EXECUTION COPY CONFIDENTIAL CME MEDIA ENTERPRISES B.V. CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. PPF (CYPRUS) LTD. CME MEDIA INVESTMENTS S.R.O.

has the meaning given in Clause 10.2.7;

means (i) a final and effective decision of the Antimonopoly Office or the Foreign Antimonopoly Office, approving the concentration of the Parties within the meaning of the applicable laws, as proposed in the proceeding before the Antimonopoly Office or the Foreign Antimonopoly Office, or (ii) a decision of the Antimonopoly Office or the Foreign Antimonopoly Office that the concentration of the Parties is not subject to the Antimonopoly Office’s nor the Foreign Antimonopoly Office’s approval, as the case may be;

means the board of directors of any entity;

has the meaning given in Clause 8.1;

has the meaning given in Clause 12.2;

has the meaning given in Clause 12.3.2;

means an amount in US$ equal to the value of:

(i)    25% of the TV Nova Value as at the Closing Commencement Date (determined pursuant to the Framework Agreement)

plus

(ii)   interest accrued at the rate of One-Month LIBOR plus 200 bps per annum on the amount set out in (i) above during the period commencing on the Closing Completion Date and ending on the Settlement Date

minus

(iii)  the amount of any Distributions received by PPF from the TV Nova Group during the period commencing on the Closing Completion Date and ending on the Settlement Date,

subject to adjustment pursuant to Clause 12.6;

means a transfer by CME ME or CME Ltd of all or any part of its CME Nova Interest to one or more of its affiliates;

means the Indebtedness of Oldco to CME ME created pursuant to the CME Loan Agreement;

means a loan agreement dated as of the date hereof between CME ME and Oldco;

has the meaning given in Clause 10.3.5;

means CME ME's Oldco Ownership Interest and CME Ltd’s or CME ME’s (as the case may be) Newco Ownership Interest;

means the commercial code of the Czech Republic as is in force from time to time;

means any cash dividend to Newco or Oldco shareholders (pursuant to the Commercial Code) and any payments of principal or interest pursuant to the CME Loan Agreement;

has the meaning given in Clause 11.2.1;

means in respect of any Czech limited liability company, the one or more executive directors which constitute its statutory organ;

means a Put Notice or a Call Notice;

means the financial year of the TV Nova Group, which shall be a 12 month period ending on December 31 of each year;

means a limited liability company organized and existing under the laws of the Czech Republic, with a registered capital of CZK 105,000, that operates a sports television broadcasting business pursuant to the Galaxie Sport License;

means license File No. Ru/72/02 granted by the Media Council on March 19, 2002 and valid for a period of 12 years from March 28, 2002, under which Galaxie Sport operates the Czech television broadcasting station called "Galaxie sport";

has the meaning given in Clause 12.4.1;

means the 2005 TV Nova Budget;

means PPF's right to approve the matters set out in Clause 6;

has the meaning given in Clause 9.1;

means an Ownership Interest in Newco;

has the meaning given in Clause 12.3.3;

means an Ownership Interest in Oldco;

means the interest rate determined by the British Bankers’ Association as the London Interbank Offered Rate for US$ for a one month period at or about 11 a.m. (London time) on the second London banking day of each month, as displayed on the relevant Bloomberg screen;

means the shares, participation rights or other equity ownership interest of any corporate person (including the right to receive any Distributions from time to time in relation to such Ownership Interest), and any reference to an [Entity] Ownership Interest refers to the equity ownership of the relevant entity;

means a notice delivered by CME ME to PPF following the delivery of an Exercise Notice, pursuant to which CME ME elects to sell 100% of the TV Nova Group to a third party;

has the meaning given in Clause 12.5.3(a);

means PPF's Newco Ownership Interest and PPF's Oldco Ownership Interest;

has the meaning given in Clause 10.3.3;

has the meaning given in Clause 9.1;

means at any time the percentage that is equal to such Party's [Entity] Ownership Interest as a percentage of the total issued and outstanding [Entity] Ownership Interest;

means the proposed price for the subscription for and participation in New Capital as specified by Newco or Oldco (as appropriate) in the relevant decision of the general meeting;

has the meaning given in Clause 10.2.6;

has the meaning given in Clause 12.1;

has the meaning given in Clause 12.3.1;

means an amount in US$ equal to the lesser of the value of:

(i)   15% of the value of the TV Nova Group as determined on the date of exercise of the Put pursuant to Clause 12.4; or

(ii)  15% of the TV Nova Value as at the Closing Commencement Date (determined pursuant to the Framework Agreement),

subject to adjustment pursuant to Clause 12.6;

has the meaning given in Clause 12.5.4;

means the supervisory board of a limited liability company or joint stock company;

has the meaning given in Clause 11.1.2;

means the agreement of even date herewith between CME ME and PPF setting out a detailed description of the steps required to give effect to the acquisition of the TV Nova Group by CME ME and CME Ltd;

has the meaning given in Clause 11.1.1;

has the meaning given in Clause 10.2.5;

has the meaning in Clause 4.2;

means the voting rights of a Party in Newco or Oldco and/or any of the companies in the TV Nova Group and/or such Party's subsidiaries and/or other entities over which it exercises management control (as appropriate).