13D Filing: TCS Capital Management and Central European Media Enterprises Ltd (CETV)

The following constitutes
Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 amends the Schedule
13D as specifically set forth herein.

On July 31, 2017,
a certain managed account that held 65,583 Shares underlying the Warrants closed. Accordingly, as of July 31, 2017, TCS Management
ceased to serve as the investment manager for such managed account and as such, relinquished all voting and dispositive power over
the 65,583 Shares underlying the Warrants held in the managed account. In connection with the closing of the managed account, Item
2(a) is hereby amended and restated as follows: