Ukraine Investor Takes CME Stake

HAMILTON, August 30: Igor Kolomoisky has made a $110 million
investment in Central European Media Enterprises (CME) and has joined the board
of directors, as the company looks to boost its business in the Ukraine.

Kolomoisky’s investment represents approximately 3 percent
of CME's total outstanding common stock. He is currently a controlling
shareholder and supervisory board member of PrivatBank, one of the largest
commercial banks in Ukraine. Since 2003, he has been a major shareholder and
member of the supervisory board of Ukrnafta, Ukraine's largest oil and natural
gas extracting, processing and supplying company.

Announcing the investment, Ronald S. Lauder, the
non-executive chairman of CME, noted: "I've known Igor Kolomoisky for some
time and admire him as an extremely knowledgeable businessman with in-depth
knowledge of Ukraine. Igor understands the importance of independent television
not only in Ukraine, but throughout Eastern Europe. I'm delighted to welcome
him as our newest director, and I am confident he will help CME
enormously."

Michael Garin, CME's CEO, added: "This investment by
Mr. Kolomoisky should confirm CME's view that Ukraine will be a powerful growth
engine for the company in the future.”