Document:

ex10_2.htm

    
      

    

    Exhibit
10.2

    

    DEED
OF AMENDMENT

    relating
to an Intercreditor Agreement dated 21 July 2006

    as
amended and restated by a Deed of Amendment dated 16 May 2007,

     and
by a Deed of Amendment dated 22 August 2007

    

    CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

    and

    CENTRAL
EUROPEAN MEDIA ENTERPRISES N.V.

    and

    CME
MEDIA ENTERPRISES B.V.

    as
Obligors

    

    and

    

    THE
BANK OF NEW YORK

    (formerly
JPMORGAN CHASE BANK, N.A., LONDON BRANCH)

        

    as 2005
Trustee

    

    and

    

    BNY
CORPORATE TRUSTEE SERVICES LIMITED

    and

    THE BANK OF NEW
YORK

    as 2007
Trustee

    

    and

    

    THE BANK OF NEW
YORK

    

    as 2008
Trustee

    

    and

    

    EUROPEAN
BANK

    FOR
RECONSTRUCTION AND DEVELOPMENT

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CONTENTS

     

    
      	
              Clause

            	
              Page

            
	 	 
	
              1.

            	
              DEFINITIONS
      AND INTERPRETATION

            	
              1

            
	 	 	 
	
              2.

            	
              RESTATEMENT
      OF THE ORIGINAL AGREEMENT

            	
              2

            
	 	 	 
	
              3.

            	
              FURTHER
      ASSURANCE

            	
              2

            
	 	 	 
	
              4.

            	
              MISCELLANEOUS

            	
              2

            
	 	 	 
	
              5.

            	
              GOVERNING
      LAW

            	
              2

            
	 	 	 
	
              SCHEDULE
      1 RESTATED AGREEMENT

            	
              3

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS DEED is dated 10 March
2008 and made between:

     

    
      	
              (A)

            	
              CENTRAL EUROPEAN MEDIA
      ENTERPRISES LTD., a company established under the laws of Bermuda
      (the “Company”);

            

    

     

    
      	
              (B)

            	
              CENTRAL EUROPEAN MEDIA
      ENTERPRISES N.V. a company established under the laws of
      Netherlands Antilles (“CME
    N.V.”);

            

    

     

    
      	
              (C)

            	
              CME MEDIA ENTERPRISES
      B.V. a company established under the laws of the Netherlands
      (“CME
      B.V.”);

            

    

     

    
      	
              (D)

            	
              THE BANK OF NEW YORK
      (formerly JPMORGAN
      CHASE BANK N.A., LONDON BRANCH) (acting in its
      capacity as Trustee and Security Trustee under the 2005 Indenture) (the
      “2005
      Trustee”);

            

    

     

    
      	
              (E)

            	
              EUROPEAN BANK FOR
      RECONSTRUCTION AND DEVELOPMENT (“EBRD”);
    and

            

    

     

    
      	
              (F)

            	
              BNY CORPORATE TRUSTEE SERVICES
      LIMITED acting in its capacity as Trustee and THE BANK OF NEW YORK
      acting is its capacity as Security Trustee under the 2007 Indenture
      (together, the “2007
      Trustee”); and

            

    

     

    
      	
              (G)

            	
              THE BANK OF NEW YORK
      (acting in its capacity as Trustee and Security Trustee under the
      2008 Indenture) (the “2008
      Trustee”).

            

    

     

    IT IS AGREED as
follows:

     

    
      	
              1.

            	
              DEFINITIONS AND
      INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In this
Deed:

     

    “2005 Indenture” means an
Indenture dated 5 May 2005 among the Company, CME N.V., CME B.V., the 2005
Trustee, The Bank of New York (formerly JPMorgan Chase Bank, N.A., London
Branch) as Principal Paying Agent and Transfer Agent, and The Bank of New York
(Luxembourg) S.A. (formerly J.P. Morgan Bank Luxembourg S.A.) as Registrar,
Luxembourg Transfer Agent and Luxembourg Paying Agent.

     

    “2007 Indenture” means an
Indenture dated 16 May 2007 among the Company, CME N.V., CME B.V., the 2007
Trustee, The Bank of New York as Transfer Agent and Principal Paying Agent, and
The Bank of New York (Luxembourg) S.A. as Registrar, Luxembourg Transfer Agent
and Luxembourg Paying Agent.

     

    “2008 Indenture” means an
Indenture dated on or about the date hereof, between, amongst others, the
Company, CME N.V., CME B.V., the 2008 Trustee, The Bank of New York as Transfer
Agent, Principal Paying Agent, and Conversion Agent.

     

    “Obligors” means the Company,
CME N.V. and CME B.V.

     

    “Original Agreement” means the
Intercreditor Agreement dated 21 July 2006, between the Obligors, The Bank of
New York (formerly JPMorgan Chase Bank, N.A., London Branch) as Trustee and
Security Trustee, and EBRD, as amended and restated by a

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Deed of
Amendment dated 16 May 2007 and as further amended and restated by a Deed of
Amendment dated 22 August 2007.

     

    “Restated Agreement” means the
Original Agreement, as amended and restated by this Deed, and the terms of which
are set out in Schedule 1 (Restated
Agreement).

     

    
      	
              1.2

            	
              Incorporation of defined
      terms

            

    

     

    
      	
               
      

            	
              (a)

            	
              Unless
      a contrary indication appears, a term defined in the draft Restated
      Agreement attached as Schedule 1 to this Deed has the same meaning in this
      Deed.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      principles of construction set out in the draft Restated Agreement
      attached as Schedule 1 to this Deed shall have effect as if set out in
      this Deed.

            

    

     

    
      	
              1.3

            	
              Clauses

            

    

     

    In this
Deed any reference to a “Clause” or a “Schedule” is, unless the context
otherwise requires, a reference to a Clause or a Schedule to this
Deed.

     

    
      	
              2.

            	
              RESTATEMENT OF THE ORIGINAL
      AGREEMENT

            

    

     

    With
effect from the date of this Deed, the Original Agreement shall be amended and
restated in the form set out in Schedule 1 (Restated
Agreement).

     

    
      	
              3.

            	
              FURTHER
      ASSURANCE

            

    

     

    The
Company shall ensure that each Obligor shall, at the request of the 2005
Trustee, EBRD, the 2007 Trustee or the 2008 Trustee, and at its own expense, do
all such acts and things necessary or desirable to give effect to the amendments
effected or to be effected pursuant to this Deed.

     

    
      	
              4.

            	
              MISCELLANEOUS

            

    

     

    
      	
              4.1

            	
              Incorporation of
      terms

            

    

     

    The
provisions of Article 4.02 (Entire Agreement; Amendment and
Waiver), Article 4.03 (Notices), Article 4.04 (Governing Law and
Arbitration) sub-paragraphs (b) and (c), and Article 4.05 (Successors and Assigns; Third Party
Rights) of the Restated Agreement shall be incorporated into this Deed as
if set out in full in this Deed and as if references in those clauses to “this
Agreement” are references to this Deed.

     

    
      	
              4.2

            	
              Counterparts

            

    

     

    This Deed
may be executed in any number of counterparts, and this has the same effect as
if the signatures on the counterparts were on a single copy of this
Deed.

     

    
      	
              5.

            	
              GOVERNING
      LAW

            

    

     

    This Deed
shall be governed and construed in accordance with English law.

     

    This
Deed has been entered into on the date stated at the beginning of this
Deed.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
1

    Restated
Agreement

    

    

    INTERCREDITOR
AGREEMENT

    

    between

    

    CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

    and

    CENTRAL
EUROPEAN MEDIA ENTERPRISES N.V.

    and

    CME
MEDIA ENTERPRISES B.V.

    as
Obligors

    

    and

    

    THE
BANK OF NEW YORK

    (formerly
JPMORGAN CHASE BANK, N.A., LONDON BRANCH)

    

    as 2005
Trustee

    

    and

    

    BNY
CORPORATE TRUSTEE SERVICES LIMITED

    and

    THE
BANK OF NEW YORK

    

    as 2007
Trustee

    

    THE
BANK OF NEW YORK

    

    as 2008
Trustee

    

    and

    

    EUROPEAN
BANK

    FOR
RECONSTRUCTION AND DEVELOPMENT

    

    Dated 21
July 2006

    (as
amended and restated by a

    Deed of
Amendment dated 16 May 2007,

    by a Deed
of Amendment dated 22 August 2007

    and by a
Deed of Amendment dated 10 March 2008)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      TABLE
OF CONTENTS

       

    

    
      	
              ARTICLE
      1 - DEFINITIONS

            	
              3

            
	 
      	
              Section
      1.01.  Definitions

            	
              3

            
	 
      	
              Section
      1.02.  Interpretation

            	
              8

            
	 
      	
              Section
      1.03.  Effect as a Deed

            	
              8

            
	 
      	 
      	
               
      

            
	
              ARTICLE
      2 - CONSENT AND ACKNOWLEDGEMENT

            	
              8

            
	 
      	
              Section  2.01.  Consent
      and Acknowledgement

            	
              8

            
	 
      	 
      	
               
      

            
	
              ARTICLE
      3 - SHARING AND ENFORCEMENT

            	
              9

            
	 
      	
              Section
      3.01.  Application of Distribution Moneys

            	
              9

            
	 
      	
              Section
      3.02.  Notional Conversion of Amounts

            	
              10

            
	 
      	
              Section
      3.03.  Trust

            	
              10

            
	 
      	
              Section
      3.04.  Enforcement of Security

            	
              10

            
	 
      	 
      	
               
      

            
	
              ARTICLE
      4 - MISCELLANEOUS

            	
              14

            
	 
      	
              Section
      4.01.  Term of Agreement

            	
              14

            
	 
      	
              Section
      4.02.  Entire Agreement; Amendment and Waiver

            	
              14

            
	 
      	
              Section
      4.03.  Notices

            	
              14

            
	 
      	
              Section
      4.04.  Governing Law and Arbitration

            	
              14

            
	 
      	
              Section
      4.05.  Successors and Assigns; Third Party
Rights

            	
              15

            
	 
      	
              Section
      4.06.  Counterparts

            	
              15

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    INTERCREDITOR
AGREEMENT

     

    AGREEMENT entered into as a
Deed and dated 21 July 2006 (and amended and restated on 16 May, 2007, on 22 August
2007 and as further amended and restated on 10 March 2008) between CENTRAL EUROPEAN MEDIA ENTERPRISES
LTD. (the “Company”), CENTRAL EUROPEAN MEDIA ENTERPRISES
N.V. (“CME
N.V.”), CME MEDIA
ENTERPRISES B.V. (“CME
B.V.”) (the Company, CME N.V. and CME B.V. together, the “Obligors”), THE BANK OF NEW YORK (formerly
JPMORGAN CHASE BANK N.A., LONDON BRANCH) (acting in its capacity as
Trustee and Security Trustee under the 2005 Indenture), EUROPEAN BANK FOR RECONSTRUCTION AND
DEVELOPMENT (“EBRD”), BNY CORPORATE TRUSTEE SERVICES
LIMITED (in its capacity as Trustee under the 2007 Indenture), THE BANK OF NEW YORK (in its
capacity as Security Trustee under the 2007 Indenture) (together, the “2007 Trustee”) and THE BANK OF NEW YORK (in its
capacity as Trustee and Security Trustee under the 2008 Indenture) (the “2008 Trustee”).

     

    PREAMBLE

     

    WHEREAS, pursuant to an
Indenture dated 5 May 2005 (the “2005 Indenture”) among the
Company, CME N.V., CME B.V., The Bank of New York (formerly JPMorgan Chase Bank,
N.A., London Branch) as Trustee, Security Trustee, Principal Paying Agent and
Transfer Agent, and The Bank of New York (Luxembourg) S.A. (formerly J.P. Morgan
Bank Luxembourg S.A.) as Registrar, Luxembourg Transfer Agent and Luxembourg
Paying Agent, the Company has created and issued the 2005 Notes, in an aggregate
principal amount of €370,000,000, subject to the terms and conditions set forth
in the 2005 Indenture;

     

    WHEREAS, pursuant to a loan
agreement dated 21 July 2006 as amended by
an Amendatory Letter Agreement dated 16 November 2006 and as further amended by
a Supplemental Agreement dated 22 August 2007 (the “Original EBRD Loan Agreement”)
between the Company and EBRD, EBRD has agreed to lend to the Company an amount
not to exceed €100,000,000, subject to the terms and conditions set forth in the
EBRD Loan Agreement;

     

    WHEREAS, pursuant to an
Indenture dated 16 May 2007 (the “2007 Indenture”) among the
Company, CME N.V., CME B.V., the 2007 Trustee, The Bank of New York as Transfer
Agent and Principal Paying Agent, The Bank of New York (Luxembourg) S.A. as
Registrar, Luxembourg Transfer Agent and Luxembourg Paying Agent, the Company
has created and issued the 2007 Notes in an aggregate principal amount of
€150,000,000, subject to the terms and conditions set forth in the 2007
Indenture;

     

    WHEREAS, pursuant to a loan
agreement dated 22 August, 2007 (the “New EBRD Loan Agreement”)
between the Company and EBRD, EBRD has agreed to lend to the Company an amount
not to exceed €50,000,000, subject to the terms and conditions set forth in the
New EBRD Loan Agreement;

     

    WHEREAS, pursuant to an
Indenture dated 10 March 2008 (the “2008 Indenture”) between,
amongst others, the Company, CME N.V., CME B.V., the 2008 Trustee, The Bank of
New York as Transfer Agent, Principal Paying Agent and Conversion Agent, the
Company has created and issued the 2008 Notes in an aggregate principal amount
of $425,000,000, subject to the terms and conditions set forth in the 2008
Indenture;

     

    WHEREAS, the Obligors (1) have
provided the 2005 Notes Security to the 2005 Trustee as security for the prompt
payment when due of all amounts payable in respect of the 2005 Notes Debt; (2)
have provided the EBRD Security to EBRD as security for the prompt payment when
due of all amounts payable in respect of the EBRD Debt; (3) have provided the
2007 Notes Security to the 2007 Trustee as security for the prompt payment when
due of all amounts payable in respect of the 2007 Notes Debt; (4) have provided
or will provide the New EBRD Security
to EBRD as security for the prompt payment when due of all amounts in respect of
the New EBRD Debt; and (5) have provided or will provide the 2008 Notes Security
to the 2008 Trustee for the prompt payment when due of all amounts payable in
respect of the 2008 Notes Debt; and

     

    WHEREAS, the Parties wish to
formalise the manner in which the 2005 Trustee, EBRD, the 2007 Trustee and the
2008 Trustee will share in and enforce the Security on a pari passu
basis.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    NOW, THIS DEED WITNESSETH AND IT IS
HEREBY AGREED as follows:

     

    ARTICLE
1 - DEFINITIONS

     

    
      	
              Section
      1.01.

            	
              Definitions

            

    

     

    Wherever
used in this Agreement (including the Preamble), unless stated otherwise or the
context otherwise requires, the terms defined in the Preamble have the
respective meanings given to them therein and the following terms have the
following meanings:

     

    
      	
              “2005
      Notes”

            	
              means
      the outstanding debt securities issued under the 2005
      Indenture.

            
	 	 
	
              “2005
      Notes Creditor”

            	
              means
      each holder of the 2005 Notes and the 2005 Trustee (on its own behalf and
      as applicable on behalf of the holders of the 2005
  Notes).

            
	 	 
	
              “2005
      Notes Debt”

            	
              means
      all Liabilities of any Obligor to any 2005 Notes Creditor under or in
      connection with the 2005 Notes Finance Documents.

            
	 	 
	
              “2005
      Notes Discharge Date”

            	
              means
      the date on which the 2005 Trustee is satisfied that all of the 2005 Notes
      Debt has been irrevocably and unconditionally paid and discharged and all
      rights of the Company to create and issue further 2005 Notes under the
      2005 Indenture have been cancelled.

            
	 	 
	
              “2005
      Notes Finance Documents”

            	
              means
      the 2005 Indenture and the 2005 Notes Security
  Documents.

            
	 	 
	
              “2005
      Notes Security”

            	
              means
      the “Collateral” as such term is defined in Section 11.1 of the 2005
      Indenture.

            
	 	 
	
              “2005
      Notes Security Documents”

            	
              means
      the “Security Documents” as such term is defined in Section 11.1 of the
      2005 Indenture.

            
	 	 
	
              “2005
      Trustee”

            	
              means
      JPMORGAN CHASE BANK, N.A., London Branch as Trustee under the 2005
      Indenture and where relevant JPMORGAN CHASE BANK, N.A., London Branch as
      Security Trustee under the 2005 Indenture.

            
	 	 
	
              “2007
      Notes”

            	
              means
      the outstanding debt securities issued under the 2007
      Indenture.

            
	 	 
	
              “2007
      Notes Creditor”

            	
              means
      each holder of the 2007 Notes and/or the 2007 Trustee (on its own behalf
      and as applicable on behalf of the holders of the 2007
    Notes).

            
	 	 
	
              “2007
      Notes Debt”

            	
              means
      all Liabilities of any Obligor to any 2007 Notes Creditor under or in
      connection with the 2007 Notes Finance Documents.

            
	 	 
	
              “2007
      Notes Discharge Date”

            	
              means
      the date on which the 2007 Trustee is satisfied that all of the 2007 Notes
      Debt has been irrevocably and unconditionally paid and discharged and all
      rights of the Company to create and issue further 2007 Notes under the
      2007 Indenture have been
cancelled.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              “2007
      Notes Finance Documents”

            	
              means
      the 2007 Indenture and the 2007 Notes Security
  Documents.

            
	 	 
	
              “2007
      Notes Security”

            	
              means
      the “Collateral” as such term is defined in Section 11.1 of the 2007
      Indenture.

            
	 	 
	
              “2007
      Notes Security Documents”

            	
              means
      the “Security Documents” as such term is defined in Section 11.1 of the
      2007 Indenture, and includes (a) the pledge of shares in CME N.V. granted
      on or about the date hereof by the Company in favour of the 2007 Trustee;
      (b) the pledge of shares in CME B.V. granted on or about the date hereof
      by CME N.V. in favour of the 2007 Trustee; and (c) the security assignment
      dated on or about the date hereof between the Company, CME B.V. and the
      2007 Trustee and relating to the rights, interests and benefits under the
      Framework Agreement dated 13 December, 2004 (as amended) between the
      Company, CME B.V. and PPF (Cyprus) Ltd.

            
	 	 
	
              “2007
      Trustee”

            	
              means
      BNY Corporate Trustee Services Limited as Trustee under the 2007 Indenture
      and where relevant The Bank of New York as Security Trustee under the 2007
      Indenture.

            
	 	 
	
              “2008
      Notes”

            	
              means
      the outstanding convertible debt securities issued under the 2008
      Indenture.

            
	 	 
	
              “2008
      Notes Creditor”

            	
              means
      each holder of the 2008 Notes and/or 2008 Trustee (on its own behalf and
      as applicable on behalf of the holders of the 2008
  Notes).

            
	 	 
	
              “2008
      Notes Debt”

            	
              means
      all Liabilities of any Obligor to any 2008 Notes Creditor under or in
      connection with the 2008 Notes Finance Documents.

            
	 	 
	
              “2008
      Notes Discharge Date”

            	
              means
      the date on which the 2008 Trustee is satisfied that all of the 2008 Notes
      Debt has been irrevocably and unconditionally paid and discharged and all
      rights of the Company to create and issue further 2008 Notes under the
      2008 Indenture have been cancelled.

            
	 	 
	
              “2008
      Notes Finance Documents”

            	
              means
      the 2008 Indenture and the 2008 Notes Security
  Documents.

            
	 	 
	
              “2008
      Notes Security”

            	
              means
      the “Collateral” as such term is defined in Section 12.01 of the 2008
      Indenture.

            
	 	 
	
              “2008
      Notes Security Documents”

            	
              means
      the “Security Agreements” as such term is defined in Section 12.01of the
      2008 Indenture, and includes (a) the pledge of shares in CME N.V. granted
      on or about the date hereof by the Company in favour of the 2008 Trustee;
      (b) the pledge of shares in CME B.V. granted on or about the date hereof
      by CME N.V. in favour of the 2008 Trustee; and (c) the security assignment
      dated on or about the date hereof between the Company, CME B.V. and the
      2008 Trustee and relating to the rights, interests and benefits under the
      Framework Agreement dated 13 December, 2004 (as amended) between the
      Company, CME B.V. and PPF (Cyprus)
Ltd..

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              “2008
      Trustee”

            	
              means
      The Bank of New York as Trustee under the 2008 Indenture and where
      relevant as Security Trustee under the 2008 Indenture.

            
	 	 
	
              “Amount
      Outstanding”

            	
              means
      the aggregate of the Liabilities at any time and from time to time owing
      and unpaid by any of the Obligors in respect of the 2005 Notes Debt, the
      EBRD Debt, the 2007 Notes Debt and the 2008 Notes Debt.

            
	 	 
	
              “Distribution
      Moneys”

            	
              means
      any moneys received by any of the Secured Parties or any person acting on
      behalf, or on the instructions, of any of them from the enforcement of the
      Security or any part thereof.

            
	 	 
	
              “EBRD
      Debt”

            	
              means,
      collectively, the Original EBRD Debt and the New EBRD
  Debt.

            
	 	 
	
              “EBRD
      Loan Discharge Date”

            	
              means
      the date on which EBRD is satisfied that all of the EBRD Debt has been
      irrevocably paid and discharged and all rights of the Company to further
      borrowings under the Original EBRD Loan Agreement and the New EBRD Loan
      Agreement have been cancelled.

            
	 	 
	
              “EBRD
      Security”

            	
              means,
      collectively, the Original EBRD Security and the New EBRD
      Security.

            
	 	 
	
              “Enforcement
      Instructions”

            	
              shall
      have the meaning ascribed to it in Section 3.04(e)(ii).

            
	 	 
	
              “Enforcement
      Notice”

            	
              shall
      have the meaning ascribed to it in Section 3.04(d).

            
	 	 
	
              "Euro"
      or "€"

            	
              means
      the lawful currency of the member states of the European Union that adopt
      the single currency in accordance with the Treaty Establishing the
      European Community, as amended by the Treaty on European Union and the
      Treaty of Amsterdam.

            
	 	 
	
              “Finance
      Document”

            	
              means
      each of the 2005 Notes Finance Documents, the Original EBRD Finance
      Documents, the 2007 Notes Finance Documents, the New EBRD Finance
      Documents, the 2008 Notes Finance Documents, and this
      Agreement.

            
	 	 
	
              “Foreign
      Exchange Event”

            	
              means
      the unavailability of foreign exchange, or any prohibition or restriction
      imposed as a result of a moratorium or debt rescheduling by the central
      bank or any other governmental agency or authority within any relevant
      jurisdiction where the payment of any Amount Outstanding shall be made or
      where any Distribution Monies are recovered.

            
	 	 
	
              “Liability”

            	
              means,
      in relation to any Finance Document, any present or future liability
      (actual or contingent) which is or may be payable or owing under or in
      connection with that Finance Document, whether or not matured or
      liquidated, including (without limitation) in respect of principal,
      interest, default interest, commission, charges, fees, expenses,
      indemnities and other amounts provided for
  therein.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              “New
      EBRD Debt”

            	
              means
      all Liabilities of any Obligor to EBRD under or in connection with the New
      EBRD Finance Documents.

            
	 	 
	
              “New
      EBRD Finance Documents”

            	
              means
      the New EBRD Loan Agreement, the New Subsidiary Guarantees and each of the
      New EBRD Security Documents.

            
	 	 
	
              “New
      EBRD Security”

            	
              means
      the security created, expressed to be created or agreed to be created
      pursuant to any of the New EBRD Security Documents to secure all amounts
      owing to EBRD in respect of the New EBRD Debt.

            
	 	 
	
              “New
      EBRD Security Documents”

            	
              means
      (a) the pledge of shares in CME N.V. granted on or about the date hereof
      by the Company in favour of EBRD; (b) the pledge of shares in CME B.V.
      granted on or about the date hereof by CME N.V. in favour of EBRD; and (c)
      the contract assignment dated on or about the date hereof between the
      Company, CME B.V. and EBRD and relating to the rights, interests and
      benefits under the Framework Agreement dated 13 December 2004 (as amended)
      between the Company, CME B.V. and PPF (Cyprus) Ltd.

            
	 	 
	
              “New
      Subsidiary Guarantee”

            	
              shall
      have the meaning ascribed to it in the New EBRD Loan
      Agreement.

            
	 	 
	
              “Original
      EBRD Debt”

            	
              means
      all Liabilities of any Obligor to EBRD under or in connection with the
      Original EBRD Finance Documents.

            
	 	 
	
              “Original
      EBRD Finance Documents”

            	
              means
      the Original EBRD Loan Agreement, the Original Subsidiary Guarantees and
      each of the Original EBRD Security Documents.

            
	 	 
	
              “Original
      EBRD Security”

            	
              means
      the security created, expressed to be created or agreed to be created
      pursuant to any of the Original EBRD Security Documents to secure all
      amounts owing to EBRD in respect of the Original EBRD
  Debt.

            
	 	 
	
              “Original
      EBRD Security Documents”

            	
              means
      (a) the pledge of shares in CME N.V. granted on 21 July 2006 by the
      Company in favour of EBRD; (b) the pledge of shares in CME B.V. granted on
      21 July 2006 by CME N.V. in favour of EBRD; and (c) the contract
      assignment dated 21 July 2006 between the Company, CME B.V. and EBRD and
      relating to the rights, interests and benefits under the Framework
      Agreement dated 13 December, 2004 (as amended) between the Company, CME
      B.V. and PPF (Cyprus) Ltd.

            
	 	 
	
              “Original
      Subsidiary Guarantee”

            	
              means
      each Subsidiary Guarantee as defined in the Original EBRD Loan
      Agreement.

            
	 	 
	
              “Party”

            	
              means
      any Obligor, EBRD, the 2005 Trustee, the 2007 Trustee or the 2008 Trustee
      as the context requires.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              “Prior
      Party”

            	
              means,
      (i) in relation to EBRD: the 2005 Trustee; (ii) in relation to the 2007
      Trustee: the 2005 Trustee and/or EBRD; and (iii) in relation to the 2008
      Trustee: the 2005 Trustee, EBRD, and/or the 2007
  Trustee.

            
	 	 
	
              “Reciprocal
      Enforcement Notice”

            	
              shall
      have the meaning ascribed to it in Section 3.04(e)(i).

            
	 	 
	
              “Secured
      Parties”

            	
              means
      the 2005 Trustee, EBRD, the 2007 Trustee and the 2008
    Trustee.

            
	 	 
	
              “Security”

            	
              means
      the 2005 Notes Security, the Original EBRD Security, the 2007 Notes
      Security, the New EBRD Security and the 2008 Notes
    Security.

            
	 	 
	
              “Security
      Documents”

            	
              means
      the 2005 Notes Security Documents, the Original EBRD Security Documents,
      the 2007 Notes Security Documents, the New EBRD Security Documents and the
      2008 Notes Security Documents.

            
	 	 
	
              “Subsequent
      Party”

            	
              means,
      (i) in relation to the 2005 Trustee: EBRD, the 2007 Trustee and the 2008
      Trustee (ii) in relation to EBRD: the 2007 Trustee and the 2008 Trustee;
      and (iii) in relation to the 2007 Trustee: the 2008
    Trustee.

            
	 	 
	
              “USD”
      or “$”

            	
              means
      the lawful currency of the United States of
  America.

            

    

    

    
      	
              Section
      1.02.

            	
              Interpretation

            

    

     

    
      	
              (a)

            	
              In
      this Agreement, unless the context otherwise requires, words denoting the
      singular include the plural and vice versa, words denoting persons include
      corporations, partnerships and other legal persons and references to a
      person include its successors and permitted
  assigns.

            

    

     

    
      	
              (b)

            	
              In
      this Agreement, a reference to a specified Article or Section shall be
      construed as a reference to that specified Article or Section of this
      Agreement.

            

    

     

    
      	
              (c)

            	
              In
      this Agreement, a reference to an agreement shall be construed as a
      reference to such agreement as it may be amended, varied, supplemented,
      novated or assigned from time to
time.

            

    

     

    
      	
              (d)

            	
              In
      this Agreement, the headings and the Table of Contents are inserted for
      convenience of reference only and shall not affect the interpretation of
      this Agreement.

            

    

     

    
      	
              Section
      1.03.

            	
              Effect
      as a Deed

            

    

     

    This
Agreement is intended to take effect as a Deed.

     

    ARTICLE
2 - CONSENT AND ACKNOWLEDGEMENT

     

    
      	
              Section
      2.01.

            	
              Consent
      and Acknowledgement

            

    

     

    
      	
              (a)

            	
              The
      2005 Trustee hereby acknowledges the creation and existence of the
      Original EBRD Security and the New EBRD Security on a pari passu basis
      with the 2005 Notes Security in right and priority of payment, without any
      preference between themselves.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              (b)

            	
              The
      2005 Trustee and EBRD hereby acknowledge the creation and existence of the
      2007 Notes Security on a pari passu basis with the 2005 Notes Security,
      the Original EBRD Security and the New EBRD Security in right and priority
      of payment, without any preference between
  themselves.

            

    

     

    
      	
              (c)

            	
              The
      2007 Trustee hereby acknowledges the creation and existence of the 2005
      Notes Security, the Original EBRD Security and the New EBRD Security on a
      pari passu basis with the 2007 Notes Security in right and priority of
      payment, without any preference between
  themselves.

            

    

     

    
      	
              (d)

            	
              The
      2005 Trustee, EBRD and the 2007 Trustee hereby acknowledge the creation
      and existence of the 2008 Notes Security on a pari passu basis with the
      2005 Notes Security, the Original EBRD Security, the 2007 Notes Security
      and the New EBRD Security in right and priority of payment, without any
      preference between themselves.

            

    

     

    
      	
              (e)

            	
              The
      2008 Trustee hereby acknowledges the creation and existence of the 2005
      Notes Security, of the Original EBRD Security, the 2007 Notes Security and
      the New EBRD Security on a pari passu basis with the 2008 Notes Security
      in right and priority of payment, without any preference between
      themselves.

            

    

     

    
      	
              (f)

            	
              The
      Obligors hereby agree to the terms of this Agreement and undertake with
      the Secured Parties to observe the provisions hereof and not to do or omit
      to do anything which may prejudice or adversely affect the enforcement of
      such provisions.

            

    

     

    ARTICLE
3 - SHARING AND ENFORCEMENT

     

    
      	
              Section
      3.01.

            	
              Application
      of Distribution Moneys

            

    

     

    
      	
              (a)

            	
              Unless
      and until the whole of the Amount Outstanding has been paid in full, all
      Distribution Moneys shall, as between the 2005 Trustee, EBRD, the 2007
      Trustee and the 2008 Trustee, be applied and divided as
      follows:

            

    

     

    
      	
               
      

            	
              (1)

            	
              first,
      pro rata in paying all proper costs, charges and expenses incurred by the
      Secured Parties in the enforcement of the Security or any part thereof or
      otherwise in collecting Distribution Moneys, which will be pro rata to the
      Amount Outstanding under the 2005 Notes Debt, the EBRD Debt, the 2007
      Notes Debt  and the 2008 Notes Debt,
    respectively;

            

    

     

    
      	
               
      

            	
              (2)

            	
              next,
      pro rata in paying to each of the Secured Parties the part of the Amount
      Outstanding which is due and payable to it in respect of the 2005 Notes
      Debt, the EBRD Debt, the 2007 Notes Debt and the 2008 Notes Debt,
      respectively, and, if applicable, in accordance with Section 3.01(b);
      and

            

    

     

    
      	
               
      

            	
              (3)

            	
              last,
      in paying the surplus (if any) to the person or persons entitled
      thereto.

            

    

     

    
      	
              (b)

            	
              If
      the Distribution Moneys are or may be insufficient to pay in full all
      amounts due under Section 3.01(a)(1) or 3.01(a)(2), as the case may be,
      then the Distribution Moneys shall be apportioned for payment under
      Section 3.01(a)(1) or 3.01(a)(2), as the case may be, ratably and without
      preference or priority between the Secured Parties in the proportions that
      the part of the Amount Outstanding which is due in respect of,
      respectively, the 2005 Notes Debt, the EBRD Debt, the 2007 Notes Debt and
      the 2008 Notes Debt at the date of such payment bears to the whole of the
      Amount Outstanding at such date.  Pending such payment, such
      Distribution Moneys shall be held in a segregated interest-bearing deposit
      account, and interest thereon shall form part of the Distribution Moneys
      for payment under Section 3.01(a)(1) or
  3.01(a)(2).

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              (c)

            	
              Notwithstanding
      any other provision of this Agreement, during the existence of a Foreign
      Exchange Event, none of the Secured Parties shall be required to share
      with the others any Distribution Moneys in a currency other than the local
      currency of the jurisdiction of such recovery (in this Section 3.01(c)
      referred to as the “Local Currency”) or proceeds of any Distribution
      Moneys which it recovers pro rata in accordance with Section 3.01(a) and
      3.01(b) in any currency other than the Local
  Currency.

            

    

     

    
      	
              Section
      3.02.

            	
              Notional
      Conversion of Amounts

            

    

     

    For the
purposes of determining the respective entitlements of the Secured Parties
between themselves at any time or from time to time to any Distribution Moneys,
the Secured Parties shall use Euro as the currency of reference.  Any
amounts expressed in currencies other than Euro shall be notionally converted
into Euro at the effective rate of exchange for buying Euro on the date of such
payment as notified by the European Central Bank.  If, in the case of
any particular currency, there is no such effective rate of exchange on such
date, any amount expressed in that currency shall be notionally converted into
Euro at such rate of exchange as may be reasonably determined by the 2005
Trustee (in respect of the 2005 Notes Debt), EBRD (in respect of the EBRD Debt),
the 2007 Trustee (in respect of the 2007 Notes Debt) and the 2008 Trustee (in
respect of the 2008 Notes Debt) on the basis of the most recent information
provided by the International Monetary Fund.

     

    
      	
              Section
      3.03.

            	
              Trust

            

    

     

    In the
event that any of the Secured Parties receives any Distribution Moneys in excess
of their respective entitlement under this Article, such Secured Party shall
promptly notify the remaining Secured Parties and hold any such excess moneys in
trust for the remaining Secured Parties, to whom it shall account therefor as
soon as the respective entitlement of each of the Secured Parties has been
established pursuant to the provisions of this Agreement.

     

    
      	
              Section
      3.04.

            	
              Enforcement
      of Security

            

    

     

    
      	
              (a)

            	
              The
      2005 Trustee shall be obliged to notify EBRD, the 2007 Trustee and the
      2008 Trustee promptly:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      the event that the 2005 Trustee becomes aware that the 2005 Notes Security
      has become enforceable;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the event that amounts outstanding in respect of the 2005 Notes Debt have
      become immediately due and payable under Section 6.2 of the 2005
      Indenture; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      first making demand with respect to all or any part of the 2005 Notes
      Debt.

            

    

     

    
      	
              (b)

            	
              EBRD
      shall be obliged to notify the 2005 Trustee, the 2007 Trustee and the 2008
      Trustee promptly:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      the event that EBRD becomes aware that any of the EBRD Security has become
      enforceable;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the event that amounts outstanding in respect of any of the EBRD Debt have
      become immediately due and payable under Section 7.02(2) of the Original
      EBRD Loan Agreement and/or Section 7.02(2) of the New EBRD Loan Agreement;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      first making demand with respect to all or any part of the EBRD
      Debt.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              (c)

            	
              The
      2007 Trustee shall be obliged to notify the 2005 Trustee, EBRD and the
      2008 Trustee promptly:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      the event that the 2007 Trustee becomes aware that the 2007 Notes Security
      has become enforceable;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the event that amounts outstanding in respect of the 2007 Notes Debt have
      become immediately due and payable under Section 6.2 of the 2007
      Indenture; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      first making demand with respect to all or any part of the 2007 Notes
      Debt.

            

    

     

    
      	
              (d)

            	
              The
      2008 Trustee shall be obliged to notify the 2005 Trustee, EBRD and the
      2007 Trustee promptly:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      the event that the 2008 Trustee becomes aware that the 2008 Notes Security
      has become enforceable;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the event that amounts outstanding in respect of the 2008 Notes Debt have
      become immediately due and payable under Section 6.02 of the 2008
      Indenture; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      first making demand with respect to all or any part of the 2008 Notes
      Debt.

            

    

     

    
      (e)

    

     

    
      	
               
      

            	
              (1)

            	
              If
      any of the Security becomes enforceable, the 2005 Trustee, EBRD, the 2007
      Trustee and the 2008 Trustee may (but shall not be obliged to) consult
      with the other Secured Parties and endeavour to agree a course of action
      under the Finance Documents.  Notwithstanding the foregoing, at
      any time that any of the Security has become enforceable, the 2005
      Trustee, EBRD, the 2007 Trustee or the 2008 Trustee may, by notice to the
      other Secured Parties (an “Enforcement Notice”),
      request a joint enforcement of the Security in accordance with paragraph
      (h).

            

    

     

    
      	
               
      

            	
              (2)

            	
              Any
      Enforcement Notice served by EBRD shall be deemed to have been served in
      respect of the Original EBRD Security and the New EBRD Security
      collectively

            

    

     

    
      	
              (f)

            	
              If
      EBRD or the 2007 Trustee or the 2008 Trustee shall have served an
      Enforcement Notice on the remaining Secured Parties at a time when any of
      the 2005 Notes Security has become enforceable, the 2005 Trustee shall
      either:

            

    

     

    
      	
               
      

            	
              (i)

            	
              by
      notice to each other Secured Party (a "Reciprocal Enforcement
      Notice") agree to a joint enforcement of the Security, whereupon
      the Secured Parties shall jointly enforce the Security in accordance with
      paragraph (h); or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              promptly
      seek instructions from the holders of the 2005 Notes ("Enforcement
      Instructions") in accordance with the terms of the 2005 Indenture
      to:

            

    

     

    
      	
               
      

            	
              (A)

            	
              (to
      the extent not already so due and payable) declare all amounts of the 2005
      Notes Debt to be immediately due and payable under Section 6.2 of the 2005
      Indenture; and

            

    

     

    
      	
               
      

            	
              (B)

            	
              enforce
      the 2005 Notes Security, whereupon, if Enforcement Instructions are given
      by the holders of at least 25% in principal amount of the outstanding 2005
      Notes (or any such other percentage as may be required under the terms of
      the 2005 Indenture, to so instruct the 2005 Trustee), the Secured Parties
      shall jointly enforce the Security in accordance with paragraph
      (h).

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (g)

     

    
      	
               
      

            	
              (1)

            	
              If
      the 2005 Trustee shall have served an Enforcement Notice on the Subsequent
      Parties, the Secured Parties shall jointly enforce the Security in
      accordance with paragraph (h).

            

    

     

    
      	
               
      

            	
              (2)

            	
              For
      the avoidance of doubt:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      a Party shall have served an Enforcement Notice on its Subsequent Parties,
      such Subsequent Parties shall declare such amount of the Amount
      Outstanding owed to such Subsequent Parties to be immediately due and
      payable, and such Subsequent Parties shall co-operate with the Party that
      has served the Enforcement Notice to enforce all relevant Security on a
      pari passu basis and in accordance with the provisions of, sub-paragraphs
      (x)-(z) of 3.04(h) below; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      a Party shall have served an Enforcement Notice on its Prior Parties, such
      Prior Parties may declare such amount of the Amount Outstanding owing to
      such Prior Parties to be immediately due and payable and co-operate with
      the Party that has served the Enforcement Notice, but shall not be
      required to do so, and (A)
      if any such Prior Parties elect to so cooperate, then the co-operating
      parties shall enforce all relevant Security on a pari passu basis and in
      accordance with the provisions of sub-paragraphs (x)-(z) of 3.04(h) below,
      (B)
      if all such Prior Parties elect not to cooperate and not to enforce, then
      the Party that has served the Enforcement Notice may enforce
      independently, as contemplated by the provisions of 3.04(i) below, and (C)
      the 2005 Trustee shall have the rights as set out in (h)(ii) below.
      Nothing in this paragraph 3.04(g)(2) shall derogate in any way from the
      rights of the 2005 Trustee as set out in paragraphs 3.04 (f),(g)(1) and
      (h)

            

    

     

    
      	
              (h)

            	
              If:

            

    

     

    
      	
               
      

            	
              (i)

            	
              an
      Enforcement Notice is served by the 2005 Trustee;
  or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      Enforcement Notice is served by EBRD, the 2007 Trustee or the 2008 Trustee
      and either:

            

    

     

    
      	
               
      

            	
              (A)

            	
              the
      2005 Trustee has served a Reciprocal Enforcement Notice;
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              the
      2005 Trustee shall have received Enforcement Instructions from the
      requisite holders of the 2005
Notes,

            

    

     

    then the
Secured Parties shall (to the extent not already so due and payable) declare all
amounts of the 2005 Notes Debt, the EBRD Debt, the 2007 Notes Debt and the 2008
Notes Debt, respectively, to be immediately due and payable under Section 6.2 of
the 2005 Indenture, Section 7.02(2) of the EBRD Loan Agreement, Section 6.2 of
the 2007 Indenture or Section 6.02 of the 2008 Indenture and shall co-operate
with each other to enforce the Security on a pari passu basis and in
accordance with the following provisions:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (x)

            	
              the
      2005 Notes Security, the EBRD Security, the 2007 Notes Security and the
      2008 Notes Security shall be enforced jointly and, so far as practicable,
      by the same method;

            

    

     

    
      	
               
      

            	
              (y)

            	
              such
      enforcement will be effected with the aim of maximising recoveries with
      the objective of achieving an expeditious realisation of assets subject to
      the Security; and

            

    

     

    
      	
               
      

            	
              (z)

            	
              in
      the case of the exercise of a power of sale in accordance with the
      Security Documents, each of the Secured Parties shall execute such release
      or other necessary document so as to permit a good title free from any
      Security to be passed to the
purchasers.

            

    

     

    
      	
              (i)

            	
              For
      the avoidance of doubt, neither EBRD, the 2007 Trustee nor the 2008
      Trustee shall be prevented from separately commencing enforcement action
      under the EBRD Security, the 2007 Notes Security or the 2008 Notes
      Security (as applicable), at any time prior to an Enforcement Notice
      having been served by the other Secured Parties, provided that, such
      Secured Party seeking to enforce its Security has delivered an Enforcement
      Notice on the other Secured Parties prior to commencing such
      action.

            

    

     

    
      	
              (j)

            	
              Each
      of the Secured Parties shall keep the other informed of any proceedings to
      enforce the Security or any part thereof, any other proceedings against
      the Company and any other material matters which may affect the operation
      of this Agreement.

            

    

     

    
      	
              (k)

            	
              In
      each case in the absence of manifest error: (w) the global note
      representing the 2005 Notes and the relevant entries thereon shall be
      conclusive evidence of the principal amount of the 2005 Notes Debt from
      time to time; (x) the entries in EBRD's records relating to the EBRD Debt
      shall be conclusive evidence of the principal amount of the EBRD Debt from
      time to time; (y) the global note representing the 2007 Notes and the
      relevant entries thereon shall be conclusive evidence of the principal
      amount of the 2007 Notes Debt from time to time; and (z) the global note
      representing the 2008 Notes and the relevant entries thereon shall be
      conclusive evidence of the principal amount of the 2008 Notes Debt from
      time to time.

            

    

     

    ARTICLE
4 - MISCELLANEOUS

     

    
      	
              Section
      4.01.

            	
              Term
      of Agreement

            

    

     

    This
Agreement shall continue in force until the latest of the occurrence of the 2005
Notes Discharge Date, the EBRD Loan Discharge Date, the 2007 Notes Discharge
Date and the 2008 Notes Discharge Date.

     

    
      	
              Section
      4.02.

            	
              Entire
      Agreement; Amendment and Waiver

            

    

     

    This
Agreement and the documents referred to herein constitute the entire obligation
of the Parties with respect to the subject matter hereof and shall supersede any
prior expressions of intent or understandings with respect to this
transaction.  Any amendment to this Agreement (including, without
limitation, this Section 4.02) shall be in writing, signed by all
Parties.

     

    
      	
              Section
      4.03.

            	
              Notices

            

    

     

    Any
notice or other communication to be given or made under this Agreement to any
Party shall be in writing.  Except as otherwise provided in this
Agreement, such notice or other communication shall be deemed to have been duly
given or made when it is delivered by hand, courier or facsimile transmission to
the Party to which it is required or permitted to be given or made at such
Party's address specified below its signature to this Agreement or at such other
address as such Party designates by notice to the Party giving or making such
notice or other communication.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              Section
      4.04.

            	
              Governing
      Law and Arbitration

            

    

     

    
      	
              (a)

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

            

    

     

    
      	
              (b)

            	
              Any
      dispute, controversy or claim arising out of or relating to this
      Agreement, or the breach, termination or invalidity hereof, shall be
      settled by arbitration in accordance with the UNCITRAL Arbitration Rules
      as at present in force.  There shall be one arbitrator and the
      appointing authority shall be the London Court of International
      Arbitration.  The seat and place of arbitration shall be London,
      England and the English language shall be used throughout the arbitral
      proceedings.  The Parties hereby waive any rights under the
      Arbitration Act 1996 or otherwise to appeal any arbitration award to, or
      to seek determination of a preliminary point of law by, the courts of
      England.  The arbitral tribunal shall not be authorised to take
      or provide, and each of the 2005 Trustee, the 2007 Trustee and the 2008
      Trustee agree that it shall not seek from any judicial authority, any
      interim measures of protection or pre-award relief against EBRD, any
      provisions of UNCITRAL Arbitration Rules
  notwithstanding.

            

    

     

    
      	
              (c)

            	
              Nothing
      in this Agreement shall be construed as a waiver, renunciation or other
      modification of any immunities, privileges or exemptions of EBRD accorded
      under the Agreement Establishing the European Bank for Reconstruction and
      Development, international convention or any applicable
    law.

            

    

     

    
      	
              Section
      4.05.

            	
              Successors
      and Assigns; Third Party Rights

            

    

     

    
      	
              (a)

            	
              This
      Agreement shall bind and inure to the benefit of the respective successors
      and assigns of the parties hereto; provided, however, that neither the
      2005 Trustee, EBRD, the 2007 Trustee nor the 2008 Trustee shall assign or
      transfer any interest it has under this Agreement or the Security unless
      the assignee or transferee undertakes to be bound by the provisions of
      this Agreement.

            

    

     

    
      	
              (b)

            	
              For
      the avoidance of doubt, the Obligors shall not have any rights under this
      Agreement, the provisions of which are only for the benefit of the 2005
      Trustee, EBRD, the 2007 Trustee or the 2008 Trustee (as
      applicable).

            

    

     

    
      	
              (c)

            	
              Except
      as provided in this Section 4.05, none of the terms of this Agreement are
      intended to be enforceable by any third party. A person who is not a party
      to this Agreement has no right under the Contracts (Rights of Third
      Parties) Act 1999 to enforce or to enjoy the benefit of any term of this
      Agreement.

            

    

     

    
      	
              Section
      4.06. 

            	
              Counterparts

            

    

     

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

    

     

    [Intentionally left blank]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties hereto, acting through their duly authorised representatives, have
caused this Deed to be executed and delivered as a Deed on the date first above
written.

     

    THE
OBLIGORS

     

     

    THE
COMMON SEAL OF

     

    CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

     

    was
hereunto affixed in the presence of:

    
 

    
      	
              /s/ Wallace
      Macmillan

            
	
              Wallace
      Macmillan

            
	
              Chief
      Financial Officer

            

    

     

    
      	
              Address:

            	 
      	
              c/o
      CME Development Corp.

            
	 
      	 
      	
              Aldwych
      House

            
	 
      	 
      	
              81
      Aldwych

            
	 
      	 
      	
              London
      WC2B 4HN

            
	 
      	 
      	 
      
	
              Facsimile:

            	 
      	
              +44-20-7430-5403

            
	 
      	 
      	 
      
	
              Attention:

            	 
      	
              General
      Counsel

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    CENTRAL
EUROPEAN MEDIA ENTERPRISES N.V.

     

     

    
      	
              By:

            	
              /s/ Michael
      Garin

            
	
              Name:

            	
              Michael
      Garin

            
	
              Title:

            	
              Managing
      Director

            

    

     

    
      	
              Address:

            	 
      	
              c/o
      CME Development Corp.

            
	 
      	 
      	
              Aldwych
      House

            
	 
      	 
      	
              81
      Aldwych

            
	 
      	 
      	
              London
      WC2B 4HN

            
	 
      	 
      	 
      
	
              Facsimile:

            	 
      	
              +44-20-7430-5403

            
	 
      	 
      	 
      
	
              Attention:

            	 
      	
              General
      Counsel

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    CME
MEDIA ENTERPRISES B.V.

     

     

    
      	
              By:

            	
              /s/ Michael
      Garin

            
	
              Name:

            	
              Michael
      Garin

            
	
              Title:

            	
              Managing
      Director

            

    

    

     

    
      	
              Address:

            	 	
              Dam
      5B

            
	 
      	 	
              1012JS
      Amsterdam

            
	 
      	 	
              The
      Netherlands

            
	 
      	 	 
      
	
              Facsimile:

            	 	
              +31-20-4-231-404

            
	 
      	 	 
      
	
              Attention:

            	 	
              Managing
      Director

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
2005 Trustee

     

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    THE
BANK OF NEW YORK (formerly JPMORGAN CHASE BANK, N.A., LONDON
BRANCH)

     

     

    
      	
              By:

            	
              /s/ Jason
      Blondell

            
	
              Name:

            	
              Jason
      Blondell

            
	
              Title:

            	
              Authorised
      Signatory

            

    

    

     

    
      	
              in
      the presence of:   

            	 	
              /s/ Mark
      Jeanes

            

    

    

     

    
      	
              Address:

            	 
      	
              c/o
      One Canada Square

            
	 
      	 
      	
              London
      E14 SAL

            
	 	 	 
	
              Facsimile:

            	 
      	
              +
      44 207 964 2536

            
	 	 	 
	
              Attention:

            	 
      	
              Jason
      Blondell

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EBRD

     

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    EUROPEAN
BANK

     

    FOR
RECONSTRUCTION AND DEVELOPMENT

     

     

    
      	
              By:

            	
              /s/ Michelle Senecal
      de Fonseca

            
	
              Name:

            	
              Michelle
      Senecal de Fonseca

            
	
              Title:

            	
              Director,
      Telecommunications, Informatics and
Media

            

    

    

     

    
      	
              Address:

            	 
      	
              One
      Exchange Square

            
	 
      	 
      	
              London
      EC2A 2JN

            
	 
      	 
      	
              United
      Kingdom

            
	 	 	 
	
              Facsimile:

            	 
      	
              +44-20-7338-6100

            
	 	 	 
	
              Attention:

            	 
      	
              Operation
      Administration Unit

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
2007 Trustee

     

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    BNY
CORPORATE TRUSTEE SERVICES LIMITED

     

     

    
      	
              By:

            	
              /s/ Jason
      Blondell

            
	
              Name:

            	
              Jason
      Blondell

            
	
              Title:

            	
              Authorised
      Signatory

            

    

     

    
      
        	in the presence
      of:	 	/s/
      Mark Jeanes

      

       

    

    
      	
              Address:

            	 
      	
              One
      Canada Square

            
	 
      	 
      	
              London
      E14 5AL

            
	 
      	 
      	
              United
      Kingdom

            
	 	 	 
	
              Facsimile:

            	 
      	
              +44
      -20-7964-6399

            
	 	 	 
	
              Attention:

            	 
      	
              Jason
      Blondell

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    THE
BANK OF NEW YORK

     

     

    
      	
              By:

            	
              /s/ Jason
      Blondell

            
	
              Name:

            	
              Jason
      Blondell

            
	
              Title:

            	
              Authorised
      Signatory

            

    

     

    
      	in the presence
      of:	 	/s/
      Mark Jeanes

    

     

    
      	
              Address:

            	 
      	
              c/o
      One Canada Square

            
	 
      	 
      	
              London
      E14 SAL

            
	 
      	 
      	 
      
	
              Facsimile:

            	 
      	
              +
      44 207 964 2536

            
	 	 	 
	
              Attention:

            	 
      	
              Jason
      Blondell

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
2008 Trustee

     

    EXECUTED and DELIVERED as a DEED

     

    for and
on behalf of

     

    THE
BANK OF NEW YORK

     

     

    
      	
              By:

            	
              /s/ Jason
      Blondell

            
	
              Name:

            	
              Jason
      Blondell

            
	
              Title:

            	
              Authorised
      Signatory

            

    

    

    
      	
              By:

            	
              /s/ Marco
      Thuo

            
	
              Name:

            	
              Marco
      Thuo

            
	
              Title:

            	
              Assistant
      Vice President

            

    

    

    
      	
              Address:

            	
              One
      Canada Square

            
	 
      	
              London
      E14 5AL

            
	 
      	
              United
      Kingdom

            
	 	 
	
              Facsimile:

            	
              +44
      -20-7964-6399

            
	 	 
	
              Attention:

            	
              Jason
      Blondellex10_3.htm

    
      

    

    
      Exhibit
10.3

      

       

      SECURITY
ASSIGNMENT

      

       

      between

      

       

      CME
MEDIA ENTERPRISES B.V.

      

       

      and

      

       

      CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

      

       

      and

      

       

      THE
BANK OF NEW YORK

      

       

      Dated   10th   March  2008

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      THIS SECURITY ASSIGNMENT (the
"Assignment") is dated
10th
March, 2008

       

      BETWEEN:

       

      
        	
                (1)

              	
                CME MEDIA ENTERPRISES B.V.,
      a company organized under the laws of the Netherlands, and having
      its registered office at Dam 5B, 1012 JS Amsterdam, the Netherlands
      ("CME
      ME");

              

      

       

      
        	
                (2)

              	
                CENTRAL EUROPEAN MEDIA
      ENTERPRISES LTD., a company incorporated under the laws of Bermuda,
      and having
      its registered office at Clarendon House, 2 Church Street, Hamilton, HM 11
      Bermuda ("CME
      Ltd"); and

              

      

       

      
        	
                (3)

              	
                THE BANK OF NEW YORK, a
      company incorporated under the laws of the State of New York, USA and
      having its registered office at 101 One Canada Square, London E14 5AL,
      United Kingdom (the "Assignee").

              

      

       

      Each a
"Party" and collectively
referred to as the "Parties".

       

      BACKGROUND:

       

       

      
        	
                (A)

              	
                Each
      Assignor (as such term is defined below) is entering into this Assignment
      in connection with the Indenture (as such term is defined
      below).

              

      

       

      
        	
                (B)

              	
                The
      Assignee and each Assignor intend this document to take effect as a deed
      (even though a Party may only execute it under
  hand).

              

      

       

      IT IS
AGREED as follows:

       

      
        	
                1.

              	
                Interpretation

              

      

       

      
        	
                1.1

              	
                Capitalized
      terms not otherwise defined herein shall, unless the context requires
      otherwise, bear the meaning ascribed thereto in the
    Indenture:

              

      

       

      

       

      
        	
                "Assigned
      Contract"

              	 
      	
                means
      the Framework Agreement, as amended or supplemented from time to
      time;

              
	 
      	 
      	 
      
	
                "Assigned
      Rights"

              	 
      	
                means
      all present and future rights, title and interest of each Assignor in,
      under and to the Framework Agreement including, without limitation, the
      right of each Assignor to receive all amounts payable under the Framework
      Agreement and all present and future claims, causes of action, payments
      and proceeds in respect thereof, whether now or in the
    future;

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      
        	
                "Assignors"

              	 
      	
                means
      CME ME and CME Ltd and "Assignor" means, as
      appropriate, CME ME or CME Ltd;

              
	 
      	 
      	 
      
	
                "Business
      Day"

              	 
      	
                means,
      in respect of any day, a day on which banks are generally open for
      transactions in London and New York;

              
	 
      	 
      	 
      
	
                "Election
      Notice"

              	 
      	
                has
      the meaning given in Schedule 1 hereto;

              
	 
      	 
      	 
      
	
                "Event of
      Default"

              	 
      	
                has
      the meaning given in the Indenture;

              
	 
      	 
      	 
      
	
                "Financing
      Agreements"

              	 
      	
                means
      the Indenture and the Security Documents;

              
	 
      	 
      	 
      
	
                "Framework
      Agreement"

              	 
      	
                means
      the Framework Agreement among CME ME, CME Ltd and PPF dated December 13,
      2004 as amended on May 2, 2005;

              
	 
      	 
      	 
      
	
                "Indenture"

              	 
      	
                means
      the Indenture dated on or about the date hereof between CME Ltd., Central
      European Media Enterprises NV, CME ME, BNY Corporate Trustee Services
      Limited and The Bank of New York;

              
	 
      	 
      	 
      
	
                "Original Contract
      Assignment”

              	 
      	
                means
      the Security Assignment among CME Ltd., CME ME and the Assignee dated May
      16, 2007;

              
	 
      	 
      	 
      
	
                "PPF"

              	 
      	
                means
      JR Holdings Limited (formerly known as PPF (Cyprus) Limited), a company
      organized under the laws of the Republic of Cyprus with registered number
      HE 92433, and having its registered office at Arch. Makariou III, 2-4,
      Capital Center, 9th Floor, PC 1505, Nicosia, Cyprus. The name of the
      company was changed from PPF (Cyprus) Limited on March 1,
      2006;

              
	 
      	 
      	 
      
	
                "Receiver"

              	 
      	
                has
      the meaning given in Clause 8 hereof;

              
	 
      	 
      	 
      
	
                "Secured
      Liabilities"

              	 
      	
                means
      all present and future moneys, debts and liabilities due, owing or
      incurred by the Assignors to the Assignee under or in connection with the
      Financing Agreements (in each case, whether alone or jointly, or jointly
      and severally, with any other person, whether actually or contingently and
      whether as principal, surety or otherwise);

              
	 
      	 
      	 
      

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      
        	
                "Security
      Assets"

              	 
      	
                means
      the Assigned Rights, being the assets the subject of the security created
      hereunder;

              
	 
      	 
      	 
      
	
                "Security
      Documents"

              	 
      	
                has
      the meaning given in the Indenture;

              
	 
      	 
      	 
      
	
                "Security
      Interest"

              	 
      	
                means
      any mortgage, pledge, lien, charge, assignment, hypothecation or security
      interest or any other agreement or arrangement having the effect of
      conferring security; and

              
	 
      	 
      	 
      
	
                "Security
      Period"

              	 
      	
                means
      in respect of the Security Assets, the period beginning on the date hereof
      and ending on the date upon which all the Secured Liabilities which have
      arisen have been unconditionally and irrevocably paid and discharged in
      full or the security created hereby has been unconditionally and
      irrevocably released and
discharged.

              

      

      

       

      
        	
                1.2

              	
                Construction

              

      

       

      In
construing this Assignment, unless otherwise specified:

       

      
        	
                 
      

              	
                (a)

              	
                references
      to a "person" shall mean any individual, firm, company, government, state
      or agency of a state, local or municipal authority, or any joint venture
      association or partnership (whether or not having separate legal
      personality);

              

      

       

      
        	
                 
      

              	
                (b)

              	
                references
      to this Assignment, the other Financing Agreements or any other document
      referred to herein is a reference to this Assignment, the other Financing
      Agreements or such other document as amended, varied, novated or
      supplemented at any time;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                references
      to Clause and Schedule headings are for ease of reference
      only;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                any
      reference to the "Assignee" or the "Assignor" shall include its and any
      subsequent successors and any permitted transferees in accordance with
      their respective interests; and

              

      

       

      
        	
                 
      

              	
                (e)

              	
                an
      amount shall be considered to be "irrevocably paid" if it is not capable
      of being avoided or reduced by virtue of any bankruptcy, insolvency,
      liquidation or similar laws.

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                1.3

              	
                Rights of Third
      Parties

              

      

       

      A person
who is not a party to this Assignment has no right under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Assignment.

       

      
        	
                1.4

              	
                Original Contract
      Assignment

              

      

       

      For the
avoidance of doubt, this Assignment shall be without prejudice to the rights of
the Assignee under and in respect of the Original Contract Assignment, which
remains in full force and effect notwithstanding anything contained
herein.

       

      
        	
                2.

              	
                Assignment

              

      

       

      
        	
                 
      

              	
                (a)

              	
                As
      a continuing security for the payment, discharge and performance of all
      the Secured Liabilities, at any time owed or due to the Assignee, each
      Assignor unconditionally and irrevocably assigns and agrees to assign
      absolutely with full title guarantee (save for those security interests
      already created and existing and notified to the Assignee), its rights,
      title and interest in respect of the Security Assets to and in favour of
      the Assignee; provided that forthwith upon the expiry of the Security
      Period, the Assignee shall, at the request and expense of the Assignors,
      (without warranty or other liability) re-assign to each Assignor the items
      assigned by such Assignor pursuant to this Clause 2
      (Assignment).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Assignors and the Assignee shall forthwith give notice of the assignment,
      to be effected in accordance with Clause 2(a), of the Assignors’ rights,
      title and interest in and to the Security Assets
  by:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                sending
      a notice of assignment to PPF substantially in the form set out in
      Schedule 1 with such amendments as the Assignee may agree;
    and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Assignors using their best endeavours to procure that PPF acknowledges the
      notice of assignment substantially in the form set out in Schedule 2 with
      such amendments as the Assignee may
agree.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Each
      Assignor shall promptly execute all documents and do all things and take
      whatever action the Assignee or a Receiver may reasonably require
      to:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                perfect
      or protect the Security Interest created by this Assignment;
      and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                facilitate
      the realisation of any Security Asset or the exercise of any right, power
      or discretion exercisable by the Assignee or any Receiver or any of its or
      their delegates or sub-delegates in respect of any Security
      Asset,

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      including,
without limitation, the execution of any transfer, conveyance, assignment or
assurance of any property whether to the Assignee or to its nominees, and the
giving of any notice, order, or direction and the making of any registration,
which in any case, the Assignee may think expedient.

       

      
        	
                 
      

              	
                (d)

              	
                Notwithstanding
      anything contained herein:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Assignors shall remain liable under the Assigned Contract to perform all
      the obligations assumed by them thereunder;
and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      Assignee shall not be under any obligations or liability under the
      Assigned Contract, other than in connection with exercising its rights
      thereunder or be liable to make any payment
  thereunder.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                The
      Parties agree that at any time other than when an Event of Default has
      occurred and is continuing, the Assignors shall be permitted to exercise
      each of the Assigned Rights without
restriction.

              

      

       

      
        	
                3.

              	
                Preservation
      Of Security

              

      

       

      
        	
                3.1

              	
                Continuing
      security

              

      

       

      The
security constituted by this Assignment is continuing up to and including the
last day of the Security Period.

       

      
        	
                3.2

              	
                Additional
      security

              

      

       

      The
security constituted by this Assignment is in addition to and is not in any way
prejudiced by any other security now or subsequently held by the Assignee for
any Secured Liability.

       

      
        	
                4.

              	
                Representations
      And Warranties

              

      

       

      
        	
                4.1

              	
                Representations and
      warranties

              

      

       

      Each
Assignor makes on the date hereof the representations and warranties set out in
this Clause 4 to the Assignee.

       

      
        	
                4.2

              	
                Powers and
      authority

              

      

       

      It has
the power to enter into and perform, and has taken all necessary action to
authorise the entry into, performance and delivery of, this Assignment and the
transactions contemplated by this Assignment.

       

      
        	
                4.3

              	
                Legal
      validity

              

      

       

      This
Assignment constitutes, or when executed in accordance with its terms will
constitute, its legal, valid and binding obligation enforceable in accordance
with its terms and as at the date of this Assignment, neither Assignor is in
material breach of the Assigned Contract.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                4.4

              	
                Consents

              

      

       

      To the
best of its knowledge and belief all authorisations required or advisable in
connection with the entry into, performance, validity and enforceability of this
Assignment have been obtained or effected and are in full force and
effect.

       

      
        	
                4.5

              	
                No
    Conflict

              

      

       

      The entry
into and performance by it of this Assignment do not and will not:

       

      
        	
                 
      

              	
                (a)

              	
                conflict
      with any law or regulation or judicial or official
  order;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                conflict
      with its constitutional documents;
or

              

      

       

      
        	
              	
                (c) 

              	
                conflict
      with any document which is binding upon it or its
  assets.

              

      

       

      
        	
                5.

              	
                Encumbrances
      And Disposals

              

      

       

      Save for
those security interests, assignments or transfers which are already created and
existing, each Assignor undertakes with the Assignee that on and from the date
hereof and until the end of the Security Period, it will not (except with the
prior written consent of the Assignee or as otherwise permitted pursuant to the
Indenture):

       

      
        	
                 
      

              	
                (a)

              	
                create
      or permit to subsist any Security Interest upon all or any part of the
      Security Assets other than the security created hereunder or under the
      Original Contract Assignment; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                assign,
      transfer or otherwise dispose of the Assigned Contract except in
      circumstances contemplated in the Assigned
  Contract.

              

      

       

      
        	
                6.

              	
                Undertakings

              

      

       

      Each
Assignor undertakes to the Assignee that until the end of the Security Period
(except with the prior written consent of the Assignee or as otherwise permitted
pursuant to the Indenture):

       

      
        	
                 
      

              	
                (a)

              	
                it
      shall not do or permit to be done anything which would materially
      prejudice the rights of the Assignee in the Security Assets (except as
      expressly contemplated in the Assigned Contract);
  and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                it
      shall not vary or amend any material provisions of the Assigned Contract
      in any way that is materially adverse to the interests of the Assignee
      pursuant to this Assignment.

              

      

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      
        	
                7.

              	
                Enforcement
      Of Security

              

      

       

      
        	
                7.1

              	
                Enforcement

              

      

       

      This
security shall be immediately enforceable at any time when an Event of Default
is continuing and has not been waived by the Assignee and at such time the
Assignee shall be entitled without notice immediately to put into force and
exercise all the powers and remedies possessed by it according to law as
mortgagee and chargee of the Security Assets as and when it may see fit (so that
sections 93 and 103 of the Law of Property Act, 1925 shall not apply to this
security) and in particular:

       

      
        	
                 
      

              	
                (a)

              	
                to
      take possession of, get in and collect the Security Assets, and to require
      payment to it of any revenues deriving
  therefrom;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                to
      recover and collect all receivables and to give a good receipt therefor on
      behalf of each of the Assignors;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                to
      perform or vary any of the Assigned Rights and/or rights under the
      Assigned Contract;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                subject
      to the terms of the Assigned Contract, to assign any part or all of the
      Security Assets to any person on such terms as the Assignee considers
      appropriate;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                to
      settle, adjust, refer to arbitration, compromise and arrange any claims,
      accounts, disputes, questions and demands with or by any person who is or
      claims to be a creditor of either Assignor or relating to the Assigned
      Rights and/or the Assigned
Contract;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                to
      bring, prosecute, enforce, defend and abandon actions, suits and
      proceedings in relation to the Assigned Rights and/or the Assigned
      Contract; and

              

      

       

      
        	
                 
      

              	
                (g)

              	
                to
      set-off any moneys comprised in the Security Assets against such or any of
      the Secured Liabilities.

              

      

       

      
        	
                7.2

              	
                Acknowledgment

              

      

       

      The
Assignee acknowledges and agrees that it shall not serve an Election Notice
unless the security is enforceable in accordance with Clause 7.1.

       

      
        	
                8.

              	
                Receiver

              

      

       

      
        	
                 
      

              	
                (a)

              	
                In
      addition to the powers conferred above, at any time when the security
      hereby created is enforceable the Assignee may appoint in writing a
      receiver or a receiver and manager (a "Receiver") of all or any
      part of the Security Assets and remove any Receiver so appointed and
      appoint another in his place and may from time to time fix the
      remuneration of any such Receiver.

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                The
      Assignee may by instrument in writing delegate to any such Receiver all or
      any of the rights, powers and discretions vested in it by this
      Assignment.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Such
      Receiver shall be the agent of the Assignor but notwithstanding this
      position, as between the Assignors and the Assignee, the Assignee shall be
      responsible for his acts and defaults and be liable on any contracts made
      by him, save to the extent that the Assignors would be responsible
      pursuant to the Indenture for such acts or defaults if performed by the
      Assignee or be liable on any such contracts if made by the
      Assignee.

              

      

       

      
        	
                9.

              	
                Application
      Of Proceeds

              

      

       

      Any
moneys received by the Assignee or any Receiver after the security constituted
by this Assignment has become enforceable shall be applied in the following
order of priority:

       

      
        	
                 
      

              	
                (a)

              	
                in
      satisfaction of, or provision for, all costs and expenses incurred by the
      Assignee or any Receiver (including but not limited to costs and expenses
      incurred by the Assignee or any Receiver in the course of exercising any
      rights hereunder) and of all remuneration due to any Receiver under this
      Assignment;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      or towards payment of the Secured Liabilities or such part of them as is
      then due and payable; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                subject
      to the terms of the Indenture, in payment of the surplus (if any) to the
      Assignor entitled to it.

              

      

       

      
        	
                10.

              	
                POWER
      OF ATTORNEY

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Each
      Assignor hereby irrevocably appoints the following,
  namely:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Assignee;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                each
      and every person to whom the Assignee shall from time to time have
      delegated the exercise of the power of attorney conferred by this Clause;
      and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                any
      Receiver appointed hereunder and for the time being holding office as
      such,

              

      

       

      jointly
and also severally to be its attorney or attorneys and in its name and otherwise
on its behalf to do all acts and things and to sign, seal, execute, deliver,
perfect and do all deeds, instruments, documents, acts and things which may be
required for carrying out any obligation imposed on such Assignee by or pursuant
to this Security Assignment, for carrying any sale or other dealing by the
Assignee or such Receiver into effect, for conveying or transferring any legal
estate or other interest in the Security Assets, for getting in the Security
Assets, and generally for enabling the Assignee and the Receiver to exercise the
respective powers conferred on them by or pursuant to this Security Assignment
or by law.  The Assignee shall have full power to delegate the power
conferred on it by this Clause, but no such delegation shall preclude the
subsequent exercise of such power by the Assignee itself or preclude the
Assignee from making a subsequent delegation thereof to some other person; any
such delegation may be revoked by the Assignee at any time.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (b)

              	
                The
      power of attorney hereby granted is (and each of the Assignors hereby
      acknowledge that it is) as regards the Assignee, its delegates and any
      such Receiver granted irrevocably and for value as part of the security
      constituted by this Security Assignment to secure proprietary interests in
      and the performance of obligations owed to the respective donees within
      the meaning of the Powers of Attorney Act
1971.

              

      

       

       

      
        	
                11.

              	
                FURTHER
      POWERS OF THE ASSIGNEE

              

      

       

      The
Assignee may, at any time when an Event of Default is continuing which has not
been waived by the Assignee:

       

      
        	
                 
      

              	
                (a)

              	
                ask,
      require, demand, receive and give acquittance for any sum forming part of
      the Security Assets;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                endorse
      any cheques or other instruments or orders in connection therewith;
      and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                make
      any claims or take any action or institute any proceedings which may be
      necessary or advisable to protect the interests of the Assignee in all or
      any part of the Security Assets.

              

      

       

      
        	
                12.

              	
                Waivers
      and Remedies Cumulative

              

      

       

      The
rights of the Assignee under this Assignment:

       

      
        	
                 
      

              	
                (a)

              	
                may
      be exercised as often as necessary;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                are
      cumulative and are not exclusive of its rights under general law;
      and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                may
      be waived only in writing and
specifically.

              

      

       

      Delay in
exercising or non-exercise of any such right is not a waiver of that
right.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      
        	
                13.

              	
                Changes
      to the Parties 

              

      

       

      Subject
to and in accordance with the terms of the Indenture, the Assignee may assign,
transfer, novate or dispose of its rights and/or obligations under this
Assignment.  This Assignment shall remain in effect despite any
amalgamation or merger (however effected) relating to the Assignee, and
references to the Assignee shall be deemed to include any person who, under the
laws of its jurisdiction of incorporation or domicile, has assumed the rights
and obligations of the Assignee under this Assignment or to which, under such
laws, those rights and obligations have been transferred.

       

      
        	
                14.

              	
                Severability

              

      

       

      If a
provision of this Assignment is or becomes illegal, invalid or unenforceable in
any jurisdiction, that shall not affect or impair:

       

      
        	
                 
      

              	
                (a)

              	
                the
      validity, legality or enforceability in that jurisdiction of any other
      provision of this Assignment; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      validity, legality or enforceability in other jurisdictions of that or any
      other provision of this Assignment.

              

      

       

      
        	
                15. 

              	
                Costs
      and Expenses

              

      

       

      Subject
to the terms of or any limitations set out in the Indenture, the Assignors
shall, within three Business Days of demand by the Assignee, indemnify the
Assignee for all costs and expenses reasonably and properly incurred by the
Assignee in connection with (a) the execution of this Assignment or otherwise in
relation to it, (b) the perfection or enforcement of the security constituted by
this Assignment or (c) the exercise of any of the rights accruing to the
Assignee under this Assignment, and neither the Assignee nor any Receiver
appointed hereunder shall be obliged to take any action hereunder unless it has
been indemnified to its reasonable satisfaction for so doing.

       

      
        	
                16.

              	
                Counterparts

              

      

       

      This
Assignment may be executed in any number of counterparts and this has the same
effect as if the signatures on the counterparts were on a single copy of this
Assignment.

       

      
        	
                17.

              	
                Release

              

      

       

      Upon the
expiry of the Security Period (but not otherwise), the Assignee shall at the
request of either Assignor, execute and do all such deeds, acts and things as
may be necessary to release the Security Assets from the security constituted by
this Assignment.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      
        	
                18.

              	
                English
      Language

              

      

       

      All
documents to be furnished or communications to be given or made under this
Assignment shall be in the English language or, if in another language, shall be
accompanied by a translation into English certified by the Party providing such
document, which translation shall be the governing version between the Assignors
and the Assignee.

       

      
        	
                19.

              	
                Notices

              

      

       

      Any
notice, application or other communication to be given or made under this
Assignment to the Assignee or to the Assignors shall be in
writing.  Such notice, application or other communication shall be
deemed to have been duly given or made when it is delivered by hand, courier or
facsimile transmission to the Party to which it is required or permitted to be
given or made at such Party's address specified below or at such other address
as such Party designates by notice to the Party giving or making such notice,
application or other communication.

       

      
        For CME
ME:

        

        Dam
5B

        1012 JS
Amsterdam

        The
Netherlands

        
          	
                	
                  Attn:

                	
                  Managing
      Director

                

        

        
          	
                   
      

                	
                  Fax:

                	
                  +31
      20 423 1404

                

        

        

        With a
copy to:

        

        c/o CME
Development Corporation

        81
Aldwych

        London  WC2B
4HN

        United
Kingdom

        
          	
                	
                  Attn:

                	
                  General
      Counsel

                

        

        
          	
                   
      

                	
                  Fax:

                	
                  +44
      207 430 5403

                

        

        

        For CME
Ltd:

        

        c/o CME
Development Corporation

        81
Aldwych

        London  WC2B
4HN

        United
Kingdom

        
          	
                	
                  Attn:

                	
                  General
      Counsel

                

        

        
          	
                   
      

                	
                  Fax:

                	
                  +44
      207 430 5403

                

        

         

        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

        

         

        For the
Assignee:

         

        The Bank
of New York

         

        One
Canada Square

        London
E14 5AL

        United
Kingdom

        
          	
                	
                  Attn:

                	
                  Jason
      Blondell

                

        

        
          	
                   
      

                	
                  Fax:

                	
                  +44-20-7338-6100

                

        

         

      

      
        	
                20.

              	
                Governing
      Law

              

      

       

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

       

      
        	
                21.

              	
                Jurisdiction

              

      

       

      
        	
                21.1

              	
                Each
      of the Parties hereby irrevocably agrees that the courts of England are to
      have exclusive jurisdiction to settle any
  disputes:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                arising
      under or in connection with this Assignment;
or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                arising
      or in connection with the negotiation, legal validity or legal
      enforceability of this Assignment,

              

      

       

      whether
the same shall or shall be alleged to arise under, or be governed by, the laws
of England or of any other jurisdiction.

       

      
        	
                21.2

              	
                Each
      Party hereby:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                waives
      objection to the English courts on the ground of forum non conveniens or
      inappropriate forum or otherwise in connection with any dispute described
      in Clause 21.1; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                agrees
      that a judgement or order of an English court in such a dispute is
      conclusive and binding on such party and may be enforced against it in the
      courts of any other jurisdiction.

              

      

       

      
        	
                21.3

              	
                Each
      Assignor hereby irrevocably designates, appoints and empowers CME
      Development Corporation at its registered office (being, on the date
      hereof, at Aldwych House, 81 Aldwych, London WC2B 4HN, England) to act as
      its authorised agent to receive service of process and any other legal
      summons in England for purposes of any legal action or proceeding brought
      by the Assignee in respect of this Security Assignment. Each Assignor
      hereby irrevocably consents to the service of process or any other legal
      summons out of such courts by mailing copies thereof by registered airmail
      postage prepaid to its address specified herein. Each Assignor covenants
      and agrees that, so long as it has any obligations under this Assignment,
      it shall maintain a duly appointed agent to receive service of process and
      any other legal summons in England for purposes of any legal action or
      proceeding brought by the Assignee in respect of this Security Assignment
      and shall keep the Assignee advised of the identity and location of such
      agent.

              

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the
parties hereto, acting through their duly authorised representatives, have
caused this Assignment to be signed as a Deed in their respective names as of
the date first above written.

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      EXECUTED as a Deed for and on
behalf of

      CME
MEDIA ENTERPRISES B.V.

      

       

      
        	
                By:

              	
                /s/ Michael
      Garin

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:
      Michael Garin

              	 
      
	 
      	
                Title:
      Managing Director

              	 
      

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      THE
COMMON SEAL OF

      CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

      was
hereto affixed in the presence of

      

       

      
        	
                By:

              	
                /s/ Wallace
      Macmillan

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:
      Wallace Macmillan

              	 
      
	 
      	
                Title:
      Chief Financial Officer

              	 
      

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      EXECUTED as a Deed for and on
behalf of

      THE
BANK OF NEW YORK

      

       

      
        	
                By:

              	
                /s/ Jason
      Blondell

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:
      Jason Blondell

              	 
      
	 
      	
                Title:
      Authorised Signatory

              	 
      

      

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      SCHEDULE
1

       

      Form
of Notice of Assignment

      

       

      
        	
                From:

              	
                CME
      MEDIA ENTERPRISES B.V.; and

              

      

       

      CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD. (together the "Assignors"); and

       

      THE BANK
OF NEW YORK (the "Assignee")

       

      
        	
                To:

              	
                JR
      HOLDINGS LIMITED (formerly known as PPF (CYPRUS)
  LIMITED)

              

      

       

       

      Date:
10th
March 2008

       

      Dear
Sirs,

       

      NOTICE
OF ASSIGNMENT OF FRAMEWORK AGREEMENT (the "Contract")

       

      We hereby
give you notice that we, the Assignors and the Assignee, have entered into a
security assignment dated March 10, 2008 (the "New Assignment") (in addition
to the security assignment dated May 16, 2007 (the “Original Assignment”) between
the Assignors and the Assignee, as previously notified to you
and  acknowledged by you).  Pursuant to the New Assignment,
the Assignors have assigned to the Assignee all of their present and future
rights, benefits, interests and claims under and in respect of the Contract,
subject only to the Security Assignment dated May 5, 2005 between the Assignors
and JPMorgan Chase Bank, N.A., London Branch (as "2005 Trustee"), the Security
Assignment dated May 16, 2007 between the Assignors and The Bank of New York
(as  "2007
Trustee") and the Assignments dated July 21, 2006 and August 22, 2007
each made between the Assignors and European Bank for Reconstruction and
Development (“EBRD”)
(together, the “Prior
Assignments”).  The terms of this notice shall be in addition
to the rights of the Assignee under the Original Assignment and subject only to
the rights of the 2005 Trustee, EBRD and the 2007 Trustee under the Prior
Assignments.

       

      Please
note the following:

       

      
        	
                (1)

              	
                The
      Assignors continue to be solely responsible to you for the performance of
      their obligations under the Contract and the Assignee shall not be under
      any obligation or liability under the Contract by reason of the Assignment
      or anything arising therefrom.

              

      

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      
        	
                (2)

              	
                From
      the date hereof you should perform all of your obligations under the
      Contract (including the making of any payments pursuant to the Contract)
      in accordance with these
instructions.

              

      

       

      
        	
                (3)

              	
                The
      Assignee has agreed that until such time when the Assignee has delivered
      to you written notice of its election to exercise the Assignors’ rights
      under the Contract (an "Election
      Notice"):

              

      

       

      
        	
                 
      

              	
                (i)

              	
                you
      should continue to pay to the Assignors any sums which you may become
      obliged to pay to each of them under the
  Contract,

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                each
      Assignor shall remain entitled to exercise all of its rights, powers and
      discretions relating to the Contract without any restriction and without
      the consent of the Assignee,

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                each
      Assignor shall remain entitled to deal with you in respect of any
      provision of the Contract or give consent relating to any provision of the
      Contract without the prior consent of the Assignee;
  and

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                you
      should continue to give notices in relation to the Contract to the
      Assignors.

              

      

       

      
        	
                (4)

              	
                The
      Assignors instruct you, at any time after the Assignee has delivered to
      you an Election Notice, to comply with any payment or other instructions
      contained therein or in any subsequent written notice to you from the
      Assignee, including without limitation any instruction to pay to such
      account as the Assignee may nominate the full amount of any sums which you
      may become obliged to pay to the Assignors under the Contract, provided
      always that any such instructions do not exceed the rights of the
      Assignors pursuant to the Contract.

              

      

       

      
        	
                (5)

              	
                Save
      as set out above, the Assignment does not affect your rights or
      obligations under the Contract.

              

      

       

      Please
sign the enclosed acknowledgment of this Notice of Assignment and send it to the
Assignee at;

       

      The Bank
of New York

      One
Canada Square

      London
E14 5AL

      United
Kingdom

      
        	
                Attn:

              	
                Jason
      Blondell

              

      

      
        	
                Fax:

              	
                +44-20-7338-6100

              

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      This
letter is governed by English law.

       

      Yours
faithfully,

      

       

      ................................................................

       

      For and
on behalf of

      CME MEDIA
ENTERPRISES B.V.

      

       

      ................................................................

       

      For and
on behalf of

      CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

      

       

      ................................................................

       

      

       

      For and
on behalf of

      THE BANK
OF NEW YORK

       

      ................................................................

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      SCHEDULE
2

       

      Form
of Acknowledgment of Assignment

       

      

       

      
        	
                From:

              	
                JR
      HOLDINGS LIMITED (formerly known as PPF (CYPRUS)
  LIMITED)

              

      

       

      
        	
                To:

              	
                THE
      BANK OF NEW YORK (the "Assignee")

              

      

       

      
        	
                Copy:

              	
                CME
      MEDIA ENTERPRISES B.V. and

              

      

       

      CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.

       

      Date:[              ]
2008

      

       

      Dear
Sirs,

       

      ACKNOWLEDGMENT
OF NOTICE OF ASSIGNMENT OF FRAMEWORK AGREEMENT

       

      We refer
to a letter dated March 10, 2008 (the "Notice of Assignment") from
CME Media Enterprises B.V. and Central European Media Enterprises Ltd. as the
Assignors and The Bank of New York as the Assignee to us notifying us of the
Assignment therein specified.

       

      We
acknowledge that we have been given notice of and consent to the
Assignment.

       

      This
letter is governed by English law.

       

      Yours
faithfully,

      

       

      .......................................................

       

      For and
on behalf of

      JR
HOLDINGS LIMITED

       

    

     

    20

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