SEGMENT DATA

We manage our business on a divisional basis, with three operating segments: Broadcast, Media Pro Entertainment and New Media. The business segments reflect how CME Ltd.’s operations are managed by segment managers, how operating performance within the Company is evaluated by senior management and the structure of our internal financial reporting. Supplemental geographic information on the performance of our Broadcast segment is provided due to the significance of our broadcast operations to CME Ltd. Management believes this information is useful to users of the financial statements.

Our Broadcast segment generates revenues from the sale of advertising and sponsorship and our New Media segment generates revenues from display and video advertising, paid premium content and subscriptions. Our Media Pro Entertainment segment generates revenues through the sale of production services to independent film-makers and through the sale of broadcast and distribution rights to third parties. Media Pro Entertainment also develops, produces and distributes television and film content which is shown on our television channels. In addition, the distribution and exhibition activities of Media Pro Entertainment generate revenues from the distribution of rights to film content to third party clients, from the exhibition of films in our theaters and from the sale of DVD and Blu Ray discs to wholesale and retail clients.

We evaluate the performance of our segments based on Net Revenues and OIBDA. OIBDA, which includes program rights amortization costs, is determined as operating income/(loss) before depreciation and amortization of intangible assets. Items that are not allocated to our segments for purposes of evaluating their performance and therefore are not included in their OIBDA, include stock-based compensation and certain unusual or infrequent items (e.g., impairments of assets or investments).

Our key performance measure of the efficiency of our segments is OIBDA margin. OIBDA margin is the ratio of OIBDA to Net Revenues.

We believe OIBDA is useful to investors because it provides a more meaningful representation of our performance as it excludes certain items that either do not impact our cash flows or the operating results of our operations. OIBDA is also used as a component in determining management bonuses. Intersegment revenues and profits have been eliminated in consolidation.

OIBDA may not be comparable to similar measures reported by other companies.

Below are tables showing our Net Revenues and OIBDA by segment for the three and nine months ended September 30, 2011 and 2010.



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Net revenues	2011			2010			2011			2010
Broadcast:
Bulgaria	$	17,360		$	13,706		$	63,359		$	32,440
Croatia	9,959			8,181			42,449			34,691
Czech Republic	55,279			47,268			195,653			173,140
Romania	31,056			29,065			112,425			109,175
Slovak Republic	18,204			16,049			67,139			58,859
Slovenia	11,573			9,280			48,891			41,250
Total Broadcast	143,431			123,549			529,916			449,555
Media Pro Entertainment	35,141			26,510			126,575			92,868
New Media	3,246			2,111			10,479			7,061
Intersegment revenues (1)	(16,346		)	(17,816		)	(79,070		)	(69,763		)
Total net revenues	$	165,472		$	134,354		$	587,900		$	479,721

(1) Reflects revenues earned by the Media Pro Entertainment segment through sales to the Broadcast segment. All other revenues are third party revenues.



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
OIBDA	2011			2010			2011			2010
Broadcast:
Bulgaria	$	(715	)	$	(3,312	)	$	5,215		$	(11,120	)
Croatia	(1,960		)	(1,508		)	861			1,420
Czech Republic	21,077			13,755			87,591			74,447
Romania	4,625			4,319			17,371			19,589
Slovak Republic	(1,547		)	(3,842		)	1,684			(4,955		)
Slovenia	(372		)	(657		)	11,397			8,849
Divisional operating costs	(973		)	(530		)	(1,717		)	(1,317		)
Total Broadcast	20,135			8,225			122,402			86,913
Media Pro Entertainment	218			(2,185		)	1,703			(4,063		)
New Media	(1,033		)	(1,562		)	(3,122		)	(6,369		)
Central	(9,726		)	(8,256		)	(31,969		)	(31,123		)
Elimination	(696		)	(709		)	(3,176		)	(2,811		)
Total OIBDA	$	8,898		$	(4,487	)	$	85,838		$	42,547



Reconciliation to Condensed Consolidated Statement of Operations:	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2011			2010			2011			2010
Total OIBDA	$	8,898		$	(4,487	)	$	85,838		$	42,547
Depreciation of property, plant and equipment	13,851			13,862			43,547			42,883
Amortization of intangible assets	7,957			6,996			23,393			18,690
Operating (loss) / income	(12,910		)	(25,345		)	18,898			(19,026		)
Interest expense, net	(34,523		)	(31,046		)	(126,554		)	(92,566		)
Foreign currency exchange (loss) / gain, net	(45,919		)	62,009			1,452			23,842
Change in fair value of derivatives	3,479			(1,229		)	4,600			(2,261		)
Other income / (expense)	33			1			(769		)	(200		)
Credit / (provision) for income taxes	7,644			(973		)	(6		)	(1,271		)
(Loss) / income from continuing operations	$	(82,196	)	$	3,417		$	(102,379	)	$	(91,482	)

We do not rely on any single major customer or group of major customers.