)

            	
              each
      of the CME Restructuring and the TET Restructuring shall have been
      completed;

            

    

    
      

      
        	
                 
      

              	
                (ii)

              	
                [Intentionally
  omitted];

              

      

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (iii)

            	
              the
      Parties shall have made all required antimonopoly or merger control
      notifications required by the transactions contemplated hereby to occur at
      Closing and shall have received all required antimonopoly or merger
      control approvals or consents so required, in each case in form and
      substance reasonably satisfactory to the Parties, and no such
      notifications, consents and approvals shall have been
    revoked;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              all
      of the broadcasting licenses of the TET Group Entities and the Studio 1+1
      and Kino Group Entities shall have become effective and remain in full
      force and effect and shall not have been challenged or
      revoked;

            

    

    

    
      	
               
      

            	
              (v)

            	
              no
      Litigation shall have been filed and be pending, no Governmental Authority
      shall have notified any Party of its intention to commence, or recommend
      the commencement of, Litigation and no Law shall have been enacted,
      entered, enforced, promulgated or issued with respect to or deemed
      applicable, which in any case seeks or purports to challenge, prohibit,
      materially interfere with, materially limit, delay, restrain, impose
      damages or other material obligations in connection with or materially
      increase the cost of the consummation of the transactions contemplated by
      this Agreement and the other Transaction Documents, including the
      acquisition, ownership, control, operation, voting or disposition by the
      Company of the TET Group and/or the Studio 1+1 and Kino Group or the
      on-going business of the TET Group and/or the Studio 1+1 and Kino Group or
      the other Assets or operations of the TET Group Entities and/or the Studio
      1+1 and Kino Group Entities; and

            

    

    

    
      	
               
      

            	
              (vi)

            	
              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 Company, Ukraine Holding and CME Ltd.
      of their respective obligations on the Closing
  Date:

            

    

    

    
      	
               
      

            	
              (i)

            	
              there
      shall have been no breach of any Alstrom Warranty, Alstrom Owner Warranty
      or Fundamental TET Group Warranty and no material breach of any other TET
      Group Warranty, in each case at and as of the date when first given and at
      and as of the Closing Date with the same effect as though made at and as
      of the Closing Date, it being understood that, for purposes of determining
      the accuracy of any such Warranty, all monetary thresholds and other
      materiality qualifications set forth in such Warranty shall be
      disregarded.  Each of the Alstrom Owners and Alstrom shall have
      in all material respects duly performed and complied with all agreements,
      covenants and conditions required by this Agreement to be performed or
      complied with by it at or prior to Closing.  Alstrom shall have
      delivered to each of CME Ltd. and the Company a certificate, dated the
      Closing Date and signed by a duly authorized officer to the effect set
      forth above in this
Clause 3.1(b)(i);

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Alstrom
      and the TET Group Entities shall have received all consents,
      authorizations or approvals or delivered all notices required by the
      Constitutional Documents of the relevant Person, any Governmental
      Authority in any relevant jurisdiction or under any of Alstrom Parties’
      Material Contracts in respect of the contribution of the TET Group
      Entities to the Company and/or the continued operation of the business of
      the TET Group by the Company after the Closing Date, excluding
      antimonopoly or merger control notifications, consents and approvals,
      which are instead addressed by Clause 3.1(a)(iii), in each case in form
      and substance reasonably satisfactory to CME Ltd., and no such consents,
      authorizations, approvals or notices shall have been
    revoked;

            

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (iii)

            	
              the
      TET Restructuring shall have been completed and Holding Company shall hold
      all of the right, title and interest in and to 100% of the ownership
      interests of each of TET and TET
Production;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              CME
      Ltd. shall have received an opinion satisfactory to CME Ltd. from an
      independent third-party international investment bank that the
      transactions contemplated by this Agreement comply with the terms of CME
      Ltd.'s senior indebtedness (the "Indenture Compliance
      Opinion");

            

    

    

    
      	
               
      

            	
              (v)

            	
              CME
      Ltd. and the Company shall have (i) been
      satisfied with the results of the legal, financial, operational and other
      due diligence of the TET Group Entities, the proposed Alstrom Disclosure
      Letter and the transactions contemplated hereby, including the TET
      Restructuring and confirmation of the ability for the TET Group Entities
      to substantively and in a timely manner comply with (x) the
      financial reporting requirements applicable to CME Ltd. and (y) the CME Ltd.
      business practices referred to in clause 5 of the Shareholders' Agreement
      and (ii)
      confirmed such satisfaction in writing to
  Alstrom;

            

    

    

    
      	
               
      

            	
              (vi)

            	
              Alstrom
      shall have procured on a best efforts basis that, in respect of each
      Minter Contract, one of the following shall have
  occurred:

            

    

    

    
      	
               
      

            	
              (1)

            	
              all
      documents necessary to effect a Minter Assignment, on terms and in forms
      satisfactory to CME Ltd. (acting reasonably), shall have been executed by
      each of Minter and Holding Company;
or

            

    

    

    
      	
               
      

            	
              (2)

            	
              in
      place of such Minter Contract, a new agreement (on the same material terms
      as the relevant Minter Contract) shall have been entered into between
      Holding Company and the relevant third party;
or

            

    

    

    
      	
               
      

            	
              (3)

            	
              Minter
      and Holding Company shall have entered into a sublicense agreement on
      terms and in a form satisfactory to CME Ltd. (acting reasonably) in
      respect of such Minter Contract;

            

    

    

    
      	
               
      

            	
              (vii)

            	
              each
      of the Alstrom Owners and Alstrom shall have executed all of the Closing
      Date Documents and Alstrom Parties' Deliverables to which it is a party
      and such Closing Date Documents shall be ready for exchange at
      Closing;

            

    

    

    
      	
               
      

            	
              (viii)

            	
              no
      event, occurrence, fact, condition, change, development or effect shall
      exist or have occurred or come to exist or been threatened in respect of
      any TET Group Entity since the date of this Agreement that, individually
      or in the aggregate, has resulted in, or would reasonably be expected to
      result in, in the reasonable judgment of CME Ltd., a Material Adverse
      Effect;

            

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (ix)

            	
              Alstrom
      shall have ensured that the shareholders of TET-Production have made their
      outstanding contributions to the registered capital of TET-Production in
      full prior to the TET Restructuring;
 

            

    

    

    
      	
               
      

            	
              (x)

            	
              each of Investproekt
      LLC, Shonest Investments Limited and Suniflon Holding Limited (TET
      shareholders) shall have issued notarized statements confirming the waiver
      of their pre-emption rights to acquire TET shares purchased by
      (i)
      Mr. Surkis under the Shares Purchase Agreement as of 07.08.2007 No. д42/07
      and (ii)
      Ms. Kovalyk under the Purchase Agreement as of 03.09.2007 No. д50/07 as
      well as any claims in respect of such acquisitions, in form and substance
      reasonably satisfactory to CME Ltd.;
      and

            

    

    

    
      	
               
      

            	
              (xi)

            	
              CME
      Ltd. shall have received a written confirmation satisfactory to CME Ltd.
      from Glavred-Media LLC and its participants that the transaction
      contemplated by this Agreement and the other Transaction Documents does
      not violate the agreement of shareholders of Glavred-Media LLC dated 18
      February 2009.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Conditions
      precedent to the performance by Alstrom of its obligations on the Closing
      Date:

            

    

    

    
      	
               
      

            	
              (i)

            	
              there
      shall have been no breach of any CME Warranty, Ukraine Holding Warranty,
      Company Warranty or Fundamental Studio 1+1 and Kino Group Warranty and no
      material breach of any other Studio 1+1 and Kino Group Warranty, in each
      case at and as of the date when first given and at and as of the Closing
      Date with the same effect as though made at and as of the Closing Date, it
      being understood that, for purposes of determining the accuracy of any
      such Warranty, all monetary thresholds and other materiality
      qualifications set forth in such Warranty shall be
      disregarded.  Each of CME Ltd., Ukraine Holding and the Company
      shall have in all material respects duly performed and complied with all
      agreements, covenants and conditions required by this Agreement to be
      performed or complied with by it at or prior to Closing.  Each
      of CME Ltd., Ukraine Holding and the Company shall have delivered to
      Alstrom a certificate, dated the Closing Date and signed by a duly
      authorized officer to the effect set forth above in this
      Clause 3.1(c)(i);

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      CME Restructuring shall have been completed and the Company shall hold all
      of the right, title and interest in and to 100% of the direct and indirect
      ownership interests of each of the companies in the Studio 1+1 and Kino
      Group;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              each
      of CME Ltd., Ukraine Holding and the Company shall have executed all of
      the Closing Date Documents and CME Parties' Deliverables to which it is a
      party and such Closing Date Documents shall be ready for exchange at the
      Closing; and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              no
      event, occurrence, fact, condition, change, development or effect shall
      exist or have occurred or come to exist or been threatened in respect of
      any of the Company or any Studio 1+1 and Kino Group Entity since the date
      of this Agreement that, individually or in the aggregate, has resulted in,
      or would reasonably be expected to result in, in the reasonable judgment
      of Alstrom, a Material Adverse
Effect.

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    
      	
              3.2

            	
              Closing
      Date.

            

    

    

    
      	
               
      

            	
              (a)

            	
              On
      the Closing Date, the following actions shall take
  place:

            

    

    

    
      	
               
      

            	
              (i)

            	
              each
      of Alstrom, CME Ltd., Ukraine Holding and the Company shall execute a
      letter agreement (the "Closing Memorandum")
      confirming that:

            

    

    

    
      	
               
      

            	
              (1)

            	
              all
      of the conditions precedent applicable to it set forth in Clause 3.1 are
      satisfied or waived; and

            

    

    

    
      	
               
      

            	
              (2)

            	
              it
      is satisfied with the Alstrom Parties' Deliverables or CME Parties'
      Deliverables (as the case may be) delivered to
  it;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              immediately
      following (i) the
      Holding Company Transfer pursuant to the Holding Company Purchase
      Agreement and (ii) confirmation
      from the bank referred to in Clause 5.1(d) that an irrevocable payment
      instruction for a wire transfer in immediately available funds was
      received in respect of the Alstrom Cash Contribution and will be honored,
      the Subscription Shares shall be issued to Alstrom in accordance with
      Clause 2.2 of this Agreement and in accordance with the Cyprus
      Contribution Agreement;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      Alstrom Parties shall deliver to the CME Parties the Alstrom Parties'
      Deliverables; and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              the
      CME Parties shall deliver to the Alstrom Parties the CME Parties'
      Deliverables.

            

    

    

    
      	
               
      

            	
              (b)

            	
              If
      for any reason Closing does not take place as contemplated by this Clause
      3, the Parties shall cooperate to reverse such of the steps required for
      Closing as have been undertaken or taken place so as to put the Parties as
      closely as possible in the positions they were in prior to any steps
      having been undertaken or taken place pursuant to this Clause
      3.

            

    

    

    
      	
              3.3

            	
              Anticipated Closing
      Date and Long-Stop Date.

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      Parties intend that Closing shall take place at 1:00 p.m. (London time) at
      the offices of the Company’s counsel in Limassol, Cyprus on 17 August
      2009, or at such other time and place as Alstrom, the Company and CME Ltd.
      may agree in writing (the "Closing
      Date").  Each of the Parties shall use its reasonable
      best efforts to ensure that all of the conditions set out in Clause 3.1
      are satisfied by 17 August 2009.  The Closing shall not take
      place between 4 September 2009 and 30 September
  2009.

            

    

    

    
      	
               
      

            	
              (b)

            	
              In
      the event that any of the conditions set out in Clause 3.1 have not been
      fulfilled by 15 January 2010, any Party shall be entitled to terminate
      this Agreement by written notice to the other Parties, provided that such
      non fulfilment of any condition was not the direct result of any breach by
      the Party seeking to terminate or any of its
  Affiliates.

            

    

    

    
      
        	
                4.

              	
                WARRANTIES

              

      

    

    

    
      	
              4.1

            	
              General
      Warranties.

            

    

    

    Each of
the Parties represents and warrants to the other Parties that each statement
applicable to it contained in Part A of Schedule 2 is true and accurate in every
respect and not misleading as at the date of this Agreement and on the Closing
Date.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    
      	
              4.2

            	
              Alstrom
      Warranties.

            

    

    

    Without
limitation to the foregoing Clause 4.1, Alstrom represents and warrants to the
other Parties that each statement contained in Section 1 of Part B of Schedule 2
is true and accurate in every respect and not misleading as at the date of this
Agreement and on the Closing Date.

    

    
      	
              4.3

            	
              CME
      Warranties.

            

    

    

    Without
limitation to Clause 4.1, CME Ltd. represents and warrants to Alstrom that each
statement contained in Section 2 of Part B of Schedule 2 is true and accurate in
every respect and not misleading as at the date of this Agreement and on the
Closing Date.

    

    
      	
              4.4

            	
              TET Group
      Warranties.

            

    

    

    Alstrom
warrants to CME Ltd. that, save to the extent fairly disclosed in the
corresponding Section of the Alstrom Disclosure Letter with sufficient detail so
as to enable a reasonable buyer to understand the facts, matters or information
being disclosed and to make an accurate assessment of the impact on the TET
Group Entities of the matter being disclosed, each statement contained in Part C
of Schedule 2 shall be true and accurate in every respect and not misleading on
the Due Diligence Completion Date and on the Closing Date, with the exception of
Sections 2, 3 and 5 of Part C of Schedule 2, which shall be true and accurate in
every respect and not misleading on the Closing Date only.

    

    
      	
              4.5

            	
              Studio 1+1 and Kino
      Group Warranties.

            

    

    

    The
Company and CME Ltd., jointly and severally, warrant to Alstrom that, save to
the extent fairly disclosed in the corresponding Section of the CME Disclosure
Letter with sufficient detail so as to enable a reasonable buyer to understand
the facts, matters or information being disclosed and to make an accurate
assessment of the impact on the Studio 1+1 and Kino Group Entities of the matter
being disclosed, each statement contained in Part D of Schedule 2 shall be true
and accurate in every respect and not misleading on the Due Diligence Completion
Date and on the Closing Date, with the exception of Sections 2, 3 and 5 of Part
D of Schedule 2, which shall be true and accurate in every respect and not
misleading on the Closing Date only.

    

    
      	
              4.6

            	
              Independent
      Warranties.

            

    

    

    Each
Warranty shall be construed independently and (except where this Agreement
provides otherwise) is not limited by a provision of this Agreement or another
Warranty.  Each of the Parties acknowledges that the other Parties are
entering into this Agreement in reliance on each Warranty.

    

    
      	
              4.7

            	
              Knowledge.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Where
      any Warranty is qualified by the expression "so far as Alstrom is aware"
      or "to the knowledge of Alstrom" or any similar expression, that statement
      or reference shall mean so far as is within the actual knowledge of any of
      the general directors, finance directors and chief legal officers of each
      TET Group Entity, in each case having made all reasonable
      enquiries.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Where
      any Warranty is qualified by the expression "so far as CME Ltd. or the
      Company is aware" or "to the knowledge of CME Ltd. or the Company" or any
      similar expression, that statement or reference shall mean so far as is
      within the actual knowledge of any of Adrian Sarbu, Oliver Meisler, Mr.
      Tkachenko and the general directors, finance directors and chief legal
      officers of any Studio 1+1 and Kino Group Entity, in each case having made
      all reasonable enquiries.  For the avoidance of doubt, any
      knowledge of CME Ltd. or the Company with respect to omitted spousal
      consents or waivers or with respect to omitted shareholder consents for
      share capital reductions shall in no way limit or otherwise affect the
      Warranties provided by Alstrom
hereunder.

            

    

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              Neither
      CME Ltd. nor the Company shall be liable in respect of any claim for
      breach of Warranty where or to the extent that Kolomoisky had knowledge
      (actual, constructive or imputed) of the facts, matters or circumstances
      giving rise to such Warranty claim.

            

    

    

    
      
        	
                5.

              	
                CERTAIN
      COVENANTS

              

      

    

    

    
      	
              5.1

            	
              Pre-Closing
      Conduct.

            

    

    

    
      	
               
      

            	
              (a)

            	
              From
      the date of this Agreement (or, if different, from the date the relevant
      Warranty is given hereunder) until Closing, the Alstrom Owners and Alstrom
      agree to:

            

    

    

    
      	
               
      

            	
              (i)

            	
              except
      to the extent necessary to implement the TET Restructuring, comply with
      and ensure that each TET Group Entity complies with Part A of Schedule 3
      and ensure that no action is taken by Alstrom or any TET Group Entity the
      effect of which would, to the knowledge of Alstrom or the TET Group, cause
      a TET Group Warranty, Alstrom Warranty or Alstrom Owner Warranty to be
      untrue, inaccurate or misleading in any material respect if given in
      respect of the facts or circumstances as at
  Closing;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              notify
      and ensure that each TET Group Entity notifies CME Ltd. promptly if it
      becomes aware of a fact or circumstance which constitutes or which would
      or would reasonably be expected to constitute a breach of any TET Group
      Warranty, Alstrom Warranty or Alstrom Owner Warranty or Clause 5.1(a)(i),
      or which would or might reasonably be expected to cause a TET Group
      Warranty, Alstrom Warranty or Alstrom Owner Warranty to be untrue,
      inaccurate or misleading in any material respect in relation to the facts
      or circumstances as at Closing; and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              without
      limitation to the generality of Clause 3.1(b) and any remedies available
      to CME Ltd. or the Company as a result of violation of any Warranty, take
      any and all action necessary in order to cure violation of any TET Group
      Warranty, Alstrom Warranty or Alstrom Owner Warranty so as to ensure that
      by the Closing Date all TET Group Warranties are true and correct in all
      material respects. Alstrom shall take all actions reasonably necessary in
      order to rectify any material problems and violations that may have a
      detrimental effect on the TET Restructuring, the TET Group Entities, the
      Reissued Licenses for TET and the Subsidiaries of TET or any other
      licenses and permits issued to TET Group
  Entities.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Prior
      to Closing, Alstrom shall use their reasonable efforts (but shall not be
      obligated) to acquire all outstanding equity interests in the TET Group
      not currently owned by the TET Group.  For the avoidance of
      doubt, the approval of the Company and CME Ltd. shall be required for any
      such acquisition.  Furthermore, prior to Closing, Alstrom shall
      not (and shall ensure that none of its Affiliates shall) (i) dispose of
      any ownership interest, direct or indirect, in the TET Group, except as
      contemplated pursuant to the TET Restructuring or (ii) engage in
      any transaction with a TET Group Entity, other than any transaction
      exclusively among TET Group Entities, without the prior written consent of
      CME Ltd.

            

    

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              Prior
      to Closing, Alstrom shall:

            

    

    

    
      	
               
      

            	
              (i)

            	
              use
      their best efforts to procure, in respect of each Minter Contract that
      (x) such
      Minter Contract is promptly assigned to Holding Company pursuant to an
      assignment agreement in customary form, in each case on the same terms as
      such existing Minter Contract (the "Minter Assignments") or
      (y) in
      place of such Minter Contract, a new agreement is entered into between
      Holding Company and the relevant third party, on the same material terms
      as such existing Minter Contract;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              use
      their best efforts to procure that all third party consents required in
      respect of the Minter Assignments are promptly
  obtained;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              procure
      that each agreement between Minter and a TET Group Entity in respect of
      third party programming and any payable owing to Minter from any TET Group
      Entity in connection with any Minter Assignment effected or any Minter
      Contract for which a new agreement has been entered into pursuant to
      Clause 5.1(c)(i) prior to Closing shall be either (x) assigned to
      Holding Company or (y) waived or
      terminated without liability to any TET Group Entity;
  and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              in
      respect of any Minter Contracts which will not be effectively assigned to
      Holding Company or substituted prior to the Closing Date (as contemplated
      by Clause 5.1(c)(i), procure that Minter and Holding Company enter into
      sublicense agreements, in each case on terms and in a form satisfactory to
      CME Ltd. (acting reasonably).

            

    

    

    
      	
               
      

            	
              (d)

            	
              Prior
      to Closing, Alstrom shall open a bank account at the same branch of ING
      Bank where the Company has an account (or at such other bank as may be
      agreed between Alstrom and CME Ltd. in writing) for the purpose of
      transferring the Alstrom Cash Contribution at Closing. CME Ltd. shall use
      reasonable efforts to provide assistance to Alstrom in opening such
      account.

            

    

    

    
      	
               
      

            	
              (e)

            	
              From
      the date of this Agreement (or, if different, from the date the relevant
      Warranty is given hereunder) until Closing, the Company, Ukraine Holding
      and CME Ltd. agree to:

            

    

    

    
      	
               
      

            	
              (i)

            	
              except
      to the extent necessary to implement the CME Restructuring, comply with
      and ensure that each Studio 1+1 and Kino Group Entity and the Company
      complies with Part B of Schedule 3 and ensure that no action is taken by
      the Company, CME Ltd., Ukraine Holding or any of the Studio 1+1 and Kino
      Group Entities the effect of which would, to the knowledge of the Company
      or CME Ltd., cause a Studio 1+1 or Kino Group Warranty, CME Warranty,
      Ukraine Holding Warranty or Company Warranty to be untrue, inaccurate or
      misleading in any material respect if given in respect of the facts or
      circumstances at Closing;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              notify
      and ensure that each Studio 1+1 and Kino Group company notifies Alstrom
      promptly if it becomes aware of a fact or circumstance which constitutes
      or which would or would reasonably be expected to cause any Studio 1+1 and
      Kino Group Warranty, CME Warranty, Ukraine Holding Warranty or Company
      Warranty to be untrue, inaccurate or misleading in any material respect if
      given in respect of the facts or circumstances at Closing or a breach of
      Clause 5.1(e)(i); and

            

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (iii)

            	
              without
      limitation to the generality of Clause 3.1(c) and any remedies available
      to Alstrom or the Alstrom Owners as a result of violation of any Warranty,
      take any and all action necessary in order to cure violation of any Studio
      1+1 and Kino Group Warranty, CME Warranty, Ukraine Holding Warranty or
      Company Warranty so as to ensure that by the Closing Date all Studio 1+1
      and Kino Group Warranties are true and correct in all material respects.
      Each of the Company or CME Ltd. shall take all actions reasonably
      necessary in order to rectify any material problems and violations that
      may have a detrimental effect on the CME Restructuring, the Studio 1+1 and
      Kino Group Entities, the Reissued Licenses for Gravis, TOR or ZHYSA or any
      other licenses and permits issued to the Studio 1+1 and Kino Group
      companies.

            

    

    

    
      	
               
      

            	
              (f)

            	
              If,
      in the period prior to Closing, any Party (acting reasonably) considers
      that there may have been a breach of any Warranty (an "Inquiring Party") by any
      other Party (the "Responding Party"), the
      Inquiring Party may by written notice given to the Responding Party prior
      to Closing require the Responding Party to provide to such Inquiring
      Party, and/or procure the provision to such Inquiring Party of all
      information as such Inquiring Party may reasonably require in order to
      ascertain whether such a breach has occurred. The Responding Party shall
      as soon as reasonably practicable provide or procure the provision of all
      such information.

            

    

    

    
      	
              5.2

            	
              Satisfaction of
      Conditions.

            

    

    

    From the
date of this Agreement until Closing, each Party shall use its reasonable best
efforts to take or cause to be taken all actions, and to do or cause to be done
all other things necessary, proper or advisable in order for such Party to
fulfill and perform its obligations in respect of this Agreement (including its
obligations pursuant to this Clause 5) and the other Transaction Documents to
which it is a party, to cause the conditions to its obligations set forth in
Clause 3.1 to be fulfilled and otherwise to consummate and make effective the
transactions contemplated hereby and thereby.

    

    
      	
              5.3

            	
              Access to Information;
      Finalization of Due Diligence and Disclosure
    Letters.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Alstrom
      shall (i)
      give, and shall cause the TET Group Entities to give, CME Ltd., its
      counsel, financial advisors, auditors and other authorized representatives
      full access to the properties, books and records of any TET Group Entity
      and to the books and records of Alstrom relating to any TET Group Entity,
      (ii)
      furnish, and shall cause the TET Group Entities to furnish, to CME Ltd.,
      its counsel, financial advisors, auditors and other authorized
      representatives such financial data and other information relating to any
      TET Group Entity as such Persons may reasonably request and (iii) instruct
      the employees, counsel and financial advisors of Alstrom or the TET Group
      Entities to cooperate with CME Ltd. in its investigation of the TET Group
      Entities, provided that the foregoing (x) shall be
      conducted in such manner as not to interfere unreasonably with the conduct
      of the business of Alstrom or the TET Group Entities and (y) shall not
      operate as a waiver or otherwise affect any representation, warranty or
      agreement given or made by Alstrom in this
  Agreement.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Alstrom
      shall provide a full and complete draft of the Alstrom Disclosure Letter
      and the Financial Statements and Management Accounts (in the case of the
      Financial Statements and Management Accounts, only to the extent not
      previously provided) to CME Ltd. and the Company no later than 3 August
      2009.  Provided that CME Ltd. and the Company are provided such
      full and timely access and that Alstrom provides such draft in a timely
      manner, CME Ltd. and the Company shall use all reasonable efforts to
      finalize its own due diligence of the TET Group Entities no later than 3
      August 2009.  The Parties acknowledge that CME Ltd. and the
      Company shall be entitled to accept or reject the draft Alstrom Disclosure
      Letter and that the draft Alstrom Disclosure Letter may raise issues that
      CME Ltd. or the Company believes should be addressed by way of amendment
      of this Agreement or the other Transaction Documents.  On the
      date that CME Ltd., the Company and Alstrom agree the Alstrom Disclosure
      Letter (such date, the "Due Diligence Completion
      Date"), such Parties shall execute the Alstrom Disclosure Letter
      and confirm satisfaction of the condition set forth in Clause 3.1(b)(v)
      (other than in respect of those matters not then due to have been
      completed and subject at all times to Clause 5.3(c) below).  For
      the avoidance of doubt but without limiting any rights in respect of prior
      breach or Warranty or covenant, the Parties shall not be required to
      consummate the transactions to be consummated at Closing unless such draft
      disclosure letter is agreed.

            

    

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              Notwithstanding
      any previously agreed Alstrom Disclosure Letter, Alstrom may, at any time
      prior to the date that is five (5) Business Days prior to the anticipated
      Closing, propose to CME Ltd. and the Company a supplemental disclosure
      letter for the purpose of disclosing those matters that (i) have
      occurred since the date of this Agreement (or Due Diligence Completion
      Date, as applicable), (ii) were not
      known by Alstrom as of such date and (iii) would,
      without such disclosure, result in the failure of the condition set forth
      in Clause 3.1(b)(i) being fulfilled.  In such event, the Parties
      shall repeat the procedures described in Clause 5.3(b) as if the initial
      Alstrom Disclosure Letter had not been agreed.  For the
      avoidance of doubt but without limiting any rights in respect of prior
      breach or Warranty or covenant, the Parties shall not be required to
      consummate the transactions to be consummated at Closing unless such draft
      supplemental disclosure letter is
agreed.

            

    

    

    
      	
               
      

            	
              (d)

            	
              CME
      Ltd. and the Company may, at any time prior to the date that is five (5)
      Business Days prior to the anticipated Closing, deliver to Alstrom a draft
      disclosure letter for the purpose of disclosing those matters that (i) have
      occurred since the date of this Agreement (or Due Diligence Completion
      Date, as applicable), (ii) were not
      known by CME Ltd. or the Company as of such date and (iii) would, without
      such disclosure, result in the failure of the condition set forth in
      Clause 3.1(c)(i) being fulfilled.  The Parties acknowledge that
      Alstrom shall be entitled to accept or reject the draft CME Disclosure
      Letter and that the draft CME Disclosure Letter may raise issues that
      Alstrom believes should be addressed by way of amendment of this Agreement
      or the other Transaction Documents.  For the avoidance of doubt
      but without limiting any rights in respect of prior breach or Warranty or
      covenant, if a draft CME Disclosure Letter is proposed, the Parties shall
      not be required to consummate the transactions to be consummated at
      Closing unless such draft CME Disclosure Letter is
  agreed.

            

    

    

    5.4           Combined Business
Plan.

    

    The
Company shall use its reasonable efforts to provide prior to Closing a draft of
the post-Closing business plan (the "Proposed Business Plan") for
the Company.

    

    5.5           Use of
Proceeds.

    

    The
Alstrom Cash Contribution shall be used to finance the activities of Studio 1+1,
Gravis and the TET Group substantially in accordance with the Proposed Business
Plan (subject to such amendments as may be approved by the Company pursuant to
the Shareholders' Agreement and the Constitutional Documents of the
Company).

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    5.6           Certain Post Closing
Covenants.

    

    
      	
               
      

            	
              (a)

            	
              Each
      of the Parties shall use all reasonable efforts to procure
      that:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      net assets value of each of TET, TET-Production, Alex TV, S-TET,
      TET-Poltava and TET-Kherson as soon as possible, or in any case not later
      than as a result of the 2009 financial year, is above the aggregate amount
      of registered capitals each of TET, TET-Production, Alex TV, S-TET,
      TET-Poltava and TET-Kherson respectively within deadlines reasonably
      satisfactory to CME Ltd.;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              each
      Ukrainian TET Group Entity and its respective shareholders shall execute
      amendments to the effective wording of its Constitutional Documents to
      bring it into full conformity with Ukrainian Law, and such amendments to
      the Constitutional Documents of each TET Group Entity shall be registered
      by the competent Governmental Authority under applicable Laws;
      and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      TET Group shall obtain permits to host radio-electronic devices used by
      TET for TET signal transmission ("RED Permits") in respect
      of all radio-electronic devices hosted by TET Group without such RED
      Permits within a deadline reasonably satisfactory to CME
    Ltd.

            

    

    

    
      	
               
      

            	
              (b)

            	
              As
      soon as practicable following the Closing Date, the Parties shall procure
      that extraordinary general meetings (or the equivalent) of the Company and
      each relevant Subsidiary shall be duly convened and held at which the
      Persons nominated by CME Ltd. and Alstrom in accordance with this
      Agreement and/or as contemplated in the Shareholders' Agreement (insofar
      as they have not been appointed) shall be appointed as members of the
      Company Board (as defined in the Shareholders' Agreement) and each Opco
      Supervisory Board (as defined in the Shareholders' Agreement) in
      accordance with the Shareholders' Agreement and the Constitutional
      Documents of each such
Subsidiary.

            

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              Following
      the Closing Date, Alstrom shall:

            

    

    

    
      	
               
      

            	
              (i)

            	
              use
      best efforts to procure that (x) any Minter
      Assignments not effected prior to the Closing Date are effected as soon as
      practicable after the Closing Date; and (y) all third
      party consents required in respect of any Minter Assignments not obtained
      prior to the Closing Date are promptly obtained, and pending the
      effectiveness of such Minter Assignments, shall procure that any benefit
      accruing to Minter under a Minter Contract shall be held in trust by
      Minter for the benefit of Holding Company;
and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              procure
      that the Company and CME Ltd. are provided reasonable access to any
      Material Contracts (including, for the avoidance of doubt, any programming
      agreements and any other contracts assigned by Minter pursuant to Clause
      3.1(b)(vi)) and such other books, documents, records and other information
      then held or controlled by any Alstrom Party or Minter necessary for the
      operation of the TET Group
Entities.

            

    

    

    
      
        	
                6.

              	
                TERMINATION

              

      

    

    

    
      	
              6.1

            	
              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 3.3(b).

            

    

    

    
      	
              6.2

            	
              Survival.

            

    

    

    Any
termination or expiry of this Agreement shall be without prejudice to any rights
accruing prior to such termination.  Clauses 1, 7, 8, 9, 10, 11 and 12
shall survive termination of this Agreement.

    

    
      
        	
                7.

              	
                INDEMNITIES
      AND LIABILITIES

              

      

    

    

    
      	
              7.1

            	
              CME Ltd. and
      Company Indemnity.

            

    

    

    Each of
CME Ltd. and the Company, jointly and severally, agrees that, from and after
the date of this
Agreement, it shall defend, indemnify and hold harmless Alstrom and the Alstrom
Owners, their respective Affiliates, and their and their respective Affiliates'
representatives, officers, directors, shareholders and Controlling Persons (the
"Alstrom Indemnitees")
from and against, and pay or reimburse the Alstrom Indemnitees for, any bona
fide claims (by any Person that is not an Affiliate of Alstrom or any Alstrom
Owner), 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, whether or not involving a third party claim
(collectively, "Losses")
whatsoever resulting from (a) any inaccuracy in
or breach of any representation or warranty when made or deemed made by CME Ltd.
or the Company in or pursuant to this Agreement or (b) any breach or
default in performance by CME Ltd. or (prior to Closing) the Company of any of
their covenants or agreements set forth in this Agreement or the Cyprus
Contribution Agreement.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    7.2           Alstrom Indemnity.

    

    Alstrom
agrees that, from and after the date of this Agreement, it shall defend,
indemnify and hold harmless CME Ltd. and the Company, their respective
Affiliates, and their and their respective Affiliates' representatives,
officers, directors, shareholders and Controlling Persons (the "CME Indemnitees", and together
with the Alstrom Indemnitees, each, an "Indemnitee") from and against,
and pay or reimburse the CME Indemnitees for, any Losses (for these purposes a
bona fide claim means a claim by any Person that is not an Affiliate of any of
the CME Parties) whatsoever resulting from (a) any inaccuracy in
or breach of any representation or warranty when made or deemed made by Alstrom
or any Alstrom Owner in or pursuant to this Agreement or (b) any breach or
default in performance by Alstrom or any Alstrom Owner of any of their covenants
or agreements set forth in this Agreement or the Cyprus Contribution
Agreement.

    

    7.3           Indemnification
Procedure.

    

    
      	
               
      

            	
              (a)

            	
              A
      claim (which shall include any claim in respect of a breach of any
      Warranty) hereunder (an "Indemnity Claim") shall
      be asserted by written notice from the Party asserting such Indemnity
      Claim (the "Indemnified
      Party") to the Party from whom indemnification is sought (the
      "Indemnifying
      Party").  Such notice shall include information regarding
      the nature and basis for the Indemnity Claim and an estimate of the amount
      of Losses demanded (including, to the extent practicable, a calculation of
      the alleged Losses).

            

    

    

    
      	
               
      

            	
              (b)

            	
              If
      the Indemnity Claim relates to any claim by a third party (a "Third Party Claim"), the
      Indemnified Party shall state in the notice to the Indemnifying Party the
      nature and basis of the Third Party Claim and the amount thereof, to the
      extent known or estimable.  The Indemnifying Party shall be
      entitled at its own expense to assume the defense of the Third Party
      Claim, using legal advisers reasonably approved by the Indemnified
      Party.  The Indemnified Party shall provide the Indemnifying
      Party and its advisers with such information and assistance as the
      Indemnifying Party shall reasonably request at the cost of the
      Indemnifying Party.  If the Indemnifying Party does not promptly
      assume the defense of such Third Party Claim following notice thereof, the
      Indemnified Party shall be entitled to assume and control such
      defense.  The Indemnifying Party shall not, without the prior
      written consent of the Indemnified Party (which shall not be unreasonably
      withheld), consent to a settlement, compromise or discharge of, or the
      entry of any judgment arising from, any Third Party Claim, unless such
      settlement, compromise or discharge does not involve any finding or
      admission of any violation of Law or admission of any wrongdoing by the
      Indemnified Party and the Indemnifying Party shall (i) pay or cause
      to be paid all amounts arising out of such settlement or judgment
      concurrently with the effectiveness of such settlement, (ii) not
      encumber any of the assets of any Indemnified Party or agree to any
      restriction or condition that would apply to or adversely affect any
      Indemnified Party and (iii) obtain, as
      a condition of any settlement or other resolution, a complete and
      unconditional release of each Indemnified Party from any and all liability
      in respect of such Third Party
Claim.

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      obligation of an Indemnifying Party shall not extend to any liability
      arising from the settlement or compromise of any action or claims brought
      against the Indemnified Party, or the admission by the Indemnified Party
      of any claim or the taking by the Indemnified Party of any action (unless
      required by Law or applicable process), which might reasonably be expected
      to prejudice the successful defense of the action or claim without, in any
      such case, the prior written consent of the Indemnifying
      Party.

            

    

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    
      	
              7.4

            	
              Obligation to
      Mitigate.

            

    

    

    Each of
Parties agrees that each Indemnified Party shall take all commercially
reasonable steps to mitigate any Losses upon and after becoming aware of any
event or condition that would reasonably be expected to give rise to any
indemnification rights hereunder in order for any other Indemnifying Party to
have a corresponding obligation to indemnify for such Losses pursuant to Clause
7.1 or 7.2.

    

    
      	
              7.5

            	
              Time
      Limits.

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      TET Group Warranties (other than the Fundamental TET Group Warranties and
      the TET Group Tax Warranties) and the Studio 1+1 and Kino Group Warranties
      (other than the Fundamental Studio 1+1 and Kino Group Warranties) shall
      survive the Closing until the third anniversary of the Closing
      Date.  The TET Group Tax Warranties and Fundamental TET Group
      Warranties shall survive until 60 days following the expiration of the
      relevant statute of limitations.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Any
      Indemnity Claim notified under this Clause 7 is principal and continuing
      and accordingly shall remain in full force and effect regardless of the
      legality, validity or enforceability of any other provisions of this
      Agreement and notwithstanding the winding-up, liquidation or dissolution
      of any of Alstrom or any of its Affiliates holding Shares or other
      incapacity or limitation of Alstrom or any of its Affiliates holding
      Shares or any change in the status, control or ownership
      thereof.

            

    

    

    
      	
              7.6

            	
              Financial
      Limits.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Except
      in the case of fraud, the maximum aggregate liability of the CME Parties,
      on the one hand, and the Alstrom Parties, on the other hand, for any and
      all Indemnity Claims or other claims arising in respect of this Agreement
      and made prior to Closing shall not exceed US$500,000.  For the
      avoidance of doubt, this limitation shall be inapplicable for all such
      claims if the Closing occurs.

            

    

    

    
      	
               
      

            	
              (b)

            	
              A
      Party shall be liable in respect of an Indemnity Claim made after Closing
      in respect of a Warranty only if the amount payable (but for this Clause
      7.6(b)) in respect of such Indemnity
Claim:

            

    

    

    
      	
               
      

            	
              (i)

            	
              exceeds
      US$500,000; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              when
      taken with every other Indemnity Claim for which the liability of the
      relevant Party or its Affiliates individually exceeds the relevant
      threshold for such Indemnity Claim in Clause 7.6(b)(i) and 7.6(c)(i), and
      all Indemnity Claims also exceed in aggregate US$4,000,000, in which case
      the Party shall be liable for the whole amount of all such Indemnity
      Claims and not only for the excess,

            

    

    

    provided that the
foregoing limitations shall not apply (1) in respect of any
Indemnity Claim related to any TET Group Tax Warranty or any Fundamental
Warranty or (2)
in respect of any Indemnity Claim made prior to Closing.

    

    
      	
               
      

            	
              (c)

            	
              A
      Party shall be liable in respect of an Indemnity Claim made after Closing
      in respect of any TET Group Tax Warranty or any Fundamental Warranty only
      if the amount payable (but for this Clause 7.6(c)) in respect of such
      Indemnity Claim:

            

    

    

    
      	
               
      

            	
              (i)

            	
              exceeds
      US$100,000; and

            

    

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (ii)

            	
              when
      taken with every other Indemnity Claim in respect of any TET Group Tax
      Warranty or any Fundamental Warranty for which the liability of the
      relevant Party or its Affiliates individually exceeds US$100,000, also
      exceeds in aggregate US$2,000,000, in which case the Party shall be liable
      for the whole amount of all such Indemnity Claims and not only for the
      excess,

            

    

    

    provided that any
amount(s) payable in respect of any Indemnity Claim made pursuant to this Clause
7.6(c) shall be included in the aggregate total for the purposes of Clause
7.6(b)(ii), and provided further that
none of the foregoing limitations shall apply in respect of any Indemnity Claim
made prior to Closing.

    

    
      	
               
      

            	
              (d)

            	
              Notwithstanding
      the preceding provisions in this Clause 7.6, Alstrom shall be liable in
      respect of any Indemnity Claim made after Closing in respect of the
      Warranty set out in Clause 4.2 of Part C of Schedule 2 only if the amount
      payable (but for this Clause 7.6(d)) in respect of such Indemnity Claim
      exceeds US$1,000,000, provided that
      any amount payable in respect of any Indemnity Claim made pursuant to this
      Clause 7.6(d) shall be included in the aggregate total for the purposes of
      Clause 7.6(b)(ii).

            

    

    

    
      	
               
      

            	
              (e)

            	
              For
      the purpose of Clauses 7.6(b) and 7.6(c) above two or more Indemnity
      Claims arising from the same set of facts, matters or circumstances or a
      series of related facts, matters or circumstances shall be treated as a
      single Indemnity Claim.

            

    

    

    
      	
               
      

            	
              (f)

            	
              Except
      for Indemnity Claims in respect of TET Tax Group Warranties and
      Fundamental Warranties and except in the case of fraud, the maximum
      aggregate liability of any Party for any and all Indemnity Claims shall
      not exceed US$50,000,000.

            

    

    

    
      	
               
      

            	
              (g)

            	
              The
      maximum aggregate liability of any Party for any and all Indemnity Claims
      arising out of or in connection with any breach of Warranty shall not
      exceed US$100,000,000, except in the case of fraud, in which case no
      limits shall apply.

            

    

    

    
      	
               
      

            	
              (h)

            	
              For
      purposes of the calculation of Losses pursuant to this Clause 7, any
      materiality or similar qualification (including any monetary threshold)
      referred to in the relevant Warranty which is the subject of an Indemnity
      Claim shall be ignored.

            

    

    

    
      
        	
                8.

              	
                CONTROL
      RETENTION; NO INTERFERENCE; CERTAIN
COSTS

              

      

    

    

    8.1           Control
Retention.

    

    Each of
Kolomoisky and Surkis hereby covenants and undertakes, for so long as Alstrom
holds (or is required to hold) Shares, not to Transfer its interest in the trust
held by the Alstrom Nominee or otherwise Transfer its Beneficial Ownership of
shares or other securities of Alstrom without the prior written consent of CME
Ltd., provided
that (i) Surkis
may Transfer his shares of Alstrom to Kolomoisky and (ii) Kolomoisky may
Transfer his shares of Alstrom to one of his Affiliates, his successors or Mr.
Gennadiy Bogolyubov in a transaction or series of related transactions if and,
only if, (x) as
a result thereof, Kolomoisky or his successor continues to be the Beneficial
Owner of more than 50% of the outstanding share capital of Alstrom and he
continues to Control Alstrom and (y) any such
transferee agrees to be bound hereunder as a Alstrom Owner with the same
obligations as Kolomoisky.  The Alstrom Nominee hereby covenants and
undertakes, for so long as Alstrom holds (or is required to hold) Shares, not to
Transfer the legal ownership of any shares or other securities of Alstrom
without the prior written consent of CME Ltd. other than to (A) a substitute
nominee which has entered into a substantially similar trust arrangement with
Kolomoisky and Surkis as the existing arrangement between Kolomoisky, Surkis and
Alstrom Nominee or (B) an entity that is
100% legally and Beneficially Owned by Kolomoisky, which ownership Kolomoisky
has undertaken, for the benefit of CME Ltd., Ukraine Holding and the Company,
not to Transfer.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    8.2           Alstrom SPV
Undertakings.

    

    Alstrom
shall not incur any obligations of any nature, nor otherwise engage in any
business activity, other than as strictly required to perform its obligations
hereunder and under the other Transaction Documents other than (i) loans from the
shareholders of Alstrom (x) that are on
substantially the same conditions as a Shareholder Loan (as defined in the
Shareholders Agreement) made to the Company and (y) the proceeds of
which are immediately onlent to the Company as a Shareholder Loan and (ii) obligations of up
to US$1,000,000 incurred in the ordinary course of business and necessary to
maintain the corporate status of Alstrom in the jurisdiction of its
incorporation.

    

    8.3           No
Interference.

    

    Each of
the Alstrom Owners undertakes to refrain from voting its shares of Alstrom,
directing Alstrom board members appointed by such Alstrom Owners or otherwise
taking any affirmative action, in each case to direct Alstrom to breach its
obligations under this Agreement.  For the avoidance of doubt, an
omission by the Alstrom Owners to direct or cause Alstrom to act to perform its
obligations under this Agreement shall not be considered to be such
interference.

    

    8.4           Certain
Costs.

    

    Subject
always to the maximum aggregate liability amount set out in Clause 7.6(a), each
of the Alstrom Owners, jointly and severally, hereby covenants and undertakes to
reimburse CME Ltd., Ukraine Holding and the Company for their actual, reasonable
costs for legal, financial and other advisors engaged by CME Ltd., Ukraine
Holding, the Company or any of its Affiliates in connection with this Agreement
in the event of any termination or lapse of this Agreement as a result of the
failure of Alstrom to perform any of its obligations under this Agreement,
except where such failure to perform results from any breach by any CME Party of
its obligations hereunder.

    

    
      	
              9.

            	
              CONFIDENTIALITY

            

    

    

    9.1           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, to any
individual and/or entity not a Party to this Agreement, except to the extent
described below:

    

    
      	
               
      

            	
              (a)

            	
              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;

            

    

    

    
      	
               
      

            	
              (b)

            	
              in
      response to (i) an inquiry
      to which by Law a response must be given or, on advice of counsel, to
      which a response is advisable or (ii) any order
      issued by a Governmental Authority or supra-governmental agency of
      competent jurisdiction;

            

    

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

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

            

    

    

    
      	
               
      

            	
              (d)

            	
              to
      such Party's 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;

            

    

    

    
      	
               
      

            	
              (e)

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

            

    

    

    
      	
               
      

            	
              (f)

            	
              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.

    

    9.2           Public
Domain.

    

    The
requirements of Clause 9.1 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, including any action by such Party's
Subsidiary).

    

    
      	
              10.

            	
              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.

    

    
      	
              11.

            	
              MISCELLANEOUS

            

    

    

    11.1   
     Further
Assurances.

    

    The
Parties agree that, from and after the date hereof, each of them shall, and
shall cause their respective Subsidiaries 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.  The provisions of this Clause 11.1 shall survive the
Closing Date.

    

    11.2     
   Modification; Waiver;
Severability.

    

    Except as
specifically provided herein, this Agreement may be modified only by a written
instrument executed by all 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 efforts, 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 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.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    11.3         Third Party
Rights.

    

    No term
of this Agreement shall be enforceable under the Contracts (Rights of Third
Parties) Act 1999 by any Person who is not a Party, except that the Alstrom
Indemnitees and the CME Indemnitees shall be entitled to enforce the provisions
of Clause 7 pursuant to such act as if they were a party hereto.

    

    11.4         Entire
Agreement.

    

    This
Agreement, together with the other Transaction Documents and the documents
herein referred to, constitute the entire agreement among the Parties and
supersedes and replaces any prior agreement, understanding, undertaking or
arrangement with respect to the subject matter hereof, including for the
avoidance of doubt the Original Framework Agreement, provided that this
Clause 11.4 shall in no event have the effect to exclude liability for
fraud.

    

    11.5         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.

    

    11.6         Specific
Performance.

    

    The
Parties acknowledge and agree that a breach by any Party of any of the terms of
this 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 or further relief as may
be appropriate.  Notwithstanding the foregoing, the sole remedy for
any breach hereof prior to Closing shall be to seek monetary damages, which
shall be subject to the limitation set forth in Clause 7.6(a).

    

    11.7         Costs.

    

    Subject
to Clause 8.4, each Party shall bear its own costs, including lawyers' fees,
notarial fees, filing and registration costs in relation to the preparation and
negotiation of this Agreement and any other Transaction Document.

    

    11.8         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 other Party one (1) 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:

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    if to
Alstrom:

    

    21,
Aglantzias Ave.

    Block 21
B, Floor 2, Office 1

    2108
Aglantzia

    Nicosia

    Cyprus

    Attn:  Michalakis
Tsitsekkos

    

    Tel.:  +357-22-462-050

    Fax:  +357-22-336-464

    

    

    if to
Alstrom Nominee:

    

    Michalakis
Tsitsekkos

    21,
Aglantzias Ave.

    Block 21
B, Floor 2, Office 1

    2108
Aglantzia

    Nicosia

    Cyprus

    Attn:  Michalakis
Tsitsekkos

    

    Tel.:  +357-22-462-050

    Fax:  +357-22-336-464

    

    

    with a
copy to Alstrom.

    

    

    if to
Kolomoisky:

    

    Igor
Valeryevich Kolomoisky

    office
602

    

    32,
Naberezhnaya Pobedy, 49094

    Dnipropetrovsk,
Ukraine

    Attn:  Timur
Novikov

    

    Tel.:  +380
567161551

    Fax:  +380
567161551

    

    with a
copy to Alstrom.

    

    

    if to
Surkis:

    

    Ihor
Mykhailovich Surkis

    Arch.
Makariou III, 155 PROTEAS HOUSE,

    5th
floor, P.C. 3026, Limassol, Cyprus

    Attn:  Mr.
Andreas Sofocleous

    

    Tel.:  +357
2584 9000

    Fax: +357
2584 9100

    

    with a
copy to Alstrom.

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    if to CME
Ltd.:

    

    c/o CME
Development Corporation

    52
Charles Street

    London
W1J 5EU

    Attn:
General Counsel

    

    Tel: +44
20 7127 5834

    Fax: +44
20 7127 5801

    

    

    if to
Ukraine Holding:

    

    Dam
5B

    JS1012
Amsterdam

    The
Netherlands

    

    Tel: +31
20 626 8836

    Fax: +31
20 423 1404

    

    with a
copy to:

    

    CME
Development Corporation

    52
Charles Street

    London
W1J 5EU

    Attn:
General Counsel

    

    Tel: +44
20 7127 5834

    Fax: +44
20 7127 5801

    

    

    if to the
Company:

    

    CME
Cyprus Holdings Limited

    199
Makarios III Avenue, Neocleous House

    P.O. Box
50613

    CY –
3608, Limassol, Republic of Cyprus

    

    Tel.:  +357
2536 2818

    Fax: +357
2535 9262

    

    with a
copy to CME Ltd. and Alstrom.

    

    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.

    

    
      	
              11.9

            	
              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.

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    
      
        	
                12.

              	
                GOVERNING
      LAW AND ARBITRATION

              

      

    

    

    
      	
              12.1

            	
              Governing
      Law.

            

    

    

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

    

    
      	
              12.2

            	
              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 then existing Rules of Arbitration of
      the London Court of International Arbitration (the "LCIA Rules"), which are
      deemed to be incorporated by reference into this Clause 12.2, except
      to the extent modified by this Clause 12.2.  The tribunal
      shall consist of three arbitrators.  Subject to the provisions
      of Clause 12.2(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.  In a
      multi-dispute the tribunal shall be appointed by the LCIA Court, unless
      the parties to such arbitration agree in writing that, for the purpose of
      Article 8.1 of the LCIA Rules, the disputant parties represent two
      separate sides for the formation of the tribunal as claimant and
      respondent respectively.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Seat and
      Language.  The seat of the arbitration shall be London,
      England.  The language of the arbitration shall be English
      except that any party to the arbitration may submit testimony or
      documentary evidence in Ukrainian or Russian 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 Shareholders' Agreement, the Cyprus Contribution
      Agreement or any other Transaction Document (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.  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.

            

    

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, this Agreement has been duly executed by the Parties and on the
date first written above.

    

    
      	 
      	
              CENTRAL
      EUROPEAN MEDIA ENTERPRISES LTD.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Adrian Sarbu

            
	 
      	 
      	
              Name:
      Adrian Sarbu

            
	 
      	 
      	
              Title:
      President and COO

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              ALSTROM
      BUSINESS CORP

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Michalakis
Tsitsekkos

            
	 
      	 
      	
              Name:  Michalakis
      Tsitsekkos

            
	 
      	 
      	
              Title:
      Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              MICHALAKIS
      TSITSEKKOS

            
	 
      	 
      	 
      
	 
      	
              /s/ Michalakis
Tsitsekkos

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              IGOR
      VALERYEVICH KOLOMOISKY

            
	 
      	 
      	 
      
	 
      	
              /s/ Igor Kolomoisky

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              IHOR
      MYKHAILOVICH SURKIS

            
	 	 
	 	/s/
      Ihor Mykhailovich Surkis

    

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    
      	 
      	
              CME
      UKRAINE HOLDING B.V.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Alphons van
  Spaendonck

            
	 
      	 
      	
              Name:
      A.N.G.V. Spaendonck

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
               /s/ Henk van
      Wijlen

            
	 
      	 
      	
              Name:
      H v. Wijlen for Pan-Invest B.V.

            
	 
      	 
      	
              Title:
      Managing Director

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              CME
      CYPRUS HOLDING LIMITED

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ David Sturgeon

            
	 
      	 
      	
              Name:
      David Sturgeon

            
	 
      	 
      	
              Title:
      Managing Director

            

    

     

     

    35ex10_5.htm

    
      
        

      

    

    Exhibit
10.5

    

    
      

      
        27 JULY
2009

        
          

          
            

            
              

              
                CME
PRODUCTION B.V.

                
                  and

                  
                    CME
ROMANIA B.V.

                    
                      and

                      
                        MEDIA
PRO MANAGEMENT S.A.

                        
                          and

                          
                            MEDIA
PRO B.V.

                            
                              and

                              
                                ADRIAN
SARBU

                                
                                  

                                  
                                    

                                    
                                      

                                      
                                        _________________________________________________

                                        
                                          

                                          
                                            FRAMEWORK
AGREEMENT

                                            
                                              _________________________________________________

                                               

                                               

                                               

                                               

                                              
                                                
                                                  
                                                    
                                                      
                                                      

                                                    

                                                    
                                                      
                                                      

                                                      
                                                        

                                                      

                                                    

                                                    
                                                      
                                                      

                                                    

                                                  

                                                   

                                                  TABLE OF
CONTENTS

                                                   

                                                   

                                                  Page

                                                  
                                                    
                                                      
                                                        	
                                                                1.

                                                              	
                                                                Definitions
      and Interpretation

                                                              	
                                                                4

                                                              
	
                                                                2.

                                                              	
                                                                Transaction
      and Determination of Purchase Consideration

                                                              	
                                                                14

                                                              
	
                                                                3.

                                                              	
                                                                Conditions
      Precedent to Closing

                                                              	
                                                                15

                                                              
	
                                                                4.

                                                              	
                                                                Closing

                                                              	
                                                                19

                                                              
	
                                                                5.

                                                              	
                                                                Obligations
      Prior to Closing

                                                              	
                                                                23

                                                              
	
                                                                6.

                                                              	
                                                                Warranties

                                                              	
                                                                25

                                                              
	
                                                                7.

                                                              	
                                                                Sellers'
      Undertakings and Post-Closing Covenants

                                                              	
                                                                26

                                                              
	
                                                                8.

                                                              	
                                                                Purchaser
      Undertakings & Post-Closing Covenants

                                                              	
                                                                27

                                                              
	
                                                                9.

                                                              	
                                                                Termination

                                                              	
                                                                28

                                                              
	
                                                                10.

                                                              	
                                                                Indemnity

                                                              	
                                                                29

                                                              
	
                                                                11.

                                                              	
                                                                Limitations
      on Liability

                                                              	
                                                                30

                                                              
	
                                                                12.

                                                              	
                                                                Guarantee

                                                              	
                                                                31

                                                              
	
                                                                13.

                                                              	
                                                                Notices

                                                              	
                                                                32

                                                              
	
                                                                14.

                                                              	
                                                                Entire
      Agreement

                                                              	
                                                                34

                                                              
	
                                                                15.

                                                              	
                                                                Third
      Party Rights

                                                              	
                                                                34

                                                              
	
                                                                16.

                                                              	
                                                                Amendments

                                                              	
                                                                34

                                                              
	
                                                                17.

                                                              	
                                                                Costs
      and Expenses

                                                              	
                                                                34

                                                              
	
                                                                18.

                                                              	
                                                                Set-off
      and Gross-up

                                                              	
                                                                34

                                                              
	
                                                                19.

                                                              	
                                                                Assignment

                                                              	
                                                                35

                                                              
	
                                                                20.

                                                              	
                                                                Confidentiality

                                                              	
                                                                35

                                                              
	
                                                                21.

                                                              	
                                                                Announcements

                                                              	
                                                                35

                                                              
	
                                                                22.

                                                              	
                                                                Severability

                                                              	
                                                                35

                                                              
	
                                                                23.

                                                              	
                                                                Further
      Assurance

                                                              	
                                                                36

                                                              
	
                                                                24.

                                                              	
                                                                Waivers

                                                              	
                                                                36

                                                              
	
                                                                25.

                                                              	
                                                                Counterparts

                                                              	
                                                                36

                                                              
	
                                                                26.

                                                              	
                                                                Governing
      Law and Jurisdiction

                                                              	
                                                                36

                                                              
	
                                                                27.

                                                              	
                                                                Dispute
      Resolution

                                                              	
                                                                36

                                                              

                                                      

                                                    

                                                    
                                                      
                                                        	
                                                                SCHEDULE 1
      BASIC INFORMATION ABOUT THE TARGET COMPANIES

                                                              	
                                                                38

                                                              
	
                                                                SCHEDULE 2
      FORM OF CLOSING CERTIFICATES

                                                              	
                                                                42

                                                              
	
                                                                SCHEDULE 3
      WARRANTIES

                                                              	
                                                                44

                                                              
	
                                                                SCHEDULE 4
      DISCLOSURE SCHEDULE

                                                              	
                                                                62

                                                              
	
                                                                SCHEDULE 5
      REAL PROPERTIES

                                                              	
                                                                64

                                                              
	
                                                                SCHEDULE 6
      MEDIA PRO TRADEMARKS AND DOMAIN NAMES

                                                              	
                                                                74

                                                              
	
                                                                SCHEDULE 7
      LIST OF RELATED PARTY LOANS AND SHAREHOLDER LOANS

                                                              	
                                                                81

                                                              
	
                                                                SCHEDULE 8
      POST-COMPLETION OBLIGATIONS

                                                              	
                                                                83

                                                              
	
                                                                SCHEDULE 9
      ESTIMATED ADJUSTMENT AMOUNT

                                                              	
                                                                85

                                                              
	
                                                                SCHEDULE 10
      AGREEMENT OR DETERMINATION OF ADJUSTMENT AMOUNT

                                                              	
                                                                88

                                                              
	
                                                                SCHEDULE 11
      FILM PRODUCTION AND FINANCING TERMS

                                                              	
                                                                89

                                                              
	
                                                                SCHEDULE 12
      AGREED FORM SUBSCRIPTION AGREEMENT

                                                              	
                                                                91

                                                              
	
                                                                SCHEDULE 13
      AGREED FORM WARRANT

                                                              	
                                                                104

                                                              
	
                                                                SCHEDULE 14
      SPECIFIC RELATED PARTIES

                                                              	
                                                                113

                                                              

                                                      

                                                    

                                                     

                                                    
                                                      
                                                        
                                                          
                                                          

                                                        

                                                        
                                                          
                                                          

                                                          
                                                            

                                                          

                                                        

                                                        
                                                          
                                                          

                                                        

                                                      

                                                       

                                                      
                                                        THIS FRAMEWORK AGREEMENT (this
"Agreement") is made on
27 July 2009

                                                        
                                                          BETWEEN:

                                                          
                                                            
                                                              	
                                                                      (1)

                                                                    	
                                                                      CME PRODUCTION
      B.V., a company
      organized under the laws of the Netherlands, registered under number
      34349555 with the Trade Register and having its registered office at Dam
      5B, Amsterdam JS 1012, the Netherlands (the "Purchaser");

                                                                    

                                                            

                                                            

                                                            
                                                              	
                                                                      (2)

                                                                    	
                                                                      CME ROMANIA B.V., a company
      organized under the laws of the Netherlands, registered under number
      33289326 with the Trade Register and having its registered office at Dam
      5B, Amsterdam JS 1012, the Netherlands ("CME
      Romania");

                                                                    

                                                            

                                                            

                                                            
                                                              	
                                                                      (3)

                                                                    	
                                                                      MEDIA PRO MANAGEMENT
      S.A., a Romanian legal person, registered under the number
      J40/4177/2001 with the Register of Commerce from Bucharest, CUI 13848658
      and having its registered office at 109 Pache Protopopescu Blv., 6th
      Floor, sector 2, Bucharest, Romania ("Media Pro
      Management");

                                                                    

                                                            

                                                            

                                                            
                                                              	
                                                                      (4)

                                                                    	
                                                                      MEDIA PRO B.V., a
      company organized under the laws of Netherlands, with registered number
      33288103 and having its registered office at Teleport Boulevard 140,
      1043EJ, 1000 CV, Amsterdam, Netherlands ("MP BV");
    and

                                                                    

                                                            

                                                            

                                                            
                                                              	
                                                                      (5)

                                                                    	
                                                                      ADRIAN SARBU, of 4A
      Modrogan Street, Sc. A, Et. 5, Apt. 15, Section 1, Bucharest, Romania, as
      guarantor (the "Guarantor");

                                                                    

                                                            

                                                            

                                                            Media Pro
Management and MP BV are hereby referred to as the "Sellers" and each a "Seller", as the context
requires.

                                                            
                                                              WHEREAS:

                                                              

                                                              
                                                                	
                                                                        (A)

                                                                      	
                                                                        Media
      Pro Management and MP BV own, inter alia, interests
      in a number of entities more particularly described in Recitals (B) and
      (C) below that comprise the entertainment division of the Media Pro
      Group.

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                        (B)

                                                                      	
                                                                        As
      of the Execution Date, Media Pro Management
  owns:

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                         
      

                                                                      	
                                                                        (i)

                                                                      	
                                                                        1,797,395
      registered shares of Media Pro Pictures S.A. (which represents a 37.475%
      Ownership Interest), which in turn
owns:

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                         
      

                                                                      	
                                                                        (a)

                                                                      	
                                                                        50
      shares of Media Pro Distribution S.R.L. (which represents a 10% Ownership
      Interest);

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                         
      

                                                                      	
                                                                        (b)

                                                                      	
                                                                        11,832,361
      shares of Studiourile Media Pro S.A. (which represents a 81.47% Ownership
      Interest); and

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                         
      

                                                                      	
                                                                        (c)

                                                                      	
                                                                        1,020
      shares of Domino Production S.R.L. (which represents a 51% Ownership
      Interest);

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                         
      

                                                                      	
                                                                        (ii)

                                                                      	
                                                                        450
      registered shares of Media Pro Distribution S.R.L. (which represents a 90%
      Ownership Interest);

                                                                      

                                                              

                                                              

                                                              
                                                                	
                                                                         
      

                                                                      	
                                                                        (iii)

                                                                      	
                                                                        a
      100% Ownership Interest in Media Pro Pictures s.r.o. (which corresponds to
      the investment contribution to the registered capital of Media Pro
      Pictures s.r.o. in the amount of CZK 200,000), which in turn
      owns:

                                                                      

                                                              

                                                              
                                                                
                                                                   

                                                                  
                                                                    
                                                                    

                                                                  

                                                                  
                                                                    3

                                                                    
                                                                      

                                                                    

                                                                  

                                                                  
                                                                    
                                                                    

                                                                  

                                                                

                                                                 

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (a)

                                                                        	
                                                                          a
      51% Ownership Interest in Zmena s.r.o. (which corresponds to the
      investment contribution of CZK 102,000 to the registered capital of CZK
      200,000);

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (b)

                                                                        	
                                                                          a
      51% Ownership Interest in Takova normalni rodinka s.r.o. (which
      corresponds to the investment contribution of CZK 102,000 to the
      registered capital of CZK 200,000);

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (iv)

                                                                        	
                                                                          168,020
      registered shares of Pro Video S.R.L. (which represents a 99.95% Ownership
      Interest), which in turn owns:

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (a)

                                                                        	
                                                                          400
      shares of Hollywood Multiplex Operation S.R.L. (which represents a 100%
      Ownership Interest); and

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (b)

                                                                        	
                                                                          8
      shares of Media Pro Music and Entertainment S.R.L. (which represents a 40%
      Ownership Interest); and

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (v)

                                                                        	
                                                                          12
      registered shares of Media Pro Music and Entertainment S.R.L. (which
      represents a 60% Ownership
Interest).

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                          (C)

                                                                        	
                                                                          As
      of the Execution Date, MP BV owns:

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (i)

                                                                        	
                                                                          2,998,818
      shares of Media Pro Pictures S.A. (which represents a 62.524% Ownership
      Interest); and

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                           
      

                                                                        	
                                                                          (ii)

                                                                        	
                                                                          80
      shares of Pro Video S.R.L. (which represents a 0.05% Ownership
      Interest).

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                          (D)

                                                                        	
                                                                          The
      Sellers wish to sell and the Purchaser wishes to acquire the Sale
      Securities in consideration of the Purchase Consideration (each term
      defined below), subject to the terms and conditions contained
      herein.

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                          (E)

                                                                        	
                                                                          It
      is intended that after the Execution Date, certain Target Companies and
      Media Pro Management shall issue and register additional shares in
      relation to the capitalization of the Shareholder Loans pursuant to this
      Agreement.

                                                                        

                                                                

                                                                

                                                                IT IS AGREED as
follows:

                                                                

                                                                
                                                                  	
                                                                          1.

                                                                        	
                                                                          Definitions
      and Interpretation

                                                                        

                                                                

                                                                

                                                                
                                                                  	
                                                                          1.1

                                                                        	
                                                                          The
      following definitions apply in this
Agreement:

                                                                        

                                                                

                                                                

                                                                
                                                                  	 	
                                                                          "Accounts"

                                                                        	
                                                                          means
      the audited balance sheet as at the Accounts Date and the audited profit
      and loss account for the period ended on the Accounts Date of each of the
      Target Companies, and the notes, reports, statements and other documents
      which are required by law to be, or are otherwise, annexed to the
      same;

                                                                        
	 	 	 
	 	
                                                                          "Accounts
      Date"

                                                                        	
                                                                          means
      31st
      December 2008;

                                                                        
	 	 	 
	 	
                                                                          "Adjustment
      Amount"

                                                                        	
                                                                          means
      the amount equal to the adjustment amount as determined or agreed in
      accordance with the provisions of Schedule
      10 and set out in the Adjustment Statement;

                                                                        
	 	 	 
	 	
                                                                          "Adjustment
      Statement"

                                                                        	
                                                                          means
      the finalised statement setting out the Adjustment Amount provided in
      accordance with Schedule
      10;

                                                                        

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      4

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                
                                                                   

                                                                  
                                                                    	 	 	 
	 	
                                                                            "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 person; provided that, for the
      avoidance of doubt, neither CME, CME Romania nor the Purchaser shall be
      considered an Affiliate of either of the Guarantor, the Sellers or any of
      the Target Companies for purposes of this Agreement or any of the
      Transaction Documents;

                                                                          
	 	 	 
	 	
                                                                            "Agreed
    Form"

                                                                          	
                                                                            means,
      in relation to a document, the form of that document which has been
      initialled for the purposes of identification by each party
      thereto;

                                                                          
	 	 	 
	 	
                                                                            "Assigned
      Receivable"

                                                                          	
                                                                            means any Gross Receivable from
      Specific Related Parties (trade related) that has been assigned to Media
      Pro Management pursuant to Clause 3.1.15;

                                                                          
	 	 	 
	 	
                                                                            "Business
      Day"

                                                                          	
                                                                            means
      a day (other than Saturday or Sunday) on which commercial banks are open
      for general business in New York, London and Bucharest (other than solely
      for services via the internet);

                                                                          
	 	 	 
	 	
                                                                            "Business Name Assignment
      "

                                                                          	
                                                                            means
      the Business Name Assignment and License Agreement to be entered into on
      or before the Closing Date between the Sellers, the Guarantor and the
      Purchaser or an Affiliate of the Purchaser in respect of the assignment
      and license of the "Media Pro" name;

                                                                          
	 	 	 
	 	
                                                                            "Cash
      Consideration"

                                                                          	
                                                                            has
      the meaning set forth in Clause 2.2.1;

                                                                          
	 	 	 
	 	
                                                                            "Claim"

                                                                          	
                                                                            means
      any claims, rights, actions or proceedings of any nature, contingent or
      actual, known or unknown, including any appeals in such proceedings,
      whether asserted or not, which a person has, could have had, or in the
      future could have against any person or any of its subsidiaries and
      Affiliates or current or former shareholders, relating in any way to the
      assets, ownership structure or other affairs of such person or any of its
      subsidiaries or current or former shareholders and
    Affiliates;

                                                                          
	 	 	 
	 	
                                                                            "Closing"

                                                                          	
                                                                            means
      the completion of the sale and purchase of the Sale Securities as
      described in Clause 4;

                                                                          
	 	 	 
	 	
                                                                            "Closing
      Date"

                                                                          	
                                                                            has
      the meaning set forth in Clause 4.1;

                                                                          
	 	 	 
	 	
                                                                            "Closing
      Statement"

                                                                          	
                                                                            means
      the statement prepared by the Sellers setting out in Part A the Estimated
      Adjustment Amount and in Part B the details of the Estimated Gross
      Receivable by MPE from the Specific Related Parties and the Estimated
      Gross (Payable) by MPE to the Specific Related Parties (trade related)
      together with a certification by a director of each Seller that the Gross
      Receivable by MPE is solely in relation to goods and services that have
      been fully performed and delivered as at the Closing Date and that no
      further performance or delivery of goods by any of the Target Companies is
      required whatsoever in respect of the Gross Receivable by MPE from
      Specific Related Parties other than the use of property rented by Specific
      Related Parties from Target Companies under agreements set out in Schedule
      5;

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      5

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                
                                                                   

                                                                  
                                                                    	 	 	 
	 	
                                                                            "CME"

                                                                          	
                                                                            means
      Central European Media Enterprises Ltd., a Bermuda
  company;

                                                                          
	 	 	 
	 	
                                                                            "CME Common
      Shares"

                                                                          	
                                                                            means
      the Class A Common Shares and the Class B Common Shares in the capital of
      CME;

                                                                          
	 	 	 
	 	
                                                                            "Conditions
      Precedent"

                                                                          	
                                                                            means
      the conditions to Closing set out in Clause 3;

                                                                          
	 	 	 
	 	
                                                                            "Consideration
      Shares"

                                                                          	
                                                                            has
      the meaning set forth in Clause 2.2.2;

                                                                          
	 	 	 
	 	
                                                                            "Control"

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

                                                                          
	 	 	 
	 	
                                                                            "Converted Shareholder
      Loans"

                                                                          	
                                                                            means such of the Shareholder
      Loans in the aggregate principal amount of not less than RON 75 million
      that are capitalized in accordance with Clause 3.1.14
      of the Conditions Precedent (with the aggregate amount of such Shareholder
      Loans denominated in a currency other than RON revalued in RON as of any
      relevant date);

                                                                          
	 	 	 
	 	
                                                                            "Data Protection
      Legislation"

                                                                          	
                                                                            means
      all laws applicable in Romania or in any other relevant jurisdiction
      concerning the protection and/or processing of personal
    data;

                                                                          
	 	
                                                                            "Disclosure
      Schedule"

                                                                          	
                                                                            means
      the disclosures made as of the Execution Date against the Warranties of
      the Sellers set out in Schedule
      4, which disclosures have been arranged in sections
      corresponding to the numbering and lettering of the applicable Warranty in
      Schedule 3 (and which shall also apply to other
      Warranties only to the extent that it is reasonably apparent from the face
      of the disclosure that such disclosure would also apply to such other
      Warranties);

                                                                          
	 	 	 
	 	
                                                                            "Domino"

                                                                          	
                                                                            means
      Domino Production S.R.L., a Romanian legal person, registered under the
      number J40/7857/2007, fiscal registration number CUI 21597484 and having
      its registered address at Bucharest, 5 Intr. Nicolae Iorga Street, 1st
      Floor, Apart. 7, Sector 1, Romania;

                                                                          
	 	 	 
	 	
                                                                            "Encumbrances"

                                                                          	
                                                                            means
      any Claim, charge, mortgage, pledge, security, lien, option, equity, power
      of sale, hypothecation or other third party right, retention of title,
      right of pre-emption, right to acquire, right of first refusal or security
      interest of any kind;

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      6

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                
                                                                   

                                                                  
                                                                    	 	
                                                                            "Estimated Adjustment
      Amount"

                                                                          	
                                                                            means
      the amount equal to the estimated adjustment amount estimated in good
      faith in accordance with Schedule
      9 and set out in the Closing Statement;

                                                                          
	 	
                                                                            "Execution
      Date"

                                                                          	
                                                                            means
      the date hereof;

                                                                          
	 	 	 
	 	
                                                                            "Existing
      Dispute"

                                                                          	
                                                                            has
      the meaning set forth in Clause 27.3;

                                                                          
	 	 	 
	 	
                                                                            "Euro" or "EUR" or "€"

                                                                          	
                                                                            means
      the single currency of those member states of the European Communities
      that adopt or have adopted the Euro as their lawful currency under the
      legislation of the European Communities for Economic Monetary
      Union;

                                                                          
	 	 	 
	 	
                                                                            "Film Production and Financing
      Terms"

                                                                          	
                                                                            means
      the Film Production and Financing Terms between Adrian Sarbu and CME
      attached as Schedule 11;

                                                                          
	 	 	 
	 	
                                                                            "Governmental
      Authority"

                                                                          	
                                                                            means
      any supranational, national, provincial, municipal or other court,
      arbitral tribunal, administrative agency or commission or other
      governmental administrative or regulatory body, authority, agency or
      instrumentality;

                                                                          
	 	 	 
	 	
                                                                            "Guaranteed
      Obligations"

                                                                          	
                                                                            has
      the meaning set forth in Clause 12.1;

                                                                          
	 	 	 
	 	
                                                                            "Guarantor"

                                                                          	
                                                                            means
      Adrian Sarbu, a national of Romania, residing at 4A Modrogan Street, Sc.
      A, Et. 5, Apt. 15, Section 1, Bucharest, Romania;

                                                                          
	 	 	 
	 	
                                                                            "HMO"

                                                                          	
                                                                            means
      Hollywood Multiplex Operation S.R.L., a Romanian legal person, registered
      under the number J40/6452/1999, fiscal registration number CUI 11966932
      and having its registered address at Bucharest, 55-59 Calea Vitan Street,
      2nd
      Floor, Sector 3, Romania;

                                                                          
	 	 	 
	 	
                                                                            "IFRS"

                                                                          	
                                                                            means
      the International Financial Reporting Standards promulgated from time to
      time by the International Accounting Standards Board;

                                                                          
	 	 	 
	 	
                                                                            "Indemnified
      Party"

                                                                          	
                                                                            has
      the meaning set forth in Clause 10.3;

                                                                          
	 	 	 
	 	
                                                                            "Indemnity
      Claim"

                                                                          	
                                                                            means
      any claim by the Purchaser Protected Party pursuant to the indemnities in
      Clause 10;

                                                                          
	 	 	 
	 	
                                                                            "Information
      Technology"

                                                                          	
                                                                            means
      software, hardware, networks, data bases and other analogous rights of any
      description whatsoever, used by the Target Companies and necessary to
      carry out the Media Pro Entertainment Business;

                                                                          
	 	 	 
	 	
                                                                            "ING Existing
      Facility"

                                                                          	
                                                                            means
      the facility agreement dated 12 November 2001 (as amended) among ING Bank
      N.V., Media Pro Management, MPP, MPS, MPME, Pro Video as well as certain
      other Affiliates of the Sellers;

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      7

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                
                                                                   

                                                                  
                                                                    	 	
                                                                            "ING Security
      Interests"

                                                                          	
                                                                            means
      any security granted by the Target Companies in favour of ING Bank N.V. or
      its affiliates pursuant to the ING Existing Facility;

                                                                          
	 	 	 
	 	
                                                                            "Intellectual
      Property"

                                                                          	
                                                                            means
      all rights in and in relation to patents, inventions, know-how, if any,
      trade marks (including the Media Pro Trademarks as detailed in Schedule
      6), trade mark applications, trade or business names,
      domain names, utility models, copyrights (and all extensions and renewals
      thereof), registered and unregistered design rights, databases, software,
      know-how and other confidential information and trade secrets (including
      customer and supplier lists) and other analogous rights of any description
      whatsoever, whether registered or capable of registration, necessary to
      carry out the Media Pro Entertainment Business;

                                                                          
	 	 	 
	 	
                                                                            "Longstop
      Date"

                                                                          	
                                                                            means
      December 31st,
      2009, or such later date as the Parties may agree in
    writing;

                                                                          
	 	 	 
	 	
                                                                            "Losses"

                                                                          	
                                                                            has
      the meaning provided in Clause 10.1;

                                                                          
	 	 	 
	 	
                                                                            "Management
      Accounts"

                                                                          	
                                                                            means
      the monthly consolidated financial statements of the Media Pro
      Entertainment Business, consisting of balance sheet, profit and loss
      accounts and cash flow statements prepared in each case in RON in
      accordance with IFRS, and the notes, reports and statements required to be
      annexed thereto audited as at December 31st,
      2008;

                                                                          
	 	 	 
	 	
                                                                            "Material Adverse
      Effect"

                                                                          	
                                                                            means
      an effect that is or is reasonably likely to be materially adverse to the
      assets, business, results of operations, financial condition or prospects
      of the Media Pro Entertainment Business, including any acceleration of the
      ING Existing Facility or enforcement against the ING Security Interests or
      any enforcement action by any relevant Tax Authority against any of the
      assets of the Target Companies;

                                                                          
	 	 	 
	 	
                                                                            "Media Pro
      Authorizations"

                                                                          	
                                                                            means
      all approvals, licenses, permits and authorizations required for lawfully
      carrying out the Media Pro Entertainment Business;

                                                                          
	 	 	 
	 	
                                                                            "Media Pro Entertainment
      Business" or "MPE"

                                                                          	
                                                                            means
      the operations of the Target Companies and such other related businesses
      owned or operated by the Target Companies and/or their
      subsidiaries;

                                                                          
	 	 	 
	 	
                                                                            "Media Pro
      Trademarks"

                                                                          	
                                                                            means
      all trademarks using the Media Pro name that have been applied for and/or
      registered by the Guarantor or any of its Affiliates, the particulars of
      which are set out in further detail in Schedule
      6;

                                                                          
	 	 	 
	 	
                                                                            "MP BV
      Securities"

                                                                          	
                                                                            means
      the following Ownership Interests held by MP BV:

                                                                            (i)    
      2,998,818 shares of MPP (which represents a 62.52% Ownership Interest);
      and

(ii)    80
      shares of Pro Video (which represents a 0.05% Ownership
      Interest);

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      8

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                 

                                                                
                                                                  
                                                                    	 	
                                                                            "MPD"

                                                                          	
                                                                            means
      Media Pro Distribution S.R.L., a Romanian legal person, registered under
      the number J23/2135/2007, fiscal registration code CUI 18734735 and having
      its registered address at Buftea, 1 Studioului Street, Central Building of
      Studiourile Media Pro SA, room 141, Ilfov County,
  Romania;

                                                                          
	 	 	 
	 	
                                                                            "MPE Romanian Transfer
      Agreements"

                                                                          	
                                                                            means
      the agreements on the transfer of the relevant Ownership Interests in each
      of MPP, MPS, MPD, MPME and PRO VIDEO between the applicable Seller and the
      Purchaser (together with any Affiliate of the Purchaser as the Purchaser
      shall direct in writing to the applicable Seller in respect of some or all
      of the Sale Securities) to be entered into on or before the Closing Date
      in the Agreed Form;

                                                                          
	 	 	 
	 	
                                                                            "MPME"

                                                                          	
                                                                            means
      Media Pro Music and Entertainment S.R.L., a Romanian legal person,
      registered under the number J23/3300/2008, fiscal registration number CUI
      24651464 and having its registered address at Buftea, 1 Studioului Street,
      Central Building of Studiourile Media Pro SA, room 141, Ilfov County,
      Romania;

                                                                          
	 	 	 
	 	
                                                                            "MPM
      Securities"

                                                                          	
                                                                            means
      the following Ownership Interests held by Media Pro
      Management:

                                                                          
	 	 	 
	 	 	(i) 	
                                                                            1,797,395
      shares of MPP (which represents a 37.48% Ownership
    Interest);

                                                                          
	 	 	 
	 	 	(ii) 	450
      shares of MPD (which represents a 90% Ownership Interest);
	 	 	 
	 	 	(iii) 	a
      100% Ownership Interest in MPP Czech (which corresponds to the investment
      contribution to the registered capital of Media Pro Pictures s.r.o. in the
      amount of CZK 200,000);
	 	 	 
	 	 	(iv) 	168,020
      shares of Pro Video (which represents a 99.95% Ownership Interest);
      and
	 	 	 
	 	 	(v)	
                                                                            12
      shares of MPME (which represents a 60% Ownership
      Interest), 

                                                                          
	 	 	 
	 	
                                                                            "MPP"

                                                                          	
                                                                            together with
      such additional shares as may be issued in connection with any increase in
      the equity of any such Target Company in connection with the conversion of
      the Converted Shareholder Loans pursuant to Clause 3.1.14;
      means Media Pro Pictures S.A., a Romanian legal person, registered
      under the number J23/1058/2001, fiscal registration code CUI 9325987 and
      having its registered address at Buftea, Studioului Street, Building 1 on
      the set, 2nd
      Floor, Ilfov County, Romania;

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      9

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                 

                                                                
                                                                  
                                                                    	 	
                                                                            "MPP Czech"

                                                                             

                                                                          	
                                                                            means
      Media Pro Pictures s.r.o., a limited liability company organized and
      existing under the laws of the Czech Republic, identification number 278
      62 950, having its registered address at Prague 5, Kříženeckého nám.
      1078/5A, Postal Code 152 00, the Czech Republic,
      registered in the Commercial Register maintained by the City Court in
      Prague, Section C, Insert 122487, and having the registered capital in the
      amount of CZK 200,000;

                                                                          
	 	 	 
	 	
                                                                            "MPP Czech Transfer
      Agreement"

                                                                          	
                                                                            means
      the Agreement on Transfer of the 100% Ownership Interest in MPP Czech
      (which corresponds to the entire registered capital of MPP Czech of CZK
      200,000) between Media Pro Management and the Purchaser to be entered into
      on or before the Closing Date in the Agreed Form;

                                                                          
	 	 	 
	 	
                                                                            "MPS"

                                                                          	
                                                                            means
      Studiourile Media Pro S.A., a Romanian legal person, registered under the
      number J23/2525/2002, fiscal registration number 2788288 and having its
      registered address at Buftea, 1 Studioului Street, Ilfov County,
      Romania;

                                                                          
	 	 	 
	 	
                                                                            "Net Specific Related Parties’
      Receivable/(Payable)"

                                                                          	
                                                                            means
      the amount equal to the Net Specific Related Parties’ Receivable/(Payable)
      as determined or agreed in accordance with the provisions of Schedule
      9 and set out in the Adjustment Statement (which, for the avoidance
      of doubt, shall exclude any Assigned Receivable that is subject to a
      Set-Off);

                                                                          
	 	 	 
	 	
                                                                            "Ownership
      Interests"

                                                                          	
                                                                            means
      the shares, participation rights or other equity ownership interest of any
      person;

                                                                          
	 	 	 
	 	
                                                                            "Party" or "Parties"

                                                                          	
                                                                            means
      a party and collectively the parties to this Agreement, provided that,
      references to "Party" or "Parties" shall only include CME Romania when the
      term is used in Clause 9.6 and Clauses 13 to
      27 (inclusive);

                                                                          
	 	 	 
	 	
                                                                            "Permitted
      Contracts"

                                                                          	
                                                                            means
      (i) any rental agreements with Specific Related Parties in effect on the
      Execution Date; (ii) any communications services contracts with Specific
      Related Parties in effect on the Execution Date; (iii) contracts,
      agreements or arrangements for the provision of management, consulting or
      similar services by Media Pro Management to any of the Target Companies in
      effect as of the Execution Date; and (iv) agreements for the provision of
      any other goods or services provided in the ordinary course on an arms'
      length basis by the Sellers and their Affiliates (excluding the Target
      Companies) to the Target Companies, provided that Permitted Contracts in
      the aggregate may not obligate the Target Companies to payments of more
      than EUR 100,000 per month;

                                                                          
	 	 	 
	 	
                                                                            "Programming
      Library"

                                                                          	
                                                                            means
      all programming, production, dubbing and other rights (including any
      commitments or options to acquire or renew any such rights in the future)
      held on behalf of the Media Pro Entertainment Business by the Target
      Companies or otherwise, including any receivables due from the sale or
      transfer of such rights;

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      10

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                 

                                                                
                                                                  
                                                                    	 	
                                                                            "Pro
    Video"

                                                                          	
                                                                            means
      Pro Video S.R.L., a Romanian legal person, registered under the number
      J23/247/2002, fiscal registration number CUI 11277792 and having its
      registered address at Buftea, 1 Studioului Street, Building Studio Sunet,
      1st
      Floor, Ilfov County, Romania;

                                                                          
	 	 	 
	 	
                                                                            "Purchase
      Consideration"

                                                                          	
                                                                            means
      the Cash Consideration, the Consideration Shares and the
      Warrant;

                                                                          
	 	 	 
	 	
                                                                            "Purchaser Protected
      Parties"

                                                                          	
                                                                            has
      the meaning set forth in Clause 10.1;

                                                                          
	 	 	 
	 	
                                                                            "RCC"

                                                                          	
                                                                            means the Romanian Competition Council;

                                                                          
	 	 	 
	 	
                                                                            "Real Properties"

                                                                          	
                                                                            means
      the properties owned or occupied by the Target Companies, particulars of
      which are set out in Schedule
      5;

                                                                          
	 	 	 
	 	
                                                                            "Related Dispute"

                                                                          	
                                                                            has the
      meaning set forth in Clause 27.3;

                                                                          
	 	 	 
	 	
                                                                            "Remaining Shareholder
      Loans"

                                                                          	
                                                                            means
      such of the Shareholder Loans, other than the Converted Shareholder Loans,
      in the aggregate maximum principal amount of RON 18
    million;

                                                                          
	 	 	 
	 	
                                                                            "Rodinka"

                                                                          	
                                                                            means
      Takova normalni rodinka s.r.o., a limited liability company organized and
      existing under the laws of the Czech Republic, with identification No. 279
      32 702, having its registered seat at Prague 2, Kunĕtická 2534/2, Postal
      Code 120 00, registered in the Commercial Register maintained by the City
      Court in Prague, Section C, Insert 127421;

                                                                          
	 	 	 
	 	
                                                                            "RON"

                                                                          	
                                                                            means
      the lawful currency of Romania;

                                                                          
	 	 	 
	 	
                                                                            "Sale
      Securities"

                                                                          	
                                                                            means
      the MPM Securities and the MP BV Securities;

                                                                          
	 	 	 
	 	
                                                                            "Set-Off"

                                                                          	
                                                                            means
      the extinguishing of any Remaining Shareholder Loans by set off against any Assigned Receivable
      pursuant to Clause 3.1.16;

                                                                          
	 	 	 
	 	
                                                                            "Set-Off Amount"

                                                                          	
                                                                            means the aggregate principal amount of Remaining Shareholder
      Loans set off against any Assigned Receivable in any
    Set-Off;

                                                                          
	 	 	 
	 	
                                                                            "Shareholder Loans"

                                                                          	
                                                                            means
      the shareholder and related party loans set forth in Schedule
      7 hereto, which shall all be assigned to Media Pro
      Management pursuant to Clause 3.1.14;

                                                                          
	 	 	 
	 	
                                                                            "Specific Related Parties"

                                                                          	
                                                                            means those entities, in which the Guarantor has direct or
      indirect ownership interests, having commercial relationships with MPE,
      set out in Schedule 15;

                                                                          
	 	 	 
	 	
                                                                            "Subscription Agreement"

                                                                          	
                                                                            means
      the Subscription Agreement between CME and the Sellers, to be entered into
      on or before the Closing Date in the Agreed Form attached as Schedule
      12;

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      11

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                 

                                                                
                                                                  
                                                                    	 	
                                                                            "Supplementary Disclosure
      Schedule"

                                                                          	
                                                                            means
      the disclosures made as of the Closing Date against the Warranties of the
      Sellers, which disclosures have been arranged in sections corresponding to
      the numbering and lettering of the applicable Warranty in Schedule
      3 (and which shall also apply to other Warranties only to
      the extent that it is reasonably apparent from the face of the disclosure
      that such disclosure would also apply to such other
      Warranties);

                                                                          
	 	 	 
	 	
                                                                            "Target Companies"

                                                                          	
                                                                            means Domino, HMO, MPD, MPME, MPP, MPP Czech, MPS, Pro Video,
      Rodinka and Zmena;

                                                                          
	 	 	 
	 	
                                                                            "Target Deficit"

                                                                          	
                                                                            means an amount equal to RON 30 million;

                                                                          
	 	 	 
	 	
                                                                            "Tax" or "Taxes"

                                                                          	
                                                                            means any or all taxes, however denominated, including any
      interest, penalties or other additions to tax that may become payable in
      respect thereof, imposed by any Governmental Authority, which taxes shall
      include all income or profits taxes, payroll and employee withholding
      taxes, social and health insurance contributions, sales and use taxes, ad
      valorem taxes, excise taxes, franchise taxes, business license taxes,
      occupation taxes, real and personal property taxes, stamp taxes,
      environmental taxes, withholding taxes, securing taxes, transfer taxes and
      other governmental charges or obligations of the same or of a similar
      nature to any of the foregoing which are required to be paid, withheld or
      collected;

                                                                          
	 	 	 
	 	
                                                                            "Tax Authority"

                                                                          	
                                                                            means a Governmental Authority competent to impose or collect
      Taxes;

                                                                          
	 	 	 
	 	
                                                                            "Third Party Claim"

                                                                          	
                                                                            means any Claim against any Purchaser Protected Party by any
      person other than a Party to this Agreement;

                                                                          
	 	 	 
	 	
                                                                            "Total MPE Net Working Capital Deficit"

                                                                          	
                                                                            means
      the amount set forth in Schedule
      9;

                                                                          
	 	 	 
	 	
                                                                            "Trademark Assignments"

                                                                          	
                                                                            means the Deed of Assignment to be signed on or before the
      Closing Date between the Purchaser or an Affiliate designated by it and
      the Guarantor in respect of the assignment to the Purchaser or such
      Affiliate of all right, title and interest to certain Media Pro Trademarks
      not currently owned and registered in the name of a Target
      Company;

                                                                          
	 	 	 
	 	
                                                                            "Transaction"

                                                                          	
                                                                            means
      the transaction set out in Clause 2;

                                                                          
	 	 	 
	 	
                                                                            "Transaction Documents"

                                                                          	
                                                                            means this Agreement, the Business Names Assignment, the
      Trademark Assignments, the Subscription Agreement and the Warrant, and all
      other documents entered into pursuant to or in connection with the
      foregoing;

                                                                          
	 	 	 
	 	
                                                                            "US Dollars" or "US$"

                                                                          	
                                                                            means the official currency for the time being of the United
      States of America;

                                                                          
	 	 	 
	 	
                                                                            "Warrant "

                                                                          	
                                                                            means
      the Common Stock Purchase Warrant in the Agreed Form attached as
      Schedule 13;

                                                                          
	 	 	 
	 	
                                                                            "Warranties"

                                                                          	
                                                                            means
      the warranties contained in Schedule
      3 and each statement identified as a warranty in any other
      Transaction Document;

                                                                          
	 	 	 
	 	
                                                                            "Working Hours"

                                                                          	
                                                                            means
      the hours of 9:00 a.m. to 5:00 p.m. on a Business Day;
      and

                                                                          
	 	 	 
	 	
                                                                            "Zmena"

                                                                          	
                                                                            means
      Zmena s.r.o., a limited liability company organized and existing under the
      laws of the Czech Republic, with identification No. 279 40 284, having its
      registered seat at Prague 2, Vinohrady, Máchova 431/21, Postal Code 120
      00, registered in the Commercial Register maintained by the City Court in
      Prague, Section C, Insert 128035.

                                                                          

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                      

                                                                    

                                                                    
                                                                      12

                                                                      
                                                                        

                                                                      

                                                                    

                                                                    
                                                                      
                                                                      

                                                                    

                                                                  

                                                                

                                                                 

                                                                
                                                                  
                                                                  

                                                                  
                                                                    	
                                                                            1.2

                                                                          	
                                                                            In
      construing this Agreement, unless otherwise
  specified:

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.1

                                                                          	
                                                                            references
      to Clauses and Schedules are to Clauses of, and Schedules to, this
      Agreement;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.2

                                                                          	
                                                                            references
      to a "person"
      shall be construed so as to include any physical or legal person, firm,
      company or other body corporate, government, state or agency of a
      Governmental Authority or any joint venture, association or partnership
      (whether or not having separate legal
  personality);

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.3

                                                                          	
                                                                            words
      in the singular include the plural and in the plural include the singular,
      and a reference to one gender includes a reference to the other
      gender;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.4

                                                                          	
                                                                            a
      reference to any law, regulation, statute or statutory provision shall be
      construed as a reference to the same as it may have been, or may from time
      to time be, amended, modified or
re-enacted;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.5

                                                                          	
                                                                            any
      reference to a "day" (including within
      the phrase "Business
      Day") shall mean a period of 24 hours running from midnight to
      midnight (except for the days of time change lasting 25 or 23 hours which
      days shall be 25 or 23 hours
respectively);

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.6

                                                                          	
                                                                            references
      to time are to Greenwich Mean Time;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.7

                                                                          	
                                                                            a
      reference to any other document referred to in this Agreement is a
      reference to that other document as amended, varied, novated or
      supplemented (other than in breach of the provisions of this Agreement)
      from time to time;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.8

                                                                          	
                                                                            headings,
      sub-headings, recitals and titles are for convenience only and do not
      affect the interpretation of this
Agreement;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.9

                                                                          	
                                                                            references
      to documents being in writing shall not include
  e-mail;

                                                                          

                                                                  

                                                                  

                                                                  
                                                                    	
                                                                             
      

                                                                          	
                                                                            1.2.10

                                                                          	
                                                                            general
      words shall not be given a restrictive meaning by reason of the fact that
      they are followed by particular examples intended to be embraced by the
      general words;

                                                                          

                                                                  

                                                                  
                                                                    
                                                                       

                                                                      
                                                                        
                                                                        

                                                                      

                                                                      
                                                                        13

                                                                        
                                                                          

                                                                        

                                                                      

                                                                      
                                                                        
                                                                        

                                                                      

                                                                    

                                                                     

                                                                    
                                                                      	
                                                                               
      

                                                                            	
                                                                              1.2.11

                                                                            	
                                                                              the
      words "include",
      "includes", "including" and "in particular" shall be
      deemed in each case to be followed by the words "without
      limitation";

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                               
      

                                                                            	
                                                                              1.2.12

                                                                            	
                                                                              all
      obligations and liabilities on the part of the Sellers are joint and
      several and shall be construed accordingly;
and

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                               
      

                                                                            	
                                                                              1.2.13

                                                                            	
                                                                              references
      to a "Party" or
      the "Parties"
      shall be construed as to include each of its permitted successors and
      permitted assignees.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              1.3

                                                                            	
                                                                              The
      Schedules form an integral part of this Agreement and any reference to
      this Agreement shall include the
Schedules.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              2.

                                                                            	
                                                                              Transaction
      and Determination of Purchase Consideration

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              2.1

                                                                            	
                                                                              Subject
      to the terms and conditions herein, including the satisfaction of the
      Conditions Precedent, the Sellers agree to sell, and the Purchaser
      (relying on, amongst other things, the Warranties and undertakings in this
      Agreement) agrees to purchase, the Sale Securities with full title
      guarantee and the Intellectual Property in each case free from all
      Encumbrances and together with all rights and entitlements now or
      hereafter attaching thereto.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              2.2

                                                                            	
                                                                              The
      consideration for the purchase by the Purchaser of the Sale Securities, as
      adjusted in accordance with Clause 2.3 (as so adjusted, the "Purchase Consideration")
      shall be apportioned as follows:

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                               
      

                                                                            	
                                                                              2.2.1

                                                                            	
                                                                              the
      payment of ten million US Dollars (US$10,000,000) in cash (the "Cash
      Consideration");

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                               
      

                                                                            	
                                                                              2.2.2

                                                                            	
                                                                              the
      issuance to the Sellers of two million two hundred thousand (2,200,000)
      Class A Common Shares in CME (the "Consideration Shares");
    and

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                               
      

                                                                            	
                                                                              2.2.3

                                                                            	
                                                                              the
      issuance to the Sellers of the
Warrant.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              2.3

                                                                            	
                                                                              Following
      the Closing Date, the Estimated Adjustment Amount as detailed on the
      Closing Statement shall be reviewed and adjusted in accordance with Schedule
      10. In the event that the Adjustment Amount is a
      deficit greater than the Target Deficit (as converted using the exchange
      rates in effect on the date of delivery of the Closing Statement), the
      Sellers shall reimburse in immediately available funds to an account
      notified to the Sellers by the Purchaser the amount by which such deficit
      exceeds the Target Deficit.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              2.4

                                                                            	
                                                                              On
      Closing the Cash Consideration shall be paid in immediately available
      funds to the accounts of the Sellers notified to the Purchaser not less
      than five (5) Business Days prior to the Closing Date in the amounts
      described in Clause 2.5 and the Consideration Shares and the Warrant issued
      to the Sellers in accordance with the notice provided pursuant to Clause
      3.1.24.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              2.5

                                                                            	
                                                                              The
      parties agree that following the capitalization set out in Clause 3.1.14,
      the division of the Purchase Consideration between the Sellers may be
      adjusted to reflect each of the Sellers respective interests in the Target
      Companies.

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              3.

                                                                            	
                                                                              Conditions
      Precedent to Closing

                                                                            

                                                                    

                                                                    

                                                                    
                                                                      	
                                                                              3.1

                                                                            	
                                                                              The
      obligation of the Purchaser to consummate the Closing is conditional on
      the satisfaction or waiver of all of the following on or prior to the
      Longstop Date:

                                                                            

                                                                    

                                                                    
                                                                      
                                                                         

                                                                        
                                                                          
                                                                          

                                                                        

                                                                        
                                                                          14

                                                                          
                                                                            

                                                                          

                                                                        

                                                                        
                                                                          
                                                                          

                                                                        

                                                                      

                                                                       

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.1

                                                                              	
                                                                                the
      Parties shall have received the written approvals (in a form reasonably
      satisfactory to the Purchaser) of the RCC in connection with the
      acquisition by the Purchaser of the Sale Securities, and such approval
      shall be in full force and effect as at the Closing
  Date;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.2

                                                                              	
                                                                                each
      of the Sellers shall have obtained all necessary written consents,
      approvals or waivers (which for this purpose shall include the expiry of
      any period following a notification such that consent is deemed to be
      given or no consent is required) in relation to the execution and
      performance by each of them of this Agreement in accordance with its terms
      and each of the other Transaction Documents in accordance with their
      respective terms;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.3

                                                                              	
                                                                                each
      of the Sellers shall have obtained all and any other authorizations,
      consents and approvals of any Governmental Authority or third party (which
      for this purpose shall include the expiry of any period following a
      notification such that consent is deemed to be given or no consent is
      required) for the consummation of the transactions contemplated by this
      Agreement;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.4

                                                                              	
                                                                                there
      shall not be any injunction, decision, order or decree of any nature of
      any court or Governmental Authority, or any proceeding pending or
      threatened that could result in such an injunction, decision, order or
      decree, restraining, prohibiting or preventing any aspect of the
      Transaction;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.5

                                                                              	
                                                                                there
      shall not have been any action, or any statute, law or regulation enacted
      by any Governmental Authority which would cause any Party to be unable to
      consummate any aspect of the Transaction, make any aspect of the
      Transaction illegal or prohibit, restrict or delay the consummation of any
      aspect of the Transaction;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.6

                                                                              	
                                                                                the
      Purchaser or its Affiliate shall have received such opinions from its
      financial advisor reasonably satisfactory to the Purchaser with respect to
      the terms of the Transaction;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.7

                                                                              	
                                                                                the
      Purchaser shall have received the Closing Statement containing the
      Estimated Adjustment Amount;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.8

                                                                              	
                                                                                the
      Purchaser shall have received a certificate, dated as of the Closing Date,
      signed by duly authorized officers of each of the Sellers, as to the
      continued and valid existence of the Target Companies, certifying and
      attaching copies of:

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                (i)

                                                                              	
                                                                                the
      organizational documents of each Target Company;
  and

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                (ii)

                                                                              	
                                                                                each
      of the documents set out in Clauses 3.1.2 and 3.1.3;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.9

                                                                              	
                                                                                the
      Sellers and their Affiliates shall have performed and complied in all
      respects with all covenants and agreements required by this Agreement or
      any of the other Transaction Documents to be performed or complied with by
      the Sellers or their Affiliates on or prior to the Closing
      Date;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.10

                                                                              	
                                                                                the
      Warranties given by the Sellers shall be true and accurate in all material
      respects as of the Closing Date or, if not true, shall have been remedied
      (at the cost of the Sellers) to the reasonable satisfaction
      of  the Purchaser;

                                                                              

                                                                      

                                                                      

                                                                      
                                                                        	
                                                                                 
      

                                                                              	
                                                                                3.1.11

                                                                              	
                                                                                no
      event or circumstance, individually or in the aggregate, shall have
      occurred or be outstanding that may have a Material Adverse
      Effect;

                                                                              

                                                                      

                                                                      
                                                                        
                                                                           

                                                                          
                                                                            
                                                                            

                                                                          

                                                                          
                                                                            15

                                                                            
                                                                              

                                                                            

                                                                          

                                                                          
                                                                            
                                                                            

                                                                          

                                                                        

                                                                         

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  3.1.12

                                                                                	
                                                                                  all
      Encumbrances over any immovable or movable property owned by the Target
      Companies shall have been removed on or prior to the Closing Date and the
      Purchaser shall use its reasonable endeavours to assist in the removal of
      such Encumbrances, including at the sole discretion of the Purchaser,
      providing a loan to the Target Companies to assist with the repayment of
      any of their debt obligations;

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  3.1.13

                                                                                	
                                                                                  subject
      to the Purchaser providing funding to the Target Companies of
      approximately Euro 18.5 million to repay the portion of the ING Existing
      Facility that is attributable to the Target Companies, the Target
      Companies ceasing to be parties, whether as borrowers or as guarantors, to
      the ING Existing Facility, and being released by the bank of any and all
      obligations under the ING Existing Facility and the ING Security Interests
      in a manner reasonably satisfactory to the Purchaser and the Purchaser
      shall use its reasonable endeavours to assist the Target Companies ceasing
      to be parties to the ING Existing Facility, being released from any and
      all obligations under the ING Existing Facility and the ING Security
      Interests, including at the sole discretion of the Purchaser, providing
      funding to the Target Companies to repay the portion of the ING Existing
      Facility that is attributable to the Target Companies in order to assist
      with such actions;

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  3.1.14

                                                                                	
                                                                                  in
      respect of the Shareholder Loans:

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  (i)

                                                                                	
                                                                                  the
      Guarantor procuring that any Shareholder Loans for which Media Pro
      Management is not already a creditor, is assigned to Media Pro Management
      by the entities set out in the column "Creditors" in Schedule 7 to Media
      Pro Management by way of legal assignment signed by all parties thereto
      and Media Pro Management, such that Media Pro Management shall become the
      creditor for all Shareholder Loans;

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  (ii)

                                                                                	
                                                                                  Media
      Pro Management causing the Converted Shareholder Loans to be capitalized
      by the cancellation of such Converted Shareholder Loans in exchange for
      the issuance of new equity by the relevant Target Company;
    and

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  (iii)

                                                                                	
                                                                                  Media
      Pro Management producing evidence reasonably satisfactory to the Purchaser
      that such capitalization has been completed, including the registration of
      such change in the equity of the relevant Target Company with the Romanian
      Trade Registry;

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  3.1.15

                                                                                	
                                                                                  the
      Sellers shall have procured that Media Pro Management shall have delivered
      to the Purchaser evidence satisfactory to the Purchaser of the assignment
      to Media Pro Management of receivables owing from Specific Related Parties
      to the Target Companies that would otherwise constitute all or any part of
      the Gross Receivable by MPE from Specific Related Parties to be specified
      in Schedule 9;

                                                                                

                                                                        

                                                                        

                                                                        
                                                                          	
                                                                                   
      

                                                                                	
                                                                                  3.1.16

                                                                                	
                                                                                  Media
      Pro Management extinguishing such of the Remaining Shareholder Loans whose
      aggregate principal amount is equal to the amount of any Gross Receivable
      by MPE from Specific Related Parties in a maximum aggregate amount equal
      to the Set-Off Amount and producing evidence reasonably satisfactory to
      the Purchaser confirming the extinguishment of such remaining Shareholders
      Loans and the corresponding Assigned
  Receivables;

                                                                                

                                                                        

                                                                        
                                                                          
                                                                             

                                                                            
                                                                              
                                                                              

                                                                            

                                                                            
                                                                              16

                                                                              
                                                                                

                                                                              

                                                                            

                                                                            
                                                                              
                                                                              

                                                                            

                                                                          

                                                                           

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.17

                                                                                  	
                                                                                    any
      Remaining Shareholder Loans not extinguished in connection with Clause
      3.1.16 above shall have been assigned to the Purchaser
      or one of its Affiliates by way of an agreement signed by all the parties
      to the relevant Remaining Shareholder Loan and the Purchaser or one of its
      Affiliates and any Assigned Receivable that is not the subject of a
      Set-Off and included in the Set-Off Amount shall be included in the
      Closing Statement;

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.18

                                                                                  	
                                                                                    all
      immovable property owned by MPS and/or MPP as described in Schedule
      5 to this Agreement shall have been duly registered with the
      relevant Romanian land book in accordance with Romanian
    law;

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.19

                                                                                  	
                                                                                    the
      Sellers shall have used their best efforts to obtain a written
      confirmation from InterCom Rt. with respect to maintaining the continued
      existence and full force and effect of that certain license agreement
      between Pro Video and InterCom Rt. after the Closing of the Transaction
      shall have been obtained, in a form acceptable to the
      Purchaser;

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.20

                                                                                  	
                                                                                    Warner
      Home Video shall have been duly notified with respect to the Transaction
      and a written confirmation from Warner Home Video with respect to
      maintaining the continued existence and full force and effect of that
      certain Home Video Distribution License Agreement no.284/01.12.2006
      between Warner Home Video and Pro Video shall have been obtained, in a
      form acceptable to the Purchaser, it being acknowledged by the Purchaser
      that Warner Home Video may, at its sole discretion, immediately terminate
      the License Agreement in accordance with its
  terms;

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.21

                                                                                  	
                                                                                    Panavision
      International LP, Panavision Europe Limited and Lee Lightning LTD shall
      have been duly notified by the Sellers with respect to the Transaction and
      written confirmation from such entities with respect to maintaining the
      agreement to appoint representatives dated 21 June 2006 between such
      respective entities and MPS shall have been obtained, in a form acceptable
      to the Purchaser;

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.22

                                                                                  	
                                                                                    the
      change in the shareholding structure of Domino, pursuant to which MPP
      shall own fifty-two percent (52%), Mihai Cociasu shall own twenty-four and
      a half percent (24.5%) and Pov Shahar Segal Productions shall own
      twenty-four and a half percent (24.5%), shall have been duly registered
      with the Romanian Trade Registry;

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.23

                                                                                  	
                                                                                    the
      Sellers shall have procured that Media Pro Music & Events s.r.l. shall
      have transferred to MPME all assets necessary to operate the business of
      MPME as carried on at the Closing Date;
and

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.1.24

                                                                                  	
                                                                                    subject
      to Clause 2.5,
      at least 20 days prior to Closing, the Sellers shall provide a written
      notice to the Purchaser and CME setting out the number of Consideration
      Shares and Warrant Shares that each Seller shall receive at
      Closing.

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                    3.2

                                                                                  	
                                                                                    The
      obligation of the Sellers to consummate the Closing is conditional on the
      satisfaction or waiver of all of the following on or prior to the Longstop
      Date:

                                                                                  

                                                                          

                                                                          

                                                                          
                                                                            	
                                                                                     
      

                                                                                  	
                                                                                    3.2.1

                                                                                  	
                                                                                    the
      Purchaser shall have obtained all necessary written consents, approvals or
      waivers in relation the execution and performance by the Purchaser of this
      Agreement and each of the other Transaction Documents in each case in
      accordance with their respective
terms;

                                                                                  

                                                                          

                                                                          
                                                                            
                                                                               

                                                                              
                                                                                
                                                                                

                                                                              

                                                                              
                                                                                17

                                                                                
                                                                                  

                                                                                

                                                                              

                                                                              
                                                                                
                                                                                

                                                                              

                                                                            

                                                                             

                                                                            
                                                                              	
                                                                                       
      

                                                                                    	
                                                                                      3.2.2

                                                                                    	
                                                                                      there
      shall not be any injunction, decision, order or decree of any nature of
      any court or Governmental Authority, or any proceeding pending or
      threatened that could result in such an injunction, decision, order or
      decree, restraining, prohibiting or preventing any aspect of the
      Transaction;

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                       
      

                                                                                    	
                                                                                      3.2.3

                                                                                    	
                                                                                      there
      shall not have been any action, or any statute, law or regulation enacted
      by any Governmental Authority which would cause any Party to be unable to
      consummate any aspect of the Transaction, make any aspect of the
      Transaction illegal or prohibit, restrict or delay the consummation of any
      aspect of the Transaction;

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                       
      

                                                                                    	
                                                                                      3.2.4

                                                                                    	
                                                                                      the
      Purchaser and its Affiliates shall have performed and complied in all
      respects with all covenants and agreements required by this Agreement or
      any of the other Transaction Documents to be performed or complied with by
      the Purchaser or its Affiliates on or prior to the Closing
      Date;

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                       
      

                                                                                    	
                                                                                      3.2.5

                                                                                    	
                                                                                      the
      Warranties given by the Purchaser shall be true and accurate in all
      material respects as of the Closing Date or, if not true, shall have been
      remedied (at the cost of the Purchaser) to the reasonable satisfaction of
      the Sellers;

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                      3.3

                                                                                    	
                                                                                      Insofar
      as permitted under applicable law, the Purchaser may, in its sole
      discretion, at any time waive, in whole or in part, conditionally or
      unconditionally, any of the Conditions Precedent set out in Clauses 3.1.1 to
      3.1.22 (inclusive) by notice in writing to the
      Sellers.

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                      3.4

                                                                                    	
                                                                                      Insofar
      as permitted under applicable law, the Sellers may, in their sole
      discretion, at any time waive, in whole or in part, conditionally or
      unconditionally, any of the Conditions Precedent set out in Clauses 3.2.1 to
      3.2.5 (inclusive) by notice in writing to the
      Purchaser.

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                      3.5

                                                                                    	
                                                                                      The
      Parties shall keep each other fully informed and up to date with respect
      to their progress toward the satisfaction of the Conditions
      Precedent.

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                      3.6

                                                                                    	
                                                                                      The
      Purchaser and the Sellers shall actively and positively cooperate with
      respect to the satisfaction of the Condition Precedent set out in Clause
      3.1.1 and in
particular:

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                       
      

                                                                                    	
                                                                                      (i)

                                                                                    	
                                                                                      the
      Sellers shall provide all information and documents requested by the
      Purchaser in order to facilitate the prompt submission of all
      notifications and submissions to the RCC;
and

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                       
      

                                                                                    	
                                                                                      (ii)

                                                                                    	
                                                                                      the
      Sellers shall not, without the prior approval of the Purchaser (which
      approval shall not be unreasonably withheld or delayed), communicate with
      the RCC or make any filing, submission or notification in connection with
      the Transaction.

                                                                                    

                                                                            

                                                                            

                                                                            
                                                                              	
                                                                                      3.7

                                                                                    	
                                                                                      The
      Sellers shall use their best endeavors to satisfy the Conditions Precedent
      for which they are responsible but in the event that the Sellers becomes
      aware that they will not be able to satisfy the Conditions Precedent on or
      before the Longstop Date, the Sellers shall promptly, and in any event not
      less than three (3) Business Days before the Longstop Date, give written
      notice to the Purchaser of their inability to satisfy such Conditions
      Precedent.

                                                                                    

                                                                            

                                                                            
                                                                              
                                                                                 

                                                                                
                                                                                  
                                                                                  

                                                                                

                                                                                
                                                                                  18

                                                                                  
                                                                                    

                                                                                  

                                                                                

                                                                                
                                                                                  
                                                                                  

                                                                                

                                                                              

                                                                               

                                                                              
                                                                                	
                                                                                        3.8

                                                                                      	
                                                                                        If
      any Conditions Precedent have not been satisfied (or have not been waived
      in accordance with Clauses 3.3 or
      3.4)
      on or before the Longstop Date, this Agreement shall, unless otherwise
      agreed by the Parties in writing, terminate and the provisions of Clause 9
      shall apply.

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.

                                                                                      	
                                                                                        Closing

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.1

                                                                                      	
                                                                                        The
      Parties shall cause the Closing to occur promptly after the date on which
      the last of the Conditions Precedent have been satisfied or waived in
      accordance with this Agreement, but in any event no later than either: (i)
      the end of the month in which the Conditions Precedent are satisfied or
      waived provided that the Conditions Precedent are satisfied or waived
      before the 21st calendar day of that month; or (ii) the end of the
      following month if the Conditions Precedent are satisfied or waived after
      the 21st calendar day of a month (the "Closing
      Date").

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.2

                                                                                      	
                                                                                        The
      Closing shall take place on the Closing Date at the offices of Media Pro
      Management at 109 Pache Protopopescu Blv., 6th Floor, sector 2, Bucharest,
      Romania , or at such other location as agreed by the
    Parties.

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.3

                                                                                      	
                                                                                        The
      Sellers shall deliver the Closing Statement to the Purchaser at least
      three (3) Business Days prior to the
Closing.

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.4

                                                                                      	
                                                                                        The
      Sellers shall deliver a substantially final version of the Supplementary
      Disclosure Schedule to the Purchaser at least three (3) Business Days
      prior to the Closing.

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.5

                                                                                      	
                                                                                        All
      deliveries of documents and actions contemplated by this Clause to take
      place at Closing shall be deemed to have taken place simultaneously as
      part of a single transaction, none of which shall be considered to have
      taken place unless and until all such actions shall have taken place,
      provided that the
      Purchaser shall have no obligation to pay or effect any of the Purchase
      Consideration until all Conditions Precedent have been satisfied or
      waived, and all of the actions of the Sellers set out in Clauses 4.6 and 4.7 have been
satisfied.

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                        4.6

                                                                                      	
                                                                                        On
      the Closing Date, the Sellers shall deliver or shall procure the delivery
      to the Purchaser of:

                                                                                      

                                                                              

                                                                               

                                                                              
                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.1

                                                                                        	
                                                                                          (i)

                                                                                        	
                                                                                          all
      necessary instruments of transfer for each Target Company in respect of
      the Sale Securities, including without limitation, the MPP Czech Transfer
      Agreement and the MPE Romanian Transfer Agreements (governed by the law of
      the relevant jurisdiction applicable to such transfer), duly executed and
      completed by the corresponding Seller in favour of the Purchaser (or in
      favour of any Affiliate of the Purchaser as the Purchaser shall direct in
      writing to the applicable Seller in respect of some or all of the Sale
      Securities), together with the applicable resolutions adopted pursuant to
      Clause 4.7;

                                                                                        

                                                                                

                                                                              

                                                                               

                                                                              
                                                                                	
                                                                                         
      

                                                                                      	
                                                                                        (ii)

                                                                                      	
                                                                                        any
      and all duly executed powers of attorney or other authorities under which
      any of the instruments of transfer have been executed;
  and

                                                                                      

                                                                              

                                                                              

                                                                              
                                                                                	
                                                                                         
      

                                                                                      	
                                                                                        (iii)

                                                                                      	
                                                                                        further
      to Clauses 3.1.2 and 3.1.3,
      certified copies of all other necessary authorizations, waivers and
      consents in respect of the sale of the MPM Securities and MP BV Securities
      and the execution of the instruments of transfer in respect of
      them;

                                                                                      

                                                                              

                                                                              
                                                                                
                                                                                   

                                                                                  
                                                                                    
                                                                                    

                                                                                  

                                                                                  
                                                                                    19

                                                                                    
                                                                                      

                                                                                    

                                                                                  

                                                                                  
                                                                                    
                                                                                    

                                                                                  

                                                                                

                                                                                 

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.2

                                                                                        	
                                                                                          a
      closing certificate in the form attached hereto in Schedule
      2 and, if reasonably requested by the Purchaser, other
      confirmations or evidence of the satisfaction of the Conditions
      Precedent;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.3

                                                                                        	
                                                                                          a
      certified copy of the updated registers of Ownership Interests of each
      of:

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (i)

                                                                                        	
                                                                                          MPP
      evidencing its 10% Ownership Interest in
MPD;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (ii)

                                                                                        	
                                                                                          MPP
      evidencing its 81.47% Ownership Interest in
MPS;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (iii)

                                                                                        	
                                                                                          MPP
      evidencing its 51% Ownership Interest in
Domino;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (iv)

                                                                                        	
                                                                                          Pro
      Video evidencing its 40% Ownership Interest in
  MPME;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (v)

                                                                                        	
                                                                                          Pro
      Video evidencing its 100% Ownership Interest in
  HMO;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (vi)

                                                                                        	
                                                                                          MPP
      Czech evidencing its 51% Ownership Interest in
  Rodinka;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          (vii)

                                                                                        	
                                                                                          MPP
      Czech evidencing its 51% Ownership Interest in
  Zmena,

                                                                                        

                                                                                

                                                                                

                                                                                subject
to the Ownership Interests set out in this Clause 4.6.3
being amended pursuant to the capitalization of the Converted Shareholder Loans
as contemplated in Clause 3.1.14
of this Agreement;

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.4

                                                                                        	
                                                                                          one
      (1) counterpart of each of the Trademark Assignments signed by the
      Guarantor and Media Pro Music & Events SRL (as
      applicable);

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.5

                                                                                        	
                                                                                          one
      (1) counterpart of the Business Name Assignment signed by the Sellers and
      the Guarantor;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.6

                                                                                        	
                                                                                          one
      (1) counterpart of the Subscription Agreement duly executed by the
      Sellers;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.7

                                                                                        	
                                                                                          the
      Supplementary Disclosure Schedule, if
any;

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.8

                                                                                        	
                                                                                          written
      resignations of each of the directors and statutory executives of any
      Target Company designated by the Purchaser to the Sellers at least five
      (5) days before the Closing Date to take effect on the Closing Date, in a
      form satisfactory to the Purchaser;
and

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.6.9

                                                                                        	
                                                                                          signed
      notices of termination from each of Media Pro Management and MP BV with
      regard to any contracts, agreements or arrangements for the provision of
      management, consulting or similar services by Media Pro Management or MP
      BV to any of the Target Companies, effective as of the Closing Date,
      except: (i) in relation to the Permitted Contracts; or (ii) where the
      terms of any extension of such agreements or arrangements are approved by
      the Board of Directors of CME prior to entry into such
      extension.

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                          4.7

                                                                                        	
                                                                                          On
      or before the Closing Date, the Sellers shall procure that a shareholders
      meeting of each of MPP, MPD, Pro Video and MPME are held to decide on the
      following matters:

                                                                                        

                                                                                

                                                                                

                                                                                
                                                                                  	
                                                                                           
      

                                                                                        	
                                                                                          4.7.1

                                                                                        	
                                                                                          approving
      the execution of the Transaction as well as any relevant documents to
      ensure the registration of the transfer of the Sale Securities from the
      Sellers to the Purchaser or any of its
  Affiliates;

                                                                                        

                                                                                

                                                                                
                                                                                  
                                                                                     

                                                                                    
                                                                                      
                                                                                      

                                                                                    

                                                                                    
                                                                                      20

                                                                                      
                                                                                        

                                                                                      

                                                                                    

                                                                                    
                                                                                      
                                                                                      

                                                                                    

                                                                                  

                                                                                   

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.2

                                                                                          	
                                                                                            acknowledging
      the waiver by the current shareholders of each relevant Target Company of
      their pre-emption rights on the sale of shares as provided under the
      constitutive acts of such Target
Companies;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.3

                                                                                          	
                                                                                            revoking
      as a result of their resignation the directors and statutory executives as
      indicated by the Purchaser at least five days before the Closing
      Date;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.4

                                                                                          	
                                                                                            appointing
      the individuals designated by the Purchaser at least five (5) Business
      Days before the Closing Date;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.5

                                                                                          	
                                                                                            appointing
      internal auditors for the Target
Companies;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.6

                                                                                          	
                                                                                            approving
      the restated constitutive acts of the Target Companies evidencing the new
      shareholding pursuant to the Closing and all other amendments to the
      respective constitutive acts agreed
herein;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.7

                                                                                          	
                                                                                            granting
      powers of attorney for the person(s) who is/are empowered to sign and
      execute all Transaction related documents;
and

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.7.8

                                                                                          	
                                                                                            with
      respect to MPP only, ratifying all prior shareholder resolutions taken in
      meetings where certain shareholders of MPP have been represented by the
      directors of MPP.

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                            4.8

                                                                                          	
                                                                                            On
      the Closing Date, the Purchaser shall, or shall procure that its relevant
      Affiliate shall:

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.8.1

                                                                                          	
                                                                                            pay
      the Cash Consideration;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.8.2

                                                                                          	
                                                                                            deliver,
      in accordance with the written notice delivered pursuant to Clause 3.1.24 (unless delivery in accordance with the
      aforementioned written notice is contrary to any applicable law,
      regulation or direction of any relevant stock exchange or regulator, in
      which case the delivery shall be in accordance with such law, regulation
      or direction and where there is discretion that could be exercised, such
      discretion to be exercised only by the Purchaser and
  CME):

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            (i)

                                                                                          	
                                                                                            one
      (1) counterpart of the Subscription Agreement duly executed by CME to each
      of the Sellers;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            (ii)

                                                                                          	
                                                                                            the
      Warrant to the Sellers;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            (iii)

                                                                                          	
                                                                                            certificates
      representing two million two hundred thousand (2,200,000) Class A Common
      Shares, evidencing the number of shares in CME issued to the Sellers, each
      registered in such Seller's name;

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.8.3

                                                                                          	
                                                                                            deliver
      one (1) counterpart of each of the Trademark Assignments signed by the
      Purchaser or an Affiliate of the Purchaser (as
  applicable);

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.8.4

                                                                                          	
                                                                                            deliver
      one (1) counterpart of the Business Name Assignment signed by the
      Purchaser or an Affiliate of the Purchaser (as applicable);
      and

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                             
      

                                                                                          	
                                                                                            4.8.5

                                                                                          	
                                                                                            deliver
      a closing certificate in the form attached hereto in Schedule
      2.

                                                                                          

                                                                                  

                                                                                  

                                                                                  
                                                                                    	
                                                                                            4.9

                                                                                          	
                                                                                            On
      the Closing Date, CME Romania shall
deliver:

                                                                                          

                                                                                  

                                                                                  
                                                                                    
                                                                                       

                                                                                      
                                                                                        
                                                                                        

                                                                                      

                                                                                      
                                                                                        21

                                                                                        
                                                                                          

                                                                                        

                                                                                      

                                                                                      
                                                                                        
                                                                                        

                                                                                      

                                                                                    

                                                                                     

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              4.9.1

                                                                                            	
                                                                                              all
      necessary instruments of transfer (governed by the law of the relevant
      jurisdiction applicable to such transfer) in respect of the transfer of
      its 8.7% Ownership Interest in Media Pro Management and its 10% Ownership
      Interest in MP BV, duly executed and completed by CME Romania in favour of
      the Guarantor or a party designated by
it;

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              4.9.2

                                                                                            	
                                                                                              any
      and all duly executed powers of attorney or other authorities under which
      any of the instruments of transfer have been executed to the Guarantor or
      a party designated by it; and

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              4.9.3

                                                                                            	
                                                                                              one
      (1) counterpart of a deed of termination and release in relation to the
      pledge agreement between CME Romania and the Guarantor dated August 11,
      2006 to the Guarantor.

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                              4.10

                                                                                            	
                                                                                              On
      the Closing Date, the Purchaser shall procure that Adrian Sarbu shall be
      appointed as Executive Chairman of the company directly owning or
      controlling Media Pro Entertainment Business for an initial term of five
      (5) years effective from the Closing, which term may be renewed by the
      Purchaser in its sole discretion.

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                              4.11

                                                                                            	
                                                                                              If
      Closing does not take place by 5:00 p.m. on the Closing Date (or such
      later time as the Parties may agree in writing) because the Sellers fail
      to comply with any of their obligations under this Clause, the Purchaser
      may, in its sole discretion, by written notice to the
    Sellers:

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              4.11.1

                                                                                            	
                                                                                              postpone
      Closing to a later date (being a date not later than the Longstop Date);
      or

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              4.11.2

                                                                                            	
                                                                                              terminate
      this Agreement, in which case the provisions of Clause 9
      shall apply.

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                              5.

                                                                                            	
                                                                                              Obligations
      Prior to Closing

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                              5.1

                                                                                            	
                                                                                              From
      and including the Execution Date and up to and including the earlier of
      the Closing Date and the Longstop Date, the Sellers shall (on their own
      behalf and on behalf of any
Affiliates):

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              5.1.1

                                                                                            	
                                                                                              procure
      that the Media Pro Entertainment Business shall be conducted in the
      ordinary course;

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              5.1.2

                                                                                            	
                                                                                              use
      their respective best efforts to preserve and protect the assets
      (including the Intellectual Property and the Real Properties) necessary
      for the operation of the Media Pro Entertainment Business and in
      particular maintain in force all insurance policies in respect thereof and
      not knowingly default under any provision thereof, and duly give notice to
      the Purchaser of and maintain any Claims under any such insurance
      policies;

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              5.1.3

                                                                                            	
                                                                                              procure
      that each of the Target Companies will not undertake any action that may
      constitute a breach of any of the Media Pro Authorizations or any other
      applicable licences or authorizations necessary for the operation of the
      Media Pro Entertainment Business;

                                                                                            

                                                                                    

                                                                                    

                                                                                    
                                                                                      	
                                                                                               
      

                                                                                            	
                                                                                              5.1.4

                                                                                            	
                                                                                              not
      dispose of or grant any option or right of pre-emption in respect of any
      part of their assets, including, without limitation, the Ownership
      Interests in the Media Pro Entertainment
  Business;

                                                                                            

                                                                                    

                                                                                    
                                                                                      
                                                                                         

                                                                                        
                                                                                          
                                                                                          

                                                                                        

                                                                                        
                                                                                          22

                                                                                          
                                                                                            

                                                                                          

                                                                                        

                                                                                        
                                                                                          
                                                                                          

                                                                                        

                                                                                      

                                                                                       

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.5

                                                                                              	
                                                                                                not
      grant, issue or redeem any mortgage or other Encumbrance, Ownership
      Interest, debenture or other security, or give any guarantee or indemnity
      or otherwise agree to secure any obligation of a third party (except, in
      respect of any indemnity, in the ordinary course of business), or create
      any Encumbrance over any of its assets or undertakings or agree to do any
      of the same;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.6

                                                                                              	
                                                                                                not
      create, allot, issue, acquire, repay or redeem any capital or any capital
      convertible into Ownership Interests (other than pursuant to Clause 3.1.14), or merge or consolidate with a corporate body or any
      other person, enter into any demerger transaction or agree, arrange or
      undertake to do any of those
things;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.7

                                                                                              	
                                                                                                provide
      the Purchaser with full access to such information and personnel as the
      Purchaser shall reasonably request in connection with the acquisition of
      the Media Pro Entertainment Business, the Sale Securities and the
      transactions contemplated hereby;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.8

                                                                                              	
                                                                                                procure
      that the companies (including all Target Companies) operating within the
      Media Pro Entertainment Business shall not do any of the items described
      in Clause 5.2 without the prior written consent of the
      Purchaser;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.9

                                                                                              	
                                                                                                not
      cause or do any act or thing, the commission of which would constitute a
      breach of any Warranty contained herein or which would make any such
      Warranty inaccurate at the Closing
Date;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.10

                                                                                              	
                                                                                                on
      becoming aware prior to the Closing Date of the occurrence of any matter,
      event or circumstance which would constitute a breach of any of the
      Warranties hereunder or which would make any of such Warranties inaccurate
      at the Closing Date, promptly give written notice of such matter, event or
      circumstance to the Purchaser before the Closing Date with sufficient
      details to enable the Purchaser to assess accurately the impact of such
      matter, event or circumstance and the Sellers shall use their best
      endeavors to promptly remedy the same;
and

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.1.11

                                                                                              	
                                                                                                take
      such other actions as are required in order to consummate the Transaction
      and to give full effect to this
Agreement.

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                5.2

                                                                                              	
                                                                                                The
      Sellers shall procure that each of the Target Companies, during the period
      from and including the Execution Date up to and including the Closing
      Date, shall not, without the prior written consent of the
      Purchaser:

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.2.1

                                                                                              	
                                                                                                take
      any action that is likely to have a Material Adverse
    Effect;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.2.2

                                                                                              	
                                                                                                permit
      any Target Company to enter into, extend or amend any contract or
      commitment, or series of related contracts or commitments, with any
      Affiliate or any other connected or related person with a value exceeding
      one hundred thousand US Dollars (US$100,000) or its equivalent in any
      other currency;

                                                                                              

                                                                                      

                                                                                      

                                                                                      
                                                                                        	
                                                                                                 
      

                                                                                              	
                                                                                                5.2.3

                                                                                              	
                                                                                                borrow
      any additional money, draw down on any existing facilities or make any
      payments out of or drawings on their bank account(s) (except routine or
      committed payments) or amend or agree to amend (other than in compliance
      with the terms of this Agreement) the terms of any borrowing or
      indebtedness in the nature of borrowing from third parties or Affiliates.
      For the avoidance of doubt, the restrictions set out in this Clause 5.2.3 shall apply to any actions in relation to the ING
      Existing Facility;

                                                                                              

                                                                                      

                                                                                      
                                                                                        
                                                                                           

                                                                                          
                                                                                            
                                                                                            

                                                                                          

                                                                                          
                                                                                            23

                                                                                            
                                                                                              

                                                                                            

                                                                                          

                                                                                          
                                                                                            
                                                                                            

                                                                                          

                                                                                        

                                                                                         

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  5.2.4

                                                                                                	
                                                                                                  grant
      or terminate any lease or third party right in respect of any of the
      assets owned by or on behalf of the Media Pro Entertainment
      Business;

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  5.2.5

                                                                                                	
                                                                                                  enter
      into any leasing, hire purchase or other agreement or arrangement for
      payment on deferred terms except in the ordinary course of
      business;

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  5.2.6

                                                                                                	
                                                                                                  make
      any material change in the terms and conditions of employment or pension
      or other benefits of its employees or the terms of any consulting
      agreement (other then those which would be required by law and those made
      pursuant to any annual salary review, such review being consistent with
      past practices) or terminate the employment of any of the employees or
      consultant (except for cause or pursuant to any Transaction
      Document);

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  5.2.7

                                                                                                	
                                                                                                  enter
      into any agreement or arrangement with any unaffiliated third party other
      than in the ordinary course of business consistent with past practice or,
      except for Permitted Contracts, enter into any contract, agreement or
      relationship with a Specific Related
Party;

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  5.2.8

                                                                                                	
                                                                                                  declare,
      make or pay any dividend or other distribution;
  or

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  5.2.9

                                                                                                	
                                                                                                  save
      only as may be necessary to give effect to this Agreement or to the extent
      the Purchaser has consented or agreed, cause or do any act or thing the
      commission of which would constitute a breach of any of the Warranties
      herein or which would make any of such Warranties inaccurate at the
      Closing Date.

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                  5.3

                                                                                                	
                                                                                                  CME
      Romania shall not, from and including the Execution Date up to and
      including the Closing Date, dispose of or grant any option or right of
      pre-emption or any other  Encumbrance in respect of any of the
      shares held by CME Romania in MPM and MP BV,
  respectively.

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                  6.

                                                                                                	
                                                                                                  Warranties

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                  6.1

                                                                                                	
                                                                                                  Except
      to the extent fairly disclosed in the Disclosure Schedule, the Sellers
      jointly and severally warrant to the Purchaser that each
      statement:

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  6.1.1

                                                                                                	
                                                                                                  applicable
      to them contained in Part A of Schedule
      3 is true and accurate in every respect and not misleading as of
      the Execution Date; and

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  6.1.2

                                                                                                	
                                                                                                  contained
      in Part B of Schedule 3 is true and correct in every respect and not
      misleading as of the Execution
Date.

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                  6.2

                                                                                                	
                                                                                                  Except
      to the extent fairly disclosed in the Supplementary Disclosure Schedule,
      the Sellers jointly and severally warrant to the Purchaser that each
      statement:

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  6.2.1

                                                                                                	
                                                                                                  applicable
      to them contained in Part A of Schedule
      3 is true and accurate in every respect and not misleading as of
      the Closing Date; and

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                   
      

                                                                                                	
                                                                                                  6.2.2

                                                                                                	
                                                                                                  contained
      in Part B of Schedule 3 is true and correct in every respect and not
      misleading as of the Closing Date.

                                                                                                

                                                                                        

                                                                                        

                                                                                        
                                                                                          	
                                                                                                  6.3

                                                                                                	
                                                                                                  The
      Purchaser warrants to the Sellers that each statement applicable to it
      contained in Part A of Schedule
      3 is true and accurate in every respect and not misleading as of
      the Execution Date.

                                                                                                

                                                                                        

                                                                                        
                                                                                          
                                                                                             

                                                                                            
                                                                                              
                                                                                              

                                                                                            

                                                                                            
                                                                                              24

                                                                                              
                                                                                                

                                                                                              

                                                                                            

                                                                                            
                                                                                              
                                                                                              

                                                                                            

                                                                                          

                                                                                           

                                                                                          
                                                                                            	
                                                                                                    6.4

                                                                                                  	
                                                                                                    The
      Purchaser warrants to the Sellers that each statement applicable to it
      contained in Part A of Schedule
      3 is true and accurate in every respect and not misleading as of
      the Closing Date.

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    7.

                                                                                                  	
                                                                                                    Sellers'
      Undertakings and
      Post-Closing Covenants

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    7.1

                                                                                                  	
                                                                                                    The
      Parties acknowledge that the Purchaser and the other Affiliates of CME are
      subsidiaries of a U.S. reporting company and as such will be required to
      comply with certain U.S. securities, anti-money laundering,
      anti-corruption and other applicable laws. In particular, the Parties
      acknowledge and the Sellers and their Affiliates agree
    that:

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    7.1.1

                                                                                                  	
                                                                                                    no
      member of the Media Pro Entertainment Business will use or offer to use,
      directly or indirectly, any funds for any unlawful contribution, gift,
      entertainment or other unlawful payment to any foreign or domestic
      government official or employee, or any political party, party official,
      political candidate or official of any public international organization
      in violation of any applicable law, including, as applicable, the U.S.
      Foreign Corrupt Practices Act of 1977, as amended;
    and 

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    7.1.2

                                                                                                  	
                                                                                                    each
      member of the Media Pro Entertainment Business has and will enforce the
      anti-bribery compliance program of CME, which is designed to detect and
      prevent any violations of applicable anti-bribery laws and which includes
      the adoption and implementation of a policy against violations of
      applicable anti-bribery laws, periodic training of appropriate officers
      and employees, appropriate due diligence requirements on the retention and
      oversight of agents and business partners, periodic testing of the
      effectiveness in detecting and reducing violations of applicable
      anti-bribery laws and the internal controls system and compliance policy
      of CME and reporting if any of the directors, officers, senior managers or
      agents of the Media Pro Entertainment Business becomes a foreign or
      domestic government official or employee, except for such an official or
      employee in a governmental position that has no relevance to the Media Pro
      Entertainment Business.

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    7.2

                                                                                                  	
                                                                                                    The
      Sellers undertake to the Purchaser not to make or pursue any claim against
      the Target Companies or their respective subsidiaries or their respective
      directors, officers, employees or agents in connection with assisting the
      Sellers in giving the Warranties and/or entering into this Agreement or
      any documents entered into pursuant to this
  Agreement.

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    7.3

                                                                                                  	
                                                                                                    The
      Sellers covenant with the Purchaser that they shall not, and procure that
      their Affiliates shall not, for a period of five (5) years from the date
      of this Agreement and without the prior written consent of the
      Purchaser:

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (i)

                                                                                                  	
                                                                                                    within
      any territory in which CME or its Affiliates is operating or intends to
      operate during such period:

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (a)

                                                                                                  	
                                                                                                    compete
      directly or indirectly with the Media Pro Entertainment
      Business;

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (b)

                                                                                                  	
                                                                                                    enter
      directly or indirectly into negotiations, or enter into any contractual or
      other business arrangement with any third party to offer services that may
      compete with the Media Pro Entertainment
  Business;

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            
                                                                                              
                                                                                              

                                                                                            

                                                                                            
                                                                                              25

                                                                                              
                                                                                                

                                                                                              

                                                                                            

                                                                                            
                                                                                              
                                                                                              

                                                                                            

                                                                                          

                                                                                           

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (c)

                                                                                                  	
                                                                                                    directly
      or indirectly own, manage, operate, participate in, consult with or work
      for any business which is engaged in the same business as the Media Pro
      Entertainment Business;

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (d)

                                                                                                  	
                                                                                                    attempt
      to induce, entice or solicit any current consignors, suppliers,
      contractors, consultants or customers away, in whole of part, from the
      Purchaser; or interfere or attempt to interfere with relations between the
      Purchaser and such consignors, suppliers, contractors, consultants or
      customers; and

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (e)

                                                                                                  	
                                                                                                    do
      or say anything which is harmful to the goodwill of the Media Pro
      Entertainment Business which may lead a person who has dealt with any of
      the Target Companies at any time during the twenty-four (24) months prior
      to the date of this Agreement to cease to deal with the Target Companies
      on substantially equivalent terms to those previously offered or at all;
      and

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    (ii)

                                                                                                  	
                                                                                                    hire,
      make an offer, solicit, recruit or otherwise endeavour to entice away from
      the Purchaser, its Affiliates or any of the Target Companies or their
      Affiliates any person who is a director, officer or employee of the
      Purchaser, its Affiliates or any of the Target Companies or their
      Affiliates, whether or not such person would commit a breach of contract
      by reason of leaving service,

                                                                                                  

                                                                                          

                                                                                          

                                                                                          and the
Sellers further covenant with the Purchaser that they shall not, and procure
that their Affiliates shall not, assist any other person to do any of the
foregoing acts.

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    7.4

                                                                                                  	
                                                                                                    Each
      and every obligation under Clause 7.3 shall be treated as a separate obligation and shall
      be severally enforceable as such.

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    8.

                                                                                                  	
                                                                                                    Purchaser
      Undertakings & Post-Closing
Covenants

                                                                                                  

                                                                                          

                                                                                          

                                                                                          The
Purchaser shall, and shall procure that its Affiliates shall,
ensure:

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    8.1.1

                                                                                                  	
                                                                                                    that
      CME, to the extent permitted by applicable law, maintains the Media Pro
      business name and brands assigned pursuant to the relevant Trademark
      Assignments and operates the content division of CME under such business
      name;

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    8.1.2

                                                                                                  	
                                                                                                    the
      timely performance of the obligations of CME under the Film Production and
      Financing Terms and the post-closing items set out in further detail in
      Schedule 8;

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    8.1.3

                                                                                                  	
                                                                                                    that
      MPP, MPS and any other Target Company provide support to Universitatea de
      Media in Bucharest, Romania at substantially the same levels as are
      provided by such Person on the Execution Date;
  and

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                     
      

                                                                                                  	
                                                                                                    8.1.4

                                                                                                  	
                                                                                                    that
      MPS continues to preserve the inherited archive of costumes and set
      designs and props existing as on the Execution Date from productions
      undertaken by MPS prior to its privatization in 1997 in substantially the
      same manner as on the Execution
Date.

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    9.

                                                                                                  	
                                                                                                    Termination

                                                                                                  

                                                                                          

                                                                                          

                                                                                          
                                                                                            	
                                                                                                    9.1

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

                                                                                                  

                                                                                          

                                                                                          
                                                                                            
                                                                                               

                                                                                              
                                                                                                
                                                                                                

                                                                                              

                                                                                              
                                                                                                26

                                                                                                
                                                                                                  

                                                                                                

                                                                                              

                                                                                              
                                                                                                
                                                                                                

                                                                                              

                                                                                            

                                                                                             

                                                                                            
                                                                                              	
                                                                                                      9.2

                                                                                                    	
                                                                                                      In
      the event that:

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                       
      

                                                                                                    	
                                                                                                      9.2.1

                                                                                                    	
                                                                                                      the
      substantially final version of the Supplementary Disclosure Schedule that
      is delivered pursuant to Clause 4.4 contains or refers to a fact or matter;
      or

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                       
      

                                                                                                    	
                                                                                                      9.2.2

                                                                                                    	
                                                                                                      in
      the period between the Execution Date and Completion Date, the Purchaser
      becomes aware of or is notified pursuant to Clause 5.1.10 of a fact or
matter,

                                                                                                    

                                                                                            

                                                                                            

                                                                                            that in
the reasonable opinion of the Purchaser is materially adverse to the assets,
business, results of operations, financial condition or prospects of the Media
Pro Entertainment Business; the Purchaser shall have the right to terminate this
Agreement subject to the Purchaser immediately notifying the Sellers that the
Purchaser has formed such an opinion and for a period of twenty Business Days
after service of such notice, the parties shall negotiate in good faith to avoid
termination of this Agreement.  In the event that the parties fail to
agree the terms on which termination of this Agreement would be avoided within
such period, the Purchaser shall be entitled at its sole discretion to proceed
with the termination of this Agreement immediately upon notice to the
Sellers.  For the avoidance of doubt, any fact or matter referred to
in Clauses 9.2.1 or
9.2.2 that in the reasonable opinion of the Purchaser shall
be considered to be materially adverse to the assets, business, results of
operations, financial condition or prospects of the Media Pro Entertainment
Business shall include any event, act or omission that will result in a
liability or loss of EUR 100,000 to Media Pro Entertainment Business that is not
compensated or remedied by the Sellers to the satisfaction of the Purchaser
within twenty Business Days of the delivery of the notice referred to in this
Clause 9.2.

                                                                                            

                                                                                            
                                                                                              	
                                                                                                      9.3

                                                                                                    	
                                                                                                      Without
      prejudice to Clause 9.1 and subject to Clause 9.2,
      this Agreement may be
terminated:

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                       
      

                                                                                                    	
                                                                                                      9.3.1

                                                                                                    	
                                                                                                      at
      any time prior to the Closing Date by the Sellers if there has been a
      material breach of any covenant, warranty or other obligation of the
      Purchaser hereunder or under any other Transaction Document and such
      breach shall not have been cured with five (5) Business Days of the
      Purchaser becoming aware of such breach or after receipt of notice from
      the Sellers specifying the breach and requesting that such breach be
      remedied; and

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                       
      

                                                                                                    	
                                                                                                      9.3.2

                                                                                                    	
                                                                                                      at
      any time prior to the Closing Date by the Purchaser, if there has been a
      material breach of any covenant, representation or warranty or other
      obligation of the Sellers hereunder or under any other Transaction
      Document and such breach shall not have been cured with five (5) Business
      Days of the Sellers becoming of such breach or after receipt of notice
      from the Purchaser specifying the breach and requesting that such breach
      be remedied.

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                      9.4

                                                                                                    	
                                                                                                      This
      Agreement shall terminate automatically on the Longstop Date if any
      Condition Precedent shall not have been satisfied or waived prior to such
      date as a result of:

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                       
      

                                                                                                    	
                                                                                                      9.4.1

                                                                                                    	
                                                                                                      any
      action or failure to act on the part of the Purchaser (other than any such
      action or failure to act that is due to the gross negligence or willful
      misconduct of the Seller); and

                                                                                                    

                                                                                            

                                                                                            

                                                                                            
                                                                                              	
                                                                                                       
      

                                                                                                    	
                                                                                                      9.4.2

                                                                                                    	
                                                                                                      any
      action or failure to act on the part of the Seller (other than any such
      action or failure to act that is due to the gross negligence or willful
      misconduct of the Purchaser).

                                                                                                    

                                                                                            

                                                                                            
                                                                                              
                                                                                                 

                                                                                                
                                                                                                  
                                                                                                  

                                                                                                

                                                                                                
                                                                                                  27

                                                                                                  
                                                                                                    

                                                                                                  

                                                                                                

                                                                                                
                                                                                                  
                                                                                                  

                                                                                                

                                                                                              

                                                                                               

                                                                                              
                                                                                                	
                                                                                                        9.5

                                                                                                      	
                                                                                                        Clauses
      6 and 10 to
      27 (inclusive) and Schedule
      3 shall survive termination of this
  Agreement.

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                        9.6

                                                                                                      	
                                                                                                        Each
      Party's further rights and obligations under this Agreement shall cease
      immediately on termination of this Agreement, but termination shall not
      affect a Party's rights and obligations which have accrued prior to the
      date of termination or rights and obligations under any of the surviving
      provisions set out in Clause 9.5.

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                        10.

                                                                                                      	
                                                                                                        Indemnity

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                        10.1

                                                                                                      	
                                                                                                        The
      Sellers shall indemnify and keep indemnified the Purchaser and its
      Affiliates and subsidiaries, and their respective representatives,
      officers, directors, shareholders and Controlling persons (the "Purchaser Protected
      Parties") from and against all costs, Claims, demands, damages,
      expenses, penalties, fines, liabilities, losses and diminution in value
      (including the fees and expenses of investigation and counsel), whether or
      not involving a Third Party Claim, (collectively, "Losses") whatsoever
      arising out of or in connection
with:

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                         
      

                                                                                                      	
                                                                                                        10.1.1

                                                                                                      	
                                                                                                        any
      false, incorrect or misleading Warranty made by the Sellers or any of
      their Affiliates;

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                         
      

                                                                                                      	
                                                                                                        10.1.2

                                                                                                      	
                                                                                                        any
      breach or non-fulfillment of any covenant or undertaking in this Agreement
      or any other Transaction Documents by the Sellers or any of its
      Affiliates;

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                         
      

                                                                                                      	
                                                                                                        10.1.3

                                                                                                      	
                                                                                                        any
      and all liability whatsoever, however imposed, whether paid by the
      Purchaser, its Affiliates or any of the Target Companies in respect of any
      fraudulent or criminal act or omission by the Sellers or any of their
      Affiliates or any officer, director, representative, employee or agent
      thereof in respect of the ownership and operation of the Media Pro
      Entertainment Business; and

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                         
      

                                                                                                      	
                                                                                                        10.1.4

                                                                                                      	
                                                                                                        any
      items subject to indemnifications as identified in Clauses 10.2.

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                        10.2

                                                                                                      	
                                                                                                        In
      addition to the foregoing provisions of Clause 10.1,
      without limiting the generality of such provisions, the Sellers agree to
      indemnify and hold harmless the Purchaser Protected Parties against any
      Losses in respect of:

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                         
      

                                                                                                      	
                                                                                                        10.2.1

                                                                                                      	
                                                                                                        any
      and all liability whatsoever, however imposed (including any Claim
      asserted or deficiency assessed against or collected from or paid by the
      Purchaser or the Target Companies), in respect of any Taxes (including any
      penalties, interest and fines thereon, whenever accrued in respect of the
      Media Pro Entertainment Business) of the Target Companies for any and all
      periods up to and including the period ending on the Closing Date in
      respect of the Media Pro Entertainment Business (including in connection
      with any Tax return filed after the Closing Date in respect of the Media
      Pro Entertainment Business for any period prior to the Closing Date),
      except for payments in respect of VAT, withholding tax, CIT and PIT and
      any penalties in respect thereon that are properly provided for in the
      Management Accounts dated as at 30 June
2009;

                                                                                                      

                                                                                              

                                                                                              

                                                                                              
                                                                                                	
                                                                                                         
      

                                                                                                      	
                                                                                                        10.2.2

                                                                                                      	
                                                                                                        any
      Claims by or on behalf of any owner or former owner of interests in the
      capital of the Target Companies in respect of the ownership of Ownership
      Interests of the Target Companies in connection with an act, omission,
      event or circumstance occurring or existing on or prior to the Closing
      Date;

                                                                                                      

                                                                                              

                                                                                              
                                                                                                
                                                                                                   

                                                                                                  
                                                                                                    
                                                                                                    

                                                                                                  

                                                                                                  
                                                                                                    28

                                                                                                    
                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                  
                                                                                                    
                                                                                                    

                                                                                                  

                                                                                                

                                                                                                 

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          10.2.3

                                                                                                        	
                                                                                                          except
      as fairly disclosed in paragraph 10.2.3 of Schedule
      4, any Third Party Claims in respect of the Intellectual Property
      of the Media Pro Entertainment Business or the Media Pro Trademarks in
      connection with an act, omission, event or circumstance occurring or
      existing on or prior to the Closing
Date;

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          10.2.4

                                                                                                        	
                                                                                                          except
      as fairly disclosed in paragraph 10.2.4 of Schedule
      4, any court action or proceeding, arbitration,
      litigation, investigation or suit (whether civil, criminal or
      administrative) by any Governmental Authority in respect of any act,
      omission, event or circumstance relating to the period on or before the
      Closing Date in respect of the Media Pro Entertainment Business;
      and

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          10.2.5

                                                                                                        	
                                                                                                          any
      revocation, cancellation, restriction or impairment to any of the Media
      Pro Authorizations arising from an act, omission, event or circumstance
      that occurred or was in existence on or before the Closing
      Date.

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          10.3

                                                                                                        	
                                                                                                          Any
      Claim under Clause 10.1 or
      10.2 shall be asserted by written notice from the
      Purchaser Protected Party asserting such Claim (the "Indemnified Party") to
      the Party from whom indemnification is
sought.

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          10.4

                                                                                                        	
                                                                                                          The
      notice referred to in Clause 10.3 shall include information regarding the nature and
      basis for the Indemnity Claim and the amount of Losses demanded
      (estimating, to the extent reasonably practicable, the Indemnified Party's
      calculation of the Losses thereby suffered by
  it).

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          11.

                                                                                                        	
                                                                                                          Limitations
      on Liability

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          11.1

                                                                                                        	
                                                                                                          The
      Sellers shall not be liable for a Claim in respect
  of:

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          11.1.1

                                                                                                        	
                                                                                                          a
      Warranty contained in paragraph 10 of
      Schedule 3 unless the Purchaser has notified the
      Sellers or either of them of such Claim not later than three (3) months
      after the expiry of the period specified by law during which an assessment
      of that liability to Tax may be issued by the relevant Tax Authority;
      and

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          11.1.2

                                                                                                        	
                                                                                                          any
      other Warranty unless the Purchaser has notified the Sellers or either of
      them of the Warranty Claim within 36 months of the Closing
      Date.

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          11.2

                                                                                                        	
                                                                                                          The
      provisions of Clause 11.1 shall not apply in any way to the Warranties
      contained in Part A of Schedule
      3 or in paragraphs 1,
      14 or
      17 of
      Part B of Schedule
      3.

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          11.3

                                                                                                        	
                                                                                                          The
      maximum liability of the Sellers to the Purchaser and its Affiliates for
      any Losses arising from or related
to:

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          11.3.1

                                                                                                        	
                                                                                                          any
      false, incorrect or misleading Warranty;
and

                                                                                                        

                                                                                                

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                           
      

                                                                                                        	
                                                                                                          11.3.2

                                                                                                        	
                                                                                                          any
      other breach of a term of this Agreement and indemnification relating to
      such matters,

                                                                                                        

                                                                                                

                                                                                                

                                                                                                shall be
the amount of Losses suffered.

                                                                                                

                                                                                                
                                                                                                  	
                                                                                                          11.4

                                                                                                        	
                                                                                                          Nothing
      in this Clause 11 shall have the effect of limiting the liability of
      the Sellers in respect of any Claim arising as a result of fraud, willful
      misconduct or willful concealment.

                                                                                                        

                                                                                                

                                                                                                
                                                                                                  
                                                                                                     

                                                                                                    
                                                                                                      
                                                                                                      

                                                                                                    

                                                                                                    
                                                                                                      29

                                                                                                      
                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                    
                                                                                                      
                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                   

                                                                                                  
                                                                                                    	
                                                                                                            11.5

                                                                                                          	
                                                                                                            The
      Sellers shall not be liable for a Claim in respect of a
      Warranty:

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                             
      

                                                                                                          	
                                                                                                            11.5.1

                                                                                                          	
                                                                                                            to
      the extent that the Purchaser has received payment under an valid
      insurance policy in respect of such
Claim;

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                             
      

                                                                                                          	
                                                                                                            11.5.2

                                                                                                          	
                                                                                                            if
      the Claim results from an act by the Sellers undertaken at the specific
      request or direction of the Purchaser provided that
      that the Sellers have not deviated from that specific request or
      direction;

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                             
      

                                                                                                          	
                                                                                                            11.5.3

                                                                                                          	
                                                                                                            to
      the extent the matter giving rise to the Claim would not have arisen but
      for the passing of, or change in applicable law occurring after the
      Closing Date;

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            11.6

                                                                                                          	
                                                                                                            The
      Purchaser shall not be entitled to recover more than once in respect of a
      particular Claim.

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            12.

                                                                                                          	
                                                                                                            Guarantee

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            12.1

                                                                                                          	
                                                                                                            In
      consideration of the Purchaser entering into this Agreement, the Guarantor
      irrevocably and unconditionally guarantees to the Purchaser the due and
      punctual performance of all present and future liabilities and obligations
      of the Sellers contained in or arising from Clauses 2, 3, 4, 5, 6, 7, 10
      and 23 and Schedule 3 of this Agreement and Sections 2, 4 and 6 of
      the Subscription Agreement (the "Guaranteed
      Obligations").

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            12.2

                                                                                                          	
                                                                                                            If
      for any reason the Sellers fail to observe the timely performance of any
      or all of the Guaranteed Obligations, the Guarantor will within ten
      Business Days after receiving a demand in writing from or on behalf of the
      Purchaser fulfil or procure fulfilment of all such Guaranteed Obligations
      of the Sellers in compliance with the terms of this Agreement and so that
      the same benefits shall be conferred on the Purchaser as they would have
      received if such Guaranteed Obligations had been duly performed and
      satisfied by the Sellers in a timely manner and will indemnify and keep
      indemnified the Purchaser from and against all liabilities, damages,
      costs, claims, losses and expenses incurred or suffered by the Purchaser
      in connection with the failure by the Sellers to observe the timely
      performance of any such Guaranteed
Obligation.

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            12.3

                                                                                                          	
                                                                                                            The
      Guarantor's obligations under Clauses 12.1 to
      12.2 (inclusive) are continuing obligations and are not
      satisfied, discharged or affected by an intermediate payment or
      intermediate or partial settlement of account by, or a change in the
      constitution or control of, or merger or consolidation with any other
      person of, or the insolvency of, or bankruptcy, winding up or analogous
      proceedings relating to, the
Seller(s).

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            12.4

                                                                                                          	
                                                                                                            The
      Guarantor's liabilities under Clauses 12.1 to
      12.2 (inclusive) are not affected by an arrangement
      which the Purchaser may make with the Seller(s) or with another person
      which (but for this Clause 12.4) might operate to diminish or discharge
      the liability of or otherwise provide a defence to a
    surety.

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                            12.5

                                                                                                          	
                                                                                                            Without
      affecting the generality of Clause 12.4,
      the Purchaser may at any time as it thinks fit and without reference to
      the Guarantor and without prejudice to the Guarantor's obligations under
      this Clause 12:

                                                                                                          

                                                                                                  

                                                                                                  

                                                                                                  
                                                                                                    	
                                                                                                             
      

                                                                                                          	
                                                                                                            12.5.1

                                                                                                          	
                                                                                                            grant
      a time for payment or any other indulgence or agree to an amendment,
      variation, waiver or release in respect of an obligation of the Seller(s)
      under this Agreement, any document delivered pursuant to this Agreement or
      any other Transaction Document;

                                                                                                          

                                                                                                  

                                                                                                  
                                                                                                    
                                                                                                       

                                                                                                      
                                                                                                        
                                                                                                        

                                                                                                      

                                                                                                      
                                                                                                        30

                                                                                                        
                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                      
                                                                                                        
                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                     

                                                                                                    
                                                                                                      	
                                                                                                               
      

                                                                                                            	
                                                                                                              12.5.2

                                                                                                            	
                                                                                                              give
      up, deal with, vary, exchange or abstain from perfecting or enforcing
      other securities or guarantees held by the
  Purchaser;

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                               
      

                                                                                                            	
                                                                                                              12.5.3

                                                                                                            	
                                                                                                              discharge
      a party to other securities or guarantees held by the Purchaser and
      realise all or any of those securities or guarantees;
  and

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                               
      

                                                                                                            	
                                                                                                              12.5.4

                                                                                                            	
                                                                                                              compound
      with, accept compositions from and make other arrangements with the
      Seller(s) or a person or persons liable on other securities or guarantees
      held or to be held by the
Purchaser.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              12.6

                                                                                                            	
                                                                                                              So
      long as the Seller(s) is/are under an actual or contingent obligation to
      the Purchaser under this Agreement, any document delivered pursuant to
      this Agreement or any other Transaction Document, the Guarantor shall not
      exercise a right which he may at any time have by reason of the
      performance of his obligations under Clauses 12.1 to
      12.2 (inclusive) to be indemnified by the Seller(s), to
      claim a contribution from another surety of the obligations of the
      Seller(s) or to take the benefit (wholly or partly and by way of
      subrogation or otherwise) of any of the Purchaser's rights under this
      Agreement, any document delivered pursuant to this Agreement or any other
      Transaction Document.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              12.7

                                                                                                            	
                                                                                                              The
      Guarantor's liabilities under Clauses 12.1 to
      12.2 (inclusive) are not affected by the avoidance of
      an assurance, security or payment or a release, settlement or discharge
      which is given or made on the faith of an assurance, security or payment,
      in either case, under an enactment relating to bankruptcy or
      insolvency.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              12.8

                                                                                                            	
                                                                                                              Subject
      to Clause 12.2, the
      Guarantor waives any right he may have of first requiring the Purchaser
      (or any trustee or agent on its behalf) to proceed against or enforce any
      other rights or security or claim payment from any person before claiming
      from the Guarantor under this Clause 12.  Subject to Clause 12.2,
      this waiver applies irrespective of any applicable law or any provision of
      the Agreement, any document delivered pursuant to this Agreement or any
      other Transaction Document.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              13.

                                                                                                            	
                                                                                                              Notices

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              13.1

                                                                                                            	
                                                                                                              Any
      notice or other communication to be given under this Agreement shall be in
      writing, in the English language, and shall be deemed to have been duly
      given to a Party:

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                               
      

                                                                                                            	
                                                                                                              13.1.1

                                                                                                            	
                                                                                                              on
      receipt, when delivered personally;

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                               
      

                                                                                                            	
                                                                                                              13.1.2

                                                                                                            	
                                                                                                              on
      the next following Business Day following being transmitted by facsimile
      with suitable proof of transmission;
or

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                               
      

                                                                                                            	
                                                                                                              13.1.3

                                                                                                            	
                                                                                                              three
      Business Days following being sent by an international courier
      service.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                        

                                                                                                      

                                                                                                      
                                                                                                        31

                                                                                                        
                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                      
                                                                                                        
                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                     

                                                                                                    
                                                                                                      	
                                                                                                              13.2

                                                                                                            	
                                                                                                              For
      the purposes of this Clause, the authorized address and facsimile details
      of the Parties shall be as follows:

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              if
      to the Purchaser:

                                                                                                              CME
      Production B.V.

                                                                                                              Dam
      5b

                                                                                                              Amsterdam
      JS 1012

                                                                                                              The
      Netherlands

                                                                                                              Attn:
      Director

                                                                                                              Tel.:
      +31 20 626 8867

                                                                                                              Facsimile:
      +31 20 423 1404

                                                                                                              with
      a copy to:

                                                                                                              Central
      European Media Enterprises Ltd.

                                                                                                              c/o
      CME Development Corporation

                                                                                                              52
      Charles Street

                                                                                                              London
      W1J 5EU

                                                                                                              United
      Kingdom

                                                                                                              Attn:
      General Counsel

                                                                                                              Tel.:
      +44 207 127 5834

                                                                                                              Facsimile:
      +44 207 127 5801

                                                                                                            	 	
                                                                                                              if to CME
      Romania:

                                                                                                              CME
      Romania B.V.

                                                                                                              Dam
      5b

                                                                                                              Amsterdam
      JS 1012

                                                                                                              The
      Netherlands

                                                                                                              Attn:
      Director

                                                                                                              Tel.:
      +31 20 626 8867

                                                                                                              Facsimile:
      +31 20 423 1401

                                                                                                              with
      a copy to:

                                                                                                              Central
      European Media Enterprises Ltd.

                                                                                                              c/o
      CME Development Corporation

                                                                                                              52
      Charles Street

                                                                                                              London
      W1J 5EU

                                                                                                              United
      Kingdom

                                                                                                              Attn:
      General Counsel

                                                                                                              Tel.:
      +44 207 127 5834

                                                                                                              Facsimile:
      +44 207 127 5801

                                                                                                            

                                                                                                    

                                                                                                     

                                                                                                    
                                                                                                      	
                                                                                                              if
      to Media Pro Management:

                                                                                                              7-9
      Prof. Dimitrie Gerota Street, 1st 
|Floor,District 2, Bucharest
      Romania

                                                                                                              Attn:
      Director

                                                                                                              Tel.:
      +40 31 825 6503

                                                                                                              Facsimile:
      +40 31 825 6510

                                                                                                            	 	
                                                                                                              if
      to MP BV:

                                                                                                               

                                                                                                              
                                                                                                                Teleport
      Boulevard 140, 1043EJ, 1000 CV, 
Amsterdam, Netherlands

                                                                                                                Attn:
      Director

                                                                                                                Tel.:
      +31 20 5405860

                                                                                                                Facsimile:+31
      20 644 7011

                                                                                                              

                                                                                                            

                                                                                                    

                                                                                                     

                                                                                                    or such
other address as such Party may notify to the other Parties in writing from time
to time in accordance with the requirements of this Clause, such notice to be
effective five (5) Business Days after the date of such notice or following such
longer period as may be set out in such notice.

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              13.3

                                                                                                            	
                                                                                                              Any
      notice given under this Agreement outside Working Hours of the place to
      which it is addressed shall be deemed not to have been given until the
      start of the next period of Working Hours in such
  place.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              14.

                                                                                                            	
                                                                                                              Entire
      Agreement

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              14.1

                                                                                                            	
                                                                                                              This
      Agreement constitutes the entire agreement between the Parties and
      supersedes any arrangements, understanding or previous agreement between
      them relating to the subject matter to which it
  relates.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              14.2

                                                                                                            	
                                                                                                              Each
      Party acknowledges that in entering into this Agreement it does not rely
      on, and shall have no remedy in respect of, any statement, representation,
      assurance or warranty of any person other than as expressly set out in
      this Agreement.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              14.3

                                                                                                            	
                                                                                                              Nothing
      in this Clause operates to limit or exclude any liability for fraud or
      willful misconduct.

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              15.

                                                                                                            	
                                                                                                              Third
      Party Rights

                                                                                                            

                                                                                                    

                                                                                                    

                                                                                                    
                                                                                                      	
                                                                                                              15.1

                                                                                                            	
                                                                                                              Subject
      to Clause 10,
      no person who is not a party to this Agreement shall have any rights under
      the Contracts (Rights of Third Parties) Act 1999 to enforce a term of this
      Agreement.

                                                                                                            

                                                                                                    

                                                                                                    
                                                                                                      
                                                                                                         

                                                                                                        
                                                                                                          
                                                                                                          

                                                                                                        

                                                                                                        
                                                                                                          32

                                                                                                          
                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                        
                                                                                                          
                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                       

                                                                                                      
                                                                                                        	
                                                                                                                15.2

                                                                                                              	
                                                                                                                The
      Purchaser Protected Parties shall have the right under the Contracts
      (Rights of Third Parties) Act 1999 to enforce Clause 10 and any other relevant Clause necessary for the
      enforcement of the indemnities
therein.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                16.

                                                                                                              	
                                                                                                                Amendments

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                16.1

                                                                                                              	
                                                                                                                This
      Agreement may be amended or modified only if in writing (including a
      written document evidenced by a facsimile transmission) and signed by each
      of the Parties.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                16.2

                                                                                                              	
                                                                                                                The
      single or partial exercise of any right, power or remedy provided by law
      or under this Agreement shall not preclude any other or further exercise
      of it or the exercise of any other right, power or
  remedy.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                16.3

                                                                                                              	
                                                                                                                None
      of the terms of this Agreement may be waived except by an instrument in
      writing duly executed by the waiving
Party.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                17.

                                                                                                              	
                                                                                                                Costs
      and Expenses

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      Except as
specified herein, each Party shall be liable for its own costs and expenses in
relation to the negotiation, preparation, execution and carrying into effect of
this Agreement.

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                18.

                                                                                                              	
                                                                                                                Set-off
      and Gross-up

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                18.1

                                                                                                              	
                                                                                                                A
      payment made under this Agreement by one Party to the other shall be made
      free of any right of counterclaim or set-off and without deduction or
      withholding of any kind, other than any deduction or withholding required
      by law.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                18.2

                                                                                                              	
                                                                                                                If
      a Party is required by law to make a deduction or withholding, it shall,
      at the same time as the payment which is the subject of the deduction or
      withholding payable under this Agreement, pay to the other Party such
      additional amount as shall be required to ensure that the net amount
      received by the other Party under this Agreement will equal the full
      amount which would have been received by it had no such deduction or
      withholding been required to be
made.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                19.

                                                                                                              	
                                                                                                                Assignment

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      The
provisions of this Agreement shall be binding upon and shall inure to the
benefit of the Parties and their respective successors and permitted
assigns.  No Party may assign its rights (or for the avoidance of
doubt, its obligations) under this Agreement without the express written consent
of the other Parties, which shall not be unreasonably withheld or
delayed.

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                20.

                                                                                                              	
                                                                                                                Confidentiality

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                20.1

                                                                                                              	
                                                                                                                No
      Party shall divulge or communicate to any person (other than those of its
      shareholders, directors, employees and professional advisers whose
      province it is to know the same) or use or exploit for any reason
      whatsoever this Agreement or the matters contemplated hereby or the
      information disclosed by any of the other Parties, and shall use its
      reasonable endeavors to prevent its employees from so
    acting.

                                                                                                              

                                                                                                      

                                                                                                      

                                                                                                      
                                                                                                        	
                                                                                                                20.2

                                                                                                              	
                                                                                                                Notwithstanding
      the provisions of Clause 20.1,
      any Party may make an announcement or disclosure concerning this
      Agreement:

                                                                                                              

                                                                                                      

                                                                                                      
                                                                                                        
                                                                                                           

                                                                                                          
                                                                                                            
                                                                                                            

                                                                                                          

                                                                                                          
                                                                                                            33

                                                                                                            
                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                          
                                                                                                            
                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                         

                                                                                                        
                                                                                                          	
                                                                                                                   
      

                                                                                                                	
                                                                                                                  (i)

                                                                                                                	
                                                                                                                  if
      required by law or any requirement of any securities exchange or
      Governmental Authority to which that Party is subject, wherever situated,
      whether or not the requirement has the force of law,
  or

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                   
      

                                                                                                                	
                                                                                                                  (ii)

                                                                                                                	
                                                                                                                  to
      a Party's or its Affiliates' directors, officers, employees, professional
      advisers, counsel, rating agencies, and lenders or other providers of
      funds (a) who are directly concerned with this Agreement or any related
      arrangements or transactions, (b) whose knowledge of such information is
      reasonably necessary; and (c) who by its position or otherwise is under a
      duty to observe confidentiality in dealing with this Agreement and such
      related arrangements or otherwise must comply with the provisions of this
      Agreement in respect of
confidentiality.

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                  20.3

                                                                                                                	
                                                                                                                  The
      restrictions contained in this Clause shall continue to apply for a period
      of two (2) years following the expiration or termination of this
      Agreement.

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                  21.

                                                                                                                	
                                                                                                                  Announcements

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                  21.1

                                                                                                                	
                                                                                                                  Subject
      to Clause 21.2,
      no Party shall make or issue a public announcement, communication or
      circular concerning the Transaction unless it has first obtained the other
      Parties' written consent, which may not be unreasonably withheld or
      delayed.

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                  21.2

                                                                                                                	
                                                                                                                  Clause 21.1 does not apply to a public announcement,
      communication or circular required by law or by a rule or regulation of a
      listing authority, a stock exchange or a Governmental Authority to which
      the relevant Party is subject, provided that the
      public announcement, communication or circular shall so far as is
      practicable be made after consultation with the other Parties and after
      taking into account the reasonable requirements of the other Parties as to
      its timing, content and manner of making or
  despatch.

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                  22.

                                                                                                                	
                                                                                                                  Severability

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        If any
provision of this Agreement (or of any document referred to herein) is held to
be illegal, invalid or unenforceable in whole or in part, the legality, validity
and enforceability of the remaining provisions of this Agreement (or such other
document) shall not in any way be affected or impaired thereby.  If
any provision or part of this Agreement (or any document referred to herein) is
held to be illegal, invalid or unenforceable, then the Parties shall use
reasonable endeavors to the fullest extent permitted by law to amend the terms
of this Agreement to give effect to the transactions contemplated hereby, and if
any invalid, unenforceable or illegal provision would be valid, enforceable or
legal if some part of it were deleted or modified, the provision shall apply
with whatever modification is necessary to give effect to the commercial
intention of the Parties.

                                                                                                        

                                                                                                        
                                                                                                          	
                                                                                                                  23.

                                                                                                                	
                                                                                                                  Further
      Assurance

                                                                                                                

                                                                                                        

                                                                                                        

                                                                                                        Each of
the Parties shall, at the request of the other Party, promptly do or so far as
each is able procure the doing, of all such acts and/or execute or procure the
execution of all such documents in a form satisfactory to such other Party
concerned as they may reasonably consider necessary for giving full effect to
this Agreement and securing to such other Party the full benefit of the rights,
powers and remedies conferred upon them in this Agreement.

                                                                                                         

                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                              

                                                                                                            

                                                                                                            
                                                                                                              34

                                                                                                              
                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                            
                                                                                                              
                                                                                                              

                                                                                                            

                                                                                                            
                                                                                                            

                                                                                                             

                                                                                                            
                                                                                                              	
                                                                                                                      24.

                                                                                                                    	
                                                                                                                      Waivers

                                                                                                                    

                                                                                                            

                                                                                                            

                                                                                                            No
failure or delay by a Party in exercising any right, power or privilege under
this Agreement shall operate as a waiver of that right, power or privilege and
no single or partial exercise by a Party of any right, power or privilege shall
preclude any further exercise of that right, power or privilege or the exercise
of any other right, power or privilege.

                                                                                                            

                                                                                                            
                                                                                                              	
                                                                                                                      25.

                                                                                                                    	
                                                                                                                      Counterparts

                                                                                                                    

                                                                                                            

                                                                                                            

                                                                                                            This
Agreement may be executed in any number of counterparts, each of which is an
original and which together have the same effect as if each Party had signed the
same document, provided
that each Party executes at least one (1) counterpart.

                                                                                                            

                                                                                                            
                                                                                                              	
                                                                                                                      26.

                                                                                                                    	
                                                                                                                      Governing
      Law and Jurisdiction

                                                                                                                    

                                                                                                            

                                                                                                            

                                                                                                            This
Agreement shall be governed by and construed in accordance with the laws of
England.

                                                                                                            

                                                                                                            
                                                                                                              	
                                                                                                                      27.

                                                                                                                    	
                                                                                                                      Dispute
      Resolution

                                                                                                                    

                                                                                                            

                                                                                                            

                                                                                                            
                                                                                                              	
                                                                                                                      27.1

                                                                                                                    	
                                                                                                                      Any
      disputes, claims or controversy arising out of or related to this
      Agreement, including any question as to its formation, validity,
      interpretation or termination, which cannot be resolved by negotiations
      between the Parties shall be settled by arbitration on an ad hoc basis in
      accordance with the Rules of the London Court of International
      Arbitration, which are deemed to be incorporated by reference into this
      Clause, except to the extent modified by this Clause.  The
      tribunal shall consist of three (3) arbitrators. The Purchaser or CME
      Romania (as applicable) and the Sellers shall each nominate one (1)
      arbitrator and the third (3rd)
      arbitrator shall be appointed by the two (2) arbitrators nominated by the
      Parties.  Either of the Purchaser or the Seller shall have the
      right to initiate the proceedings.

                                                                                                                    

                                                                                                            

                                                                                                            
                                                                                                               

                                                                                                              
                                                                                                                	
                                                                                                                        27.2

                                                                                                                      	
                                                                                                                        The
      seat of the arbitration shall be London, England.  The language
      of the arbitration shall be English, except that any party to the
      arbitration may submit testimony or documentary evidence in Romanian,
      whereupon it shall also furnish a certified translation or interpretation
      of any such evidence into English.

                                                                                                                      

                                                                                                              

                                                                                                              

                                                                                                              
                                                                                                                	
                                                                                                                        27.3

                                                                                                                      	
                                                                                                                        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.

                                                                                                                      

                                                                                                              

                                                                                                              

                                                                                                              
                                                                                                                	
                                                                                                                        27.4

                                                                                                                      	
                                                                                                                        Each
      of the Parties agree that money damages would not be a sufficient remedy
      for any breach of this Agreement by them and that in addition to all other
      remedies, the Purchaser shall be entitled to specific performance and to
      injunctive or other equitable relief as remedies for any such breach or
      threatened breach of this Agreement by the Sellers without proof of actual
      damages.  The Parties agree not to oppose the granting of such
      relief, and to waive, and to use their best endeavors to cause any
      Affiliate to waive, any requirement for the securing or posting of any
      bond in connection with such
remedy.

                                                                                                                      

                                                                                                              

                                                                                                              
[Signature page follows]

                                                                                                               

                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                      

                                                                                                                    

                                                                                                                    
                                                                                                                      35

                                                                                                                      
                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                    
                                                                                                                      
                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                   

                                                                                                                  IN WITNESS WHEREOF, the
Parties have duly executed this Agreement on the date first written
above.

                                                                                                                  
                                                                                                                    

                                                                                                                    
                                                                                                                      	
                                                                                                                              SIGNED

                                                                                                                              for
      and on behalf of

                                                                                                                              CME
      PRODUCTION B.V.

                                                                                                                               

                                                                                                                               

                                                                                                                               

                                                                                                                            	
                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                              )

                                                                                                                            	
                                                                                                                              

/s/ Alphons van
      Spaendonck

                                                                                                                            
	
                                                                                                                              A.N.G.V.
      Spaendonck

                                                                                                                              Managing
      Director

                                                                                                                              /s/ Henk van Wijlen

                                                                                                                              H.A.
      van Wijlen on behalf of Pan-Invest B.V.

                                                                                                                              Managing
      Director

                                                                                                                            

                                                                                                                    

                                                                                                                    
                                                                                                                      

                                                                                                                      
                                                                                                                        	
                                                                                                                                SIGNED

                                                                                                                                for
      and on behalf of

                                                                                                                                CME
      ROMANIA B.V.

                                                                                                                                 

                                                                                                                                 

                                                                                                                                 

                                                                                                                              	
                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                              	
                                                                                                                                

/s/ Alphons van
      Spaendonck

                                                                                                                              
	
                                                                                                                                A.N.G.V.
      Spaendonck

                                                                                                                                Managing
      Director

                                                                                                                                /s/ Henk van Wijlen

                                                                                                                                H.A.
      van Wijlen on behalf of Pan-Invest B.V.

                                                                                                                                Managing
      Director

                                                                                                                              

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      
                                                                                                                        	
                                                                                                                                SIGNED

                                                                                                                                by
      ADRIAN
      SARBU

                                                                                                                                 

                                                                                                                                 

                                                                                                                              	
                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                              	
                                                                                                                                

/s/ Adrian
      Sarbu

                                                                                                                              

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      
                                                                                                                        	
                                                                                                                                SIGNED

                                                                                                                                for
      and on behalf of

                                                                                                                                MEDIA
      PRO MANAGEMENT S.A.

                                                                                                                                 

                                                                                                                              	
                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                              	
                                                                                                                                

/s/ Gheorghe
      Liviu

                                                                                                                                Gheorghe
      Liviu

                                                                                                                              

                                                                                                                      

                                                                                                                      

                                                                                                                       

                                                                                                                      
                                                                                                                        	
                                                                                                                                SIGNED

                                                                                                                                for
      and on behalf of

                                                                                                                                MEDIA
      PRO B.V.

                                                                                                                                 

                                                                                                                                 

                                                                                                                                 

                                                                                                                              	
                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                                )

                                                                                                                              	
                                                                                                                                

/s/ Seastrom Liliana
      Florentina

                                                                                                                              
	
                                                                                                                                Seastrom
      Liliana Florentina

                                                                                                                                 

                                                                                                                                 

                                                                                                                                 

                                                                                                                              

                                                                                                                      

                                                                                                                       

                                                                                                                       

                                                                                                                      36

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