CTC Media, Inc. Investor Presentation

May 2010 A Leading Independent Media Company in Russia and the CIS

■ 4th most watched broadcaster in Russia with a national audience of 100 million people for CTC, the flagship channel 6 channels in 4 countries

■ OOnene ooff tthehe leadingleading bbroadcastersroadcasters in KazakhstanKazakhstan (C(Channelhannel 331)1) and 2 in-house ppproduction companies

■ Entertainment focus appeals to dynamic, young and affluent audience CTC MEDIA GROUP ■ Well positioned portfolio of assets with in-house ■production capabilities

■ Strong cash flow generation and balance sheet FREE-TO-AIR PRODUCTION ■ The only direct way to get exposure to Russia’ s television advertising market

RUSSIA CIS SOHO MEDIA COSTAFILM

CTC - pure entertainment channel - KAZAKHSTAN Channel 31 - entertainment channel targeting viewers aged 6-54 targeting viewers aged 6-54 Domashny - only channel in Russia - UZBEKISTAN SofTS - start-up channel targeting females aged 25-60

DTV - action / investigative themed channel --MOLDOVAMOLDOVA CTC TV Dixi - entertainment channel targeting viewers aged 25-54 targeting viewers aged 6-54

1 Strategy Overview

Voroniny– prime-time sitcom, CTC Network (Everybody Loves Raymond format)

2 Markets of Operations and Primary Strategic Interest

Counties of current operations Belarus Russia Population = 9.5 million Population = 142 million Countries of potential interest 2009TV Ad Market = US$ 60 million 2009 TV Ad Market = US$ 3.6 billion

Ukraine Population = 45.9 million 2009 TV Ad Market = US$ 252 million

Moldova Population = 3.6 million 2009 TV Ad Market = US$ 17.2 million

Uzbekistan Kazakhstan Population = 27.6 million Population = 16.3 million 2008 TV Ad Market = US$ 15 million* 2009 TV Ad Market = US$ 95 million

Potentially reaching over 180 million viewers in four countries of current operations

Sources: Video International, Russian Association of Communications Agencies, ZenithOptimedia, CIA World Factbook, Rosstat, All-Ukrainian Advertising Coalition, Company’s estimates * 2009 data is not available

3 Key Strategic Objectives

Further consolidation of our position as Russia’s leading independent free-to-air TV broadcaster Core strategy Further development of the DTV and Domashny channels, sustainable position of CTC channel Monetize strong CTC, DTV and Domashny brands Opportunistic app roach to acq uisitions and start-uppp proj ects in neig hboring CIS markets Establish international presence through developing selected CTC Media programs based on existing content for selective international markets

Increase technical penetration of DTV and Domashny channels Drivers Sustain CTC’s target audience share, increase Domashny’s and DTV’s target audience shares Attract younger audiences to Domashny and DTV Integrate Russian networks to drive combined power raratiotio and sustain sound level of overall market share Expand and improve online presence of free-to-air channels in Russia Maintain focus on pure entertainment programming and complementary audience profiles Exert greater control over programming quality and investments through in-house content production Develop existing CIS operations Selectively expand into neighboring CIS markets to ensure growth participation Maximize cash flows Use strong balance sheet to capitalize on investment opportunities and enhance shareholder returns

Clear and focused strategy

4 Programming Strategy

Content split by hours and by % in amortization of programming rights expense

Russian Sitcoms and Sketchcoms 12% (16%) Russian Shows Optimal mix of programming 12% (14%) Russian and 1 CTC Ne twor k Foreign Movies Russian Series 42% (52%) 4% (10%) Foreign Series ■ Locally produced content is the key and Animation element of our strategic programming 31% (83%) grids and drive the audience share in

Russian Russian Series target demographics Russian & Shows & Sketchcoms Foreign 19% (64%) 13% (19%) Movies ■ In-house produced series and sitcoms are Foreign Series 38% (14%) Domashny Network1 and Animation top CTC prime-time performers and are 40% (20%) the core of our content library

■ ¼ of CTC Media’s programming and ½of CTC prime time is produced in-house2 Russian Shows Russian and 19% (64%) Foreign Movies ■ Programming agreements with major 38% (14%) Russian Series & HllHollywoo d stditudios - Sony Pic tures 1 DTV Network Sitcoms Television International, Walt Disney, 14% (13%) Foreign Series Paramount, Universal and Warner Bros. 30% (9%)

Maximizing the audience share numbers in desirable demographics through well-balanced content acquisition and scheduling strategy

Notes: (()1) Content sp lit is given for Q1 2010 (2) As a % in amortization of programming rights, FY 20009

5 Market and Operational Update

Ranetki – prime-time series, CTC Network

6 Russia: Macroeconomic Update

2 ■ Real GDP is expected to grow by 4%1 in 2010 primarily due to Industrial Production and Capital Investments Dynamics increased household consumption in H2 2010 25%

■ CPI is declining, so rising real wage and improving consumer 15% confidence lie behind the ongoing improvement in retail sales 5% ■ Industrial production and capital investments are growing -5% Jul-09 Jul-08 Jan-10 Jan-09 Jan-08 Nov-09 Nov-08 Mar-10 Mar-09 Mar-08 Sep-09 Sep-08 May-09 May-08 ■ Private sector loans penetration is lower than in comparable -15% European countries and has significant room for expansion -25% ■ Economy and consumption are on the way to recovery Industrial production index, y/y Capital investments,y/y

CPI, Real Wage and Retail Sales Dynamics2 (US$ mln) Household Loans and Mortgages as % of GDP3 100 % 20% 90%

15% 80%

10% 70% 51% 5% 60% 44% 0% 50% 40% -5% 29% Jul-09 Jul-08 Jan-10 Jan-09 Jan-08 Nov-09 Nov-08 30% Mar-10 Mar-09 Mar-08 30% Sep-09 Sep-08 May-09 May-08 31% 28% -10% 20% 42% 35% 20% -15% 10% 20% 11% 15% 12% 12% 5% -20% 0% 3% EtEston iia LtiLatvia Lithuan iia Hungary PlPolan dd BlBulgar iia RiRoman ia RiRuss ia Retail sales, y/y CPI, y/y Real wage, y/y Mortgage loans/GDP Household loans/GDP Consumption will drive economic recovery in Russia Sources: (1) The Russian Economic Development Ministry (()2) Rosstat (3) Central Bank of Russia

7 Russian Ad Market Overview

Ad Spending per Capita and as % of GDP in 20091 ■ Russia has high potential for development compared to other US$ 500 1.7% countries: ad spending per capita and as % of GDP will increase 455 1.5% 400 1.3% ■ Russia is #13 in the world in advertising spending and #6 in Europe 324 306 302 1.1% 300 274 09%0.9% ■ Russia is #9 in the world in TV ad spending and #5 in Europe 200 187 185 0.7% 0.5% 110 99 ■ Historically TV ad spending grew at a multiple of approximately 4x 100 79 68 0.3% 62 45 0.1% to real GDP growth 15 9 6 2 0 -0.1% . . il a y . n y a a e d K e ly ia ia in ic kk hh rr rr zz cc nn vv hh nn pp nn hh EE pp U ■ In 2009 TV a d spen ding droppe d 2x more t han t he rea l GDP, so Ita Bra Spa Chi C.& Russ Nort Pola Uzbe Euro Euro Czec Kazak Ameri Bulgar Weste Moldo Hunga Republ going forward it is likely to outpace the economic recovery in Russia Germa ad spending per capita ad spending as % of GDP Ad Spending in the World in 20091 (US$ mln) 2 148 185 TV Ad Sppgending vs GDP Growth 40%

30% 39,294 20% 25, 590 20,291 19,836 10% 12,890 11,679 10,935 9,319 8,741 8,129 7,125 6,431 0% 2003 2004 2005 2006 2007 2008 2009 2010F ‐10% l ii yy aa aa ee yy nn nn aa aa aa AA KK U Ital US Braz Spai Chin Japa Russi Franc ‐20% Canad S. Kore Australi German TV ad market growth (rub) Real GDP growth (rub) Nominal GDP growth (rub) Russian ad market has significant potential for further development Sources: (1) ZenithOptimedia, AKAR, Company’s estimates (2) ZenithOptimedia, Video International, Rosstat, The Russian Economic Development Ministry (2010 GDP forecasts)

8 Dynamics of Ad Market and CTC Media Sales in Russia

Advertising Market Size1 (US$ billion)

TV ad market in Russia historically grew ahead of the total ad market

CCCTC Medi a perfo rmed better ttahan ttehe maaetrket in times of growth and in downturn

80%

60% In Q1 2010 Russian TV ad market began to recover and grew by 5% in Ruble terms year-on- 40% year (18% in US$ terms) 20%

0% For the full year 2010 industry experts expect TV ad 2 2004 2005 2006 2007 2008 2009 1Q2010 market to grow 5-10% in Ruble terms year-on-year -20%

-40%

-60%

CTC M Medi dia's ' revenue growth th TV Ad M Mark ket tgrowth th Ad M ark ket tgrowth th

CTC Media sales dynamics outrun ad market in Russia Sources: (1) Russian Association of Communication Agencies (()2) Video International, ZenithOptimedia Note: (*) CAGR 2004-2009, all dynamics are provided in US$ terms (CTC Media’s reporting currency)

9 TV in Russia – More than Just TV

2009 Cos t per Thousan d (CPT)2 (US$) TV is the only medium with national reach Important social and cultural platform

More free-to-air networks than in other countries 6.0 474.7 High quality free-to-air content offering 3.6 1.6 2.4 Over 3.5 hours of TV watching per day

TV Internet Magazines New spapers Radio

Ad Spend in Russia by Media Segment1 (%)

Other 0.4 0.8 0.9 1.0 1.2 1.3 Internet 0.9 1.2 1.5 5.4 6.4 9.3 Outdoor 18.2 18.1 18.2 2009 TV Cost per Thousand (US$)² 17.2 16.5 13. 4 Radio 6.4 6.0 5.4 6.3 5.1 4.4 16.0 25.3 20.8 Print 30.7 27.6 22.0 13.9

5.4 6.5 414.1 1.6 46.3 48.7 48.1 50.1 55.7 Television 43.5 Russia Spain UK US Poland

2004 2005 2006 2007 2008 2009

TV remains inexpensive relative to other media in Russia and continues to take advertising market share

Sources: (1) Russian Association of Communication Agencies (2) Initiative Media

10 Russian TV Advertising Sales Structure

Advertisers

Advertising Agencies

Media Sales Houses:

Video International Gazprom-Media / Alkasar

Combined audience share Combined audience share of 62%1 of 25%2

Advertising on CTC Media channels exclusively sold by the largest media sales house in Russia

Sources: (1) Video International web site, as of April 2010. Source for audience share: TNS Gallup (all above 4 years old) in Q1 2010 (2) Public information, as of April 2010. Source for audience share: TNS Gallup (all above 4 years old) in Q1 2010

11 Sectors Advertised on CTC Media Channels

Q1 20101

1 Food 25%

2 Cosmetics 20% ■ Vast majority of CTC Media’s advertisers are basic consumer goods focused 3 Other goods and services 13%

4 Pharmaceuticals and vitamins 12% ■ CTC Media’s advertisers’ budgets split: Appliances 7% 5 77% multinationals, 23% local companies2 6 Personal care products 5% ■ Ad revenue concentration is declining in Q1 2010: 7 Detergents 5%

8 Telecoms 5% 43% of budgets came from top 10 clients vs 48% for the full-year 2009 9 Beverages 4%

10 Beer 2%

11 AdfiAuto and finance 2%

100%

Stable consumer goods client base with both large multi-national and local advertisers Russian TV ad market is still missing large advertisers from financial services, auto and retail sectors

Notes: (1) CTC Media sales data for CTC, Domashny and DTV Networks (2) Q1 2010

12 FreeFree--toto--AirAir TV Landscape in Russia

Combined Audience Shares, % (all 4+ demographic)

Q1 2009 Q1 2010

22.7 21.9 21.6 19.9 20.4 18.8

12.4 13.0

6.8 6.2 4.1 4.0

0.9 1.3

Channel One VGTRK Gazprom-Media CTC Media National Media Group Prof-Media UTV Russia Holding

CTC Media is the largest non-state owned broadcasting company in Russia

Source: TNS Gallup Media, demographic “all above 4 years old”, CTC Media ’ s Research Department

13 All 4+ Audience Share Dynamics and Power Ratio

2 Audience Shares, % Combined Power Ratio of CTC Media’s channels in Q1 2010 – 1.5 (all 4+ demographic)1 Combined national market share in Q1 2010 – 19.6% (FY 2009 – 19.5%)

Q1 2009 19.9 18.8 Q1 2010 17.8 16.9

15.1 13.7 13.0 12.4 12.312.4

9.1 8.5

6.7 6.5 5.1 4.3 3.3 3.2 2.7 2.6 2.2 2.2 2.0 2.1 2.0 1.9 1.7 1.7 1.9 1.9 1.7 1.2 1.0 0.80.9 0.8 0.7 0.6 0.4 0.60.3 0.6

Channel Rossiya 1 NTV CTC CTC TNT Ren-TV TV Center TV-3 Domashny Rossiya K DTV Channel 5 Rossiya 2 Zvezda MTV Rossiya 24 Muz-TV 2x2 7TV Other 3 One Media Combined

CTC Media captures market share in access of combined audience share due to its high power ratio

(1) Source: TNS Gallup Media, demographic “all above 4 years old”, CTC Media’s Research Department (2) Power ratio = National TV advertising market share/All 4+ audience share (average). Combined Power Ratios include blended power ratios for CTC, Domashny and DTV (company’s estimates) (3) Includes audience shares of smaller national and regional channels

14 CTC Media Target Audience Share Dynamics

CTC Network Domashny Network DTV Network

12.6 12.2 11.4 4

9.0 9.1 8.5

2.9 3.0 262.6 2.0 2.2 2.2 2.2 2.2 2.1 1.9 2.0 1.7

Q1 09 FY 09 Q1 10 Q1 09 FY 09 Q1 10 Q1 09 FY 09 Q1 10 All 4+ demographic All 4+ demographic All 4+ demographic Target demographic All 6-54 Target demographic females 25-60 Target demographic All 25-54

CTC and Domashny networks gained target audience shares y-o-y in Q1 2010

SSG(Source: TNS Gallup Media (audience shares, %)

15 Increasing Technical Penetration

Technical Penetration1, %

Substantial year-on-year increase in technical penettitration for CTC (+3.2pp) DhDomashny (+5.4pp) 90.7 and DTV (+7.4pp) in 2009 86.6 87.4 87.5

76.4 71.0 68.4 64. 8 We continue to improve the signal distribution 61.0 58.2 through regional stations acquisitions and 54.4 expanding our affiliate network 44.9

50% of technical penetration is provided by CTC Media’s owned-and-operated stations and repeater transmitters

2006 2007 2008 2009 2006 2007 2008 2009 2006 2007 2008 2009

Reaching more potential viewers through expanded technical penetration

Note: (1) Technical penetration means the percentage of the population that has the technical ability to receive a particular broadcast signal. Measured annually by TNS Gallup Media in cities with populations of more than 100,000

16 Kazakhstan: Audience Share Dynamics

Channel 31 Audience Share Dynamics, % Q1 2009

Q1 2010 12.7 11.2 11.6 10.2 10. 4 All 6+ demograp hic 9.4 Audience Shares, % Target demographic All 6-54 (all 6-54 demographic)

33.4 34.1

Q1 09 FY 09 Q1 10

12.7 11.0 11.5 10.4 10.5 9.7 5.5 6.5 6.6 4.9 4.3 3.0 3 3.5 232.3 2 282.8 191.9 1.3 1.2 1.0 0.8 1.2 1.1

Channel KTK Channel 31 NTK Kazakhstan El Khabar NTV (Alma Astana Rakhat Tan HIT TV Mir One Eurasia Arna/Khabar TV)

Channel 31 is one of the leading broadcasters in Kazakhstan

Source: TNS Gallup Asia

17 Financial Highlights: Q1 2010

Margosha – prime-time drama series, CTC Network (LaLola format )

18 Group Total Operating Revenues

18% US$ mln CTC Media’s total oppgerating revenues 18% up 18% to $123.2 million The increase reflects : 180.5 172.6 ■ Recovery of Russian TV advertising market 123.2 117.0 104.8 99.1 ■ Growing audience shares and their efficient monetization

■ High blended power ratio

■ Favorable currency exchange rate Q1 2009 Q4 2009 Q 1 2010 movements 14% positive impact of the exchange Advertising Revenues rate between the US dollar and the Total Operating Revenues Russian ruble on Russian ad sales in Q1 2010

Total revenues up 18% year-on-year in Q1 2010

19 Group OIBDA and Net IIncomencome

Group OIBDA1

1% US$ mln

87.4

■ OIBDA up 1% year-on-year to $39.7 million 39.2 39.7 ■ OIBDA margin:32.2%

Q1 2009 Q4 2009 Q 1 2010 1 OIBDA Margin 37.4% 48.4% 32.2% Adjusted2 Group Net Income US$ mln 8%

64.5 ■ Net income up 8% year-on-year

25.2 23.3 ■ Fully diluted EPS up 7% y-o-y to $0.16

Q1 2009 Q4 2009 Q 1 2010

Net Income Margin 22.2% 35.7% 20.5%

Adjusted2

The Board approved second $0.065 per share cash dividend installment to be paid on June 30, 2010

Notes: (1) OIBDA is defined as operating income before depreciation and amortization (exclusive of amortization of programming and sublicensing rights). See reconciliations of OIBDA and other non-GAAP measures on pages 29-30 (2) Adjusted results exclude $232.7 million charge arising from the impairment of the intangible assets of DTV Group in Russia, Channel 31 in Kazakhstan and a broadcasting group in Moldova in the Q4 2008; an $18.7 million charggge arising from the im pairment of the broadcastin g licenses in Russia in Q4 2009; and a $28.6 million stock-based compensation exppgense recognized in con junction with the pypreviously announced settlement b y CTC Media of litigation brought by it against its former CEO and Board in Q4 2009. See reconciliations on page 29

20 Revenue and OIBDA Contribution by Segment

Q1 2009 Q1 2010 DTV TV Station Group Domashny TV Station DTV TV Station Group 1% Group 1% CIS Group 1% CIS Group Domashny TV Station 2% 2% Group Eliminations and CTC TV Station Group other 2% CTC TV Station Group 10% -12. 7% Total Operating 10% Revenues¹ DTV Netw ork DTV Netw ork 8% Total Revenues 8% Total Revenues $104.8 mln $123.2 mln Domashny Netw ork 10% CTC Netw ork Domashny Netw ork 67% CTC Netw ork 11% 67%

Q1 2009 Eliminations and Q1 2010 Production Group Corporate Office other CIS Group Production Group 1% -20% CIS Group -2% -1% Corporate Office -20% Domashny TV Station -3% -28% Group DTV TV Station 1% Group Total OIBDA DTV TV Station Group Total OIBDA -1% $39. 2 m ln -1% $39.7 mln Domashny TV CTC TV Station Group Total OIBDA1 Station Group 20% 1% CTC Netw ork CTC Netw ork Domashny 88% DTV Netw ork 100% CTC TV Station DTV Netw ork Netw ork 2% Domashny Netw ork Group 11% 9% 15% 8%

Diversification of business and decrease of dependence on CTC Channel

Note: (1) intersegment transactions are included in eliminations.

21 Operating Expenses

Depreciation & Direct operating Q1 2009 Amortization of amortization expenses sublicensing rights $2.6 m $7.3 m and own production 4% 11% cost In Q1 2010 CTC Media’s total operating $31m$3.1 m expenses increased by 27% year-on-year in 4% SG&A expenses US dollar terms due to: Total OpEx $18.3 m $68.2 mln 27% ■ Increased investments in: Amortization of programming (resulted in healthy programming rights audience share gains) $36.9 m 54% network coverage

Depreciation & Direct operating ■ Foreign currency movements Q1 2010 Amortization of amortization expenses sublicensing rights and $3. 4 m $12.5 m own production cost 4% 14% $1.4 m 2%

Total OpEx $86.9 mln SG&A expenses Amortization of $20.3 m programming rights 23% $49.5 m 57%

OpEx increases in line with CTC Media development strategy

22 CIS Group Financials

CIS Group1

(US$, million) Q1 2009 Q1 2010 CIS Group contributed $2.3 million or 1.9% of CTC Mdi’Media’s ttltotal operating revenues in Q1 2010 REVENUES 2.0 2.3 Channel 31 Group contributed a majority of the segment revenues and was OIBDA positive on a OIBDA (1.1) (0.7) standalone basis for Q1 2010

OIBDA margin % -55.8% -32.6%

CIS Group contributed 1.9% to CTC Media’s total operating revenues in Q1 2010

Note: (1) CIS Group results include intercompany results that are eliminated level in consolidation at CTC Media Group level

23 Balance Sheet and Cash Flow Highlights

Consolidated Balance Sheet Highlights Consolidated Cash Flow Highlights

The three three The three three months ended months ended As of December As of March March 31, 2009 March 31, 2010 (US$ mln) 31, 2009 31, 2010 (US$ mln) Cash at beginning of period 98.1 84.4 Net cash provided by operating activities, including 27.8 5.1 Acqqpgguisition of progr. and sublic. rights (()34.7) (()63.5) Cash and cash equivalents 84.4 25.9 Net cash used in investing activities (13.0) (26.4) Short-term investments 39.1 50.2 Net cash used in financing activities 0 (38.4) Total assets (incl cash), 851.3 846.5 Effect of exchange rate changes on cash (3.6) 1.2 Including Goodwill 226.1 232.9 Cash at end of period 109.3 25.9 Broadcasting licenses 159. 0 163. 6 1 Working capital 134.9 158.6 Cash used for acqusitions (12.1) (12.8) Total debt 28.3 - (Acquisitions of businesses, net of cash acquired) Stockholders’ equity 663.8 706.2 CapEx (1) (4.4) CapEx as % of Total Revenue 0.0% 3.6% Net cash position2 95.2 76.2 FhflFree cash flow3 23.4 515.1

Strong cash position and no debt

Notes: (1) Working capital = current assets - current liabilities (2) Net cash position = cash and cash equivalents + short-term investments – total debt (3) Free cash flow = cash flow from operating activities - acquisitions of property and equipment - acquisitions of intangibles

24 To conclude…

A leading independent media company in Russia and the CIS Most transparent Russian company according to Standard & Poor’s1 The only direct way to get exposure to Russia’s TV advertising market Well-positioned channel brands with growing audience and market shares Benefiting from dominance of TV as only national reach media Majority of client base in consumer goods sector with both large multi- national and local advertisers Operating advantage due to in-house content production businesses Focus on cost control and profit maximization with strong balance sheet

Toys – prime-time comedy series, CTC Network

(1) CTC Media scored #1 in Standard & Poor’s Transparency and Disclosure by Russian Companies Study in 2008 and #2 in 2009

25 Appendix

Daddy’s Girls – prime-time sitcom, CTC Network

26 CTC Media Shareholder Structure

35% free float IPO on NASDAQ in June 2006 In July 2007 CTC Media qualified for the premier NASDAQ Global Select Market as the result of meeting NASDAQ's most stringent listing standards

Major shareholders:

39% stktake in CTC MdiMedia Shareholder of CTC Media since 2002 Headquartered in Stockholm, Modern Times Group is a leading international entertainment broadcasting group with the second largest geographical broadcast footprint in Europe MTG’s TV assets are broadcast in a total of 30 countries and have 125 million viewers The company’s shares are listed on Nasdaq OMX Stockholm's Large Cap market

26% stake in CTC Media Shareholder of CTC Media since 2003 Founded in 1989 and headquartered in Moscow, Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates Alfa Group is focused on value-oriented, longer-term opportunities, primarily in Russia and the CIS Backed by strong strategic shareholders

Source: U. S. SEC filings, as of March 31, 2010

27 Legal Update: Amended Federal Law on Advertising

Main change: federal TV channels are prohibited from signing the agency agreements with media sales houses which have TV advertising market share of over 35% According to the law, a federal TV channel is an entity that broadcasts over-the-air TV signal to over 5 subjects of Summary the Russian Federation The lis t of fdfedera lchlhannels is now bibeing dtdetermi ne dby the FdFederal AtiAntimonopol y SiService (FAS) FAS is entitled to claim in the arbitration court for the termination of agreements allegedly violating this law

The new law is effective since its official publication on 29 December 2009 Entry into force One-year grace period is given to honor existing contracts, i.e. the law will be in full effect from 2011 Current multi-year agency agreements with sales houses that run into 2011 will have to be terminated

The law contains certain unclear provisions and controversial terminology which falls out of common industry practice Clarity is still Understanding and possible enforcement of the new law is complicated by its ambiguities and lack of clarity lacking FAS provided limited commentary on the law, further official explanations from the executive authorities are needed Further amendments to the law are possible

The new law principally challenges the positions of Video international, Russia's largest TV ad sales house Implications for TV advertising sales market fragmentation is likely (more sales houses will appear ) the TV ad sales New TV advertising sales structure in 2011 and beyond is expected to be self-organized by the market market Any speculation at this point is difficult given a variety of possible ways for market restructuring

28 Reconciliation of NonNon--GAAPGAAP Measures: Q4 2009

Reconciliation of consolidated adjusted OIBDA and other adjusted financial measures to consolidated OIBDA and other corresponding GAAP financial measures

Income before Net income Total income tax and attributable to Fully diluted oppgerating Oppgerating non-controlling Income tax Non-controlling CTC Media, Inc. earnings (US$ 000’s except per share data) OIBDA expenses income interest expense interest stockholders per share

Three months ended December 31, 2009

Adjusted non-US GAAP results$ 87,382 $ (96,460) $ 84,047 $ 87,585 $ (20,759) $ (2,360) $ 64,466 $ 0.41

Impact of non- cash intangible asset impairment charge (18,739) (18,739) (18,739) (18,739) 3,748 - (14,991) (0.10)

Impact of Stock-based compensation expense related to settlement of litigation against former executive (28,588) (28,588) (28,588) (28,588) - - (28,588) (0.18)

Results as reported 40,055 (143,787) 36,720 40,258 (17,011) (2,360) 20,887 0.13 (under US GAAP, except for OIBDA, which is a non-GAAP financial measure)

Reconciliation of consolidated OIBDA to consolidated Reconciliation of consolidated OIBDA margin to operating income consolidat ed operati ng i ncome margi n Three months ended Three months ended December 31, December 31, 2009 (US$ 000’s) 2009 OIBDA margin 22.2% OIBDA 40, 054 Depreciation and amortization Depreciation and amortization (exclusive of amortization of (exclusive of amortization of (3,334) programming rights and sublicensing programming rights and sublicensing rights) as a % of total operating rights) revenues -1.8% Operating income 36,720 Operating income margin 20.3%

29 Reconciliation of NonNon--GAAPGAAP Measures: Q1 2009 and Q1 2010

Reconc ilia tion o f segmen t OIBDA t o segment operati ng i ncome

Three Months Ended December 31, 2009 Depreciation and Operating Reconciliation of consolidated OIBDA to consolidated (US$ 000’s) OIBD A amortization income operating income CTC Network$ 34,433 $ (131) $ 34,302 Domashny Network 3,496 (113) 3,383 DTV Network 4,313 (592) 3,721 Three months ended CTC Television Station Group 5,685 (415) 5,270 March 31, Domashny Television Station Group 388 (311) 77 (US$ 000’s) 2009 2010 DTV Television Station Group (473) (720) (1,193) CIS Group (1,140) (222) (1,362) OIBDA $39,164 $39,653 Production Group 275 (12) 263 Corporate Office (7,791) (65) (7,856) Depreciation and amortization (exclusive of amortization of programming rights and Business segment results$ 39,186 $ (2,581) $ 36,605 sublicensing rights) (2,581) (3,377) Eliminations and other (22) - (22) Operating income $36,583 $36,276 Consolidated results $ 39, 164 $ (2, 581) $ 36, 583

Three Months Ended March 31, 2010 Reconciliation of consolidated OIBDA margin to Depreciation consolidated operating income margin and Operating (US$ 000’s) OIBDA amortization income Three months ended CTC Network$ 39,768 $ (285) $ 39,483 March 31, Domashny Network 3,018 (207) 2,811 2009 2010 DTV Network 975 (692) 283 CTC Television Station Group 7,907 (574) 7,333 OIBDA margin 37.4% 32.2% Domashny Television Station Group 372 (371) 1 Depreciation and amortization DTV Television Station Group (489) (971) (1,460) (exclusive of amortization of CIS Group (744) (151) (895) programming rights and sublicensing Production Group (225) (39) (264) rights) as a % of total operating Corporate Office (11,028) (84) (11,112) revenues -2.5% -2.7% Business segment results$ 39,554 $ (3,374) $ 36,180 Operating income margin 34.9% 29.4% Eliminations and other 99 (3) 96 Consolidated results $ 39,653 $ (3,377) $ 36,276

30 Contact Information and Disclaimer

For further information please visit www.ctcmedia.ru or contact:

Ekaterina Ostrova Director, Investor Relations Tel: +7 (()495) 783 3650 E-mail: [email protected]

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The presentation is not an offer of securities for sale in the United States. Neither the presentation nor any copy of it may be taken or transmitted into or distributed in the United States of America or to any U .S . person within the meaning of Regulation S under the United States Securities Act of 1933 , as amended (the “Securities Act”).

This presentation is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.

Certain statements in this presentation that are not based on historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations concerning future results and events. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CTC Media to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties that could cause actual future results to differ from those expressed by forward- looking statements include, among others, the company’s ability to deliver audience share, particularly in primetime, to its advertisers; changes in the size of the Russian television advertising market; free-to-air television remaining a significant advertising forum in Russia; the company’s reliance on a single television advertising sales house for substantially all of its revenues; and restrictions on foreign involvement in the Russian television business. These and other risks are described in the "Risk Factors" section of CTC Media's latest annual and quarterly filings with the SEC. Other unknown or unpredictable factors could have material adverse effects on CTC Media's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed herein may not occur. You are cautioned not to place undue reliance on these forward-looking statements. CTC Media does not undertake any obligation to publicly update or revise any forward-looking statements because ofiftifttthif new information, future events or otherwise.