Very satisfying investment for Apax

Central European Media Enterprises Ltd. (CME) (NASDAQ/Prague Stock Exchange: CETV) today announced financial results for the quarter and nine months ended September 30, 2006.

THIRD QUARTER
- Net Revenues Increase 29% - 388,825
- Operating Income Increases 38% -
- Segment EBITDA Increases 34% -

NINE MONTHS
- Net Revenues Increase 56% - From US$ 248 Mn. to US$ 388Mn.
- Operating Income grows $57.5 million to $66.8 million -
- Segment EBITDA Increases 39% -

Profits have been turned into a loss as grants of shares have been poreviously been incoretcly handled and there has consequently been a restatement of the accounting for share grants.

The shares have risen from US$62 to US$77 in the last 3 months.Lord Patel looked at them last here.Since Jan. 2, 2003, CME shares have risen 1,100 %.

Since then on August 29, 2006 it was announced that Central European Media Enterprises Ltd entered into an agreement with funds advised by Apax Partners Inc (Prop Lord Cohen the Tresury Knight and Noo Labour fundee)who acquired a minority stake of 15.7% in CME for approximately US$190 million in cash. As part of this Apax will become a limited partner in a partnership holding all of the Lauder interests in CME. The remaining 50.3% interest in the partnership will be beneficially owned by Ronald Lauder and his family.

Ronald S. Lauder, bought Gustav Klimt’s portrait of Adele Bloch-Bauer for US$135 million in June 2006.

Apax Partners - an interesting Private Venture Capital Company

In 1998 Mr Cohen, Chairman and Founder of Apax Partners & Co. Ltd, received the Jubilee Award by the Israeli Prime Minister Netanyahu. This is the highest tribute ever awarded by the "State of Israel" in recognition of those individuals and organizations, that through their investments and trade relationships, have done the most to strengthen the Israeli economy.

Allan Barkat, managing director of Apax Europe (Israel) told The Jerusalem Post. (Nov 14 2000) "Over the last six months, Apax Partners has invested a total US$100m. - $25m. from the Apax Israel fund, and the rest from other Apax funds - in 10 Israeli companies, including Compugen (genomics-based drug and diagnostic discovery company), OnePath(provider of fiber optic transmission systems), and Kamoon(management software products in the financial services.)," he said. "I don't think any other fund, local or international, can make this claim for the period from May until now. Certainly, no other fund has as strong a commitment to Israel as Apax.".

Apax also announced that it plans to invest US$600 million in Israeli companies over the next three years.