CTC MEDIA PRICES INITIAL PUBLIC OFFERING

01.06.2006
Moscow, Russia – June 01, 2006 - CTC Media, Inc. (Delaware), the parent company of the Russian television group that owns and operates the CTC and Domashny networks, today announced the pricing of its initial public offering of its common stock at US$14.00 per share. Of the 24,709,389 shares being sold in the offering, 7,190,680 shares were offered by CTC Media and 17,518,709 shares were offered by selling stockholders, including Alfa Bank and funds managed by Baring Vostok Capital Partners. The underwriters have a 30—day option to purchase an aggregate of up to 719,068 additional shares of common stock from CTC Media and 1,751,871 additional shares of common stock from certain selling stockholders to cover over-allotments, if any.

Gross proceeds of the offering will be US$345.9 million, or US$380.1 million if the over-allotment option is fully exercised. Of those proceeds, US$100.7 million will be payable to CTC Media, or US$110.7 million if the over-allotment option is fully exercised. Total shares outstanding after the closing of this initial public offering will be 150,786,604 shares, or 151,505,672 shares if the over-allotment option is fully exercised.

Shares of CTC Media’s common stock are expected to begin conditional trading on the NASDAQ National Market today under the symbol “CTCM”.

The shares are being sold through underwriters led by Morgan Stanley & Co. Incorporated and Deutsche Bank Securities Inc. A copy of the prospectus relating to this offering may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, New York 10014; Attention: Prospectus Department or by email at prospectus@morganstanley.com.