CTC MEDIA ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION BY UNDERWRITERS

05.06.2006
Moscow, Russia – June 05, 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 exercise in full by the underwriters of CTC Media’s initial public offering of an over-allotment option to purchase 2,470,939 additional shares of common stock in connection with the offering, which priced on May 31, 2006. Of these additional shares, 719,068 will be sold by CTC Media and an aggregate of 1,751,871 will be sold by several selling shareholders, including an affiliate of Alfa Bank and funds managed by Baring Vostok Capital Partners. Including the over-allotment shares, the number of shares offered totals 27,180,328 at a public offering price of $14.00 per share.

Including the over-allotment shares, gross proceeds of the offering will be US$380.5 million, of which gross proceeds of US$110.7 million will be payable to CTC Media. A total of 151,505,672 shares will be outstanding after the closing of the offering.

Shares of CTC Media’s common stock began conditional trading on the NASDAQ National Market on June 1, 2006 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.