BARING VOSTOK SOLD PART OF ITS STAKE IN CTC MEDIA

01.03.2007
Moscow, Russia – Marth 01, 2007 - Baring Vostok Capital Partners, one of the leading private equity firms in the CIS, has announced that its funds sold 67% of their stake in CTC Media Inc. to a private buyer. Previously, BVCP’s share in CTC Media was around 9%. BVCP continues to hold the remaining stake and there are no current plans for further sales.

Elena Ivashentseva, a partner of BVCP, stated: “We have been a shareholder in CTC Media for almost ten years and it has been an honour to participate in this exciting and growing business. We are grateful for the opportunity to work with one of the best management teams in the Russian market headed by Alexander Rodnyansky, Vladimir Khanumyan and Nilesh Lakhani. As a private equity investor, we played an active role in the company until their IPO last year, when we left the board of directors. CTC Media has been our most successful realized investment to date in terms of return on investment. We remain optimistic and enthusiastic about the future potential of the business and retain a material stake in the company. We are an active investor in the media industry and look forward to working with CTC Media through our other businesses”.
Alexander Rodnyansky, CTC Media’s CEO, stated: “We would like to take this occasion to express our appreciation to BVCP for its support over the years and look forward to working together in the future. At the same time, we welcome Access Industries as our shareholder and view the acquisition by such a leading investor as a benchmark that demonstrates the continued successful development of CTC Media as evidenced several days ago with the release of our 2006 results”.

About Baring Vostok Capital Partners

Baring Vostok Capital Partners (BVCP) is one of the leading private equity firms operating in CIS, has managed over $600 million in 47 companies since 1994. Baring Vostok has owned a broad range of companies within financial services, the oil and gas, branded consumer products, telecommunications, media and technology sectors, including Bank Caspian, Europlan, Center of Financial Technologies, Burren Energy, SladCo, Borjomi, Syktyvkar Forestry, Vimpelcom, CTC Media, Golden Telecom, Yandex and Ozon. Among investors into BVCP managed funds are some of the world’s most recognised international financial institutions including European Bank of Reconstruction and Development, International Financial Corporation and The Netherlands Development Finance Company FMO. BVCP is a member of Baring Private Equity Partners International, a $2.5 billion global private equity group with affiliates in Asia, India and CIS.

www.bvcp.ru

About CTC Media

Based in Moscow, CTC Media, Inc. was formed in 1989 to pursue commercial media and advertising opportunities in Russia. The Company owns and operates the CTC television network, whose signal is carried by more than 330 affiliate stations, including 17 owned-and-operated stations; and the Domashny television, whose signal is carried by over 210 affiliate stations, including eight owned-and-operated stations. The Company is traded on The Nasdaq National Market under the symbol: CTCM. For more information on CTC Media, please visit: www.ctcmedia.ru.

Inquiries to:
Baring Vostok Capital Partners
Andrey Costyashkin
+7 (495) 967-13-07
acost@bvcp.ru

R.I.M. Porter Novelli
Jacob Minevich
+7 (495) 631-51-03
jacob.minevich@rim-pn.ru

CTC Media
Alexander Chernov
+7 (495) 783-3646
achernov@ctcmedia.ru